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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.TO, FILA.MI, KFS, KKR, KMX, OCSL | Asset Management, cash flow, Compounding, Concentration, insurance, technology, value | Fairfax Financial demonstrates textbook compounding through hard-market pricing, expanding float to $33 billion, and growing interest income from $0.6 billion to $2.5 billion. The company is positioned to earn over $165 per share in 2025, triple the 2019 run rate, driven by disciplined underwriting, growing float, higher yields, and associate contributions. | CCOI AMZN KFS KKR BN FFH.TO OCSL KMX CCOI AMZN KFS KKR BN FFH |
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| 2025 Q2 | Jul 14, 2025 | Recurve Capital | - | 14.8% | AMZN, BC.MI, CCOI, CVNA, ELF, MSFT, PAY, RCL, RH | Concentration, Decision Tree, disruption, E-Commerce, growth, Long Term, value creation, volatility | Carvana represents a disruptive e-commerce platform in the used auto market with industry-leading unit economics. The company has transformed from near-bankruptcy in 2022 to a high-quality secular growth story, demonstrating the power of purpose-built modern operating infrastructure that competitors cannot replicate. | BC PAY AMZN RH ELF RCL CCOI CVNA RH CCOI CVNA |
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| 2024 Q1 | May 2, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | CCOI, CHRD, CNM, CSL, EHC, ENTG, ERF.TO, FORM, HCP, MODN, MWA, OSW, PRMW, PTC, SUM, WSC | energy, industrials, Quality, small cap, technology, value | Mueller Water Products manufactures products and services used in the transmission, distribution, and measurement of water in North America. America's water infrastructure is massive and in very serious need for upgrade and modernization. Significant federal funds have been allocated to do just this and the fund believes MWA is well positioned to capitalize. | HCP MWA CHRD CCOI CNM |
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| 2025 Q1 | May 14, 2025 | Recurve Capital | -13.0% | -13.0% | AMZN, BC, CCOI, CVNA, ELF, RCL, RH, W | consumer, growth, Luxury, tariffs, technology, uncertainty, volatility | The administration has launched a massive global tariff campaign utilizing executive branch emergency powers to unprecedented levels. The nature of these unilateral tariff policy changes, implemented with almost no notice, creates higher volatility and uncertainty. The fund has about 22% exposure to consumer goods companies with less than 20% direct tariff exposure, primarily through RH and ELF which have elevated exposure to China and Vietnam supply chains. | W CCOI RH |
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| 2024 Q1 | Apr 15, 2024 | Alphyn Capital Management | 8.9% | 13.5% | AMZN, CCOI, CHTR, CIRA.L, DSGR, ESAB, EXO.MI, FFH.TO, KFS, KKR, LBRDK, OCSL, RACE, STLA | Complexity, Holding Companies, insurance, long-term, private equity, Spin-Offs, value | Manager focuses on identifying undervalued companies whose potential isn't fully recognized by the market, seeking quality companies with high returns on capital. The strategy involves finding opportunities with disproportionate odds to payoff ratios, requiring conviction not shared by most market participants. | View | |
| 2026 Q1 | Apr 1, 2026 | Recurve Capital | -18.2% | -18.2% | CCOI, CVNA, RCL | Cyclical, drawdowns, Geopolitical, growth, portfolio, value, volatility | CVNA |
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| 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 | |
| 2025 Q3 | Nov 24, 2025 | Recurve Capital | - | 14.6% | AMZN, BC.MI, CCOI, CVNA, ELF, KMX, PAY, RCL, RH | E-Commerce, growth, Luxury, opportunity, Portfolio Management, tariffs, Trade Policy | Carvana continues exceptional execution with over 45% year-over-year growth in September quarter, exiting above 50% unit growth. The company is rapidly expanding variable roles in reconditioning and local delivery, with job openings up 60% over six months, signaling strong growth intentions months ahead of third-party data. | View | |
| 2024 Q3 | Oct 8, 2024 | Alphyn Capital Management | 8.9% | 13.5% | AMZN, BN, CCOI, CIR.L, FFH.TO, GOOGL, KKR, MRO.L, OCSL, PRX.AS | aerospace, AI, infrastructure, insurance, private equity, real estate, technology, value | KKR benefits from increased capital markets activity after a slowdown, leading to higher transaction fees and potential for more realizations and carried interest as M&A activity resumes. The company has entered a new fundraising cycle with a $10 billion first close on Infrastructure V fund. | View | |
| 2025 Q3 | Oct 28, 2025 | Alphyn Capital Management | 3.0% | 11.2% | BN, BUR.L, CCOI, FFH.TO, GLD, GOOGL, MRO.L, PRX.AS, ROKO.ST, TVK.TO | AI, Capital Allocation, Compounding, gold, insurance, Serial Acquisition, technology | Alphabet benefits from vertically integrated AI stack spanning proprietary infrastructure, leading models, and scaled distribution platforms. Google's AI advantage includes twice the power efficiency of competitors and 33x efficiency in inference. AI enhances Search utility through features like AI Overviews and Lens, driving increased user engagement. | 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 | - | - | AMZN, AWI, BC, CCOI, CVNA, NCLH, RCL, RH, V, W | Concentration, disruption, growth, long-term, Process, Psychology | Carvana represents one of the best disruptive growth stories in the market, disrupting the used auto industry with powerful flywheel effects and operating leverage from future growth. The company has no serious risk of competitive disruption on the horizon and is actually the disruptor in its industry. Despite being up significantly, the manager remains exuberantly positive about its future returns and risk/reward profile. | CCOI CVNA |
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| 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 Q3 | Sep 30, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | BOX, CCOI, CIEN, CNM, CR, CSL, EHC, OSW, SMG, SUM, WK | Construction, Housing, industrials, small cap, software, technology | New investment in Workiva, a cloud-based software provider of compliance and regulatory reporting solutions used by 75% of Fortune 500 companies. The platform offers collaboration, data integration, and process management controls for financial and regulatory management systems. | WK |
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| 2024 Q2 | Jul 19, 2024 | Recurve Capital | - | - | AMZN, AWI, CCOI, CVNA, NCLH, RH, TV, W, WMS | AI, Concentration, Furniture, small caps, Telecom, Used Autos, value, volatility | Manager views AI as a speculative, capital-intensive paradigm shift similar to the internet boom, requiring massive upfront investments without clear mass adoption or revenue models. Compares it to Field of Dreams investing where companies spend as if outcomes are foregone conclusions. Expects competitive dynamics to lead to value leaking to customers rather than generating monopolistic returns. | View | |
| 2024 Q2 | Jul 17, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | CCOI, CNM, CR, CSL, CVLT, EHC, FORM, HCP, INSP, LZ, MODN, OPCH, OSW, PRMW, SUM, WSC | AI, industrials, semiconductors, small caps, takeovers, technology, value | The AI data center buildout is driving significant demand for specialized memory chips called High Bandwidth Memory (HBM), with test intensity 25% higher than traditional memory. Form Factor has dominant market share at leading HBM maker SK Hynix and benefits from this trend. However, the AI frenzy is creating overheated valuations in anything related to the Nvidia-charged AI data center buildout. | OPCH INSP LZ FORM |
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| 2023 Q2 | Jun 7, 2023 | Alphyn Capital Management | 8.9% | 13.5% | AHT.L, ALVO, AMZN, BN, CCOI, EXO.MI, FFH.TO, IAC, KMX, PRX.AS, W | E-Commerce, infrastructure, long-term, Portfolio Rebalancing, real estate, Telecommunications, value | Initiated position in Cogent Communications, led by founder-operator Dave Schaeffer. The company is acquiring Sprint's former wireline business for $1 with $760m in payments from T-Mobile over 4.5 years. This transformational deal opens potential new revenue streams in optical wavelength services, targeting a $2 billion addressable market growing 7% annually. | CCOI |
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| 2024 Q1 | Apr 25, 2024 | Recurve Capital | - | - | AMT, AWI, CCOI, CVNA, SIRI | Concentration, Cruises, E-Commerce, growth, technology, value | Carvana is positioned as the market-leading pure-play e-commerce used auto retailer with only 1% market share in a large stable market. The company has significant future growth ahead with under-utilized fixed infrastructure that can leverage and grow into with additional labor. Carvana has embedded advantages across multiple dimensions because of its large-scale vertical production and logistics infrastructure. | CCOI AWI CVNA |
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| 2024 Q4 | Jan 16, 2025 | Recurve Capital | - | - | AMZN, AWI, BC.MI, CCOI, CVNA, NCLH, RCL, RH, W | disruption, E-Commerce, growth, Luxury, Recovery, technology, Travel, value | Carvana is disrupting auto retailing with 1% market share in a fragmented market where the largest player has 2% share. The company offers superior retail experience and delivery services compared to 40,000 independent dealers. Wayfair is building a disruptive platform in home furnishings, bringing global suppliers to retail customers through its marketplace model with verticalized logistics capabilities. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Alphyn Capital Management | Cogent Communications Holdings Inc | Communication Services | Integrated Telecommunication Services | Bull | NASDAQ | data centers, dividend, fiber-optic network, Free Cash Flow, Internet Infrastructure, M&A, telecommunications, turnaround, wavelength services | View Pitch |
| Apr 13, 2026 | Fund Letters | Alphyn Capital Management | Cogent Communications Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | Competitive Advantage, high-margin, Integration, Internet Service Provider, network infrastructure, telecommunications, Wavelength | View Pitch |
| Apr 13, 2026 | Fund Letters | Madison Small Cap Fund | Cogent Communications Holdings Inc | Communication Services | Diversified Telecommunication Services | Bull | NASDAQ | AI Traffic, Cost advantage, Equity, hyperscale, Internet Service Provider, network infrastructure, telecommunications | View Pitch |
| Apr 13, 2026 | Fund Letters | Recurve Capital | Cogent Communications | Communication Services | Alternative Carriers | Bull | NASDAQ | Complexity discount, data centers, dividend yield, infrastructure, leverage, secular growth, telecommunications, Wavelength Network | View Pitch |
| Apr 13, 2026 | Fund Letters | Recurve Capital | Cogent Communications Holdings Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | asset monetization, fiber network, High Margin Revenue, IPv4 addresses, network infrastructure, Pricing power, Securitization, Wavelengths | View Pitch |
| Apr 13, 2026 | Fund Letters | Recurve Capital | Cogent Communications Holdings Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | Communications, data centers, infrastructure, Internet Infrastructure, Network Services, secular growth, telecommunications | View Pitch |
| Apr 13, 2026 | Fund Letters | Recurve Capital | Cogent Communications Holdings, Inc. | Communication Services | Alternative Carriers | Bull | NASDAQ | Complex Business, contrarian, Equity, founder-led, small-cap, telecommunications, Wireline | View Pitch |
| 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. | ||||||||