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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 17, 2025 | Choice Equities Capital Management | 30.0% | 21.6% | BNED, CELH, GENI, MGNI, MOD, PAR, ROP, SRAD | Advertising, concentrated, gaming, growth, Manufacturing, small caps, technology, value | GENI secured extended NFL data rights deal through 2029 and exclusive NCAA data rights through 2032, providing visibility into data costs and enabling incremental revenues to flow through at attractive margins. Sports betting legalization in Brazil and pending U.S. states, plus growth in in-game betting where GENI generates higher take rates, creates ongoing revenue opportunities in a market growing at low-double digit rates. | MOD MGNI GENI MOD MGNI GENI |
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| 2023 Q2 | Jul 31, 2023 | Greenhaven Road Capital | 15.0% | 12.0% | APG, APPS, BNED, BUR.L, CLAR, CLBT, ESTC, HGTY, KKR, LFCR, PAR, PAT.DE, SPHR | catalysts, growth, long-term, small caps, SPACs, value | Multiple portfolio companies are former SPACs facing valuation compression despite business improvements. Manager believes SPAC stigma reduces over time as business quality becomes apparent, creating opportunity for multiple expansion. | View | |
| 2024 Q2 | Jul 27, 2024 | 1 Main Capital | 4.0% | 11.3% | BFIT, BNED, CZR, DNTL.TO, FUN, IWG.L, LMB | Concentration, Education, Opportunistic, Recapitalization, small caps, value | Manager believes small caps provide highly attractive long-term investment opportunities due to fatigue from multi-decade underperformance and increased volatility during economic uncertainty. The Fund's performance was driven by just four small cap stocks representing under one-third of the portfolio. | BNED |
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| 2023 Q1 | Apr 28, 2023 | Greenhaven Road Capital | 15.0% | 12.0% | APG, BNED, BUR, CLBT, KKR, LFCR, PAR, SYY | durability, small caps, special situations, technology, value | Manager emphasizes portfolio durability through companies with low churn, strong balance sheets, and secular tailwinds. Uses marble elephant metaphor to distinguish durable businesses from fragile ones, noting less than 20% of original S&P 500 companies survived 50 years. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | 1 Main Capital | Barnes & Noble Education | Consumer Discretionary | Specialty Retail | Bull | NYSE | Bookstores, College, Education, Equity, growth, recapitalization, turnaround, US | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Eric Brierley | Barnes & Noble Education | Consumer Discretionary | Specialty Retail | Bear | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Israel Englander | Millennium Management LLC | $233.2B | $1.6M | 0.00% | 171,693 | -78,337 | -31.33% | 0.5744% |