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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 23, 2025 | Massif Capital | 6.2% | 16.5% | 6368.T, AFM.L, AMPX, CHG.L, ENVX, EQNR, GKP.L, GLO.TO, HBR.L, MP, TSM, VAR.OL | Battery Technology, Critical Minerals, defense, energy, Europe, Mining, Natural Gas, semiconductors | Portfolio heavily invested in tin and tungsten mining companies due to supply constraints and growing demand. Alphamin dominates tin production with strong margins while tungsten faces extreme geographic concentration with China controlling 80% of global production. Both metals are essential for defense, aerospace, and electronics applications with limited alternative suppliers. | ENVX ENVX 6368 JP CHG LN |
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| 2023 Q1 | Mar 31, 2023 | North Sky Capital | - | - | AMPX | Battery Technology, Energy Transition, impact investing, infrastructure, Renewable Energy, Secondaries | Over $1 trillion was invested in decarbonizing energy in 2022, with renewable energy and EVs accounting for most of this investment. The firm sees this as a mega trend driving their investment strategy across multiple portfolio companies and infrastructure projects. | AMPX |
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| 2025 Q3 | Oct 24, 2025 | NCG Micro Cap Growth Strategy | 4.6% | 5.2% | ADMA, ADPT, AEHR, AMPX, AMSC, AORT, APLD, ATRO, BRCF, CCB, CDNA, EVLV, FEIM, KEST, LEU, LMB, OPRX, PAR, PGY, PI, PKE, PL, PRCH, WULF, XMTR, ZETA | AI, defense, growth, Micro Cap, nuclear, Onshoring, small cap | AI infrastructure buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. The infrastructure needed to support AI development is creating substantial near-term investment opportunities. | ATRO |
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| 2025 Q4 | Jan 21, 2026 | NCG Micro Cap Growth Strategy | 6.4% | 11.9% | AAOI, AGX, AII.TO, ALKT, AMPX, AMSC, ATEC, AVPT, AXGN, BLND, INOD, INTA, PHAT, PL, PSNL, TATT, TCMD, UAMY, UTI | active management, Biotechnology, growth, Microcap, Quality, small caps, underperformance | The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming. The S&P 600 Growth Index, which requires profitability and has market cap constraints, returned only 5.4% versus Russell 2000/Microcap Growth at 13% and 22% respectively. Biotech was a significant area of outperformance that the firm avoided, contributing approximately 8 points to the Russell Microcap Growth Index's 21.84% return. The firm maintains low or no exposure to biotech, viewing many business models as unproven despite strong recent performance. This sector constituted almost all of the relative underperformance from their microcap strategy. The firm sees improving conditions for small cap performance, with earnings growth turning positive in 2025 and expected to accelerate in 2026. Small caps historically benefit during Fed rate-cutting cycles and continue to trade at a relative discount to large caps. Combined with an improving fundamental backdrop, they believe there's opportunity for this discount to narrow. | View | |
| 2022 Q4 | Jan 31, 2023 | Long Cast Advisers | 6.0% | 16.0% | AMPX, CCRN, ENVX, RSSS | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | Fund Letters | Alluvial Capital Management | P10 Inc. | Financials | Asset Management & Custody Banks | Bull | NYSE | alternative assets, asset management, AUM growth, private equity, recurring revenue, Share Buybacks, Value | View Pitch |
| Apr 27, 2026 | Fund Letters | North Sky Capital | Amprius Technologies Inc | Information Technology | Electronic Equipment, Instruments & Components | Bull | NYSE | battery technology, clean technology, Decarbonization, Electric Vehicles, energy storage, Energy-Density, Lithium-ion, Silicon Anodes | View Pitch |
| Feb 4, 2026 | Twitter / X | @SJCapitalInvest | Amprius Technologies, Inc. | Industrials | Electrical Components & Equipment | Bull | NYSE | Aerospace, Batteries, Contractmanufacturing, Defense, Drones, EV, eVTOL, HAPS, Korea, NDAA, robotics, SiliconAnode, SiliconNanowire, UAS, Wearables | View Pitch |
| Feb 4, 2026 | Twitter / X | @SJCapitalInvest | Amprius Technologies, Inc. | Industrials | Electrical Components & Equipment | Bull | NYSE | AutonomousSystems, DefenseTechnology, DroneBatteries, EnergyDensity, LithiumIonBatteries, MilitaryDrones, SiliconAnode | 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 |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $3.9M | 0.00% | 493,862 | +459,946 | +1356.13% | 0.3041% |
| Israel Englander | Millennium Management LLC | $233.2B | $8.6M | 0.00% | 1,085,270 | +497,438 | +84.62% | 0.6683% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $11.3M | 0.02% | 1,436,939 | -316,638 | -18.06% | 0.8848% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.1M | 0.00% | 136,099 | +4,588 | +3.49% | 0.0838% |