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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | Alluvium Global Fund | - | - | 005930.KS, AEM, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LUV, LYB, MCK, MU, NST.AX, ROG.SW, RRL.AX, RYA.L, THO, UMG.AS, WBA | Concentration, global, Gold Miners, healthcare, retail, value | The fund maintains a value-oriented approach, buying companies trading below their intrinsic valuations. The managers discuss specific valuation assessments for holdings like Capri, HCA Healthcare, and Dick's Sporting, making buy/sell decisions based on price versus value considerations. | View | |
| 2025 Q2 | Aug 7, 2025 | Alluvium Global Fund | - | - | 005930.KS, AEM, AN, BABA, CHTR, CPRI, DKS, FL, GOOGL, GPI, HCA, LBRDK, LNR.TO, LYB, MA, MCK, RHI, RYAAY, THO, V | Airlines, Auto Dealers, Market Exuberance, Plastics, tariffs, value | The fund focuses on solid businesses generating reliable cash flows trading at cheap to fair value multiples, contrasting with the broader market's focus on growth and speculative investments. Most fund holdings trade at forward P/E multiples between 10-18 times versus S&P 500 at 23 times and Nasdaq at 30.5 times. | BABA LYB RHI LBRDA THO GPI AN LNR CN DKS |
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| 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 |
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| 2024 Q2 | Aug 2, 2024 | VH Standard Asset Management | - | -3.5% | AMED, AMK, AMZN, CERE, CPRI, FREE, HCP, HES, HIBB, INTC, IRBT, JBLU, JNPR, MXL, SAVE, SIMO, SQNS, TSEM, VMW, VZIO | capital preservation, diversification, healthcare, Merger Arbitrage, risk management, technology | The fund has significant exposure to healthcare merger arbitrage opportunities, representing 27% of the portfolio. Recent completed transactions include SGEN (Seagen) acquired by Pfizer, which generated a 0.96% gain for the fund. | View | |
| 2023 Q2 | Jul 26, 2023 | Pelican Bay Capital Management | 9.1% | 11.5% | AAPL, AMZN, APAM, BATRA, BLDR, CPRI, EXPE, FLT, GNRC, GOOGL, META, MSFT, NTR, NVDA, PSX, TOL, TSLA | Fertilizers, Homebuilders, Speculation, Travel, Valuations, value | Homebuilders are benefiting from record low inventory of existing homes as high rates discourage homeowners with 3% rates from moving. They can buy down mortgage rates to 4-5% instead of offering traditional incentives, making new homes more attractive than existing properties with 7% mortgages. The sector continues to trade at reasonable valuations despite recent gains. | View | |
| 2025 Q2 | Jul 25, 2025 | Hourglass Capital | - | 9.5% | CPRI, LYB, PFE | Bubble, Credit Stress, inflation, rates, Risk Appetite, Trade Policy, value | The manager discusses punitive tariffs by the world's largest economy aimed at realigning global trade balance, which incited the single largest two-day selloff since early pandemic. China responded with reciprocal tariffs, creating new global trade barriers that central banks are responding to with economic stress measures. | View | |
| 2024 Q2 | Jul 23, 2024 | Pelican Bay Capital Management | -6.3% | 0.8% | ALB, BLDR, CPAY, CPRI, CVS, EXPE, FANG, FIS, GNW, GOOG, TOLL, TPR, ULTA | Concentration, Homebuilders, Quality, retail, technology, value | The fund employs a concentrated value strategy seeking high-quality companies trading at steep discounts to intrinsic value. Portfolio companies have higher operating margins and returns on invested capital than the index while trading at 13.5x forward P/E versus 16.3x for Russell 1000 Value. The manager believes these higher-quality companies should trade at a premium to the market over time. | ULTA |
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| 2022 Q2 | Jul 13, 2022 | Pelican Bay Capital Management | -10.8% | -6.3% | CPRI, TOL, VZ | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Alluvium Global Fund | - | - | 005930.KS, AEM, BABA, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LUV, LYB, MCK, MU, NST.AX, RRL.AX, RYA.L, THO, UMG.AS, WBA | AI, Airlines, Concentration, global, gold, healthcare, value | European airline consolidation accelerating post-pandemic with weaker carriers collapsing while efficient operators like Ryanair gain market share. Ryanair ordered 300 new Boeing aircraft for delivery 2027-2033, targeting 300m passengers annually by 2034 with improved cost advantages from newer, more efficient planes. | RYA.L |
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| 2024 Q1 | May 8, 2024 | VH Standard Asset Management | -2.2% | -2.2% | AMED, AXNX, AYX, CBAY, CPRI, DOMA, ETRN, HAYN, HES, KRTX, NWLI, PXD, SCX, SPLK, TAST, TCN, TDCX, TGH | Cash Alternative, diversification, liquidity, Merger Arbitrage, risk management | The fund participated in several completed biotech transactions during March, including SOVO which was one of their largest risk exposures. The SOVO transaction received FTC additional information requests in October, prompting the manager to double their position from 2% to 5% of AUM before reducing exposure as the stock price approached the deal price. | View | |
| 2024 Q1 | Apr 25, 2024 | Pelican Bay Capital Management | 7.6% | 7.6% | BLDR, BRK-B, CBOE, CPRI, EOG, EXPE, FANG, FIS, Gold, GOOG, ON, RSG, TOL, TPR, VZ | Concentration, energy, gold, Homebuilders, Quality, value | Homebuilders have become less financially leveraged and cyclical, mitigating past concerns about rising interest rates. The manager believes investors are recognizing this shift and starting to value homebuilders based on price-to-earnings ratios rather than historical price-to-book metrics. Recent relative strength of homebuilders has lots of runway left. | Gold |
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| 2024 Q1 | Apr 20, 2024 | Cedar Grove Capital Management | 21.0% | 0.0% | AAPL, ACI, BAC, CCJ, CPRI, DJT, FVRR, IRBT, LULU, MTCH, ONON, OXY, PTON, RH, SAVE, TPR | arbitrage, Consolidation, Frontrunning, portfolio, rates, risk management, Speculation | Manager notes AI taking front-row seat despite most companies not understanding how to use it beyond buzzwords and chatbots. Expects capital investment to taper off, ending parabolic growth in semiconductor names. | View | |
| 2023 Q1 | Apr 12, 2023 | Pelican Bay Capital Management | 2.2% | 2.2% | BLDR, CBOE, CPRI, CSCO, CVS, EOG, FANG, FIS, GOOG, PSX, RIO, TOL | Banking, energy, healthcare, Homebuilders, technology, value, volatility | Manager emphasizes constructing a portfolio favoring high-quality companies with attractive valuations and dividend yields. The Concentrated Value portfolio trades at 12.0x forward P/E versus 15.4x for Russell 1000 Value Index, with superior margins and returns on capital. | View | |
| 2023 Q1 | Mar 31, 2023 | Alluvium Global Fund | - | - | BABA, CHTR, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LEA, LNR.TO, LUV, MCK, MU, RHI, ROG.SW, RYA.L, THO, UMG.AS, WBA, WFG.TO | Airlines, Cyclical, global, healthcare, Recovery, technology, value | Ryanair was the Fund's best performer over the quarter, up 21.9%. Now operating above pre-Covid levels, management's bold purchase of additional Boeing Max aircraft during the pandemic is proving prescient. Given strong traffic recovery and pricing, Ryanair raised its full year profit guidance by 25%. | LBRDK |
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| 2024 Q4 | Dec 31, 2024 | Riverwater Sustainable Value Strategy | - | - | ATKR, COOP, CPRI, CRL, CROX, DAR, EVR, EXEL, IDCC, LMNR, MOD, NCMI, TPR, VLO | consumer, energy, financials, healthcare, small caps, technology, value | Strong growth in data centers drove significant outperformance in Modine Manufacturing. Most forecasts predict a doubling of data center demand by 2030, with the manager noting this trend shows no signs of slowing. | EXEL NCMI DAR COOP |
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| 2024 Q4 | Dec 31, 2024 | Hourglass Capital | - | 5.1% | ABBV, CPRI, DAL, TPR | Fed policy, Government Spending, inflation, Market Sentiment, Trade Policy, valuation, value | Manager maintains value investing discipline despite market focus on growth at any price. Exited Delta Airlines and AbbVie at fair value estimates while adding to underperforming positions with significant promise relative to full value calculations. | CPRI |
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| 2024 Q3 | Oct 31, 2024 | VH Standard Asset Management | - | -0.8% | CPRI, CTLT, EDR, ESGR, FYBR, GBNY, HCP, HES, JNPR, K, MGRC, MNTX, RCM, SMAR, SRCL, SRDX, VBFC | Deal Analysis, diversification, insurance, M&A, Merger Arbitrage, risk management | The fund is positioned across multiple merger arbitrage transactions in the healthcare sector, including deals like CTLT and other healthcare-related M&A activity. The manager discusses the strong success rate of insurance company transactions and analyzes deal-level risk across various sectors including healthcare. | ESGR |
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| 2023 Q3 | Oct 24, 2023 | Pelican Bay Capital Management | 2.7% | 14.6% | CPRI, FANG, GNRC, GOOGL, PSX, PXD, TPR, VZ, XOM | buyouts, Concentration, dividends, energy, oil, Quality, value | Oil prices rose 32% in Q3 as global demand runs 1-2 million barrels per day ahead of supply, reaching record highs of 103 million barrels per day in July. Years of underinvestment outside US shale and prolonged OPEC production cuts have created supply constraints. The manager believes oil prices could continue rising given multi-year timeframes needed for new supplies and environmental policies constraining investment. | PXD DIPSX FANG BVZN SW GNRC CPRI |
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| 2024 Q3 | Oct 23, 2024 | Pelican Bay Capital Management | 11.8% | 12.8% | BLDR, CPRI, CSCO, CVS, EOG, FANG, GOOGL, MO, SLB, TOL, ULTA | Concentration, energy, Homebuilders, Oil Services, Quality, value | Home builders rebounded significantly as interest rates declined, offsetting weak first-half performance. Companies like Builders FirstSource and Toll Brothers contributed 3.8% to portfolio gains as two of the largest holdings. | SLB CVS MO |
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| 2024 Q4 | Jan 28, 2025 | Artemis US Select Fund | 10.8% | 29.5% | AAPL, AMZN, AVTR, BLDR, CEG, COHR, CPRI, ELV, FI, FWONK, GS, IP, KKR, LIN, NVDA, SAIA, TPG, UNH, VST, WMT | AI, Capital markets, energy, large cap, stock selection, technology, Trump | The mega caps' massive spending on AI has lifted various businesses from clean power producers to companies providing skilled labor to build data centers. This theme is likely to continue in the race to develop the best AI offering, though questions remain about forward returns impact. | View | |
| 2023 Q4 | Jan 23, 2024 | VH Standard Asset Management | - | - | AMED, AYX, CERE, CHS, CPRI, HES, IMGN, KRTX, MDWT, OLK, PATI, PCTI, PFIN, RYZB, SGEN, SOVO, SPLK | Absolute Returns, Deal Completion, diversification, M&A, Merger Arbitrage, risk management | The fund completed 44 deals since inception with merger arbitrage strategy focused on M&A transactions. Notable position in Seagen closed yielding positive contribution. Strategy involves investing in securities of companies involved in mergers, acquisitions, tender offers, and asset sales. | View | |
| 2024 Q4 | Jan 22, 2025 | Pelican Bay Capital Management | -5.5% | 6.6% | CBOE, CPRI, CSCO, EXPE, GNRC, GOOG, KNSL, MU, TPR, ULTA | AI, Concentration, insurance, Quality, semiconductors, technology, value | Artificial intelligence is driving demand for High Bandwidth Memory (HBM), with market projections suggesting HBM demand could surge to over $100 billion by 2028 from $16 billion in 2024. AI agents require specialized memory systems, positioning companies like Micron as technological leaders in this space. | KNSL MU |
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| 2022 Q4 | Jan 20, 2023 | Pelican Bay Capital Management | 9.9% | -1.9% | CPRI, FIS, GNRC, PSX | - | View | ||
| 2023 Q4 | Jan 16, 2024 | Pelican Bay Capital Management | 12.2% | 28.6% | APAM, BLDR, CPRI, CSCO, EOG, EXPE, GNRC, GOOGL, MO, NTR, ON, PXD, TOL, XOM | concentrated, energy, Fertilizers, Homebuilders, Quality, semiconductors, Travel, value | Homebuilding-related stocks were top performers in Q4 with Toll Brothers up 39% and Builders FirstSource rising 32% as interest rates dropped from 5.0% to 3.8%. The manager made tactical position sizing adjustments in BLDR, trimming at $143 in summer and adding back at $117 in October before shares rebounded to $170. | EOG 6ON GR |
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| 2024 Q3 | Sep 30, 2024 | Alluvium Global Fund | 0.0% | 0.0% | 005930.KS, BABA, CPRI, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LMT, LNR.TO, LYB, MCK, MU, RYAAY, THO, UMG.AS, V | active management, capital preservation, Concentrated Portfolio, Global Equities, long-term, Quality, Value Investing | The fund initiated a new position in Visa, recognizing the value of high-quality payment network businesses. Visa and Mastercard operate essential open-loop payment systems with insurmountable barriers to entry, benefiting from digital payment growth trends including e-commerce, mobile payments, and emerging market adoption. | LMT V |
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| 2024 Q2 | Jul 21, 2024 | Alluvium Global Fund | 0.0% | 0.0% | AEM, AN, CPRI, DKS, GOOGL, GPI, HCA, HRB, LBRDK, LNR.TO, LYB, MCK, RGS.AX, RHI, RYAAY, THO, UMG.AS | AI, Airlines, Auto Dealers, Buybacks, Concentration, global, gold, value | The manager draws parallels between current AI euphoria and the dot-com bubble, noting Nvidia's eight-fold price increase over two years and its 25x forecast revenue multiple. They suggest Alphabet's 20.8% return was driven more by AI sentiment than fundamentals. The manager warns that AI-driven valuations may be unsustainable, citing historical examples of tech bubble collapses. | View | |
| 2023 Q4 | Jul 1, 2024 | Cedar Grove Capital Management | 21.0% | 0.0% | AAPL, AFRM, BRCC, BYND, CPRI, IRBT, TSLA, WOOF | consumer, defense, Hedging, Long/Short, M&A Arbitrage, rates | Fund was positioned long defense contractors before October 7th Hamas attack on Israel. Geopolitical events including Iran-backed Houthis attacking shipping lanes created unexpected tailwinds for defense holdings. | View | |
| 2025 Q1 | Mar 31, 2025 | Alluvium Global Fund | - | - | 005930.KS, AEM, AN, BABA, CHTR, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LMR.TO, LMT, LYB, MCK, PAG1.L, RHI, RYAAY, THO, UMG.AS, V | global, healthcare, tariffs, technology, uncertainty, value | Trump's tariff policies are creating significant uncertainty across portfolio companies, with managers unable to make investment plans due to constantly changing directives. Canadian companies like Linamar are particularly exposed, while broader implications affect auto dealers, recreational vehicle producers, and other businesses with international supply chains. | THO RHI MCK BABA |
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| 2024 Q4 | Jan 26, 2025 | Rome Capital | - | - | 1114.HK, 1910.HK, 3990.HK, CBOX.L, CPRI, EDEN.PA, NATL, PLX.PA, REVG, SEG, SN | Concentration, Franchising, gaming, growth, small cap, special situations, spinoffs, value | Rome Capital focuses on spinoffs, bankruptcy emergences, merger arbitrages, asset sales, and large share buybacks where significant changes occur in capital structure or shareholder base. Stock pricing becomes highly inefficient due to forced or indifferent selling by large institutions, creating opportunities to leverage behavioral edges. | 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 |
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| 2023 Q4 | Jan 14, 2024 | Alluvium Global Fund | 0.0% | 0.0% | 005930.KS, AEM, BABA, CPRI, DKS, GOOGL, HCA, HRB, LBRDK, LNR.TO, LYB, MCK, MU, NST.AX, RMS.AX, RYAAY, THO, UMG.AS, WBA | Cash, Consolidation, Cyclical, Diversified, global, Quality, value | Gold miners rebounded strongly as falling long-term interest rates reduced the opportunity cost of owning gold. Regis Resources gained 46.3% and Northern Star 32.0%, with Agnico Eagle also performing well at 18.6%. The fund completed its divestment of Northern Star after a 2.6-year holding period that returned 18.5%. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Pelican Bay Capital Management | Capri Holdings | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | buyout, fashion, Luxury goods, Merger Arbitrage, undervalued, Value Realization | View Pitch |
| Apr 13, 2026 | Fund Letters | Greenlight Capital | Capri Holdings | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | Event-driven, fashion, FTC, Luxury goods, Merger Arbitrage, Regulatory | View Pitch |
| Apr 13, 2026 | Fund Letters | Greenlight Capital | Capri Holdings Limited | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | brand value, Jimmy Choo, Luxury goods, Management Distraction, Operational Recovery, Post-Merger Breakup, Versace | View Pitch |
| Apr 13, 2026 | Fund Letters | Hourglass Capital | Capri Holdings Limited | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | Affordable Luxury, fashion, Luxury goods, M&A, Regulatory Overhang, retail, Special Situation, turnaround, Value | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Massimiliano Zurlo | Capri Holdings | Consumer Discretionary | Luxury Goods | Bear | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $5.4M | 0.01% | 221,827 | -175,800 | -91.18% | 0.2165% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $610,000 | 0.00% | 25,000 | -544,843 | -95.61% | 0.0244% |
| Boaz Weinstein | Saba Capital Management | $3.3B | $2.7M | 0.08% | 110,773 | -11,488 | -9.40% | 0.1081% |
| Ray Dalio | Bridgewater Associates | $27.4B | $2.6M | 0.01% | 106,535 | +106,535 | +100.00% | 0.1040% |
| Michel Massoud | Melqart Asset Management | $1.0B | $15.1M | 1.49% | 618,978 | +35,717 | +6.12% | 0.6041% |
| Israel Englander | Millennium Management LLC | $233.2B | $1.2M | 0.00% | 50,000 | +70,011 | +105.09% | 0.0488% |
| Jeremy Grantham | GMO LLC | $39.1B | $927,200 | 0.00% | 38,000 | +0 | +0.00% | 0.0371% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.2M | 0.00% | 49,201 | +13,684 | +38.53% | 0.0479% |
| Mario Gabelli | GAMCO Investors | $10.4B | $463,600 | 0.00% | 19,000 | -3,500 | -15.56% | 0.0185% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $4,563 | 0.00% | 187 | +39 | +26.35% | 0.0002% |