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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% | ACOG, APG, ARQ, CURV, CWAN, CYRX, DERM, LAKE, LGCY, LMB, LQDT, MCW, NEOG, NPKI, OM, REAL, RXST, TDUP, TTGT, XPOF | alpha, dislocations, growth, liquidity, Microcap, small caps, value | The fund focuses exclusively on small and micro-cap companies, targeting market capitalizations well below $100mm and in some cases below $50mm and $25mm. This represents an area where the vast majority of institutional small-cap investors are either unable or unwilling to explore. The strategy seeks to capitalize on inefficiencies in the most illiquid segment of the domestic public equity markets. | CURV RXST TTGT LAKE OM LGCY TDUP 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, PAVM, QURE, REAL, SWAG | Beta-sliding, growth, healthcare, Micro-Cap, small caps, value | The fund is heavily positioned in out-of-favor healthcare stocks with strong business models, high growth potential, and substantial embedded optionality. ClearPoint Neuro provides hardware and consumables for precise drug delivery to brain and spine, particularly for cell and gene therapies. Lucid Diagnostics markets an FDA-approved DNA test for early detection of esophageal precancer with multi-billion dollar market opportunity pending Medicare reimbursement approval. | 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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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Minot Light Capital Partners | Torrid Holdings Inc | Consumer Discretionary | Specialty Retail | Bull | NYSE | Customer loyalty, deleveraging, margin expansion, Plus-sized Apparel, Private-label, Secondary Offering, Store Optimization, Technical Dislocation | View Pitch |
| 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. | ||||||||