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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 12, 2026 | Optimist Fund | -8.5% | 32.2% | AFRM, CVNA, DASH, DICEY.L, FVRR, HFG, LTHM, META, MNDY, NFLX, PTON, ROOT, TDUP, UBER, W | Compounding, E-Commerce, growth, long-term, technology, value | The fund holds significant positions in e-commerce companies including Wayfair, Carvana, ThredUp, and DoorDash. These businesses are showing strong fundamental performance with revenue growth acceleration and improving profitability metrics. The manager views current valuations as materially underappreciating future earnings potential. The fund focuses on identifying businesses where deep research can uncover gaps between market expectations and long-term reality. The strategy targets companies with potential for mid-teens or better compound returns over decades, emphasizing businesses with accelerating sales and earnings growth. The manager emphasizes finding businesses trading at significant discounts to intrinsic value, where market expectations are materially below long-term reality. Current valuations are viewed as underappreciating the earnings and cash flow core holdings will generate over the next five years. | MNDY TDUP CVNA W MNDY TDUP CVNA 3769 JP|4194 CN|4733 JP|APG|CROX|FIX|FLUT|GLEN LN|JD/ LN|MTX GR|PSI CN|TKO|WISE LN|ZETA MNDY TDUP CVNA W DSCV LN LUCE LN SWIM MNDY TDUP CVNA W |
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| 2025 Q3 | Oct 22, 2025 | Optimist Fund | 9.1% | 44.5% | CVNA, FVRR, HFG GR, MEDP, MNDY, RVLV, TDUP, W | AI, Consumer cyclicals, E-Commerce, growth, small caps | The Optimist Fund gained 9.1%, driven by small-cap cyclicals like Wayfair, ThredUp, and Carvana as fundamentals inflected upward. The manager emphasizes structural growth in e-commerce and data-driven efficiency, with selective use of AI to enhance scalability. Portfolio concentration in innovative, founder-led firms reflects conviction in multi-year compounding potential. | MEDP CVNA TDUP W MEDP CVNA TDUP W |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 23, 2026 | Twitter / X | @ToffCap | Fiverr International Ltd. | Information Technology | Internet Services & Infrastructure | Bull | New York Stock Exchange | buyback, Fiverr, Freelance, Losses, Operating, operating leverage, Roughly, Scenario | View Pitch |
| Jan 22, 2026 | Twitter / X | @lilsaucyy | Fiverr International Ltd. | Communication Services | Interactive Media & Services | Bear | New York Stock Exchange | Active, Buyer, Categories, Exchanges, Fiverr, Fvrr, Israel, Marketing Software | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Stock Research Platform | Fiverr International Ltd. | Communication Services | Internet Content & Information | Neutral | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $3.5M | 0.00% | 179,068 | +30,618 | +20.63% | 0.7814% |
| Lee Ainslie | Maverick Capital | $9.3B | $4.0M | 0.04% | 202,094 | +202,094 | +100.00% | 0.8819% |
| Israel Englander | Millennium Management LLC | $233.2B | $4.6M | 0.00% | 232,850 | +149,476 | +179.28% | 1.0162% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $3.5M | 0.01% | 175,437 | +26,619 | +17.89% | 0.7656% |