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| 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 |
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| 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 |
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| 2025 Q2 | Jul 4, 2025 | Maple Tree Capital – Jonagold | 42.3% | - | DNUT, GRND, HIMS, LMND, NBIS, UPST | AI, Concentration, Fintech, growth, small caps, technology, volatility | Upstart's AI underwriting capabilities are central to the investment thesis, with the manager attending AI Day and emphasizing how AI improvements drive better credit decisions and expanding product offerings. The AI models are becoming more accurate and comprehensive while reducing business volatility. | GRDR HIMS LMND UPST GRND LMND |
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| 2025 Q2 | Jul 22, 2025 | Alger Spectra Fund | 29.2% | 13.0% | APP, ISRG, JHX, MSFT, NBIS, NFLX, NVDA | AI, Cloud, digital transformation, Fed policy, growth, Rate Cuts, semiconductors, technology | AI is at an inflection point, potentially enabling significant increases in productivity. The fund sees AI as central to AppLovin's growth, driving a large majority of the company's revenue through its recommendation and targeting engine. Nvidia's computational power is viewed as a critical enabler of AI adoption, with surging demand for AI-focused chips and data center products. | NBIS NVDA APP GLOB UNH AAPL META MSFT NVDA |
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| 2025 Q2 | Jul 17, 2025 | Alger Small Cap Focus Fund | 15.2% | -5.0% | MSFT, NBIS, NVDA, PTLO, QTWO, TLN, TPC, WING | AI, Cloud, Construction, energy, healthcare, infrastructure, small cap, technology | AI is at an inflection point, potentially enabling significant increases in productivity. The fund sees accelerating AI adoption creating attractive investment opportunities, particularly in AI infrastructure and cloud-based solutions. Companies like Nebius are benefiting from growing demand for AI compute and specialized GPU computing capabilities. | QTWO PTLO WING TPC TLN NBIS TECH NEOG FSS RBC TPC |
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| 2026 Q1 | Apr 29, 2026 | Alger Small Cap Focus Fund | -7.6% | -7.6% | AGYS, CGNX, NBIS, RBC, RGEN, WGS | AI, Automation, Data centers, defense, energy, healthcare, small cap, technology | AGYS GDYN RGEN CGNX NBIS RBC |
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| 2024 Q4 | Mar 31, 2025 | Adestella Investment Management | 4.2% | 14.0% | NBIS, PSIX, TWLO | Inflection, software, technology, turnaround, value | Twilio operates as a cloud communication services provider through its CPaaS platform. The company has undergone significant operational restructuring to shift from growth-at-any-cost to profitability focus, with new CEO implementing cost reductions and capital return programs. | TWLO |
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| 2025 Q4 | Feb 26, 2026 | Crossroads Capital | 2.7% | 37.7% | ASTS, CLMT, FTAI, META, MSFT, NBIS, NTDOY, NVDA, ORCL, PLTR | aerospace, AI, gaming, growth, small cap, Space, technology, value | Nintendo continues to demonstrate exceptional performance with Switch 2 becoming the fastest-selling console in history, selling 17.4 million units in just 7 months. The company has a historically rich first-party software pipeline and is building new recurring revenue streams through Nintendo Switch Online and its expanding cinematic universe. AST SpaceMobile has transitioned from R&D startup to scaleup, successfully deploying the largest commercial communications antenna in low-Earth orbit with BlueBird 6. The company has secured over $1 billion in pre-funded revenue commitments and won a prime position on America's Golden Dome missile defense architecture. Nebius Group operates as an AI-first cloud platform with major hyperscaler contracts including $17.4 billion with Microsoft and $3 billion with Meta. The company is building substantial AI infrastructure capacity with 2.5 GW of contracted power by end-2026. FTAI Aviation is transforming into a capital-light MRO franchise for CFM56 engines through its Strategic Capital Initiative, creating 'green time' by manufacturing proprietary PMA parts. The company is also expanding into data center power generation by repurposing jet engines into aeroderivative gas turbines. | FTAI NBIS ASTS NTDOY |
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| 2024 Q3 | Dec 31, 2024 | Adestella Investment Management | 1.4% | 9.3% | EVO.ST, FOUR, NBIS, PRKS, PSIX, UFPT | AI, edge, international, small caps, Structural Advantages, value | Manager emphasizes structural advantages of targeting under-the-radar small-cap opportunities, noting that while large-caps have outperformed for nearly two decades, cheaper valuations and longer compounding runways historically led smaller firms to superior performance over 80+ years prior to 2007. Current portfolio includes sub-$500M companies like Power Solutions International trading at attractive multiples. | NBIS EVO.ST PSIX |
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| 2024 Q4 | Dec 31, 2024 | Hood River Capital – International Opportunity Fund | - | 20.2% | JUST.L, NBIS | AI, Asia, emerging markets, Europe, insurance, international, small cap, value | Artificial intelligence remains a key focus in the portfolio, with success driven by investments in critical infrastructure supporting AI growth and adoption, such as data centers, natural gas, gas turbines, and grid infrastructure. The fund invested in Nebius, a direct AI datacenter play based in the Netherlands that provides global AI producers with essential resources including an AI-centric cloud platform, large-scale GPU clusters, cloud services, and developer tools. | NBIS JUST.L |
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| 2025 Q3 | Oct 8, 2025 | Maple Tree Capital – Jonagold | -13.1% | - | ASO, CRWV, DNUT, GOOGL, GRND, HIMS, LMND, NBIS, PGR, SN, TSLA, UEC, UPST | AI, Concentration, conviction, growth, small caps, technology, volatility | The manager believes this AI-driven bull market remains in its long-term infancy, with deep capex spend by Big Tech companies signaling increased momentum. They see AI applications like Upstart and Lemonade becoming the next investment wave to build on top of infrastructure over the next 5 years. | GRND UPST |
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| 2025 Q3 | Oct 8, 2025 | Maple Tree Capital – Heartwood | 40.0% | - | ASO, CRWV, DNUT, GOOGL, GRND, HIMS, LMND, NBIS, PGR, SN, TSLA, UEC, UPST | AI, Concentration, Fintech, small caps, uranium, volatility | The manager believes this AI-driven bull market remains in its long-term infancy with deep capex spend by Big Tech companies signaling increased momentum. They see AI applications like Upstart and Lemonade becoming the next investment wave to build on top of infrastructure over the next 5 years. | UPST CRWV NBIS UEC |
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| 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 |
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| 2025 Q3 | Oct 2, 2025 | Rodrigo Benedetti | - | - | ABX, CLS, CONL, IJH, IREN, IWM, JOBY, MSFT, NBIS, NEM, ORCL, PLTR, RXST, SNAP, STRL, TGEN, TSSI, VRT | AI, Fed policy, Gold Miners, Long/Short, Risk Appetite, Shorts, Speculation | Manager attempted to short AI-related names believing the theme needed a rest, targeting low quality companies benefiting from datacenter capex but offering commoditizable services at high multiples. However, the market continued financing datacenter capex aggressively, forcing position closures after significant losses. | View | |
| 2025 Q3 | Oct 14, 2025 | Alger Small Cap Focus Fund | 8.6% | 3.2% | MSFT, NBIS, NVDA, PTLO, QTWO, TLN, TPC, WING | AI, Cloud, consumer, Data centers, energy, infrastructure, small caps, technology | AI is at an inflection point, potentially enabling significant increases in productivity. The fund sees accelerating AI adoption creating attractive investment opportunities, particularly in AI infrastructure and cloud-based solutions. Companies like Nebius are benefiting from growing demand for AI compute and specialized GPU computing capabilities. | TPC |
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| 2025 Q4 | Jan 28, 2026 | Rodrigo Benedetti | 0.0% | 0.0% | ARKK, CLS, KITS.TO, MSFT, NBIS, ORCL, QQQ, QURE, REGN, SLNO, SPY, STRL, TEVA, TGEN, TSSI, TWST, VRT, XOP | AI, Biotechnology, commodities, Fintech, gold, healthcare, oil | Manager observes precious metals experiencing massive bubble-like moves with gold and silver going through blow-off tops. Believes there is no fundamental reason for this rally and compares moves to the 1970s when US abandoned gold standard. AI companies, particularly neoclouds, corrected 50% but are showing signs of life again. Manager previously shorted low quality AI names trading on high multiples but closed positions when momentum couldn't be fought. Oil equities have diverged from oil prices with E&P, OFS and Majors underperforming. Manager notes well-supplied market and Chinese demand reduction while they add to strategic reserves. Mixed results in biotech with FDA walking back QURE approval after mixed data causing roundtrip of profits. Healthcare sector performed well with TEVA and REGN benefiting from immunity to tariffs and AI disruption. Excited about Figure Technologies at crossroads of blockchain and electronic HELOC securitization. Company provides bridge for stablecoin yield investment and operates marketplace for on-chain loan investment with fraud-resistant electronic system. | EMO CN KITS CN |
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| 2025 Q4 | Jan 15, 2026 | Alger Small Cap Focus Fund | 3.6% | 6.9% | ABT, EXAS, GH, NBIS, NTRA, QURE, STVN | AI, Biotechnology, Diagnostics, growth, healthcare, small cap, technology | The market's biggest tailwind was continued investment tied to artificial intelligence, though increasingly accompanied by scrutiny around AI infrastructure bottlenecks, sources of financing, and whether the AI theme could deliver returns commensurate with capital deployed. U.S. business spending appears to be accelerating, driven by burgeoning demand for AI infrastructure. Multiple portfolio holdings focus on cancer diagnostics and treatment, including molecular diagnostics companies specializing in liquid biopsy tests, colorectal cancer screening, and molecular residual disease testing. The oncology testing market shows strong momentum with favorable reimbursement dynamics and higher test volumes. Cloud computing is growing and supporting innovation, with corporations digitizing their operations. The fund holds positions in AI-focused cloud infrastructure providers operating GPU compute capacity, benefiting from accelerating AI adoption as demand for high-quality GPU compute continues to outstrip available supply. Portfolio includes biotechnology companies developing gene therapies for rare diseases like Huntington's disease, an area with no approved disease-modifying treatments. The sector faces regulatory uncertainty but shows encouraging efficacy signals in clinical trials. | STVN QURE NBIS NTRA GH EXAS |
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| 2025 Q4 | Jan 15, 2026 | Alger Spectra Fund | -1.2% | 29.4% | CDTX, GOOGL, META, MRK, MSFT, NBIS, NTRA | AI, Biotechnology, Cloud, Communication, growth, healthcare, technology | AI remains at an inflection point with potential for significant productivity increases. However, the quarter saw increased scrutiny around AI infrastructure bottlenecks, financing sources, and whether returns can match capital deployed. Despite volatility, demand for AI infrastructure continues to outstrip supply. Cloud computing continues growing and supporting innovation. Microsoft Azure showed strong 39% year-over-year growth despite capacity constraints, with commercial bookings surging 111% and remaining performance obligations up 51%. Strong performance from specialty diagnostics and therapeutics companies. Natera showed strong earnings with higher test volumes and favorable reimbursement dynamics. Cidara Therapeutics was acquired by Merck for $9.2 billion based on its promising influenza prevention drug. | META MSFT NBIS CIDM NTRA GOOGL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 3, 2026 | Seeking Alpha | Seeking Alpha | Nebius Group N.V. | Technology | AI Cloud Services | Bull | Nasdaq Stock Market | AI cloud services, capital expenditures, Competitive pressure, cost-per-inference, Eigen AI acquisition, execution risk, GPU utilization, inference platform, Revenue Growth, software-like margins | View Pitch |
| May 1, 2026 | Fund Letters | Alger Small Cap Focus Fund | Nebius Group | Internet Content & Information | IT Services | Bull | NASDAQ | Artificial Intelligence, Cloud computing, data centers, Gpu, high-performance computing, infrastructure, machine learning, vertical integration | View Pitch |
| May 1, 2026 | Fund Letters | Alger Spectra Fund | Nebius Group | Internet Content & Information | IT Services | Bull | NASDAQ | AI infrastructure, data centers, GPU Cloud Computing, high-performance computing, Hyperscaler Agreements, machine learning, operating leverage, vertical integration | View Pitch |
| Apr 20, 2026 | Seeking Alpha | Seeking Alpha | Nebius Group N.V. | Technology | AI Infrastructure | Bull | AI computing capacity, AI infrastructure, full-stack platform, GPU-accelerated cloud computing, Market expansion, multi-year agreement, Nebius Group, operating leverage, Revenue Growth, vertically integrated | View Pitch | |
| Apr 20, 2026 | Seeking Alpha | Seeking Alpha | Nebius Group N.V. | Technology | AI Infrastructure | Bull | AI infrastructure, Cloud computing, high-performance computing, machine learning, multi-year agreement, Nebius Group, operating leverage, Pricing power, Revenue Growth, vertically integrated | View Pitch | |
| Apr 13, 2026 | Fund Letters | Alger Small Cap Focus Fund | Nebius Group N.V. | Information Technology | IT Services | Bull | NASDAQ | AI infrastructure, Cloud computing, data centers, GPU computing, growth, Microsoft partnership, Technology Services | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Spectra Fund | Nebius Group N.V. | Information Technology | IT Services | Bull | NASDAQ | AI infrastructure, Cloud computing, data centers, Enterprise Services, Europe, GPU computing, growth, Microsoft partnership | View Pitch |
| Apr 13, 2026 | Fund Letters | Adestella Investment Management | Nebius Group | Information Technology | IT Services | Bull | NASDAQ | AI infrastructure, Discount to comps, Early access, Index exclusion, Misunderstood situation, rapid growth, Russian divestiture, spinoff | View Pitch |
| Apr 13, 2026 | Fund Letters | Hood River Capital - International Opportunity Fund | Nebius | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, autonomous driving, cloud platform, data centers, GPU Clusters, Netherlands, NVIDIA investment | View Pitch |
| Mar 30, 2026 | Seeking Alpha | Seeking Alpha | Nebius Group N.V. | Technology | AI Data Centers | Bull | NASDAQ Stock Market | AI data centers, ARR growth, capital expenditure, convertible debt, financial strategy, hyperscaler deals, infrastructure capacity, Meta Platforms, Microsoft, Revenue Growth | View Pitch |
| Feb 27, 2026 | Fund Letters | Ryan O'Connor | Nebius Group N.V. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | AI infrastructure, Capacity Buildout, Capital Markets Access, cloud platform, contracted power, hyperscaler contracts, Inference Demand, Utilization Ramp | View Pitch |
| Feb 18, 2026 | Seeking Alpha | Seeking Alpha | Nebius Group | Technology | Cloud Computing | Neutral | AI ecosystem, AI infrastructure, Cloud computing, GPU capacity, market volatility, Nebius, neocloud, Revenue visibility, Technology investment, U.S. expansion | View Pitch | |
| Feb 17, 2026 | Seeking Alpha | Seeking Alpha | Nebius Group N.V. | Technology | Cloud Computing | Bear | NASDAQ Stock Market | AI compute demand, Annual Recurring Revenue, capital expenditures, component cost pressures, Free Cash Flow, internal control risks, market share gains, operating losses, sustainable returns, Valuation premium | View Pitch |
| Feb 4, 2026 | Twitter / X | @AtlasCapitalxx | Nebius Group | Software & Services | Data Processing & Outsourced Services | Bull | NASDAQ | AICloud, AIInfrastructure, backlog, CloudInfrastructure, datacenters, GPUCompute, hyperscalers, NVIDIA, PowerInfrastructure | View Pitch |
| Feb 4, 2026 | Twitter / X | @retail_mourinho | Nebius Group N.V. | IT Services | Internet Services & Infrastructure | Bull | NASDAQ | AI, Capacity, cloud, Compute, datacenters, Europe, GPUs, hyperscalers, META, Microsoft | View Pitch |
| Feb 4, 2026 | Twitter / X | @aleabitoreddit | Nebius Group N.V. | - | Bull | NASDAQ | ClickHouse, Colocation, Convertibles, datacenters, Dilution, Electricity, Finland, hyperscalers, Neoclouds, Photonics, robotaxis | View Pitch | |
| Feb 4, 2026 | Twitter / X | @AwareWealth | Nebius Group N.V. | - | Bull | NASDAQ | AI, ClickHouse, cloud, Cooling, data centers, Finland, GPUs, META, Microsoft, NVIDIA, robotics | View Pitch | |
| Jan 27, 2026 | Fund Letters | Amy Zhang | Nebius Group N.V. | Information Technology | IT Services & Cloud Infrastructure | Bull | NASDAQ | AI, cloud, datacenters, GPUs, infrastructure | View Pitch |
| Jan 27, 2026 | Fund Letters | Ankur Crawford | Nebius Group N.V. | Information Technology | IT Services & Cloud Infrastructure | Bull | NASDAQ | AI, cloud, datacenters, GPUs, infrastructure | View Pitch |
| Jan 23, 2026 | Twitter / X | @jaysyoon | Nebius Group NV | Information Technology | Internet Content & Information. | Bull | NASDAQ | Aviation, Deal, Iren, Load, MSFT, Nbis, Nbis Deal, Nscale | View Pitch |
| Jan 22, 2026 | Twitter / X | @InvestingVisual | Nebius Group N.V. | Information Technology | Interactive Media & Services | Bull | NASDAQ | Capital Raise, Inflection Point, Microsoft, Nbis, Nebius, Photonics, Sustained Triple Digit, Triple Digit | View Pitch |
| Jan 13, 2026 | Seeking Alpha | Seeking Alpha | Nebius Group N.V. | Technology | Cloud Computing | Bull | NASDAQ Stock Market | AI sector, Cloud computing, financial management, long-term growth, Market Resilience, Nebius Group N.V., neocloud operators, operating leverage, software-first approach, vertical integration | View Pitch |
| Jan 8, 2026 | Fund Letters | Ryan O'Connor | Nebius Group | Information Technology | Data Processing & Outsourced Services | Bull | Frankfurt Stock Exchange (Deutsche Börse) | AI, Contracts, hyperscale, infrastructure, Power | View Pitch |
| Jan 8, 2026 | Seeking Alpha | Seeking Alpha | Nebius Group N.V. | Technology | Cloud Computing | Bull | NASDAQ Stock Market | AI accelerator, Cloud computing, Enterprise AI, hyperscaler, inference workloads, institutional investment, Meta deal, Microsoft deal, Nebius Group N.V., Vera Rubin | View Pitch |
| Nov 29, 2025 | Fund Letters | HenryInvests | Nebius Holdings Ltd. | Communication Services | Cloud Computing | Bull | AI, cloud, growth, hyperscaler, infrastructure, Scalability | View Pitch | |
| Nov 29, 2025 | Fund Letters | Sean Reynolds | Nebius Group | Communication Services | Cloud Computing | Bull | NYSE | AI, cloud, Convertibles, Data, growth, infrastructure, machine learning | View Pitch |
| Nov 28, 2025 | Fund Letters | Sean Reynolds | Nebius Group | Communication Services | Cloud Computing | Bull | NYSE | AI, cloud, Convertibles, Data, growth, infrastructure, machine learning | View Pitch |
| Oct 27, 2025 | Seeking Alpha | Seeking Alpha | Nebius Group N.V. | Internet Content & Information | Bull | AI adoption, AI infrastructure, cloud solutions, global presence, GPU computing, growth trajectory, Microsoft partnership, Nebius, revenue anchor, technology validation | View Pitch | ||
| Oct 27, 2025 | Seeking Alpha | Seeking Alpha | Nebius Group N.V. | Internet Content & Information | Bull | AI adoption, AI infrastructure, cloud-based solutions, data centers, GPU computing, market growth, Microsoft partnership, Nebius, NVIDIA technology, technology validation | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | Fit Investment Ideas | Nebius Group N.V. | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Analysis Fundamental | Nebius Group | Communication Services | Internet Content & Information | Neutral | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Oakoff Investments | Nebius Group N.V. | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Oliver Rodzianko | Nebius | Other | - | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Quad 7 Capital | Nebius Group N.V. | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Michael Wiggins De Oliveira | Nebius Group N.V. | Communication Services | Internet Content & Information | Neutral | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | JR Research | Nebius Group N.V. | Other | - | Bear | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Danil Sereda | Nebius Group | Communication Services | Internet Content & Information | Neutral | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Louis Stevens | Nebius Group N.V. | Communication Services | Internet Content & Information | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | RI Research | Nebius | Communication Services | Internet Content & Information | Bear | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Gil Rotstein | Nebius | Communication Services | Internet Content & Information | 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. | ||||||||