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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 13, 2025 | Sigil Core Fund | 42.6% | - | COIN, CRCL, HOOD, MSTR | Bitcoin, Circle IPO, Crypto Treasury, ETF Flows, Ethereum | The letter emphasizes the institutionalization and financialization of crypto through IPOs, treasury companies, ETFs, and deeper integration with traditional finance. The successful Circle IPO, the rise of crypto treasury vehicles like Strategy (MSTR), and strong ETF inflows highlight a structural shift from speculative token markets toward equity-linked and balance-sheet-driven crypto exposure. The manager argues that this phase represents a synthesis between traditional finance and crypto, creating powerful feedback loops but also introducing premium-to-NAV and leverage risks that require disciplined positioning. | MSTR COIN HOOD CRCL |
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| 2025 Q1 | Jun 16, 2025 | Cable Car Capital / Funicular Funds | - | - | MSTR, ORKA | - | View | ||
| 2024 Q1 | May 8, 2024 | Claret Asset Management | 0.0% | 0.0% | DJT, MSTR | - | View | ||
| 2024 Q1 | Apr 25, 2024 | Miller Value Partners Income Strategy | 11.7% | 11.7% | CHRD, JXN, MPW, MSTR, STLA, UGI | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Conestoga Small Cap Composite | 10.1% | 7.8% | AAON, AXON, CCCS, CWST, EXPO, FOXF, MRCY, MSTR, NEOG, PLOW, ROAD, SMCI, TREX, VCEL, WK | - | View | ||
| 2025 Q4 | Dec 31, 2025 | Creek Drive Capital Management LP | 0.0% | 73.9% | ASTS, CORZ, GME, GOOGL, IBIT, MSTR, SPHE | arbitrage, Biotechnology, Concentration, gaming, Long/Short, rebalancing, Space, volatility | The arbitrage and opportunistic book contributed approximately one-third of total gross returns, with activity spread across single-name catalyst shorts, merger arbitrage, and volatility positions. Notable contributors included Core Scientific/CoreWeave merger arbitrage adding +550 basis points and a long-volatility position in Alphabet contributing +630 basis points. Several biotechnology positions were added to the long book during the year. The sector remains structurally undercapitalized, leading to persistent underpricing of positive scientific outcomes relative to long-term net present value, even when individual stocks reprice sharply following data releases. AST SpaceMobile has rerated materially over the past year despite relatively limited changes to the underlying business. Progress has largely taken the form of execution against previously stated milestones, advancing the regulatory framework and continuing to move the technology toward operational readiness. GameStop's operational turnaround has been notable, transitioning from a structurally challenged model to one that is meaningfully more stable. The company is constructive on collectibles initiatives, including development of new digital collectible products, viewed as an underappreciated contributor to future economics. | GME ASTS SPHR |
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| 2025 Q3 | Oct 13, 2025 | Leaven Partners | 11.0% | 35.3% | 7422 JP, MSTR | Bitcoin, diversification, International Equities, Japan, Value Investing | Japanese corporate reforms and buybacks are driving renewed outperformance versus the U.S. Global diversification is regaining appeal after years of U.S. dominance. Bitcoins growing role as a corporate reserve asset reflects speculative fervor, while disciplined value investing focuses on cheap, improving businesses. | 7422 JP |
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| 2024 Q4 | Jan 4, 2025 | St. James Investment Company | 0.0% | 0.0% | MSTR | - | View | ||
| 2025 Q4 | Jan 31, 2026 | White Brook Capital | 0.0% | 0.0% | BLDR, FND, GOOG, JAKK, MSFT, MSTR, NVDA, PTLO, RPID, TSM | AI, crypto, growth, healthcare, inflation, semiconductors, small caps, value | The efficacy of AI expenditures started to be questioned during Q4 2025. Companies like Microsoft continue spending aggressively on cloud capacity, but value is now considered in customer context. The increasing competence of AI in performing tasks has begun impacting the software as a service sector, creating temporary losers in what was once an all-winners environment. Bitcoin treasury companies represent an ongoing investor mania that appears to be ending. These companies that turn bitcoin into stocks now trade meaningfully below the value of their bitcoin reserves, having broken the buck. They are trapped, unable to sell bitcoin to buy back shares or sell stock to buy bitcoin without driving down prices. The Small Cap Absolute Growth Strategy vastly exceeded expectations in 2025. Small and micro cap stocks offer potential for high returns for diligent, patient, and active investors. The strategy is concentrated in healthcare sector with 8 of the positions in healthcare, particularly technology, equipment, and tools industries. The manager owns Nvidia Corp and Taiwan Semiconductor Manufacturing Corporation as best in class operators in the process of realizing a double, based on earnings growth due to their ability to extract the last of the rents from the artificial intelligence investment wave. | View | |
| 2025 Q4 | Jan 30, 2026 | Flattery Wealth Management | 0.0% | 0.0% | ASTS, CASY, CEF, CPRT, DE, GRMN, HEI, MSTR, RACE, RMS, SEB | AI, Bitcoin, contrarian, crypto, gold, Multi-baggers, Quality, Space | Bitcoin functions as scarce, portable, digital gold gaining institutional traction as a hedge against currency debasement. MicroStrategy operates as the leader in pioneering corporate bitcoin strategy with the largest corporate bitcoin stash. The manager views bitcoin's institutional narrative advancing through maturing spot ETFs and growing corporate interest. AI represents a gunpowder moment that is flattening the playing field, allowing solo entrepreneurs to compete with enterprises and small businesses to compete with larger ones. The manager notes institutional investors have zero interest in non-AI deals currently. However, AI may also make people dumber and risks losing habits of attention and deep learning. AST SpaceMobile represents a bet on eliminating cellular dead zones through space-based broadband to unmodified smartphones. The company has partnerships with major carriers and is building what could become a massive subscription business. The space economy narrative is gaining attention with potential SpaceX IPO catalysts. Gold surged 65% in 2025, its best year since 1979, while most people forgot about it. Sprott Physical Gold and Silver Trust provides exposure to physical metals without counterparty risk or financial engineering. The position serves as insurance when fiat currencies inflate over long time horizons. | CEF HEI ASTS MSTR |
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| 2024 Q4 | Jan 23, 2025 | Flattery Wealth Management | - | - | MSTR | Bitcoin Adoption, Concentrated Investing, Conviction Investing, Founder Alignment, Long-Term Compounding | The letter reflects on a highly successful year driven by concentrated, bottom-up investing and the mainstream institutional adoption of bitcoin as a legitimate asset class. Performance was anchored by long-term holdings such as MicroStrategy, illustrating the power of patience, founder alignment, and allowing exceptional businesses or assets to compound rather than trading around narratives. Looking forward, the manager emphasizes disciplined position sizing, tolerance for volatility, and maintaining conviction in high-upside opportunities while balancing humility and risk management. | View | |
| 2024 Q4 | Jan 2, 2025 | Cedar Grove Capital Management | 21.0% | 0.0% | AAPL, HIMS, MSTR | - | View | ||
| 2025 Q4 | Jan 15, 2026 | Myrmikan Research | 0.0% | 0.0% | MSTR | commodities, Dollar, Geopolitical, gold, inflation, Mining, monetary policy | Gold jumped 65% in 2025 and has increased 137% since October 2023, demonstrating its role as pure market money. The manager argues gold is the best unit of account for measuring real asset values, with the S&P 500 down 33% in gold terms despite nominal gains. Gold mining stocks soared 155% in 2025 as measured by the HUI index. The manager believes this marks the beginning of a multi-year bull market, with gold miners positioned to benefit from expanding margins as gold outpaces commodity input costs. The dollar has lost 58% of its value since October 2023 when measured against gold. The manager argues the weaponization of the dollar and massive money printing are undermining its reserve currency status, with other countries reducing Treasury holdings. Silver is highlighted as a special case commodity due to inelastic demand from industrial uses and solar panel deployment, particularly in China. Supply is also constrained as most silver comes as a by-product from other mining operations. Oil is expected to underperform gold due to geopolitical shifts and energy transition efforts. The Trump administration is encouraging oil development to lower prices and bankrupt Russia, while nuclear and electrification threaten long-term demand. The manager discusses how monetary debasement works through supply chains, with gold moving first and retail prices following with significant lags. Electronic shelf labels and dynamic pricing are accelerating price adjustment mechanisms in the economy. | View | |
| 2024 Q4 | Jan 12, 2025 | GreensKeeper Value Fund | - | 23.6% | CSCO, ELV, HSY, LULU, MA, MC FP, MSTR, NKE, SHVA IT, V | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Conestoga Small Cap Composite | 10.1% | 7.8% | AGYS, ALTR, DH, EXPO, LMAT, MMSI, MODN, MSA, MSTR, PYCR, SITE, SLP, SMCI, SPXC, SSD, STVN, TREX, ULS | - | View | ||
| 2023 Q1 | Apr 14, 2023 | Miller Value Partners Income Strategy | 11.7% | 11.7% | HEI GR, JXN, MPW, MSTR, VONOY, VTRS | - | View | ||
| 2024 Q4 | Jan 21, 2025 | Greenlight Capital | - | 7.2% | AAPL, CNC, CNH, LIVN, MSTR, ODP, PTON | - | View | ||
| 2024 Q4 | Jan 18, 2025 | Mayar Capital | -10.0% | -1.5% | AHT LN, CSCO, MSTR, NVDA, OR FP | - | View | ||
| 2024 Q4 | Jan 14, 2025 | Myrmikan Research | - | - | MSTR, NVDA | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Joe | Strategy (formerly MicroStrategy Incorporated) | Software | Application Software | Bull | NASDAQ | Bitcoin, Capital markets, Flywheel, leverage, premium, Treasury | View Pitch |
| Feb 17, 2026 | Seeking Alpha | Seeking Alpha | MicroStrategy Inc | Technology | Software | Bull | NASDAQ Stock Market | Bitcoin, Bitcoin yield, capital structure, compounding, cost basis, digital credit, high-risk, Preferred equity, structured finance, Volatility | View Pitch |
| Feb 4, 2026 | Fund Letters | Andrew Flattery | Strategy Inc. (formerly MicroStrategy, Inc.) | Information Technology | Application Software | Bull | NASDAQ | Bitcoin, Capital markets, Digital Gold, leverage, Volatility | View Pitch |
| Jan 8, 2026 | Value Investors Club | SamPR | Strategy Inc. (MicroStrategy) | Information Technology | Software | Bear | NASDAQ | cloud, Digital platforms, Enterprise software, IT services, Software, technology | View Pitch |
| Sep 16, 2025 | Short Thesis | Kerrisdale Capital | MicroStrategy Inc | Information Technology | Application Software (Business Intelligence / Bitcoin Treasury) | Bear | NASDAQ | Bitcoin, Governance, leverage, Software, Treasury | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Bill Maurer | MicroStrategy Incorporated | Other | - | Neutral | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | David Zanoni | MicroStrategy Incorporated | Information Technology | Software - Application | Bull | NASDAQ | — | 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. | ||||||||