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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Oct 19, 2023 | Laughing Water Capital | 2.5% | 11.1% | APLS, CDMO, HGV, LFCR, THRY | Biotechnology, Cloud, Macro, small caps, value, volatility | Manager discusses Avid Bioservices as a biologic contract drug manufacturer facing near-term headwinds from biotech spending slowdown but positioned to benefit from favorable industry dynamics including patent cliff, outsourcing trends, and supply-demand imbalance. Expects significant cash flow generation as new capacity gets filled over 4-5 years. | THRY CDMO |
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| 2025 Q3 | Oct 16, 2025 | Contrarius Global Equity Fund | 30.9% | 45.0% | APLS, BEAM, CRSP, NTLA, PARA, PFE, TSLA, VRTX, WBD | AI, Biotechnology, contrarian, CRISPR, Gene Editing, Media, Tesla, value | The fund believes AI represents a transformative opportunity similar to the internet revolution. They see the market as potentially being in 1997 rather than 1995 of the AI adoption cycle, with real-world AI applications like autonomy and robotics having not yet started. The impact of AI is expected to dwarf that of the internet over time. | BEAM NTLA CRSP |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Sep 16, 2025 | Short Thesis | Citron | Apellis Pharmaceuticals Inc | Health Care | Application Software | Bear | NASDAQ | cybersecurity, growth, Integration, M&A, Software | 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 |
|---|---|---|---|---|---|---|---|---|
| Neil Kumar | Ikarian Capital | $1.2B | $1.8M | 0.14% | 71,747 | -380,155 | -84.12% | 0.0640% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $5.4M | 0.01% | 215,000 | -29,700 | -41.02% | 0.1918% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $15.0M | 0.02% | 597,672 | +380,601 | +175.33% | 0.5331% |
| Mark Bussard | Rock Springs Capital | $1.9B | $3.8M | 0.19% | 150,500 | +58,500 | +63.59% | 0.1342% |
| Ray Dalio | Bridgewater Associates | $27.4B | $3.6M | 0.01% | 143,805 | +143,805 | +100.00% | 0.1283% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.6M | 0.00% | 65,133 | +65,133 | +100.00% | 0.0581% |
| Israel Englander | Millennium Management LLC | $233.2B | $23.8M | 0.01% | 946,459 | -397,267 | -29.56% | 0.8441% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $14.1M | 0.02% | 562,361 | +310,293 | +123.10% | 0.5016% |
| Cliff Asness | AQR Capital Management | $190.6B | $57.2M | 0.03% | 2,276,687 | -2,210,667 | -49.26% | 2.0306% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $93.1M | 0.36% | 3,706,510 | +1,056,280 | +39.86% | 3.3058% |
| Roderick Wong | RTW Investments | $10.0B | $192.6M | 1.93% | 7,666,764 | +7,666,764 | +100.00% | 6.8380% |
| Rich Handler | Jefferies | $19.3B | $218,997 | 0.00% | 8,718 | -242,837 | -96.53% | 0.0078% |