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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 31, 2025 | Minot Light Capital Partners | 18.1% | 4.5% | CURV, LAKE, LGCY, OM, RXST, TDUP, TTGT | dislocations, early-stage growth, Inefficiency, liquidity, Microcaps | The commentary highlights extreme inefficiencies in micro-cap equities driven by liquidity constraints and institutional neglect. Management focuses on early-stage growth and violent dislocations where prices deviate sharply from intrinsic value. Agility, position sizing, and rapid execution are positioned as key sources of alpha. | OM LGCY TDUP |
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| 2025 Q3 | Oct 19, 2025 | Minot Light Capital Partners | 7.6% | 12.5% | ARQ, CLPT, CURV, LGCY, LUCD, REAL, SWAG | Biotech, Consumer Stocks, Growth Investing, Life Sciences, small caps | The fund gained modestly but lagged benchmarks as healthcare holdings weighed on results. Managers spotlight RealReals AI-enabled resale growth and industrial cleaner Arqs carbon business while acknowledging short-term weakness in Lucid Diagnostics and Torrid. They maintain conviction in overlooked microcaps with recurring revenue and scalable platforms. | SWAG LUCD CURV ARQ CLPT REAL |
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| 2025 Q4 | Jan 18, 2026 | Minot Light Capital Partners | 0.0% | 14.4% | ARQ, CBLL, CLPT, CURV, KRMD, LAKE, LUCD, MAMA, MRVI, NEOG, OM, OWLT, REAL, RXST, RZLT, SWAG, XOMA | Biotech, growth, momentum, Process, small caps, value, volatility | The managers describe unprecedented speed and magnitude of volatility in small/micro-cap space, calling some institutional liquidations violent. They embrace this volatility as it creates opportunities to buy below fair value and sell above fair value, while improving their process to capitalize on these dynamics. The letter discusses how momentum has become an over-owned factor, with many investors avoiding declining stocks. The managers believe taking the other side of downward momentum can be extremely profitable if positioned to ride through volatility, as much trading is now quantitative rather than fundamental. The fund focuses exclusively on small and micro-cap opportunities, believing there is compelling opportunity for meaningful long-term capital appreciation. They discuss how small-caps falling into micro-cap territory face institutional selling pressure when they drop below arbitrary thresholds like $100M market cap. | OM ARQ RZLT XOMA |
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| 2023 Q2 | Jul 23, 2023 | Argosy Investors | 10.6% | 10.6% | CURV, DAVA, OLLI, ZROZ | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 21, 2026 | Seeking Alpha | Seeking Alpha | Torrid Holdings Inc. | Retail | Apparel Retail | Neutral | New York Stock Exchange | Apparel Retail, cash flow, cost-cutting, low trading multiples, net debt, profitability, Store-closures, sub-brands growth, Torrid Holdings, turnaround | View Pitch |
| Mar 21, 2026 | Seeking Alpha | Seeking Alpha | Torrid Holdings Inc. | Retail | Apparel Retail | Bear | New York Stock Exchange | adjusted EBITDA, GLP-1 adoption, market cap, operating leverage, Pricing power, Q4 2025 results, retail challenges, Sales Decline, Store-closures, Torrid Holdings | View Pitch |
| Nov 29, 2025 | Fund Letters | Eddie Reilly | Torrid Holdings Inc. | Consumer Discretionary | Apparel Retail | Bull | NYSE | Apparel, deleveraging, Free Cash Flow, Margins, Omnichannel, Store-closures, tariffs | 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. | ||||||||