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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | American Century Small Cap Value Fund | -0.4% | - | ACLS, AHL, CODI, DOO CN, ENOV, GMS, GPK, GTES, MRX | Balance Sheets, Mean reversion, small caps, valuation, value | The letter argues that small-cap value stocks remain deeply undervalued following years of underperformance. Management highlights balance sheet strength, pricing power, and mean reversion as key drivers of future returns. The outlook favors disciplined stock selection amid improving fundamentals. | View | |
| 2025 Q2 | Jul 1, 2025 | Night Watch Investment Management | 23.3% | 20.7% | 1126 HK, CWH, HAYPP SS, MRX, RELY, XFAB FP | Compounding, disruption, innovation, long-term, Transformation | The letter frames the investment environment through the lens of long-term technological transformation rather than short-term macro noise. Management argues that innovation cycles consistently overpower political risk, rate speculation, and geopolitical shocks over time. The focus is on identifying compounding forces early and maintaining patience as markets lag real-world technological progress. | 1126 HK MRX LN CWH RELY |
View |
| 2025 Q4 | Feb 3, 2026 | Praetorian Capital Management | 0.2% | 12.4% | JOE, MRX | Capital markets, Dollar, emerging markets, inflation, Precious Metals, real estate, Refiners, value | For the past decade, Emerging Markets have been in a relative bear market but have gotten quite cheap from a valuation perspective. The catalyst for unlocking this value is a potential decline in the US Dollar tied to Trump Administration policy changes, as MAGA policies require a weak Dollar policy. A weakening dollar would be a boon to Emerging Markets economies that frequently borrow in US Dollars. In an inflationary world with loss of faith in Central Banks, precious metals tend to do well. The fund owns two companies that should be beneficiaries of precious metals either appreciating or at least staying at elevated prices. Neither company is directly in the mining business, which is risky and capital intensive, though one is a service provider to miners. Refiners have suffered for over a decade but China has chosen to shut teapot refiners and pivot larger refiners to petrochemicals. For the first time in many years, the crack spread has become elevated on a forward basis, indicating market tightness. The position works as a hedge should global economic growth accelerate or if the US Dollar weakens enough that EM energy demand can increase. The fund has a croupier basket focused on transactional and intermediary businesses including brokers, exchanges, and other market intermediaries. These are companies where the wealthy will spend more time as cities devolve into chaos while escaping taxes. In increasingly volatile and financialized markets, CFOs will feel a need to hedge commodity risks, currencies, interest rates, and other derivatives. | MRX JOE |
View |
| 2025 Q3 | Oct 2, 2025 | Vltava Fund | - | - | FI, MRX, NVO | commodities, growth, healthcare, payments, value | The letter centers on valuation discipline, warning against both value traps and growth traps caused by narrative-driven investing. Intrinsic value estimation, margin of safety, and long-term fundamentals are positioned as the foundation of sustainable returns. Valuation remains critical as markets misprice growth and cyclicality. | MRX FISV |
View |
| 2024 Q4 | Jan 2, 2025 | Night Watch Investment Management | -2.9% | 10.3% | 1126 HK, 2318 HK, ALLFG NA, AMRK, DSGR, JOE, MRX, UAL | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Harris "Kuppy" Kupperman | Marex Group plc | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Brokerage, consolidation, Derivatives, Hedging, Volatility | View Pitch |
| Jan 16, 2026 | Fund Letters | Adam Peck | Marex Group PLC | Financials | Capital Markets | Bear | New York Stock Exchange | Capitalmarkets, Sentiment, Shortinterest, valuation, Volatility | View Pitch |
| Jan 8, 2026 | Fund Letters | Roderick van Zuylen | Marex Group plc | Financials | Capital Markets | Bull | NASDAQ | Brokerage, Derivatives, resilience, ROE, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Daniel Gladiš | Marex Group plc | Financials | Financials | Bull | Japan Exchange Group (Tokyo Stock Exchange) | Capital markets, Commodities, infrastructure, Liquidity, Trading, Volatility | View Pitch |
| Oct 30, 2025 | Short Thesis | NINGI Research | Marex Group plc | Financials | Capital Markets | Bear | NASDAQ | Commodities Trading, Crude Oil, Contamination Lawsuit, Organic Chlorides, Refinery Damage, Environmental Liability, Counterparty Risk | View Pitch |
| Sep 16, 2025 | Short Thesis | NINGI Research | Marex Group PLC | Financials | Capital Markets / Brokerage | Bear | London Stock Exchange | Brokerage, Commodities, Cyclicality, Disclosure, IPO risk | 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. | ||||||||