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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q1 | Apr 22, 2026 | Praetorian Capital Management | 16.4% | 16.4% | JOE, MRX | commodities, emerging markets, geopolitics, inflation, Refiners, trading, volatility | JOE MRX |
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| 2024 Q2 | Apr 22, 2024 | Rodrigo Benedetti | - | - | AMC, ASML, AX, CIEN, CLS, COHR, CRH, FCNCA, GME, MBIN, MRX, PFBC, PSTG, QQQ, SPY, TBBK, V | Europe, financials, Long/Short, semiconductors, small caps, value | Manager sees value in financials including traditional banks like MBIN, FCNCA, PFBC and TBBK. There is fear about commercial real estate and credit quality, but the manager believes the Treasury curve cannot get more inverted, which should lead to margin stabilization and improvement for banks. Focus on banks that have suffered from equity raises or bear reports. | 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 |
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| 2025 Q3 | Oct 21, 2025 | Renaissance Investment Management – International Small Cap Equity | - | - | CLS, CWK, FELTY, KOF, MRX, NOMD, RDWR, TIGO, TSEM, WBRBY | AI, China, emerging markets, Europe, international, semiconductors, small cap, Trade Policy | The emergence of an arms race in artificial intelligence has aligned China's government and its technology stocks with the goal of producing Chinese-made artificial intelligence infrastructure that can compete with American-made technology. Tower Semiconductor is capitalizing on high demand for data centers and artificial intelligence through increased capacity in Silicon Photonics and Silicon Germanium. | TSEM TSEM |
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| 2025 Q4 | Jan 5, 2026 | Night Watch Investment Management | - | - | ALLFG, DAVA, DSGR, HAYPP, MRX, WDC | catalysts, global, insider ownership, Rerating, value | The update highlights a global value strategy centered on identifiable catalysts, insider ownership, and unique holdings with limited benchmark overlap. Geographic and sector diversification complements an emphasis on reratings driven by earnings inflection, corporate actions, and industry recovery. Value investing is positioned as most effective when paired with patience, research depth, and catalyst discipline. | DAVA MRX |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 24, 2026 | Fund Letters | Praetorian Capital Management | Marex | Capital Markets | Capital Markets | Bull | Capital markets, Commodities Trading, consolidation, Derivatives, Hedge funds, market share gains, Mid-market, ROE, Volatility | View Pitch | |
| 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. | ||||||||