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 |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 20, 2025 | Brennan Asset Management | - | - | CHTR, CMCSA, CODI, GLV.L, LBRDA, MTRO.L, TIGO | Banking, Europe, international, M&A, tariffs, Telecom, Trade Policy, value | The Trump administration has implemented aggressive tariff policies with rates ranging from 20-200% across various countries and sectors. These tariffs are evolving from trade policy to countermeasures against any policy disagreements, creating substantial economic uncertainty and potential inflationary pressures. | CHTR CODI PTSB.L MTRO.L TIGO |
View |
| 2025 Q1 | May 1, 2025 | Brennan Asset Management | - | - | AIBG.L, ARCO, BOI.L, CODI, GLV.L, GTX, LBRDA, MTRO.L, PLTR, SIRI, TIGO, TSLA | Banking, Europe, inflation, Ireland, tariffs, Trade Policy, value | Trump 2.0 administration imposed universal tariffs starting with 25% on Mexico and Canada, followed by Liberation Day with 10% universal tariffs and much higher reciprocal rates including 145%/125% on US/China trade. These tariff rates are the highest since the 1930s and have created massive market volatility and recession concerns. | PTSB.L |
View |
| 2026 Q1 | Apr 24, 2026 | Brennan Asset Management | - | - | CAB.L, CODI, DCC.L, MTRO.L, NFLX, PARA, SNEX, WBD | Banking, energy, Europe, Geopolitical, M&A, Media, payments | View | ||
| 2025 Q3 | Oct 16, 2025 | CrossingBridge Advisors | - | - | CODI | Bankruptcy, CLO, credit, high yield, private credit, risk management | The First Brands Group bankruptcy demonstrates how sophisticated investors can underestimate credit risk when chasing yield. The company's debt fell from mid-90s to mid-30s in days, exposing CLOs to $2.2 billion in losses and highlighting the dangers of overleveraged companies with opaque financial reporting. | CODI US FIRSTB US |
View |
| 2025 Q4 | Jan 18, 2026 | Brennan Asset Management | 0.0% | 0.0% | CODI, DCC.L, GLIBA, MTRO.L, NFLX, PTSB.IR, WBD | AI, Banking, energy, international, Media, special situations, value | Manager experimented with AI tools for presentation creation, finding initial promise but significant limitations in execution. The experience highlighted both benefits and constraints of current AI applications for routine work tasks. This reinforced skepticism about AI productivity promises and market valuations at 41x CAPE. Focus on Metro Bank's transformation into commercial and specialty mortgage bank, with MREL exit providing significant cost savings. PTSB sales process ongoing with potential strategic and private equity bidders. Both banks offer attractive risk-reward profiles despite challenging UK and Irish economic environments. DCC represents focused energy distribution opportunity following divestiture of non-core businesses. The propane distribution business offers stable, cost-plus pricing with customer captivity through tank ownership. Solar installation services provide growth opportunity in European commercial market. Warner Brothers Discovery sales process continues with Netflix bid competing against Paramount's hostile tender. The regulatory process will involve political considerations. GCI Communications rights offering completed with potential for future acquisitions as Liberty Media vehicle. Manager continues finding more attractive opportunities internationally than domestically. Portfolio holdings trade at low relative and absolute valuations despite broader market expensiveness. Focus on special situations with multiple catalysts for rerating. | DCC LN CODI WBD PTSB ID MTRO LN |
View |
| 2024 Q4 | Jan 26, 2025 | Brennan Asset Management | - | - | ARCO, CHTR, CODI, LBRDK, LILAK, MCD, MEGA.MX, TIGO, TSLA | Banking, Buybacks, Capital Allocation, LatAM, Telecom, Valuations, value | Manager emphasizes owning multiple names that trade far below intrinsic value and could rise substantially while still trading at material discounts. Believes it would be a mistake to blindly abandon out-of-favor names and chase the highest priced businesses. Sees enormous value in several holdings that have been thrown out with the bathwater. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Brennan Asset Management | Compass Diversified Holdings | Financials | Asset Management & Custody Banks | Neutral | NYSE | Accounting Scandal, deleveraging, liquidation value, Lugano, Portfolio company, preferred shares, private equity, risk management, yield | View Pitch |
| Jan 30, 2026 | Fund Letters | Patrick Brennan | Compass Diversified Holdings | Financials | Conglomerates | Bull | New York Stock Exchange | balance sheet, conglomerate, deleveraging, Fraud Recovery, Preferreds | View Pitch |
| Jan 8, 2026 | Substack | Triples Investing | Compass Diversified Holdings | Financials | Diversified Financial Services | Bull | New York Stock Exchange | cash flow, Compass Diversified, deconsolidation, distressed valuation, diversified holdings, financial services, fraud incident, Lugano Diamonds, Portfolio Management, RemainCo | View Pitch |
| Oct 23, 2025 | Value Investors Club | kismet | Compass Diversified Holdings | Industrials | Diversified Holding Companies | Bull | NYSE | Accounting restatement, deep value, Holdco, mispricing, Restatement recovery, turnaround, undervalued | 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. | ||||||||