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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 21, 2025 | Meditation Capital | - | - | BRZE, FLYW, GOOGL, GTLB, MA, MNDY, MSFT | AI, payments, Quality, software, valuation | Manager bought positions in Monday.com and GitLab at 5x sales after they fell from 11x peaks, and added to Braze at 3x sales. Views these as quality software companies trading at attractive valuations despite AI concerns. GitLab's strategic position is strengthening as more AI-generated code needs DevOps management. | FLYW GTLB MNDY FLYW BRZE GTLB MNDY |
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| 2025 Q1 | Jun 4, 2025 | Voss Value Fund | -7.3% | -7.3% | FLYW, SN, TSLA, WMT | consumer, innovation, Long/Short, payments, small caps, tariffs, value | Small caps are priced for recession while mega caps trade at lofty multiples, creating a uniquely fertile opportunity set for long/short equity. YTD fund flows out of small caps have smashed all previous records, causing capital to be siphoned out mercilessly. This dichotomy creates compelling value opportunities in quality small cap names. | SN FLYW |
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| 2025 Q1 | Jun 4, 2025 | Voss Value Offshore Fund | -7.3% | -7.3% | FLYW, SN, TSLA, WMT | consumer, ETFs, innovation, Long/Short, payments, small caps, tariffs, value | Small caps are priced for recession while mega caps trade at lofty multiples, creating a uniquely fertile opportunity set for long/short equity. YTD fund flows out of small caps have smashed all previous records, causing capital to be siphoned out mercilessly. This dichotomy creates compelling value opportunities in quality small cap names. | SN FLYW |
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| 2025 Q1 | Apr 24, 2025 | Prosper Stars & Stripes | -9.7% | -9.7% | AMSC, COLD, FLYW, FTRE, HELE, KRMN, KRNT, LH, MTLS, NSIT, PAYX, PYRC, RGEN, RHP, SARO, TLN, TRS, XMTR | Biotechnology, defense, energy, Long/Short, Onshoring, small caps, tariffs, Trade Policy | The administration announced tariff rates far higher than anticipated on April 2nd, reverting the U.S. to protectionist policies not seen for 100 years. Policy uncertainty measures shot to near record highs, creating large negative impacts on stock, bond and currency markets. Businesses face increased costs from higher tariffs and supply chain adjustments. | View | |
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ASND, BJ, BOOT, EME, ESAB, FLYW, FROG, KRYS, MTDR, ONTO, PRA, RAPT, SMAR, SWAV, VCTR, VERX, WING, WNS | - | View | ||
| 2025 Q4 | Mar 4, 2026 | Voss Value Fund | -2.1% | -3.7% | CHH, CLBT, FLYW, PAR | AI, Automation, Hotels, small cap, software, technology, value | AI emergence has created market hysteria and broad software sell-offs despite limited real-world automation success. Software companies are actually the fastest AI adopters and possess structural advantages through engineering talent, proprietary data, and mission-critical systems. Dominant vertical software platforms that successfully integrate AI can thrive by fending off AI-native startups. Market treating software as monolithic despite meaningful differentiation between companies. Incumbents with domain expertise, proprietary data, and embedded workflows maintain competitive advantages. AI adoption accelerating among software firms while broader corporate adoption remains slow, creating opportunities for established players. Choice Hotels trading at distressed multiples due to cyclical headwinds but shifting portfolio toward higher-margin segments like Extended Stay and international markets. Company positioned to unlock significant balance sheet cash for share buybacks at historically low valuations with multiple re-rating catalysts. | View | |
| 2025 Q4 | Mar 4, 2026 | Voss Value Offshore Fund | -2.2% | -4.4% | CHH, CLBT, FLYW, PAR | AI, Franchising, Hotels, small cap, software, technology, value | AI emergence has created market hysteria and broad software sell-offs despite limited real-world automation success. The manager believes software incumbents with domain expertise and proprietary data are well-positioned to integrate AI capabilities and defend against AI-native startups. Current AI adoption remains slow across corporate world with meaningful efficiency gains still limited. Software sector faces significant overweight headwinds despite being cheaper than traditional value industrials. Market treating software as monolithic despite meaningful differences between companies. Incumbents possess structural advantages through engineering talent, proprietary data, and customer relationships that position them to successfully integrate AI capabilities. Choice Hotels represents asset-light, high-margin hotel franchisor trading at distressed multiples due to cyclical headwinds. Company shifting portfolio toward higher-revenue segments including Extended Stay and international expansion. Significant cash unlock potential from balance sheet optimization could enable opportunistic share buybacks at historically low valuations. | View | |
| 2025 Q1 | Mar 31, 2025 | NCG Micro Cap Growth Strategy | 14.8% | 14.8% | ACVA, AGX, AGYS, ALHC, ALKT, ARQ, ATRO, CSTL, CVLG, DAVA, DCBO, FLYW, FROG, GDYN, HROW, IRTC, MRTN, NEO, OLO, PAL, PDFS, PYCR, SDHC, SMWB, TNDM | growth, healthcare, Micro Cap, small caps, technology, valuation | 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 and seek companies that can grow revenue and profits at strong rates in any economic environment. | View | |
| 2025 Q1 | Mar 31, 2025 | NCG Small Cap Growth Strategy | -13.0% | -13.0% | AGYS, ALHC, ATRO, BROS, CAVA, ELF, FLYW, FRPT, GLBE, INOD, IRTC, OS, PEGA, PEN, PYCR, QNST, SAIA, SDHC, SITM, VERX | earnings, growth, healthcare, industrials, policy, small cap, technology, Valuations | Strong forces driving increased infrastructure spending in the US have been gaining momentum for the past couple years and remain intact. The new administration is working to accelerate this trend and NCG is finding small companies which are direct beneficiaries. | View | |
| 2025 Q1 | Mar 31, 2025 | NCG SMID Cap Growth Strategy | 14.1% | 14.1% | AGYS, ALHC, AORT, ATEC, ATRO, BROS, CAVA, FLYW, GLBE, INOD, IRTC, OS, PEGA, PEN, QNST, SAIA, SITM, UTI, VERX, WAY | growth, healthcare, industrials, small cap, technology, uncertainty, underperformance | NCG emphasizes investing in what they believe are the fastest growing and highest quality companies in America. They maintain focus on companies that can grow revenue and profits at strong rates in any economic and market environment. The firm continues to seek high-quality growth companies selected using original research combined with strong sell discipline. | View | |
| 2025 Q1 | Mar 31, 2025 | Carillon Eagle Small Cap Growth Fund | - | - | AAON, ANF, ARIS, FLYW, ITCI, PCVX, PTGX, RBA, SHAK, SWTX | AI, Biotechnology, energy, growth, healthcare, small caps, technology, Trade Policy | Healthcare remains the largest sector in the US at $5 trillion, growing 5% annually driven by aging population and chronic conditions. Recent M&A activity has picked up in pharmaceuticals and medical devices as companies seek portfolio expansion. The sector is generally more favorably priced than most sectors despite recent underperformance. | ANF AAON SHAK PCVX FLY SWTX PTGX RBA ARIS ITCI |
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| 2025 Q1 | Mar 31, 2025 | AMG GW&K Small Cap Core Fund | -7.3% | -7.3% | ADC, ARQT, BWIN, CBZ, CHX, COCO, FLYW, FNA, GBCI, GMED, HALO, HLI, HMN, ICFI, INSM, INTA, ITCI, LOPE, MGY, MTSI, NWE, PAR, PATK, PPBI, PRIM, RBC, SKY, SPXC, STAG, STRL, SWTX, TNDM, UMBF, UTZ | AI, Biotechnology, energy, financials, Quality, small caps, Trade Policy | The fund discusses navigating uncertainty from tariff announcements and trade policy changes by the current U.S. Administration. The manager analyzes potential impacts on manufacturing, consumers, and trading partners, while monitoring for signs of policy moderation or negotiation. | View | |
| 2025 Q4 | Feb 22, 2026 | City Different Investments – Multi-Cap Core | 2.8% | 18.1% | AMG, APG, CHTR, FLYW, GILD, GOOGL, KMX, LOPE, META, MSFT, NFLX, SBUX, SCHW, TGT, TMO | Behavioral, Diversified, long-term, multi-cap, value | Mature (Value) businesses led performance in the fourth quarter and were the strongest contributors for the full year, reflecting durable execution in companies that continued to generate healthy free cash flow and return capital. | FLYW |
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| 2025 Q4 | Feb 17, 2026 | AMG GW&K Small Cap Core Fund | 3.5% | 7.2% | AEIS, AGIO, CIFR, CSWI, CVLT, DAVA, DSGX, FLYW, GMED, HUT, INTA, ITT, MTSI, PAR, QBTS, RARE, RBC, SATS, SF, SKY, SLG, SPXC, STRL, SUPN, THR, VIAV, WULF | healthcare, industrials, materials, Quality, small caps, technology, Trade Policy, value | The Russell 2000 Index delivered 12.8% returns for 2025 despite significant volatility, with a 23% drop by April followed by a 40% recovery. The small cap environment was characterized by narrow performance driven by low-quality, speculative stocks, with the top 25 contributors delivering over 50% of benchmark returns. The investment environment overwhelmingly favored lower quality stocks, with non-earners gaining 19.6%, negative equity stocks up 37.2%, and highest beta names advancing 26.1%. The fund's deliberate focus on higher-quality stocks with earnings support was a general headwind throughout the year. Artificial intelligence investment was a key area of market focus during 2025, though the fund questioned when investors would see returns from billions of dollars spent on AI infrastructure. The fund avoided speculative AI plays in favor of companies with more established fundamentals. Uncertain trade policy and the friction it added to the system was the biggest distraction during 2025. Companies now mostly have a sense of the rules of global trade and are adjusting, which could provide more stability going forward. | View | |
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy | 5.9% | 5.9% | ASND, ATRC, BJ, CYBR, ESAB, FIVE, FLYW, FROG, LEGN, LSCC, PCTY, PRA, RAPT, SYNA, TER, TPG, VC, WK, WNS | Biotechnology, cybersecurity, growth, healthcare, industrials, small cap, technology | Cybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023, requiring additional governance rules for cyber risk management strategy. IT budgets will continue growing, with cybersecurity becoming an increasing percentage. | View | |
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ASND, ATGE, ATRC, AZEK, BJ, ESAB, FLYW, FORM, FROG, HLNE, ICFI, PRA, RAPT, SWAV, VC, WING, WK, WNS, ZWS | Automation, cybersecurity, financials, growth, healthcare, industrials, small cap, technology | Cybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023. Channel checks indicate that IT budgets will continue growing, with cybersecurity becoming an increasing percentage. | View | |
| 2023 Q4 | Dec 31, 2023 | NCG Small Cap Growth Strategy | 4.8% | 14.8% | BRZE, CSTL, CWAN, DAVA, FLYW, GWRE, KNSL, LGIH, MEDP, NTRA, SILK, TMDX, TNDM, VRRM | Biotechnology, Fed Pivot, growth, healthcare, market breadth, small caps | Small cap stocks underperformed large caps heading into the fourth quarter, with the Russell Microcap Growth Index down about 5% through Q3. However, market breadth broadened in November and December following the Fed pivot, with the Russell Microcap Growth Index returning 13.68% versus 4.42% for large caps. The rally was primarily led by low quality stocks and sectors most impacted by the Fed's restrictive stance. | CSTL TNDM ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN NTRA ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK BRZE MEDP |
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| 2023 Q4 | Dec 31, 2023 | NCG SMID Cap Growth Strategy | 4.8% | 15.5% | BRZE, CSTL, CWAN, DAVA, DXCM, FLYW, GWRE, KNSL, LGIH, MEDP, NTRA, SILD, TMDX, TNDM, VRRM, VRT | Biotech, growth, healthcare, Medical Devices, small caps, technology | Healthcare holdings drove much of the underperformance across strategies due to investor perception that GLP-1 drugs will reduce medical interventions. Many healthcare companies began recovering in Q4 and the firm believes in long-term growth fundamentals. The firm continues direct research to inform investment decisions in this space. | DXCM MELI|NFLX|ORCL|TCOM|VRTX|YUMC CSTL TNDM ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN NTRA ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK BRZE MEDP |
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| 2025 Q3 | Nov 25, 2025 | Voss Value Fund | 5.0% | -1.7% | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Buybacks, Concentration, Fintech, revenue growth, small caps, software, value | AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. Tech CapEx is up 40% y/y with giants doubling spend, threatening ROIC of capital-light oligopolies. Enterprise AI adoption is slowing rather than accelerating, creating precarious dynamics where AI data center buildout holds up the economy but lack of downstream adoption makes it a potential financial time bomb. | CLBT FLYW PRKS XPOF EEFT CVNA |
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| 2025 Q3 | Nov 25, 2025 | Voss Value Offshore Fund | 4.9% | -2.3% | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Fintech, growth, small caps, software, technology, value | AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. However, enterprise AI adoption is slowing rather than accelerating, with Goldman Sachs data showing adoption creeping from 9.3% in Q2 to just 9.9%. The circularity of recent AI investment announcements and unprecedented scale of vendor financing raise serious questions about sustainability. | CLBT FLYW PRKS XPOF EEFT FIVN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Meditation Capital | Flywire Corporation | Software & Services | Data Processing & Outsourced Services | Bull | NASDAQ | Cross-Border, Developing Markets, education technology, FX Embedded Pricing, International Payments, Student Visa, University Partnerships | View Pitch |
| Apr 13, 2026 | Fund Letters | Voss Value Fund | Flywire Corporation | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Australia, Canada, Cross Border Payments, education technology, Equity, Fintech, growth, healthcare, SaaS, Travel, turnaround, UK | View Pitch |
| Apr 13, 2026 | Fund Letters | Voss Value Offshore Fund | Flywire Corporation | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Australia, Canada, Cross Border Payments, education technology, Fintech, Healthcare Payments, SaaS, Travel Payments, turnaround, UK, Value | View Pitch |
| Mar 16, 2026 | Substack | Voss Capital | Flywire | Financial Services | Information Technology Services | Bull | NASDAQ Stock Market | Education, Flywire, global payment capabilities, growth trajectory, healthcare, payments industry, processing fees, switching costs, Travel, valuation | View Pitch |
| Feb 26, 2026 | Fund Letters | Rob MacDonald | Flywire Corporation | Software & Services | Data Processing & Outsourced Services | Bull | NASDAQ | Crossborder, Education, network, Payments, platform, Receivables, Reconciliation, Software, Travel, Tuition | View Pitch |
| Jan 8, 2026 | Fund Letters | Timothy Liu | Flywire Corp. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Crossborder, Education, growth, Payments, Stickiness | View Pitch |
| Jan 8, 2026 | Value Investors Club | beethoven | Flywire Corporation | Financials | Banks | Bull | NASDAQ | banking, Credit, Deposits, financial services, Interest rates, Lending | View Pitch |
| Nov 28, 2025 | Fund Letters | Travis Cocke | Flywire Corp | Information Technology | Systems Software | Bull | NASDAQ | B2b, Education, growth, healthcare, Margins, Payments, Software, takeover, Travel, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | Travis Cocke | Flywire Corp | Information Technology | Systems Software | Bull | NASDAQ | B2b, Education, growth, healthcare, Margins, Payments, Software, takeover, Travel, valuation | View Pitch |
| Sep 16, 2025 | Short Thesis | The Bear Cave | Flywire Corp | Information Technology | Data Processing & Outsourced Services (Payment Solutions) | Bear | NASDAQ | Competition, Education, FX, Payments, Take-rates | View Pitch |
| Sep 1, 2025 | Substack | Voss Capital | Flywire Corporation | Technology | Software - Infrastructure | Bull | education payments, Flywire, Free Cash Flow, incremental EBITDA margins, operating leverage, regulatory headwinds, Sertifi acquisition, Student Financial Services, travel and B2B growth, UK market expansion | View Pitch | |
| Aug 8, 2025 | Seeking Alpha | Voss Capital | Flywire Corporation | Information Technology | Software - Infrastructure | Bull | NasdaqGS | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Voss Capital | Flywire | Information Technology | Software - Infrastructure | Bull | NASDAQ | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Ho Ching | Temasek Holdings | $31.6B | $90.5M | 0.29% | 6,390,857 | -2,294,038 | -26.41% | 6.7048% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $12.7M | 0.01% | 897,713 | +503,019 | +127.45% | 0.9418% |
| Ray Dalio | Bridgewater Associates | $27.4B | $5.4M | 0.02% | 377,901 | +320,844 | +562.32% | 0.3965% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $3.4M | 0.00% | 241,997 | +141,997 | +142.00% | 0.2539% |
| Israel Englander | Millennium Management LLC | $233.2B | $367,041 | 0.00% | 25,921 | -46,757 | -64.33% | 0.0272% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $2.0M | 0.00% | 142,600 | -11 | -0.01% | 0.1496% |
| Cliff Asness | AQR Capital Management | $190.6B | $6.0M | 0.00% | 421,351 | +236,358 | +127.77% | 0.4421% |
| Eric Bannasch | Cadian Capital Management | $1.4B | $112.2M | 8.11% | 7,927,159 | -3,383,430 | -29.91% | 8.3166% |