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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | The Gabelli International Small Cap Fund | 8.1% | - | AGI.TO, CHG.L, EDV.L, GENI, GERR.DE, ITP.PA, LPE.PA, PSAN.DE, SIEF.L | Central Banks, China, Currency, Europe, gold, international, Japan, small cap | Gold equity holdings benefited from continued strength in the price of gold. Alamos Gold, MAG Silver, Osisko Gold Royalties, and Eldorado Gold all appreciated by over 17% during the quarter. | View | |
| 2023 Q3 | Sep 30, 2023 | The Wolf of Harcourt Street | -3.8% | 14.3% | ACOG, ACTU, AESI, ALMU, AXSM, BWAY, CVRX, DCTH, ELUT, FANG, GENI, GHM, KRT, MYO, NPCE, ODD, ORN, PESI, RNTX, UNIT | Biotechnology, defense, energy, healthcare, nuclear, SmallCap, Trade Policy | The fund holds multiple biotech positions including Alpha Cognition with FDA-approved Alzheimer's drug ZUNVEYL, Actuate Therapeutics in Phase 2 trials for pancreatic cancer, Axsome with CNS treatments, and Rein Therapeutics developing pulmonary fibrosis therapies. These companies target large addressable markets with significant revenue potential. | View | |
| 2025 Q2 | Aug 22, 2025 | Voss Value Fund | 1.0% | -6.3% | AMZN, ARE.TO, CLBT, CRM, ECN, FIVN, GENI, GOOGL, META, MSFT, NOW, PHIN, PRKS, TWLO, VRNT | AI, cybersecurity, Long/Short, nuclear, small caps, sports betting, technology, value | AI presents both opportunities and threats across portfolio companies. Mega cap tech companies are pouring tens of billions into AI infrastructure with CapEx expected to reach $512B by 2027. Five9 faces AI disruption concerns in contact centers but is positioning as an AI winner through integration and automation capabilities. | FIVN ARE CN PRKS PHIN ECN CLBT GENI |
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| 2025 Q2 | Aug 22, 2025 | Voss Value Offshore Fund | 0.6% | -6.8% | AMZN, ARE.TO, CLBT, CRM, ECN, FIVN, GENI, GOOGL, META, MSFT, NOW, PHIN, PRKS | AI, Concentration, Long/Short, nuclear, small caps, technology, undervalued, value | Manager discusses AI as both opportunity and threat across portfolio companies. Notes massive AI capex spending by mega-cap tech companies ($351B in 2025 to $512B in 2027) while expressing skepticism about returns. Views AI as creating narrative challenges for companies like Five9 where AI is perceived as existential threat to contact center software, but sees this as creating investment opportunity. | View | |
| 2025 Q2 | Jul 17, 2025 | Choice Equities Capital Management | 30.0% | 21.6% | BNED, CELH, GENI, MGNI, MOD, PAR, ROP, SRAD | Advertising, concentrated, gaming, growth, Manufacturing, small caps, technology, value | GENI secured extended NFL data rights deal through 2029 and exclusive NCAA data rights through 2032, providing visibility into data costs and enabling incremental revenues to flow through at attractive margins. Sports betting legalization in Brazil and pending U.S. states, plus growth in in-game betting where GENI generates higher take rates, creates ongoing revenue opportunities in a market growing at low-double digit rates. | MOD MGNI GENI MOD MGNI GENI |
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| 2024 Q1 | Jun 8, 2024 | Voss Value Offshore Fund | 7.4% | 8.9% | ALTG, GENI, IMXI, PAR, RCM, RTO.L, SLCA, SWI | Long/Short, M&A, small caps, special situations, technology, value | Manager maintains concentrated exposure to cheap small caps despite underperformance relative to mega cap tech. Small caps are more exposed to interest rates and have not found sustained propulsion, but with rate stability expected M&A activity to increase from multi-decade lows. | View | |
| 2024 Q1 | Jun 8, 2024 | Voss Value Fund | 9.2% | 9.2% | ALTG, GENI, IMXI, PAR, RCM, RTO.L, SLCA, SWI | AI, Long/Short, M&A, small caps, sports betting, technology, value | Manager maintains concentrated exposure to cheap small caps despite underperformance relative to mega cap tech. Small caps are more exposed to rates and have not yet found sustained propulsion, but with rate stability expected M&A activity to continue recovering from multi-decade lows. | View | |
| 2026 Q1 | Apr 15, 2026 | Carillon Eagle Small Cap Growth Fund | - | - | AAOI, APPF, AROC, CRDO, GENI, IRTC, MOD, POWL, VITL | AI, Data centers, energy, growth, healthcare, Natural Gas, small cap, technology | APPF CRDO IRTC GENI VITL AROC POWL MOD AAOI |
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| 2025 Q1 | Mar 31, 2025 | The Gabelli International Small Cap Fund | 7.5% | 7.5% | 9449.T, AGI, CHG.L, EDV.L, GENI, IVG, LOOM.ST, LPE.PA, PRU.AX, SGDG.L, WGX.AX | defense, Europe, Germany, gold, international, small caps | Gold mining stocks performed strongly with Alamos Gold and Endeavour Mining rallying 45% and 36% respectively on the back of rising gold prices. The Fund holds several gold mining positions that benefited from strong gold price performance during the quarter. | View | |
| 2025 Q4 | Feb 18, 2026 | The Gabelli International Small Cap Fund | 5.1% | 39.6% | 4617.T, 7012.T, AGI, CHG.L, EGO, EURN, GENI, MOLHF, PRU.AX, SFM.SW, TAMP.MI, WGX.AX | defense, Europe, gold, international, Japan, small caps | Gold equity holdings were the top contributors to performance, with multiple gold miners including Westgold Resources, Endeavour Mining, Eldorado Gold, and Perseus Mining driving returns. Gold is undergoing a longer-term revaluation as a monetary alternative amid elevated sovereign debt levels and shifting geopolitical alliances. Defense spending increases are supporting companies like Chemring Group and Kawasaki Heavy Industries. Japan plans to double defense spending by 2035, while European defense expenditures are rising due to security concerns. The fund added Japanese defense-related companies including Chugoku Marine Paints and Namura Shipbuilding. International equities benefited from investors diversifying from mega-cap U.S. technology companies. Dollar weakness supported returns, with the DXY Index declining about 9% during 2025. Valuations between U.S. and international markets had become stretched in favor of non-U.S. equities. | 4617 JP |
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| 2024 Q4 | Dec 31, 2024 | The Gabelli International Small Cap Fund | -10.3% | -6.1% | 8136.T, AGI.TO, CHG.L, CKN.L, DRW3.DE, EDV.L, GENI, GXI.DE, ITP.PA, LPE.PA, SIE.DE, TAM.MI, WGX.AX | Currency, Europe, international, Japan, small cap, value | International small cap equities have been out of favor in most markets, with the fund focusing on small capitalization companies in developed markets outside the U.S. The valuation discount has reached record levels compared to U.S. markets. | View | |
| 2024 Q3 | Oct 24, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, CZR, GENI, HAIN, MGNI, OEC, PAR | Advertising, gaming, Restaurants, small caps, technology, value | The fund holds positions in Caesars Entertainment and Genius Sports, both operating in the entertainment, casino and gaming space. Caesars benefits from secular tailwinds in online sports betting and iGaming, while Genius has exclusive data rights deals with major leagues including the NFL and English Premier League. | HAIN GENI CZR |
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| 2025 Q4 | Jan 15, 2026 | GROW Funds | 0.0% | 0.0% | AMZN, AXSM, CSCO, FENC, GENI, GOOGL, INDV, MAMA, MDXH, META, MSFT, NPCE, NTNX, NVDA, ORCL, SEMR, XERS | AI, Biotechnology, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, valuation | The fund has rotated to an overweight position in healthcare, viewing it as both offensive and defensive. Healthcare companies offer new products addressing large market opportunities while being nondiscretionary and less economically sensitive. Pharmaceuticals are particularly emphasized for novel therapies targeting large markets. The manager discusses the massive AI infrastructure investments by tech giants like Microsoft, Meta, Amazon, and Google, totaling hundreds of billions. However, they express skepticism about returns, comparing current partnerships to the telecom boom and dot-com era, preferring companies that use AI to improve business models rather than pure AI infrastructure plays. The fund focuses on small-cap growth companies, noting that small companies have historically outperformed during rate cutting cycles. They highlight a valuation discrepancy where small caps trade at 15x earnings versus the S&P 500 at 22x, presenting opportunities for active stock selection. | MDXH AXSM MAMA |
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| 2024 Q2 | Jul 25, 2024 | East72 Dynasty Trust | 6.3% | 0.0% | AAPL, AVOL.SW, BVB.DE, CCP.L, CZR, DKNG, ENT.L, FLTR.L, FWONK, GENI, JUVE, MANU, MGM, MSFT, PENN, SCHL, SRAD, TKO, TSLA, WLY | discount, Europe, Holding Companies, Media Rights, Sports Analytics, technology, Travel Retail, value | The fund maintains significant exposure to European holding companies, particularly the Bolloré galaxy of companies including Compagnie de L'Odet, Bolloré, Vivendi, and Lagardère. These companies trade at substantial discounts to NAV despite strong underlying assets like Universal Music Group and cash holdings. | CAT.AX MMB.PA VIV.PA BOL.PA CDI.PA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Carillon Eagle Small Cap Growth Fund | Genius Sports | Internet Content & Information | Interactive Media & Services | Bull | New York Stock Exchange | acquisition, broadcasting, fan engagement, Interactive Media, Sports betting, Sports Data, technology platform | View Pitch |
| Apr 13, 2026 | Fund Letters | Choice Equities Capital Management | Genius Sports Limited | Communication Services | Interactive Media & Services | Bull | NYSE | Data Rights, digital media, duopoly, EBITDA Margin Expansion, Gaming, growth, Rule of 40, SaaS, Sports betting, Sports Technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Choice Equities Capital Management | Genius Sports Limited | Communication Services | Interactive Media & Services | Bull | NYSE | Data Rights, Exclusive Partnerships, Gaming Infrastructure, growth, NFL, Premier League, Sports betting, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Hood River Capital - International Opportunity Fund | Genius Sports Limited | Communication Services | Interactive Media & Services | Bull | NYSE | Exclusive Partnerships, Global, growth, Media Platforms, Real-time Analytics, SaaS, Sports betting, Sports Data, Structural Growth, technology | View Pitch |
| Jan 8, 2026 | Fund Letters | Travis Cocke | Genius Sports Limited | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | advertising, AI, Margins, media, rights, Sportsdata, valuation | View Pitch |
| Dec 5, 2025 | Fund Letters | Mitchell Scott | Genius Sports Limited | Communication Services | Interactive Media & Services | Bull | NYSE | Betting, Data, growth, Margins, 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 |
|---|---|---|---|---|---|---|---|---|
| Larry Robbins | Glenview Capital Management | $4.9B | $22.4M | 0.46% | 2,030,209 | +2,030,209 | +100.00% | 1.5044% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $36.2M | 0.05% | 3,289,270 | +2,917,830 | +785.55% | 2.4373% |
| Israel Englander | Millennium Management LLC | $233.2B | $21.8M | 0.01% | 1,976,008 | +741,078 | +60.01% | 1.4642% |
| Cliff Asness | AQR Capital Management | $190.6B | $239,344 | 0.00% | 21,719 | +21,719 | +100.00% | 0.0161% |
| Mario Gabelli | GAMCO Investors | $10.4B | $201,115 | 0.00% | 18,250 | +0 | +0.00% | 0.0135% |