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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 10, 2025 | Bonhoeffer Capital Management | 8.7% | - | ABG, ART.JO, ARW, ASO, BLDR, TIGO, TVK.TO, VTY.L | banks, Buybacks, Consolidation, Construction, deep value, Distribution, small cap, value | Holdings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world, with distribution firms representing 49% of the portfolio. | View | |
| 2024 Q2 | Jul 3, 2024 | GoodHaven Capital Management | 0.0% | 18.9% | ARHS, ARW, ASO, BAC, BAM, BRK-B, CB, EXO.MI, GIC, GOOG, JEF, JPM, KKR, PGC, PGR, TVK.TO, VTS.TO | Concentration, financials, Long Term, mid cap, value | The fund has material exposure to financial companies including commercial banking, investment banking, asset management, and insurance. These sectors have remained undervalued over recent years due to various investor concerns but the manager sees potentially more positive tailwinds today than when first investing in this space. | BAC GOOGL TVIFF |
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| 2025 Q1 | May 6, 2025 | Lowell Capital | - | - | ASO, BOWL.L, BRC, DUR.AX, IWG.L, LNF.TO, LYTS, MACF.L, NSIT, QEPC | Canada, Cash, Defensive, Europe, free cash flow, small caps, value | Manager focuses on undervalued companies with low expectations and attractive valuations. Seeks good businesses with low valuations where market expectations are modest, believing these provide better risk-adjusted returns than growth stocks. | LNF.TO |
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| 2023 Q1 | May 16, 2023 | Voss Value Fund | 1.6% | 1.6% | ASO, ECN.TO, PLYA | credit, Long/Short, Regional Banks, small cap, Specialty Finance, Travel, value | PLYA benefits from a boom in consumer travel to start 2023, particularly skewed toward Mexico and budget-friendly all-inclusive resorts. Airport traffic numbers for key locations show strong passenger traffic growth compared to 2019 and 2022. | ECN.TO ASO PLYA |
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| 2025 Q1 | Apr 9, 2025 | Maple Tree Capital – Heartwood | -18.0% | -18.0% | ASO, CRWD, DNUT, EA, GRND, HIMS, LMND, LYFT, RDDT, UEC, UPST | AI, growth, nuclear, small caps, tariffs, technology, volatility | President Trump launched sweeping tariffs on countries worldwide, catching markets off guard and sparking panic. These tariffs pose serious inflationary threats and have created a lose-lose scenario for the Fed. The manager views these extreme tariffs as partly a negotiating tactic but acknowledges justified market fear. | RDDT LYFT CRWD EA UEC ASO DNUT UPST |
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| 2025 Q1 | Apr 9, 2025 | Maple Tree Capital – Jonagold | -13.6% | -13.6% | ASO, CRWD, DNUT, EA, GRDR, HIMS, LMND, LYFT, RDDT, UEC, UPST | AI, Concentration, cybersecurity, growth, nuclear, tariffs, technology, volatility | Upstart's latest AI model enhancements, including m18 and m19, set the company up well to execute in the newly unfavorable environment. Electronic Arts has consistently invested more in R&D than its peers, positioning itself to lead in the AI-driven future of gaming. Reddit holds incredibly unique and structured user-generated data, which will be extremely valuable in the AI era. | RDDT LYFT CRWD EA UEC ASO DNUT UPST |
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| 2025 Q3 | Oct 8, 2025 | Maple Tree Capital – Jonagold | -13.1% | - | ASO, CRWV, DNUT, GOOGL, GRND, HIMS, LMND, NBIS, PGR, SN, TSLA, UEC, UPST | AI, Concentration, conviction, growth, small caps, technology, volatility | The manager believes this AI-driven bull market remains in its long-term infancy, with deep capex spend by Big Tech companies signaling increased momentum. They see AI applications like Upstart and Lemonade becoming the next investment wave to build on top of infrastructure over the next 5 years. | GRND UPST |
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| 2025 Q3 | Oct 8, 2025 | Maple Tree Capital – Heartwood | 40.0% | - | ASO, CRWV, DNUT, GOOGL, GRND, HIMS, LMND, NBIS, PGR, SN, TSLA, UEC, UPST | AI, Concentration, Fintech, small caps, uranium, volatility | The manager believes this AI-driven bull market remains in its long-term infancy with deep capex spend by Big Tech companies signaling increased momentum. They see AI applications like Upstart and Lemonade becoming the next investment wave to build on top of infrastructure over the next 5 years. | UPST CRWV NBIS UEC |
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| 2024 Q3 | Oct 1, 2024 | Maple Tree Capital – Heartwood | 2.4% | 0.0% | ADBE, ASO, CHGG, CRWD, DIS, GOOGL, GRND, HIMS, KKD, LMND, LYFT, RKLB, SMCI, SOUN, TSLA, UEC, UPST | AI, cybersecurity, growth, nuclear, Rideshare, small caps, turnaround, value | Initiated Crowdstrike after it fell ~40% following the July 19, 2024 tech outage. The manager viewed the outage as demonstrating Crowdstrike's power and moat, as the entire tech sector practically shut down. Despite fears of lawsuits and market share loss, analysts did not significantly revise earnings estimates, suggesting the impact was primarily multiple contraction. | View | |
| 2024 Q3 | Oct 1, 2024 | Maple Tree Capital – Jonagold | 32.7% | 0.0% | ADBE, ASO, CHGG, CRWD, DIS, DNUT, GOOGL, GRND, HIMS, LMND, LYFT, RKLB, SMCI, SOUN, TSLA, UEC, UPST | Fintech, growth, Rate Cuts, small caps, technology, turnaround | Jonagold strategically focuses on small-cap investments with substantial growth prospects that are temporarily out of favor due to cyclical trends or significantly misunderstood. The fund expects small caps to continue performing well as the Federal Reserve further reduces rates, with rate-sensitive securities front-loading near the end of Q3. | View | |
| 2023 Q1 | May 16, 2023 | Voss Value Offshore Fund | 7.4% | 8.9% | ASO, ECN.TO, PLYA | Banking, credit, Long/Short, retail, small cap, Travel, value | PLYA represents exposure to the all-inclusive resort recovery story, benefiting from strong consumer travel demand particularly to Mexico and budget-friendly destinations. Airport traffic data shows strong passenger growth in key locations like Los Cabos, Puerto Vallarta, Montego Bay, and Cancun compared to 2019 and 2022 levels. | ECN.TO ASO PLYA |
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| 2024 Q4 | Mar 14, 2025 | Bonhoeffer Capital Management | 9.7% | - | ABG, ASO, BECN, BLDR, FFBB, NBN, TIGO, UBAB | Banking, Buybacks, Consolidation, deep value, Distribution, small cap, value | Holdings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world. Asbury Automotive exemplifies this theme with its model to grow earnings through merger and acquisition or buy back shares if acquisition targets are not available for a reasonable price. | View | |
| 2023 Q2 | Feb 10, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | ASO, BERY, BLDR, CNSL, TMIC, VSTO | Buybacks, Construction, Distribution, Korea, LatAM, small cap, value | Holdings include car dealerships, branded capital equipment dealerships, convenience stores, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Key performance indicator is velocity or inventory turns, with the fund owning some of the highest-velocity dealerships globally. Recovery seen in markets previously hit by COVID like South Africa and Latin America. | ASO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Bonhoeffer Capital Management | Academy Sports and Outdoors, Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | cash generation, economies of scale, growth, Hunting Equipment, Outdoor Recreation, retail, Southern US, Sporting goods, store expansion, Value retail | View Pitch |
| Apr 27, 2026 | Fund Letters | Voss Value Offshore Fund | Academy Sports and Outdoors | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Distribution Centers, Free Cash Flow, Population growth, regional expansion, Southern Markets, Specialty retail, Sporting goods, store expansion, Unit economics | View Pitch |
| Apr 27, 2026 | Fund Letters | Voss Value Fund | Academy Sports and Outdoors | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Demographics, Distribution Centers, Free Cash Flow, Geographic Expansion, retail expansion, ROIC, Southern Markets, Specialty retail, Sporting goods, Store Profitability | View Pitch |
| Apr 13, 2026 | Fund Letters | Maple Tree Capital - Heartwood | Academy Sports & Outdoors | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | same-store sales, Share Buybacks, Specialty retail, Sporting goods, tariffs, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Maple Tree Capital - Jonagold | Academy Sports & Outdoors | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Cyclical, deep value, Post-COVID Normalization, Share Buybacks, Specialty retail, Sporting goods, tariff impact | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $697,691 | 0.00% | 13,965 | -19,800 | -55.62% | 0.0178% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $82.0M | 0.09% | 1,642,171 | +283,473 | +20.86% | 2.0928% |
| Lee Ainslie | Maverick Capital | $9.3B | $4.5M | 0.05% | 89,106 | +72,951 | +451.57% | 0.1136% |
| Ray Dalio | Bridgewater Associates | $27.4B | $7.5M | 0.03% | 149,435 | -116,687 | -43.85% | 0.1904% |
| Israel Englander | Millennium Management LLC | $233.2B | $453,387 | 0.00% | 9,075 | -119,303 | -92.93% | 0.0116% |
| Jeremy Grantham | GMO LLC | $39.1B | $3.9M | 0.01% | 77,153 | +332 | +0.43% | 0.0983% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $7.7M | 0.01% | 154,041 | -737 | -0.48% | 0.1963% |
| Bob Robotti | Robotti & Co Advisors, LLC | $710.5M | $2.7M | 0.38% | 53,555 | +515 | +0.97% | 0.0683% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $1.1M | 0.00% | 21,462 | -5,433 | -20.20% | 0.0274% |
| Cliff Asness | AQR Capital Management | $190.6B | $6.0M | 0.00% | 120,915 | +17,373 | +16.78% | 0.1541% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $12,040 | 0.00% | 241 | +241 | +100.00% | 0.0003% |
| Rich Handler | Jefferies | $19.3B | $237,760 | 0.00% | 4,759 | +4,759 | +100.00% | 0.0061% |