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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Oct 15, 2024 | WestEnd Capital | 0.7% | 32.8% | CRWD, GE, GILD, GTLB, KWEB, MDT, MU, SMCI, TSLA, ZTS | Artificial Intelligence, earnings resilience, Liquidity Conditions, Market Volatility, Portfolio Rotation | The quarter saw elevated volatility tied to global rate dynamics and carry trade unwinds, but strong earnings fundamentals supported a rapid recovery. WestEnd reallocated capital from higher-risk AI infrastructure names facing margin pressure into healthcare, industrial, and selective technology opportunities with improved risk-reward profiles. The firm maintains conviction in the AI productivity cycle while emphasizing liquidity support from synchronized global rate cuts as a constructive backdrop for equities. | MU CRWD SMCI KWEB TSLA GTLB ZTS GILD MDT GE |
View |
| 2025 Q4 | Jan 23, 2026 | FCL Capital | 0.0% | 4.1% | 0700.HK, 1211.HK, 6367.T, AAPL, FCX, GLEN.L, HBM.TO, HDB, KGH.WA, KWEB, MSFT, NVDA, SCCO, TSLA | AI, Brazil, Copper, crypto, emerging markets, Energy Transition, technology, value | FCL has built a position in copper miners as an indirect play on AI, energy transition, and urbanization. The fund views copper as undervalued relative to its role in data centers, electric vehicles, and renewable energy infrastructure, while copper mining stocks trade at traditional commodity multiples despite exposure to revolutionary trends. The letter discusses AI's massive energy requirements for data centers, estimating 500-700 thousand tonnes of copper demand by 2028-2030. FCL sees AI as driving fundamental changes in commodity demand while noting that direct AI investments trade at expensive valuations compared to indirect plays through commodities. Renewable energy systems are highly copper-intensive, requiring much more copper per unit of capacity than fossil fuel generation. Wind turbines need 8 tonnes of copper per MW offshore and 2.5-3 tonnes onshore, while solar requires 2-5 tonnes per MW, driving substantial copper demand growth. FCL revisits their 2017 crypto thesis, highlighting tokenization of real-world assets and prediction markets as the next evolution. They see tokenization enabling 24/7 global trading of traditionally illiquid assets, while prediction markets like Polymarket demonstrate superior forecasting ability compared to traditional polling. Brazilian investors have developed a false belief in risk-free returns through CDI investments due to high interest rates. FCL argues this creates a paradox where avoiding risk actually increases long-term purchasing power risk, as CDI has delivered near-zero returns in USD terms over the past decade. The fund emphasizes valuation disparities between expensive US tech stocks and cheaper alternatives in emerging markets and commodities. They highlight that copper miners trade at traditional multiples despite exposure to AI and energy transition themes, presenting attractive risk-adjusted opportunities. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | George Bolton | KraneShares CSI China Internet ETF | Communication Services | Exchange Traded Funds | Bull | New York Stock Exchange | China, diversification, ecommerce, Internet, Liquidity, Policy, Stimulus, valuation | View Pitch |
| Sep 22, 2025 | Substack | Coughlin Capital | KraneShares CSI China Internet ETF | Bull | buybacks, China, dividends, exchange-traded fund, household savings, internet sector, KWEB, market momentum, policy support, shareholder returns | 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 |
|---|---|---|---|---|---|---|---|---|
| Anthony Bozza | Lakewood Capital Management | $1.5B | $3.7M | 0.25% | 110,000 | +110,000 | +100.00% | 0.0433% |
| David Tepper | Appaloosa LP | $6.9B | $161.7M | 2.34% | 4,750,000 | -2,650,000 | -35.81% | 1.8697% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $195.7M | 0.37% | 5,746,500 | -2,209,100 | -27.77% | 2.2619% |
| Ho Ching | Temasek Holdings | $31.6B | $221.3M | 0.70% | 6,499,382 | +3,225,790 | +98.54% | 2.5582% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $13.4M | 0.02% | 395,000 | +110,000 | +38.60% | 0.1555% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $28.5M | 0.04% | 835,998 | +600,623 | +255.18% | 0.3291% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.1M | 0.00% | 60,633 | -1,216,240 | -95.25% | 0.0239% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $6.8M | 0.01% | 200,000 | -1,706,206 | -89.51% | 0.0787% |
| Cliff Asness | AQR Capital Management | $190.6B | $221,603 | 0.00% | 6,508 | +1,146 | +21.37% | 0.0026% |
| Louis Bacon | Moore Capital Management | $6.8B | $37.7M | 0.56% | 1,105,800 | +1,080,800 | +4323.20% | 0.4353% |