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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Nov 29, 2023 | Atai Capital Management | 6.5% | 4.4% | BELFB, EG7 SS | - | View | ||
| 2023 Q3 | Oct 31, 2023 | Greystone Capital | 8.0% | 16.0% | BELFB, DR CN, IDT, POL, SENEA | - | View | ||
| 2025 Q4 | Jan 30, 2026 | Immersion Investment Partners | 0.0% | 0.0% | BELFB, BROS, CAVA, CELH, CMG, DPZ, MAMA, PAR, RDVT, SBUX, TGT, WING | AI, Food, growth, Restaurants, small caps, tech, Valuations | The letter argues that the unwind of AI-driven mega-cap excess has created significant valuation dislocations in high-quality small-cap companies unfairly punished by broad tech multiple compression. Immersion emphasizes differentiated valuation work, variant perception, and patience in concentrated positions where fundamentals, unit economics, and long-term growth remain intact despite weak sentiment. The strategy focuses on exploiting mispricing created by narrative-driven selling, favoring businesses with durable economics, strong management, and asymmetric upside as earnings reassert themselves. | BROS MAMA PAR |
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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 12, 2026 | Blue Tower Asset Management | 13.2% | 53.1% | 4028.T, BELFB, CGEO.L, ENVA, WCC | AI, Banking, Buybacks, Fintech, growth, international, productivity, value | Blue Tower focuses on value investing with international diversification. The manager notes that the valuation spread between cheap and expensive stocks is one of the greatest in market history, creating a favorable environment for their value-oriented approach. Enova has been aggressively repurchasing shares, reducing share count by more than 5% over 12 months and from 36.87M shares in Q3 2021 to 24.88M shares in Q3 2025. Georgia Capital also pursued aggressive share repurchases, reducing shares outstanding by 8.8% in the first nine months of 2025. The manager believes AI represents true innovation with measurable impacts on businesses and worker productivity. A Federal Reserve study found AI usage translated to roughly 1.1% aggregate productivity gains, with expectations for higher quality tools to drive further improvements. Enova represents a rapidly growing fintech company with machine learning-driven underwriting algorithms that are retrained frequently. The acquisition of Grasshopper Bank will create a more vertically integrated financial services platform with new banking and lending products. | CGEO LN ENVA |
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| 2023 Q2 | Jul 19, 2023 | Liberty Park Capital Management | 7.1% | 2.5% | BELFB, BOWL, ETWO, EXP, ITI, LUNA, NR, POWL, WEAV, YOU | - | View | ||
| 2024 Q4 | Jan 20, 2025 | Greystone Capital | 0.5% | 19.2% | BELFB, DESP, IVFH, LMB, NRP, SYZ CN | - | View | ||
| 2023 Q4 | Jan 16, 2024 | Liberty Park Capital Management | 7.1% | 2.5% | AMWD, BELFB, CMT, GPI, HCC, INTT, KOP, LMB, TGLS, VSH | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 31, 2026 | Fund Letters | Aaron Sallen | Bel Fuse Inc. Class B | Information Technology | Electronic Components | Bull | NASDAQ | arbitrage, capital structure, Dual-Class, electronics, valuation | View Pitch |
| Jan 24, 2026 | Fund Letters | Charles P. Murphy | Bel Fuse Inc. Class B | Information Technology | Electronic Components | Bull | NASDAQ | Aerospace, Components, Defense, Networking, Operatingleverage | View Pitch |
| Dec 3, 2025 | Fund Letters | Samir Patel | Bel Fuse Inc. | Information Technology | Electronic Components | Bear | NASDAQ | Competition, Cyclicality, Downside, earnings, Hardware, Reshoring, tariffs, valuation | View Pitch |
| Aug 7, 2025 | Substack | Pound the Rock Investing | Bel Fuse Inc. | Information Technology | Electronic Components | Bull | 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. | ||||||||