Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 14, 2025 | Atai Capital Management | 32.8% | 29.4% | ALNT, ALOT, BELFB, CABO, HAI.TO | activism, Concentration, Governance, small caps, value | The fund operates a concentrated Micro and Small-Cap strategy with approximately 66% of the portfolio consisting of businesses with market caps smaller than $500M. The manager notes finding the current market environment difficult for idea generation in small caps. | ALOT CABO |
View |
| 2025 Q2 | Jul 20, 2025 | The London Company Small Cap | 2.4% | -4.9% | ACIW, AWI, CABO, GTES, IPAR, MATX, NEU, SGI, WTM | Quality, small cap, tariffs, Trade Policy, value, volatility | The manager emphasizes their focus on high-Quality, low-Volatility orientation as a defensive strategy. They believe their reliance on high Quality factors has proven to be a strategy that can lose battles along the way but tends to win the war over time, positioning them well for an environment of elevated policy risks and fragile global growth. | IPAR MATX WTM ACIW GTES AWI NEU ACIW AWI NEU GTES |
View |
| 2024 Q1 | May 7, 2024 | The London Company Small-Mid Cap | 2.0% | 4.8% | AWI, CABO, CHDN, DAVA, DECK, LANC, TREX, TTC | Balance Sheets, cash flow, Quality, rates, SMID Cap, value | The portfolio's Quality orientation continued to stand out down the market cap spectrum where earnings weakness was more pervasive. Strong balance sheets of companies—many with net cash—remained a significant advantage in this high rate environment. The manager sees greater opportunity for quality operators with durable cash flow generation, strong balance sheets and attractive shareholder yields in the years ahead. | TTC CABO CHDN DAVA LANC AWI DECK |
View |
| 2024 Q1 | May 13, 2024 | The London Company SMID Cap | 9.2% | 9.2% | AWI, CABO, CHDN, DAVA, DECK, LANC, TREX, TTC | AI, Balance Sheets, Quality, rates, SMID Cap, technology, value | The portfolio's Quality orientation continued to stand out down the market cap spectrum where earnings weakness was more pervasive. Company fundamentals continued to drive price, and the strong balance sheets of companies—many with net cash—remained a significant advantage in this high rate environment. | TTC CABO CHDN DAVA LANC AWI DECK |
View |
| 2024 Q1 | May 13, 2024 | The London Company Small Cap | 7.0% | 8.9% | AWI, CABO, CERT, DOOR, MATX, MBUU, QLYS, TPX, VNT | AI, industrials, Quality, rates, small caps, technology, value | The portfolio's Quality orientation continued to stand out in the small cap space where earnings weakness was more pervasive. Strong balance sheets of portfolio companies, many with net cash, remained a significant advantage in the high rate environment. The manager seeks profitable, financially stable companies that consistently generate free cash flow and high returns on unleveraged operating capital. | CERT QLYS CABO AWI VNT |
View |
| 2025 Q1 | Apr 15, 2024 | The London Company Small-Mid Cap | -6.6% | -6.6% | AER, BR, CABO, CACC, CHDN, DECK, SAIA, THG, ZBRA | Defensive, Quality, Recession, SMID Cap, tariffs, value | The manager emphasizes their Quality factor approach, noting that Quality factors have historically posted their best relative returns during periods of decelerating growth and through recessions. They believe they may be late in the economic cycle, which bodes well for Quality factors over the next few years. | SAIA |
View |
| 2023 Q3 | Oct 31, 2023 | The London Company Small Cap | 7.0% | 8.9% | AWI, CABO, ENOV, LANC, NEU, NGVT, QLYS, TPX | Buybacks, dividends, Quality, small caps, technology, value | The portfolio emphasizes companies with sustainably high returns on capital and lower leverage ratios. The Quality tilt aided relative performance as numerous unprofitable companies in the Russell 2000 significantly underperformed. The companies generate sustainably high returns on capital with low leverage ratios at reasonable valuations. | NGVT ELANCO ENOV QLYS TPX |
View |
| 2023 Q3 | Oct 31, 2023 | The London Company SMID Cap | 9.2% | 9.2% | AER, BKI, BR, CABO, CHDN, CWST, DECK, ICE, LANC, LW, MTN, NEU, RBA, ST, WAT, ZBRA | Automation, Quality, SMID Cap, Travel, value, Waste management | Initiated position in Casella Waste Systems, the 5th largest waste company in the U.S. and #1 player in the dense Northeast. The Northeast hasn't approved a new landfill permit in 30 years, creating scarcity value. CWST has significant pricing power due to vertical integration and rural market exposure. | ZBRA WAT ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA CWST |
View |
| 2022 Q4 | Oct 2, 2023 | Headwaters Capital Management, LLC | 8.8% | 21.4% | CABO, FICO, ICFI, NOTV | - | View | ||
| 2023 Q4 | Oct 1, 2024 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | CABO, CNC, NTRS | Communications, credit, financials, healthcare, mid cap, Quality, rates, value | Fund employs a two-bucket approach seeking both quality-value companies trading at decent bargains and deeply discounted companies with poor economic returns. Focus on bottom-up stock selection using 10 Principles of Value Investing demanding low prices relative to earnings, cash flow, and intrinsic value. Quality-value businesses currently trading at deep-value-like valuations due to fundamental industry questions or company-specific overhangs. | CABO CNC NTRS |
View |
| 2023 Q1 | Apr 13, 2023 | Atai Capital Management | 6.5% | 4.4% | ALOT, ATVI, CABO | aerospace, Broadband, gaming, Monopoly, Rural, small cap, value | Commercial airplane production is recovering from COVID lows, with Boeing expected to deliver 800 planes in 2025 and Airbus guiding to 1,000 by mid-decade. AstroNova benefits from this recovery through its monopoly position in cockpit printers, which are standard on all Airbus A320s and purchased directly by airlines for Boeing 737s. | View | |
| 2023 Q4 | Jan 23, 2024 | The London Company Small Cap | 7.0% | 8.9% | AUB, AWI, CABO, DOOR, LIVN, MUSA, PLUS, QLYS, RVLV, TPX, WTM | Banking, industrials, Quality, small cap, technology, value | The portfolio maintains a positive tilt toward Quality factors, focusing on companies with sustainably high returns on capital and balance sheet strength. This Quality-orientation provided relative advantage for the full year despite being a headwind in Q4. | RVLV PLUS |
View |
| 2023 Q4 | Jan 23, 2024 | The London Company SMID Cap | 9.2% | 9.2% | BR, CABO, DAVA, DECK, HAS, HAYW, MBI, TREX, WTM | consumer discretionary, Quality, rates, small caps, value, volatility | The manager emphasizes quality as the antidote to uncertainty, believing solid company fundamentals will lead to strong risk-adjusted returns in the long run. Portfolio characteristics remain attractive and well-positioned for an uncertain future. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM CABO ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AER|AWI|MUSA|NEU|SAIA|WTM TREX DECK KAMBI SS |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Heartland Mid Cap Value Fund | Cable One Inc | Communication Services | Cable & Satellite | Bull | NYSE | broadband, cable, Customer Acquisition, Cyclical Value, EV/EBITDA, housing cycle, interest rate sensitivity, Rural Markets | View Pitch |
| Apr 28, 2026 | Fund Letters | The London Company SMID Cap | Cable One Inc. | Communication Services | Cable & Satellite | Bull | NYSE | broadband, cable, Fixed Wireless Competition, Free Cash Flow, M&A, Rural Markets, telecommunications | View Pitch |
| Apr 13, 2026 | Fund Letters | Atai Capital Management | Cable One Inc. | Communication Services | Cable & Satellite | Bear | NYSE | ARPU, broadband, cable, Fiber Competition, HFC Network, leverage, Rural Markets, Subscriber Losses, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company SMID Cap | Cable One Inc | Communication Services | Cable & Satellite | Bull | NYSE | broadband, cable, Competition, Fiber, Fixed wireless, Free Cash Flow, Pricing Strategy, Rural Markets | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Small Cap | Cable One Inc | Communication Services | Cable & Satellite | Bull | NYSE | broadband, cable, Equity, Free Cash Flow, high-speed internet, Low Penetration, M&A, Rural Markets | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Small-Mid Cap | Cable One Inc | Communication Services | Cable & Satellite | Bull | NYSE | ARPU, Cable & Satellite, Communication Services, Fiber Competition, Fixed wireless, Free Cash Flow, M&A, Rural Broadband | 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 | $1.4M | 0.00% | 12,400 | +9,862 | +388.57% | 0.2188% |
| Lee Ainslie | Maverick Capital | $9.3B | $2.2M | 0.02% | 19,552 | +1,371 | +7.54% | 0.3451% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.8M | 0.00% | 16,012 | -41,285 | -72.05% | 0.2826% |
| Israel Englander | Millennium Management LLC | $233.2B | $304,582 | 0.00% | 2,699 | -47,487 | -94.62% | 0.0476% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $1.7M | 0.04% | 15,500 | +15,500 | +100.00% | 0.2735% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $417,206 | 0.00% | 3,697 | +3,697 | +100.00% | 0.0652% |
| Cliff Asness | AQR Capital Management | $190.6B | $8.3M | 0.00% | 73,452 | -490 | -0.66% | 1.2963% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $2,821 | 0.00% | 25 | +0 | +0.00% | 0.0004% |