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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 26, 2024 | Fawkes Capital Management | 12.0% | 12.0% | AGX, ARQ, HPS/A CN, KMI, POWL | - | View | ||
| 2025 Q3 | Oct 19, 2025 | Minot Light Capital Partners | 7.6% | 12.5% | ARQ, CLPT, CURV, LGCY, LUCD, REAL, SWAG | Biotech, Consumer Stocks, Growth Investing, Life Sciences, small caps | The fund gained modestly but lagged benchmarks as healthcare holdings weighed on results. Managers spotlight RealReals AI-enabled resale growth and industrial cleaner Arqs carbon business while acknowledging short-term weakness in Lucid Diagnostics and Torrid. They maintain conviction in overlooked microcaps with recurring revenue and scalable platforms. | SWAG LUCD CURV ARQ CLPT REAL |
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| 2025 Q4 | Jan 21, 2026 | Liberty Park Capital Management | -7.4% | 0.0% | ARQ, BELFB, LAKE, MEC, THRY, XMTR | AI, Bubble, fundamentals, Long/Short, Market Excess, small cap, technology, value | The manager believes AI holds transformative potential comparable to the internet but views the current market frenzy as echoing the dot-com bubble. Despite trillions in spending commitments, few businesses report meaningful incremental revenue from AI today, and the AI trade was priced-to-perfection by October 2025. Data center investments are viewed as part of the AI infrastructure boom that will eventually cool due to construction delays, efficiency improvements, and supply chain catchup. The manager sees this as similar to past technology booms where asset prices eventually fall as hype fades. SPACs are experiencing renewed frenzy as part of the current market environment that bears striking similarities to past market excesses, with companies without revenue or profits propelling major indices higher. | THRY ARQ XMTR MEC BELFB |
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| 2025 Q4 | Jan 18, 2026 | Minot Light Capital Partners | 0.0% | 14.4% | ARQ, CBLL, CLPT, CURV, KRMD, LAKE, LUCD, MAMA, MRVI, NEOG, OM, OWLT, REAL, RXST, RZLT, SWAG, XOMA | Biotech, growth, momentum, Process, small caps, value, volatility | The managers describe unprecedented speed and magnitude of volatility in small/micro-cap space, calling some institutional liquidations violent. They embrace this volatility as it creates opportunities to buy below fair value and sell above fair value, while improving their process to capitalize on these dynamics. The letter discusses how momentum has become an over-owned factor, with many investors avoiding declining stocks. The managers believe taking the other side of downward momentum can be extremely profitable if positioned to ride through volatility, as much trading is now quantitative rather than fundamental. The fund focuses exclusively on small and micro-cap opportunities, believing there is compelling opportunity for meaningful long-term capital appreciation. They discuss how small-caps falling into micro-cap territory face institutional selling pressure when they drop below arbitrary thresholds like $100M market cap. | OM ARQ RZLT XOMA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 24, 2026 | Fund Letters | Charles P. Murphy | Arq, Inc. | Industrials | Environmental Services | Bear | NASDAQ | Capacity, Carbon, Delays, Executionrisk, guidance | View Pitch |
| Jan 21, 2026 | Fund Letters | Eddie Reilly | Arq, Inc. | Industrials | Chemicals | Bear | NASDAQ | Balance_Sheet, Capacity, cashflow, Delays, Executionrisk | View Pitch |
| Nov 29, 2025 | Fund Letters | Eddie Reilly | Arq, Inc. | Industrials | Specialty Chemicals | Bull | NASDAQ | Activated-carbon, Capacity, Margins, Pfas, Pricing, Ramp, vertical integration | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Quipus Capital | Arq, Inc. | Industrials | Pollution & Treatment Controls | Neutral | NASDAQ | — | 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. | ||||||||