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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 28, 2026 | Prosper Stars & Stripes | 1.2% | 9.9% | ATI, EAT, GTLB, INOD, KTB, META, MSFT, PDFS, RVTY, SEAT, SITM, STUB, TKNO | AI, alpha, healthcare, Long/Short, semiconductors, small caps, value | AI investment cycle driving economic growth and market gains, with revenue per employee increasing at large AI companies. AI infrastructure spending not out of line with past tech investment expansions. GenAI reshaping software development and creating competitive pressures for traditional seat-based pricing models. Semiconductor industry experiencing high growth from normal demand plus AI buildout. Companies like PDF Solutions benefiting from increased need for yield improvement tools in 3-D semiconductor structures and supply chain data sharing as US builds denser semiconductor supply chains. Small caps getting strong start in 2026 supported by easing monetary conditions and constructive fiscal backdrop. Small caps more sensitive to economic cyclicality which is overdue for expansion. Expected to grow at better pace than large caps in 2026 after long period of underperformance. Healthcare industry positioned for catch-up growth after several years of below-trend performance. Government spending expected to increase relative to feared cuts, with companies signaling improvement in revenue growth. Focus on 'picks & shovels' businesses serving the industry. | View | |
| 2025 Q4 | Jan 21, 2026 | NCG Micro Cap Growth Strategy | 6.4% | 11.9% | AAOI, AGX, AII.TO, ALKT, AMPX, AMSC, ATEC, AVPT, AXGN, BLND, INOD, INTA, PHAT, PL, PSNL, TATT, TCMD, UAMY, UTI | active management, Biotechnology, growth, Microcap, Quality, small caps, underperformance | The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming. The S&P 600 Growth Index, which requires profitability and has market cap constraints, returned only 5.4% versus Russell 2000/Microcap Growth at 13% and 22% respectively. Biotech was a significant area of outperformance that the firm avoided, contributing approximately 8 points to the Russell Microcap Growth Index's 21.84% return. The firm maintains low or no exposure to biotech, viewing many business models as unproven despite strong recent performance. This sector constituted almost all of the relative underperformance from their microcap strategy. The firm sees improving conditions for small cap performance, with earnings growth turning positive in 2025 and expected to accelerate in 2026. Small caps historically benefit during Fed rate-cutting cycles and continue to trade at a relative discount to large caps. Combined with an improving fundamental backdrop, they believe there's opportunity for this discount to narrow. | View | |
| 2025 Q4 | Jan 21, 2026 | NCG SMID Cap Growth Strategy | 3.6% | 8.1% | ADPT, AII.TO, ATEC, AXGN, BETA, BLND, CELH, COHR, ELF, INOD, KVYO, MTSI, PCOR, PEGA, PHAT, PI, QTWO, TOL, TTAN, UAMY, UTI, WULF | Biotechnology, growth, healthcare, Quality, small caps, technology | The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They believe quality factors worked against active managers in 2025, as low-quality stocks with negative earnings significantly outperformed. The firm maintains their focus on quality despite near-term headwinds. Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at a relative discount to large caps, and the firm believes there is opportunity for this discount to narrow with an improving fundamental backdrop. Biotech was an area of outsized strength in 2025, contributing approximately 8 points to the Russell Microcap Growth Index return. However, the firm maintains low or no exposure to biotech as they view many business models as unproven with high expectations that may fail to materialize. | View | |
| 2024 Q4 | Jan 14, 2025 | Liberty Park Capital Management | 5.9% | 8.6% | CGNX, GTLS, HQI, INOD, INOQ, LWLG, MOD, NVEE, SOUN, THRY, UPWK, XMTR, YOU | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Sep 16, 2025 | Short Thesis | Wolfpack | Innodata Inc | Information Technology | IT Services (Data & AI Outsourcing) | Bear | NASDAQ | AI, Data, Hype, Margins, Outsourcing | View Pitch |
| Sep 16, 2025 | Short Thesis | Jcapital | Innodata Inc | Information Technology | IT Consulting & Other Services (Data/Analytics) | Bear | NASDAQ | AI, Annotation, Concentration, Narratives, Outsourcing | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Investor Overview | Innodata Inc. | Information Technology | Information Technology Services | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Kurt Christensen | Innodata Inc. | Information Technology | Information Technology Services | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Star Investments | Innodata Inc. | Information Technology | Information Technology Services | Bull | NASDAQ | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $2.5M | 0.00% | 49,997 | -341,463 | -87.23% | 0.1809% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $2.9M | 0.00% | 57,700 | +57,700 | +100.00% | 0.2088% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $4.1M | 0.01% | 80,028 | -6,443 | -7.45% | 0.2896% |
| Israel Englander | Millennium Management LLC | $233.2B | $591,071 | 0.00% | 11,601 | -1,600 | -20.00% | 0.0420% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $14.0M | 0.02% | 274,707 | -35,627 | -11.48% | 0.9941% |
| Cliff Asness | AQR Capital Management | $190.6B | $861,971 | 0.00% | 16,918 | +1,745 | +11.50% | 0.0612% |