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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 24, 2025 | Andrew Hill Investment Advisors | - | - | AMSC, COST, EQT, GE, GEV, GLD, GOOGL, META, MSFT, NVDA, NXT, SEDG, SYK, TMO, VRTX, YETI | AI, Energy Transition, equities, Federal Reserve, gold, Rate Cuts, Solar, technology | The AI buildout continues to drive equity market performance with companies like Microsoft and Meta showing strong results from AI products. However, momentum is stalling for first-tier AI companies despite excellent earnings, suggesting the next phase may be led by second-tier companies focused on energy infrastructure for data centers. | YETI |
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| 2024 Q1 | May 10, 2024 | Kinsman Oak | 0.0% | 0.0% | CHDN, GLD, GOOG, NKE, TDW | AI, gold, inflation, rates, Speculation, technology | Alphabet's Gemini AI tool controversy highlighted serious cultural and bias issues that pose risks to the company's search moat. The manager believes AI competitive advantages will depend on perceived bias rather than processing power, with users gravitating toward trusted, unbiased outputs. | GOOG |
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| 2026 Q1 | Apr 9, 2026 | Mountain Vista Wealth Management | - | - | FBTC, GLD, IWM, QQQ, SPY, USO, VXUS, XLE | AI, energy, Geopolitical, gold, inflation, Iran, private credit, software | View | ||
| 2025 Q1 | Mar 26, 2025 | Andrew Hill Investment Advisors | - | - | 1211.HK, AAPL, ACN, AMZN, ANET, CEG, DUK, EQT, GE, GLD, GRMN, JNJ, JPM, MSFT, NFLX, NVDA, PGR, TTEK | AI, Bonds, defense, Electric Vehicles, healthcare, inflation, Natural Gas, tariffs | The Trump Administration is pursuing tariffs, immigration controls, and budget cuts to reshape the US economy from global services-based to domestically focused manufacturing. Tariffs are viewed as generally bad policy that will result in lower margins and less efficient operations. The uncertainty around tariffs is leading to lower business activity and stock prices. | MSFT GRMN DUK AMZN AAPL NFLX JPM PGR JNJ |
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| 2024 Q3 | Dec 18, 2024 | Kathmandu Capital | -15.0% | -0.3% | 3918.HK, GCT, GLD, KSPI, VU.PA | Asia, Cyclical, Drawdown, E-Commerce, oil, value | The fund holds positions in cross-border e-commerce companies like Gigacloud Technology, which specializes in furniture and bulky items logistics, and Kaspi.KZ, which operates in Kazakhstan's e-commerce ecosystem. The manager sees significant opportunities in specialized e-commerce niches with strong barriers to entry. | VU.EPA KSPI GCT 3918.HK |
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| 2025 Q3 | Oct 31, 2025 | Kinsman Oak | - | - | ACHR, ASTS, CRML, DGNX, FRMI, GLD, JOBY, LAC, MEME, NNE, NXE, OKLO, PPTA, QMMM, QS, QUBT, RGCI, RGTI, SERV, SKE, TMC | AI, Bubble, debasement, gold, infrastructure, Speculation, technology, valuation | The manager sees AI as a speculative bubble similar to the dot-com era, with massive capital misallocation and unsustainable valuations. Big Tech firms are spending $400 billion in 2025 on AI infrastructure buildout, requiring a 100-fold revenue increase to justify costs. The manager believes this capex binge will eventually end badly when investors realize AI isn't generating incremental free cash flow. | View | |
| 2025 Q3 | Oct 28, 2025 | Alphyn Capital Management | 3.0% | 11.2% | BN, BUR.L, CCOI, FFH.TO, GLD, GOOGL, MRO.L, PRX.AS, ROKO.ST, TVK.TO | AI, Capital Allocation, Compounding, gold, insurance, Serial Acquisition, technology | Alphabet benefits from vertically integrated AI stack spanning proprietary infrastructure, leading models, and scaled distribution platforms. Google's AI advantage includes twice the power efficiency of competitors and 33x efficiency in inference. AI enhances Search utility through features like AI Overviews and Lens, driving increased user engagement. | CRTA LN FFH CN CCOI BUR TVK CN MRO LN BN GOOGL CRTA LN FFH CN CCOI TVK CN MRO LN BN GOOGL |
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| 2025 Q3 | Oct 20, 2025 | Carrington Wealth Management | - | - | ^FTSE, ^GSPC, ^HSI, BTC-USD, GLD | AI, Asia, China, Europe, gold, rates, tariffs, Valuations | Asia remains a large overweight position with attractive valuations and strong company balance sheets. Chinese equities were standout performers supported by renewed confidence in the domestic economy. The firm maintains constructive views on China given its solid economic position, low inflation, and healthy growth outlook. | View | |
| 2024 Q3 | Oct 18, 2024 | Equity Management Associates | 12.7% | 29.1% | GDX, GDXJ, GLD, GOEX, SIL | commodities, Fiscal Dominance, gold, inflation, Miners, monetary policy, Precious Metals, Silver | Gold broke out from three-year ceiling to $2,650, up 28% in six months. Driven by fiscal dominance, central bank buying, BRICS demand, and inflation protection needs. Fund believes gold will reach unimaginable prices as sovereign debt crisis becomes understood. | 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 | |
| 2024 Q2 | Jul 29, 2024 | Grey Owl Capital | 3.4% | 8.6% | ACWI, GLD, GSG, SPY, TLT | All-Season, gold, India, inflation, Multi-Asset, PMI, volatility | Gold was the best performing primary asset class in Q2 2024, up 7.6%. The forward-gold price continues to point toward increasing inflation over the longer term, suggesting gold's monetary component remains attractive as an inflation hedge. | View | |
| 2024 Q4 | Jan 24, 2025 | Grey Owl Capital | -1.6% | 6.7% | ACWI, GLD, GSG, SPY, TLT | commodities, Dollar, growth, inflation, rates, volatility | Manager expects inflation to reaccelerate through first half of 2025, moving from stagflation to quasi-stagflation. 5-Year Breakeven rates point higher though the early fall spike has receded, and monthly inflation nowcast forecasts continued higher consumer price inflation through January. | 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. | ||||||||