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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Dec 18, 2024 | Kathmandu Capital | -15.0% | -0.3% | 3918 HK, GCT, GLD, KSPI, VU FP | - | View | ||
| 2025 Q4 | Jan 9, 2026 | Mountain Vista Wealth Management | 0.0% | 0.0% | AGG, DBB, EMB, ETHA, FBTC, GLD, IVE, IVW, IWM, JNK, QQQ, SPY, TLT, USO, VXUS, XLK, XLP, XLRE, XLU, XLV | AI, Bitcoin, Economic Outlook, ETFs, Federal Reserve, gold, inflation, Market Commentary | A key question for 2026 is whether AI investments will translate into measurable productivity gains and margin expansion beyond the technology sector. The downside scenario involves a reassessment of AI and data center ROI which could trigger sharp corrections in high-flying growth stocks. Companies are investing in technology that allows them to make their existing workforce more productive, representing an AI-driven productivity boom. Inflation remains persistently above the Federal Reserve's 2% target for the fifth consecutive year, though showing signs of cooling on many fronts. Tariffs have pushed up goods prices, causing inflation to remain elevated. The psychological scars of 2021/22 inflation remain despite real wage growth trending up since Q3 2022. The FOMC delivered a 25 basis point rate cut to 3.50-3.75% range with significant division among policymakers. High interest rates and persistently high prices have pushed monthly payments up at a shocking rate relative to income growth. The Fed announced it would begin purchasing shorter-term Treasury securities to maintain ample reserves. Gold delivered exceptional gains consistently as investors sought assets tied to real scarcity and low correlation to financial assets. Persistent geopolitical risk, elevated fiscal deficits, and gradual erosion of confidence in fiat currencies supported sustained inflows. Central banks continued to be net buyers, with gold posting an extraordinary 63.7% annual return. Bitcoin exhibited far greater volatility and a different return profile than gold, experiencing powerful rallies earlier in the year but proving fragile as risk appetite faded. The sharp drawdown in Q4 highlighted Bitcoin's sensitivity to speculative positioning and leverage. Rather than behaving as a defensive hedge, Bitcoin traded more like a high-beta risk asset. | View | |
| 2025 Q4 | Jan 23, 2026 | Grey Owl Capital | 2.4% | 0.0% | ACWI, GLD, GSG, IWM, MAGS, SPY, TLT | commodities, Cyclical, diversification, gold, growth, inflation, risk management, small caps | Small-capitalization equities are significantly outperforming, up 7.6% year-to-date through January 23, 2026, as market leadership expands beyond mega-cap technology. The manager has increased exposure to US small-cap equities, believing conditions now favor cyclical outperformance and broadening equity participation. Commodities are outperforming with 7.4% year-to-date gains through January 23, 2026, supported by accelerating economic growth. The portfolio has added to commodities exposure as part of positioning for meaningful economic growth and cyclical outperformance. Gold delivered exceptional performance with 63.7% gains for full year 2025 and continued strength with 11.5% gains in Q4 2025. The manager has expanded precious metals exposure as part of the all-season framework positioning. Economic growth is accelerating according to Hedgeye's real GDP projection model, gaining significant momentum in Q1 and continuing through much of Q2 2026. This growth acceleration historically supports risk assets, particularly cyclical equities and commodities. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 20, 2026 | Seeking Alpha | Seeking Alpha | SPDR Gold Shares ETF | Precious Metals | Gold | Bull | New York Stock Exchange | Central Bank Demand, Currency debasement, De-dollarization, geopolitical risk, Gold Bullion, inflation hedge, portfolio diversification, Safe Haven, U.S. Deficits, Yield on Gold | 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. | ||||||||