ASTS Archives

ASTS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 30, 2025	Crossroads Capital	36.9%	-	ASTS, ET, FTAI, GOOGL, META, MGNI, MRO, NBIS, NTDOY	Concentration, gaming, Satellite, small caps, technology, Trade Policy, value	Nintendo delivered a blockbuster quarter with the Switch 2's record-breaking launch, selling 5.82 million units in 25 days and becoming the fastest-selling console in industry history. The company is transforming from cyclical earnings to secular growth with its Apple-like iterative hardware model and expanding digital entertainment ecosystem.	ASTS NTDOY	View
2025 Q2	Aug 7, 2025	Greenhaven Road Capital	14.0%	1.0%	AAPL, ASTS, BUR, CLBT, GOOGL, KKR, LFCR, MCD, PAR, SOC, T, VZ	Litigation, oil, Pharmaceuticals, private equity, small caps, Space, Trade Policy, value	Burford Capital holds rights to multiple billion-dollar potential judgements including the YPF Argentina case worth over $16B. The fund is also short two companies facing significant litigation with potential treble damages far exceeding their market capitalizations.	ASTS PAR KKR CLBT LFCR BUR SOC	View
2025 Q2	Aug 14, 2025	Eagle Capital Management	-	-	ASTS, ET, FTAI, GOOGL, META, MGNI, MRO, NBIS, NTDOY	gaming, Satellites, small cap, Space, tariffs, technology, value	Nintendo delivered a blockbuster quarter with the Switch 2's record-breaking launch, selling over 3.5 million consoles in the first four days and 5.82 million units through June. The company is transforming from cyclical earnings to secular growth with its Apple-like iterative hardware model and software ecosystem.	ASTS NTDOY	View
2025 Q2	Jul 2, 2025	Ghosh Capital	17.3%	25.3%	AMZN, APH, ASTS, AVGO, BA, CSU.TO, GOOGL, GSAT, HOOD, KNEAT.TO, LMT, MDA.TO, MELI, MSFT, NU, RHM.DE, RKLB, SATS, TOI.TO, V	AI, Canada, global, Satellites, Space, technology, value	Deep dive on MDA Space, a 56-year-old Canadian space technology company building satellites, space robotics, and providing geointelligence. The company trades at attractive valuations compared to US space peers despite having longer operating history and actual profitability. Major growth drivers include large constellation wins for Globalstar and Telesat.	MDA.TO GOOGL KNEA.TO MELI TOI.TO MDA CN	View
2025 Q4	Feb 26, 2026	Crossroads Capital	2.7%	37.7%	ASTS, CLMT, FTAI, META, MSFT, NBIS, NTDOY, NVDA, ORCL, PLTR	aerospace, AI, gaming, growth, small cap, Space, technology, value	Nintendo continues to demonstrate exceptional performance with Switch 2 becoming the fastest-selling console in history, selling 17.4 million units in just 7 months. The company has a historically rich first-party software pipeline and is building new recurring revenue streams through Nintendo Switch Online and its expanding cinematic universe. AST SpaceMobile has transitioned from R&D startup to scaleup, successfully deploying the largest commercial communications antenna in low-Earth orbit with BlueBird 6. The company has secured over $1 billion in pre-funded revenue commitments and won a prime position on America's Golden Dome missile defense architecture. Nebius Group operates as an AI-first cloud platform with major hyperscaler contracts including $17.4 billion with Microsoft and $3 billion with Meta. The company is building substantial AI infrastructure capacity with 2.5 GW of contracted power by end-2026. FTAI Aviation is transforming into a capital-light MRO franchise for CFM56 engines through its Strategic Capital Initiative, creating 'green time' by manufacturing proprietary PMA parts. The company is also expanding into data center power generation by repurposing jet engines into aeroderivative gas turbines.	FTAI NBIS ASTS NTDOY	View
2025 Q4	Dec 31, 2025	Creek Drive Capital Management	0.0%	73.9%	ASTS, CORZ, GME, GOOGL, IBIT, MSTR, SPHE	arbitrage, Biotechnology, Concentration, gaming, Long/Short, rebalancing, Space, volatility	The arbitrage and opportunistic book contributed approximately one-third of total gross returns, with activity spread across single-name catalyst shorts, merger arbitrage, and volatility positions. Notable contributors included Core Scientific/CoreWeave merger arbitrage adding +550 basis points and a long-volatility position in Alphabet contributing +630 basis points. Several biotechnology positions were added to the long book during the year. The sector remains structurally undercapitalized, leading to persistent underpricing of positive scientific outcomes relative to long-term net present value, even when individual stocks reprice sharply following data releases. AST SpaceMobile has rerated materially over the past year despite relatively limited changes to the underlying business. Progress has largely taken the form of execution against previously stated milestones, advancing the regulatory framework and continuing to move the technology toward operational readiness. GameStop's operational turnaround has been notable, transitioning from a structurally challenged model to one that is meaningfully more stable. The company is constructive on collectibles initiatives, including development of new digital collectible products, viewed as an underappreciated contributor to future economics.	GME ASTS SPHR	View
2025 Q3	Nov 8, 2025	Greenhaven Road Capital	-9.0%	-9.0%	ALTG, ASTS, BUR, CLBT, HGTY, KFS, KKR, LFCR, PAR, SOC	AI, Asset Management, Concentration, private credit, software, value	Manager owns software companies PAR Technologies and Cellebrite despite sector being out of favor. Software multiples have compressed 26% as AI creates uncertainty about competitive moats. However, specialized software like Cellebrite's digital forensics tools remain defensible against AI disruption.		View
2023 Q3	Nov 30, 2023	Spear Advisors	-3.5%	0.0%	APLD, ASTS, AVAV, COHR, KLAC, KRMN, LRCX, MKSI, NVDA, WULF	AI, Automation, energy, Industrial, semiconductors, Space, technology	The fund invests in companies benefiting from artificial intelligence trends as one of its core secular themes. AI is highlighted as a key breakthrough trend in industrial technology that the fund targets.		View
2024 Q3	Oct 7, 2024	Rodrigo Benedetti	-	-	ABT, APP, ARKK, ASTS, COOP, EW, HIFS, KRE, LUMN, MBIN, MDT, MEDP, PFBC, TMDX	Europe, financials, Medical Devices, Shorts, Tankers, trading, volatility	Manager sees opportunities in tankers due to seasonal weakness ending and Middle East conflict escalation. Expects enforcement of dark fleet sanctions to benefit compliant fleet carrying offsetting output from Saudi Arabia and others, tightening ship availability. However, notes growing orderbook and higher valuations make tankers difficult as long-term holds.	EW	View
2025 Q3	Oct 31, 2025	Kinsman Oak	-	-	ACHR, ASTS, CRML, DGNX, FRMI, GLD, JOBY, LAC, MEME, NNE, NXE, OKLO, PPTA, QMMM, QS, QUBT, RGCI, RGTI, SERV, SKE, TMC	AI, Bubble, debasement, gold, infrastructure, Speculation, technology, valuation	The manager sees AI as a speculative bubble similar to the dot-com era, with massive capital misallocation and unsustainable valuations. Big Tech firms are spending $400 billion in 2025 on AI infrastructure buildout, requiring a 100-fold revenue increase to justify costs. The manager believes this capex binge will eventually end badly when investors realize AI isn't generating incremental free cash flow.		View
2025 Q3	Oct 29, 2025	Eagle Capital Management	-	-	ASTS, FTAI, MGNI, NBIS, NTDOY	aerospace, AI, Compounding, gaming, infrastructure, Satellites, small caps, technology	Nintendo's Switch 2 has achieved record-breaking sales of over 10 million units in its first four months, making it the fastest-growing gaming hardware in history. The company benefits from a dual-platform position with both Switch 2 and legacy Switch contributing to profits, with strong software attach rates driving business model transformation.	LSEG LN LSEG LN	View
2025 Q3	Oct 28, 2025	Graham and Doddsville	-	-	AAON, AAP, ANET, AOS, ASTS, CVNA, DLO, FEVR.L, GOOGL, KER.PA, MELI, META, NLB.L, PGR, RKLB, TBCG.L, TSM, WISE.L, WOSG.L, XPEL	AI, emerging markets, Investment Analysis, long-term, Portfolio Management, Quality, Student Pitches, Value Investing	Multiple interviews emphasize value investing principles, with Brandes Investment Partners maintaining pure value philosophy despite 165 months of underperformance following the global financial crisis. The publication showcases various value-oriented approaches from concentrated portfolios to systematic value investing strategies.		View
2025 Q4	Jan 30, 2026	Flattery Wealth Management	0.0%	0.0%	ASTS, CASY, CEF, CPRT, DE, GRMN, HEI, MSTR, RACE, RMS, SEB	AI, Bitcoin, contrarian, crypto, gold, Multi-baggers, Quality, Space	Bitcoin functions as scarce, portable, digital gold gaining institutional traction as a hedge against currency debasement. MicroStrategy operates as the leader in pioneering corporate bitcoin strategy with the largest corporate bitcoin stash. The manager views bitcoin's institutional narrative advancing through maturing spot ETFs and growing corporate interest. AI represents a gunpowder moment that is flattening the playing field, allowing solo entrepreneurs to compete with enterprises and small businesses to compete with larger ones. The manager notes institutional investors have zero interest in non-AI deals currently. However, AI may also make people dumber and risks losing habits of attention and deep learning. AST SpaceMobile represents a bet on eliminating cellular dead zones through space-based broadband to unmodified smartphones. The company has partnerships with major carriers and is building what could become a massive subscription business. The space economy narrative is gaining attention with potential SpaceX IPO catalysts. Gold surged 65% in 2025, its best year since 1979, while most people forgot about it. Sprott Physical Gold and Silver Trust provides exposure to physical metals without counterparty risk or financial engineering. The position serves as insurance when fiat currencies inflate over long time horizons.	CEF HEI ASTS MSTR	View
2023 Q1	Mar 5, 2023	Spear Advisors	-3.5%	0.0%	ALAB, ASTS, AVAV, COHR, KLAC, KRMN, LRCX, MKSI, NVDA, WULF	AI, Automation, energy, Industrial, semiconductors, Space, technology	The fund invests in companies benefiting from artificial intelligence trends as one of its core secular themes. AI is listed as a primary investment focus area for the fund's industrial technology strategy.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Eagle Capital Management	AST SpaceMobile, Inc.	Communication Services	Wireless Telecommunication Services	Bull	NASDAQ	broadband, Connectivity, infrastructure, LEO, Mobile, Satellite, SPAC, Space, technology, telecommunications	View Pitch
Apr 13, 2026	Fund Letters	Crossroads Capital	AST SpaceMobile, Inc.	Communication Services	Wireless Telecommunication Services	Bull	NASDAQ	Cellular, Direct-to-Device, Emerging markets, growth, infrastructure, LEO, Satellite, Space Technology, telecommunications	View Pitch
Feb 27, 2026	Fund Letters	Ryan O'Connor	AST SpaceMobile, Inc.	Communication Services	Alternative Carriers	Bull	NASDAQ	Commercial Agreements, Convertible Financing, defense contracts, Launch Cadence, LEO Constellation, Manufacturing Scale, Spectrum Allocation	View Pitch
Feb 4, 2026	Twitter / X	@DrOllie1979	AST SpaceMobile, Inc.	Wireless Telecommunication Services	Wireless Telecommunication Services	Bull	NASDAQ	Defense, DirectToDevice, Government, Launches, LEAPS, Regulation, Satellites, Shortinterest, Spectrum, Wireless	View Pitch
Feb 4, 2026	Twitter / X	@keyesmn	AST SpaceMobile, Inc.	Communications Equipment	Satellite & Telecommunication Equipment	Bull	NASDAQ	CommandAndControl, DefenseCommunications, ElectronicWarfare, LEO, MissileDefense, PhasedArrays, PNT, Rf, Satellites, SpaceSensing	View Pitch
Feb 4, 2026	Twitter / X	@keyesmn	AST SpaceMobile, Inc.	-		Bull	NASDAQ	Bundling, Churn, Constellation, Coverage, Roaming, Satellites, Subscribers, Telecom	View Pitch
Feb 4, 2026	Fund Letters	Andrew Flattery	AST SpaceMobile, Inc.	Communication Services	Wireless Telecommunications	Bull	NASDAQ	infrastructure, Optionality, Satellites, Space, Telecom	View Pitch
Feb 4, 2026	Twitter / X	@guo_lin99725	AST SpaceMobile, Inc.	Wireless Telecommunication Services	Wireless Telecommunication Services	Bull	NASDAQ	Asic, AT&T, broadband, Direct To Cell, patents, Satellites, Spectrum, Starship, telecommunications, Verizon	View Pitch
Feb 4, 2026	Twitter / X	@TheValueist	AST SpaceMobile	Wireless Telecommunication Services	Wireless Telecommunication Services	Neutral	NASDAQ	antennas, broadband, Connectivity, Dilution, Launches, Satellites, Smartphones, Spectrum, Starlink, Telecom, Verizon, Vodafone	View Pitch
Jan 27, 2026	Fund Letters	Mike He	AST SpaceMobile, Inc.	Communication Services	Wireless Telecommunication Services	Bull	NASDAQ	Connectivity, Execution, Optionality, Satellites, Volatility	View Pitch
Jan 22, 2026	Twitter / X	@KevinLMak	AST SpaceMobile, Inc.	Communication Services	Alternative Carriers	Neutral	NASDAQ	Asts, debt, Debt Holders, Holders, Interest, Satellite, Shares, Slightly	View Pitch
Jan 11, 2026	Seeking Alpha	Seeking Alpha	AST SpaceMobile Inc.	Telecommunications	Satellite Communications	Bull	NASDAQ Stock Market	AST Spacemobile, Broadband internet, cash position, Global connectivity, innovation, Low-Earth-orbit, Satellite communications, Satellite launches, Telecom partnerships, Volatility	View Pitch
Jan 8, 2026	Fund Letters	Ryan O'Connor	AST SpaceMobile Inc.	Communication Services	Alternative Carriers	Bull	NASDAQ	Asymmetry, Coverage, growth, Satellites, Telecom	View Pitch
Dec 6, 2025	Fund Letters	Scott Miller	AST SpaceMobile, Inc.	Information Technology	Communication Equipment	Bull	NASDAQ	broadband, Connectivity, Partnerships, Satellites, Telecom	View Pitch
Aug 8, 2025	Seeking Alpha	First Principles Partners	AST SpaceMobile, Inc.	Information Technology	Communication Equipment	Bull	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Davenport Asset Management	AST SpaceMobile Inc.	Information Technology	Communication Equipment	Bull	NASDAQ	—	View Pitch

BSD Shareholders of ASTS

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

ASTS

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