CART

CART

CART

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Octahedron Capital	-	-	AAPL, AMZN, CART, CPNG, DASH, DIS, GOOGL, GRAB, LYFT, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, SPOT, UBER, WBD, WMT, YELP	AI, Cloud, Digital, E-Commerce, growth, Internet, semiconductors, technology	Generative AI is driving significant productivity improvements across software development and enterprise applications. Companies are seeing measurable ROI from AI investments, with GitHub Copilot accounting for over 40% of GitHub revenue growth and Microsoft reporting billions in AI infrastructure revenue. AI is accelerating cloud migrations and enabling new usage-based pricing models.		View
2025 Q2	Jul 18, 2025	Seven Corners Capital	-	11.0%	ACT, CART, COOP, GNW, HHH, PSHZF, RFIN, RKT, SD, TPB	Compounding, concentrated, discount, energy, financials, technology, value	Turning Point Brands benefits from steady, high-quality compounding business model via Zig-Zag and Stoker's brands, which should benefit from tailwind in long-term decline of traditional cigarettes. Stoker's FRE brand of smokeless tobacco is growing at extremely high rate with Modern Oral sales up nearly 10-times versus prior year.	RKT SD CART GNW TPB PSHZF	View
2025 Q2	Jun 30, 2025	Octahedron Capital	-	-	ABNB, AMZN, APP, BKNG, CART, CPNG, CVNA, DASH, GOOGL, GRAB, MELI, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, UBER, W	Advertising, AI, Cloud, E-Commerce, payments, semiconductors, tariffs, Trade Policy	AI infrastructure demand remains insatiable with companies processing 480 trillion tokens monthly, up 50x year-over-year. ServiceNow expects AI products to reach $1 billion ACV by end of 2026, while companies are transitioning from seat-based to usage-based AI pricing models. AI agents are creating 4x more databases than humans, fundamentally changing software development workflows.		View
2025 Q2	Jun 30, 2025	ValueWorks Capital	-	-	AL, AMZN, CART, CHRD, JOBY, LNG, MLP, MSB, MU, QCOM, UNFI	energy, Portfolio Management, semiconductors, technology, value, volatility	Manager describes a herky-jerky, uncertain period with multiple 15-20% market moves in both directions. Sentiment has swung from fear to exuberance to doom and back to confidence. This volatility could be the new normal for several years as markets advance into a 25-year high.		View
2024 Q2	Jun 30, 2024	Octahedron Capital	-	-	AMD, AMZN, AVGO, CART, CVNA, DASH, DIS, GOOGL, LYFT, MA, MELI, NFLX, NU, NVDA, SNOW, SPOT, TSLA, UBER, V, W	AI, Cloud, consumer, E-Commerce, growth, payments, semiconductors, technology	AI infrastructure spending is driving hyperscaler reacceleration with training and GPU demand leading growth. Enterprise AI applications remain mostly experimental with ROI questions emerging. Compound AI systems are becoming necessary for production-quality applications.		View
2024 Q1	Apr 2, 2024	TIFF	-	-	AL, AMZN, CART, CHRD, JOBY, LNG, MLP, MSB, MU, QCOM, UNFI	energy, industrials, materials, technology, value, volatility	Manager describes extreme market volatility with multiple 15-20% moves in both directions over weeks, driven by sentiment swings from fear to exuberance to doom and back to confidence. This volatility is expected to be the new normal for several years as markets advance toward a 25-year high.		View
2024 Q4	Dec 31, 2024	Seven Corners Capital	-	17.0%	ACT, CART, GNW, HHH, PSHZF, SD, TPB	activism, discount, energy, NAV, value	Portfolio focuses on companies trading at discounts to intrinsic value, including NAV discounts and sum-of-the-parts situations. Multiple holdings trade below their fundamental worth based on asset values.	CART SD GNW TPB PSHZF	View
2023 Q4	Dec 31, 2023	North Sky Capital	-	-	ARM, CART, IFX.DE, KVYO	Electric Vehicles, Energy Transition, impact investing, infrastructure, private equity, Renewable Energy, Secondaries, Solar	Annual EV sales in the USA crossed 1 million units with EVs, hybrids and plug-in hybrids accounting for 17.7% of new light-duty vehicle sales in Q3. Growth attributed to increasing consumer acceptance, greater charging station availability, IRA tax credits and declining prices due to economies of scale.		View
2025 Q3	Oct 21, 2025	Starboard Value	-	-	ABNB, BKNG, CART, CHWY, EBAY, ETSY, EXPE, MTCH, TRIP, W	AI, Experiences, M&A, Marketplace, Online travel, Travel, valuation	Tripadvisor operates three distinct market-leading businesses in the online travel category. The experiences segment is the fastest growing category in travel, having grown approximately 200% since 2019. Online experiences has the lowest penetration of all travel categories at less than 30%, compared to 85% for cruises and 74% for flights, creating significant growth opportunity.	TRIP TRIP	View
2023 Q3	Jan 25, 2024	Chilton Capital Management	-	-	ARM, CART	Capital markets, Fed policy, inflation, rates, REITs, Treasury Yields	The Federal Reserve continued aggressive rate hikes during the quarter, with the 10-year Treasury yield rising from 3.81% to 4.61%, its highest level in over 16 years. The firm believes the Fed is likely at or near the end of this rate hiking cycle and that rates are unlikely to move much higher than current levels.		View
2025 Q4	Jan 18, 2026	Seven Corners Capital	0.0%	35.0%	ACT, CART, GNW, HHH, PSHZF, RKT, SD, TPB	concentrated, discount, energy, Mortgage, NAV, Tobacco, value	The portfolio demonstrates a value investing approach with concentrated positions in companies trading at discounts to intrinsic value. Holdings like PSHZF trade at significant discounts to NAV, while GNW trades at a discount to its sum-of-the-parts valuation. Turning Point Brands represents a significant position focused on smokeless tobacco products including Zig-Zag and Stoker's brands. The company's Modern Oral segment grew 627.6% year-over-year, with the FRE brand showing extremely high growth rates. Multiple holdings have mortgage exposure including Genworth Financial through its 80% ownership of Enact Holdings (private mortgage insurance) and Rocket Companies' mortgage origination and servicing business following acquisitions of Redfin and Mr Cooper. Sandridge Energy represents the largest energy holding, positioned for potential oil and natural gas price recovery. The thesis centers on secular decline in drilling combined with inflation supporting carbon-based energy prices going forward.	RKT SD CART GNW TPB PSHZF	View
2025 Q4	Jan 18, 2026	Octahedron Capital	0.0%	0.0%	ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W	AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology	AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Seven Corners Capital	Instacart (Maplebear Inc.)	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	advertising revenue, Consumer Discretionary, e-commerce, grocery delivery, marketplace, network effects, Post-Pandemic Winner, technology	View Pitch
Jan 21, 2026	Fund Letters	Scott Klarquist	Maplebear Inc. (Instacart)	Consumer Discretionary	Internet Retail	Bull	NASDAQ	ecommerce, grocery, network effects, Platforms, profitability	View Pitch
Jan 8, 2026	Fund Letters	Scott Klarquist	Maplebear Inc. (Instacart)	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	advertising, convenience, ecommerce, marketplace, Networkeffects	View Pitch
Aug 8, 2025	Seeking Alpha	Michael Duke	Maplebear Inc.	Consumer Discretionary	Internet Retail	Bull	NASDAQ	—	View Pitch

BSD Shareholders of CART

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.

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