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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 4, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | APP, AXON, COR, CVNA, FIX, FOUR, HLT, HWM, LNW, MELI, NET, NU, PLTR, PSTG, RBLX, RCL, RUBK, TW, VST, WING | AI, consumer discretionary, growth, mid cap, Rate Cuts, tariffs, technology | Continued demand for AI drove market performance with heightened attention to security and data center buildouts. The AI ecosystem remains short power with companies like Vistra positioned to deliver at meaningful premiums. The team is actively determining relative winners of the AI investment cycle. | View | |
| 2025 Q2 | Aug 27, 2025 | ClearBridge Investments Mid Cap Growth Strategy | - | - | APP, AXON, COR, CVNA, FIX, FOUR, HLT, HWM, LNW, MELI, NET, NU, PLTR, PSTG, RBLX, RBRK, RCL, TW, VST, WING | AI, consumer discretionary, financials, growth, industrials, mid cap, technology | Continued demand for AI drove market performance with heightened attention to security and data center buildouts. The AI ecosystem remains short power with companies like Vistra positioned to deliver at meaningful premiums. The team is actively determining relative winners of the AI investment cycle. | CVNA VST MELI TW AXON PLTR |
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| 2025 Q2 | Jul 27, 2025 | Carillon Eagle Mid Cap Growth Fund | - | - | ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN | AI, Biotechnology, defense, energy, growth, healthcare, mid cap, technology | The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. Current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error. | DXCM FICO WING AXON TTD MPWR MDB INSM ALNY WYNN RH RYAN OKTA SRPT BKR VST NET RCL AXON PLTR |
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| 2025 Q2 | Jul 21, 2025 | Sands Capital Select Growth Fund | 27.7% | 14.8% | AJG, AMZN, AVGO, CVNA, DASH, DXCM, ICE, META, MSFT, NFLX, NOW, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, gaming, growth, semiconductors, Streaming, technology | AI infrastructure spending continues to drive demand with advances in computing power unlocking new capabilities and lower cost models. The portfolio benefits from businesses directly exposed to AI demand, those leveraging AI for efficiency gains, and companies using AI to improve products through personalization and cost reduction. | View | |
| 2025 Q2 | Jul 21, 2025 | Sands Capital Technology Innovators Fund | 26.0% | 12.9% | AMZN, APP, ASML, AXON, CPNG, CRWD, CVNA, DASH, DDOG, IOT, KVYO, MELI, META, MNDY, MSFT, NFLX, NOW, NU, NVDA, OKTA, PANW, RBLX, SE, SHOP, SPOT, SQ, TEAM, TSM, V | AI, Cloud, growth, innovation, semiconductors, software, technology | Artificial intelligence is extending both magnitude and duration of growth for businesses through personalized experiences, improved ad targeting, and margin upside via productivity gains in content moderation and software development. Early applications show AI can deepen user engagement and lower costs across multiple business functions. | GLBE AAPL SPOT PANW V OKTA TEAM NFLX NVDA |
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| 2025 Q2 | Jul 18, 2025 | Optimist Fund | 39.2% | 32.4% | CVNA, DASH, FA, FVRR, HFG, MNDY, RVLV, TDUP, UBER, W | Compounding, E-Commerce, growth, Long/Short, mid cap, value | The fund holds multiple e-commerce companies including ThredUp, Carvana, Wayfair, and Revolve. ThredUp is undergoing a significant inflection point with strong Q1 results and raised guidance. Wayfair appears to be finally seeing revenue growth inflect after more than two years of waiting, with strong demand trends cited at recent investor conferences. | RVLV W CVNA TDUP W CVNA TDUP |
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| 2025 Q2 | Jul 14, 2025 | Recurve Capital | - | 14.8% | AMZN, BC.MI, CCOI, CVNA, ELF, MSFT, PAY, RCL, RH | Concentration, Decision Tree, disruption, E-Commerce, growth, Long Term, value creation, volatility | Carvana represents a disruptive e-commerce platform in the used auto market with industry-leading unit economics. The company has transformed from near-bankruptcy in 2022 to a high-quality secular growth story, demonstrating the power of purpose-built modern operating infrastructure that competitors cannot replicate. | BC PAY AMZN RH ELF RCL CCOI CVNA RH CCOI CVNA |
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| 2025 Q2 | Jul 11, 2025 | Driehaus Small/Mid Cap Growth Fund | 15.9% | -2.4% | AXON, CVNA, CYBR, NTRA, PODD | AI, energy, growth, industrials, infrastructure, small cap, tariffs, technology | AI infrastructure demand remains robust with hyperscalers continuing competitive spending battle. DeepSeek concerns proved temporary as AI capex trends remain strong with new use cases driving productivity gains. The strategy increased exposure to AI data center buildout companies during the quarter. | View | |
| 2025 Q2 | Jun 30, 2025 | Octahedron Capital | - | - | ABNB, AMZN, APP, BKNG, CART, CPNG, CVNA, DASH, GOOGL, GRAB, MELI, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, UBER, W | Advertising, AI, Cloud, E-Commerce, payments, semiconductors, tariffs, Trade Policy | AI infrastructure demand remains insatiable with companies processing 480 trillion tokens monthly, up 50x year-over-year. ServiceNow expects AI products to reach $1 billion ACV by end of 2026, while companies are transitioning from seat-based to usage-based AI pricing models. AI agents are creating 4x more databases than humans, fundamentally changing software development workflows. | View | |
| 2024 Q2 | Jun 30, 2024 | Octahedron Capital | - | - | AMD, AMZN, AVGO, CART, CVNA, DASH, DIS, GOOGL, LYFT, MA, MELI, NFLX, NU, NVDA, SNOW, SPOT, TSLA, UBER, V, W | AI, Cloud, consumer, E-Commerce, growth, payments, semiconductors, technology | AI infrastructure spending is driving hyperscaler reacceleration with training and GPU demand leading growth. Enterprise AI applications remain mostly experimental with ROI questions emerging. Compound AI systems are becoming necessary for production-quality applications. | View | |
| 2025 Q1 | May 14, 2025 | Recurve Capital | -13.0% | -13.0% | AMZN, BC, CCOI, CVNA, ELF, RCL, RH, W | consumer, growth, Luxury, tariffs, technology, uncertainty, volatility | The administration has launched a massive global tariff campaign utilizing executive branch emergency powers to unprecedented levels. The nature of these unilateral tariff policy changes, implemented with almost no notice, creates higher volatility and uncertainty. The fund has about 22% exposure to consumer goods companies with less than 20% direct tariff exposure, primarily through RH and ELF which have elevated exposure to China and Vietnam supply chains. | W CCOI RH |
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| 2026 Q1 | May 12, 2026 | Optimist Fund | -27.3% | -27.3% | AFRM, AHT.L, CVNA, DASH, DSCV.L, DSV.CO, FA, KVYO, MEDP, MNDY, TDUP, TDY, TOST, UBER, W, ZS | AI, dislocation, E-Commerce, growth, opportunity, technology | TOST CVNA W TDUP |
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| 2024 Q1 | May 1, 2024 | Optimist Fund | 27.8% | 49.2% | ACVA, AHT, BFIT, CIGI, CRCT, CVNA, DASH, FIGS, HFG, MNDY, OPEN, POOL, PTON, REVL, SMAR, UBER, W, XPOF | Concentration, E-Commerce, Fitness, growth, Market Leadership, technology, turnaround | The fund believes market leaders like Carvana, Wayfair, and DoorDash have won their respective online markets after competitors died or shrank dramatically during 2022. The manager sees this as similar to Amazon's dominance after the early 2000s tech bubble collapse. | ACVA UBER XPOF DASH CVNA |
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| 2025 Q1 | Apr 30, 2025 | Third Point Partners | -3.7% | -3.7% | AMZN, APO, CSGP, CVNA, DHR, ICE, META, PCG, PHNX, RYCEY, TDS, TSM, X | activism, credit, Event Driven, real estate, tariffs | The administration's tariff policies created significant market volatility, with the Liberation Day tariff announcement causing the most violent selloff since Covid. While some aggressive tariff objectives have been mitigated, uncertainty continues around individual trade deals and their economic impact. | CSGP |
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| 2026 Q1 | Apr 25, 2026 | Sands Capital Select Growth Fund | -12.9% | -12.9% | APP, CRS, CVNA, DDOG, IOT, LRCX, MSFT, NET, NFLX, PWR, SE, STX, TSM | AI, Cloud, disruption, growth, infrastructure, Internet, semiconductors, technology | View | ||
| 2025 Q1 | Apr 22, 2025 | Optimist Fund | -4.9% | -4.9% | CVNA, DASH, FA, FVRR, HFG.DE, LIDR, MNDY, RVLV, TDUP, UBER, W | consumer, E-Commerce, growth, long-term, profitability, Recovery, technology | Multiple e-commerce companies featured prominently including ThredUp (secondhand fashion marketplace), Revolve (fashion e-commerce), and Wayfair (home goods e-commerce). Manager views short-term pressure on consumer discretionary as noise and remains focused on long-term fundamentals. | FA W REVL HFG UBER CVNA TDUP |
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| 2024 Q1 | Apr 20, 2024 | Saga Partners | 22.6% | 39.4% | AMZN, COST, CVNA, EXPI, GDRX, GOOGL, KMX, KO, LAD, META, NFLX, RDFN, ROKU, TTD, UA, VZIO, WMT, Z | Concentration, E-Commerce, long-term, technology, value, volatility | Carvana represents a complete transformation of used car retail through integrated e-commerce infrastructure. The company has built an irreplicable network of inspection centers, logistics, and financing operations that enables seamless customer experience. Despite 2022 challenges, Carvana demonstrated profitable unit economics and reached positive EBITDA in 2023. | View | |
| 2025 Q1 | Apr 17, 2025 | Driehaus Small/Mid Cap Growth Fund | -15.8% | -15.8% | AXON, CVNA, CYBR, NTRA, SFM | AI, Biotechnology, growth, healthcare, small cap, tariffs, technology, Trade Policy | Trump announced reciprocal tariffs of at least 10% globally with rates up to 50% on 60 countries, causing extreme market volatility. After four days of sharp declines, Trump pivoted to a 90-day pause with 10% rates except China at 145%. The administration and trading partners are entering negotiations with potential for reduced tariff rates. | View | |
| 2026 Q1 | Apr 15, 2026 | Carillon Eagle Mid Cap Growth Fund | - | - | ARES, AXON, CASY, CVNA, PWR, RBLX, RDDT, TER, VRT, XPO | AI, defense, energy, Geopolitical, growth, healthcare, mid cap, technology | RDDT RBLX AXON CVNA ARES XPO PWR CASY TER VRT |
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| 2026 Q1 | Apr 1, 2026 | Recurve Capital | -18.2% | -18.2% | CCOI, CVNA, RCL | Cyclical, drawdowns, Geopolitical, growth, portfolio, value, volatility | CVNA |
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| 2025 Q1 | Mar 31, 2025 | NCG Large Cap Growth Strategy | 12.2% | 12.2% | AAPL, AMD, AVGO, CRM, CSGP, CVNA, HWM, MRVL, NVDA, PANW, PGR, SNOW, SPOT, SYM, TEAM, TOST, TSLA, V | earnings, growth, large cap, Quality, technology | NCG emphasizes investing in what they believe are the fastest growing and highest quality companies in America. They maintain focus on fundamental growth drivers of each holding despite challenging market conditions. The firm expects strong earnings growth in 2025 for small, mid and large cap companies, which would be a continuation of strong growth in large cap. | View | |
| 2025 Q1 | Mar 31, 2025 | Octahedron Capital | - | - | ABNB, AMZN, BKNG, CPNG, CRM, CVNA, DIS, GOOGL, GTLB, MELI, META, NET, NFLX, NOW, PLTR, SNOW, UBER, W, WDAY, ZS | AI, E-Commerce, growth, Internet, payments, semiconductors, software, technology | Agentic AI emerged as the dominant theme with reasoning models like DeepSeek-R1 and OpenAI o3 enabling AI agents to complete complex multi-step tasks. The commoditization of LLMs is accelerating AI applications growth while reducing inference costs, creating opportunities for application software companies with proprietary data. | View | |
| 2025 Q1 | Mar 31, 2025 | Sands Capital Technology Innovators Fund | -10.4% | -10.4% | AAPL, AMZN, CPNG, CVNA, DASH, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, RBLX, SE, SHOP.TO, SQ, TEAM, TSM, V | AI, global, growth, semiconductors, software, technology | AI remains a foundational driver of long-term growth despite market volatility. Hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Innovations like DeepSeek are likely to expand demand by enabling more domain-specific model development. Evidence shows scaling laws remain intact and better performance is leading to real-world applications across fraud detection, content creation, and workflow automation. | 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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| 2025 Q4 | Mar 2, 2026 | Recurve Capital | - | 10.0% | CCOI, CVNA, QQQ, RCL | AI, disruption, innovation, Quality, technology, value | Manager discusses AI's disruptive impact on software companies and capital-light business models, while positioning portfolio companies as durable due to their intersection of physical and digital infrastructure. Companies like Carvana and Royal Caribbean use AI for pricing optimization, logistics, and customer experience enhancement. Carvana represents a major portfolio holding that has grown 100x from 2022 lows, demonstrating the power of digitally native auto dealing with proprietary technology for pricing, logistics, inspections, and reconditioning workflows. Royal Caribbean exemplifies the portfolio's focus on companies combining physical assets with technology innovation, using AI and technology for pricing optimization, packaging, promotions, and onboard customer experience delivery. | View | |
| 2025 Q4 | Mar 2, 2026 | Recurve Capital | - | -1,820.0% | CVNA, RCL | Drawdown, Geopolitical, Iran, oil, portfolio, risk management, volatility | 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 |
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| 2025 Q4 | Feb 12, 2026 | Optimist Fund | -8.5% | 32.2% | AFRM, CVNA, DASH, DICEY.L, FVRR, HFG, LTHM, META, MNDY, NFLX, PTON, ROOT, TDUP, UBER, W | Compounding, E-Commerce, growth, long-term, technology, value | The fund holds significant positions in e-commerce companies including Wayfair, Carvana, ThredUp, and DoorDash. These businesses are showing strong fundamental performance with revenue growth acceleration and improving profitability metrics. The manager views current valuations as materially underappreciating future earnings potential. The fund focuses on identifying businesses where deep research can uncover gaps between market expectations and long-term reality. The strategy targets companies with potential for mid-teens or better compound returns over decades, emphasizing businesses with accelerating sales and earnings growth. The manager emphasizes finding businesses trading at significant discounts to intrinsic value, where market expectations are materially below long-term reality. Current valuations are viewed as underappreciating the earnings and cash flow core holdings will generate over the next five years. | MNDY TDUP CVNA W DSCV LN LUCE LN SWIM MNDY TDUP CVNA W |
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| 2022 Q4 | Dec 31, 2022 | Aquamarine | - | -21.0% | 1211 HK, AXP, BAC, BRK/A, CDLX, CVNA, GOOG, IEX IN, MKL, NESN SW, OXY, RACE IM, ROKU, SNOW, SQ, TSLA | - | View | ||
| 2024 Q4 | Dec 4, 2025 | Saga Partners | - | 112.2% | AAPL, AMZN, BRK-A, CVNA, F, GM, GOOGL, META, MGI, MSFT, NFLX, RDFN, RKT, ROKU, SPOT, TRUP, TTD, WISE.L, WMT, WU | Advertising, disruption, E-Commerce, growth, payments, Platform, Streaming, technology | Carvana demonstrates a superior customer value proposition versus traditional dealerships with a structurally lower cost model at scale. The company has achieved industry-leading unit economics with gross profit per unit reaching $6,900 in 2024, up from $3,000 in 2022, while maintaining high Net Promoter Scores. | View | |
| 2025 Q3 | Nov 4, 2025 | VT Holland Advisors Equity Fund | - | - | 1211.HK, AMZN, BH, BOL.PA, CACC, CVNA, FRAS.L, GRBK, JDW.L, META, NFLX, NU, NXT.L, PDD, RYA.L, RYM.NZ, SUM.NZ, TSM, WISE.L | Compounding, Fintech, global, growth, Owner-Managers, Quality, technology, value | Fund targets companies that can compound capital at sustainably high rates, seeking businesses with huge runways of growth ahead. Manager emphasizes finding tomorrow's supernatural compounders with visionary founders who rethink their industries and have massive growth potential. | RYM NZ JET2 LN META NU WISE LN |
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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 24, 2025 | Recurve Capital | - | 14.6% | AMZN, BC.MI, CCOI, CVNA, ELF, KMX, PAY, RCL, RH | E-Commerce, growth, Luxury, opportunity, Portfolio Management, tariffs, Trade Policy | Carvana continues exceptional execution with over 45% year-over-year growth in September quarter, exiting above 50% unit growth. The company is rapidly expanding variable roles in reconditioning and local delivery, with job openings up 60% over six months, signaling strong growth intentions months ahead of third-party data. | View | |
| 2025 Q3 | Oct 28, 2025 | Graham and Doddsville | - | - | AAON, AAP, ANET, AOS, ASTS, CVNA, DLO, FEVR.L, GOOGL, KER.PA, MELI, META, NLB.L, PGR, RKLB, TBCG.L, TSM, WISE.L, WOSG.L, XPEL | AI, emerging markets, Investment Analysis, long-term, Portfolio Management, Quality, Student Pitches, Value Investing | Multiple interviews emphasize value investing principles, with Brandes Investment Partners maintaining pure value philosophy despite 165 months of underperformance following the global financial crisis. The publication showcases various value-oriented approaches from concentrated portfolios to systematic value investing strategies. | View | |
| 2025 Q3 | Oct 22, 2025 | Optimist Fund | 9.1% | 44.5% | CVNA, DASH, FADU, FVRR, HFG.DE, MEDP, MNDY, RVLV, SWIM, TDUP, UBER, W | Biotech, Cyclical, E-Commerce, growth, mid cap, Recovery, technology | The fund sees acceleration in cyclical e-commerce holdings like Wayfair and ThredUp that have been in multi-year downswings. Wayfair delivered strong growth with revenue up 5-6% and expanding margins, while ThredUp posted 16% revenue growth with strong operating leverage. | MEDP CVNA TDUP W MEDP CVNA TDUP W |
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| 2025 Q3 | Oct 20, 2025 | Sands Capital Select Growth Fund | 6.3% | 22.1% | AMZN, APP, AVGO, CVNA, DASH, DXCM, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SPOT, SQ, TSM, V | AI, Cloud, growth, large cap, semiconductors, software, technology | AI investment cycle remained dominant with hyperscalers raising 2026 capex forecasts by over $80 billion to above $430 billion industry-wide. Evidence of improving monetization emerged, particularly at Meta Platforms where AI-powered tools drove stronger engagement and advertising returns. Oracle announced contracts to deliver over $500 billion in computing power over the next five years. | View | |
| 2025 Q3 | Oct 20, 2025 | Sands Capital Technology Innovators Fund | 8.4% | 22.4% | AMZN, APP, CPNG, CVNA, DASH, DUOL, IOT, MELI, META, MSFT, NFLX, NU, NVDA, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, global, growth, innovation, semiconductors, software, technology | AI represents a paradigm shift bringing disruption, with the market overstating risks for software while creating meaningful opportunities for incumbents to use AI as a business accelerant. The AI investment cycle continues to gather momentum with demand for AI infrastructure and services exceeding supply. | SNOW MNDY DUOL RBLX APP TSM NVDA MNDY DUOL RBLX APP TSM NVDA |
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| 2025 Q3 | Oct 19, 2025 | Carillon Eagle Mid Cap Growth Fund | - | - | ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN | AI, defense, growth, healthcare, mid cap, Natural Gas, technology, Travel | The AI investment theme will remain intact into the end of the year as user adoption continues to accelerate and corporate implementations begin to bear fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are well positioned to see potential inflection in earnings growth fueled by AI-driven margin expansion. Companies with exposure to the buildout of AI data centers have performed remarkably well in 2025 as hyperscalers have revised capital expenditure plans significantly higher. | MDB US INSM US ALNY US WYNN US MPWR US |
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| 2025 Q3 | Oct 16, 2025 | Brown Advisors Mid-Cap Growth strategy | 2.0% | 9.4% | CAH, COR, CPNG, CVNA, DKNG, FIG, FIX, HLT, LNG, MCK, MDB, MPWR, NET, NTSK, PSN, PSTG, VRT, VST, WST, ZS | AI, Biotech, gaming, growth, healthcare, Mid-cap, semiconductors, technology | Approximately 14% of the portfolio consists of companies with meaningful exposure to AI or data center capex. Seven of the top fifteen midcap index contributors sport businesses that hinge on Artificial Intelligence and data center CapEx. Strong fundamental performance coupled with burgeoning valuations in AI-exposed stocks pushed several portfolio positions towards three-year price targets. | CVNA NTSK PSN |
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| 2024 Q3 | Oct 16, 2024 | Optimist Fund | 27.8% | 49.2% | ACVA, CIGI, CVNA, DASH, FA, HFG.DE, LIDR, MNDY, REVL, UBER, W | Cyclical, E-Commerce, growth, mid cap, value | The fund holds multiple e-commerce positions including Carvana (online used car sales), Revolve (fashion e-commerce), and Wayfair (home goods). Carvana continues strong performance with 30%+ unit growth and superior margins. Revolve showed accelerating revenue growth and expanding margins. | POOL FA HFG.DE CVNA |
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| 2024 Q3 | Oct 15, 2024 | Recurve Capital | - | - | AMZN, AWI, BC, CCOI, CVNA, NCLH, RCL, RH, V, W | Concentration, disruption, growth, long-term, Process, Psychology | Carvana represents one of the best disruptive growth stories in the market, disrupting the used auto industry with powerful flywheel effects and operating leverage from future growth. The company has no serious risk of competitive disruption on the horizon and is actually the disruptor in its industry. Despite being up significantly, the manager remains exuberantly positive about its future returns and risk/reward profile. | CCOI CVNA |
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| 2025 Q3 | Oct 14, 2025 | Driehaus Small/Mid Cap Growth Fund | 10.7% | 8.1% | ALAB, AXON, CVNA, GH, PWR | AI, Data centers, earnings, growth, healthcare, industrials, small cap, technology | AI continues to be the dominant theme driving the market and economy. Over the intermediate and long-term profit margins should expand as companies become more productive and efficient by using AI. The biggest beneficiaries continue to be companies levered to the robust hyperscaler capex and data center buildout. | GH US CVNA US PWR US AXON US |
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| 2025 Q3 | Oct 1, 2025 | East72 Dynasty Trust | 1.6% | - | 1928.HK, AKER.OL, AVOL.SW, BIM.PA, BORR, CG, CNHI, CVNA, EXOR.MI, MANU, NNI, NVO, PARA, PHG, RACE, STLA, UHR.SW, UMG.AS, VIRT, VIVHY | Europe, Family, Holdings, Luxury, value | Manager focuses on quality businesses trading at significant discounts to intrinsic value under controlling shareholders. Emphasizes conservative valuation methods with margin of safety. Distinguishes between traditional value traps and companies with temporary pricing dislocations. | UHR SW |
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| 2025 Q4 | Jan 6, 2026 | Tapasya Investment Fund | 0.0% | 23.5% | 0700.HK, ADBE, ADYEN.AS, BABA, BLDR, CMG, CVNA, FNMA, GLBE, GOOG, IBKR, LULU, PRX.AS, UMG.AS | AI, Concentration, global, Homebuilders, long-term, Quality, technology, value | The manager extensively discusses whether we are in an AI bubble, noting that AI appears to be the most significant digital disruptor of our lifetime. While acknowledging extremely stretched valuations in AI-associated hardware and semiconductors, the fund avoids these sectors due to inability to forecast cash flows confidently. The fund employs value-based investing principles, focusing on concentrated investments in high-quality businesses at fair valuations. The manager notes they often underperform during periods of extreme sectoral valuation surges but expects long-term success from this approach. The anticipated recovery in the homebuilder sector has stalled due to persistent affordability issues driven by high home prices, despite lower interest rates and strong wages. The fund maintains conviction in Builder FirstSource despite the housing market recession. | View | |
| 2025 Q4 | Jan 30, 2026 | Star Magnolia Capital Limited | - | - | 0700.HK, BRK-A, CVNA, KMX, SPY | Asia, Compounding, Europe, Geographic Diversification, long-term, manager selection, Relationships | The letter emphasizes the importance of long-term investing and staying invested despite volatility. The manager discusses how distance from markets and structural design matter more than temperament for successful long-term investing. Examples include Berkshire Hathaway shareholders who stayed invested for decades and achieved compounding returns. The firm focuses on building long-term relationships with investment managers rather than transactional approaches. They maintain relationships averaging 7.1 years with current managers and emphasize investing in people rather than just businesses. The letter details their process for both building and terminating manager relationships. The firm is increasing exposure to Asian markets as part of geographic diversification away from Americas where valuations are viewed as frothy. The team conducted extensive travel across China, Indonesia, and other Asian markets for research and relationship building. The firm is expanding European relationships and published research on European shareholder activism. They view Europe as an attractive alternative to expensive American markets and are building manager relationships in the region. | View | |
| 2025 Q4 | Jan 26, 2026 | Brown Advisors Mid-Cap Growth strategy | -4.7% | 12.5% | AS, AXON, CPNG, CSGP, CVNA, EFX, EXPE, FICO, HWM, INSM, IOT, MDLN, NTRA, PLTR, PSN, PSTG, RKLB, ULTA, VEEV, ZS | AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology | Several portfolio companies are generating meaningful revenue from GenAI-enabled products, with Axon leading through DraftOne and related offerings that drove over $500 million in bookings. The strategy sees AI as a key driver for companies delivering solutions that save time and reduce labor intensity. AI-driven demand for data center construction is benefiting holdings like Comfort Systems, which exceeded expectations with revenue growth over 20% driven by MEP contracting demand. Rising power demand from data center customers is also supporting Vistra through direct sourcing agreements. The strategy maintains exposure to semiconductor companies like Monolithic Power Systems, which benefited from easing concerns around NVIDIA market share and expanding exposure to other AI compute architectures including AMD, TPU, and Trainium to reduce customer concentration. The strategy repurchased Zscaler following a selloff, viewing it as an attractive entry for the leader in the growing SASE security software market that is executing a multi-product cross-sell strategy driving ARPU and margin growth. The strategy is modestly overweight Energy with positions in Cheniere Energy for LNG exposure and Oceaneering International. Vistra benefited from rising power demand in Texas and growing investor appreciation for nuclear assets, signing large power purchase agreements with hyperscalers. The strategy is overweight Healthcare with broad exposure across services, devices and biotechnology. Cardinal Health delivered strong results driven by improved specialty mix and margin recovery, while Medline offers exposure to both medical technology demand and provider volumes through its vertically integrated platform. | View | |
| 2025 Q4 | Jan 22, 2026 | Sands Capital Global Growth Fund | 6.2% | 10.2% | 6861.T, ADYEY, AMZN, ASML, AXON, CVNA, DOCU, DOL.TO, FLUT, GOOGL, ISRG, MELI, NET, NFLX, NOW, NVDA, SHOP.TO, SPOT, TSM, V | AI, defense, energy, global, growth, Robotics, Space, technology | AI spread across industries in 2025, reshaping business models and driving market leadership. The firm maintains meaningful AI exposure through hardware and software providers with clear economic models, while avoiding areas where prices assume years of success or sustainable profit remains uncertain. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people. The energy transition is blending with new power demand from data centers, transportation, and industry, straining grids and forcing aggressive investment in power infrastructure. Expecting a multiyear investment cycle across the entire power value chain. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is no longer discretionary but a core operating requirement and foundation for trust. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. SpaceX has led efforts to lower launch costs by 95%, making supply cheaper and expanding viable missions. | ARGX APP SPOT MELI DASH AXON NFLX TSM TITAN IN GALD SW ISRG GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Select Growth Fund | -5.4% | 15.5% | AMZN, APP, AVGO, CVNA, DASH, GOOGL, ICE, META, MSFT, NFLX, NU, NVDA, RARE, RBLX, SE, SHOP.TO, SPOT, SQ, TSM, V | AI, defense, energy, growth, infrastructure, Robotics, Space, technology | AI continues to reshape business models and drive market leadership, with infrastructure spending extending into 2027. The firm maintains meaningful exposure to AI enablers while monitoring bubble risks and debt-financed expansion. Demand for compute outpaces supply with scaling laws remaining intact. Defense technology entering structural growth phase driven by geopolitical risks and convergence of military and commercial innovation. Focus on autonomous systems, space sensing, and secure communications with companies playing mission-critical roles from modest revenue bases. Advances in AI compute power pushing robotics forward with near-term opportunities in logistics and warehouse environments. Amazon's fulfillment network demonstrates how systems can share data and work safely with people as hardware costs fall and software improves. Energy transition blending with new power demand from data centers and AI, straining grids and forcing aggressive infrastructure investment. Multiyear investment cycle expected across entire power value chain with opportunities in companies combining scale, speed, and technology. Cyberattacks becoming more frequent and sophisticated as attack surfaces grow with cloud migration and AI tool proliferation. Security now a core operating requirement and foundation for trust, with portfolio companies evolving to broader cloud-delivered platforms. Space becoming part of everyday life with satellites supporting internet, defense, and climate monitoring. Launch costs fallen 95% from Space Shuttle levels, making supply cheaper and expanding viable missions. Industry showing early signs of manufacturing scale and profitability. | PWR CRS DXCM VG AJG ORCL TEAM NOW MSFT SPOT NFLX SE RBLX AVGO AMZN TSM CVNA GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Sands Capital Technology Innovators Fund | 6.2% | 14.7% | AMZN, APP, ASML, AVGO, AXON, CPNG, CVNA, DASH, DDOG, DUOL, GOOGL, IOT, MELI, META, MSFT, NFLX, NOW, NU, NVDA, PANW, PLTR, RBLX, SE, SHOP.TO, SPOT, SQ, TEAM, TSM, V | AI, defense, global, growth, innovation, Robotics, semiconductors, technology | AI continues to transform industries and drive market leadership, with infrastructure buildout continuing despite concerns about bubble-like excesses. The firm maintains meaningful exposure to AI enablers including semiconductors and digital advertising while staying disciplined on valuation and business quality. Semiconductor demand continues to outpace supply with visibility for AI-related spending extending into 2027. The portfolio maintains selective exposure focused on leading-edge logic chips and custom AI chip design services, with companies like TSMC and Broadcom positioned as key beneficiaries. Defense technology is entering a structural growth phase driven by rising geopolitical risk and convergence of military and commercial innovation. Focus areas include autonomous systems, space sensing, secure communications, and software that connects these pieces. Advances in AI compute power are pushing robotics forward with near-term opportunities in logistics and warehouse environments. The focus is on companies that make robots reliable, safe, and economically compelling rather than just headline-grabbing. Energy transition is blending with new power demand from data centers and AI infrastructure, creating a multiyear investment cycle across the entire power value chain. Opportunities emerging in companies that combine scale, speed, and technology to address grid complexity. Cyberattacks have become more frequent, costly, and sophisticated as more activity moves to the cloud and AI tools spread. Security is now a core operating requirement and foundation for trust with customers, regulators, and partners. Space is becoming part of everyday life with satellites supporting internet, defense, navigation, and climate monitoring. Costs are falling, tools are easier to use, and demand is rising, creating growing businesses with steady long-term revenue potential. | PLTR AVGO GOOGL MSFT NFLX NU SHOP KVYO CVNA TSM |
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| 2024 Q4 | Jan 22, 2025 | Square Peg | - | - | AWLX, CVNA | AI, Australia, Fintech, portfolio, SaaS, Southeast Asia, Venture Capital | Square Peg is excited about AI opportunities across their portfolio, particularly vertical applications. They highlight Cuttable as an automated content agency combining advertising craft with AI precision and speed, and Exodigo which uses advanced AI for underground mapping with multi-sensor fusion and 3D imaging. | View | |
| 2025 Q4 | Jan 19, 2026 | Artisan Mid Cap Fund | -0.4% | 14.8% | ALAB, APG, ARGX, ASND, BKR, COHR, CVNA, DASH, INSM, LHX, MACOM, MDB, RBC, RBLX, SHOP, SPOT, TTAN, VEEV, WAT, WST | AI, Biotechnology, defense, growth, healthcare, industrials, mid cap, technology | AI-related capital spending remains an area of active debate entering 2026. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength with the team maintaining relatively high exposure despite several years of industry headwinds. The positioning is grounded in conviction in profit cycle opportunities for biotech companies with compelling product launches. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes companies are well positioned to benefit from growing investment in next-generation missile defense and national security programs requiring advanced capabilities. Holdings exposed to datacenter and AI infrastructure spending contributed to returns. Companies benefit from continued cloud growth and rising AI demand driving rapid datacenter expansion with strong long-term growth opportunities. | IRTC FERG SNOW WAT TTAN CVNA ALAB LHX SPOT VEEV MDB RBLX INSM COHR |
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| 2025 Q4 | Jan 19, 2026 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 8.7% | ALNY, ARES, AXON, COR, CRS, CVNA, HLT, LPLA, MDB, NTRA, RBA, RBLX, RCL, ROST, TER, VEEV, VRT, VST | aerospace, AI, Biotech, consumer, growth, healthcare, mid cap, technology | AI investment cycle accelerated notably in 2025 and expected to continue driving markets early in 2026. Strong demand for AI-related semiconductor test equipment. Bottlenecks from power supply availability remain a key gating factor for new computing capacity. Production challenges at two global aircraft manufacturers led to sustained increase in high-margin aftermarket parts and services. With manufacturers resolving production issues, original equipment exposed stocks may outperform as aircraft production rates ramp up. Biotech stocks getting boost from downtick in interest rates. Continued decline in rates could set stage for prolonged period of positive returns. Recent M&A activity has picked up though remains below normal levels. Healthcare industry remains largest US sector at $5 trillion, growing 5% annually driven by aging population and chronic conditions. Sector has underperformed recently but working off COVID excesses with improving M&A activity and favorable valuations. Consumers broadly prioritizing travel and experiences over goods. Companies offering unique experiences such as cruise vacations remain attractive despite some near-term guidance concerns and supply dynamics. | VEEV VST RCL AXON RBLX MDB ROST CRS TER NTRA |
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| 2025 Q4 | Jan 18, 2026 | Octahedron Capital | 0.0% | 0.0% | ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W | AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology | AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications. | View | |
| 2025 Q4 | Jan 15, 2026 | Alger Mid Cap Focus Fund | -3.4% | 15.0% | APH, BIIB, CVNA, FIX, FTI, NET, NTRA, RGEN | growth, healthcare, industrials, mid cap, technology | The letter emphasizes mid-cap growth investing driven by fundamental research and accelerating earnings momentum as market participation broadens beyond mega caps. AI-related capex, digitization, and productivity gains are cited as key secular tailwinds supporting revenue growth across industrials, healthcare, and technology. Growth is positioned to benefit as earnings durability, not valuation expansion, increasingly drives returns. | View | |
| 2025 Q4 | Jan 14, 2026 | Driehaus Small/Mid Cap Growth Fund | 1.8% | 10.0% | CRNX, CVNA, GH, NTRA, PWR, XBI | AI, Biotechnology, energy, growth, healthcare, industrials, small caps, technology | AI continues to be the dominant theme driving the market and economy. Demand for AI LLMs is going up exponentially, with demand by AI users and related demand for AI compute continuing to exceed supply. AI capex and data center spending are expected to remain strong as LLMs still need to increase dramatically in terms of intelligence. Small caps continue to outperform since the April bottom, with the Russell 2000 returning nearly 42.4% from the low. Small cap earnings have accelerated in 2025 and are improving on an absolute and relative basis, expected to outgrow large cap earnings in percentage terms over the next year. Healthcare displayed very strong relative performance during the quarter, with biotech/pharma holdings seeing standout gains driven by positive clinical trial results and clinical approvals. The biotech ETF is making a new four year high as the sector broadly performed much better. AI capex and data center spending are expected to remain strong due to exponential demand growth for AI LLMs. However, a key risk involves potential delays in completing data centers from shortages in power generation, the grid and equipment, resulting in project postponements. Energy contributed positively with outperformance coming from strength in oil service and uranium miners. The portfolio maintains an overweight position in energy versus the benchmark, with exposure increasing during the quarter. | View | |
| 2023 Q3 | Sep 30, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ALGT, CALM, CIEN, CTRA, CVNA, ENOV, ESAB, LANC, MAA, PRGS, RRR, WCC | energy, financials, industrials, rates, small caps, value | Energy was the best performing sector in Q3 with a 17% gain driven by rising oil prices and OPEC+ production cuts. The portfolio benefited from holdings like Civitas Resources and Coterra Energy, both oil and gas producers with assets in key basins. | View | |
| 2023 Q3 | Sep 30, 2023 | Octahedron Capital | 0.0% | 0.0% | AAPL, ABNB, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, BKNG, CPNG, CRWD, CVNA, DASH, DBRX, DIS, ETSY, GOOGL, INTC, KVYO, LRCX, MA, MELI, MSFT, NFLX, NU, NVDA, PTON, SNOW, SPOT, TSM, UBER, V, W | AI, Cloud, E-Commerce, payments, semiconductors, Streaming, technology, Travel | Generative AI is driving a platform shift in software and enabling new applications. The industry is transitioning to accelerated computing with data centers making a platform shift from general purpose to accelerated computing. AI investments are capex-heavy but expand software TAM through LLMs enabling software to eat OpEx. | View | |
| 2022 Q3 | Aug 11, 2022 | Steel City Capital | -7.9% | -18.2% | ATEX, CVNA, LILA, NWSA, SATS, YELP | - | View | ||
| 2023 Q1 | Aug 5, 2023 | Deep Sail Capital Partners | 13.8% | 23.5% | CVNA, DUOL, LEAT, MELI, NVDA, RADI, RCM, WE.TO | Banking, E-Commerce, LatAM, Long/Short, Recession, small caps | Manager expects a recession in fall 2023 driven by banking crisis and ZIRP policy consequences. Regional banks face structural issues on both asset and liability sides, leading to reduced lending and consumer demand. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2023 Q4 | Aug 1, 2024 | Saga Partners | 22.6% | 39.4% | CVNA, LGIH, META, RDFN, ROKU, TRUP, TTD | Concentration, growth, Long-only, Quality, technology | The portfolio includes multiple e-commerce and digital commerce companies including Carvana (online auto sales), Redfin (real estate platform), and Trade Desk (digital advertising). These companies represent the ongoing digital transformation of traditional commerce sectors. | View | |
| 2023 Q2 | Jul 27, 2023 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN | AI, Biotechnology, defense, energy, growth, healthcare, mid cap, technology | The AI investment theme remains intact with continued user adoption and corporate implementations bearing fruit. The team is actively seeking AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. However, they note current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error. | DXCM FICO ARIS|BAB LN|GDDY|GXI|III LN|IOT|IRTC|MIPS SS|RBC|SAIA|SPOT|SRT GR|TTD|WING AXON ARIS|BAB LN|GDDY|GXI|III LN|IOT|IRTC|MIPS SS|RBC|SAIA|SPOT|SRT GR|TTD|WING MDB INSM ALNY ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN MPWR |
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| 2024 Q2 | Jul 19, 2024 | Recurve Capital | - | - | AMZN, AWI, CCOI, CVNA, NCLH, RH, TV, W, WMS | AI, Concentration, Furniture, small caps, Telecom, Used Autos, value, volatility | Manager views AI as a speculative, capital-intensive paradigm shift similar to the internet boom, requiring massive upfront investments without clear mass adoption or revenue models. Compares it to Field of Dreams investing where companies spend as if outcomes are foregone conclusions. Expects competitive dynamics to lead to value leaking to customers rather than generating monopolistic returns. | View | |
| 2024 Q2 | Jul 16, 2024 | Optimist Fund | 27.8% | 49.2% | ACVA, CIGI, CVNA, DASH, HFG, MNDY, RVLV, SMAR, TDUP, UBER, W | Concentration, E-Commerce, growth, mid cap, SaaS, technology | The fund holds multiple e-commerce leaders including Carvana (fastest growing automotive dealer in North America), Wayfair (waiting for home goods market stabilization), and ThredUp (second-hand consignment marketplace). These companies are positioned to benefit from continued digital transformation and market share gains. | MNDY CVNA |
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| 2023 Q2 | Jun 30, 2023 | RV Capital | 0.0% | 29.9% | CACC, CRM, CVNA, IBKR, META, PRX.AS, RYM.NZ, WIX | Concentration, global, Long Term, Quality, value | View | ||
| 2024 Q1 | Apr 25, 2024 | Recurve Capital | - | - | AMT, AWI, CCOI, CVNA, SIRI | Concentration, Cruises, E-Commerce, growth, technology, value | Carvana is positioned as the market-leading pure-play e-commerce used auto retailer with only 1% market share in a large stable market. The company has significant future growth ahead with under-utilized fixed infrastructure that can leverage and grow into with additional labor. Carvana has embedded advantages across multiple dimensions because of its large-scale vertical production and logistics infrastructure. | CCOI AWI CVNA |
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| 2023 Q3 | Apr 10, 2023 | Saga Partners | 22.6% | 39.4% | CVNA, LGIH, META, RDFN, ROKU, TRUP, TTD | Concentration, consumer, growth, technology, value | View | ||
| 2023 Q1 | Mar 31, 2023 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | ALNY, ARES, AXON, COR, CVNA, DXCM, FICO, HLT, INSM, MDB, MPWR, NET, RBA, RBLX, RCL, TTD, VRT, WING, WYNN | AI, Data centers, defense, growth, healthcare, mid cap, Natural Gas, technology | The AI investment theme will remain intact into the end of the year as user adoption continues to accelerate and corporate implementations begin to bear fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are well positioned to see a potential inflection in earnings growth fueled by AI-driven margin expansion. However, they recognize that current lofty multiples of many AI infrastructure stocks imply a strong growth trajectory for the next several years and leave little margin for error. | ARIS|BAB LN|GDDY|GXI|III LN|IOT|IRTC|MIPS SS|RBC|SAIA|SPOT|SRT GR|TTD|WING MDB INSM ALNY ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN MPWR |
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| 2023 Q1 | Mar 31, 2023 | FMI All Cap Equity | -1.8% | 11.2% | ARW, AVY, CSL, CVNA, FERG, FMS, G, KMX, PHG, SAP, SCHW, SNN.L | inflation, positioning, rates, Sentiment, value | Portfolio trades at 13.7x projected 2023 earnings, representing a 43% discount to Russell 3000. Manager emphasizes attractive valuations on both absolute and relative basis as a key source of optimism. | FERG AVY |
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| 2023 Q1 | Mar 31, 2023 | RV Capital | 0.0% | 29.9% | CACC, CRM, CVNA, IBKR, META, PRX.AS, WIX | Concentration, global, Long Term, Quality, value | View | ||
| 2023 Q4 | Feb 20, 2024 | Bronte Capital Amalthea Fund | -3.7% | 0.0% | AFRM, BMY, CVNA, FL, HIBB, KRTX, NKE | Footwear, Long/Short, retail, risk management, Short Selling, Social Media | Fund operates with over 600 short positions experiencing significant squeeze pressure in December. Manager discusses challenges of maintaining large short book during market rallies and emphasizes importance of proprietary research versus following popular short ideas. | HIBB KRTX CVNA |
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| 2022 Q4 | Feb 16, 2023 | Saga Partners | 22.6% | 39.4% | CVNA, RDFN | - | View | ||
| 2024 Q4 | Jan 20, 2025 | Optimist Fund | 11.6% | 66.5% | ACVA, BFIT.AS, CRCT, CVNA, DASH, DSV.CO, FIGS, HFG.DE, LATM, MNDY, REVL, TDUP, TDY, UBER, W, XPOF | consumer, E-Commerce, growth, Logistics, mid cap, profitability, technology | Multiple e-commerce holdings including Carvana (used car retail), DoorDash (food delivery), Revolve (fashion), and Wayfair (home goods) represent core portfolio positions. The manager sees significant growth potential as these companies gain market share and improve profitability despite challenging market conditions. | TDUP W POOL RVLV HFG.DE DASH CVNA |
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| 2024 Q4 | Jan 16, 2025 | Recurve Capital | - | - | AMZN, AWI, BC.MI, CCOI, CVNA, NCLH, RCL, RH, W | disruption, E-Commerce, growth, Luxury, Recovery, technology, Travel, value | Carvana is disrupting auto retailing with 1% market share in a fragmented market where the largest player has 2% share. The company offers superior retail experience and delivery services compared to 40,000 independent dealers. Wayfair is building a disruptive platform in home furnishings, bringing global suppliers to retail customers through its marketplace model with verticalized logistics capabilities. | View | |
| 2023 Q3 | Jan 10, 2023 | RV Capital | 0.0% | 29.9% | CACC, CRM, CVNA, GLJ.DE, IBKR, META, PDD, PRX.AS, RYM.AX, WIX | Concentration, global, Long/Short, Quality, value | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 13, 2026 | Fund Letters | Optimist Fund | Carvana | Auto & Truck Dealerships | Specialty Retail | Bull | New York Stock Exchange | Consumer Discretionary, e-commerce, market share, Reconditioning, Unit growth, Used cars | View Pitch |
| Apr 28, 2026 | Fund Letters | Bronte Capital Amalthea Fund | Carvana Co. | Consumer Discretionary | Specialty Retail | Bear | NYSE | bankruptcy risk, Bear, Distressed, e-commerce, Equity Stub, leverage, used car retail | View Pitch |
| Apr 23, 2026 | Fund Letters | Carillon Eagle Mid Cap Growth Fund | Carvana | Auto & Truck Dealerships | Specialty Retail | Neutral | New York Stock Exchange | Automotive Retail, Cost control, digital platform, e-commerce, Online Used Cars, profitability, Unit growth, Vehicle Refurbishment | View Pitch |
| Apr 13, 2026 | Fund Letters | Optimist Fund | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Balance Sheet Recovery, Consumer Discretionary, e-commerce, EBITDA margin, profitability inflection, turnaround, used car retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Optimist Fund | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | NYSE | e-commerce, EBITDA margin, Long-term Target, scaling, Unit growth, Used cars | View Pitch |
| Apr 13, 2026 | Fund Letters | Optimist Fund | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Automotive Retail, e-commerce, EBITDA growth, market leader, turnaround, Unit growth, Used cars | View Pitch |
| Apr 13, 2026 | Fund Letters | Recurve Capital | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | NYSE | e-commerce, EBITDA multiple, market share growth, network effects, Operational Leverage, Scalable Infrastructure, turnaround, used car retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Recurve Capital | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Consumer Surplus, debt restructuring, deleveraging, e-commerce, Free Cash Flow, Platform business, secular growth, turnaround, Unit economics, used car retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Optimist Fund | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | NYSE | automotive, e-commerce, EBITDA margins, market share expansion, Revenue Growth, used car retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Optimist Fund | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Automotive Retail, e-commerce, EBITDA margins, market share, Unit growth, Used cars | View Pitch |
| Apr 13, 2026 | Fund Letters | Recurve Capital | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Disruptor, e-commerce, Equity, Flywheel Effects, growth, operating leverage, Used Auto, vertical integration | View Pitch |
| Apr 9, 2026 | Fund Letters | Recurve Capital | Carvana Co. | Auto & Truck Dealerships | Specialty Retail | Bull | New York Stock Exchange | Automotive Retail, e-commerce, EBITDA multiple, growth, Low Cyclicality, Mass Consumer, Used cars | View Pitch |
| Feb 26, 2026 | Fund Letters | Vinson Walden | Carvana Co. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | New York Stock Exchange | ecommerce, Financing, Logistics, margin, marketshare, scale | View Pitch |
| Feb 21, 2026 | Fund Letters | Jordan McNamee | Carvana Co. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | automotive, EBITDA, ecommerce, growth, Margins, profitability, scale, turnaround, Uniteconomics | View Pitch |
| Jan 24, 2026 | Fund Letters | Frank M. Sands | Carvana Co. | Consumer Discretionary | Specialty Retail | Bull | New York Stock Exchange | Credit, ecommerce, Inventory, Logistics, Margins, Refinancing, scale | View Pitch |
| Jan 24, 2026 | Fund Letters | Emerson Bluhm | Carvana Co. | Internet Retail | E-commerce Retail | Bull | New York Stock Exchange | ecommerce, Lending Margins, Logistics, scale, Unit growth | View Pitch |
| Jan 23, 2026 | Fund Letters | Matthew Kamm | Carvana Co. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | Autos, ecommerce, Logistics, scale, Unit_economics | View Pitch |
| Jan 21, 2026 | Substack | Kairos Research | QXO | Industrial Distribution | Building Products Distribution | Neutral | Acquisitions, Brad Jacobs, Building materials, Capital Raise, convertible preferred stock, Industrial distribution, Market expansion, QXO, synergies, valuation | View Pitch | |
| Jan 9, 2026 | - | Pratik Kodial | Carvana Co. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | 19413, 21288, 21334, 21539, 36660 | View Pitch |
| Jan 8, 2026 | Fund Letters | Aaron Chan | Carvana Co. | Consumer Discretionary | Automotive E-Commerce | Bull | NASDAQ | Autos, deleveraging, ecommerce, Operatingleverage, turnaround | View Pitch |
| Jan 8, 2026 | Fund Letters | Jordan McNamee | Carvana Co. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | Autos, ecommerce, growth, Margins, scale, turnaround | View Pitch |
| Dec 5, 2025 | Fund Letters | Brian Angerame | Carvana Co. | Consumer Discretionary | Automotive Retail | Bull | NYSE | Auto, ecommerce, growth, Margins, restructuring | View Pitch |
| Nov 29, 2025 | Fund Letters | Aaron Chan | Carvana Co. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Autos, Digital retail, e-commerce, growth, turnaround | View Pitch |
| Nov 29, 2025 | Fund Letters | Jordan McNamee | Carvana Co. | Consumer Discretionary | Automotive Retail | Bull | NYSE | Auto retail, e-commerce, FCF, growth, leverage, Margins, scale | View Pitch |
| Nov 29, 2025 | Fund Letters | GEORGE SAKELLARIS | Carvana Co. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Autos, Digital, e-commerce, growth, Margins, retail, Scalability | View Pitch |
| Nov 28, 2025 | Fund Letters | Jordan McNamee | Carvana Co. | Consumer Discretionary | Automotive Retail | Bull | NYSE | Auto retail, e-commerce, FCF, growth, leverage, Margins, scale | View Pitch |
| Nov 28, 2025 | - | Pratik Kodial | Carvana Co. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | 19413, 21288, 21334, 21539, 36660 | View Pitch |
| Sep 16, 2025 | Short Thesis | Kerrisdale Capital | Carvana Co | Consumer Discretionary | Automotive Retail | Bear | NYSE | Auto, Governance, leverage, Margins, Online | View Pitch |
| Sep 16, 2025 | Short Thesis | Kerrisdale Capital | Carvana Co | Consumer Discretionary | Automotive Retail | Bear | NYSE | debt, Liquidity, Margins, Securitization, Used cars | View Pitch |
| Sep 16, 2025 | Short Thesis | Nate Anderson | Carvana Co | Consumer Discretionary | Automotive Retail | Bear | NYSE | Autos, cash burn, debt, retail, Subprime | View Pitch |
| Sep 16, 2025 | Short Thesis | Hindenburg | Carvana Co | Consumer Discretionary | Automotive Retail | Bear | NYSE | Credit, debt, Liquidity, Margins, Used cars | View Pitch |
| Aug 13, 2025 | Seeking Alpha | CAN Analyst | Carvana Co. | Consumer Discretionary | Auto & Truck Dealerships | Neutral | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Juxtaposed Ideas | Carvana Co. | Other | - | 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 |
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| No investor data available. | ||||||||