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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jun 30, 2025 | YCG Investment | - | - | AAPL, BRK-A, EFX, EIX, EXPN.L, FICO, HE, KO, MCO, PCG, PEP, SPGI, TRU, UNH, VRSK | Network Effects, Pricing Power, Quality, regulation, tariffs, value | YCG emphasizes owning businesses with enduring pricing power and unregulated pricing as a key driver of positive convexity. They believe businesses with dominant networks, conservative balance sheets, and ownership-minded management can maintain or increase inflation-adjusted pricing over time, creating superior risk-adjusted returns. | FICO AAPL |
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| 2026 Q1 | May 8, 2026 | Horizon Kinetics | - | - | AAPL, AB, ALS.TO, AMLP, CSCO, HE, INTC, LNG, MIAX, MSFT, TPG, WPM | AI, CLO, commodities, energy, income, infrastructure, private credit, royalties | View | ||
| 2025 Q1 | May 5, 2025 | Horizon Kinetics | - | - | ARIS, GEV, HE, JPM, META, NUE, NVDA, SJT, TPL | AI, commodities, Data centers, energy, infrastructure, Natural Gas, technology, water | Explosive spending by major IT companies on data centers amid mass adoption of artificial intelligence. Meta spending $60-65 billion on data center construction this year, 50% above 2024. Data center buildout has potential to be greatest deployment of private investment capital in history. | HE SJT ARIS |
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| 2025 Q1 | Apr 5, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | ARCH, BJ, CNMD, CWAN, ELF, FOUR, GERN, GKOS, GLBE, HE, HIMS, INTA, ITCI, KVYO, PYCR, RBC, RKLB, TNC, VRNS, WIX | AI, Biotech, growth, small cap, stock selection, Trade Policy, volatility | The DeepSeek model architecture caused investors to question potential returns on investment and monetization of generative AI initiatives, leading to air coming out of the sector-crossing narrative and investment tailwind around generative AI. The combination of concerns around AI reporting precipitated a meaningful pullback in stocks. | GERN HIMS ARCH RKLB GKOS |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Horizon Kinetics | Hawaiian Electric Industries | Utilities | Electric Utilities | Bull | NYSE | Crisis Recovery, dividend suspension, Electric Utility, Equity, Hawaii, regulated utility, Time Arbitrage, Wildfire Settlement | View Pitch |
| Apr 2, 2026 | Seeking Alpha | Seeking Alpha | Hawaiian Electric Industries, Inc. | Utilities | Electric Utilities | Neutral | New York Stock Exchange | capital expenditure, convertible debt, Credit rating, Electric Services, Hawaiian Electric Industries, regulatory support, ROE, share dilution, utilities, Wildfire Liability | View Pitch |
| Feb 18, 2026 | Substack | Alluvial | Hawaiian Electric Industries, Inc. | Utilities | Electric Utilities | Neutral | capital structure, equity value, financing needs, going concern warning, Hawaiian Electric, Lahaina fire, liability resolution, regulatory constraints, risk-return profile, utility sector | 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 | $1.6M | 0.00% | 132,900 | -132,444 | -49.91% | 0.0585% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $3.3M | 0.00% | 269,338 | +183,928 | +215.35% | 0.1185% |
| Murray Stahl | Horizon Kinetics | $7.4B | $238.5M | 3.23% | 19,392,363 | +1,134,646 | +6.21% | 8.5349% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $7.8M | 0.01% | 631,662 | -556,174 | -46.82% | 0.2780% |
| Cliff Asness | AQR Capital Management | $190.6B | $468,101 | 0.00% | 38,057 | +3,629 | +10.54% | 0.0167% |
| Mario Gabelli | GAMCO Investors | $10.4B | $2.1M | 0.02% | 174,209 | -391 | -0.22% | 0.0767% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $2,423 | 0.00% | 197 | +85 | +75.89% | 0.0001% |
| Rich Handler | Jefferies | $19.3B | $1.9M | 0.01% | 153,900 | +30,599 | +24.82% | 0.0677% |