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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Mar 31, 2025 | Meridian Growth Fund | -8.0% | -8.0% | CARG, HALO, OKTA, RBA, TNDM, ZD | - | View | ||
| 2024 Q4 | Feb 10, 2025 | Meridian Growth Fund | -0.8% | 6.3% | CARG, DOCS, RELY, ST, STE, TMDX | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Meridian Growth Fund | 6.8% | 0.0% | CARG, FOXF, GOOS, HSIC, MATX | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Meridian Small Cap Growth Fund | 6.2% | 0.0% | CARG, CCCC, EVRI, MIR, SKIN, SONX | - | View | ||
| 2025 Q4 | Jan 29, 2026 | abrdn U.S. Small Cap Equity Fund | 0.5% | 8.8% | ARCB, ARQT, ATEC, ATZ.TO, AZZ, CARG, CORT, ELF, HLIO, ITGR, LRN, LZB, OSW, PI, REVG, SUPN, TRNO, VIAV | healthcare, industrials, infrastructure, Quality, small caps, technology | The fund focuses on US small-cap equities, which rose over the quarter but lagged broader US equities. The manager emphasizes higher-quality small-cap businesses that offer resilience against macroeconomic headwinds while benefiting from secular trends. The manager sees compelling opportunities from increased infrastructure investment as a secular trend. New position AZZ is positioned to benefit from grid modernization and domestic manufacturing reshoring. Reshoring of supply chains presents compelling opportunities for smaller companies. AZZ is positioned to benefit from domestic manufacturing reshoring trends, while the broader strategy targets companies that can capitalize on this shift. The fund initiated a position in AZZ, which is positioned to benefit from accelerating data-center development. This reflects the manager's view on the growth potential in data center infrastructure. | CORT |
View |
| 2025 Q4 | Jan 14, 2026 | Spheria Global Opportunities Fund | -3.0% | 2.9% | ACLR.SW, CARG, EXPD, HEM.ST, ITRK.L, JKHY, PAYC, RMV.L, SPNS, YETI | financials, global, industrials, Quality, small caps, technology | The fund maintains a consistent, valuation-aware approach focused on high-quality businesses with durable economics, proven cash generation and clear paths to value creation. This quality-oriented strategy faced challenges in 2025 as markets rewarded loss-making businesses and concept-driven stocks. Small caps are still yet to materially close the relative valuation gap that has opened up since shortly before the current interest rate cycle kicked off in early 2022. The fund targets global listed small cap and microcap companies. | PAYC JKHY |
View |
| 2022 Q3 | Sep 30, 2022 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AZZ, CARG, CMP, ECVT, GBLI, HCCI, LGF/A, VSAT, WSTG | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Meridian Growth Fund | 6.8% | 0.0% | ACTA, CARG, CERT, ST, STE, ZD | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 25, 2025 | Substack | Scalpavelli | CarGurus, Inc. | Consumer Discretionary | Auto & Truck Dealerships | Bull | automotive marketplace, Competition, earnings yield, financial discipline, goodco/badco, innovation, market consolidation, market presence, primary business growth, user-friendly platform | 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 | $9.4M | 0.02% | 244,158 | -201,362 | -45.20% | 0.3345% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $10.2M | 0.01% | 266,743 | +266,743 | +100.00% | 0.3655% |
| Ray Dalio | Bridgewater Associates | $27.4B | $5.2M | 0.02% | 135,242 | +28,938 | +27.22% | 0.1853% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $6.5M | 0.01% | 170,268 | -45,606 | -21.13% | 0.2333% |
| Israel Englander | Millennium Management LLC | $233.2B | $3.7M | 0.00% | 96,790 | +33,875 | +53.84% | 0.1326% |
| Cliff Asness | AQR Capital Management | $190.6B | $3.1M | 0.00% | 80,635 | +40,663 | +101.73% | 0.1105% |
| Bruce Kovner | Caxton Associates | $3.2B | $874,695 | 0.03% | 23,938 | +5,710 | +31.33% | 0.0312% |
| Connor Haley | Alta Fox Capital Management | $464.8M | $48.8M | 10.51% | 1,273,544 | +174,844 | +15.91% | 1.7448% |