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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | ACATIS Investment | - | -0.2% | 2330 TT, 6920 JP, AMRZ, ANSS, CLS CN, CRM, DWNI GR, HAL, HIMS, HOLX, ICE, ISRG, KGH PW, KRN GR, KVUE, KYGA IR, LRCX, PEP, SNPS, UMI BB, UNH, UPWK, VNA GR, ZAL GR | energy security, fiscal deficits, Global Fragmentation, Industrial Policy, Trade Policy | The report discusses mounting geopolitical fragmentation and policy uncertainty, emphasizing how trade tensions, fiscal imbalances and shifting global alliances are reshaping capital flows and regional growth prospects. Management highlights structural challenges in Europe alongside opportunities tied to industrial policy, energy security and technological sovereignty. In this environment, ACATIS positions portfolios toward globally competitive companies with resilient business models and exposure to long-term structural trends rather than cyclical macro swings. | UPWK UMI BB PEP KGH PW HIMS HAL ZAL GR CLS CN SNPS HOLX ICE KRN GR 2330 TT |
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| 2025 Q2 | Jul 24, 2025 | Voya MI Dynamic Small Cap Fund (formerly Voya Small Company Fund) | - | - | HIMS, MGNI, MUR, NSP, NVT, RKLB | AI, fundamentals, growth, small caps, stock selection | The letter emphasizes high-quality small-cap companies benefiting from sustainable growth trends and improving fundamentals. Management highlights AI-driven tailwinds, expanding leadership, and defensive sector opportunities. Stock selection discipline is positioned as critical amid elevated volatility. | View | |
| 2025 Q1 | Apr 9, 2025 | Maple Tree Capital – Jonagold | -13.6% | -13.6% | GRND, HIMS, LMND, UPST | - | View | ||
| 2025 Q1 | Apr 5, 2025 | Cedar Grove Capital Management | 0.4% | 0.4% | HIMS, LNSR | - | View | ||
| 2025 Q1 | Apr 5, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | AROC, GERN, GKOS, HIMS, KRMN, RKLB | - | View | ||
| 2025 Q4 | Feb 4, 2026 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | AROC, BE, BTSG, COHR, DY, ESAB, ESTA, EXR, GH, HIMS, ITRI, KKR, PJT, PRKS, RBA, RMBS, VRNS, WWD | aerospace, AI, cyclicals, growth, healthcare, Onshoring, small cap, technology | The AI investment cycle accelerated notably in 2025 and is expected to continue driving the market early in 2026. Bottlenecks from power supply availability remain a key gating factor to bring new computing capacity online. Despite widespread calls that AI stocks are in bubble territory, the managers hold a balanced view and believe investor skepticism may prove supportive of a prolonged investment cycle. Healthcare remains the largest sector in the US with total expenditures reaching $5 trillion and accounting for 17.7% of GDP. The sector has been working off excesses from the COVID-19 pandemic but shows reasons for optimism including increased M&A activity and more favorable valuations. Interest in healthcare stocks could see a resurgence once investors are comfortable with policy and regulatory overhangs. Aerospace stocks have largely outperformed as production challenges at two global aircraft manufacturers have led to sustained increases in high-margin aftermarket parts and services. With manufacturers finally resolving longstanding production issues, original equipment exposed stocks could potentially outperform aftermarket-exposed stocks as aircraft production rates ramp up. Re-shoring and factory automation are expected to emerge as key themes driving broader capital spending in 2026. This represents a significant shift in manufacturing and investment patterns as companies bring operations back to the United States. | View | |
| 2025 Q4 | Feb 22, 2026 | Unconventional Value | 0.0% | 0.0% | AMZN, HIMS, PGY, PL, RELY, SPIR, THRY, UPST, WISE.L, WU, XMTR | AI, Fintech, growth, SaaS, Satellites, small cap, technology, value | AI is viewed as a technology enabler that will accelerate product development and create tailwinds for existing businesses rather than replace human judgment. The manager believes AI will never replace human judgment and sees it as enhancing rather than disrupting core investment strategies. Planet's satellite constellation and daily Earth imaging capability represents a unique infrastructure play. The manager believes Planet is building the default system of record for monitoring Earth, with the daily scan providing infinitely scalable data distribution at zero marginal cost. Remitly's digital remittance platform is taking market share from legacy players like Western Union. The business model relies on acquiring customers via digital channels and earning fees on repeat transactions, with scale benefits improving economics over time. Thryv represents a business model transition from legacy marketing services to SaaS, targeting small businesses moving up-market. The strategy focuses on converting legacy customers to the SaaS platform and expanding functionality for larger businesses with more complex needs. | RELY THRY PL |
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| 2025 Q3 | Oct 8, 2025 | Maple Tree Capital – Jonagold | -13.1% | - | HIMS, UPST | AI, Fintech, growth, Retail Investing, volatility | The letter highlights idiosyncratic growth opportunities where fundamentals are improving despite market skepticism. Stock selection targets companies with operating leverage, margin expansion, and clear catalysts. Volatility is embraced as a source of attractive entry points. | GRND UPST |
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| 2025 Q4 | Jan 29, 2026 | Ashva Capital Management | 0.0% | 0.0% | AAPL, AMD, AMZN, COST, CSCO, DIS, GOOGL, HIMS, META, MU, NFLX, NVDA, PLTR, SPOT, UBER, WMT, ZG | AI, Compounding, long-term, Quality, semiconductors, technology, US, value | The manager discusses whether AI represents a bubble, comparing current valuations to traditional retailers like Costco and Walmart trading at higher forward P/E multiples than NVIDIA. He argues that we cannot be in an AI bubble when defensive stocks trade at higher multiples than leading AI companies. The discussion emphasizes that AI-driven demand is creating structural changes in memory and semiconductor markets. Memory semiconductors are highlighted as no longer being a commodity business driven by PC cycles, but rather a strategic input for AI, cloud infrastructure, and data-intensive workloads. The supply side has consolidated with fewer rational players, higher capital intensity, and better pricing discipline. Micron is positioned to benefit from AI-driven demand and improved industry structure. The manager emphasizes owning high-quality U.S. businesses that compound intrinsic value over time. He argues that obvious, high-quality businesses are not a failure of imagination but recognition of reality, as the modern internet economy rewards scale and dominant positions. Quality businesses can deliver asymmetric returns through duration of dominance. Valuation discipline is emphasized as critical to long-term success, with the manager noting that overpaying can cause long-term returns to go sideways. The portfolio deliberately avoided chasing narrow market leadership at elevated valuations, accepting short-term underperformance to preserve long-term risk-adjusted outcomes. Value creation comes from buying quality businesses at rational prices. | DIS AMD MU |
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| 2025 Q4 | Jan 22, 2026 | ABS Global Investment | 0.0% | 0.0% | 0700.HK, 1810.HK, BABA, GME, HIMS | AI, Biotech, Decoupling, Global Markets, Mining, Rate Cuts, small caps, tariffs | AI stocks were among top performers despite high valuations, with momentum overcoming valuation concerns. Chinese DeepSeek caused temporary rotation but recovery was strong due to hyperscaler commitment to increased CAPEX spending. AI boom touched all regions with astronomical gains in memory chips and private LLM companies. Small cap performance varied by region with US Russell 2000 gaining 2.2% in Q4. Speculative stocks reversed significantly after strong Q3. European small caps showed value outperformance driven by lower rates and weakening dollar. Biotech sector gained 29% in Q4 with Russell 2000 Biotech up 75% since June. 2025 marked significant shift from US dominance to non-US strength driven by cheap valuations and tariff impacts. Tariffs triggered rally in domestic-oriented themes like European defense which gained over 100%. Emerging markets shrugged off tariff concerns with many top performers seeing limited impact from substantial tariff increases. Precious metals surge dominated Canadian small caps leading to best year since 2009 with MSCI Canada Small Cap up 54%. Mining stocks contributed two-thirds of index return and represent 43% of index heading into 2026. Australian mining also saw double-digit rally offsetting broad declines elsewhere. | View | |
| 2024 Q4 | Jan 2, 2025 | Cedar Grove Capital Management | 21.0% | 0.0% | AAPL, HIMS, MSTR | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 16, 2026 | Substack | Shareholders Unite | Hims & Hers Health, Inc. | Healthcare | Telehealth | Neutral | New York Stock Exchange | digital health, Eucalyptus acquisition, international expansion, Menopause treatment, Personalized healthcare, regulatory challenges, subscription model, telehealth, Testosterone support, weight management | View Pitch |
| Feb 26, 2026 | Fund Letters | Dr. Hendrik Leber | Hims & Hers Health, Inc. | Health Care | Health Care Technology | Bull | New York Stock Exchange | international expansion, profitability, recurring revenue, Subscription, telemedicine | View Pitch |
| Feb 4, 2026 | Twitter / X | @A_May_MD | Hims & Hers Health, Inc. | Pharmaceuticals, Biotechnology & Life Sciences | Biotechnology | Bear | New York Stock Exchange | ChronicCare, CompoundDrugs, Digitalhealth, Glp1, HealthcareServices, telehealth, telemedicine | View Pitch |
| Jan 29, 2026 | Seeking Alpha | Seeking Alpha | Hims & Hers Health, Inc. | Healthcare | Telehealth | Bull | New York Stock Exchange | acquisition, e-health, gross margins, international expansion, investment strategy, market opportunities, Revenue Growth, Subscriber Growth, telehealth, valuation | View Pitch |
| Jan 23, 2026 | Twitter / X | @cedargrovecm | Hims & Hers Health, Inc. | Health Care Services | Health Care Technology | Bear | New York Stock Exchange | FDA, Glp, HIMS, Marketing Software, Our, Over Indexing, Play, Shortage | View Pitch |
| Jan 23, 2026 | Twitter / X | @OddDiligence | Hims & Hers Health, Inc. | Health Care Services | Health Care Technology | Bear | New York Stock Exchange | Chip Packaging, Glp, HIMS, Liraglutide, Marketing Software, Non Glp, semaglutide, Semaglutide Liraglutide | View Pitch |
| Jan 23, 2026 | Twitter / X | @DataDInvesting | Hims & Hers Health, Inc. | Health Care Services | Health Care Providers & Services | Bull | New York Stock Exchange | FCF margin, Get, Get Revenue, HIMS, Retaining, Retaining Customers, telehealth, Wellness | View Pitch |
| Jan 17, 2026 | Seeking Alpha | Seeking Alpha | Hims & Hers Health, Inc. | Healthcare | Telehealth | Neutral | New York Stock Exchange | Andrew Dudum, compounded semaglutide, Eli Lilly, international expansion, lab testing, Novo Nordisk, preventive care, telehealth, visionary leadership, weight-loss drugs | View Pitch |
| Jan 8, 2026 | Seeking Alpha | Seeking Alpha | Hims & Hers Health, Inc. | Health and Wellness | Health and Wellness | Bull | New York Stock Exchange | clinical lab services, health and wellness, Home-Testing, international expansion, market undervaluation, Preventative Testing, Revenue Growth, Share Buyback, Subscriber Base, telehealth | View Pitch |
| Jan 8, 2026 | Seeking Alpha | Seeking Alpha | Hims & Hers Health, Inc. | Health and Wellness | Health and Wellness | Bull | New York Stock Exchange | clinical lab services, healthcare solutions, Hims & Hers Health, international expansion, market undervaluation, online health platform, product launches, revenue target, Share Buyback, Subscriber Growth | View Pitch |
| Sep 16, 2025 | Short Thesis | Spruce Point | Hims & Hers Health Inc | Consumer Staples | Health Care Technology | Bear | NYSE | CAC, growth, Prescriptions, Regulation, telehealth | View Pitch |
| Sep 16, 2025 | Short Thesis | Hunterbrook | Hims & Hers Health Inc | Consumer Staples | Health Care Providers & Services (Digital Health) | Bear | NYSE | CAC, Churn, Regulation, Subscriptions, telehealth | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Louis Gerard | Hims & Hers Health, Inc. | Consumer Staples | Household & Personal Products | Neutral | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | JR Research | Hims & Hers Health, Inc. | Consumer Staples | Household & Personal Products | Bear | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Infinity Curve | Hims & Hers Health, Inc. | Consumer Staples | Household & Personal Products | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Analysis Fundamental | Hims & Hers Health | Consumer Staples | Household & Personal Products | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Alpha Line | Hims & Hers Health, Inc. | Consumer Staples | Household & Personal Products | Bull | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||