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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 9, 2025 | Alphyn Capital Management | 12.4% | 8.0% | AMZN, BN, CCOI, FFH CN, FILA IM, KFS, KKR, KMX, OCSL | Discipline, free cash flow, moats, Quality, valuation | The commentary focuses on high-quality businesses with durable competitive advantages and strong free cash flow generation. The manager stresses disciplined valuation, long-term ownership, and avoidance of leverage-driven or speculative models. Market volatility is framed as an opportunity to add quality at attractive prices. | OCSL KMX CCOI AMZN KFS KKR BN FFH |
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| 2024 Q1 | May 2, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | CCOI, CHRD, HCP, MWA | - | View | ||
| 2025 Q1 | May 14, 2025 | Recurve Capital | -13.0% | -13.0% | CCOI, W | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Alphyn Capital Management | 8.9% | 13.5% | AMZN, CCOI, CRTA LN, DSGR, ESAB, EXO NA, FFH CN, KFS, KKR, LBRDA, OCSL | - | View | ||
| 2025 Q4 | Mar 2, 2026 | Recurve Capital | - | 10.0% | CCOI, CVNA, QQQ, RCL | AI, disruption, innovation, Quality, technology, value | Manager discusses AI's disruptive impact on software companies and capital-light business models, while positioning portfolio companies as durable due to their intersection of physical and digital infrastructure. Companies like Carvana and Royal Caribbean use AI for pricing optimization, logistics, and customer experience enhancement. Carvana represents a major portfolio holding that has grown 100x from 2022 lows, demonstrating the power of digitally native auto dealing with proprietary technology for pricing, logistics, inspections, and reconditioning workflows. Royal Caribbean exemplifies the portfolio's focus on companies combining physical assets with technology innovation, using AI and technology for pricing optimization, packaging, promotions, and onboard customer experience delivery. | View | |
| 2024 Q3 | Oct 8, 2024 | Alphyn Capital Management | 8.9% | 13.5% | AMZN, BN, CCOI, CRTA LN, FFH CN, GOOG, KKR, MRO LN, OCSL, PRX NA | - | View | ||
| 2025 Q3 | Oct 28, 2025 | Alphyn Capital Management | 3.0% | 11.2% | BN, BUR LN, CCOI, CRTA, FFH CN, GOOG, MRO LN, PRX NA, ROKOB SS, TVK CN | Artificial Intelligence, Capital Allocation, Compounding, gold, infrastructure | The fund highlighted AI as both a direct and indirect driver of returns through holdings like Alphabet, Amazon, and Brookfield, emphasizing infrastructure-led investment in data centers and renewable power. Management focused on disciplined capital allocation and compounding engines such as Prosus and Roko, which leverage scalable acquisition models. The letter also discussed golds strong rally amid fiscal deficits and currency debasement fears, framing it as a hedge against macro volatility. | CRTA LN FFH CN CCOI BUR TVK CN MRO LN BN GOOGL CRTA LN FFH CN CCOI TVK CN MRO LN BN GOOGL |
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| 2024 Q3 | Oct 15, 2024 | Recurve Capital | - | - | CCOI, CVNA | - | View | ||
| 2025 Q4 | Jan 20, 2026 | Madison Small Cap Fund | -0.4% | -6.9% | AAON, AMPL, CCOI, CFLT, CIEN, EHC, ENTG, FORM, GTLB, MIR, POWI, PRMB, RVLV, SMG, VCEL, VFC, VIAV, WAL, ZION | AI, Consumer Staples, Quality, Risk Appetite, small caps, software, Speculation, underperformance | The AI capital spending boom drove strong performance in select technology stocks like Ciena and Confluent. However, the manager questions how long the AI capital spending cycle will last and whether investors will begin asking for returns on this investment. The fund avoided most speculative AI-related opportunities due to quality parameters. Software stocks faced significant pressure as investors feared AI-powered solutions would displace traditional applications. The manager fundamentally rejects this thesis, believing enterprises won't migrate mission-critical data to language models generating errors at 60% rates. They used the selloff to add GitLab and Amplitude at attractive valuations. Consumer Staples was the epicenter of underperformance as investors showed no appetite for defensive businesses in a pro-cyclical, speculative bull market. The sector now trades at historically steep discounts despite facing perceived challenges including input cost inflation, GLP-1 impacts, and tariff supply chain effects. The market demonstrated insatiable appetite for risk, with the best performing stocks being the most speculative companies with no profits or revenue but thematic AI linkage. This extended to biotechs, meme stocks, crypto, and mining stocks, while defensive businesses were deeply out of favor. Small caps continued underperforming large caps despite a strong year for the Russell 2000. The fund significantly underperformed due to the speculative nature of the rally favoring companies without profits or revenue. Quality businesses with durable moats can now be found at attractive prices again. | AAON GTLB VIAV AMPL VCEL MIR CIEN CCOI WAL |
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| 2024 Q2 | Jul 19, 2024 | Recurve Capital | - | - | CCOI, CVNA | - | View | ||
| 2023 Q2 | Jun 7, 2023 | Alphyn Capital Management | 8.9% | 13.5% | 1YL GR, ALVO, AMZN, BN, CCOI, EXO GR, FFX GR, IAC, SPX IND, W, WAND LN | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Recurve Capital | - | - | AMZN, BC IM, CCOI, CVNA, RH, W | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 23, 2026 | Fund Letters | Faraz Farzam | Cogent Communications Holdings, Inc. | Communication Services | Integrated Telecommunications Services | Bear | NASDAQ | dividends, exit, leverage, Telecom, valuation | View Pitch |
| Jan 8, 2026 | Fund Letters | Aaron Chan | Cogent Communications Holdings, Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | Bandwidth, FCF, Integration, Internet, Telecom | View Pitch |
| Dec 3, 2025 | Fund Letters | Samer Hakoura | Cogent Communications Holdings, Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | cashflow, Fiber, Integration, Telecom, Wavelengths | View Pitch |
| Nov 29, 2025 | Fund Letters | Samer Hakoura | Cogent Communications Holdings, Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | backlog, Conversions, EBITDA, Execution, Installations, Margins, Wavelengths | View Pitch |
| Nov 28, 2025 | Fund Letters | Samer Hakoura | Cogent Communications Holdings, Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | backlog, Conversions, EBITDA, Execution, Installations, Margins, Wavelengths | View Pitch |
| Nov 28, 2025 | Fund Letters | Aaron Chan | Cogent Communications Holdings, Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | broadband, Commodification, Competition, Disintermediation, Fiber, hyperscalers, Margins, Telecom, valuation | View Pitch |
| Nov 25, 2025 | Substack | Triples Investing | Cogent Communications | Communication Services | Telecom Services | Neutral | AI infrastructure, Cogent Communications, competitive pressures, governance challenges, recovery potential, sector dynamics, Share Buybacks, strategic positioning, telecommunications, valuation | View Pitch | |
| Nov 25, 2025 | Substack | Compound and Fire | Cogent Communications | Communication Services | Telecom Services | Bull | asset monetization, Cogent Communications, data centers, debt reduction, deep value, dividend cut, internet transport, IPv4 addresses, telecommunications, wavelength services | View Pitch | |
| Nov 2, 2025 | Substack | Compound and Fire | Cogent Communications Holdings | Communication Services | Telecom Services | Bull | Cogent Communications, dividend yield, growth potential, internet services, investment choice, market presence, share price increase, strategic initiatives, telecom sector, telecommunications | View Pitch | |
| Oct 21, 2025 | Value Investors Club | afgtt2008 | Cogent Communications Holdings | Communication Services | Integrated Telecom Services | Bull | NASDAQ | AI data centers, AI data demand, Dark fiber, Fiber, margin expansion, Re-rating, Wave services | View Pitch |
| Sep 30, 2025 | Substack | Compound and Fire | Cogent Communications Holdings, Inc. | Communication Services | Telecom Services | Bull | AI-driven growth, cloud market, Cogent Communications, fiber network, high margins, NASDAQ, optical wavelength services, Sprint wireline acquisition, telecommunications, Undervalued Assets | View Pitch | |
| Sep 19, 2025 | Substack | Compound and Fire | Cogent Communications Holdings | Communication Services | Telecom Services | Bull | Cogent Communications, data centers, debt reduction, deep-value investment, IPv4 monetization, optical transport, Sprint acquisition, T-Mobile subsidy, tax shield, wavelength services | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||