CBOE

CBOE

CBOE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2021 Q2	Jul 23, 2021	The Sound Shore Fund	1.2%	-	AGR, AMD, AMZN, BBBY, BMRN, CASI, CBOE, CCI, CNP, D, DHR, GOOGL, INCY, JKHY, MPLN, NUS, SAVA, UPWK, VST	Biotech, Energy Transition, Insider Trading, technology, Utilities, value		AMZN VST UPWK	View
2021 Q2	Jul 19, 2021	Upslope Capital Management	2.8%	0.9%	ATR, BFAM, CBOE, DPLM.L, DSM.AS, ENV, FCN, MKTX, RBA, SUBC.OL, TW, X.TO	Capital markets, Long/Short, mid cap, Short Selling, SPACs, value		ENV MKTX	View
2025 Q1	May 2, 2025	LRT Capital Management	-	6.0%	ABG, CBOE, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FIX, GPI, MKTX, NOC, PBR-A, REXR, RLI, SSD, TTC, UNH, WH	Beta, Fiscal, Hedging, Long/Short, Trade Policy, volatility	President Trump's universal tariff plans have roiled global markets and created policy uncertainty. The manager views tariffs as economically detrimental, comparing them to Import Substitution Industrialization policies that have failed historically. Hastily implemented tariffs will negatively affect the U.S. economy through slower growth, higher inflation, higher interest rates, and economic weakness.		View
2025 Q1	May 13, 2025	Sawgrass Asset Management – Large Cap Quality Growth	-	-	ADBE, AVGO, AZO, CBOE, LULU, MCD, META, NOW, NVDA, TJX	growth, large cap, Outperformance, Quality, volatility	The portfolio's focus on quality companies with low price volatility helped limit losses during the quarter's elevated volatility. Quality positioning benefited from investor flight towards quality companies amid market uncertainty.		View
2024 Q1	Apr 25, 2024	Pelican Bay Capital Management	7.6%	7.6%	BLDR, BRK-B, CBOE, CPRI, EOG, EXPE, FANG, FIS, Gold, GOOG, ON, RSG, TOL, TPR, VZ	Concentration, energy, gold, Homebuilders, Quality, value	Homebuilders have become less financially leveraged and cyclical, mitigating past concerns about rising interest rates. The manager believes investors are recognizing this shift and starting to value homebuilders based on price-to-earnings ratios rather than historical price-to-book metrics. Recent relative strength of homebuilders has lots of runway left.	Gold	View
2025 Q1	Apr 23, 2025	Pelican Bay Capital Management	-2.6%	-2.6%	BRK-A, CBOE, CME, CPAY, EXPE, GNRC, Gold, GOOGL, ON, RPRX, SLB, TOLL, ULTA, VZ	Exchanges, gold, Pharmaceuticals, Quality, value, volatility	The portfolio focuses on high-quality companies trading at steep discounts to intrinsic value, seeking wide margins of safety. The manager emphasizes identifying significant differences between market value and intrinsic value as the core investment opportunity.	RPRX	View
2021 Q1	Apr 22, 2021	The Sound Shore Fund	28.4%	-	CBOE, CERN, COIN, DHR, HAE, INCY, INTC, MAC, NUS, RKT, SAVA, UPWK	Biotech, inflation, Insider Trading, small cap, Speculation, technology, value			View
2021 Q1	Apr 15, 2021	Upslope Capital Management	-1.9%	-1.9%	ATR, BFAM, CBOE, DPLM.L, DSM.AS, EVR, FCN, MKTX, RBA, SUBC.OL, X.TO	concentrated, Defensive, Exchanges, Long/Short, Restructuring, SPACs, value, volatility		CBOE X.TO FCN EVR	View
2023 Q1	Apr 12, 2023	Pelican Bay Capital Management	2.2%	2.2%	BLDR, CBOE, CPRI, CSCO, CVS, EOG, FANG, FIS, GOOG, PSX, RIO, TOL	Banking, energy, healthcare, Homebuilders, technology, value, volatility	Manager emphasizes constructing a portfolio favoring high-quality companies with attractive valuations and dividend yields. The Concentrated Value portfolio trades at 12.0x forward P/E versus 15.4x for Russell 1000 Value Index, with superior margins and returns on capital.		View
2025 Q1	Mar 31, 2025	RS Large Cap Val Strategy	1.6%	1.6%	ABBV, CBOE, CI, CRM, EXC, GOOGL, RRX, TEVA, XOM, ZBRA	large cap, Pharmaceuticals, ROIC, tariffs, value, volatility	The team continues to focus on value-oriented strategies, believing they are well-positioned in the current environment of elevated volatility. They seek companies with improving ROIC trading at deep discounts to intrinsic value, emphasizing that value stocks outperformed growth during the quarter's market decline.	ZBRA ABBV	View
2025 Q4	Mar 2, 2026	TYME Advisors	-	-	AAPL, AVAV, AVGO, BA.L, CBOE, FNV, GOOGL, MRK, NDAQ, NVDA, PLTR, RHM.DE, RTX, TPG, WPM	Alternatives, defense, Exchanges, gold, Japan, Long/Short, Quality, royalties	The entire world is rapidly rearming off an extremely low base of defense spending. This exposure focuses on companies that make armaments for nation state security and materially outperformed for the year. Gold is positioned as a superior store of value with reliable scarcity and the highest stock-to-flow ratio of any physical commodity. The manager created a magnified gold exposure called Gresham's Wrath that generates income while providing 1.5X exposure to gold prices. Exchanges operate as essential high-margin toll roads for the economy with immense operating leverage. They benefit from trading volume flowing directly to profits with minimal extra cost and have natural inflation hedging through transaction values. High Quality US Large Companies exposure filters out junk companies by avoiding high external financing, wealth destroyers, and value traps. This approach seeks superior long-term returns with lower downside risk. Precious metal royalty and streaming companies provide diversified exposure to precious metals by benefiting from both price appreciation and production growth without operational mining risks. They offer asymmetric optionality and inflation protection.		View
2025 Q3	Oct 7, 2025	TYME Advisors	-	-	3774.T, 3791.T, 4819.T, AAPL, BTC-USD, CBOE, FNV, GOOGL, KTOS, LB.AX, NDAQ, NVDA, PLTR, RTX, TPG, WPM	Armaments, Bitcoin, commodities, defense, gold, inflation, Long/Short, technology	Global armaments spending is accelerating across North America, Europe, and Asia-Pacific driven by renewed great power competition. The US defense budget is pushing toward the trillion-dollar mark with heavy emphasis on R&D and next-generation technology. European nations are dramatically increasing defense spending due to the Ukraine conflict and shifting US policy.		View
2021 Q3	Oct 18, 2021	Upslope Capital Management	-0.2%	0.8%	ATR, BFAM, BOWX, BWXT, CBOE, DPLM.L, DSM.AS, ENV, FCN, RBA, TECN SW, X.TO	Catalyst, defense, healthcare, Long/Short, mid cap, value		BWXT TECN.SW CBOE	View
2025 Q3	Oct 13, 2025	GreensKeeper Value Fund	4.0%	0.2%	ADBE, AXP, BRK-A, CBOE, CFR.PA, FI, GD, GOOG, ICE, ICLR, NVO, V	AI, Capitalism, defense, GLP1, healthcare, technology, Trade Policy, value	Alphabet's Gemini AI models are gaining momentum, with Gemini gaining meaningful share of Global Search Instances at ChatGPT's expense. The company launched Gemini Enterprise with enterprise security and privacy features. Adobe faces concerns that AI products pose a threat to its core Photoshop and Illustrator franchises, though the manager believes Adobe is well-positioned to integrate AI into its Creative Cloud suite.	ADBE NVO FI GD ICLR GOOG	View
2025 Q4	Jan 23, 2026	GreensKeeper Value Fund	0.0%	0.0%	ADBE, AXP, BRK-B, CBOE, CFRUY, CHKP, ELV, FISV, GOOG, ICE, ICLR, LULU, MRK, NVO, SPGI, V, VRTX	AI, Concentration, Discipline, financials, Luxury, technology, value	The dominant narrative of 2025 was the market's evolving view of Alphabet's search business in an AI-first world. Alphabet aggressively transformed its research into consumer-ready products, deployed Gemini 3 which led key performance benchmarks, and launched AI Overviews within search. The company's proprietary Tensor Processing Units allowed efficient scaling while avoiding the Nvidia Tax. The fund maintains a disciplined value approach, refusing to abandon discipline simply because the market has become expensive. They deliberately prioritized capital preservation by trimming positions that reached price targets. The manager emphasizes that even wonderful businesses are not worth infinite prices and allocates capital elsewhere when valuations become stretched. Richemont's Jewelry Maisons continued to outperform the broader luxury market with stabilization of the Chinese consumer. The company maintained pricing integrity and brand stewardship, avoiding aggressive price hikes that peers used. This long-term thinking proved superior as luxury peers eroded brand value through discounting while Richemont maintained prestige.	ADBE ICLR NVO LULU FISV CFRUY AXP GOOG	View
2024 Q4	Jan 22, 2025	Pelican Bay Capital Management	-5.5%	6.6%	CBOE, CPRI, CSCO, EXPE, GNRC, GOOG, KNSL, MU, TPR, ULTA	AI, Concentration, insurance, Quality, semiconductors, technology, value	Artificial intelligence is driving demand for High Bandwidth Memory (HBM), with market projections suggesting HBM demand could surge to over $100 billion by 2028 from $16 billion in 2024. AI agents require specialized memory systems, positioning companies like Micron as technological leaders in this space.	KNSL MU	View
2021 Q4	Jan 19, 2022	Upslope Capital Management	3.4%	4.2%	ATR, BFAM, BWXT, CASY, CBOE, DPLM.L, ENV, FCN, MKTX, TECN SW, X.TO	Defensive, Long/Short, mid cap, SPACs, value, volatility		CASY MKTX CBOE	View
2020 Q4	Jan 13, 2021	Upslope Capital Management	7.9%	15.1%	ATR, BFAM, CBOE, CCK, DPLM.L, DSM.AS, EVR, MKTX, RBA, SUBC.OL	Bubble, concentrated, Long/Short, SPACs, value, volatility			View
2024 Q4	Jan 12, 2025	GreensKeeper Value Fund	-	23.6%	AXP, BRK.B, CBOE, CFR.SW, CHKP, CSCO, ELV, FI, GD, GOOGL, HSY, ICE, LMT, LULU, MC.PA, MRK, SHVA.TA, SPGI, V, VRTX	global, healthcare, insurance, payments, Quality, technology, value	Manager emphasizes purchasing high-quality companies with large margin of safety at material discounts to intrinsic value. Focuses on companies with sustainable competitive advantages and strong economics while avoiding overpriced securities.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jun 15, 2026	Fund Letters	Upslope Capital Management	Cboe Global Markets	Financial Data & Stock Exchanges	Financial Exchanges & Data	Neutral	NASDAQ	acquisition target, Catalyst-Driven, Derivatives, Exchange Operator, Options trading, VIX, Volatility Products	View Pitch
Jun 15, 2026	Fund Letters	Upslope Capital Management	Cboe Global Markets	Financial Data & Stock Exchanges	Financial Exchanges & Data	Bull	NASDAQ	Derivatives, Equity, Exchange Operator, financial services, Index Products, M&A Target, VIX, Volatility	View Pitch
Jun 15, 2026	Fund Letters	Upslope Capital Management	Cboe Global Markets	Financial Data & Stock Exchanges	Financial Exchanges & Data	Bull	NASDAQ	Change of Control, Derivatives, Exchange, M&A Target, VIX, Volatility	View Pitch

BSD Shareholders of CBOE

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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