Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Aug 6, 2024 | Greenlight Capital | 1.1% | 9.0% | ALIT, BHF, CEIX, CPRI, FCNCA, GPOR, HPQ, KD, ODP, ONEX.TO, SOLB.BR | energy, gold, Long/Short, Macro, technology, value | Gold continued its strong year-to-date performance and was a material contributor to the macro book this quarter, generating more than one percent return. | CPRI SOLB.BR KD HPQ CEIX |
View |
| 2024 Q1 | May 9, 2024 | Greenlight Capital | 1.1% | 9.0% | BHF, CEIX, FHN, GRBK, HPQ, IMVT, KD, LBTYA, NYCB, PENN, ROIV, SOLB.BR, TECK, THC, VTSC.DE | AI, Copper, Long/Short, Macro, market structure, Passive investing, undervaluation, value | Greenlight established a position in HP Inc. to benefit from a potential AI-driven PC adoption cycle. Intel plans to release neural processing units this summer, and Microsoft is teasing AI features requiring NPUs. The firm believes AI optimism is not reflected in HPQ's share price. | LBTYA ROIV HPQ PENN SOLB.BR |
View |
| 2024 Q1 | Apr 23, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ABG, ALS.TO, AN, BLDR, CEIX, PAG | Auto Dealers, Buybacks, Coal, commodities, Concentration, energy, Homebuilders, value | Auto dealers operate a razor-razorblade model in a fragmented industry, with over 50% of profits coming from parts and services. Large dealer groups have transitioned to omni-channel models reducing operating costs. The manager expects dealers to make less per car but sell more volume as prices drop. | PAG AN ALS.TO |
View |
| 2024 Q3 | Oct 8, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ARCH, BLDR, CEIX, HCC, POU.TO | Coal, credit, energy, Hedging, Homebuilders, rates, value | Manager expects rates to remain higher than the post-GFC period, with 10Y treasury likely in 4-4.5% range versus current 3.8%. Maintains short positions in long-term interest rate instruments and credit, believing market is too optimistic about return to 2% rates. | POU.TO BLDR HCC CEIX ARCH |
View |
| 2022 Q3 | Oct 19, 2022 | Greenlight Capital | 1.1% | 9.0% | AAWW, CC, CEIX, CHNG, GRBK, INSW, PLBY, TWTR, WBD | - | View | ||
| 2024 Q3 | Oct 15, 2024 | Greenlight Capital | 1.1% | 9.0% | BHF, CEIX, GRBK, HPQ, NBSE, NWG.L, ODP, RYA.L, SOLB.BR | Conservative, gold, Hedging, Homebuilders, Market Timing, value | The macro portfolio had another strong quarter driven by the sharp rise in the price of gold. Gold was mentioned as a significant winner during the quarter and the fund offers a gold share class for investors. | ODP GRBK |
View |
| 2023 Q2 | Oct 7, 2023 | Black Bear Value Partners | -6.7% | -1.4% | ABG, BLDR, CEIX, HCC, POU.TO | Auto Dealers, Coal, credit, energy, Homebuilders, Long/Short, value | Manager has large investments across energy and commodity spaces, believing the world hasn't developed enough energy resources to satisfy near and medium-term needs. Positions include CONSOL Energy (coal export producer) and Paramount Resources (E&P with no debt and management owning 47%). | HCC POU.TO CEIX BLDR ABG |
View |
| 2024 Q4 | Jan 9, 2025 | Black Bear Value Partners | -7.0% | -1.0% | ABG, ARCH, BLDR, CEIX, FLG, HCC, POU.TO | banks, Coal, Concentration, energy, Foreign, Housing, Long/Short, value | Met coal demand projected to climb for next 25 years driven by economic development in India and Southeast Asia. Severe underinvestment since 2014 due to ESG concerns while 60% of world's population lives in Asia where local sources are limited. | FLG ABG |
View |
| 2023 Q4 | Jan 30, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ABG, ALS.TO, BLDR, CEIX, POU.TO | Auto Dealers, Coal, concentrated, energy, Homebuilders, royalties, Short Selling, value | Auto dealerships operate a razor-razorblade model with over 50% of profits from parts and services. Large dealer groups have transitioned to omni-channel models reducing operating costs. While GPU margins will normalize, volume increases should offset some pressure as used car prices drop. | ALS.TO POU.TO CEIX BLDR ABG |
View |
| 2023 Q4 | Jan 22, 2024 | Greenlight Capital | 1.1% | 9.0% | ALIT, ATVI, BHF, CEIX, GRBK, KD, SWN, SYENS.BR, THC, VTRS, VTSC.DE | Buybacks, energy, Geopolitical, healthcare, Long/Short, technology, value | Greenlight emphasizes disciplined valuation criteria and investments where they get paid by issuers through buybacks, dividends, interest, or take-outs rather than relying on investor revaluation. Many of their largest holdings offer double-digit returns directly to investors. | SYENS.BR VTRS ALIT VTSC.DE THC BKD CEIX GRBK |
View |
| 2024 Q4 | Jan 21, 2025 | Greenlight Capital | - | 7.2% | AAPL, BHF, CEIX, CNC, CNH, CPRI, GRBK, HPQ, KD, LIVN, LXS, MSTR, ODP, PTON, SOLB.BR, THC, TPG | Agriculture, crypto, ETFs, healthcare, Long/Short, technology, value | Greenlight discusses the speculative nature of cryptocurrencies, comparing them to collectibles with no intrinsic value. The letter highlights the emergence of memecoins like Fartcoin and Trump's official memecoin, noting the extreme valuations and speculative trading patterns in the crypto market. | CPRI CNC CNH PTON |
View |
| 2022 Q4 | Jan 17, 2023 | Greenlight Capital | 1.1% | 9.0% | AAWW, ASC, CEIX, DNMR, GRBK, RHM GR, TECK, THC, TWTR | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Greenlight Capital | CONSOL Energy | Energy | Coal & Consumable Fuels | Bull | NYSE | capital allocation, coal, Commodities, energy, Mining, Share Buybacks, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Black Bear Value Partners | CONSOL Energy | Energy | Coal & Consumable Fuels | Bull | NYSE | coal, commodity, energy, Export Markets, Free Cash Flow, Marine Terminal, metallurgical coal, Share Buybacks | View Pitch |
| Apr 28, 2026 | Fund Letters | Black Bear Value Partners | CONSOL Energy Inc | Energy | Coal & Consumable Fuels | Bull | NYSE | coal, deleveraging, energy, Export-driven, Free Cash Flow, Non-power Generation, share repurchases | View Pitch |
| Apr 13, 2026 | Fund Letters | Greenlight Capital | CONSOL Energy | Energy | Coal & Consumable Fuels | Bull | NYSE | coal, energy, Exports, infrastructure, recovery | View Pitch |
| Apr 13, 2026 | Fund Letters | Black Bear Value Partners | CONSOL Energy | Energy | Coal & Consumable Fuels | Bull | NYSE | ARCH Resources, consolidation, ESG, merger, Supply Constraint, synergies, Thermal Coal, Underinvestment | View Pitch |
| Aug 7, 2025 | Substack | Special Situation Investing | CONSOL Energy Inc. | Other | - | Bull | NYSE | — | 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. | ||||||||