Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 20, 2025 | BBH Select Series – Mid Cap Fund | 5.4% | -0.9% | FOUR, GLOB, GWRE, WSO | cash flows, Intrinsic Value, Mid Caps, moats, volatility | The commentary focuses on bottom-up stock selection in mid-cap companies trading below intrinsic value amid tariff and policy uncertainty. Structural growth drivers and competitive moats are emphasized over macro forecasting. The fund positions volatility as an opportunity to add to businesses with durable cash flow potential. | View | |
| 2024 Q1 | Jun 30, 2024 | Adestella Investment Management | 11.7% | 11.7% | FOUR | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Baird Small/Mid Cap Growth Equity Fund | -10.6% | -10.6% | 1953345D LN, BWXT, FOUR, JNJ | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Forager Australian Shares Fund | -0.9% | -0.9% | 2121 JP, CAT AU, FOUR, NAN AU | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Forager International Shares Fund | -3.0% | -3.0% | 4733 JP, FI, FOUR, NUTX, NXT | - | View | ||
| Q4 2025 | Feb 3, 2026 | Baird Small/Mid Cap Growth Equity Fund | 1.2% | -8.5% | ABT, AFRM, BOOT, BRBR, BROS, BURL, BWXT, CASY, CHDN, COCO, CRDO, CW, DKNG, DT, ELF, EME, EXAS, FOUR, GKOS, KTB, LII, MASI, MNDY, MTSI, PEN, PODD, RGEN, RKLB, TARS, TWLO, ULS, VERX, WAY, WSO | AI, defense, growth, healthcare, mid cap, semiconductors, small cap, technology | The extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. MACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. Healthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. The team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. EMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework. | View | |
| 2025 Q4 | Feb 10, 2026 | Wasatch Global Select Strategy | 0.0% | 0.0% | FOUR, RBC, TREX | fundamentals, global, Japan, Quality, small caps, technology, underperformance, Valuations | The strategy focuses on high-quality businesses with high levels of ROA and ROE, and a track record of durable earnings growth. Despite underperformance in 2025, the managers remain committed to avoiding speculative companies and maintaining their quality discipline. Portfolio fundamentals remain solid with consistent earnings growth. AI emerged as a popular investment theme that drove performance in speculative small cap companies during 2025. The strategy avoided many AI-related stocks due to quality concerns. However, some holdings like ASPEED Technology benefited from increased demand for server-management chips driven by AI workloads. | RBC WEGE3 BZ FOUR TREX 6532 JP |
View |
| 2025 Q3 | Oct 28, 2025 | BBH Select Series – Mid Cap Fund | -0.9% | -1.8% | ANET, BFAM, BJ, BRKR, FOUR, GLOB, ITT, WMS | Artificial Intelligence, Intrinsic Value, Life Sciences, Quality, tariffs | The fund underperformed due to an AI-driven speculative rally favoring unprofitable firms and headwinds from tariffs and reduced life science funding. Management highlighted holdings like Arista Networks and Advanced Drainage as strong performers benefiting from AI infrastructure and sustainable earnings growth. Despite near-term challenges, BBH maintains a disciplined focus on quality, profitability, and intrinsic value to navigate speculative market excesses. | BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN BJ UN ITT UN BRKR UN GLOB UN FOUR UN WMS UN ANET UN |
View |
| 2025 Q3 | Oct 24, 2025 | Wasatch Long/Short Alpha Fund | -7.3% | - | FN, FOUR, FRPT, INSP, MEDP, OPEN, SG | AI, Quality, Shorting, small caps, Speculation | The fund declined as speculative, unprofitable small caps surged on AI and quantum themes. Managers describe the market as highly euphoric, reminiscent of 202021. They are adding shorts in overpriced speculative names while holding quality long positions like Fabrinet and Medpace, expecting normalization when fundamentals matter again. | View | |
| 2025 Q4 | Jan 30, 2026 | BBH Select Series – Mid Cap Fund | -3.9% | -5.6% | ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA | AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value | AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations. | GWRE FOUR KEYS DAR |
View |
| 2025 Q4 | Jan 24, 2026 | Greystone Capital | 0.3% | 2.8% | APG, BEL, DR.TO, FC, FOUR, KITS.TO, LMB, LNF.TO, LSPD.TO, NRP, SQ, SYZ, TOST, VYX | Buybacks, Coal, concentrated, E-Commerce, payments, small caps, value | Natural Resource Partners continues to benefit from global coal consumption reaching record highs of 8.8 billion tons in 2025. The royalty business model provides exceptional durability through various pricing environments while avoiding ongoing capital expenditures and high operating costs. KITS Eyecare represents a vertically integrated direct-to-consumer eyecare model with strong unit economics. The company has achieved product/market fit with favorable CAC/LTV ratios and continues to take share from traditional optometry and less integrated online competitors. Shift4 Payments operates as an integrated end-to-end payments business with deep industry knowledge across hospitality, restaurant, and stadium verticals. The company owns the gateway layer and full payment stack, enabling higher margins and stronger customer retention than commodity payment processors. Medical Facilities Corp has repurchased over 20% of shares outstanding through tender offers and open market purchases, reducing total shares by nearly 40% over four years. Management demonstrates disciplined capital allocation focused on maximizing per-share value. | FOUR DR CN APG KITS CN NRP |
View |
| 2025 Q4 | Jan 22, 2026 | Wasatch Small Cap Growth Strategy | 0.0% | 0.0% | FN, FOUR, FROG, RBC, TREX, VITL | AI, Biotechnology, growth, healthcare, Quality, small cap, technology, value | The strategy focuses on high-quality businesses with high ROAs and ROEs, and track records of durable earnings growth. Portfolio fundamentals remain solid with ROA and ROE well ahead of benchmark metrics. The managers avoid speculative companies and prefer proven earnings track records. The strategy's lack of exposure to biotechnology stocks was the primary driver of underperformance, as biotech soared nearly 27% in Q4. Managers avoid nascent biotech companies due to binary outcomes based on clinical trials, preferring healthcare companies with proven track records. Artificial intelligence was mentioned as one of the popular investment themes driving speculative small cap companies that the strategy avoided. AI workloads are driving demand for data center upgrades and faster communication standards. | RBC FN FROG TREX VITL FOUR |
View |
| 2025 Q4 | Jan 20, 2026 | Marram Investment Management | 0.0% | 4.0% | AVDX, BILL, FITB, FOUR, OKE, PAA, PAGP, PAY, PSFE, PYPL | Banking, biopharma, cash flow, energy, payments, value | Payment technology businesses experiencing disconnect between operating fundamentals and share price performance. Companies continue to compound value per share despite valuation compression and shareholder turnover. Manager rebalanced allocation by exiting some positions and concentrating in higher-conviction holdings at lower prices. Energy infrastructure companies with indispensable assets benefiting from geopolitical strife, inflation, and increased recognition of renewable energy limitations. MLPs remain cornerstone allocation with favorable industry demand dynamics, stable cash flows, conservative balance sheets, and inflation protection. Large regional banks purchased during March 2023 banking crisis at fire-sale prices have generated 30%+ IRR. Manager continues to view sector favorably for steady 10%+ annual profits but has prudently moderated exposure due to expanded valuations and gradually easing credit underwriting standards. Sector out of favor due to political factors leading to lower industry R&D spend. Manager believes society will continue to need new drugs and health innovations, expecting capital to return and R&D spend to reaccelerate. Initiated diversified basket allocation via ETFs and service-based businesses. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 16, 2026 | Substack | Coughlin Capital | Shift4 Payments, Inc. | Financial Services | Payments | Bull | New York Stock Exchange | buybacks, EBITDA margins, free cash flow yield, Global Blue acquisition, international expansion, Luxury Brands, market sentiment, payments industry, revenue synergies, Shift4 Payments | View Pitch |
| Mar 16, 2026 | Substack | Modern Value Investing | Shift4 Payments | Financial Technology | Payment Processing | Bull | New York Stock Exchange | acquisition strategy, Fintech, Free Cash Flow, Global Blue, integrated solutions, international expansion, margin expansion, payment processing, Share Buyback, SkyTab | View Pitch |
| Feb 21, 2026 | Fund Letters | Mick Rasmussen | Shift4 Payments, Inc. | Financials | Transaction & Payment Processing Services | Bull | New York Stock Exchange | Fintech, growth, hospitality, Payments, Recurring | View Pitch |
| Feb 18, 2026 | Substack | Coughlin Capital | Shift4 Payments, Inc. | Financial Services | Payment Processing | Bear | New York Stock Exchange | accounting practices, acquisition strategy, buyback authorization, Four, Free Cash Flow, Governance, insider buying, Michael Burry, Shift4 Payments, valuation | View Pitch |
| Feb 4, 2026 | Fund Letters | Tim Harris | Shift4 Payments Inc. | Financials | Transaction & Payment Processing Services | Neutral | New York Stock Exchange | buybacks, consumer spending, hospitality, Payments, Sentiment | View Pitch |
| Feb 4, 2026 | Twitter / X | @FundasyInvestor | Shift4 Payments, Inc. | Financial Services | Data Processing & Outsourced Services | Bull | New York Stock Exchange | Accounting, Acquisitions, Amortization, buybacks, EBITDA, leverage, Merchants, Payments, Processing, Terminals | View Pitch |
| Jan 28, 2026 | Fund Letters | Vivian Y. Chen | Shift4 Payments, Inc. | Financials | Transaction & Payment Processing Services | Bull | New York Stock Exchange | Fintech, Founderled, Freecashflow, growth, Payments | View Pitch |
| Jan 27, 2026 | Fund Letters | Adam Wilk | Shift4 Payments Inc | Information Technology | Data Processing & Outsourced Services | Bull | New York Stock Exchange | buybacks, Margins, Payments, Platforms, scale | View Pitch |
| Jan 24, 2026 | Fund Letters | JB Taylor | Shift4 Payments, Inc. | Financials | Transaction & Payment Processing Services | Bull | New York Stock Exchange | consumer, Fintech, growth, Payments, Sentiment | View Pitch |
| Jan 23, 2026 | Twitter / X | @stonkmetal | Shift4 Payments | Financials | Transaction & Payment Processing Services | Bull | New York Stock Exchange | entertainment, Four, hospitality, Payment, Payments, Pitch, Pitches, Set Forget | View Pitch |
| Jan 22, 2026 | Substack | Modern Value Investing | Shift4 Payments, Inc. | Information Technology | Data Processing & Outsourced Services | Neutral | New York Stock Exchange | consumer behaviors, economic uncertainties, Fintech, innovation, macroeconomic factors, payment processing, regulatory changes, Shift4 Payments, Strategic Partnerships, Technology Solutions | View Pitch |
| Jan 8, 2026 | Substack | Coughlin Capital | Shift4 Payments, Inc. | Payment Processing | Payment Processing | Bull | New York Stock Exchange | buyback authorization, Free Cash Flow, Global Blue acquisition, gross profit growth, historical multiples, leadership transition, market mispricing, shareholder value, Shift4 Payments, undervalued | View Pitch |
| Jan 8, 2026 | Substack | Coughlin Capital | Shift4 Payments | Payments Processing | Payments Processing | Bull | New York Stock Exchange | fintech sector, Global Blue acquisition, high-volume venues, hospitality, international expansion, organic growth, Payments processing, Shift4 Payments, stock buyback, valuation | View Pitch |
| Jan 8, 2026 | Value Investors Club | virtualodin | 4Imprint Group plc | Consumer Discretionary | Specialty Retail | Bull | New York Stock Exchange | Branding, Consumer products, e-commerce, Marketing, merchandising, retail | View Pitch |
| Nov 29, 2025 | Fund Letters | Vivian Y. Chen | Shift4 Payments Inc. | Information Technology | Transaction & Payment Processing Services | Bull | NYSE | e-commerce, Fintech, hospitality, Margins, market share, Payments, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | Vivian Y. Chen | Shift4 Payments Inc. | Information Technology | Transaction & Payment Processing Services | Bull | NYSE | e-commerce, Fintech, hospitality, Margins, market share, Payments, valuation | View Pitch |
| Nov 8, 2025 | Substack | Coughlin Capital | Shift4 Payments, Inc. | Information Technology | Software - Infrastructure | Bull | buyback authorization, cash flow, financial technology, growth metrics, management confidence, market cap, operational strength, payment processing, Shift4 Payments, Undervalued Stock | View Pitch | |
| Oct 1, 2025 | Substack | Coughlin Capital | Shift4 Payments, Inc. | Technology | Software - Infrastructure | Bull | founder-led, growth, Integration, investment opportunity, Payments, platform expansion, Shift4, software-first, switching costs, undervalued | View Pitch | |
| Sep 25, 2025 | Substack | Coughlin Capital | Shift4 Payments, Inc. | Technology | Software - Infrastructure | Bull | commerce platform, embedded infrastructure, Free Cash Flow, global reach, high-ROIC, market cap, mispricing, Payments, Shift4, software-led | View Pitch | |
| Sep 16, 2025 | Short Thesis | Blue Orca Capital | Shift4 Payments Inc | Information Technology | Data Processing & Outsourced Services (Payments) | Bear | NYSE | Competition, growth, leverage, Margins, Payments | View Pitch |
| Sep 10, 2025 | Seeking Alpha | Seeking Alpha | Shift4 Payments, Inc. | Software - Infrastructure | Bull | Fintech, Global Blue acquisition, growth, investment opportunity, leverage, M&A strategy, payment processing, profitability, Shift4 Payments, valuation | 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. | ||||||||