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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | ProChain Capital | - | 21.7% | COIN, MSTR, PYPL, V | adoption, Bitcoin, crypto, ETFs, payments, regulation | The fund focuses extensively on cryptocurrency adoption across three key areas: investment products (Bitcoin ETF options approval, tokenized money-market funds), currency and use cases (PayPal stablecoin payments, blockchain-based commercial paper), and regulatory developments. The manager sees Bitcoin ETF options as particularly significant for enabling Bitcoin-denominated products beyond supply constraints. | View | |
| 2025 Q2 | Aug 8, 2025 | GreenWood Investors | - | - | CTT.LS, LDO.MI, LTC-USD, MEIP, MSTR, UHR.SW | active ownership, crypto, defense, E-Commerce, Europe, Governance, Luxury, value | Leonardo's defense products including radars, lasers, sensors, jammers, helicopters and trainers are best-in-class and world leading. The company has launched a highly differentiated anti-missile defense system that will be in high demand for a decade due to geopolitical volatility. Defense spending tailwinds are expected to continue for at least a decade. | UHR SW |
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| 2025 Q2 | Jul 30, 2025 | Kinsman Oak | - | - | COIN, CRCL, HOOD, MSTR, PLTR | AI, crypto, Debt, policy, rates, Speculation, tariffs, technology | Bitcoin reached all-time high of $120k, up 60% since April low. Manager explores potential decoupling from traditional risk assets as hedge against national debt crisis. Cryptocurrency experiencing speculative fervor with Bitcoin-linked firms rallying 78% in Q2. | View | |
| 2025 Q2 | Jul 22, 2025 | RLH Capital | 13.9% | 18.8% | AIRO, MSTR | arbitrage, Bridge Loans, crypto, defense, nuclear, PIPE, SPACs | SPAC arbitrage remains the Fund's core strategy at 85% of portfolio. Q2 2025 marked first time since inception that market selectively valued optionality, driving strong returns. Several pre-deal SPACs now trading at premiums to trust, showing renewed risk appetite for differentiated sponsors and forward-thinking themes. | AIRO AIRO |
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| 2025 Q2 | Jul 15, 2025 | White Brook Capital | - | - | AMZN, GOOGL, INFU, JAKK, META, MSTR, NVDA, PAYS, RPID | AI, crypto, defense, Ethics, Housing, small caps, SPACs, Strategy | SPACs are returning to market as a sign of mania, similar to 2021 when they led to tremendous short-term returns for sponsors but typical SPACs fell over 90% long-term. This represents a concerning market trend pushing extremes. | View | |
| 2025 Q2 | Jul 10, 2025 | Headwaters Capital Management, LLC | 7.3% | -2.6% | COIN, DHR, GMED, HOOD, MSTR, NVDA, PLTR, TECH, TMDX, TMO | AI, Biotechnology, mid cap, Risk Appetite, small caps, valuation | AI enthusiasm is driving large cap outperformance and creating narrow market breadth concentrated in AI beneficiaries. The manager believes AI is real with lasting benefits but excitement around valuations is reaching extremes similar to 1999. History suggests the AI cycle will eventually reach over-investment and excess capacity. | TECH TECH |
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| 2025 Q2 | Jun 30, 2025 | Pantera Capital | - | - | COIN, CRCL, MSTR | Bitcoin, Capital markets, crypto, DATs, Digital assets, inflation, IPOs, Stablecoins | Digital Asset Treasury companies represent a new frontier for public market crypto exposure, benefiting from broader secular tailwinds as traditional investors embrace digital assets through ETFs, IPOs, and DATs. The inclusion of Coinbase into the S&P 500 has forced every manager globally to include digital assets and pay attention to the space. | View | |
| 2024 Q2 | Jun 30, 2024 | ProChain Capital | - | 32.5% | BITF, BTDR, HOOD, IREN, MSTR, RIOT, SONY | Bitcoin, Blockchain, crypto, ETFs, Ethereum, Mining, regulation | The manager views the current market as offering an incredible investment opportunity into cryptoassets generally. Despite recent price declines from technical selling pressure, the crypto industry has achieved major wins in US federal legislative and judiciary branches with sustained support from financial market participants. The SEC remains a challenge but is in a shrinking minority with numerous judicial setbacks. | View | |
| 2025 Q2 | Jun 26, 2025 | Ninepoint | - | - | BTC-USD, MSTR | AI, crypto, energy, fixed income, gold, infrastructure, Natural Gas, Trade Policy | President Trump's attack on the global trading system has introduced new layers of uncertainty, rattling financial markets and forcing investors to reevaluate outlooks. The threat of tariffs will likely weigh on investor sentiment, with unpredictable announcements adding confusion. Global appetite for U.S. assets is set to wane due to policy uncertainty. | View | |
| 2025 Q1 | Jun 16, 2025 | Cable Car Capital | - | - | MSTR, ORKA | activism, arbitrage, Biotechnology, crypto, global, Litigation, SmallCap, SPACs | The fund has been actively involved in SPAC litigation and structured financings. They served as lead plaintiff in multiple litigations against SPAC sponsors who attempted to keep termination fees, resulting in recoveries for public equity investors. They also participated in several de-SPAC transactions and structured financings of small companies. | MSTR ORKA |
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| 2024 Q1 | May 8, 2024 | Claret Asset Management | 0.0% | 0.0% | DJT, MSTR | Long Term, Margin Of Safety, Market Timing, Speculation, value | Manager discusses Microstrategy as a Bitcoin proxy, noting the company holds 215,000 Bitcoins worth $15 billion while trading at $30+ billion enterprise value. Highlights speculative premium where investors pay $2 for every $1 of Bitcoin owned. | View | |
| 2024 Q1 | Apr 26, 2024 | Boyar Value Group | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, MSTR, NVDA, RDDT, SMCI, TSLA | AI, contrarian, growth, interest rates, Market Concentration, Speculation, value | Investors continued their love affair with all things AI, sending Nvidia up 80% during 1Q 2024. Other stocks that investors believe will benefit from AI are drawing similar attention: Super Micro Computer Inc, and MicroStrategy, for example, advanced by 255% and 170%, respectively. Signs of speculation in the financial markets abound with these AI-related investments. | View | |
| 2024 Q1 | Apr 23, 2024 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | CNMD, DOOR, DUOL, ELF, FWRD, IART, INSM, INTA, IRDM, MEDP, MSTR, OC, OMCL, RDNT, SMCI, TMO, TREX, VKTX, WING, XPO | AI, Biotechnology, growth, healthcare, small cap, technology | AI infrastructure build-out has had a narrow set of beneficiaries, with enthusiasm for AI fueling atypical concentration and performance distortion in the benchmark. RadNet has invested heavily in newer AI applications that can provide an additional revenue stream while improving early identification of cancers. | ELF DUOL INTA INSM MEDP RDNT CNMD VKTX |
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| 2024 Q1 | Apr 15, 2024 | Equity Management Associates | 12.7% | 29.1% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, China, free cash flow, Quality, technology, valuation, value | NVIDIA has become the dominant AI beneficiary with market cap rising to $2.5 trillion from $350 billion. The manager draws parallels to Cisco during the tech bubble, noting similar valuations and warning of downside risks if AI expectations are not met. They emphasize the difficulty of predicting long-term winners in transformative technologies. | View | |
| 2024 Q1 | Apr 15, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, BYD, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, LFUS, MC, MORN, MSCI, MSTR, MTD, MTN, NEOG, PENN, PRI, RRR, SMCI, TECH, TREX, VAC, WST | financials, growth, insurance, Long Term, real estate, small caps | Specialty insurers Kinsale Capital and Arch Capital both contributed significantly to performance with strong financial results. Market conditions remain favorable with rising premium rates and more business shifting to the excess and surplus lines market where Kinsale operates. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, China, free cash flow, international, large cap, Quality, valuation, value | NVIDIA has become the dominant AI story with market cap rising to nearly $2.5 trillion from $350 billion. The manager compares NVIDIA's valuation to Cisco during the tech bubble, noting similar price-to-sales ratios but acknowledging NVIDIA's extraordinary growth in AI demand and pricing power. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital International | 0.0% | 10.9% | 1024.HK, AAPL, AMAT, AMZN, BABA, BIDU, CSCO, DKS, FANG, GOOGL, JD, LI, META, MSFT, MSTR, NVDA, SMCI, STLA, TSM, WSM | AI, China, international, Quality, technology, valuation, value | NVIDIA has become the Magnificent 1 with market cap rising to $2.5 trillion from $350 billion, representing over 2% of global GDP. The AI boom has created extraordinary growth and pricing power for NVIDIA, with EBITDA margins rising from 33% to 55% and projected to reach 65%. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, China, free cash flow, large cap, Quality, technology, Valuations, value | NVIDIA has become the dominant AI story with market cap rising to nearly $2.5 trillion from $350 billion. The manager draws parallels to Cisco during the tech bubble, noting similar valuations and warning of downside risks if AI expectations are not met. While optimistic about AI's transformative potential, they emphasize the difficulty of predicting long-term winners. | View | |
| 2024 Q1 | Apr 15, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, free cash flow, international, Quality, small caps, valuation, value | NVIDIA has become the dominant AI story with market cap rising to $2.5 trillion from $350 billion, creating valuation concerns. The manager draws parallels to Cisco's bubble peak, noting NVIDIA trades at 20x forward sales versus the S&P 500's 2.7x. While AI represents transformative technology, the manager emphasizes difficulty predicting long-term winners and prefers avoiding rich valuations. | View | |
| 2024 Q1 | Apr 15, 2024 | Conestoga Mid Cap Composite | 8.4% | 9.4% | AAPL, AXON, CCCS, CWST, DGII, EXPO, MRCY, MSTR, NEOG, NVDA, PLOW, PRO, PYCR, ROAD, SLP, SMCI, SPSC, TSLA, VCEL, WK | growth, healthcare, industrials, mid cap, Performance, technology | The market's advance remained heavily dependent on AI-related stocks, with NVIDIA continuing its meteoric rise and Super Micro Computer benefiting from the surge in artificial intelligence-related stocks. The AI theme contributed significantly to market performance across multiple cap segments. | View | |
| 2024 Q1 | Apr 15, 2024 | Conestoga Small Cap Composite | 10.1% | 7.8% | AAPL, AXON, CCCS, CWST, DGII, EXPO, MRCY, MSTR, NEOG, NVDA, PLOW, PRO, PYCR, ROAD, SLP, SMCI, SPSC, TSLA, VCEL, WK | growth, healthcare, industrials, infrastructure, small cap, technology | The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness. | View | |
| 2024 Q1 | Apr 15, 2024 | Wasatch Small Cap Growth Strategy | 7.6% | 7.6% | AGYS, CWAN, FIVN, HQY, MEDP, MSTR, NEOG, NVMI, SMCI, YETI | AI, fundamentals, growth, healthcare, semiconductors, small cap, technology | AI and technology broadly drove much of the market returns during Q1, with IT producing approximately half of the Russell 2000 Growth Index's total return. Wasatch has three main considerations regarding AI: avoiding companies whose business models will be materially disrupted, being attracted to companies that can use AI to strengthen competitive positions or reduce costs, and being interested in certain companies directly involved in AI while cognizant of potential asymmetric risks and unreasonable valuations. | AGYS FIVN CWAN YETI HQY NVMI MEDP |
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| 2024 Q1 | Mar 31, 2024 | Baird Small/Mid Cap Growth Equity Fund | 1.9% | 1.9% | BOOT, BROS, BSY, BWXT, CELH, CHDN, CNMD, CWAN, DAVA, DECK, DT, EXAS, FIVE, FOUR, GLBE, GLOB, GXO, HALO, ICLR, INSP, KAI, KNSL, KNX, LFUS, LGIH, LSCC, LW, MNDY, MSTR, MTDR, ONTO, PCOR, PEN, PODD, QDEL, RGEN, SAM, SITM, SMCI, SMPL, SWAV, TARS, TECH, TREX, VITA, WNS, WSO, XPEL | AI, growth, healthcare, Performance, semiconductors, small cap, technology | AI spending expectations drove significant outperformance in technology stocks, particularly benefiting companies like Super Micro Computer which investors view as the next Nvidia. The fund has limited direct AI exposure through Lattice Semiconductor and has not reached comfort levels on sustainable AI impact for many benchmark holdings. AI headwinds affected both technology and industrial sectors as datacenter and semiconductor manufacturing equipment companies saw outsized gains. | View | |
| 2024 Q4 | Feb 26, 2025 | Crypto Native Capital | 26.7% | - | CLSK, COIN, HUT, IBIT, MARA, MSTR, RIOT, SQ, TSLA | Bitcoin, Blockchain, crypto, Digital assets, ETFs, Institutional, regulation | The fund focuses on cryptocurrency investments with Bitcoin ETFs marking crypto's mainstream adoption. Bitcoin has the strongest moat in crypto through decentralization and trust, while smart contract platforms like Ethereum and Solana face ongoing competition requiring constant innovation. | View | |
| 2025 Q4 | Dec 31, 2025 | Creek Drive Capital Management | 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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| 2023 Q4 | Dec 31, 2024 | Vailshire Partners Hedge Fund | 0.0% | 0.0% | AAPL, ADBE, AMZN, AZO, FNV, GOOGL, LMT, MA, MELI, MSCI, MSFT, MSTR, NVDA, NVR, OCSL, SHOP.TO, SQ, TPL, TSLA, TT, V | Bitcoin, fixed income, inflation, liquidity, Stagflation, technology | Bitcoin has entered a bull market with potential spot ETF approval and upcoming halving event. Manager believes bitcoin is historically the best performing asset class during bull markets and has been steadily increasing bitcoin proxy holdings. | MSTR OCSL |
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| 2024 Q4 | Dec 31, 2024 | Conestoga SMid Cap Composite | -0.7% | 11.4% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL | AI, infrastructure, small cap, SMID Cap, software, valuation | Enthusiasm for all things related to Artificial Intelligence created what the firm believes to be a more speculative investing environment, which proved challenging for Conestoga's investment strategies. The lack of exposure to computer hardware industry, which surged over 100% in the Russell 2000 Growth Index on enthusiasm surrounding demand for AI-related hardware, was a key source of underperformance. | View | |
| 2024 Q4 | Dec 31, 2024 | Conestoga Mid Cap Composite | -4.6% | 4.4% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL | AI, growth, mid cap, small cap, technology, valuation | Enthusiasm for Artificial Intelligence created a speculative investing environment that proved challenging for Conestoga's strategies. AI-related hardware demand drove computer hardware industry surge over 100% in Russell 2000 Growth Index. Conestoga's lack of exposure to AI hardware was a key source of underperformance. | View | |
| 2024 Q4 | Dec 31, 2024 | Conestoga Small Cap Composite | 1.7% | 9.6% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL | AI, growth, infrastructure, small cap, software, technology, valuation | Enthusiasm for all things related to Artificial Intelligence created what Conestoga believes to be a more speculative investing environment, which proved challenging for their investment strategies. The lack of exposure to computer hardware industry, which surged over 100% in the Russell 2000 Growth Index on AI-related hardware enthusiasm, was a key source of underperformance. | View | |
| 2024 Q4 | Dec 31, 2024 | 1290 Essex Small Cap Growth Fund | 8.5% | 21.3% | MSTR, SMCI | Biotech, growth, healthcare, industrials, Microcap, small caps, technology, value | Essex continues to see economic and earnings strength coming from infrastructure spending themes. The portfolio benefited from companies that will benefit from the rebuilding of the power grid in the US. This theme is driving positive performance in the Industrials sector. | View | |
| 2024 Q4 | Dec 31, 2024 | Coho Relative Value Equity | - | - | AMZN, AZO, CVS, DG, GOOGL, MCHP, META, MSFT, MSTR, NVDA, UNH, WRB | Bubble, Concentration, defensives, technology, valuation, value | Coho maintains adherence to valuation discipline despite underperformance, believing they would sacrifice downside protection by chasing Technology stocks higher. The market is objectively expensive by most measures with the S&P 500 trailing P/E at its fourth highest levels in the past 125 years. Studies show valuation often does not matter in the short term, but it always matters in the long term. | View | |
| 2024 Q4 | Dec 31, 2024 | ProChain Capital | - | 63.9% | AMZN, COIN, MS, MSFT, MSTR | adoption, Bitcoin, crypto, Institutional, Investment, regulation | Cryptocurrency adoption is accelerating across institutional investors, with multiple US states proposing Bitcoin strategic reserves and major corporations like Amazon considering Bitcoin investments. Regulatory clarity is improving under the Trump administration with new crypto-focused task forces and the rescission of restrictive accounting rules. Public companies like MicroStrategy continue aggressive Bitcoin accumulation strategies. | View | |
| 2023 Q4 | Dec 31, 2023 | ProChain Capital | - | 82.5% | COIN, KERN, MSTR, V | adoption, Bitcoin, Blockchain, crypto, ETFs, Mining, regulation | The SEC approved eleven spot Bitcoin ETFs in January 2024, giving cryptocurrency new legitimacy in traditional finance. This provides institutional investors accessible exposure to an increasingly uncorrelated asset class. Bitcoin could reach $100,000 by year-end 2024 driven by institutional adoption and momentum. | View | |
| 2025 Q3 | Oct 22, 2025 | Focus Wealth Management | - | - | 3350.T, AAPL, GOOGL, META, MSTR, NVDA, SMLR | AI, Concentration, Exuberance, Late-cycle, risk, small caps, technology, Valuations | AI is described as potentially transformative as the Industrial Revolution, with largest public companies investing hundreds of billions annually into AI infrastructure, semiconductors, and model development. However, concerns exist about AI capex boom sustainability and potential overbuild similar to railway mania and dot-com boom. | View | |
| 2025 Q3 | Oct 21, 2025 | Crypto Native Capital | 10.6% | - | BABA, MSTR, VEON, YHOO | Bitcoin, Cash, crypto, Cycles, DATs, Defensive, Leverage | Bitcoin cycles are predictable with halvings every four years driving supply constraints and price appreciation. The fund expects this cycle to peak around 18 months post-halving (through year-end), with historical patterns suggesting a 50-65% correction is likely. Digital Asset Treasury companies represent dangerous late-cycle excess, using leverage disguised as innovation. | View | |
| 2025 Q3 | Oct 16, 2025 | Equity Management Associates | 48.9% | - | AEM, AU, AUMBF, MSTR, NEM | Bitcoin, debasement, gold, inflation, Mining, Monetary, Silver, sovereign debt | Gold prices have increased relentlessly to over $4,200 per ounce, driven by sovereign debt crisis and monetary debasement. The manager believes gold is still deeply undervalued with potential to reach $8,000-$30,000 per ounce based on historical monetary base coverage ratios and global fiat currency backing calculations. | ASM CN AUMBF |
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| 2025 Q3 | Oct 11, 2025 | Crescat Capital – Global Macro Hedge Fund | - | 91.1% | MSTR | Bubble, Dollar, gold, inflation, Rotation, Stagflation, Valuations | Large cap gold miners are substantially outperforming the Magnificent 9 AI stocks this year and represent some of the strongest scoring stocks in their multi-factor equity model. These companies offer both lower valuations and higher current growth rates than big tech stocks, making them attractive for the expected Great Rotation out of mega-cap tech. | View | |
| 2025 Q3 | Oct 1, 2025 | Rigden Capital Strategies | - | - | AMD, AVGO, DAL, DECK, GS, HOOD, IT, JPM, LULU, MSTR, NVDA, PLTR, SMCI, SNOW, STX, TTD, UNH, WDC | AI, earnings, Fed policy, Market Rally, semiconductors, technology, Trade Policy, Valuations | AI euphoria continued to electrify markets, lifting tech stocks 15% on average with semiconductors up 25%. Hyperscalers' massive capex plans drove the theme, which permeated beyond hardware to firms like Palantir and Snowflake, contributing to 60% of the S&P's gains. | View | |
| 2024 Q4 | Jan 4, 2025 | St. James Investment Company | 0.0% | 0.0% | AAPL, MSTR, NVDA, NWSA | Bitcoin, Financial Nihilism, inflation, Market Bubbles, Passive investing, Value Investing | Massive capital flows into passive index funds create price distortions where stocks are priced according to their index weight rather than intrinsic value. This leads to herding behavior and stocks trading at prices that do not reflect fundamental value, with overvalued companies receiving more fund inflows than warranted. | 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 2, 2025 | Cedar Grove Capital Management | 21.0% | 0.0% | AAPL, HIMS, MSTR, RCAT, SNBR | AI, crypto, Hedging, Multi-Strategy, Options, small caps, Telehealth, Trump | HIMS is the fund's second-largest holding with immense long-term potential in cash-pay telehealth. The manager navigated complex option strategies around FDA decisions on Tirzepatide and Semaglutide, ultimately protecting the position while maintaining conviction in the long-term thesis despite short-term volatility. | 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 Q2 | Jul 18, 2024 | ClearBridge Investments Small Cap Growth Strategy | 0.0% | 0.0% | BPMC, CHX, DH, FN, GLBE, HEES, ICLR, INTA, MODN, MPWR, MSFT, MSTR, NVDA, PCVX, ROAD, SMCI, TREX, VRNS, WIX, XPRO | AI, Concentration, growth, semiconductors, small caps, software, technology, underperformance | AI overhang is creating challenges for software budgets and mindshare diversion to AI hardware development versus other software priorities. Early enthusiasm around generative AI has benefited infrastructure providers supporting advanced computing requirements. As the cycle matures, businesses with durable recurring revenue models should outperform. | View | |
| 2023 Q4 | May 3, 2024 | Bumbershoot Holdings | 0.0% | 0.0% | AE, AGM, AXR, BOX, BRK-B, CTRA, EVLV, FEIM, GENC, GHM, GOOGL, HCCI, HSII, IMKTA, KVHI, LGND, MDLZ, MSTR, MU, NR, ORN, PATI, PLAB, STXS, VKTX, ZION | Biotechnology, Fertilizers, fundamentals, healthcare, small caps, value | The fund maintains significant exposure to agricultural-fertilizer sector with positions in Intrepid Potash, Nutrien, Mosaic, and CF Industries. Despite being a significant detractor for the year, the manager remains highly constructive about long-term fundamentals within the fertilizer industry. | View | |
| 2024 Q4 | Jan 26, 2025 | Arquitos Capital Management | - | 29.6% | ENDI, FNCH, LQDA, MSTR, NTPIF, UTHR | Biotechnology, concentrated, FDA approval, Patent litigation, Pharmaceuticals, small caps | Two major biotech positions dominate the portfolio. Finch Therapeutics won a patent infringement case against Ferring with potential for enhanced damages up to 3x the $30M jury award. Liquidia Therapeutics awaits FDA approval in May 2025 for its inhaler product Yutrepia, which could capture 80-90% market share due to superior delivery technology. | View | |
| 2024 Q4 | Jan 25, 2025 | Open Insights Capital | - | - | MEG.TO, MSTR, OXY, PTON, TSLA, XLE, XOP | crypto, energy, fundamentals, oil, Speculation, value | Manager believes oil prices are skewed to the upside due to inventories at 5-year lows, slowing non-OPEC production growth, and potential demand recovery from China stimulus. OPEC+ gaining leverage as spare capacity resides with them while US shale production has plateaued. | MEG.TO OXY |
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| 2024 Q4 | Jan 21, 2025 | Equity Management Associates | - | 19.2% | AAPL, AMZN, GOOGL, LGCFF, META, MSFT, MSTR, NVDA, ORCL, TSLA | Bitcoin, Fiscal Dominance, gold, inflation, Mining, Precious Metals, Silver | Gold broke out from three-year ceiling to $2,650 per ounce, driven by fiscal dominance, central bank buying, and BRICS countries settling trade imbalances in gold. The fund sees almost perfect storm conditions for gold performance with weakening economy, credit bubble collapse, and monetary debasement. | View | |
| 2024 Q4 | Jan 21, 2025 | Greenlight Capital | - | 7.2% | AAPL, BHF, CEIX, CNC, CNH, CPRI, GRBK, HPQ, KD, LIVN, LXS, MSTR, ODP, PTON, SOLB.BR, THC, TPG | Agriculture, crypto, ETFs, healthcare, Long/Short, technology, value | Greenlight discusses the speculative nature of cryptocurrencies, comparing them to collectibles with no intrinsic value. The letter highlights the emergence of memecoins like Fartcoin and Trump's official memecoin, noting the extreme valuations and speculative trading patterns in the crypto market. | CPRI CNC CNH PTON |
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| 2024 Q4 | Jan 14, 2025 | Myrmikan Research | - | - | AAPL, AMZN, GOOGL, META, MSFT, MSTR, NVDA, TSLA | AI, Bitcoin, Bubble, Fed, gold, liquidity, Miners, rates | Junior gold mining companies offer operational leverage to gold prices through their thin margins and low valuations. When gold prices rise, their net present values increase fastest, and valuation multiples converge toward majors. They generally move last but then the most in bull markets. | View | |
| 2024 Q4 | Jan 13, 2025 | Miller Value Partners Deep Value Strategies | - | - | MSTR | Bitcoin, crypto, Currency, small cap, technology, value | Bitcoin represents a thermodynamically sound unit of account for capital governance built on a more stable process than fiat currency. The technology's first-mover advantage and causal ambiguity make it difficult for another proof-of-work protocol to catch it. Markets currently ascribe nearly $2 trillion worth of value to Bitcoin, with ETFs holding over $100B in assets. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Vailshire Partners Hedge Fund | MicroStrategy Incorporated | Information Technology | Application Software | Bull | NASDAQ | Bitcoin Proxy, Bull market, cryptocurrency, Digital Assets, ETF Approval, Halving, Sound Money | View Pitch |
| Apr 13, 2026 | Fund Letters | Cable Car Capital | MicroStrategy Incorporated | Information Technology | Application Software | Bear | NASDAQ | Bitcoin treasury, closed-end fund, Convertible Bonds, Digital Assets, Pairs Trade, PIPE, premium to NAV, Regulatory Arbitrage, Synthetic Short | View Pitch |
| Apr 13, 2026 | Fund Letters | Mayar Capital | MicroStrategy Incorporated | Software & Services | Application Software | Bear | NASDAQ | Bitcoin, cryptocurrency, Irrational Exuberance, leverage, Software, Speculation, treasury strategy | View Pitch |
| 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. | ||||||||