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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | ProChain Capital | - | 21.7% | COIN, MSTR, PYPL, V | adoption, Bitcoin, crypto, ETFs, payments, regulation | The fund focuses extensively on cryptocurrency adoption across three key areas: investment products (Bitcoin ETF options approval, tokenized money-market funds), currency and use cases (PayPal stablecoin payments, blockchain-based commercial paper), and regulatory developments. The manager sees Bitcoin ETF options as particularly significant for enabling Bitcoin-denominated products beyond supply constraints. | View | |
| 2025 Q2 | Aug 5, 2025 | Springview Capital Management | - | 15.7% | AMZN, COF, COIN, CR, EIX, FFH.TO, HOOD, IBKR, INTC, MCY, NTDOY, SCHW, SEG, SPOT, UBER, WRB, WS | Concentration, Fintech, growth, insurance, Long/Short, Quality, value | Robinhood has been the Partnership's most profitable investment, driven by rapid innovation, market share gains, and customer loyalty in a large growing market. Business results dramatically exceeded expectations with assets under custody growing 115% and earnings up 109% year-over-year. The company benefits from product innovation, international expansion, strategic acquisitions, and favorable tailwinds from strong equity and crypto markets. | WS MCY SEG HOOD WS MCY SEG HOOD |
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| 2025 Q2 | Aug 20, 2025 | ProChain Capital | - | 19.4% | COIN, ETOR, PYPL | adoption, Bitcoin, Blockchain, crypto, ETFs, Ethereum, Institutional, regulation | Institutional adoption is accelerating with major banks like JPMorgan and Goldman Sachs launching crypto services. Regulatory clarity through the GENIUS Act and pending CLARITY Act is driving traditional financial institutions to integrate cryptocurrency. The SEC's Project Crypto initiative will tokenize all financial assets for record-keeping and trading. | View | |
| 2025 Q2 | Jul 8, 2025 | Manole Capital Management | - | - | AMZN, AXP, BAC, C, COF, COIN, COST, EEFT, FDX, FIS, JPM, MA, MGI, PYPL, SHOP, TGT, V, WFC, WMT, WU | Credit Cards, crypto, Fintech, payments, regulation, Stablecoins | Manager maintains focus on FINTECH sector defined as anything that utilizes technology to improve an established process. Discusses stablecoins as the most disruptive force in payments industry in over a decade, analyzing their impact on payment companies and viewing them more as opportunity than threat. | View | |
| 2025 Q2 | Jul 30, 2025 | Kinsman Oak | - | - | COIN, CRCL, HOOD, MSTR, PLTR | AI, crypto, Debt, policy, rates, Speculation, tariffs, technology | Bitcoin reached all-time high of $120k, up 60% since April low. Manager explores potential decoupling from traditional risk assets as hedge against national debt crisis. Cryptocurrency experiencing speculative fervor with Bitcoin-linked firms rallying 78% in Q2. | View | |
| 2025 Q2 | Jul 22, 2025 | Ithaka US Growth Strategy | 23.0% | - | AAPL, COIN, CRM, HOOD, LLY, META, MSFT, NFLX, NOW, NVDA, V | AI, Concentration, growth, large cap, tariffs, technology | Nvidia dominates accelerated computing with superior GPU ecosystem creating high switching costs and wide competitive moat. Secular demand for AI infrastructure remains in early innings with sustained growth expected. Microsoft's Azure segment grew 35% beating guidance, demonstrating strong AI-driven cloud momentum. | CRM LLY AAPL NOW MSFT NVDA CRM LLY AAPL NOW MSFT NVDA |
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| 2025 Q2 | Jul 16, 2025 | ARK Invest | 34.6% | 15.4% | ACHR, AMD, AMZN, AVAV, COIN, CRCL, CRSP, HOOD, KTOS, PLTR, RBLX, RKLB, ROKU, SHOP, TEM, TER, TRMB, TSLA, TTD, TWST | AI, crypto, defense, Genomics, growth, innovation, Robotics, technology | ARK views artificial intelligence as one of its Five Innovation Platforms that could play an outsized role in pulling the economy out of the rolling recession. The firm believes AI, along with other innovation platforms, could catalyze productivity gains and accelerate economic growth during turbulent times when consumers and businesses are willing to change how they operate. | View | |
| 2025 Q2 | Jul 10, 2025 | Headwaters Capital Management, LLC | 7.3% | -2.6% | COIN, DHR, GMED, HOOD, MSTR, NVDA, PLTR, TECH, TMDX, TMO | AI, Biotechnology, mid cap, Risk Appetite, small caps, valuation | AI enthusiasm is driving large cap outperformance and creating narrow market breadth concentrated in AI beneficiaries. The manager believes AI is real with lasting benefits but excitement around valuations is reaching extremes similar to 1999. History suggests the AI cycle will eventually reach over-investment and excess capacity. | TECH TECH |
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| 2025 Q2 | Jun 30, 2025 | Pantera Capital | - | - | COIN, CRCL, MSTR | Bitcoin, Capital markets, crypto, DATs, Digital assets, inflation, IPOs, Stablecoins | Digital Asset Treasury companies represent a new frontier for public market crypto exposure, benefiting from broader secular tailwinds as traditional investors embrace digital assets through ETFs, IPOs, and DATs. The inclusion of Coinbase into the S&P 500 has forced every manager globally to include digital assets and pay attention to the space. | View | |
| 2024 Q1 | Jun 11, 2024 | Hayden Capital | 13.9% | 37.6% | APP, COIN, SE | Asia, competition, crypto, E-Commerce, gaming, growth, value | Sea Ltd's Shopee is gaining market share in Southeast Asia as TikTok Shop faces regulatory challenges and competitive pressures. Shopee invested in logistics infrastructure and livestreaming capabilities while competitors were distracted, positioning it well for reacceleration as competitive intensity decreases. | SE |
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| 2025 Q1 | May 30, 2025 | Jackson Peak Capital | 33.2% | 33.2% | COIN, HPE, MU, NVDA, PDD, TSLA | AI, China, crypto, Election, Fed, international, Long/Short, technology | AI capex cycle has underpinned much of the market rally since 2023, with Nvidia as the leader. The manager held positions in AI-related companies including Nvidia, Micron for memory and storage solutions, and Hewlett Packard Enterprise in the AI hardware value chain. | HPE MU NVDA PDD COIN TSLA |
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| 2024 Q1 | Apr 30, 2024 | ProChain Capital | - | 46.1% | COIN, MA | adoption, Bitcoin, Blockchain, crypto, ETFs, regulation | Bitcoin ETFs continue gaining institutional adoption with major pension funds evaluating allocations and expectations of over 10% Bitcoin supply ownership by Q3 2024. BlackRock launched a tokenized money-market fund on Ethereum, representing a major breakthrough in blockchain utility for traditional finance. Regulatory uncertainty persists with ongoing disputes between CFTC and SEC over Ethereum classification. | View | |
| 2024 Q1 | Apr 25, 2024 | Patient Capital Management | 5.6% | 15.8% | AMZN, BIIB, C, CLF, COIN, CROX, EXPE, GOOGL, KOS, META, NVDA, PTON, SOFI | AI, Biotechnology, Buybacks, crypto, growth, large cap, technology | Nvidia dominates the GPU market with 92% data center market share, benefiting from insatiable AI demand. The company grew revenue, earnings and FCF by 126%, 392%, and 610% respectively over the last year. Despite the massive market cap expansion, valuation has actually compressed from 61x to 37x forward earnings. | BIIB NVDA |
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| 2025 Q1 | Apr 16, 2025 | ARK Invest | - | - | COIN, ESLT, FARO, GH, HOOD, KTOS, PLTR, RKLB, RXRX, TEM, TER, TSLA, TXG, VLN, XMTR | AI, Deflation, Genomics, innovation, Recession, Robotics, technology | ARK views AI as a key disruptive innovation platform that will drive deflation and reshape the macroeconomic landscape. The firm believes diversified exposure to AI applications, particularly software underrepresented in broad benchmarks, could drive value creation. ARK suggests the most important AI investment opportunities are associated with disruptive innovation. | View | |
| 2024 Q1 | Apr 15, 2024 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | COIN, DCI, FAF, HOOD, HSY, JBHT, PRGO, SOFI, SQ | Consumer Staples, financials, healthcare, industrials, mid cap, Quality, value | The fund implements a two-bucket value strategy seeking both quality value companies trading at decent bargains and deeply discounted deep value companies. The approach balances high-quality companies with strong fundamentals against deeply discounted securities with self-help catalysts. | PRGO HSY DCI |
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| 2025 Q4 | Mar 6, 2026 | Aristotle Core Equity Fund | 3.1% | 18.2% | AAPL, AMZN, APG, AVGO, COIN, GH, GM, GOOGL, JPM, MAR, META, MSFT, NFLX, NVDA, ORCL, ORLY, PFGC, TMO, TT, V | AI, earnings, Fed policy, growth, healthcare, large cap, technology, Trade | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on their earnings calls during the fall. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive scale of AI-related capital spending, and durability of longer-term returns on investment. | View | |
| 2026 Q1 | Mar 31, 2026 | WS Ruffer Total Return Fund | 1.6% | 1.6% | 0019.HK, BABA, BP, COIN | Bonds, Crisis, energy, Geopolitical, Iran, oil, Protection, volatility | View | ||
| 2025 Q1 | Mar 31, 2025 | Pantera Capital | - | - | BEN, BLK, COIN, HOOD, IBM, SOFI | AI, Blockchain, Capital markets, crypto, Digital assets, regulation, Tokenization, venture | Blockchain represents a paradigm shift in how value is created, stored, and transferred, offering one of the most asymmetric investment opportunities available today. The asset class features unique capital structures through tokens rather than traditional equity, with early liquidity through token generation events creating venture-style returns in public markets. | View | |
| 2025 Q1 | Mar 31, 2025 | Hayden Capital | -0.6% | -0.6% | APP, COIN, CVNA, LK, SE, SPOT, UBER | Asia, E-Commerce, growth, profitability, Recovery, technology, Trade Policy, volatility | Shopee's expansion into Latin America, particularly Brazil, is generating strong returns with ~$150M EBITDA projected this year. The company has built leading logistics infrastructure and is positioned to re-enter other Latin American markets. Sea Ltd emerged as essentially a monopoly in SE Asian ecommerce after competitors like Lazada and Tokopedia struggled. | SE |
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| 2024 Q4 | Feb 8, 2024 | Jackson Peak Capital | - | 20.2% | COIN, HPE, IWM, MU, NVDA, PDD, QQQ, TSLA | AI, China, Election, Event Driven, Hedging, Long/Short, technology | AI capex cycle has underpinned much of the market rally since 2023, with Nvidia as the leader. The fund held positions in AI-related companies including Nvidia, Micron for memory and storage solutions, and Hewlett Packard Enterprise in the AI hardware value chain. | HPE MU NVDA PDD COIN TSLA |
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| 2024 Q4 | Feb 26, 2025 | Crypto Native Capital | 26.7% | - | CLSK, COIN, HUT, IBIT, MARA, MSTR, RIOT, SQ, TSLA | Bitcoin, Blockchain, crypto, Digital assets, ETFs, Institutional, regulation | The fund focuses on cryptocurrency investments with Bitcoin ETFs marking crypto's mainstream adoption. Bitcoin has the strongest moat in crypto through decentralization and trust, while smart contract platforms like Ethereum and Solana face ongoing competition requiring constant innovation. | View | |
| 2024 Q4 | Dec 31, 2024 | ClearBridge Mid Cap Growth Strategy | - | - | APP, ARE, AROC, ASH, AVTR, CAE, COIN, CTRA, EMN, EQT, ICLR, IP, MRVL, RBRK | AI, energy, growth, healthcare, industrials, materials, mid cap, technology | The fund holds high-quality AI beneficiaries like AppLovin and Marvell Technology in the mid cap market. AppLovin's proprietary AI targeting engine Axon powers its mobile advertising platform, while Marvell supplies custom silicon solutions for hyperscale data centers and AI infrastructure. The managers believe competitive differentiation will become more important as AI investment evolves. | View | |
| 2024 Q4 | Dec 31, 2024 | ProChain Capital | - | 63.9% | AMZN, COIN, MS, MSFT, MSTR | adoption, Bitcoin, crypto, Institutional, Investment, regulation | Cryptocurrency adoption is accelerating across institutional investors, with multiple US states proposing Bitcoin strategic reserves and major corporations like Amazon considering Bitcoin investments. Regulatory clarity is improving under the Trump administration with new crypto-focused task forces and the rescission of restrictive accounting rules. Public companies like MicroStrategy continue aggressive Bitcoin accumulation strategies. | View | |
| 2023 Q4 | Dec 31, 2023 | ProChain Capital | - | 82.5% | COIN, KERN, MSTR, V | adoption, Bitcoin, Blockchain, crypto, ETFs, Mining, regulation | The SEC approved eleven spot Bitcoin ETFs in January 2024, giving cryptocurrency new legitimacy in traditional finance. This provides institutional investors accessible exposure to an increasingly uncorrelated asset class. Bitcoin could reach $100,000 by year-end 2024 driven by institutional adoption and momentum. | View | |
| 2024 Q4 | Dec 18, 2024 | Ninepoint | - | - | AAPL, AMD, AMZN, BLK, COIN, CSCO, GOOGL, IBM, INTC, META, NVDA, PYPL, UBS, V | AI, crypto, energy, gold, infrastructure, private credit, Silver, Trump | Infrastructure positioned to benefit from electrification of the U.S. economy and energy transition. Electricity demand expected to accelerate dramatically led by AI-focused data centers, onshoring of industrial manufacturing, and continued growth of electrified transportation. Despite popular narrative that energy is a sunset industry, demand for oil, natural gas and coal expected to grow longer and stronger than consensus belief. | View | |
| 2025 Q3 | Nov 8, 2025 | Baron Asset Fund | -4.3% | 0.1% | ACGL, ALNY, APH, CHH, COIN, COR, CSGP, DAY, DKNG, DUOL, FDS, FICO, FND, GWRE, IDXX, IT, LOAR, MORN, MPWR, MTD, NET, ONON, PLTR, PWR, RBLX, STUB, VRSK, VRT, VST | aerospace, AI, growth, mid cap, Quality, technology, underperformance, valuation | The Fund discusses AI as a primary driver of market strength and data center capital spending growth. AI is creating both opportunities and challenges, with companies seeking guidance on AI risks and opportunities. The Fund believes AI should provide a tailwind for research companies like Gartner as businesses need help understanding AI implications. | STUB |
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| 2024 Q3 | Nov 27, 2024 | Hayden Capital | 13.9% | 37.6% | 1211.HK, APP, CACC, COIN, CVNA, SE, TM, TSLA | AI, Asia, gaming, growth, Hedge Funds, market structure, Multi-Manager, technology | Applovin's mobile gaming advertising platform demonstrates 20-30% long-term growth potential through AI-driven algorithm improvements and expansion into ecommerce. The company controls approximately 30% of the total gaming market and is instrumental in mobile gaming ecosystem monetization. | APP |
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| 2025 Q3 | Nov 16, 2025 | Jacob Fund | - | - | BBBY, COIN, INGN, OMER | AI, Biotechnology, crypto, growth, small caps, technology, Valuations | The manager believes artificial intelligence is driving a new productivity cycle that could improve profit margins and earnings growth for businesses while keeping labor markets subdued. Despite high valuations and hype, the technological cycle is still very nascent with significant potential ahead. | OMER INGN BBBY CRCL |
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| 2024 Q3 | Oct 22, 2024 | Pantera Capital | 0.0% | 0.0% | COIN, NVDA | Agents, AI, Blockchain, crypto, Decentralization, infrastructure, Value Accrual | AI is becoming commoditized as models reach human-level performance, creating diminishing returns for consumers. The intersection of crypto and AI represents a pragmatic value capture mechanism for AI's distributed future, with crypto acting as picks and shovels for the AI gold rush rather than a high-beta bet on AI growth. | View | |
| 2025 Q3 | Oct 20, 2025 | Baillie Gifford – International Alpha | 6.7% | 19.5% | APP, ATCO-A.ST, BHP, COIN, EDEN.PA, ELV, ENSG, ENTG, GMAB, LLY, MEDP, MSCI, NVO, SHOP, SOI.PA, UNH | AI, Biotechnology, E-Commerce, global, growth, healthcare, Performance, technology | AI enthusiasm continues to drive market rallies with companies like AppLovin demonstrating the potential of AI tools. AppLovin's proprietary AI-powered recommendation engine AXON is driving over 70% annual sales growth with even faster profitability growth. The company is increasingly positioned as a leading global performance advertising platform through its scale, advanced AI capabilities, and disciplined execution. | View | |
| 2025 Q3 | Oct 15, 2025 | ARK Invest | - | - | ACHR, AMD, AMZN, AVAV, COIN, CRSP, HOOD, KTOS, PLTR, PSNL, RBLX, RKLB, ROKU, RXRX, SHOP, TEM, TER, TRMB, TSLA, TWST | AI, crypto, defense, Genomics, growth, innovation, Robotics, technology | ARK views artificial intelligence as one of the Five Innovation Platforms that could play an outsized role in pulling the economy out of the rolling recession. The firm expects AI to accelerate productivity gains and economic growth, particularly as businesses harness new technologies to increase productivity and protect margins during periods of pricing power loss. | View | |
| 2025 Q4 | Jan 21, 2026 | Pantera Capital | 0.0% | 0.0% | 3662.T, COIN, HOOD, JPM | AI, Bitcoin, Blockchain, crypto, ETFs, Institutional, Prediction Markets | 2025 was dominated by macro, positioning, and flows rather than fundamentals for crypto markets. Bitcoin finished down 6%, Ethereum down 11%, while broader tokens declined 60%. The non-bitcoin token market has been in a bear market since December 2024, with structural headwinds including value accrual challenges and slowing on-chain activity. AI is revolutionizing on-chain security with real-time fraud detection and smart contract debugging. Consumer AI platforms will surge with hyper-personalized crypto experiences. AI security tools are detecting millions in blockchain vulnerabilities and will transform governance with deterministic, verifiable rules. ETF flows played a significant role in crypto markets, with institutional adoption concentrated in ETF-format assets like bitcoin, ethereum, and Solana. Speculative capital rotated to other sectors including gold, silver, and quantum computing ETFs, while digital asset ETF flows slowed and turned negative. | View | |
| 2025 Q4 | Jan 21, 2026 | Harbor Mid Cap Value Fund | 4.1% | 16.0% | AMKR, BK, CFG, COIN, EA, ENS, EXPE, FOXA, GM, GTX, HIW, HLF, HOG, HOOD, HPQ, JAZZ, KR, NEU, OC, PHM, PLAB, PVH, SNDK, STT, TXT, WBD, WDC | Buybacks, consumer discretionary, dividends, financials, mid cap, technology, value | The fund maintains its disciplined value investment approach, seeking high-quality, profitable companies that generate cash, pay dividends, and repurchase shares. Mid- and small-cap value stocks continue to trade at attractive multiples despite strong relative performance. AI-driven demand for storage led to strong earnings and increases in revenue growth and margins for technology holdings. AI-related technology stocks may appear priced to perfection, but the fund continues to identify opportunities among mid-cap value stocks. The fund seeks companies that repurchase shares, viewing aggressive stock buybacks positively. Several holdings including General Motors, Garrett Motion, and EnerSys have been aggressively buying back stock. | AMKR EA ENS GTX |
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| 2025 Q4 | Jan 18, 2026 | Titan Wealth | - | - | ADBE, AEM, AMD, AU, BKR, CAT, COIN, DIS, GLEN.L, GOOGL, IBKR, LLY, LMT, MELI, MOS, MU, NFLX, ORCL, PHG, RELX, SE | AI, commodities, defense, emerging markets, Geopolitical, global, infrastructure, technology | AI is described as not just a sector theme but a foundation for broad economic transformation that will reshape how businesses operate, products are developed, and services are delivered. The technological momentum is reflected in market behavior with strong equity gains driven by optimism about ongoing earnings growth and innovation-driven expansion. Semiconductor companies benefited from AI spending throughout 2025, with specific mentions of AMD benefiting from OpenAI's compute and chip commitments, and Micron Technology providing exposure to high-bandwidth memory as a bottleneck in chip development. Defense positioning includes exposure to missiles, air defense and space through companies like Lockheed Martin, supported by large order backlogs providing strong long-term visibility amid heightened geopolitical tensions. Gold exposure through miners like AngloGold Ashanti and Agnico Eagle Mines contributed meaningfully to returns as stronger precious metal prices translated into higher cash generation for miners, with positioning for sustained tensions around currency debasement. Energy transition themes are reflected through infrastructure investments and companies positioned for the global push toward renewable energy, including exposure to energy services and LNG infrastructure where long-term dynamics look positive. Cryptocurrency exposure through Coinbase reflects positioning for financial deregulation and disintermediation, with stablecoins expected to become a preferred transfer mechanism following regulatory developments like the GENIUS Act passage. | View | |
| 2025 Q4 | Jan 18, 2026 | Ninepoint | 0.0% | 0.0% | COIN, FIGR, SHOP.TO | AI, crypto, Electrification, energy, fixed income, gold, infrastructure, Natural Gas | Natural gas has transitioned from a bridge fuel to the fuel to satisfy massive increases in power demand. U.S. export capacity is projected to increase by 2 bcf/d in 2026, while LNG Canada is expected to ramp up to full capacity. The EIA estimates U.S. electricity demand will grow by 2.2% in both 2025 and 2026, with ERCOT demand expected to grow by 20% from 2024 levels. AI remains the strongest tailwind for global equities, driving immense investment in data centers and providing an offset to economic weakness from trade uncertainty. The technology is still in early stages of adoption and should create new investment opportunities across healthcare and consumer applications. AI agents require crypto rails as the only internet-native financial infrastructure through which they can operate autonomously. Gold continued its upward ascent in 2025, starting at approximately $2,640/oz and peaking at $4,356/oz in October before settling into the $4,000/oz range. This momentum was fueled by continuing central bank demand and increased interest from Western investors embracing gold as a strategic asset. Gold equities finally started to work in 2025 and are expected to continue playing catch-up in this commodity-led rally. 2025 was crypto's strongest year yet due to regulatory progress and institutional adoption. The tokenization of real-world assets accelerated, stablecoins gained legal clarity, and prediction markets emerged as powerful pricing engines. Crypto stands on the edge of its most transformative chapter where digital assets, traditional finance, and AI begin to operate as one interconnected system. Global infrastructure is supported by structural tailwinds from electrification and fiscal spending on large-scale construction projects. Electricity demand is expected to accelerate through 2035, led by power-intensive AI-focused data centers. The IEA expects global electricity demand to increase by 3% per year to 2035, equivalent to adding Japan's current total demand annually. The metals and mining sector has become a strategic priority in a complex geopolitical landscape, with governments pivoting policies to ensure access to critical minerals. Technology is driving strong demand from AI-focused data centers, battery chemistry advances, and electrical grid upgrades. Canada is well positioned as a Tier-1 mining jurisdiction and leading metal producer. The electrification of the global economy has been the most important structural tailwind for infrastructure. Rising electricity demand is a global trend, with the IEA expecting growth across all major regions led by emerging economies. Meeting this demand requires ongoing investment across power generation, electricity transmission and distribution. | View | |
| 2025 Q4 | Jan 15, 2026 | Contrarius Global Equity Fund | 6.5% | 54.4% | 000660.KS, BIDU, COIN, DELL, DEO, FOXA, GOOGL, KER.PA, LULU, MDLZ, MU, NVDA, ORCL, PARA, RI.PA, SATS, TSLA, TSM, UHR.SW | AI, contrarian, disruption, global, Satellites, Space, technology, value | The fund views AI disruption as creating three investment buckets: AI winners (data centers, semiconductors, blockchain companies), AI-proof companies (luxury brands, spirits, entertainment), and AI-threatened businesses to avoid. This technological singularity is expected to cause dramatic changes beyond typical generational disruptions. The fund focuses on identifying companies with sustainable competitive advantages in this transformative environment. SpaceX has revolutionized space travel with reusable rockets and dominates launch services, carrying over 500,000kg of spacecraft mass in Q3 2025 alone. The company is uniquely positioned for emerging opportunities in interplanetary logistics, in-orbit data centers, and asteroid mining. EchoStar provides indirect exposure to SpaceX through strategic transactions at attractive valuations. Starlink has achieved significant scale with millions of active customers and is expanding into direct-to-cell services for smartphones. The satellite internet constellation aims to deliver high-speed, low-latency broadband globally, particularly to underserved areas. This represents a major growth opportunity in telecommunications infrastructure. EchoStar's transformation involved monetizing valuable spectrum licenses worth billions, resolving regulatory issues with the FCC. The company sold spectrum to AT&T and SpaceX for over $40 billion combined, demonstrating the significant value of these invisible wireless highways. Remaining spectrum assets provide additional monetization opportunities. The fund holds luxury brands like Kering, Swatch Group, and spirits companies as AI-proof investments. These companies with strong brand moats and pricing power are expected to endure and potentially thrive despite AI disruption. Their business models are considered resilient to technological changes affecting other industries. | SATS |
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| 2024 Q4 | Jan 15, 2025 | ARK Invest | - | - | ACHR, AMD, ARKB, AVAV, BFLY, CDNA, COIN, DM, MELI, NTLA, NU, PLTR, QSI, RKLB, SMWB, SOFI, SPNS, TER, TXG, XMTR | AI, crypto, Deflation, Genomics, innovation, Recession, Robotics, technology | ARK expects AI to play an outsized role in pulling the economy out of rolling recession by driving productivity growth and creating new products and services. The firm believes the most important AI investment opportunities are associated with disruptive innovation, suggesting winners and losers will be surprising. ARK advocates for diversified exposure to the AI revolution, particularly software applications underrepresented in broad-based benchmarks. | View | |
| 2025 Q4 | Jan 14, 2026 | ARK Invest | 0.0% | 0.0% | ACHR, AMD, AVAV, COIN, CRSP, DE, GH, GOOG, HOOD, KTOS, PLTR, RBLX, RKLB, ROKU, SHOP, TEM, TER, TRMB, TSLA, TWST | AI, crypto, defense, Genomics, innovation, productivity, Robotics, technology | ARK believes convergences among major platforms like AI, robotics, energy storage, public blockchain technology, and multiomics sequencing should accelerate non-farm productivity growth to 4–6% on a year-over-year basis. AI-related spending boom on data centers and power plants began in late 2022. Strong demand for AI-related chip testing and semiconductor testing across compute, networking, and memory. Robotics is identified as one of the major transformative innovation platforms that should converge with AI and other technologies to drive productivity gains. The ARK Autonomous Technology and Robotics ETF focuses on companies developing autonomous mobility, humanoid robots, and intelligent devices. Energy storage is highlighted as one of the key transformative innovation platforms that will converge with AI, robotics, blockchain, and multiomics sequencing to accelerate productivity growth and economic transformation in the coming years. ARK sees favorable policy shifts around crypto as supportive headwinds shifting into structural tailwinds for innovation. Coinbase faced challenges from weakness in crypto market trading activity, with quarterly spot trading volumes declining 9% quarter-over-quarter. The firm maintains exposure through Bitcoin ETFs and crypto-related companies. Multiomics sequencing is identified as one of the major transformative platforms. The genomics space benefited from increasingly positive sentiment following Abbott's acquisition of Exact Sciences. Companies like Guardant Health and Natera showed strong performance with significant revenue growth and clinical trial successes. Defense spending represents a significant opportunity with the U.S. Army announcing plans to purchase at least one million drones in the next 2–3 years. Companies like Kratos Defense, AeroVironment, and Rocket Lab are positioned in this space, though innovation-based defense stocks experienced broad sell-offs during the quarter. | View | |
| 2024 Q3 | Sep 30, 2024 | ClearBridge Mid Cap Growth Strategy | 0.0% | 0.0% | AME, APP, APTV, CMG, COIN, CPRT, CRL, DOCS, FIVE, FTNT, HUBS, KKR, LINE, PANW, PINS, PLTR, SMCI, URI, WST | AI, growth, healthcare, industrials, mid cap, Rate Cuts, real estate, technology | AppLovin is highlighted as one of the best examples of an AI beneficiary in the mid cap market, having already incorporated AI capabilities into its platform. This translates into more effective take rates on clients' mobile games and transactions. The manager believes mobile games represent only the tip of the iceberg of AppLovin's potential for its AI-enabled platform. | AME LINE CPRT DOCS APP |
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| 2023 Q1 | Sep 4, 2023 | Richie Capital Group | 12.2% | 0.0% | AMT, ATEN, COIN, FIX, MSCI, PERI | Advertising, Banking, Credit Crisis, Onshoring, small cap, technology | The collapse of Silicon Valley Bank, Signature Bank, Silvergate Bank, and Credit Suisse created a minor earthquake in the financial sector. The banking crisis will likely slow deal flow among VCs and stifle the innovation economy, with long-term implications for public markets as venture capital serves as the farm team for public equities. | AMT ATEN ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK BUFIX PERI |
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| 2022 Q2 | Aug 19, 2022 | Hayden Capital | 13.9% | 37.6% | COIN | - | View | ||
| 2023 Q1 | Apr 20, 2023 | Pantera Capital | 0.0% | 0.0% | COIN | Blockchain, crypto, DeFi, NFTs, venture | Arbitrum token launch represents significant milestone for layer-2 scaling solutions. DeFi has proven successful, evidenced by centralized exchanges launching their own chains like Coinbase's BASE. The space faces regulatory challenges but continues innovation in infrastructure and applications. | View | |
| 2023 Q4 | Jan 17, 2024 | Patient Capital Management | 5.6% | 15.8% | AMZN, COIN, EXPE, FTCH, GOOGL, KRTX, META, SPLK, UBER, UBS, WAL | Banking, growth, Long/Short, Opportunistic, Quality, technology, value | Manager believes low multiple classic value stocks have been left for dead and offer very handsome return potential after the worst performance in history. Previous episodes of low-multiple underperformance were followed by sustained outperformance averaging 18%-plus annualized returns. | FTCH EXPE WAL HUBS |
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| 2024 Q4 | Jan 13, 2025 | Pantera Capital | - | - | AAPL, AMZN, BLK, COIN, GOOGL, HOOD, JPM, NVDA, PYPL, SNE | AI, Bitcoin, Blockchain, crypto, DeFi, ETFs, gaming, Stablecoins | 2025 marks a turning point for crypto adoption with regulatory clarity emerging. The convergence of gateways, developer tools, and applications will unlock mainstream adoption. Blockchain networks secure $3 trillion in crypto assets with potential for 300x growth as global financial assets migrate onchain. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Jackson Peak Capital | Coinbase Global Inc | Financials | Financial Exchanges & Data | Bull | NASDAQ | Crypto industry, cryptocurrency, Election trade, Event-driven, Financial Exchange, Political Catalyst, Regulatory change | View Pitch |
| Apr 13, 2026 | Fund Letters | Jackson Peak Capital | Coinbase Global Inc | Financials | Financial Exchanges & Data | Bull | NASDAQ | crypto exchange, cryptocurrency, Election trade, Event-driven, Financial infrastructure, Political Catalyst, Regulatory change | View Pitch |
| Feb 26, 2026 | Fund Letters | Joe | Coinbase Global, Inc. | Financials | Financial Exchanges & Data | Bear | NASDAQ | Competition, Correlation, Exchanges, Execution, Revenue, Volatility | View Pitch |
| Jan 21, 2026 | Fund Letters | Kirsty Gibson | Coinbase Global, Inc. | Financials | Capital Markets | Bull | NASDAQ | Crypto, infrastructure, Regulation, stablecoins, Staking | View Pitch |
| Dec 1, 2025 | Seeking Alpha | Seeking Alpha | Coinbase Global, Inc. | Financial Data & Stock Exchanges | Bull | Coinbase, Crypto Adoption, cryptocurrency exchange, Derivatives, regulatory support, stablecoins, subscription services, trading volumes, USDC, Volatility | View Pitch | ||
| Sep 16, 2025 | Short Thesis | Bear Cave | Coinbase Global Inc | Financials | Financial Exchanges & Data | Bear | NASDAQ | Crypto, Fees, Regulation, Trading, Volatility | View Pitch |
| Sep 16, 2025 | Short Thesis | Dirty Bubble Media | Coinbase Global Inc | Financials | Financial Exchanges & Data (Crypto) | Bear | NASDAQ | Crypto, Exchange, Fees, Regulation, Volumes | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Markit | Coinbase Global Inc. | Financials | Financial Data & Stock Exchanges | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | The EM Investor | Coinbase Global, Inc. | Other | - | Neutral | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Julian Lin | Coinbase Global | Financials | Financial Data & Stock Exchanges | Neutral | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | The Alpha Analyst | Coinbase Global | Financials | Financial Data & Stock Exchanges | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Oriental Trader | Coinbase Global | Financials | Financial Data & Stock Exchanges | Bear | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | VanEck | Coinbase Global Inc | Financials | Financial Data & Stock Exchanges | Bull | NASDAQ | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Tim Campbell | Baillie Gifford | $120.3B | $187.5M | 0.16% | 829,081 | +241,659 | +41.14% | 0.4233% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $3.4M | 0.01% | 14,992 | +9,400 | +4.01% | 0.0077% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $66.9M | 0.08% | 296,000 | +207,300 | +233.71% | 0.1511% |
| Masayoshi Son | SoftBank Group | $15.5B | $263,001 | 0.00% | 1,163 | +1,163 | +100.00% | 0.0006% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.8M | 0.00% | 7,911 | -280,009 | -97.25% | 0.0040% |
| Israel Englander | Millennium Management LLC | $233.2B | $161.4M | 0.07% | 713,700 | +7,500 | +1.06% | 0.3644% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $9.4M | 0.01% | 41,759 | -10,716 | -20.42% | 0.0213% |
| Cliff Asness | AQR Capital Management | $190.6B | $18.3M | 0.01% | 80,931 | +53,847 | +198.81% | 0.0413% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $2.6M | 0.01% | 11,407 | +11,407 | +100.00% | 0.0058% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $250,563 | 0.01% | 1,108 | -24 | -2.12% | 0.0006% |
| George Soros | Soros Fund Management | $6.8B | $7.7M | 0.11% | 33,984 | +33,984 | +100.00% | 0.0174% |
| Rich Handler | Jefferies | $19.3B | $2.1M | 0.01% | 9,293 | +6,276 | +208.02% | 0.0047% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $1,667 | 0.00% | 7 | -98 | -93.33% | 0.0000% |