Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q4 | Dec 31, 2024 | Capicraft Investment Partners | - | - | LB | - | View | ||
| 2025 Q3 | Oct 27, 2025 | Horizon Kinetics | - | - | ALS CN, EME, LB, MSB, SJT, TRC, WBI | gold, inflation, Natural Gas, Scarcity, water | The letter explored localized inflation as a defining macro theme, driven by constrained supply in resources like gold, potash, and natural gas. Horizon Kinetics expects scarcity investing to dominate the next decade as datacenter power demand and water scarcity reshape capital flows. The firm favors asset-light royalty models in commodities, water, and energy infrastructure, anticipating compounding returns from inflation-hedged income streams. | MESABI SJT ALS CN WPM CN MESABI SJT ALS CN WPM CN |
View |
| 2025 Q4 | Jan 11, 2026 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMD, AMZN, AVGO, GOOGL, ICE, LB, META, MIAX, MSFT, NVDA, ORCL, STR, TPL, VNOM, WTTR | AI, Compounding, energy, Exchanges, long-term, private markets, value, water | The firm avoids direct AI-IT company investments but focuses on beneficiaries of AI infrastructure buildout. They invest in companies controlling necessary resources like natural gas, water, and land for data centers rather than the technology companies themselves. Significant focus on Permian Basin investments through TPL, LandBridge, and WaterBridge. The firm emphasizes water handling infrastructure and land ownership as critical limiting factors for oil production in the region. Long history of investing in securities exchanges from TPL to MIAX to ICE. The firm views exchanges as blue-chip businesses with near-perpetual longevity that don't fail or get displaced. Core philosophy centers on long-horizon value investing with focus on making time work for investors through unbroken compounding. Emphasis on high sustainable return on equity and margin of safety. Water infrastructure is highlighted as a critical limiting factor for both oil production and data center operations. WaterBridge represents a key investment in water handling and disposal infrastructure. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 28, 2026 | Fund Letters | Murray Stahl | LandBridge Company LLC | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | infrastructure, land, Optionality, Permian, Scarcity | View Pitch |
| Jan 22, 2026 | Twitter / X | @sockfeetrsrch | LandBridge Company LLC | Real Estate | Real Estate Management & Development | Bull | New York Stock Exchange | Basin, Bbl, Delaware, Handing, Handling, land, Satellite, Surface | 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 | $312,458 | 0.00% | 6,378 | +2,778 | +77.17% | 0.0062% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $2.1M | 0.00% | 42,735 | +22,099 | +107.09% | 0.0418% |
| Israel Englander | Millennium Management LLC | $233.2B | $7.4M | 0.00% | 151,003 | +80,035 | +112.78% | 0.1479% |
| Murray Stahl | Horizon Kinetics | $7.4B | $276.4M | 3.74% | 5,642,766 | +10,653 | +0.19% | 5.5250% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $2.2M | 0.00% | 44,046 | -146,420 | -76.87% | 0.0431% |
| Cliff Asness | AQR Capital Management | $190.6B | $3.5M | 0.00% | 71,074 | +4,289 | +6.42% | 0.0696% |
| Rich Handler | Jefferies | $19.3B | $2.9M | 0.01% | 58,477 | +58,477 | +100.00% | 0.0573% |