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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 31, 2025 | Minot Light Capital Partners | 18.1% | 4.5% | ACOG, APG, ARQ, CURV, CWAN, CYRX, DERM, LAKE, LGCY, LMB, LQDT, MCW, NEOG, NPKI, OM, REAL, RXST, TDUP, TTGT, XPOF | alpha, dislocations, growth, liquidity, Microcap, small caps, value | The fund focuses exclusively on small and micro-cap companies, targeting market capitalizations well below $100mm and in some cases below $50mm and $25mm. This represents an area where the vast majority of institutional small-cap investors are either unable or unwilling to explore. The strategy seeks to capitalize on inefficiencies in the most illiquid segment of the domestic public equity markets. | CURV RXST TTGT LAKE OM LGCY TDUP OM LGCY TDUP |
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| 2026 Q1 | Apr 29, 2026 | Minot Light Capital Partners | -2.7% | -2.7% | BOBS, FARM, HTLD, ICCC, IDXX, KIDS, LGCY, MCW, MMM, MXCT, NEOG, NRXS, OLPX, OM, OWLT, RAVE, TDUP | consumer, growth, healthcare, Micro-Cap, small caps, value, volatility | ICCC BOBS |
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| 2025 Q4 | Jan 30, 2026 | BBH Select Series – Mid Cap Fund | -3.9% | -5.6% | ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA | AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value | AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations. | GWRE FOUR KEYS DAR |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Oct 21, 2025 | Value Investors Club | thrive25 | Mister Car Wash Inc. | Consumer Discretionary | Specialty Consumer Services | Bull | NYSE | Car wash, consumer staple behavior, private equity, recurring revenue, subscription model | View Pitch |
| Oct 3, 2025 | Value Investors Club | thrive25 | Mister Car Wash, Inc. | Consumer Discretionary | Specialized Consumer Services | — | NYSE | car wash, subscription, UWC, sale-leaseback, unit economics, pricing power, Titanium tier, comps, fragmentation, boring compounder | 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 | $2.4M | 0.00% | 430,352 | -1,988,634 | -82.21% | 0.1049% |
| Ray Dalio | Bridgewater Associates | $27.4B | $3.0M | 0.01% | 540,183 | +322,978 | +148.70% | 0.1316% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.6M | 0.00% | 280,494 | +280,494 | +100.00% | 0.0684% |
| Israel Englander | Millennium Management LLC | $233.2B | $1.2M | 0.00% | 218,873 | -2,423,020 | -91.72% | 0.0533% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $2.1M | 0.05% | 373,074 | +373,074 | +100.00% | 0.0909% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $199,048 | 0.00% | 35,800 | +35,800 | +100.00% | 0.0087% |
| Cliff Asness | AQR Capital Management | $190.6B | $8.4M | 0.00% | 1,502,075 | +1,047,297 | +230.29% | 0.3661% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $3.0M | 0.06% | 532,500 | +52,500 | +10.94% | 0.1298% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $645 | 0.00% | 116 | +8 | +7.41% | 0.0000% |