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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 5, 2025 | Springview Capital Management | - | 15.7% | AMZN, COF, COIN, CR, EIX, FFH.TO, HOOD, IBKR, INTC, MCY, NTDOY, SCHW, SEG, SPOT, UBER, WRB, WS | Concentration, Fintech, growth, insurance, Long/Short, Quality, value | Robinhood has been the Partnership's most profitable investment, driven by rapid innovation, market share gains, and customer loyalty in a large growing market. Business results dramatically exceeded expectations with assets under custody growing 115% and earnings up 109% year-over-year. The company benefits from product innovation, international expansion, strategic acquisitions, and favorable tailwinds from strong equity and crypto markets. | WS MCY SEG HOOD WS MCY SEG HOOD |
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| 2024 Q2 | Aug 12, 2024 | Springview Capital Management | -3.2% | 7.7% | BRK-A, COKE, CR, CRH, EXO, FFH, FMX, HLT, MCY, NTDOY, WOR, WRB | Concentration, fundamentals, insurance, Long/Short, value | The manager discusses property/casualty insurance cycle concerns and skeptical investor sentiment about near-term profit outlook. Despite market volatility, the manager believes prospects for insurance holdings remain unchanged and reports strong fundamental progress with W.R. Berkley showing 37% Y/Y increase in operating EPS and Fairfax increasing book value per share by 17% Y/Y. | View | |
| 2025 Q1 | May 3, 2025 | Springview Capital Management | -1.8% | -1.8% | ABAC, AMZN, BRK-B, CPRT, CR, CRH, FFH, HLT, HOOD, MCY, NTDOY, SEG, SPOT, WRB, WS | Compounding, insurance, Long/Short, Quality, value, volatility | Manager embraces volatility as the price of admission to long-term compounding, viewing it as an opportunity rather than something to avoid. During April's sharp market decline, the fund maintained minimal trading activity and kept net exposure steady at 90-95%. The manager believes volatility is the one constant in markets and reflects human emotion reacting to uncertainty. | WS SEG MCY SPOT |
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| 2024 Q4 | Feb 10, 2025 | Springview Capital Management | 5.4% | 19.7% | AMZN, BRK-B, CPRT, CR, CRH, FFH, FMX, HLN.L, HLT, HOOD, MCY, MKL, MSGS, SEG, SPOT, V, VAC, WRB, WS, WTM | Capital Allocation, Concentration, long-term, P&C Insurance, risk management, value | The property/casualty insurance industry remains a favorite hunting ground for the partnership. The fund currently owns five P/C insurance companies (six including Berkshire Hathaway), with one being a special situation merger-arbitrage play. These insurers trade at attractive valuations, generate strong Returns on Equity, and have the ability to recycle and reinvest capital internally at high returns. | View | |
| 2024 Q3 | Nov 19, 2024 | Springview Capital Management | 5.6% | 13.6% | AAPL, CR, CRH, CSCO, EXO.MI, FFH, FMX, HLT, MCY, MSFT, NTDOY, NVDA, SEPO, TSLA, WRB, WS, YHOO | Concentration, Mega Cap, small caps, technology, value | Manager believes value-oriented investing is making a comeback as mega-cap stocks face mathematical reality of size constraints and elevated valuations. The fund focuses on smaller, less high-profile companies trading cheaply relative to intrinsic value estimates. Current market offers rich opportunities in small- and mid-cap stocks trading at single-digit earnings multiples or below liquidation value. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Springview Capital Management | Mercury General | Insurance | Property & Casualty Insurance | Bull | NYSE | Book Value Recovery, California, capital returns, contrarian, Crisis Investing, Earnings-recovery, Free Cash Flow, Property & Casualty Insurance, Reinsurance, Wildfire Losses | View Pitch |
| Apr 13, 2026 | Fund Letters | Springview Capital Management | Mercury General | Financials | Property & Casualty Insurance | Bull | NYSE | Auto Insurance, California, Catastrophe, Hard Market, Insurance, Property & Casualty, Regulatory, Value | View Pitch |
| Jan 8, 2026 | Fund Letters | Guy Baron | Mercury General Corporation | Financials | Property & Casualty Insurance | Bull | New York Stock Exchange | California, deep value, Insurance, Reinsurance, turnaround, Wildfire Risk | View Pitch |
| Sep 16, 2025 | Short Thesis | Wolfpack | Mercury General Corp | Financials | Property & Casualty Insurance | Bear | NYSE | Auto, California, Claims, Insurance, Regulation | 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 | $14.9M | 0.99% | 158,218 | +0 | +0.00% | 0.3062% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $4.7M | 0.01% | 49,617 | +11,089 | +28.78% | 0.0960% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $4.3M | 0.00% | 45,318 | +45,318 | +100.00% | 0.0877% |
| Israel Englander | Millennium Management LLC | $233.2B | $5.3M | 0.00% | 56,120 | -33,530 | -37.40% | 0.1086% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $20.1M | 0.03% | 214,086 | -15,908 | -6.92% | 0.4143% |
| Cliff Asness | AQR Capital Management | $190.6B | $32.1M | 0.02% | 341,028 | -1,671 | -0.49% | 0.6596% |
| Bruce Kovner | Caxton Associates | $3.2B | $1.2M | 0.04% | 17,654 | -3,010 | -14.57% | 0.0241% |
| Rich Handler | Jefferies | $19.3B | $2.3M | 0.01% | 24,091 | -476 | -1.94% | 0.0466% |