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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 14, 2025 | Atai Capital Management | 32.8% | 29.4% | ALNT, ALOT, BELFB, CABO, HAI.TO | activism, Concentration, Governance, small caps, value | The fund operates a concentrated Micro and Small-Cap strategy with approximately 66% of the portfolio consisting of businesses with market caps smaller than $500M. The manager notes finding the current market environment difficult for idea generation in small caps. | ALOT CABO |
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| 2025 Q1 | May 20, 2025 | Atai Capital Management | -2.5% | -2.5% | ALOT, BELFB, CXI, EN7.ST, HAI.TO, QUIS, TPB | Concentration, Manufacturing, Quality, small caps, tariffs, Trade Policy | Manager extensively discusses tariff impacts following Liberation Day, noting 10% across-the-board tariffs with Chinese rates fluctuating from 145% to 30%. Emphasizes uncertainty around policy consistency and implementation, with businesses likely to wait out the administration rather than relocate manufacturing to the US. | View | |
| 2025 Q3 | Dec 2, 2025 | Atai Capital Management | 10.7% | 43.3% | ALOT, BELFA, BKTI, MSI, TP | concentrated, defense, Microcap, small caps, technology, value | Atai Capital operates a concentrated Micro and Small-Cap strategy with 58% of portfolio consisting of businesses with market caps below $500M. The manager acknowledges this strategy will naturally diverge from market indexes and anticipates periods of both outperformance and underperformance. | View | |
| 2023 Q2 | Dec 7, 2023 | Atai Capital Management | 6.5% | 4.4% | ALOT, ATVI, BELFB, CDR.WA | Electronics, gaming, industrials, small caps, value | Manager emphasizes buying companies at substantial discounts to intrinsic value, focusing on businesses trading cheaply for identifiable reasons that can be corrected. Portfolio concentrated in undervalued small-cap names with clear catalysts for value realization. | ATVI BELFB ALOT |
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| 2024 Q2 | Aug 22, 2024 | Atai Capital Management | 6.5% | 4.4% | ALOT, EG7.ST | gaming, Microcap, small caps, technology, value | Enad Global 7 operates multiple gaming studios including ToadMan (work-for-hire), Daybreak Games (live service portfolio), and recently acquired Singularity 6 with their cozy game Palia. The gaming industry experienced widespread layoffs and project cancellations this year, impacting ToadMan's performance. | EG7.ST ALOT |
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| 2023 Q1 | Apr 13, 2023 | Atai Capital Management | 6.5% | 4.4% | ALOT, ATVI, CABO | aerospace, Broadband, gaming, Monopoly, Rural, small cap, value | Commercial airplane production is recovering from COVID lows, with Boeing expected to deliver 800 planes in 2025 and Airbus guiding to 1,000 by mid-decade. AstroNova benefits from this recovery through its monopoly position in cockpit printers, which are standard on all Airbus A320s and purchased directly by airlines for Boeing 737s. | View | |
| 2024 Q4 | Feb 18, 2025 | Atai Capital Management | 3.1% | 7.7% | ALOT, BF, NVDA, SXI, TPB, TSLA | AI, Concentration, Microcap, small caps, valuation, value | Manager extensively discusses market valuation concerns, noting S&P 500 trades at 22x earnings with top 10 stocks at 29x earnings. Historical analysis shows when paying 20x+ earnings for S&P 500, following 10-year returns have never exceeded 5% annually since 1988. Current market concentration at 38% in top 10 stocks exceeds dot-com era levels. | ALOT |
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| 2023 Q4 | Jan 16, 2024 | Atai Capital Management | 6.5% | 4.4% | ALOT, BELFB | Cash, Concentration, EBITDA, small caps, value | Manager focuses on companies trading below intrinsic value with substantial upside potential. AstroNova trades at 5.50x normalized EBITDA with clear path to $34/share target. Emphasizes finding businesses worth more than current market price without relying on overly optimistic assumptions. | ALOT |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Atai Capital Management | AstroNova Inc. | Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Aerospace, Consumables, EBITDA multiple, Label Printers, manufacturing, margin expansion, Product Identification, restructuring, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Atai Capital Management | AstroNova Inc. | Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Aerospace, EBITDA growth, illiquid, Monopoly, Printers, small-cap, turnaround, Value | View Pitch |
| Apr 15, 2026 | Substack | Toff Cap Monday Monitor | AstroNova | Technology | Electronic Equipment and Instruments | Bull | NASDAQ Stock Market | activist investor, Aero segment, Askeladden Capital, AstroNova, restructuring, Servotronics merger, shareholder value, strategic alternatives, undervalued | View Pitch |
| Apr 13, 2026 | Fund Letters | Atai Capital Management | AstroNova Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Neutral | NASDAQ | activist campaign, Data Acquisition, earnings inflection, governance issues, Management Change, MTEX Acquisition, Poor Capital Allocation, Specialty Printers, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Atai Capital Management | AstroNova Inc. | Technology | Electronic Equipment, Instruments & Components | Bull | NASDAQ | acquisition, Aerospace, EBITDA growth, margin expansion, Portugal, Printing Equipment, Test Measurement, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Atai Capital Management | AstroNova Inc. | Technology Hardware & Equipment | Electronic Equipment, Instruments & Components | Bull | NASDAQ | Aerospace, aircraft production, capital allocation, Data Acquisition, EBITDA multiple, Equity, Industrial, Management Change, Specialty Printers, technology integration, turnaround, Value | View Pitch |
| Dec 3, 2025 | Fund Letters | Samir Patel | AstroNova, Inc. | Information Technology | Electronic Equipment & Instruments | Bull | NASDAQ | Activism, Governance, Margin_improvement, Small_cap, turnaround | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||