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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Aug 1, 2024 | Tourlite Capital Management | 4.5% | 13.8% | FIP, FTAI, IMVT, LTCH, OABI, PRPL, REAL, RICK | aerospace, Biotechnology, consumer, industrials, infrastructure, Long/Short, small caps, special situations | FTAI Aviation benefits from aerospace market tailwinds with ongoing OEM shortfalls resulting in higher lease rates and extensions. The company announced V2500 as its second focus engine with EBITDA expected to grow from $40 million to $100 million by 2026. Multiple catalysts remain for the remainder of the year including potential PMA parts approvals. | PRPL RICK OABI LTCH FIP FTAI |
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| 2025 Q2 | Jul 27, 2025 | Diamond Hill Small Cap Fund | 11.8% | -1.1% | BA, COOP, DCO, FIP, HURC, LEU, MLAB, OEC, RHP, RRR, TBK, USLM | AI, defense, materials, nuclear, small caps, technology, value | AI-fueled boom had widespread effects across sectors, with technology companies continuing their torrid run as sentiment around AI's potential to radically change life remains high. Nuclear fuel provider Centrus Energy is benefiting from renewed interest in nuclear power to support growing power demand tied to the AI boom. | HURC MLAB FIP DCO USLM RRR LEU COOP AEO ASUR STRW FBIN AZZ UTZ NSP DCO LEU |
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| 2024 Q1 | May 9, 2024 | Tourlite Capital Management | 4.5% | 13.8% | ABUS, APG, ESPR, FIP, FTAI, LGND, OABI, PRGO, PRPL, ROIV | Biotechnology, Hedging, Idiosyncratic, Long/Short, spinoffs, value | Fund maintains four biotech long positions representing ~20% of gross long exposure, viewed as idiosyncratic opportunities based on litigation or corporate events rather than binary drug results. Positions include Roivant Sciences with significant cash position and share buyback program, Arbutus benefiting from Covid vaccine litigation, OmniAb spinoff with 300+ drugs in pipeline, and a recent spinoff trading at 65% discount to cash. | PRGO ROIV ESPR PRPL APG FTAI FIP |
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| 2025 Q1 | May 23, 2025 | Tourlite Capital Management | -4.6% | -4.6% | ABUS, COST, FIP, FTAI, GRAL, IMVT, NFE, OABI, ROIV, SOC, WMT | Biotech, consumer, energy, Event Driven, industrials, infrastructure, Long/Short, tariffs | The fund continues to see meaningful mispricing across select biotech companies, highlighting positions in Roivant, Arbutus, Immunovant, OmniAb, and Grail. Despite short-term volatility from macro headlines and policy developments, these companies trade at substantial discounts to intrinsic value, offering significant upside with a margin of safety over the long term. | FTAI FIP SOC |
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| 2024 Q4 | Dec 31, 2024 | Diamond Hill Small Cap Fund | 1.0% | 13.2% | ALGT, ASH, ASTH, CALM, CMPR, CURB, FIP, GHM, GTES, HAYN, LEU, LOB, MLAB, RCKY, RRR, SANM, USLM, WNS | defense, industrials, infrastructure, nuclear, small caps, value | Growing momentum around building additional nuclear power sources in the United States as immense power needs from AI-related datacenter demand require constant baseload power, which nuclear provides carbon-free. Centrus Energy benefited from this trend. | CURB CMPR MLAB FTAI USLM |
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| 2023 Q3 | Oct 31, 2023 | Tourlite Capital Management | 4.5% | 13.8% | FIP, FTAI, KD, LTCH | arbitrage, consumer, Event Driven, industrials, Long/Short, small cap, special situations | The fund initiated positions in two event-driven arbitrage opportunities during the quarter, both contributing to performance. These involved identifying concrete catalysts that would lead to price convergence of securities with the same economic values. One position was previously unprofitable but gained conviction following positive change in management alignment. | FIP LTCH BKD FTAI |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Small Cap Fund | 7.9% | 6.7% | COOP, DCO, FIP, HURC, LEU, MLAB, OEC, RHP, RRR, TFIN, USLM | AI, defense, nuclear, Quality, small caps, value | The artificial intelligence boom had widespread effects across sectors in Q3, with materials up 25% and technology up over 16%. Technology companies continued their torrid run as sentiment around AI's potential to radically change life remains high. Nuclear fuel provider Centrus Energy is benefiting from renewed interest in nuclear power to support growing power demand tied to the AI boom. | FTAI DCO USLM RRR LEU COOP LEU COOP |
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| 2025 Q3 | Oct 21, 2025 | Tourlite Capital Management | -2.0% | 2.7% | ABUS, APG, FIP, FTAI, IONQ, NFE, OMAB, QBTS, QUBT, RGTI, ROIV, SBSW, TIC | Aviation, fundamentals, infrastructure, Long/Short, Quality, SPACs, Speculation, value | Fund operates as a long/short equity strategy capturing spread between long and short positions. Focuses on higher-quality businesses with positive earnings momentum on the long side while shorting companies with deteriorating fundamentals or unsustainable business models. | View | |
| 2025 Q4 | Jan 28, 2026 | Tourlite Capital Management | 0.2% | 2.8% | AERO.SW, FIP, FTAI, GLNG, NFE, NTGR | aerospace, consumer, Event Driven, industrials, infrastructure, Long/Short, small cap, technology | The fund holds significant positions in FTAI Aviation and Montana Aerospace, viewing the aerospace supply chain as facing severe bottlenecks while demand remains at decade-high levels. Montana Aerospace is positioned as a structural winner with 90% single-sourced products and vertically integrated capabilities spanning Europe, US, and Vietnam manufacturing. FTAI Infrastructure represents a key holding with multiple catalysts including the Wheeling & Lake Erie Railway acquisition, potential Long Ridge strategic action, and Repauno development phases. The manager sees the company transitioning toward a pure-play rail business with significant asset value upside. FTAI Aviation announced FTAI Power initiative to repurpose CFM56 engines for data center power generation, representing a potential $1 billion EBITDA opportunity. The manager views this as a significant catalyst with ramping expected in second half of 2026. | View | |
| 2024 Q4 | Feb 18, 2025 | Tourlite Capital Management | 0.4% | 14.2% | FIP, FTAI, IMVT, LTCH, REAL, ROIV, SOC | aerospace, Biotechnology, consumer, energy, industrials, Long/Short, small cap, technology | FTAI Aviation emerged as a top performer with over 200% share price increase driven by aerospace aftermarket tailwinds and growing PMA parts business market share. The company announced FAA approval for its second PMA engine part and launched a Strategic Capital Initiative to acquire mid-life aircraft, tapping into a $30 billion market opportunity. Management projects this initiative will generate approximately $200 million in incremental annual aerospace EBITDA by 2026. | ROIV SOC LTCH FIP REAL FTAI |
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| 2023 Q4 | Jan 26, 2024 | Tourlite Capital Management | 4.5% | 13.8% | APG, ESPR, FC, FIP, FTAI, IMVT, KD, LTCH, PRM, PRVB, ROIV, SAN.PA | Aviation, Biotechnology, Event Driven, Long/Short, small caps, special situations | Fund initiated significant position in Roivant Sciences, a biotech company specializing in consolidating promising drug patents. Thesis based on cash value from asset sales, Immunovant stake, and pipeline upside potential. Also held Provention Bio which was acquired by Sanofi following FDA approval. | AFCG ROIV LTCH BKD FIP ESPR APG FTAI |
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| 2023 Q2 | Jan 9, 2023 | Tourlite Capital Management | 4.5% | 13.8% | APG, FIP, FTAI, GLOP, KD, LESL, LTCH, PRM | AI, Aviation, consumer, industrials, Long/Short, Recession, small caps, technology | Manager notes AI hype has driven market strength in large cap tech but has negatively impacted their short positions. They observe significant disparity between AI company valuations and underlying business fundamentals, with one undisclosed short benefiting from AI hype despite anticipated weaker demand and misleading profitability metrics. | BKD KPRMILL IN FTAI FIP APG LTCH |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Tourlite Capital Management | FTAI Infrastructure | Real Estate | Specialized REITs | Bull | NASDAQ | Asset Sale, debt refinancing, infrastructure, Jefferson Terminal, Preferred Redemption, Transtar, value unlocking | View Pitch |
| Apr 28, 2026 | Fund Letters | Tourlite Capital Management | FTAI Infrastructure | Industrials | Transportation Infrastructure | Bull | NASDAQ | asymmetric upside, cash flow generation, Non-Recourse Debt, Port Terminal, railroad, Sum-of-parts, Transportation Infrastructure, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Tourlite Capital Management | FTAI Infrastructure | Energy | Oil, Gas & Consumable Fuels | Bull | NASDAQ | capital structure, cash flow generation, Energy Terminals, infrastructure, long-term contracts, overlooked, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill Small Cap Fund | FTAI Infrastructure | Industrials | Marine Ports & Services | Bull | NASDAQ | asset monetization, Freight Rail, infrastructure, railroad, Regional Rail, Strategic Transformation, Transportation | View Pitch |
| Apr 13, 2026 | Fund Letters | Tourlite Capital Management | FTAI Infrastructure | Industrials | Transportation Infrastructure | Bull | NASDAQ | Asset Optimization, balance sheet, Car Repair, infrastructure, railroad, Terminal, Throughput, Transportation | View Pitch |
| Apr 13, 2026 | Fund Letters | Tourlite Capital Management | FTAI Infrastructure | Industrials | Transportation Infrastructure | Bull | NASDAQ | Asset Maturation, data centers, earnings acceleration, Energy Terminal, Inflection Point, infrastructure, monetization | View Pitch |
| Apr 13, 2026 | Fund Letters | Tourlite Capital Management | FTAI Infrastructure | Industrials | Industrial Conglomerates | Bull | NASDAQ | Contract Growth, datacenter, EBITDA inflection, infrastructure, M&A Pipeline, Power generation, Refinancing, Value Inflection | View Pitch |
| Apr 13, 2026 | Fund Letters | Tourlite Capital Management | FTAI Infrastructure | Industrials | Industrial Conglomerates | Bull | NASDAQ | Accretive Acquisition, Asset Inflection, data center, debt refinancing, infrastructure, Long Ridge, Multiple Catalysts, Undervalued Position | View Pitch |
| Oct 21, 2025 | Value Investors Club | 85bears | FTAI Infrastructure Inc. | Industrials | Multi-Asset Infrastructure | Bull | NASDAQ | data center, Spinco | View Pitch |
| Sep 16, 2025 | Short Thesis | Shortfinder | FTAI Infrastructure Inc | Industrials | Construction & Engineering | Bear | NASDAQ | CapEx, Covenants, Dilution, leverage, Liquidity | 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 |
|---|---|---|---|---|---|---|---|---|
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $453,845 | 0.00% | 98,448 | +58,135 | +144.21% | 0.0659% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.5M | 0.00% | 532,950 | +162,964 | +44.05% | 0.3569% |
| Cliff Asness | AQR Capital Management | $190.6B | $324,709 | 0.00% | 70,436 | +1,920 | +2.80% | 0.0472% |