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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Mar 6, 2026 | Bumbershoot Holdings | - | 13.0% | CAMT, CF, CTRA, FSLR, Gold, GOOGL, HRI, IPI, KGF.L, LGND, MDGL, MU, NPKI, NTR, ORN, OSIS, OSK, VKTX, VMEO, VPG | Concentration, liquidity, Multi-Strat, Reflation, Selection, semiconductors, technology, value | AI remains a primary market driver but questions emerge about whether it will be hugely deflationary to the job market and SaaS technology ecosystem. The manager notes AI will transform the world and productivity but questions its investability and who wins. The manager expects the next reflation cycle will be substantial, with liquidity flooding the system and searching for places to flow. Money needs to be absorbed and finds its way into financial assets, durable businesses, and anything with credible narratives. Core gains were led by semiconductor-related adjacencies including Micron and Camtek. The fund remains particularly focused on key critical OS platform businesses and semiconductor-related adjacencies. Materials sector exposure to the agricultural-fertilizer industry via Intrepid Potash, Nutrien, and CF Industries was a positive contributor to results. The fund maintains exposure across the fertilizer value chain. Long-standing position in gold and copper miner Barrick Mining finally moved higher as a reflection of gains in the underlying yellow metal. The fund maintains exposure to precious metals mining. Playing on the continued theme of infrastructure spending, defense and energy sustainability, positions in Industrial and Energy sectors including Oshkosh, Coterra, OSI Systems, and Herc Holdings added positively to performance. | View | |
| 2025 Q3 | Nov 8, 2025 | Summers Value Fund | 20.4% | 4.9% | ADMA, DERM, LGND, QURE | biopharma, demographics, healthcare, innovation, regulation | The fund argues that healthcare, despite facing regulatory uncertainty, budget constraints, and political risk, now presents one of the most attractive investment environments in years. Investor outflows and sentiment deterioration have created mispricings, while fundamentals remain supported by innovation, demographics, and acquisition demand from large pharma. The manager is increasing exposure to biopharma and specialty healthcare names with strong product pipelines and cash-flow potential. | View | |
| 2023 Q4 | May 3, 2024 | Bumbershoot Holdings | 0.0% | 0.0% | LGND, VKTX | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | Brian Yacktman | Ligand Pharmaceuticals Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, Blockbuster, cashflow, Launches, royalties | 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 Halverson | Private Capital Management | $1.0B | $39.5M | 3.62% | 208,891 | -18,267 | -8.04% | 1.0567% |
| Ray Dalio | Bridgewater Associates | $27.4B | $795,418 | 0.00% | 4,207 | +2,919 | +226.63% | 0.0213% |
| Cliff Asness | AQR Capital Management | $190.6B | $975,222 | 0.00% | 5,158 | +574 | +12.52% | 0.0261% |