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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 24, 2025 | Andrew Hill Investment Advisors, Inc. | - | - | AMSC, COST, EQT, GE, GEV | AI, commodities, gold, interest rates, Trade | The manager emphasizes valuation discipline amid market concentration and speculative excess. Absolute valuation and cash-flow durability are prioritized over narrative-driven growth. Opportunities are found where pessimism has created mispriced quality businesses. | YETI |
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| 2025 Q1 | Apr 24, 2025 | Prosper Stars & Stripes | -9.7% | -9.7% | AMSC, COLD, FLYW, FTRE, HELE, KRMN, MTLS, NSIT, PYCR, RGEN, SARO, TLN, TRS, XMTR | - | View | ||
| 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 | |
| 2025 Q4 | Jan 21, 2026 | Meridian Contrarian Fund | 2.2% | 0.0% | AMD, AMSC, ATZ.TO, AXS, CACI, CCK, DLTR, FCNCA, HNST, LASR, MIR, NVST, PENG, TCBI | AI, contrarian, defense, energy, semiconductors, small cap, turnaround, value | The fund continues to see long runways supporting artificial intelligence as a core theme. AI-related earnings drove early-period performance in the quarter. AMD made progress establishing its GPU servers as a viable alternative to Nvidia's offerings in the AI space. AMD emerged from underperformance with competitive technology positioning against Intel and Nvidia. The company's GPU servers are establishing viability as alternatives to Nvidia in AI applications. Technology leadership is generating market share gains and improved profits. Defense represents one of the portfolio's core themes with long runways for growth. The fund holds positions in defense-related companies including those serving naval programs and defense electronics applications. Electric grid upgrades represent a significant growth driver for portfolio companies. American Superconductor is positioned to benefit from demand for electric grid infrastructure improvements and expanding power transmission needs. The portfolio benefits from electrification and power themes as core investment areas. Companies are positioned to capitalize on rising power demand, wind power expansion, and infrastructure investment in the energy transition. | AMD ATZ CN DLTR HNST AMSC PENG |
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| 2024 Q2 | Jun 30, 2024 | Meridian Contrarian Fund | 6.9% | 0.0% | AMSC, BEPC, CRNC, EYE, PRGO, THC | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 24, 2026 | Fund Letters | James England | American Superconductor Corporation | Industrials | Electrical Equipment | Bull | NASDAQ | Defense, Electrification, Grid, infrastructure, Windpower | 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 |
|---|---|---|---|---|---|---|---|---|
| Tim Campbell | Baillie Gifford | $120.3B | $43.4M | 0.04% | 1,506,841 | +79,509 | +5.57% | 2.6734% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $7.2M | 0.01% | 251,642 | -98,436 | -28.12% | 0.4465% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $2.2M | 0.00% | 77,457 | +44,234 | +133.14% | 0.1374% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $4.4M | 0.01% | 152,795 | +77,492 | +102.91% | 0.2711% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.2M | 0.00% | 78,088 | -44,414 | -36.26% | 0.1385% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $9.3M | 0.01% | 321,571 | +199,948 | +164.40% | 0.5705% |
| Cliff Asness | AQR Capital Management | $190.6B | $4.2M | 0.00% | 145,965 | -22,786 | -13.50% | 0.2590% |