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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Oct 24, 2025 | Meridian Hedged Equity Fund | 1.6% | - | DHI, FIGR, ICE, JNJ, KVUE, LBRDK | AI, Covered Calls, downside protection, interest rates, Quality | The fund combines unhedged quality longs with a systematic covered-call overlay to dampen volatility and protect downside while still participating in upside. Management sees AI enthusiasm, policy easing, and softening labor trends as key market drivers, but stresses valuation discipline and risk management. Positioning remained ~38% unhedged with the balance in covered calls to balance growth and protection. | JNJ DHI ICE KVUE LBRDK JNJ DHI ICE KVUE LBRDK |
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| 2025 Q4 | Jan 18, 2026 | Ninepoint Partners LP | 0.0% | 0.0% | COIN, FIGR, SHOP.TO | AI, crypto, Electrification, energy, fixed income, gold, infrastructure, Natural Gas | Natural gas has transitioned from a bridge fuel to the fuel to satisfy massive increases in power demand. U.S. export capacity is projected to increase by 2 bcf/d in 2026, while LNG Canada is expected to ramp up to full capacity. The EIA estimates U.S. electricity demand will grow by 2.2% in both 2025 and 2026, with ERCOT demand expected to grow by 20% from 2024 levels. AI remains the strongest tailwind for global equities, driving immense investment in data centers and providing an offset to economic weakness from trade uncertainty. The technology is still in early stages of adoption and should create new investment opportunities across healthcare and consumer applications. AI agents require crypto rails as the only internet-native financial infrastructure through which they can operate autonomously. Gold continued its upward ascent in 2025, starting at approximately $2,640/oz and peaking at $4,356/oz in October before settling into the $4,000/oz range. This momentum was fueled by continuing central bank demand and increased interest from Western investors embracing gold as a strategic asset. Gold equities finally started to work in 2025 and are expected to continue playing catch-up in this commodity-led rally. 2025 was crypto's strongest year yet due to regulatory progress and institutional adoption. The tokenization of real-world assets accelerated, stablecoins gained legal clarity, and prediction markets emerged as powerful pricing engines. Crypto stands on the edge of its most transformative chapter where digital assets, traditional finance, and AI begin to operate as one interconnected system. Global infrastructure is supported by structural tailwinds from electrification and fiscal spending on large-scale construction projects. Electricity demand is expected to accelerate through 2035, led by power-intensive AI-focused data centers. The IEA expects global electricity demand to increase by 3% per year to 2035, equivalent to adding Japan's current total demand annually. The metals and mining sector has become a strategic priority in a complex geopolitical landscape, with governments pivoting policies to ensure access to critical minerals. Technology is driving strong demand from AI-focused data centers, battery chemistry advances, and electrical grid upgrades. Canada is well positioned as a Tier-1 mining jurisdiction and leading metal producer. The electrification of the global economy has been the most important structural tailwind for infrastructure. Rising electricity demand is a global trend, with the IEA expecting growth across all major regions led by emerging economies. Meeting this demand requires ongoing investment across power generation, electricity transmission and distribution. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 2, 2025 | Seeking Alpha | Seeking Alpha | Figure Technology Solutions, Inc. | Capital Markets | Neutral | Blockchain, consumer lending, credit market, Digital Assets, financial technology, HELOC, loan origination, loan tokenization, marketplace model, Provenance blockchain | 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 |
|---|---|---|---|---|---|---|---|---|
| Marc Rowan | Apollo Global Management | $10.6B | $49.8M | 0.47% | 1,548,527 | +1,548,527 | +100.00% | 0.6498% |
| Chase Coleman III | Tiger Global Management | $29.7B | $8.2M | 0.03% | 200,000 | +200,000 | +100.00% | 0.1066% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $15.7M | 0.02% | 383,700 | +383,700 | +100.00% | 0.2045% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $16.5M | 0.02% | 403,310 | -588,896 | -59.35% | 0.2150% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $3.5M | 0.01% | 84,535 | +84,535 | +100.00% | 0.0451% |
| Stanley Druckenmiller | Duquesne Capital Management | $4.5B | $62.9M | 1.40% | 1,539,785 | -577,040 | -27.26% | 0.8208% |
| George Soros | Soros Fund Management | $6.8B | $85.7M | 1.26% | 2,097,698 | -135,784 | -6.08% | 1.1182% |