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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 30, 2025 | Crossroads Capital | 36.9% | - | ASTS, ET, FTAI, GOOGL, META, MGNI, MRO, NBIS, NTDOY | Concentration, gaming, Satellite, small caps, technology, Trade Policy, value | Nintendo delivered a blockbuster quarter with the Switch 2's record-breaking launch, selling 5.82 million units in 25 days and becoming the fastest-selling console in industry history. The company is transforming from cyclical earnings to secular growth with its Apple-like iterative hardware model and expanding digital entertainment ecosystem. | ASTS NTDOY |
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| 2025 Q2 | Aug 21, 2025 | AMG Frontier Small Cap Growth | 13.9% | -2.5% | AMTM, ATI, DAR, EXP, FTAI, GVA, INDI, LTH, MAT, ODD, PGY, SAIA, SANM, SIMO, STRL | AI, growth, infrastructure, Logistics, semiconductors, small cap, technology | Several semiconductor positions are experiencing recovery after multi-year inventory drawdown from Covid supply chain issues. Silicon Motion is positioned to gain market share with next-generation PCIe Gen 5 technology and new data center design wins with NVIDIA. indie Semiconductor is capitalizing on automotive driver assistance launches starting in second half 2025. | LTH SAIA ODD STRL INDI SIMO ATI PGY SAIA ODD STRL LTH INDI SIMO ATI PGY |
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| 2025 Q2 | Aug 19, 2025 | Prosper Stars & Stripes | 9.6% | -0.8% | AGYS, AZTA, BIO, EXPO, FTAI, HELE, KRMN, LASR, MGNI, PACK, SPHR, TATT, TKNO | aerospace, AI, Biotechnology, defense, Long/Short, Rate Cuts, small caps, tariffs | Defense spending has strengthened with clearer priorities, particularly in missile and drone defense reflecting modern warfare evolution. The fund identified nLIGHT as a beneficiary of increased spending on laser-based anti-missile and anti-drone systems, which offer cost-efficient solutions with low cost per shot and unlimited magazine capacity. | View | |
| 2025 Q2 | Aug 14, 2025 | Eagle Capital Management | - | - | ASTS, ET, FTAI, GOOGL, META, MGNI, MRO, NBIS, NTDOY | gaming, Satellites, small cap, Space, tariffs, technology, value | Nintendo delivered a blockbuster quarter with the Switch 2's record-breaking launch, selling over 3.5 million consoles in the first four days and 5.82 million units through June. The company is transforming from cyclical earnings to secular growth with its Apple-like iterative hardware model and software ecosystem. | ASTS NTDOY |
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| 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 22, 2025 | Aristotle Small/Mid Cap Equity | 4.6% | - | ACIW, AENE, ALIT, ASGN, BHLB, CHE, CIEN, CMCO, DLB, DY, FTAI, HOOD, IPAR, ITRI, JBGS, MMSI, MTSI, PRGO, SMG, VRRM | growth, industrials, positioning, SMID Cap, technology, value, volatility | MACOM Technology Solutions benefited from exposure to growing demand from Data Center and 5G end market applications. The company surpassed analyst expectations and raised forward guidance, with meaningful exposure to these growing markets along with domestic manufacturing footprint expected to drive additional shareholder value. | VRRM SMG PRGO IPAR FTAI DLB ALIT CHE ACIW MTSI DY CHE |
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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 Q1 | Apr 27, 2024 | Driehaus Micro Cap Growth Strategy | 8.2% | 24.0% | CAMT, CRNX, FTAI, MOD, NVDA, SMCI, XENE | AI, Biotech, growth, healthcare, industrials, Micro Cap, semiconductors, technology | AI holds tremendous potential to enhance productivity across industries through automation, analytics, and customer experience improvements. Enterprise adoption is growing rapidly with 45% piloting AI and significant investment planned. The manager views AI as early-stage with durable growth prospects, comparing it favorably to past technology cycles like the internet and cloud. | View | |
| 2025 Q1 | Apr 25, 2025 | Crossroads Capital | -7.6% | -7.6% | AAPL, CLMT, DAR, FTAI, GOOGL, MGNI, NFLX, NTDOY, NVR, VTY.L | Advertising, aerospace, gaming, Homebuilders, small caps, tariffs, Trade Policy, value | The administration announced reciprocal tariffs creating market uncertainty and forcing businesses into a holding pattern. Tariffs are viewed as regressive taxes that inject uncertainty rather than fix trade deficits. The fund positioned defensively against tariff-related disruption while maintaining conviction in long-term value creation. | MGNI VTY.L NTDOY CLMT FTAI |
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| 2025 Q1 | Apr 24, 2025 | Diamond Hill Small Cap Fund | -11.5% | -11.5% | ALGT, AVNS, CALM, CIVI, COOP, ESGR, FADV, FTAI, HLIO, IGIC, LOB, NSP, SEB, TBK, TKO.TO, TTAN, UGI, WBS | Mortgage, small caps, tariffs, Trade Policy, Utilities, value, volatility | President Trump announced significant tariffs including a 104% tariff on China in response to retaliation, creating widespread uncertainty about global trade relationships. Markets are struggling to digest whether tariffs are negotiation tactics or permanent policy changes that will reshape world trade order. | View | |
| 2026 Q1 | Apr 22, 2026 | Baird Small/Mid Cap Growth Equity Fund | -4.8% | -4.8% | ADMA, AFRM, ALGN, BMI, BRBR, BSX, BURL, CASY, CRBG, CROX, DHR, DXCM, ELF, EQH, EXAS, FIX, FN, FND, FOUR, FTAI, HLI, HUBB, ILMN, INSP, JBL, KNSL, KTOS, LFUS, LII, MASI, MTDR, NSA, PEN, PODD, PSA, RGEN, SOFI, TMDX, TTAN, TWST, VSCO, WWD, XPO | AI, defense, growth, healthcare, industrials, semiconductors, small caps, technology | View | ||
| 2026 Q1 | Apr 18, 2026 | Artisan Partners Small Cap Fund | -2.7% | -2.7% | BWIN, COMP, FLEX, FLS, FRPT, FTAI, GWRE, IRTC, MOD, MTSI, OLLI, ONTO, PEN, TTAN, TWST | AI, defense, energy, Geopolitical, growth, semiconductors, small cap, technology | View | ||
| 2026 Q1 | Apr 15, 2026 | Alger Mid Cap Focus Fund | -7.6% | -7.6% | FIX, FTAI, MDB, RGEN, SE, VRT | AI, Data centers, energy, growth, industrials, mid cap, technology | SE MDB RGEN VRT FTAI FIX |
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| 2026 Q1 | Apr 15, 2026 | Brown Advisors Mid-Cap Growth strategy | -9.0% | -9.0% | AAON, ANDG, ARES, CCC, CSGP, DDOG, DKNG, DT, EFX, FICO, FIX, FTAI, GH, GWRE, HUBS, IT, LITE, LNG, LSCC, MDLN, MPWR, ODFL, OII, OS, PODD, PWR, RDDT, TOST, TTD, VOYG, VRSK, VRT, VST, WCN, WDAY, YSS | AI, energy, growth, industrials, mid cap, software, technology | GH FTAI ANDG RDDT TOST GWRE |
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| 2024 Q1 | Apr 15, 2024 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | DOUG, FTAI, ISRG, LANC, LEU, LOB, OEC, OZK, RRR, SMCI, TKO.TO, UFPT, WNS | materials, rates, Regional Banks, small caps, technology, value | Small cap stocks underperformed large caps in Q1, with the Russell 2000 up 5% versus Russell 1000's 10%. More than one-quarter of the Russell 2000's return came from a single stock, Super Micro Computer. The manager continues to find compelling opportunities in small caps despite challenging valuations. | View | |
| 2026 Q1 | Apr 14, 2026 | Driehaus Small Cap Growth Fund | -0.3% | -0.3% | CRNX, FTAI, IDCC, OWL, PL, PRAX | AI, defense, energy, growth, Infrastructure Spending, Iran, private credit, small caps | View | ||
| 2026 Q1 | Apr 14, 2026 | Driehaus Small/Mid Cap Growth Fund | 1.0% | 1.0% | COHR, CRS, FTAI, OWL, PRAX, TER | AI, defense, energy, growth, industrials, Iran, small caps, technology | View | ||
| 2025 Q1 | Mar 31, 2025 | Artisan Partners Small Cap Fund | -10.1% | -10.1% | ALAB, ARIS, ASCB, BFAM, BROS, FRSH, FTAI, GWRE, HALO, INTA, IRTC, KTOS, MOD, MTSI, MYRG, PEN, SG, SN, TWST, VCYT | AI, Biotechnology, Cloud, defense, growth, healthcare, small caps, Trade Policy | The introduction of China's DeepSeek AI model challenged market assumptions around AI infrastructure spending durability. This development raised questions about US leadership in AI and long-term returns on AI investments, particularly impacting data center capacity enablers in the portfolio. | View | |
| 2025 Q1 | Mar 31, 2025 | AMG Frontier Small Cap Growth | -14.4% | -14.4% | AMTM, BECN, BILL, CACI, CG, CZR, DLB, DOCN, EPRT, FTAI, INDI, LTH, MAT, MDB, PGY, TXG, UCTT, UTHR | AI, Cloud, defense, healthcare, semiconductors, small caps, technology, Trade Policy | Technology was the largest detracting industry with underperformance from indie Semiconductor and Ultra Clean Holdings. indie faced weakness in China and tariff uncertainty affecting auto build rates globally, while Ultra Clean experienced product qualification delays at a Chinese customer and weakening semiconductor equipment demand in China. | View | |
| 2025 Q1 | Mar 31, 2025 | Hood River Capital – Small Cap Growth Fund | - | - | FTAI | AI, earnings, growth, industrials, small caps, technology, valuation | Over the past three years, AI and its supporting infrastructure has been identified as a primary global growth driver, representing a significant portion of technology and industrial exposure. Despite heightened uncertainty this quarter around scalability and capital expenditures, management discussions reinforce positive outlook with robust spending projections. The launch of China's Deepseek has catalyzed infrastructure expansion plans rather than stalling development. | View | |
| 2025 Q4 | Feb 26, 2026 | Crossroads Capital | 2.7% | 37.7% | ASTS, CLMT, FTAI, META, MSFT, NBIS, NTDOY, NVDA, ORCL, PLTR | aerospace, AI, gaming, growth, small cap, Space, technology, value | Nintendo continues to demonstrate exceptional performance with Switch 2 becoming the fastest-selling console in history, selling 17.4 million units in just 7 months. The company has a historically rich first-party software pipeline and is building new recurring revenue streams through Nintendo Switch Online and its expanding cinematic universe. AST SpaceMobile has transitioned from R&D startup to scaleup, successfully deploying the largest commercial communications antenna in low-Earth orbit with BlueBird 6. The company has secured over $1 billion in pre-funded revenue commitments and won a prime position on America's Golden Dome missile defense architecture. Nebius Group operates as an AI-first cloud platform with major hyperscaler contracts including $17.4 billion with Microsoft and $3 billion with Meta. The company is building substantial AI infrastructure capacity with 2.5 GW of contracted power by end-2026. FTAI Aviation is transforming into a capital-light MRO franchise for CFM56 engines through its Strategic Capital Initiative, creating 'green time' by manufacturing proprietary PMA parts. The company is also expanding into data center power generation by repurposing jet engines into aeroderivative gas turbines. | FTAI NBIS ASTS NTDOY |
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| 2024 Q4 | Dec 31, 2024 | Prosper Stars & Stripes | 2.6% | 11.7% | ALGM, BE, BELFB, BIRK, CCB, ENS, FTAI, KNF, MIR, NCNO, ORION, PACK, PKX, PRTY, RGLD, SRAD, STAA, TALEN, TEKK | healthcare, industrials, Long/Short, mid cap, small cap, technology | View | ||
| 2025 Q3 | Oct 9, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | BE, BPMC, BROS, BWXT, CGON, CLBT, CRDO, FTAI, ICLR, INSM, KTOS, KVYO, MEDP, MIRM, ORCL, RGTI, RNA, RYTM, SHFT, WING | AI, Biotechnology, defense, Energy Transition, growth, semiconductors, small cap, software | AI infrastructure investments are narrowly driving economic growth alongside retail enthusiasm for high-growth-potential markets. The Strategy sees extreme performance divergence between perceived AI winners and losers in software holdings, with concerns around potential AI disintermediation affecting software stocks despite strong earnings beats. | KD US BE US |
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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 29, 2025 | Eagle Capital Management | - | - | ASTS, FTAI, MGNI, NBIS, NTDOY | aerospace, AI, Compounding, gaming, infrastructure, Satellites, small caps, technology | Nintendo's Switch 2 has achieved record-breaking sales of over 10 million units in its first four months, making it the fastest-growing gaming hardware in history. The company benefits from a dual-platform position with both Switch 2 and legacy Switch contributing to profits, with strong software attach rates driving business model transformation. | LSEG LN LSEG LN |
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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 | |
| 2024 Q3 | Oct 21, 2024 | Tourlite Capital Management | 4.5% | 13.8% | ABUS, APG, FTAI, ROIV, SBUX, SOC, ULTA, WMT | aerospace, consumer, Correlation, healthcare, industrials, Long/Short, technology, volatility | FTAI Aviation benefits from strong aerospace aftermarket tailwinds, with Boeing issues providing additional upside. The company exceeded Q2 expectations and raised 2026 EBITDA guidance by 25% to $1.25 billion. Significant valuation gap exists between FTAI and aerospace aftermarket peers. | APG ABUS ROIV FTAI SOC |
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| 2024 Q3 | Oct 11, 2024 | Driehaus Small Cap Growth Fund | 6.4% | 27.0% | AXON, CRNX, FTAI, PCVX, TMDX | AI, Biotech, growth, industrials, infrastructure, Rate Cuts, small caps | AI infrastructure spending by Hyperscalers remains robust with 40% capex increases in 2024. Manager views AI as existential threat driving continued investment in GPUs, servers, networking equipment and data centers. Expects spending to decelerate but remain strong through 2025-2026. | 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 | |
| 2025 Q4 | Jan 27, 2026 | Buckley Capital | 2.6% | 21.4% | ALL, BFIT, DAVE, FTAI, GE, HLT, HWM, IHG.L, IWG.L, LNW, LQDA, MAR, PRTH, RR.L, RTX, SAF.PA, UTHR, VRNA, WLFC | aerospace, Europe, Fintech, gaming, Inflection, small caps, turnaround, value | Light & Wonder represents a high-quality duopoly business with Aristocrat in slot machine manufacturing and distribution globally. The company has engineered a remarkable turnaround over the last 5 years, transitioning from an overlevered business losing market share to an appropriately levered company now growing market share substantially. Basic-Fit is the dominant low-cost gym operator in Western Europe and represents the largest position. The company built a highly standardized, low-cost gym model delivering attractive price-to-value for members and high incremental returns on capital. 2026 is expected to be the inflection year as clubs opened since 2023 have reverted to pre-pandemic performance. Willis Lease Finance is a niche leader in commercial aircraft engine leasing, specializing in midlife engines. The aerospace backdrop is exceptionally strong with supply chain bottlenecks, engine reliability issues, and record order backlogs driving years of elevated demand. New engine production is effectively sold out for years. Dave is a high-growth, profitable neobank offering mobile digital banking services and small-dollar advances to customers often ignored by traditional banks. The company's Extracash product drives majority of revenues and represents a better option than payday loans or bank overdraft fees for consumers. Liquidia recently pre-announced very strong results and is expected to generate around $600-700m in sales this year and $1bn next year. The main issue continues to be lack of resolution around the patent infringement court case with competitor United Therapeutics, but the position is fully hedged. Priority Tech Holdings is exceptionally well-positioned within the financial services and payments industry, benefiting from high profitability, strong free cash flow returns, and a predictable business model. Over 90% of the company's business is either recurring or reoccurring, providing high predictability. | LQDA DAVE IWG LN LNW PRTH WLFC |
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| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | -1.7% | 17.5% | ADYEY, AMZN, APP, CRH, DASH, ELV, ENSG, FTAI, GOOGL, MA, META, MLM, MSCI, MSFT, NFLX, NVDA, RPRX, RYAAY, SCI, TSM | AI, global, growth, long-term, Quality, technology | AI spending and capabilities remain central to investment thesis across multiple holdings. Meta's elevated AI expenditure in 2026 creates execution risk but unlocks growth levers across its user base. Tencent's AI talent and research investments position it uniquely to leverage AI across gaming, advertising, and payments platforms. TSMC maintains dominant position capturing 70% of global foundry revenues with supply agreements across all key chip designers. Kokusai Electric benefits from recovery in memory markets and growing importance of batch ALD machines in AI memory chip manufacturing. Semiconductor cycle showing strength from Chinese and Korean manufacturers. Factory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. Sea's Shopee marketplace investing in service quality and faster shipping while expanding in Malaysia and Thailand to capture market share. Auto1 consolidating position as Europe's leading used car marketplace with 3% market share and growing direct-to-consumer Autohero brand providing margin expansion opportunity. | IOT QXO GAW AG1 GR AUTO LN TSM 6525 JP DG META SE |
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| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | ALGM, ANF, BJ, CVGW, CYRX, ENV, EYE, FOUR, FOXF, FTAI, HLNE, INTA, KVYO, MPWR, OS, PJT, TREX, VRNS, WTFC, ZETA | Biotechnology, consumer, Fed Cuts, financials, growth, Rotation, small caps, software | Small cap stocks snapped an unprecedented losing streak versus large caps in Q3, with the Russell 2000 Growth Index up 8.41%. The rotation was initially catalyzed by higher Trump election odds and cooling inflation data supporting Fed rate cuts. Historically rate cuts have been positive for small caps, and with earnings growth for smaller caps set to eclipse large caps over the next two years, coupled with historic lows in relative valuations, conditions are aligning for better asset class performance. | View | |
| 2024 Q3 | Sep 30, 2024 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | ALIT, ASH, ASTH, CIVI, DEI, ENOV, FA, FTAI, IGIC, JLL, LOB, NSP, PAL, PESI, RMNI, USLM | financials, healthcare, industrials, rates, small caps, value | The fund focuses exclusively on small-cap investments, typically companies with market capitalization below $3 billion or within the Russell 2000 Index range. Small-cap stocks outperformed in Q3, with the Russell 2000 Index gaining 9% and value stocks outperforming growth. The manager continues finding compelling new ideas in the small-cap space despite the ongoing bull market. | View | |
| 2023 Q3 | Sep 30, 2023 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | ALGT, CALM, CIVI, DCO, ENOV, FTAI, HAYN, LANC, LEU, LOB, MLR, PRGS, RMNI, RRR | defense, energy, financials, nuclear, small caps, technology, value | Energy was the best performing sector in Q3 on the back of rising oil prices, notching a positive quarter at 19%. Oil prices rose against a backdrop of OPEC+ production cuts, benefiting holdings like Civitas Resources which saw earnings recover and share price rebound accordingly. | LAS/A CN|MLR|MNRO|NGS|WHGLY|WLY ADCO CALM CIVI |
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| 2024 Q2 | Jul 31, 2024 | Driehaus Small Cap Growth Fund | 6.4% | 27.0% | BRBR, CAMT, CCJ, FTAI, TMDX | AI, Biotech, growth, healthcare, industrials, semiconductors, small cap, technology | The fund increased exposure to semiconductors and hardware companies tied to AI infrastructure buildout. Several holdings benefited from the hardware infrastructure buildout to support AI applications, including semi cap equipment companies and semiconductor or component suppliers to data centers. IT budgets are shifting away from enterprise software towards AI and its supporting infrastructure. | View | |
| 2024 Q2 | Jul 26, 2024 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | ALGT, ALNC, ASTH, ENOV, FTAI, KEX, LOB, MAMA, MGY, RCKY, RRR, THR, TKO.TO, USLM | Copper, financials, materials, small caps, underperformance, value | Small caps continue to underperform large caps significantly, with year-to-date underperformance of more than 12 percentage points and 10-year underperformance of about 5.5 percentage points annualized. Small caps are trading near historically low valuation premium relative to large caps, creating compelling investment opportunities for resilient, undervalued small companies. | View | |
| 2023 Q1 | Apr 18, 2023 | Tourlite Capital Management | 4.5% | 13.8% | FC, FTAI, GLOP, VRRM | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Alger Small Cap Focus Fund | -21.8% | -21.8% | AGYS, FTAI, GWRE, NARI, SYK, WGS, XMTR | AI, Cloud, Genomics, healthcare, Medical Devices, small caps, technology, volatility | The emergence of advanced AI models from China demonstrated capabilities comparable to leading U.S. models but at significantly lower development costs. This prompted investors to reassess the substantial capital expenditures of U.S. large-cap technology companies, resulting in a sell-off in AI-related stocks and concerns over the potential returns on domestic AI initiatives. AI is at an inflection point, potentially enabling significant increases in productivity. | FTAI XMTR AGYS GWRE GDXH NARI |
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| 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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| 2022 Q4 | Jan 27, 2023 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | ALGT, BBCP, ESAB, ESGRP, FTAI, GHM, GTES, ODC, RMNI, RRR, TGB, UFPT, WNS, WWW | - | View | ||
| 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 Aviation | Industrials | Aerospace & Defense | Bull | NASDAQ | Aerospace, Aviation, C-Corp, cash flow growth, Leasing, Modular Factory, PMA Parts, spin-off | View Pitch |
| Apr 28, 2026 | Fund Letters | Tourlite Capital Management | FTAI Aviation | Industrials | Aerospace & Defense | Bull | NASDAQ | Aerospace, Aviation, Cost efficiency, Modular Factory, Parts Manufacturing, PMA Approval, Regulatory Approval | View Pitch |
| Apr 28, 2026 | Fund Letters | Tourlite Capital Management | FTAI Aviation | Industrials | Aerospace & Defense | Bull | NASDAQ | Aviation, CFM56, Engine Leasing, growth, maintenance services, Modular Factory, PMA Parts | View Pitch |
| Apr 23, 2026 | Fund Letters | Brown Advisors Mid-Cap Growth strategy | FTAI Aviation Ltd. | Rental & Leasing Services | Aerospace & Defense | Bull | NASDAQ | aftermarket, Aircraft engines, asset-light, Aviation, CFM56, MRE Services | View Pitch |
| Apr 23, 2026 | Fund Letters | Alger Mid Cap Focus Fund | FTAI Aviation Ltd. | Rental & Leasing Services | Aerospace & Defense | Bull | NASDAQ | Aeroderivative, Aerospace Aftermarket, AI data centers, Aircraft engines, Aircraft Leasing, Aviation, CFM56 engines, Engine Conversion, Gas turbines | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle Small/Mid Cap Equity | FTAI Aviation | Industrials | Aerospace & Defense | Bull | NASDAQ | aftermarket services, air travel, Aircraft engines, Aviation, Engine Leasing, maintenance services, Private Equity Partnership | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Small Cap Focus Fund | FTAI Aviation Ltd. | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Aerospace Aftermarket, Aviation Leasing, CFM56 engines, Commercial Aerospace Cycle, Independent Audit, MRO services, Short-Seller Attack | View Pitch |
| Apr 13, 2026 | Fund Letters | Crossroads Capital | FTAI Aviation | Industrials | Aerospace & Defense | Bull | NASDAQ | Aerospace, aftermarket, Aviation, Capital-light, CFM56, Modules, MRO, network effects | View Pitch |
| Apr 13, 2026 | Fund Letters | Tourlite Capital Management | FTAI Aviation | Industrials | Aerospace & Defense | Bull | NASDAQ | Aerospace, Aircraft Leasing, Aircraft Shortage, Aviation, Maintenance, Modular Factory, PMA Approval | View Pitch |
| Apr 13, 2026 | Fund Letters | Tourlite Capital Management | FTAI Aviation | Industrials | Aerospace & Defense | Bull | NASDAQ | Aerospace, Aviation Leasing, EBITDA growth, Engine Aftermarket, OEM Shortfalls, PMA Parts, valuation gap | View Pitch |
| Apr 13, 2026 | Fund Letters | Tourlite Capital Management | FTAI Aviation | Industrials | Aerospace & Defense | Bull | NASDAQ | Aftermarket Maintenance, Aircraft Leasing, Aviation, EBITDA growth, Engine Maintenance, PMA Approval, Short squeeze, Strategic Capital Initiative | View Pitch |
| Apr 13, 2026 | Fund Letters | Tourlite Capital Management | FTAI Aviation | Industrials | Aerospace & Defense | Bull | NASDAQ | Aerospace, aftermarket, Aviation, Boeing, EBITDA growth, growth, valuation gap | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill Small Cap Fund | FTAI Infrastructure | Industrials | Transportation Infrastructure | Bull | NASDAQ | Energy Terminals, energy transition, Hydrogen, infrastructure, Logistics, natural gas, Ports, railroads | View Pitch |
| Apr 13, 2026 | Fund Letters | Tourlite Capital Management | FTAI Aviation | Industrials | Aerospace & Defense | Bull | NASDAQ | Aerospace, aftermarket, Aircraft Leasing, EBITDA growth, Maintenance, PMA Parts, Strategic Capital Initiative, Value-Add Business Model | View Pitch |
| Feb 27, 2026 | Fund Letters | Ryan O'Connor | FTAI Aviation Ltd. | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Aftermarket Margins, Asset Management Fees, capital-light model, Engine Exchanges, Green Time, Key Concepts Include MRO Franchise, operating leverage, PMA Parts | View Pitch |
| Feb 4, 2026 | Twitter / X | @justfactstruth | FTAI Aviation Ltd. | - | Bull | NASDAQ | AeroderivativeTurbines, aftermarket, AIDataCenters, CFM56, Energyinfrastructure, GasTurbines, Powergeneration | View Pitch | |
| Jan 23, 2026 | Twitter / X | @KryptoniteRese | FTAI Aviation Ltd. | Consumer Discretionary | Aerospace & Defense | Bull | NASDAQ | Aviation, Ftai, PMA, Presenter, Products, refining, Third Party Capital, Using Third Party | View Pitch |
| Jan 22, 2026 | Twitter / X | @justfactstruth | FTAI Aviation Ltd. | Industrials | Airport Services | Bull | NASDAQ | aftermarket, Aviation, Canada, Engine, Engines, Ftai, Ftal, Payments | View Pitch |
| Jan 21, 2026 | Substack | Kairos Research | FTAI Aviation | Aerospace & Defense | Aerospace & Defense Equipment | Bull | NASDAQ Stock Market | aerospace leasing, AI compute demand, CFM56 engines, EBITDA growth, Engine Maintenance, FTAI Aviation, FTAI Power, Gas turbines, modular turbines, Power generation | View Pitch |
| Jan 8, 2026 | Fund Letters | Ryan O'Connor | FTAI Aviation Ltd. | Industrials | Aerospace & Defense | Bull | NASDAQ | aftermarket, Aviation, Engines, PMA, ROE | View Pitch |
| Nov 29, 2025 | Fund Letters | Chris Welch | FTAI Infrastructure Inc. | Industrials | Transportation Infrastructure | Bull | NASDAQ | acquisition, assets, Freight, infrastructure, Rail, Transportation | View Pitch |
| Oct 16, 2025 | Substack | Kairos Research | FTAI Aviation | Industrials | Rental & Leasing Services | Bull | Aerospace Products, Chromalloy Partnership, Cost efficiency, Engine Maintenance, Leasing, market share, MRE Business, PMA Parts, Strategic Capital Initiative, vertical integration | View Pitch | |
| Sep 16, 2025 | Short Thesis | Muddy Waters | FTAI Aviation Ltd | Industrials | Air Freight & Logistics (Aviation Leasing & Infrastructure) | Bear | NASDAQ | Aviation, Engines, Leasing, leverage, Residual risk | View Pitch |
| Sep 16, 2025 | Short Thesis | Muddy Waters | FTAI Aviation Ltd | Industrials | Air Freight & Logistics (Aviation Leasing & Infrastructure) | Bear | NASDAQ | Aviation, dividend, Engines, Leasing, leverage | 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 |
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| No investor data available. | ||||||||