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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 21, 2026 | Lux Capital | 0.0% | 0.0% | ANDURIL, DBRX, RAMP | AI, Biotechnology, Concentration, defense, energy, geopolitics, private markets, Venture Capital | AI has evolved from speculative mania into hardened infrastructure investment, with hyperscalers spending over $600 billion ahead. Five AI companies are already worth more than every venture-backed IPO of the dot-com era combined. AI will flatten alpha to beta in public markets, eroding analytical edge while behavioral edge persists. Total U.S. venture investments in aerospace and defense hit $21.4 billion in 2025 across over 300 deals, nearly doubling its prior peak. Domestic defense spending may climb to 5% of GDP by next year. Lux has invested over $100 million in several Israeli defense companies covering air, land, subterranean, long-range power projection and cyber. The XBI was up over 35% last year, M&A has reawakened, and an IPO window appears to be opening amid the thaw of another cyclical biotech winter. Biotech companies produced more than 70% of newly approved drugs in recent years, yet biotech investment as a share of overall private funding hit a 20-year low. The zeitgeist is shifting from people who code bits to people who extract atoms, from equity investment to debt financing, from cap tables to mineral rights. The next decade of wealth creation will look more like Landman than The Social Network: capital-intensive, physically constrained, and far more dependent on legal permitting and infrastructure access. Five 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. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| 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 |
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