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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Antero Peak Group | 7.0% | 28.3% | AAPL, CEG, CP, DHR, ENR.DE, EQIX, GE, ISRG, LIN, LLY, MCO, META, MSFT, MSI, MTD, NDAQ, SAF.PA, SPGI, SPOT, TDG | aerospace, AI, energy, growth, industrials, nuclear, technology | AI is driving structural acceleration in data monetization and enterprise transformation. Machine learning, AI, and cloud are causing the economic value of data to structurally accelerate through new products and applications. Digital transformation represents a paradigm shift with major inflection demand for companies enabling transformation through software, services, and AI. | View | |
| 2025 Q2 | Jul 30, 2025 | Third Point Partners | 7.5% | - | CASY, COOP, DSV.CO, ENR.DE, FTV, INF.L, KVUE, LSEG.L, LYV, NVDA, PCG, RKT, RR.L, TSM, VST, X | AI, credit, energy, Europe, M&A, Mortgage, technology, Trade Policy | Continued consumer and enterprise adoption of AI as well as relentless commitment to AI capex drove further gains in the technology sector. AI represents a massive downward shift in the cost curve, similar to fracking's impact on energy. The manager believes AI might do for credit in 2025/26 what fracking did in 2015/16, creating opportunities in stressed/distressed technology credits. | INF.L CASY RKT INF LN CASY RKT |
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| 2025 Q2 | Jul 27, 2025 | Jackson Peak Capital | - | - | BABA, ENR.DE, HEI.DE, IWM, LDO.MI, META, PLTR, RHM.DE, TTAN | AI, defense, Europe, Long/Short, SPACs, tariffs, volatility | Focus on companies leveraging AI to enhance core operations as large language models become enterprise-ready. Researching software companies that could benefit from AI instead of being cannibalized by it. META and BABA represent this thesis. | TTAN |
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| 2024 Q1 | May 3, 2024 | Curreen Capital | 0.9% | 1.9% | AAP, ADV, CACC, ENR.DE, FTDR, GETB.L, VFC | energy, global, retail, small caps, turnaround, value | Manager initiated position in Siemens Energy, viewing the electrical power industry as returning to growth after a decade of stagnation. Believes Siemens Energy will successfully turn around its wind business and offers attractive upside-to-downside valuation. | NILB.ST GETB.L FTDR CACC ADV AAP ENR.DE |
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| 2024 Q1 | May 18, 2024 | Massif Capital | 2.4% | 12.0% | AES, COPX, ENR.DE, ENVX, EQX.TO, LIT, OCI.AS, PLL | energy, Fertilizers, gold, materials, Mining, real assets | Gold has rallied 25% since October 2023 despite traditional models suggesting otherwise, driven by fear-based buying from central banks, Asian retail, and US retail rather than wealth-driven consumption. Central banks have accelerated gold accumulation due to USD system concerns and geopolitical instability. The manager expects continued bullish momentum given low probability of fear-reducing events. | OCI.AS |
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| 2026 Q1 | May 13, 2026 | Green Ash Partners | 6.8% | 6.8% | BE, ENR.DE, GEV, LUNR, RKLB | defense, energy, infrastructure, Space, special situations, technology | View | ||
| 2025 Q1 | Apr 3, 2025 | Rodrigo Benedetti | - | - | AMZN, COOP, CUBI, ENR.DE, GOOG, HNRG, HSBK.L, META, NVDA, OZK, PSIX, RDFN, RKT, SRC.L, SWI, TKA.DE | AI, banks, defense, Europe, megacaps, Trade Policy, value | AI capex and MAG7 stocks were getting entrenched with their fates interlinked. The AI/datacenter trade became radioactive after the correction, though the manager sees potential if capex numbers grow in 2026 and flatten in 2027. Looking at energy plays around AI infrastructure. | View | |
| 2026 Q1 | Apr 29, 2026 | Curreen Capital | -14.0% | -14.0% | AAP, ENR.DE, FTDR, FTRE, GETB.L, VFC | small cap, special situations, spinoffs, Turnarounds, value | VFC ENR.DE GETB.L FTDR FTRE AAP |
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| 2026 Q1 | Apr 23, 2026 | Polen Capital – International Growth | -14.4% | -14.4% | 005930 KS, 1299 HK, 6861.T, 7011.T, AZN, ENR.DE, INPST.L, RHM.DE, SAAB-B.ST, TSM | AI, Concentration, defense, energy, growth, international, Quality, semiconductors | 6861.T 005930.KS ENR.DE 1299.HK AZN 7011.T SAAB-B.ST RHM.DE TSM |
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| 2026 Q1 | Apr 10, 2026 | Third Point Partners | -0.6% | -0.6% | AMZN, CASY, COF, CRH, CRS, CSGP, ENR.DE, IDR.MC, KEYS, MTZ | AI, credit, defense, Event-Driven, Long/Short, oil, private credit, Structured Credit | CSGP INDRA.MC |
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| 2026 Q1 | Apr 10, 2026 | Third Point Offshore Fund | -0.6% | -0.6% | AMZN, CASY, COF, CRH, CRS, CSGP, ENR.DE, IDR.MC, KEYS, MTZ | AI, credit, defense, Housing, oil, private credit, Shorts | CSGP IDR.MC |
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| 2025 Q1 | Mar 31, 2025 | Artisan Focus Fund | -1.9% | -1.9% | CEG, ENR.DE, GE, MSFT, NDAQ, NVDA, RR.L, SAF.PA, TSM, VST | aerospace, alpha, energy, Focus, fundamentals, Manufacturing, risk management | Aerospace normalization theme was a strong contributor with General Electric continuing clean execution as a pure-play aerospace engine maker and revising earnings higher. Rolls-Royce saw positive upward revisions to free cash flow estimates of nearly 20%. The team remains positive on what they view as a structural shortage of aircraft, leading to an aging fleet and increasing value of engine and aftermarket assets. | View | |
| 2025 Q4 | Feb 6, 2026 | Third Point Partners | 1.9% | - | 000660.KS, 034730.KS, BHC, CRS, CSGP, DSV.CO, ENR.DE, META, MIK, MSFT, PCG, PRMB, QBR.B.TO, SNBR, TPG, VST | AI, credit, defense, healthcare, Mortgage, semiconductors, Telecom, value | AI dominates market headlines and is forcing a re-think of established beliefs about capital-light business models like software. Many software companies now face increased investor skepticism about the sustainability of their moats and scrutiny of their high-margin structures. The AI theme seems less bulletproof with recent Oracle selloff. Ongoing rotation from software into semiconductors, memory, and semicap equipment. SK Hynix has solidified its leadership in high-bandwidth memory (HBM), emerging as the exclusive HBM supplier for Microsoft's in-house AI accelerator and securing roughly two-thirds of NVIDIA's anticipated HBM4 demand at meaningfully higher price points and margins. Continued strength in European defense equities as capital-intensive businesses like defense contractors are having their moment. Investors are waking up to their mission critical role in the rebuilding of supply chains and national security complexes. Both private credit and private equity will continue to struggle with monetization due to billions of dollars trapped in private equity that cannot be monetized at acceptable prices. The line between public and private is blurring with the more relevant distinction being traded and not yet traded. Expect more liability management exercises and in-court restructurings with almost 40% of restructurings being repeat offenders. Ratings downgrades and defaults continue to pressure stressed leveraged loans creating attractive entry points with elevated dispersion in the leveraged loan market. Residential mortgages remained resilient in 2025, particularly seasoned loans with lower balances. There is currently $35.8 trillion of home equity in US homeowners' balance sheet, creating large margin of credit protection and ability to expand investments in residential real estate into home affordability products. | SGI 402340 KS |
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| 2024 Q4 | Feb 4, 2025 | Third Point Partners | 9.1% | - | AMZN, APO, BN, DHR, EIX, ENR.DE, FERG, GLEN.L, ICE, LPLA, LYV, META, NVDA, PCG, TSLA | credit, energy, Entertainment, Event-Driven, infrastructure, Multi-Strategy, Utilities | Siemens Energy positioned to benefit from secular growth in grid equipment and gas turbines driven by renewable energy integration and electrification. The company has built a €123 billion backlog representing 3.6x annual revenue, providing visibility into outsized organic revenue and earnings growth. | PCG ENR.DE LYV BN |
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| 2024 Q4 | Dec 31, 2024 | Antero Peak Group | - | 31.9% | AAPL, AMZN, APO, CEG, ENR.DE, EQIX, GE, GEV, ISRG, KKR, KMI, LLY, META, NDAQ, PGR, SPOT, TDG, TSLA, TSM, WMB | aerospace, AI, energy, infrastructure, large cap, Natural Gas, private markets, technology | Machine learning, AI, and cloud are causing the economic value of data to structurally accelerate through new products and applications. AI has allowed for enhanced user experiences which leads to customer retention, higher incremental margins, and emerging moats. Digital transformation is a paradigm shift with major inflection demand for companies that enable transformation through software, services, and AI. | View | |
| 2025 Q3 | Oct 6, 2025 | HalvioCapital | 12.6% | 19.3% | 4PNT.L, AAP, CACC, ENR.DE, FTDR, FTRE, GETB.L, KTB, THNC.TO, VFC | Apparel, Buybacks, healthcare, small caps, spinoffs, Turnarounds, value | Multiple portfolio companies are actively repurchasing shares, including Kontoor which has been buying back stock since its 2019 spinoff, and Credit Acceptance which is aggressively buying back its own shares despite weaker growth and profitability. | 8841 JP 9478 JP MCCK US NLOP US CPH CN |
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| 2024 Q3 | Oct 29, 2024 | Massif Capital | 2.4% | 12.0% | AFM.TO, ENR.DE, ENVX, EQX.TO, GEV, OCI | China, commodities, Energy Transition, Europe, Mining, real assets, volatility | China's economic growth model is at an inflection point due to unsustainable credit expansion, inefficient financial allocation, and mounting fiscal pressures. The manager expects this growth overhang to weigh on commodity prices and the real asset ecosystem for the next 12 to 18 months. | AFM.TO ENR.DE |
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| 2025 Q3 | Oct 24, 2025 | Curreen Capital | 9.0% | 18.5% | 4IMPRINT, AAP, CACC, ENR.DE, FTDR, FTRE, GETB.L, KTB, THNC.TO, VFC | Apparel, Buybacks, healthcare, small cap, spinoffs, technology, Turnarounds, value | Multiple portfolio companies are executing turnaround strategies including Advance Auto Parts fixing its balance sheet and improving operations, Fortrea attempting to turn around after spinning out of Labcorp, and VF Corp rebuilding management and returning to growth after fixing its balance sheet. | FTRE THNC CN GETB GB KTB ENH FTRE THNC CN GETB GB KTB ENH |
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| 2024 Q3 | Oct 24, 2024 | Curreen Capital | 0.9% | 1.9% | AAP, CACC, EHAB, ENR.DE, FOUR.L, FTDR, GETB.L, NILB.ST, PLUX.PA, VFC | contrarian, Quality, small caps, spinoffs, Turnarounds, value | The fund focuses on buying quality businesses while they are temporarily out of favor in the stock market, describing their holdings as ugly ducklings that often languish for months before the market recognizes their value. The strategy involves starting small and buying more as stock prices drop to predetermined discounts. | VFC ENR.DE NILB.ST GETB.L FTDR EHAB CACC |
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| 2025 Q3 | Oct 15, 2025 | O’Keefe Stevens Advisory, Inc | - | - | 4PNT.L, AAP, CACC, ENR.DE, FTDR, FTRE, GETB.L, KTB, THNC.TO, VFC | Apparel, healthcare, small caps, spinoffs, Turnarounds, value | Multiple portfolio companies are actively repurchasing shares, including Kontoor which has been buying back stock since its 2019 spinoff, and Credit Acceptance which is aggressively buying back its own shares despite weaker growth. | View | |
| 2025 Q4 | Jan 30, 2026 | Artisan Focus Fund | -0.5% | 19.9% | AAPL, ADI, AXON, CAT, COF, ENR.DE, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RR.L, SHOP.TO, TSM, WELL, WFC | aerospace, AI, energy, financials, growth, industrials, semiconductors, technology | AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025 with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with data centers reaching deep into industrial portfolios. Caterpillar's co-located power capability at data centers represents significant revenue upside potential to the Energy & Transportation segment. Analog Devices represents the premium analog compounder as the cycle turns, with best-in-class economics including 70%+ gross margins and 45-50% EBIT targets. The team believes 2Q25 marked the restart of the semiconductor cycle with pricing and margin inflection underway. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies like Siemens Energy, GE Vernova, Constellation Energy and Vistra are positioned to benefit from this structural shift. Industrial automation represents a key secular trend with companies like Rockwell Automation positioned to benefit from digitization and AI-enabled transformation of enterprise operations. This includes factory automation and process optimization across manufacturing. | GE |
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| 2025 Q4 | Jan 29, 2026 | Curreen Capital | 10.5% | 31.0% | AAP, DND.TO, ENR.DE, FTDR, FTRE, GETB.L, TRUE-B.ST, VFC | energy, healthcare, small caps, spinoffs, Turnarounds, value | Curreen Capital has been particularly successful with spinoff investments since launch, with 2025's three biggest winners all being spinoffs. The manager views ugly duckling spinoffs as the best investment opportunities when they combine good businesses, capable management, and attractive pricing. The fund focuses on 'ugly ducklings' - good businesses run by capable managers bought at attractive prices with upside-to-downside ratios of at least 5:1. They target companies earning above 20% after-tax returns on capital over time. Siemens Energy benefited from the end of decade-long stagnation in global electricity demand, driven by deferred infrastructure maintenance, continued electrification, and rapid rise of AI spurring a new demand cycle. | AAP FTRE FTDR GETB LN ENG GR VFC |
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| 2025 Q4 | Jan 21, 2026 | Platinum International Technology Fund | 0.0% | 13.0% | AMD, AMZN, ANET, ASML, AVGO, CPNG, ENR.DE, GEV, ISRG, LRCX, MA, MSFT, NVDA, RHM.DE, SAP, SHOP, TSM, UBER, VEEV, VRT | AI, Capex, Data centers, defense, energy, growth, semiconductors, technology | AI disruption is reshaping consumer internet companies and hyperscalers as OpenAI's growth shifts attention from traditional platforms. The industry remains in an arms race to secure capacity for training larger models, funded by big tech balance sheets. AI agents threaten existing paradigms in consumer tech and could cannibalize advertising revenues while potentially making platforms commoditized. Around a third of the Fund is invested in companies benefiting from AI datacenter buildout including Nvidia and Vertiv. The manager expects big tech capex growth of ~35% year-on-year is too conservative, with TSMC AI wafers revenue growing ~60% YoY and advanced packaging capacity growing ~70% YoY. Lower interest rates and AI's role in US-China competition could prolong this cycle. Semiconductor names like TSMC and Lam Research were key contributors this quarter, reflecting expectations that new capacity will be needed in 2026 to support AI compute growth. TSMC is viewed as a key bottleneck in the AI value chain as the only company who can make leading edge AI chips at scale. The fund initiated positions in Siemens Energy and GE Vernova, both sitting in an oligopoly supplying combined-cycle gas turbines to utilities and data centers. With US power shortages and rising electricity prices, both companies are expected to add capacity, driving volumes and margins above consensus. Five percent of the Fund is invested in defense companies such as Rheinmetall and Exosense. The manager sees the beginning of a decade-long capex cycle driven by multi-polar geopolitics, the emerging need to integrate disparate hardware systems, and the growth of AI applications in unmanned system platforms. | 2330 TT VEEV TSM UBER J |
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| 2024 Q2 | Jul 23, 2024 | Massif Capital | 2.4% | 12.0% | ENR.DE, ENVX, LAAC, LAC | Battery Technology, commodities, Energy Transition, Grid Infrastructure, inflation, Mining, real assets, Utilities | Despite Federal Reserve rate hikes, inflation remains stubbornly high in certain sectors with elevated consumer expectations. Structural inflationary pressures persist in shipping costs, copper prices, and other commodities due to supply constraints and capacity limitations. | View | |
| 2023 Q2 | Jul 14, 2023 | Massif Capital | 2.4% | 12.0% | ADT.AX, AES, AFM.TO, CTM.AX, EC, ENR.DE, EQNR, EQX, FLNC, IXR.AX, LAC, PICK, VALE | commodities, energy, materials, Mining, natural resources, real assets, Utilities | Manager views energy transition as requiring massive investment in renewable assets while maintaining hydrocarbon infrastructure. Believes oil and gas remain critical for supporting economic growth needed to fund transition to low-carbon economy. Sees environmental and economic sustainability as interconnected. | ENR.DE CTM.AX AES |
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| 2025 Q1 | Apr 24, 2025 | Curreen Capital | -4.7% | -4.7% | AAP, CACC, EHAB, ENR.DE, FTDR, GETB.L, HAVAS.PA, NILB.ST, VFC | Europe, small caps, spinoffs, Turnarounds, value | Manager focuses heavily on recent spinoffs like Havas (spun from Vivendi in December 2024) and Enhabit (spun from Encompass Health in July 2022). Notes that in market downturns, recent spinoffs are often sold aggressively, creating attractive opportunities. | HAVAS.AS |
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| 2023 Q4 | Feb 13, 2024 | Hosking Partners | 0.0% | 0.0% | 1605.T, ARR.TO, ENR.DE, MSFT, ORSTED.CO, TPG | Capital Cycle, Energy Transition, Engagement, Esg, Offshore Wind, Renewables, Voting, Wind | The offshore wind sector experienced significant value destruction with companies like Ørsted and Siemens Energy falling 75% from 2021 highs. The boom was driven by mispriced capital and unrealistic cost deflation assumptions, while the bust resulted from cost inflation, rising interest rates, and technological limitations that made project economics unviable. | View | |
| 2024 Q4 | Jan 22, 2025 | Massif Capital | 0.0% | 12.1% | AFM.TO, BHP, COPX, ENR.DE, ENVX, EQX.TO, EXI, FILL, GDX, GDXJ, GEV, GMIN.TO, LAAC, PICK | commodities, Copper, energy, gold, Lithium, Metals, Mining, real assets | LAAC position suffered 4.6% drawdown in 2024 despite strong operational progress. Management announced 2024 production of 25kt and 2025 guidance of 30-35kt. Updated technical report shows long-term operating costs of $6.5/kg, implying NAV of $3.6 billion versus current market cap of $486 million. | View | |
| 2024 Q4 | Jan 17, 2025 | Curreen Capital | 5.7% | 7.7% | AAP, CACC, EHAB, ENR.DE, FTDR, GETB.L, JXN, KAMBI.ST, NILB.ST, TNET, TRUE-B.ST, VFC | Automotive, healthcare, small caps, Turnarounds, undervalued, value | Manager focuses on buying good businesses at attractive prices below conservative valuation estimates. Portfolio consists of undervalued companies trading at significant discounts to intrinsic value. Strategy emphasizes attractive upside-to-downside ratios across holdings. | ENR.DE NILB.ST FTDR VFC TNET EHAB AAP GETB.L CACC |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 6, 2026 | Fund Letters | Curreen Capital | Siemens Energy | Specialty Industrial Machinery | Electrical Equipment | Bull | AI demand, Cyclical, energy, Germany, Power generation, spinoff, Transmission, turnaround, Wind Turbines | View Pitch | |
| Apr 28, 2026 | Fund Letters | Polen Capital - International Growth | Siemens Energy AG | Specialty Industrial Machinery | Electrical Equipment | Bull | AI infrastructure, energy equipment, Gas turbines, Germany, growth, Power generation, Transmission | View Pitch | |
| Apr 28, 2026 | Fund Letters | Massif Capital | Siemens Energy AG | Industrials | Electrical Equipment | Bull | XETRA | backlog, contrarian, energy infrastructure, Germany, Industrials, Quality Issues, renewable energy, Turbines, Wind Energy | View Pitch |
| Apr 13, 2026 | Fund Letters | Curreen Capital | Siemens Energy | Industrials | Electrical Equipment | Bull | XETRA | energy technology, Germany, Power generation, spinoff, Transmission, turnaround, Value, Wind Turbines | View Pitch |
| Apr 13, 2026 | Fund Letters | Curreen Capital | Siemens Energy | Industrials | Electrical Equipment | Bull | XETRA | Cyclical Recovery, Electricity Transmission, energy infrastructure, Germany, Power generation, spinoff, turnaround, Wind Turbines | View Pitch |
| Apr 13, 2026 | Fund Letters | Curreen Capital | Siemens Energy | Industrials | Electrical Equipment | Bull | XETRA | Cyclical Recovery, Electricity Transmission, energy infrastructure, German, Power generation, spinoff, Wind Turbines | View Pitch |
| Apr 13, 2026 | Fund Letters | Massif Capital | Siemens Energy AG | Industrials | Electrical Equipment | Neutral | XETRA | electrical equipment, energy equipment, Europe, Gas turbines, Grid Infrastructure, profit-taking, renewable energy, Service revenue, valuation multiple, Wind Turbines | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Point Partners | Siemens Energy AG | Industrials | Electrical Equipment | Bull | XETRA | backlog, data centers, energy transition, EV charging, Gas turbines, Germany, Grid Equipment, renewable energy, turnaround, Wind Turbines | 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. | ||||||||