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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 18, 2026 | Jackson Peak Capital | 14.0% | 0.0% | CFLT, CORZ, GTLB, PZZA, QQQ, SATS | Event-Driven, Exposure Management, Long/Short, M&A, technology, valuation | AI infrastructure spending commitments faced scrutiny in late Q4 as investors questioned feasibility and ROI demonstration capabilities. The tech sector peaked on AI infrastructure announcements before reversing as sentiment shifted regarding over-extrapolated promotional claims. Event-driven M&A activity was a key performance driver, with Confluent's acquisition by IBM validating the manager's thesis published in August. The strategy focuses on identifying attractive acquisition candidates in the technology sector. | SATS |
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| 2025 Q4 | Feb 18, 2026 | The Gabelli ABC Fund | 0.5% | 6.1% | CFLT, EXAS, FOX, FRGE, GTLS, HOLX, KKR, KMB, KVUE, LEN, NEM, NFG, NFLX, PAAS, PSKY, TGNA, TXNM, WBD | arbitrage, healthcare, industrials, M&A, private equity, technology | Multiple biotech and pharmaceutical M&A deals closed during the quarter, including Akero Therapeutics acquired by Novo Nordisk for $54.00 per share plus CVR, Metsera acquired by Pfizer after outbidding Novo Nordisk, and Tourmaine Bio acquired by Novartis for $48.00 per share. M&A volume activity reached $4.6 trillion in 2025, representing a 49% increase from the previous year and the highest since 2021. Technology, industrials, and financials were the top sectors for M&A activity, accounting for over $2 trillion in deal activity. | ALE HOLX EXAS GTCH |
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| 2023 Q4 | Dec 31, 2023 | Alger Small Cap Focus Fund | 6.4% | 5.9% | ATRC, CABA, CFLT, EXTR, NTRA, XMTR | - | View | ||
| 2025 Q3 | Nov 27, 2025 | Jackson Peak Capital | -2.9% | 60.4% | CFLT | AI, Catalyst, Data centers, event, M&A | Market speculation and momentum created sharp dislocations Jackson Peak used for event-driven trades in AI infrastructure, data-center power providers, and software. They expect asymmetry in catalysts such as M&A, hyperscaler contracts, and earnings revisions. Elevated speculative activity raises the probability of sharp reversals, increasing the value of idiosyncratic event setups. | CFLT |
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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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| 2023 Q4 | Jan 27, 2024 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | CFLT, CYTK, GTLS, KNSL, KWR, LSCC, PJT, SUM, VICR, WING | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 5, 2025 | Fund Letters | Patrick O’Brien | Confluent, Inc. | Information Technology | Information Technology | Bull | NASDAQ | acquisition, AI, Data, infrastructure, Software, Streaming, valuation | 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. | ||||||||