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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 23, 2025 | Argosy Investors | - | - | DAVA, DFH, FERG, HOV, LLY, NVDA, NVO, POST, W | AI, Capital Allocation, Credit Stress, GLP1, Homebuilders, Portfolio Management, value | Detailed analysis of Tricolor subprime auto lender collapse and widespread fraud, highlighting how stability breeds instability in credit markets. Auto lending has deteriorated significantly since 2008 with higher LTVs, longer terms, and weaker underwriting standards. | NVO DAVA POST |
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| 2025 Q1 | May 30, 2025 | Argosy Investors | - | - | CELH, FMX, HOV, TRRSF, W | Beverages, Debt, E-Commerce, Fiscal, Homebuilders, inflation, tariffs, value | Manager purchased Hovnanian Enterprises at 3.2x earnings, believing it could trade at 10x through-the-cycle earnings. The company has reduced debt from $2.2B to $0.9B since the financial crisis, with opportunity for further balance sheet improvement worth $2 per share. | FMX CELH HOV W |
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| 2025 Q3 | Oct 30, 2025 | Argosy Investors | - | - | DAVA, DFH, FERG, HOV, NVDA, NVO, POST, W | AI, Consumer Staples, Credit Stress, GLP1, Homebuilders, technology, value | Detailed analysis of subprime auto lender Tricolor's collapse due to fraudulent collateral pledging practices. Discussion of how post-2008 lending standards deteriorated in auto loans with higher LTVs, longer terms, and weaker underwriting. Highlights how stability breeds instability per Minsky's theory. | DFH NVO DAVA POST DFH NVO DAVA POST |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Argosy Investors | Hovnanian Enterprises Inc. | Consumer Discretionary | Homebuilding | Bull | NYSE | balance sheet, debt reduction, homebuilder, multiple expansion, Refinancing, turnaround, Value | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Daniel Jones | Hovnanian Enterprises | Consumer Discretionary | Residential Construction | 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 |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $816,605 | 0.00% | 8,372 | +4,301 | +105.65% | 0.1053% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $380,601 | 0.00% | 3,902 | -297 | -7.07% | 0.0491% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.7M | 0.00% | 27,318 | -16,225 | -37.26% | 0.3437% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $7.4M | 0.01% | 76,369 | +28,795 | +60.53% | 0.9608% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.2M | 0.00% | 12,372 | +7,923 | +178.08% | 0.1556% |