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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 4, 2025 | Maple Tree Capital – Jonagold | 42.3% | - | DNUT, GRND, HIMS, LMND, NBIS, UPST | AI, Concentration, Fintech, growth, small caps, technology, volatility | Upstart's AI underwriting capabilities are central to the investment thesis, with the manager attending AI Day and emphasizing how AI improvements drive better credit decisions and expanding product offerings. The AI models are becoming more accurate and comprehensive while reducing business volatility. | GRDR HIMS LMND UPST GRND LMND |
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| 2025 Q2 | Jul 4, 2025 | Maple Tree Capital – Heartwood | 26.3% | - | DNUT, GRND, HIMS, LMND, MCD, UPST | AI, Concentration, conviction, Fintech, growth, small caps, technology, volatility | Upstart's AI underwriting capabilities are central to the investment thesis, with the manager attending AI Day and emphasizing how AI models improve with more data collection. The company's AI has grown more accurate, comprehensive and adaptive, reducing business volatility through better credit assessment. | GRDR LMND UPST |
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| 2026 Q1 | May 13, 2026 | AMG Frontier Small Cap Growth | 3.2% | 3.2% | ALK, ENTG, GENI, KEX, LBRT, LMND, UCTT | AI, growth, healthcare, Industrial, Onshoring, small caps, technology, Transportation | View | ||
| 2025 Q1 | Apr 9, 2025 | Maple Tree Capital – Heartwood | -18.0% | -18.0% | ASO, CRWD, DNUT, EA, GRND, HIMS, LMND, LYFT, RDDT, UEC, UPST | AI, growth, nuclear, small caps, tariffs, technology, volatility | President Trump launched sweeping tariffs on countries worldwide, catching markets off guard and sparking panic. These tariffs pose serious inflationary threats and have created a lose-lose scenario for the Fed. The manager views these extreme tariffs as partly a negotiating tactic but acknowledges justified market fear. | RDDT LYFT CRWD EA UEC ASO DNUT UPST |
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| 2025 Q1 | Apr 9, 2025 | Maple Tree Capital – Jonagold | -13.6% | -13.6% | ASO, CRWD, DNUT, EA, GRDR, HIMS, LMND, LYFT, RDDT, UEC, UPST | AI, Concentration, cybersecurity, growth, nuclear, tariffs, technology, volatility | Upstart's latest AI model enhancements, including m18 and m19, set the company up well to execute in the newly unfavorable environment. Electronic Arts has consistently invested more in R&D than its peers, positioning itself to lead in the AI-driven future of gaming. Reddit holds incredibly unique and structured user-generated data, which will be extremely valuable in the AI era. | RDDT LYFT CRWD EA UEC ASO DNUT UPST |
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| 2025 Q1 | Apr 24, 2025 | NZS Capital – Growth | -3.6% | -3.6% | 1211.HK, AMT, APH, CDNS, GLBE, GOOGL, HEI, LIN, LMND, MCHP, MRVL, NVDA, PCOR, PGR, RDDT, TEAM, TSM, TT | aerospace, AI, growth, optionality, Resilience, technology, volatility | Markets experienced volatility with particular weakness in AI-related stocks. Alphabet was weak due to larger-than-expected capital expenditure outlook and perceived widening range of outcomes for AI, though the manager remains optimistic about Alphabet's positioning in AI. The portfolio was intentionally ringfenced for AI exposure in 2024 due to valuation concerns. | HEI |
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| 2025 Q3 | Oct 8, 2025 | Maple Tree Capital – Jonagold | -13.1% | - | ASO, CRWV, DNUT, GOOGL, GRND, HIMS, LMND, NBIS, PGR, SN, TSLA, UEC, UPST | AI, Concentration, conviction, growth, small caps, technology, volatility | The manager believes this AI-driven bull market remains in its long-term infancy, with deep capex spend by Big Tech companies signaling increased momentum. They see AI applications like Upstart and Lemonade becoming the next investment wave to build on top of infrastructure over the next 5 years. | GRND UPST |
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| 2025 Q3 | Oct 8, 2025 | Maple Tree Capital – Heartwood | 40.0% | - | ASO, CRWV, DNUT, GOOGL, GRND, HIMS, LMND, NBIS, PGR, SN, TSLA, UEC, UPST | AI, Concentration, Fintech, small caps, uranium, volatility | The manager believes this AI-driven bull market remains in its long-term infancy with deep capex spend by Big Tech companies signaling increased momentum. They see AI applications like Upstart and Lemonade becoming the next investment wave to build on top of infrastructure over the next 5 years. | UPST CRWV NBIS UEC |
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| 2024 Q3 | Oct 1, 2024 | Maple Tree Capital – Heartwood | 2.4% | 0.0% | ADBE, ASO, CHGG, CRWD, DIS, GOOGL, GRND, HIMS, KKD, LMND, LYFT, RKLB, SMCI, SOUN, TSLA, UEC, UPST | AI, cybersecurity, growth, nuclear, Rideshare, small caps, turnaround, value | Initiated Crowdstrike after it fell ~40% following the July 19, 2024 tech outage. The manager viewed the outage as demonstrating Crowdstrike's power and moat, as the entire tech sector practically shut down. Despite fears of lawsuits and market share loss, analysts did not significantly revise earnings estimates, suggesting the impact was primarily multiple contraction. | View | |
| 2024 Q3 | Oct 1, 2024 | Maple Tree Capital – Jonagold | 32.7% | 0.0% | ADBE, ASO, CHGG, CRWD, DIS, DNUT, GOOGL, GRND, HIMS, LMND, LYFT, RKLB, SMCI, SOUN, TSLA, UEC, UPST | Fintech, growth, Rate Cuts, small caps, technology, turnaround | Jonagold strategically focuses on small-cap investments with substantial growth prospects that are temporarily out of favor due to cyclical trends or significantly misunderstood. The fund expects small caps to continue performing well as the Federal Reserve further reduces rates, with rate-sensitive securities front-loading near the end of Q3. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Maple Tree Capital - Heartwood | Lemonade | Financials | Property & Casualty Insurance | Bull | NYSE | AI Models, Behavioral Economics, Insurtech, operating leverage, Property Insurance, Reinsurance, Retail Community, technology platform | View Pitch |
| Apr 13, 2026 | Fund Letters | Maple Tree Capital - Jonagold | Lemonade | Financials | Property & Casualty Insurance | Bull | NYSE | AI, Digital Insurance, Insurtech, operating leverage, Reinsurance, technology platform | View Pitch |
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | Lemonade, Inc. | Insurance | Property and Casualty Insurance | Bear | New York Stock Exchange | AI-driven insurance, Competitive Advantage, expense ratio, insurance disruption, Lemonade Inc., premium growth, profitability challenges, reinsurance program, underwriting losses, valuation risks | View Pitch |
| Jan 21, 2026 | Fund Letters | Kirsty Gibson | Lemonade, Inc. | Financials | Property & Casualty Insurance | Bull | New York Stock Exchange | operating leverage, Pricing Discipline, profitability, underwriting, Unit economics | View Pitch |
| Jan 10, 2026 | Seeking Alpha | Seeking Alpha | Lemonade Inc. | Insurance | Insurtech | Bull | New York Stock Exchange | AI-driven platform, customer acquisition cost, insurance cost structure, Insurtech, Lemonade Inc., Loss Adjustment Expense, margin expansion, operating leverage, profitability, Valuation risk | View Pitch |
| Jan 8, 2026 | Fund Letters | HenryInvests | Lemonade, Inc. | Financials | Property & Casualty Insurance | Bull | New York Stock Exchange | AI, growth, Insurance, Reinsurance, underwriting | View Pitch |
| Aug 8, 2025 | Seeking Alpha | MMMT Wealth | Lemonade, Inc. | Financials | Insurance - Property & Casualty | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Steven Fiorillo | Lemonade, Inc. | Financials | Insurance - Property & Casualty | Bear | 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 |
|---|---|---|---|---|---|---|---|---|
| Tim Campbell | Baillie Gifford | $120.3B | $204.0M | 0.17% | 2,866,446 | -75,610 | -2.57% | 4.1964% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $10.6M | 0.02% | 148,987 | -283,161 | -65.52% | 0.2181% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $16.2M | 0.02% | 228,000 | +206,900 | +980.57% | 0.3338% |
| Lee Ainslie | Maverick Capital | $9.3B | $5.0M | 0.05% | 69,864 | +8,015 | +12.96% | 0.1023% |
| Masayoshi Son | SoftBank Group | $15.5B | $65.9M | 0.43% | 925,496 | -2,638,428 | -74.03% | 1.3549% |
| Ray Dalio | Bridgewater Associates | $27.4B | $4.7M | 0.02% | 66,074 | +57,634 | +682.87% | 0.0967% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $7.5M | 0.01% | 104,694 | +3,994 | +3.97% | 0.1533% |
| Israel Englander | Millennium Management LLC | $233.2B | $654,856 | 0.00% | 9,200 | -2,400 | -20.69% | 0.0135% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $54.0M | 0.08% | 759,242 | -53,820 | -6.62% | 1.1115% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.5M | 0.00% | 21,569 | +159 | +0.74% | 0.0316% |
| Bruce Kovner | Caxton Associates | $3.2B | $467,413 | 0.01% | 12,743 | +0 | +0.00% | 0.0096% |