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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 8, 2026 | Signia Capital Management | - | 35.0% | AESI, GDOT, METC, TBBK | catalysts, Coal, energy, Fintech, Microcap, Natural Gas, small cap, value | METC is a U.S.-based producer of metallurgical coal with low cost position versus competitors and growing production profile from 4m tons per year to upwards of 7m tons by 2028. The company has a significant rare earth project at Brook Mine in Wyoming with a PEA study indicating pre-tax NPV of approximately $1.2b, representing substantial embedded value that the market was mispricing. Atlas Energy Solutions is the lowest-cost producer and market share leader of frac sand in the Permian basin with cost advantages from in-basin location, high quality sand reserves, and unique distribution network including a 42 mile conveyor belt. The Dune Express conveyor system reduces trucking miles by 60-70% which lowers delivered costs and improves reliability. Green Dot is a fintech company and prepaid card services provider that underwent strategic review process and announced a two-part transaction. The company renewed a large contract with Wal-Mart extending the term from 2027 to 2033, removing a large overhang on the stock, and beat and raised guidance for three consecutive quarters. Atlas Energy Solutions provides distributed power solutions through its fleet of over 900 natural-gas powered generators typically used in remote energy and industrial applications. The company is targeting over 400 megawatts installed by year-end 2027 compared to around 240 megawatts today with potential market opportunity of 2,000 megawatts in the years ahead. | GDOT AESI METC |
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| 2025 Q4 | Feb 5, 2026 | Polen Capital – U.S. Small Company Growth | -1.5% | 25.1% | AGX, BE, CORT, LRN, METC, NVDA, WGS | AI, Biotechnology, Electrification, Energy Transition, growth, innovation, small caps | AI has been the defining theme of market leadership in 2025, driving data center capex and benefiting companies like Bloom Energy that provide power solutions for AI workloads. The theme faced scrutiny in early Q4 but reasserted dominance after NVIDIA's strong earnings, with AI also providing structural tailwinds for biotech through drug discovery efficiencies. The portfolio maintains significant exposure to electrification themes through companies like Bloom Energy, which provides clean, reliable power solutions for AI data centers. The energy transition represents a structural opportunity as companies race to build power infrastructure to support growing electricity demands from AI workloads. Biotech delivered its best quarter in five years, benefiting from improving interest rates, easing regulation enabling more M&A activity, and excitement around AI's promise in drug discovery. The portfolio nearly doubled its biotech exposure during the quarter as more opportunities presented themselves in this improving environment. The portfolio includes exposure to critical minerals through Ramaco Resources, which produces metallurgical coal and is developing a rare earth elements deposit aimed at strengthening domestic supply chains for defense, batteries, and advanced technologies. However, the rare earths narrative faced increasing investor scrutiny during the quarter. | View | |
| 2023 Q4 | Feb 13, 2024 | Horos Asset Management | 2.9% | 9.8% | 7GE GR, AER, AMG, METC, SDE CN, TGS | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Richard Beaven | Ramaco Resources, Inc. | Materials | Steel | Bull | New York Stock Exchange | Asset Mispricing, metallurgical coal, Preliminary Economic Assessment, production growth, Rare Earths | View Pitch |
| Sep 16, 2025 | Short Thesis | Wolfpack | Ramaco Resources Inc | Materials | Coal & Consumable Fuels (Metallurgical Coal) | Bear | NASDAQ | Carbon, Cyclical, Decarbonization, metallurgical coal, Steel | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||