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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Greenhaven Road Capital | 14.0% | 1.0% | AAPL, ASTS, BUR, CLBT, GOOGL, KKR, LFCR, MCD, PAR, SOC, T, VZ | Litigation, oil, Pharmaceuticals, private equity, small caps, Space, Trade Policy, value | Burford Capital holds rights to multiple billion-dollar potential judgements including the YPF Argentina case worth over $16B. The fund is also short two companies facing significant litigation with potential treble damages far exceeding their market capitalizations. | ASTS PAR KKR CLBT LFCR BUR SOC |
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| 2025 Q2 | Aug 22, 2025 | Voss Value Fund | 1.0% | -6.3% | AMZN, ARE.TO, CLBT, CRM, ECN, FIVN, GENI, GOOGL, META, MSFT, NOW, PHIN, PRKS, TWLO, VRNT | AI, cybersecurity, Long/Short, nuclear, small caps, sports betting, technology, value | AI presents both opportunities and threats across portfolio companies. Mega cap tech companies are pouring tens of billions into AI infrastructure with CapEx expected to reach $512B by 2027. Five9 faces AI disruption concerns in contact centers but is positioning as an AI winner through integration and automation capabilities. | FIVN ARE CN PRKS PHIN ECN CLBT GENI |
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| 2025 Q2 | Aug 22, 2025 | Voss Value Offshore Fund | 0.6% | -6.8% | AMZN, ARE.TO, CLBT, CRM, ECN, FIVN, GENI, GOOGL, META, MSFT, NOW, PHIN, PRKS | AI, Concentration, Long/Short, nuclear, small caps, technology, undervalued, value | Manager discusses AI as both opportunity and threat across portfolio companies. Notes massive AI capex spending by mega-cap tech companies ($351B in 2025 to $512B in 2027) while expressing skepticism about returns. Views AI as creating narrative challenges for companies like Five9 where AI is perceived as existential threat to contact center software, but sees this as creating investment opportunity. | View | |
| 2025 Q2 | Jul 27, 2025 | Carillon Eagle Small Cap Growth Fund | - | - | BOOT, BRBR, CLBT, DY, ESAB, EXR, LNTH, MMSI, MNDY, PI, PJT, POWL, PRM, RBA, RMBS, SHAK, WWD, ZWS | AI, Data centers, defense, growth, healthcare, Natural Gas, small cap, technology | The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth fueled by AI-driven margin expansion. They maintain exposure to companies benefiting from hyperscaler capital expenditure increases for AI data centers. | POWL RMBS ZWS PRM PI MMSI BRBR CLBT VNOM ARIS BOOT AVAV ATI WWD SHAK |
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| 2025 Q1 | May 20, 2025 | Greenhaven Road Capital | -12.0% | -12.0% | BKTI, BUR, CLBT, DHR, HGTY, KFS, KKR, LFCR, LMB, PAR, VTY.L | Alternative Assets, Onshoring, small caps, tariffs, Trade Policy, volatility | President Trump's Liberation Day tariff policies created significant market volatility and uncertainty. The administration implemented massive tariffs overnight with erroneous methodology, changing policy approaches daily. The manager believes moderate tariffs and weaker dollar policies are more likely long-term outcomes than the reciprocal tariffs initially announced. | View | |
| 2024 Q1 | May 13, 2024 | Greenhaven Road Capital | 15.0% | 12.0% | ALTG, BUR.L, CLBT, IWG.L, JHX, KKR, LPX, PAR | Litigation Finance, private equity, real estate, SaaS, small cap, technology, value | PAR Technology is transitioning to a recurring revenue model with dramatic growth in ARR per share, from $1.04 in 2018 to expected $10+ in 2025. The company benefits from low churn rates and is adding new products like table service POS and online ordering. | View | |
| 2025 Q4 | Mar 4, 2026 | Voss Value Fund | -2.1% | -3.7% | CHH, CLBT, FLYW, PAR | AI, Automation, Hotels, small cap, software, technology, value | AI emergence has created market hysteria and broad software sell-offs despite limited real-world automation success. Software companies are actually the fastest AI adopters and possess structural advantages through engineering talent, proprietary data, and mission-critical systems. Dominant vertical software platforms that successfully integrate AI can thrive by fending off AI-native startups. Market treating software as monolithic despite meaningful differentiation between companies. Incumbents with domain expertise, proprietary data, and embedded workflows maintain competitive advantages. AI adoption accelerating among software firms while broader corporate adoption remains slow, creating opportunities for established players. Choice Hotels trading at distressed multiples due to cyclical headwinds but shifting portfolio toward higher-margin segments like Extended Stay and international markets. Company positioned to unlock significant balance sheet cash for share buybacks at historically low valuations with multiple re-rating catalysts. | View | |
| 2025 Q4 | Mar 4, 2026 | Voss Value Offshore Fund | -2.2% | -4.4% | CHH, CLBT, FLYW, PAR | AI, Franchising, Hotels, small cap, software, technology, value | AI emergence has created market hysteria and broad software sell-offs despite limited real-world automation success. The manager believes software incumbents with domain expertise and proprietary data are well-positioned to integrate AI capabilities and defend against AI-native startups. Current AI adoption remains slow across corporate world with meaningful efficiency gains still limited. Software sector faces significant overweight headwinds despite being cheaper than traditional value industrials. Market treating software as monolithic despite meaningful differences between companies. Incumbents possess structural advantages through engineering talent, proprietary data, and customer relationships that position them to successfully integrate AI capabilities. Choice Hotels represents asset-light, high-margin hotel franchisor trading at distressed multiples due to cyclical headwinds. Company shifting portfolio toward higher-revenue segments including Extended Stay and international expansion. Significant cash unlock potential from balance sheet optimization could enable opportunistic share buybacks at historically low valuations. | View | |
| 2025 Q3 | Nov 8, 2025 | Greenhaven Road Capital | -9.0% | -9.0% | ALTG, ASTS, BUR, CLBT, HGTY, KFS, KKR, LFCR, PAR, SOC | AI, Asset Management, Concentration, private credit, software, value | Manager owns software companies PAR Technologies and Cellebrite despite sector being out of favor. Software multiples have compressed 26% as AI creates uncertainty about competitive moats. However, specialized software like Cellebrite's digital forensics tools remain defensible against AI disruption. | View | |
| 2022 Q3 | Nov 30, 2022 | Greenhaven Road Capital | 15.0% | 12.0% | APG, APPS, CLBT, ESTC, HGTY, KKR, PAR, TDOC | - | View | ||
| 2025 Q3 | Nov 25, 2025 | Voss Value Fund | 5.0% | -1.7% | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Buybacks, Concentration, Fintech, revenue growth, small caps, software, value | AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. Tech CapEx is up 40% y/y with giants doubling spend, threatening ROIC of capital-light oligopolies. Enterprise AI adoption is slowing rather than accelerating, creating precarious dynamics where AI data center buildout holds up the economy but lack of downstream adoption makes it a potential financial time bomb. | CLBT FLYW PRKS XPOF EEFT CVNA |
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| 2025 Q3 | Nov 25, 2025 | Voss Value Offshore Fund | 4.9% | -2.3% | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Fintech, growth, small caps, software, technology, value | AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. However, enterprise AI adoption is slowing rather than accelerating, with Goldman Sachs data showing adoption creeping from 9.3% in Q2 to just 9.9%. The circularity of recent AI investment announcements and unprecedented scale of vendor financing raise serious questions about sustainability. | CLBT FLYW PRKS XPOF EEFT FIVN |
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| 2024 Q3 | Nov 10, 2024 | Greenhaven Road Capital | 15.0% | 12.0% | BUR.L, CLBT, HGTY, KKR, LFCR, LLY, NVO, PAR, SOC, XOM | Concentration, energy, healthcare, PIPE, self-help, technology, value | LifeCore is positioned to benefit from GLP-1 drug manufacturing capacity constraints. While they don't currently manufacture Ozempic or Wegovy, they are equipped to do so and management has hinted at GLP-1 conversations. Eli Lilly and Novo Nordisk are severely capacity-constrained with 41 countries where GLP drugs are approved but haven't launched due to manufacturing constraints. | View | |
| 2025 Q3 | Oct 9, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | BE, BPMC, BROS, BWXT, CGON, CLBT, CRDO, FTAI, ICLR, INSM, KTOS, KVYO, MEDP, MIRM, ORCL, RGTI, RNA, RYTM, SHFT, WING | AI, Biotechnology, defense, Energy Transition, growth, semiconductors, small cap, software | AI infrastructure investments are narrowly driving economic growth alongside retail enthusiasm for high-growth-potential markets. The Strategy sees extreme performance divergence between perceived AI winners and losers in software holdings, with concerns around potential AI disintermediation affecting software stocks despite strong earnings beats. | KD US BE US |
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| 2023 Q3 | Oct 29, 2023 | Greenhaven Road Capital | 15.0% | 12.0% | APG, BUR.L, CLBT, KKR, LFCR, PAR | growth, Litigation, private equity, small caps, technology, value | PAR Technology's exclusive partnership with Burger King North America represents a major validation of their unified commerce strategy. The restaurant technology stack has become increasingly complex, requiring seamless integration between POS systems, mobile apps, delivery services, and loyalty programs. Large QSR chains that attempt to build these systems internally face significant execution risks. | View | |
| 2025 Q3 | Oct 24, 2025 | Carillon Eagle Small Cap Growth Fund | - | - | BOOT, BRBR, CLBT, DY, ESAB, EXP, LNTH, MMSI, MNDY, PI, PJT, POWL, PRM, RBA, RMBS, SHAK, WWD, ZWS | AI, cyclicals, Data centers, growth, healthcare, Natural Gas, small cap, technology | The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth fueled by AI-driven margin expansion. They maintain exposure to companies benefiting from hyperscaler capital expenditure increases for AI data centers. | ZWS PRM PI RMBS |
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| 2024 Q3 | Oct 23, 2024 | Deep Sail Capital Partners | 13.8% | 23.5% | CLBT, CLPT, PNG.TO, TSSI | AI, cybersecurity, growth, Long/Short, Robotics, small caps, technology | Manager expects continued excitement around AI infrastructure could lead to an outright AI bubble by mid-2025. TSS Inc. was added as a new position focused on AI data center growth, specifically liquid-cooled data centers. | CLBT |
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| 2025 Q4 | Jan 21, 2026 | Artisan Partners Small Cap Fund | 3.4% | 8.6% | BRKR, CLBT, COCO, FLEX, GH, GWRE, HXL, INSM, IRTC, ITGR, LASR, LSCC, MOD, MTSI, PCOR, PEN, PSN, SN, STVN, VSEC | AI, Biotechnology, defense, growth, healthcare, profit cycles, small cap, technology | AI-related capital spending remains an area of active debate entering 2026. Investors continue to weigh strong industry momentum against concerns about circular financing dynamics and data center construction delays. The team finds compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes commercial aerospace suppliers are positioned to benefit for many years from significant content gains in new aircraft and growth in recurring aftermarket sales. Defense-related investments include companies with strong franchises in non-kinetic laser weapons and critical technologies. Healthcare returned as a source of market strength during the quarter. The team maintains relatively high exposure to the sector despite several years of industry headwinds, grounded in conviction in profit cycle opportunities for biotechnology companies. Many biotechnology franchises are early in what the team believes are some of the most compelling product launch cycles of their careers. The team continues to find compelling opportunities among semiconductor companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves data center performance and efficiency. These investments are managed with valuation discipline consistent with the team's process. | GWRE PSN STVN COCO INSM MTSI |
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| 2024 Q2 | Jul 31, 2024 | Greenhaven Road Capital | 15.0% | 12.0% | ALTG, BUR, CLBT, HGTY, KKR, PAR | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Greenhaven Road Capital | 15.0% | 12.0% | APG, APPS, BNED, BUR.L, CLAR, CLBT, ESTC, HGTY, KKR, LFCR, PAR, PAT.DE, SPHR | catalysts, growth, long-term, small caps, SPACs, value | Multiple portfolio companies are former SPACs facing valuation compression despite business improvements. Manager believes SPAC stigma reduces over time as business quality becomes apparent, creating opportunity for multiple expansion. | View | |
| 2023 Q1 | Apr 28, 2023 | Greenhaven Road Capital | 15.0% | 12.0% | APG, BNED, BUR, CLBT, KKR, LFCR, PAR, SYY | durability, small caps, special situations, technology, value | Manager emphasizes portfolio durability through companies with low churn, strong balance sheets, and secular tailwinds. Uses marble elephant metaphor to distinguish durable businesses from fragile ones, noting less than 20% of original S&P 500 companies survived 50 years. | View | |
| 2023 Q4 | Apr 2, 2024 | Greenhaven Road Capital | 15.0% | 12.0% | APG, BUR, CLBT, IWG.L, KKR, PAR | Concentration, fundamentals, growth, long-term, small caps, technology, value | IWG benefits from headwinds facing corporate real estate market as vacancies rise and landlords become more flexible. The company's partnership model helps landlords fill empty space while reducing IWG's capital requirements. | View | |
| 2024 Q4 | Feb 28, 2025 | Greenhaven Road Capital | 13.0% | 27.0% | AAPL, AXON, BUR.L, CLBT, DHER.DE, HGTY, IWG.L, KKR, LFCR, MKTW, PAR, VTY.L | AI, Concentration, growth, small caps, value | AI will be beneficial to portfolio companies like Hagerty for claims processing and Cellebrite for investigation efficiency. Google Gemini demonstrates the technology's potential despite current flaws. The trajectory is clear for AI integration across various business applications. | View | |
| 2022 Q4 | Jan 31, 2023 | Greenhaven Road Capital | 15.0% | 12.0% | APG, CLAR, CLBT, ESTC, KKR, MGNT, PAR, PAT GR | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Deep Sail Capital Partners | Cellebrite | Software & Services | Application Software | Bull | NASDAQ | AI Analytics, Cloud Evidence Management, cross-selling, digital forensics, government clients, High retention, Law Enforcement Software, SaaS, SPAC, vertical market software | View Pitch |
| Mar 16, 2026 | Substack | Voss Capital | Cellebrite | Technology | Software - Infrastructure | Bull | NASDAQ Stock Market | AI functionality, Cellebrite, digital forensics, exploit library, Financial metrics, growth potential, Guardian Investigate, hardware-enabled software, law enforcement, market position | View Pitch |
| Jan 22, 2026 | Twitter / X | @KairosPraxis | Cellebrite DI Ltd. | Information Technology | Digital Forensics / GovTech | Bull | NASDAQ | Clbt, Implies Substantial, Incremental Contracts, International, International Contracts, Sheet Position, Substantial Operating, Supported | View Pitch |
| Jan 8, 2026 | Fund Letters | Travis Cocke | Cellebrite DI Ltd. | Information Technology | Application Software | Bull | NASDAQ | cashflow, Digitalforensics, Government, Margins, Recurring, Security, Software | View Pitch |
| Dec 6, 2025 | Fund Letters | Scott Miller | Cellebrite DI Ltd. | Information Technology | Software - Infrastructure | Bull | NASDAQ | ARR, Catalysts, Intelligence, sale, Software | View Pitch |
| Dec 5, 2025 | Fund Letters | Eric Mintz | Cellebrite DI Ltd. | Information Technology | Application Software | Bull | NASDAQ | Budgets, digital forensics, Evidence, law enforcement, Software | View Pitch |
| Nov 28, 2025 | Fund Letters | Travis Cocke | Cellebrite DI Ltd | Information Technology | Systems Software | Bull | NASDAQ | Activism, cashflow, cybersecurity, Forensics, growth, Intelligence, M&A, Margins, Platforms, Software | View Pitch |
| Nov 28, 2025 | Fund Letters | Travis Cocke | Cellebrite DI Ltd | Information Technology | Systems Software | Bull | NASDAQ | Activism, cashflow, cybersecurity, Forensics, growth, Intelligence, M&A, Margins, Platforms, Software | View Pitch |
| Nov 10, 2025 | Seeking Alpha | Seeking Alpha | Cellebrite DI Ltd. | Software - Infrastructure | Bull | AI tools, Cellebrite, digital forensics, Federal budget, Free Cash Flow, growth potential, law enforcement, limited competition, market sentiment, software sector | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $1.3M | 0.00% | 72,081 | -381,734 | -84.12% | 0.0379% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $12.9M | 0.01% | 713,214 | +256,876 | +56.29% | 0.3755% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $2.0M | 0.00% | 109,705 | -77,738 | -41.47% | 0.0578% |