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 27, 2025 | Forager Australian Shares Fund | 11.5% | 10.5% | AMA.AX, BVS.AX, CAT.AX, CHL.AX, CROX, EML.AX, EXP.AX, JLG.AX, MTO.AX, NUTX, NZX.NZ, OML.AX, PBH.AX, PPS.AX, PRN.AX, PSI.TO, RDY.AX, SOWG, THL.AX, TYR.AX | Australia, Passive flows, small caps, takeovers, technology, value | Forager focuses on smaller companies that passive funds cannot or will not own due to size constraints. The fund benefits from forced selling when stocks become too small for large portfolios and from identifying companies that will eventually attract passive buying as they grow. | EXP AU MTO AU AMA AU NZX NZ EML AU OML AU |
View |
| 2025 Q2 | Jul 27, 2025 | Forager International Shares Fund | 17.6% | 14.1% | AMA.AX, BTH.AX, BVS.AX, CAT.AX, CHL.AX, CROX, EML.AX, EXP.AX, FIX, JLG.AX, MTO.AX, NUTX, NZX.NZ, OML.AX, PBH.AX, PPS.AX, PRN.AX, RDY.AX, THL.AX, TYR.AX | Australia, Passive flows, small caps, takeovers, technology, Tourism, value | Fund focuses on smaller companies that passive giants cannot efficiently own due to size constraints. Passive flows create opportunities through forced selling when stocks become too small for large portfolios. Fund benefits from being nimble enough to invest in smaller listed companies not accessible to many investment managers. | ZETA APG TKO FLUT MTX GR FIX WISE LN 4194 CN 4733 JP 3769 JP PSI CN |
View |
| 2024 Q1 | May 9, 2024 | Polaris Global Equity | 6.9% | 12.7% | 000660.KS, 005930.KS, 066570.KS, ALSN, ANTO.L, CG, CROX, DCOM, DTG.DE, HNR1.DE, LUN.TO, MKSI, MSFT, MUV2.DE, NXT.L, OTEX, PUB.PA, SKG.L, SONY, TEP.PA | AI, Copper, financials, global, industrials, rates, technology, value | AI was a driving force behind divergent results for portfolio holdings. Publicis Groupe advanced after announcing a strategy to become the industry's first AI-powered Intelligent System. Teleperformance declined on concerns that generative AI will disrupt their call center business. Microsoft continues to benefit from AI demand despite no longer being the cheapest stock in the portfolio. | View | |
| 2024 Q1 | May 30, 2024 | Silver Beech Capital | 0.0% | 22.3% | BN, BTI, BUR, C, CROX, DNTL.TO, ET, FFH, FNF, GOOGL, SD, WSC | cash flow, Consolidation, infrastructure, Pricing Power, small cap, undervalued, value | Silver Beech focuses on finding undervalued companies trading below intrinsic value. The portfolio trades at significantly lower valuations than the S&P 500 while maintaining similar growth and operating metrics. The fund seeks to capitalize on market inefficiencies and human nature-driven boom and bust cycles. | DNTL.TO WSC |
View |
| 2024 Q1 | May 10, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, HEES, PAR, SHAK, URI | earnings growth, Equipment Rental, infrastructure, Restaurants, small caps, technology | The Infrastructure Investment and Jobs Act allocates more than $1 trillion over ten years, complemented by the Inflation Reduction Act and CHIPS Act. Construction spending in manufacturing reached $225 billion in 2023, more than doubling the 2015 peak. This represents a threefold increase compared to historical infrastructure programs when adjusting for inflation. | HEES PAR SHAK CROX |
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 |
View |
| 2026 Q1 | Apr 22, 2026 | Baird Small/Mid Cap Growth Equity Fund | -4.8% | -4.8% | ADMA, AFRM, ALGN, BMI, BRBR, BSX, BURL, CASY, CRBG, CROX, DHR, DXCM, ELF, EQH, EXAS, FIX, FN, FND, FOUR, FTAI, HLI, HUBB, ILMN, INSP, JBL, KNSL, KTOS, LFUS, LII, MASI, MTDR, NSA, PEN, PODD, PSA, RGEN, SOFI, TMDX, TTAN, TWST, VSCO, WWD, XPO | AI, defense, growth, healthcare, industrials, semiconductors, small caps, technology | View | ||
| 2024 Q1 | Apr 15, 2024 | Riverwater Sustainable Value Strategy | -0.6% | 7.9% | ATKR, AZZ, CROX, HDSN, ICFI, IRDM, LECO, LMNR, LPX, MOD, NYCB, PLXS, QCOM, TALO, WAL | AI, Data centers, Electrical, Energy Transition, industrials, Quality, small caps, value | Small-caps continued what appears to be a new bull market since hitting bottom last October. Small-caps still have significant ground to cover, having last peaked in 2021, while large-caps have continued to hit record highs. The manager believes they're in the 9th inning of large-cap outperformance and the next five and ten-year outlook for small versus large appears highly enticing. | ATKR |
View |
| 2026 Q1 | Apr 13, 2026 | Greenlight Capital | 6.5% | 6.5% | ACHC, CNR, CROX, DHT, GPK, KD, SLM, VSNT | Geopolitical, gold, healthcare, Macro, oil, shipping, War | SLM CROX VSNT CNR DHT ACHC |
View | |
| 2025 Q1 | Mar 31, 2025 | Forager International Shares Fund | -3.0% | -3.0% | 4733.T, CAT, CLH, CRH, CROX, FI, FLTR.L, FOUR, INGA.AS, JD.L, LLOY.L, MOTR.L, NUTX, NXT, YETI, ZBRA | Cash, deployment, Europe, healthcare, small cap, tariffs, volatility | Trump's erratic tariff measures represent the largest upheaval to global trade since the Second World War. The unstructured, ad-hoc calculations behind which country gets whacked with what tariffs have erased confidence that there is a grand strategy in mind. These tariffs represent an enormous tax on already-struggling US consumers and are likely to cause a recession. | NUTX |
View |
| 2025 Q4 | Feb 22, 2026 | City Different Investments – Global Equity | -0.2% | 31.6% | CROX, CVNA, IHS, MELI, RYAAY, TLN | Bottom-up, E-Commerce, energy, global, nuclear, technology, value | The fund holds Carvana, a vertically integrated e-commerce platform for used cars that eliminates traditional dealerships. MercadoLibre remains a core holding despite recent weakness, with the manager enthusiastic about its e-commerce and fintech strengths. E-commerce remains an important industry theme for the portfolio. Talen Energy, a major contributor for three consecutive years, owns nuclear facilities and expanded its relationship with Amazon Web Services to provide carbon-free energy for data centers. The global energy transition remains an important industry theme, with the fund investigating energy-related companies that have struggled recently. Talen Energy expanded its relationship with Amazon Web Services to provide carbon-free energy for data centers, highlighting the growing electricity demand from this sector. The fund sees potential benefits from rising electricity demand driven by data center growth. | IHS TLN CVNA |
View |
| 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 |
View |
| 2024 Q4 | Dec 31, 2024 | Polaris Global Equity | -5.8% | 6.2% | 000660.KS, 005930.KS, 066570.KS, 6758.T, ALSN, CFR, COF, CROX, CVS, ELV, GD, GILD, JAZZ, JPM, ML.PA, SAIC, SBH, SLM, TGLS, UNH | banks, financials, Geopolitical, global, inflation, value | Portfolio positioned as value-oriented with strong current earnings and cash flows, expected to benefit from higher-for-longer interest rates. Manager continues to find and add attractively priced companies to supplement compelling valuation profile. | View | |
| 2024 Q4 | Dec 31, 2024 | Artisan Partners Small Cap Fund | 0.6% | 14.7% | ABMD.CO, ALAB, COCO, CROX, FLS, GTLB, HALO, INSM, ITGR, JBT, LSCC, MTSI, NOVT, ONTO, PSN, RGEN, SDHC, SN, STVN, VCYT, VSEC | AI, Biotechnology, energy, healthcare, semiconductors, small cap, technology | Data centers are energy-intensive and with AI expansion, energy consumption is projected to grow exponentially. Portfolio companies like Astera Labs and MACOM are benefiting from growing AI datacenter spending. Cloud software franchises are making steady progress introducing AI functionality into their leading solution suites. | View | |
| 2025 Q3 | Nov 8, 2025 | Cullen Small Cap Value Equity | 14.2% | 5.6% | AVNT, CROX, ECVT, HUN, KWR, STR, UA, UIS, VAC | financials, Mortgage, rates, real estate, Regional Banks, small caps, value | Small-cap equities delivered exceptional performance with Russell 2000 gaining 12.4% and Russell 2000 Value advancing 12.6%, outpacing large caps. The rally was fueled by Fed rate cuts, economic resilience, and renewed risk appetite. Small caps entered the quarter trading at multi-decade lows relative to large caps, providing valuation support and asymmetrical upside as earnings recover. | View | |
| 2023 Q3 | Nov 6, 2023 | Voss Value Fund | -8.3% | -0.2% | AAPL, CRH, CROX, ECN.TO, NVDA, SKY, TSLA | Building Materials, consumer, Homebuilders, infrastructure, interest rates, Long/Short, small caps, value | CRH positioned as major beneficiary of unprecedented government infrastructure programs including IIJA, CHIPS, and IRA. Highway funding alone increases 50% above baseline, with CRH being the #1 road paver. Manufacturing onshoring creates $200B+ in mega projects through 2030. | View | |
| 2025 Q3 | Nov 3, 2025 | Fairtree Global Equity Fund | 8.9% | - | 005930.KS, AAPL, AMZN, BABA, BRK-B, CNC, CROX, DHI, EVO.ST, FI, GOOGL, JD, KO, ORCL, V, WKL, ZTS | AI, China, Dollar, emerging markets, global, policy, semiconductors, technology | China rose 20.7% for the quarter, extending its rally on continued policy support particularly targeted at technology and property sectors. The government's ongoing push to expand domestic chip production by 2026 and maintain the US-China trade truce further bolstered investor confidence and lifted export-driven and tech-related equities. | FISV CROX CNC AAPL BABA GOOG |
View |
| 2023 Q3 | Oct 31, 2023 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, MGNI, OEC, PLCE, SHAK, STGW, WCC | Advertising, consumer, industrials, Restaurants, small caps, value | Manager emphasizes that small and mid-cap stocks have severely lagged larger peers and are now historically attractive. The Russell 2000 fell below pre-pandemic levels, with forward earnings multiple of S&P 600 at 11.5x, a level only seen three times since 1999. All prior instances produced double-digit annualized returns across multiple years. | SHAK |
View |
| 2022 Q3 | Oct 27, 2022 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, FARM, OEC, SITE, WCC | - | View | ||
| 2024 Q3 | Oct 24, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, CZR, GENI, HAIN, MGNI, OEC, PAR | Advertising, gaming, Restaurants, small caps, technology, value | The fund holds positions in Caesars Entertainment and Genius Sports, both operating in the entertainment, casino and gaming space. Caesars benefits from secular tailwinds in online sports betting and iGaming, while Genius has exclusive data rights deals with major leagues including the NFL and English Premier League. | HAIN GENI CZR |
View |
| 2025 Q3 | Oct 16, 2025 | Riverwater Partners Small Cap Strategy | - | - | ATRC, BDC, BOW, CROX, DGII, HAE, IDCC, IRDM, LOPE, MMSI, MOD, PFS, PLMR, PLPC, TGLS, UEC, VECO, VSTS, WOR | AI, Energy Transition, IoT, Quality, small caps, uranium, Utilities, value | The portfolio benefits from exposure to AI infrastructure through holdings like Modine Manufacturing, which provides thermal management solutions for data centers supporting AI workloads. The manager views AI as driving a multi-year investment cycle with exponential growth in AI-related infrastructure spending. | PLPC BDC DGII PFS WOR MOD UEC |
View |
| 2024 Q2 | Jul 19, 2022 | CrossingBridge Advisors | 0.0% | 0.0% | CROX, DISH, PARA, SATS | credit, Event-Driven, floating rate, Foreign, high yield, investment grade | High yield credit spreads are at their lowest level since 2007, with over 60% of the market trading below 200 basis points. The manager notes this creates a challenging environment where risk is being mispriced across asset classes. Despite tight spreads, credit quality has improved with leverage reduction across the market. | View | |
| 2023 Q3 | Jun 11, 2023 | Voss Value Offshore Fund | 7.4% | 8.9% | AAPL, CRH, CROX, ECN.TO, NVDA, SKY, TSLA | Aggregates, Construction, Homebuilders, infrastructure, materials, small caps, value | Small cap stocks are experiencing their 3rd worst bear market by duration and 4th worst by magnitude in 40+ years, with the Russell 2000 down 33% from peak. The manager believes this creates exceptional opportunity as small caps have historically been higher 99% of the time over rolling 6-year periods. Current valuations at 12x P/E excluding negative earners represent significant discount to historical levels. | View | |
| 2023 Q1 | Apr 17, 2023 | SandbrooK Capital | 6.0% | 11.1% | AMZN, BILL, BOX, CFLT, CRM, CROX, CRWD, ESTC, ETSY, GOOS, HCP, HIMS, MSFT, NKE, RH, SNAP, SNOW, SPT, VRT, ZM | consumer, Long/Short, Macro, risk management, software, technology | Manager focused on large cap tech and growth software names, particularly beaten-up tech stocks in January. Positioned in CRM, CRWD, ZM, SNOW, BILL, AMZN, MSFT, and ESTC as top contributors. Also shorted tier 2 high growth software names where multiples had run above long-term averages. | SONO |
View |
| 2023 Q1 | Mar 31, 2023 | Barometer Capital Management | - | - | AVGO, AXON, CROX, CS.TO, JPM, MSFT, NVDA, ORCL, STLC, STN | AI, asset allocation, Banking, energy, financials, semiconductors, Tactical, technology | Increased investor enthusiasm around generative AI fueled strength in the semiconductor industry. NVIDIA Corp. and Broadcom Inc. significantly contributed to pool gains as funds capitalized on this trend by increasing technology sector exposure. | View | |
| 2022 Q4 | Jan 30, 2023 | Choice Equities Capital Management | -1.8% | 5.5% | CROX | - | View | ||
| 2023 Q4 | Jan 22, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | BXC, CROX, MGNI, OEC, PAR, SHAK, STGW, WCC | Building Products, Buybacks, Restaurants, small caps, technology, value | Manager focuses on low multiple stocks of quality businesses at discounted valuations. Despite challenging backdrop in 2023, continues to believe this approach offers best chance of outperforming over sustained periods. | IPAR BXC |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 14, 2026 | Fund Letters | Greenlight Capital | Crocs, Inc. | Footwear & Accessories | Footwear | Bull | NASDAQ | Consumer Discretionary, contrarian, Footwear, Global Brand, International Growth, Share Buybacks, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Choice Equities Capital Management | Crocs Inc. | Consumer Discretionary | Footwear | Bull | NASDAQ | Brand Marketing, Consumer Discretionary, Distribution, Footwear, inventory management, Leadership Change, Outlet Stores, turnaround, Value | View Pitch |
| Apr 4, 2026 | Substack | The Finance Corner | Crocs, Inc. | Consumer Goods | Footwear | Bull | NASDAQ Stock Market | Brand investment, Crocs, Footwear, Free Cash Flow, HEYDUDE, market skepticism, Revenue Growth, Share Buybacks, store expansion, valuation | View Pitch |
| Jan 30, 2026 | Fund Letters | Trevor Scott | Crocs, Inc. | Consumer Discretionary | Footwear | Bull | NASDAQ | Brand, deleveraging, Footwear, Margins, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Cornelius Zeeman | Crocs Inc. | Consumer Discretionary | Footwear | Bear | NASDAQ | consumer, Cyclicality, Demand, Footwear, Inventory, Margins, retail, valuation | View Pitch |
| Aug 13, 2025 | Seeking Alpha | David Trainer | Crocs Inc. | Consumer Discretionary | Footwear & Accessories | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Substack | The Finance Corner | Crocs, Inc. | Consumer Discretionary | Footwear & Accessories | Neutral | 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 |
|---|---|---|---|---|---|---|---|---|
| Jo Taylor | Ontario Teachers' Pension Plan | $4.3B | $418,791 | 0.01% | 4,897 | -8,088 | -62.29% | 0.0082% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $4.2M | 0.01% | 48,600 | -100,400 | -67.38% | 0.0818% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $23.0M | 0.03% | 269,483 | +64,000 | +4571.43% | 0.4533% |
| Bill Smead | Smead Capital Management | $4.8B | $50.9M | 1.06% | 594,690 | -39,392 | -6.21% | 1.0004% |
| Ray Dalio | Bridgewater Associates | $27.4B | $18.1M | 0.07% | 211,228 | -121,522 | -36.52% | 0.3553% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $393,392 | 0.00% | 4,600 | -106,704 | -53.20% | 0.0077% |
| Israel Englander | Millennium Management LLC | $233.2B | $17.2M | 0.01% | 201,129 | -119,858 | -37.34% | 0.3384% |
| Jeremy Grantham | GMO LLC | $39.1B | $6.4M | 0.02% | 75,313 | +2,221 | +3.04% | 0.1267% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $2.5M | 0.00% | 28,854 | -133,186 | -82.19% | 0.0485% |
| Cliff Asness | AQR Capital Management | $190.6B | $49.3M | 0.03% | 575,960 | -690,839 | -54.53% | 0.9689% |
| Li Lu | Himalaya Capital Management | $3.6B | $53.7M | 1.51% | 628,159 | +628,159 | +100.00% | 1.0567% |
| Norbert Lou | Punch Card Management | $300.9M | $50.8M | 16.90% | 594,570 | -37,680 | -5.96% | 1.0002% |
| Bob Wyckoff | Tweedy Browne CO LLC | $1.2B | $773,015 | 0.06% | 9,039 | +1,296 | +16.74% | 0.0152% |
| Rich Handler | Jefferies | $19.3B | $408,786 | 0.00% | 4,780 | +2,030 | +73.82% | 0.0080% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $770 | 0.00% | 9 | +0 | +0.00% | 0.0000% |