MGNI Archives

MGNI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 30, 2025	Crossroads Capital	36.9%	-	ASTS, ET, FTAI, GOOGL, META, MGNI, MRO, NBIS, NTDOY	Concentration, gaming, Satellite, small caps, technology, Trade Policy, value	Nintendo delivered a blockbuster quarter with the Switch 2's record-breaking launch, selling 5.82 million units in 25 days and becoming the fastest-selling console in industry history. The company is transforming from cyclical earnings to secular growth with its Apple-like iterative hardware model and expanding digital entertainment ecosystem.	ASTS NTDOY	View
2025 Q2	Aug 19, 2025	Prosper Stars & Stripes	9.6%	-0.8%	AGYS, AZTA, BIO, EXPO, FTAI, HELE, KRMN, LASR, MGNI, PACK, SPHR, TATT, TKNO	aerospace, AI, Biotechnology, defense, Long/Short, Rate Cuts, small caps, tariffs	Defense spending has strengthened with clearer priorities, particularly in missile and drone defense reflecting modern warfare evolution. The fund identified nLIGHT as a beneficiary of increased spending on laser-based anti-missile and anti-drone systems, which offer cost-efficient solutions with low cost per shot and unlimited magazine capacity.		View
2025 Q2	Aug 14, 2025	Eagle Capital Management	-	-	ASTS, ET, FTAI, GOOGL, META, MGNI, MRO, NBIS, NTDOY	gaming, Satellites, small cap, Space, tariffs, technology, value	Nintendo delivered a blockbuster quarter with the Switch 2's record-breaking launch, selling over 3.5 million consoles in the first four days and 5.82 million units through June. The company is transforming from cyclical earnings to secular growth with its Apple-like iterative hardware model and software ecosystem.	ASTS NTDOY	View
2023 Q2	Jul 27, 2023	Asheville Capital Management	-	8.0%	4384.T, 4480.T, 9384.T, CFLT, HCP, INPST, MGNI, TPW.AX	Australia, Concentration, E-Commerce, growth, value	Temple & Webster operates as the Wayfair of Australia with superior unit economics, achieving 205% twelve-month return on investment with A$69 customer acquisition cost and A$142 annual profit per customer. The company benefits from minimal competition and meaningful barriers to scale in an underpenetrated market. Despite a 12% revenue decline, the company maintained strong unit economics and expanded profit margins while investing in adjacent business lines.	TPW.AX	View
2025 Q2	Jul 24, 2025	Voya Small Company Fund	-	-	HIMS, MGNI, MUR, NSP, NVT, RKLB	AI, growth, healthcare, industrials, small cap, technology, value	The technology sector surged in 2Q25, driven by artificial intelligence growth as hyperscalers increased capital expenditure and improved ways to profit from their AI investments. The communication services sector also saw strong gains, benefiting from AI advancements and robust earnings.		View
2025 Q2	Jul 17, 2025	Choice Equities Capital Management	30.0%	21.6%	BNED, CELH, GENI, MGNI, MOD, PAR, ROP, SRAD	Advertising, concentrated, gaming, growth, Manufacturing, small caps, technology, value	GENI secured extended NFL data rights deal through 2029 and exclusive NCAA data rights through 2032, providing visibility into data costs and enabling incremental revenues to flow through at attractive margins. Sports betting legalization in Brazil and pending U.S. states, plus growth in in-game betting where GENI generates higher take rates, creates ongoing revenue opportunities in a market growing at low-double digit rates.	MOD MGNI GENI MOD MGNI GENI	View
2025 Q2	Jul 16, 2025	Apis Flagship Fund	23.7%	-	064350.KS, 103140.KS, 103590.KS, 4403.T, 7513.T, 7751.T, GEO, MGNI	Ad Tech, Asia, defense, gold, infrastructure, Korea, nuclear, Space	Defense remains one of the most structurally supported sectors globally following decades of underinvestment. Defense budgets are expanding meaningfully across regions while next-generation technologies like drones, counter-drone systems, and directed-energy weapons are creating new markets for specialized companies. The fund holds positions in Korean defense names including Poongsan and Hyundai Rotem.	4403.T MGNI 4406 JP MGNI	View
2025 Q2	Jul 16, 2025	Apis Global Discovery Fund	23.6%	-	GEO, MGNI, NFLX, TLN	Advertising, Asia, defense, gold, infrastructure, Korea, nuclear, Space	Defense remains one of the most structurally supported sectors globally following decades of underinvestment, with defense budgets expanding meaningfully across regions. The emergence of next-generation technologies including drones, counter-drone systems, directed-energy weapons, and space-based defense applications is creating new markets for smaller, specialized companies. Korean defense holdings Poongsan and Hyundai Rotem were top performers in Q2.	4403.T MGNI 4406 JP MGNI	View
2025 Q2	Jul 16, 2025	Apis Deep Value Fund	23.2%	-	4403.T, 7013.T, GEO, GOOGL, IBM, INTC, MGNI, MSFT, NFLX, NVDA	Ad Tech, defense, gold, infrastructure, Korea, nuclear, Space, value	Defense remains one of the most structurally supported sectors globally following decades of underinvestment, with defense budgets expanding meaningfully across regions. The emergence of next-generation technologies including drones, counter-drone systems, directed-energy weapons, and space-based defense applications is creating new markets for smaller, specialized companies. Korean defense holdings Poongsan and Hyundai Rotem were among the top performers in Q2.	4403.T MGNI 4403 JP MGNI US	View
2025 Q2	Jul 14, 2025	New West Capital	-	41.4%	GOOGL, MGNI, PUBM	Advertising, Antitrust, Options, semiconductors, special situations, tariffs, volatility	Manager exploited systematic underpricing of risk in options markets through delta hedging strategy on semiconductor industry. The implied volatility was less than realized volatility, allowing insurance to be purchased at below fair value and potentially for free through rebalancing gains.	PUBM MGNI PUBM MGNI	View
2025 Q1	Apr 25, 2025	Crossroads Capital	-7.6%	-7.6%	AAPL, CLMT, DAR, FTAI, GOOGL, MGNI, NFLX, NTDOY, NVR, VTY.L	Advertising, aerospace, gaming, Homebuilders, small caps, tariffs, Trade Policy, value	The administration announced reciprocal tariffs creating market uncertainty and forcing businesses into a holding pattern. Tariffs are viewed as regressive taxes that inject uncertainty rather than fix trade deficits. The fund positioned defensively against tariff-related disruption while maintaining conviction in long-term value creation.	MGNI VTY.L NTDOY CLMT FTAI	View
2024 Q3	Nov 15, 2024	Crossroads Capital	4.2%	8.9%	ABR, CLMT, MGNI, NFLX, NTDOY, VTY.L, ZIP	Advertising, aerospace, catalysts, concentrated, gaming, Long/Short, value	Nintendo represents a major position with the Switch 2 launch expected early 2025, opening the ecosystem to third-party AAA games and higher-spending gamers. The company is building a Nintendo Cinematic Universe with one movie per year planned over five years. Strong earnings growth expected from new console cycle and expanded monetization.	MGNI VTY.L NTDOY	View
2023 Q3	Oct 31, 2023	Choice Equities Capital Management	-1.8%	5.5%	CROX, MGNI, OEC, PLCE, SHAK, STGW, WCC	Advertising, consumer, industrials, Restaurants, small caps, value	Manager emphasizes that small and mid-cap stocks have severely lagged larger peers and are now historically attractive. The Russell 2000 fell below pre-pandemic levels, with forward earnings multiple of S&P 600 at 11.5x, a level only seen three times since 1999. All prior instances produced double-digit annualized returns across multiple years.	SHAK	View
2025 Q3	Oct 29, 2025	Eagle Capital Management	-	-	ASTS, FTAI, MGNI, NBIS, NTDOY	aerospace, AI, Compounding, gaming, infrastructure, Satellites, small caps, technology	Nintendo's Switch 2 has achieved record-breaking sales of over 10 million units in its first four months, making it the fastest-growing gaming hardware in history. The company benefits from a dual-platform position with both Switch 2 and legacy Switch contributing to profits, with strong software attach rates driving business model transformation.	LSEG LN LSEG LN	View
2024 Q3	Oct 24, 2024	Choice Equities Capital Management	-1.8%	5.5%	CROX, CZR, GENI, HAIN, MGNI, OEC, PAR	Advertising, gaming, Restaurants, small caps, technology, value	The fund holds positions in Caesars Entertainment and Genius Sports, both operating in the entertainment, casino and gaming space. Caesars benefits from secular tailwinds in online sports betting and iGaming, while Genius has exclusive data rights deals with major leagues including the NFL and English Premier League.	HAIN GENI CZR	View
2023 Q3	Oct 15, 2023	Madison Small Cap Fund	6.3%	17.2%	AWI, AXS, BBCP, CC, CSL, EHC, ENTG, FROG, GOGO, HAYW, MGNI, MODN, NEWR, OLLI, OLN, OSW, PRMW, PTC, RADI, SUM, WSC	interest rates, Quality, Recession, Russell 2000, small caps, value	Fund focuses exclusively on small cap investments with historically low valuations relative to large caps providing significant opportunity. Managers believe small caps continue to lag large caps but see this as creating attractive entry points.	HAYW FROG OLLI MDLZ MGNI GOGO	View
2024 Q2	Jul 29, 2024	Choice Equities Capital Management	-1.8%	5.5%	AMZN, DIS, DISH, FOX, FUBO, GOOGL, HEES, META, MGNI, MSFT, NFLX, NVDA, OEC, PAR, ROKU, WBD	Ad Tech, AI, Concentration, small caps, Streaming, technology, value	AI enthusiasm morphed into an outright AI vortex during Q2, with possibilities around AI use cases and productivity enhancements captivating public imaginations and creating an arms race mentality in corporate boardrooms. Four large hyperscalers intend to spend approximately $200B this year on AI chips, with the market capitalizing these large capital flows and rewarding recipients like Nvidia with higher trading multiples.	MGNI	View
2024 Q4	Jan 28, 2025	CrossingBridge Advisors	-	-	BLDR, LTH, LTRPA, MGNI	credit, fixed income, high yield, loans, rates	High yield credit spreads are historically tight at 292 bp, 132 bp tighter than fair value according to econometric models. Manager sees parallels to 2005-06 pre-GFC levels and warns that overvalued asset classes can become more overvalued but questions sustainability.	LTRPA BLDR MGNI	View
2023 Q4	Jan 22, 2024	Choice Equities Capital Management	-1.8%	5.5%	BXC, CROX, MGNI, OEC, PAR, SHAK, STGW, WCC	Building Products, Buybacks, Restaurants, small caps, technology, value	Manager focuses on low multiple stocks of quality businesses at discounted valuations. Despite challenging backdrop in 2023, continues to believe this approach offers best chance of outperforming over sustained periods.	IPAR BXC	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Madison Small Cap Fund	Magnite Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	adtech, Connected tv, CTV, digital advertising, programmatic advertising, Streaming, technology platform	View Pitch
Apr 13, 2026	Fund Letters	New West Capital	Magnite Inc	Communication Services	Interactive Media & Services	Bull	NASDAQ	Ad Tech, antitrust, digital advertising, EBITDA Conversion, Google, market share, Monopoly, Multibagger, Options Strategy, Special situations	View Pitch
Apr 13, 2026	Fund Letters	Apis Flagship Fund	Magnite, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Ad Tech, Connected tv, CTV, digital advertising, Google Antitrust, Netflix Partnership, programmatic advertising, Publisher Platform, SSP	View Pitch
Apr 13, 2026	Fund Letters	Crossroads Capital	Magnite	Communication Services	Interactive Media & Services	Bull	NASDAQ	adtech, antitrust, CTV, Google Breakup, Netflix, Programmatic, SSP, Streaming	View Pitch
Apr 13, 2026	Fund Letters	Choice Equities Capital Management	Magnite, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Ad Tech, AVOD, Connected tv, CTV, digital advertising, Media Technology, Netflix, programmatic advertising, Streaming, Supply Side Platform	View Pitch
Apr 13, 2026	Fund Letters	Apis Global Discovery Fund	Magnite, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Ad Tech, antitrust, Connected tv, CTV, digital advertising, EBITDA multiple, Google, market share, Netflix Partnership, Publishers, Revenue Growth, SSP	View Pitch
Apr 13, 2026	Fund Letters	Apis Deep Value Fund	Magnite, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	adtech, Connected tv, CTV, digital advertising, Google Antitrust, Netflix Partnership, programmatic advertising, Publisher Platform, SaaS, technology	View Pitch
Apr 13, 2026	Fund Letters	Choice Equities Capital Management	Magnite, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Ad Tech, Connected tv, CTV, digital advertising, DOJ Antitrust, market share gains, programmatic advertising, Streaming, Supply Side Platform	View Pitch
Apr 13, 2026	Fund Letters	CrossingBridge Advisors	Magnite Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising technology, Connected tv, Credit, digital media, floating rate, SaaS, technology, Term Loan	View Pitch
Apr 13, 2026	Fund Letters	Crossroads Capital	Magnite, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	adtech, Connected tv, digital advertising, Google Antitrust, Netflix, programmatic advertising, SSP, Streaming	View Pitch
Dec 5, 2025	Fund Letters	Kyle Tushaus	Magnite, Inc.	Communication Services	Communication Services	Bull	NASDAQ	adtech, advertising, antitrust, Digital, Margins, Programmatic, Publishers, Streaming	View Pitch
Dec 5, 2025	Fund Letters	Mitchell Scott	Magnite, Inc.	Communication Services	Advertising	Bull	NASDAQ	advertising, Budgets, CTV, marketshare, Regulation	View Pitch
Dec 3, 2025	Fund Letters	Daniel Barker	Magnite, Inc.	Communication Services	Advertising Agencies	Bull	NASDAQ	adtech, antitrust, CTV, growth, Margins, Optionality	View Pitch
Dec 3, 2025	Fund Letters	Daniel Barker	Magnite, Inc.	Communication Services	Advertising Agencies	Bull	NASDAQ	adtech, antitrust, CTV, growth, Margins, Optionality	View Pitch

BSD Shareholders of MGNI

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

MGNI

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Letters With This Ticker

Pitches With This Ticker

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