| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
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| - | - | - |
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Oct 10 2025 | 2025 Q3 | AJG, CR, TTAN, TYL | Artificial Intelligence, Corporate Bonds, Market Concentration, quality growth, Valuation discipline |
CR AJG |
The October 2025 newsletter highlights record equity indices driven largely by AI-related capital expenditure, with roughly 75% of market returns and 80% of earnings growth… |
| Jul 24 2025 | 2025 Q2 | - | active management, Cash Allocation, Corporate Bonds, Market Rebound, Valuation discipline | - | The July 2025 newsletter reflects on a sharp 20% market correction followed by one of the fastest rebounds in decades, with the S&P 500 rising… |
| Apr 7 2025 | 2025 Q1 | ANET, TT | Balance Sheet Strength, Corporate Bonds, Market Volatility, quality equities, tariffs | TT | The April 2025 newsletter discusses sharp market declines following U.S. tariff announcements, noting the fifth-worst two-day drop since 1950 and highlighting that historically such extreme… |
| Jan 10 2025 | 2024 Q4 | ANET, CDNS, HUBB, ISRG, JPM, NOW, PANW, SPXC, TT | Inflation Risk, Investment Grade Bonds, Market Concentration, quality growth, Valuation discipline | JPM | The newsletter underscores a continued focus on high-quality U.S. equities with durable competitive advantages, while acknowledging elevated market concentration and valuations near historical extremes that… |
| Oct 2 2024 | 2024 Q3 | - | Corporate Bonds, Fiscal Deficit, Inflation Risk, Preferred Equity, quality growth | - | The newsletter highlights strong multi-product performance in 2024, led by high-quality equities in the CEA composite, while emphasizing durable earnings, low portfolio turnover and disciplined… |
| Jan 4 2024 | 2023 Q4 | - | Capital Allocation, Cash Levels, Credit quality, interest rates, Valuation Multiples | - | Sandhill enters 2024 with a defensive posture following strong 2023 performance, holding elevated cash levels in equity portfolios and upgrading credit quality in bond strategies.… |
| Oct 5 2023 | 2023 Q3 | - | Amid Volatility., Credit quality, Duration Management, Opportunistic Fixed Income Allocation | - | The newsletter centers on the powerful impact of rapidly rising interest rates on both equity and fixed income markets. While economic activity remains resilient, higher… |
| Jul 18 2023 | 2023 Q2 | - | Balance Sheet Strength, Capital discipline, Earnings Compounding, Long-Term Investing, quality growth | - | The letter emphasizes Sandhills commitment to high-quality growth investing, noting strong first-half outperformance driven by disciplined deployment of capital during the 2022 bear market. Management… |
| Apr 12 2023 | 2023 Q1 | - | Artificial Intelligence, Competitive moat., free cash flow, quality growth, Recurring Revenue | - | Growth: The letter emphasizes long-duration growth equities with durable competitive advantages and strong free cash flow generation, positioned to compound earnings despite macro volatility. Management… |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
Growth |
|
| 2025 Q2 |
VolatilityManager emphasizes volatility as a structural feature of markets, noting that rare events occur far more frequently than expected. April's volatility event validated their convexity approach, with systematic monetization during stress periods. December saw compressed volatility with VIX hitting year lows, creating buying opportunities despite short-term costs. |
VIX Implied Volatility Realized Volatility Convexity Options |
| 2025 Q1 |
VolatilityManager emphasizes volatility as a structural feature of markets, noting that rare events occur far more frequently than expected. April's volatility event validated their convexity approach, with systematic monetization during stress periods. December saw compressed volatility with VIX hitting year lows, creating buying opportunities despite short-term costs. |
VIX Implied Volatility Realized Volatility Convexity Options |
| 2024 Q4 |
Growth |
|
| 2024 Q3 |
Growth |
|
| 2023 Q4 |
Defensiveness |
|
| 2023 Q3 |
RatesFederal Reserve resumed rate-cutting cycle with first cut since December 2024, signaling resumption of easing. Expected three cuts of 25bps between now and first quarter 2026 as Fed responds to signs of weakness in US labor market. |
Fed Monetary Policy Labor Market Easing Liquidity |
| 2023 Q2 |
Growth |
|
| 2023 Q1 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
ConcentrationFive companies now represent roughly 30% of the S&P 500's market cap. The top 10 exceed 40%—the highest concentration in 50 years. Nearly $340 billion flowed into U.S. deals, yet it was packed into the fewest deals of the decade, with nearly half the capital concentrated in a few dozen deals over $500 million. |
Market Capital Risk Deals Venture | |
Growth |
||
Resilience2025 tested the fund's thesis severely with a bankruptcy, major customer losses, and cyber-attacks, yet delivered 17.45% net returns. The manager emphasizes that edge comes from exploiting inefficiency rather than avoiding adversity, demonstrating portfolio resilience through active management. |
Adversity Active Management Drawdowns Volatility |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 10, 2025 | Fund Letters | Rick Ryskalczyk | CR | Crane Company | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aircraft production, backlog, Industrials, Oem, secular growth | Login |
| Oct 10, 2025 | Fund Letters | Rick Ryskalczyk | AJG | Arthur J. Gallagher & Co. | Financials | Insurance Brokers | Bull | New York Stock Exchange | Acquisitions, consolidation, earnings growth, insurance brokerage, Mid-market, recurring revenue | Login |
| Jul 7, 2025 | Fund Letters | Rick Ryskalczyk | TT | Trane Technologies plc | Industrials | Building Products | Bull | New York Stock Exchange | backlog, Climate, energy efficiency, HVAC, Pricing power, services | Login |
| Jan 10, 2025 | Fund Letters | Rick Ryskalczyk | JPM | JPMorgan Chase & Co. | Financials | Diversified Banks | Bull | New York Stock Exchange | Banks, Capital strength, diversification, Earnings Power, financials | Login |
| TICKER | COMMENTARY |
|---|---|
| AJG | Arthur J Gallagher faced continued negative sentiment around insurance-related companies, with shares underperforming due to a combination of investors moving away from typically more defensive stocks and company-specific factors. The company's earnings were impacted by accounting noise from the AssuredPartners acquisition and a miss on brokerage organic growth, which led to questions about growth deceleration. |
| CR | This industrial technology company provides technological solutions to secure, detect and authenticate physical and digital assets. Shares declined amid reignited trade tensions with China. Though the company reported better-than-expected earnings and reduced its earnings outlook for the full year, management reduced its earnings guidance which also sent shares lower. |
| TTAN | ServiceTitan is a leading provider of vertical software solutions for the trades, including plumbing, HVAC and electrical. Its platform supports the entire workflow from lead generation to payment, generating revenue through subscriptions and usage-based processing. We see meaningful growth opportunities through new customer acquisition, upselling and expansion into additional trades. During the quarter, we increased our position following a pullback amid broader software industry weakness, reflecting our conviction in the durability of its profit cycle. |
| TYL | TYL lagged in the quarter as investor preference shifted away from software names. While the company's long-term fundamentals and recurring revenue model remain intact, near-term growth visibility and valuation considerations weighed on relative performance. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
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| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
