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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Sep 7, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | AHELQ, AHT.L, ASB, BLDR, FFBB, NBN, TIGO, TVK.TO, UBAB, VTY.L | Banking, Consolidation, Distribution, Homebuilders, small caps, value | Holdings in car dealerships, branded capital equipment dealerships, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Focus on high-velocity dealerships with superior inventory turns in markets around the world. | View | |
| 2024 Q2 | Aug 3, 2024 | Hinde Group | 8.3% | 29.2% | AMZN, GOOG, IBKR, NBN, NFLX, UBER | Fed policy, growth, rates, Streaming, technology, value | Netflix is highlighted as a compounder investment with strong global membership growth of 8.0 million in Q2 2024. The company has abundant growth opportunities with only 6% market penetration of its $600 billion serviceable addressable market. Netflix continues to generate strong free cash flow and return capital through share repurchases. | NFLX |
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| 2025 Q1 | May 20, 2025 | Bonhoeffer Capital Management | -3.4% | -3.4% | ABG, ARW, AXOS, BLDR, FFBB, MSBC, NBN, TIGO, TRVS.TO, UBAB, VTY.L | banks, Consolidation, deep value, Distribution, infrastructure, real estate, small cap, value | Holdings in car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors comprise 54% of portfolio. Focus on highest velocity distributors with strong inventory turns in markets worldwide. Distribution firms include Builders First Source, Asbury Automotive, Arrow Electronics, Ferrycorp, Terravest and Autohellas. | MSBC 161560.KS TTVS.TO |
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| 2025 Q1 | May 19, 2025 | Hinde Group | -0.9% | -0.9% | AMZN, GOOG, IBKR, NBN, NFLX, UBER | Economic Policy, financials, Portfolio Management, Resilience, tariffs, technology, Trade Policy | Trump's aggressive tariff implementation during Q1 2025 created significant market volatility and economic uncertainty. The manager extensively analyzes the negative economic impacts of tariffs, including reduced living standards, higher prices, and slower growth. Portfolio companies are assessed for their resilience to trade war impacts. | GOOG NBN UBER IBKR |
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| 2025 Q4 | Feb 13, 2026 | Hinde Group | -4.0% | 29.5% | BDX, GOOG, IBKR, NBN, NFLX, UBER | AI, Brokerage, Compounding, growth, technology, value | The AI investment boom continues to be an important source of strength for the U.S. economy. Big Tech companies announced plans to spend more than $660 billion on capital expenditures in 2026, mostly for AI chips and data centers, up almost 80% from 2025. The AI investment boom stimulates economic growth through both direct impact of AI-related investments and the wealth effect of soaring values for public and private AI-related equities. Interactive Brokers delivered stellar operating results with total customer accounts and customer equity growing 32% and 37% respectively. Commission revenue grew 26% and net interest income grew 13.2% despite multiple Fed rate cuts. Higher market volatility typically drives increased trading activity among IB's customers, with the VIX averaging 18.97 for 2025. | IBKR |
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| 2024 Q4 | Feb 12, 2025 | Hinde Group | 15.2% | 57.9% | AMZN, GOOG, IBKR, NBN, NFLX, UBER | Concentration, financials, growth, technology, value | Interactive Brokers delivered strong operating results with 30.3% customer account growth and 25% commission revenue growth despite subdued market volatility. The company benefited from accelerating commission growth as pandemic-related distortions faded and concerns about Fed rate cuts dissipated. Net interest margin remained stable at 2.35% while margin loan balances grew 45%. | IBKR |
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| 2025 Q3 | Dec 23, 2025 | Bonhoeffer Capital Management | 1.3% | - | ABG, BLDR, CZBS, FERREYCORP, FFBC, FFH.TO, FTT.TO, LOTTE, MRZTY, MSBC, NBN, OTOEL.AT, TVK.TO, UBAB | Acquisitions, banks, Consolidation, Distribution, Float, insurance, ROE, value | Holdings in car dealerships, branded capital equipment dealerships and building product distributors comprise 52% of portfolio. Focus on highest velocity distributors globally with strong inventory turns. Includes Builders First Source, Asbury Automotive, Ferreycorp, Terravest and Autohellas. | View | |
| 2024 Q3 | Dec 15, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, AHT.L, ARW, BLDR, FFBB, LOTTE.KS, NBN, NOA.TO, TIGO, TVK.TO, UBAB, VST.L | Asia, banks, Buybacks, Consolidation, Construction, Distribution, growth, value | Holdings in car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors comprise 51.6% of portfolio. Focus on highest-velocity distributors with strong inventory turns in markets worldwide. Arrow Electronics exemplifies the model with modest earnings growth and aggressive buybacks. | View | |
| 2024 Q3 | Nov 14, 2024 | Hinde Group | 6.1% | 37.1% | AMZN, GOOG, IBKR, JPM, NBN, NFLX, UBER | Banking, Commercial real estate, interest rates, Regional Banks, SBA Lending | Northeast Bank executed significant loan purchases totaling $808 million in Q3, nearly double their entire fiscal 2024 volume. The bank's partnership with Newity for SBA 7(a) loans is gaining meaningful traction, with originations accelerating and now contributing over 10% of combined net interest and non-interest income. | NBN |
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| 2022 Q4 | Jan 31, 2023 | Hinde Group | 3.4% | -15.5% | NBN | Equity Valuations, Financial Stress, Intrinsic Value, Long-Term Opportunity, Monetary Tightening | The annual letter reviews one of the worst years in decades for both equities and bonds, driven by the fastest Federal Reserve tightening cycle on record and collapsing valuation multiples. While near-term returns were pressured, the portfolio outperformed for the full year as intrinsic value remained well above market prices and several holdings demonstrated operational resilience. The manager argues that traditional valuation frameworks remain valid and that financial stress, credit tightening, and forced selling create some of the best opportunities to deploy capital at attractive long-term return prospects. | NBN |
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| 2024 Q4 | Mar 14, 2025 | Bonhoeffer Capital Management | 9.7% | - | ABG, ASO, BECN, BLDR, FFBB, NBN, TIGO, UBAB | Banking, Buybacks, Consolidation, deep value, Distribution, small cap, value | Holdings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world. Asbury Automotive exemplifies this theme with its model to grow earnings through merger and acquisition or buy back shares if acquisition targets are not available for a reasonable price. | View | |
| 2024 Q4 | Jan 28, 2025 | Gator Capital Management | 14.2% | 41.9% | AX, BOH, C, COLB, CUZ, FCNCA, GLE.PA, HIFS, HONE, HOOD, JPM, JXN, KINS, NBN, OFG, PNFP, SLM, TCBI, UMBF, VNO | Banking, Capital markets, financials, interest rates, M&A, Regional Banks | Manager remains optimistic about regional banks in 2025, citing benefits from interest rate cuts, expected loan growth acceleration, and improved M&A environment under new administration. Regional banks are viewed as undervalued compared to historical averages and positioned to benefit from flattened yield curve and repricing of maturing loans. | GLE.PA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Hinde Group | Northeast Bank | Financials | Regional Banks | Bull | NASDAQ | commercial real estate, Conservative Underwriting, experienced management, Interest Rate Sensitive, Opportunistic, regional bank, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Hinde Group | Northeast Bank | Financials | Regional Banks | Bull | NASDAQ | banking, commercial real estate, Equity, loan origination, Maine, net interest margin, regional banks, SBA Loans | View Pitch |
| Feb 21, 2026 | Fund Letters | Marc Werres | Northeast Bank | Financials | Regional Banks | Bull | NASDAQ | Accretion, Bookvalue, Crelending, Dislocation, ROE | View Pitch |
| Feb 21, 2026 | Fund Letters | Marc Werres | Northeast Bank | Financials | Regional Banks | Bull | NASDAQ | Balance Sheet Risk, commercial real estate, Deposit Insurance, floating-rate loans, regional banks | 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 |
|---|---|---|---|---|---|---|---|---|
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.1M | 0.00% | 10,673 | +7,699 | +258.88% | 0.1107% |
| Israel Englander | Millennium Management LLC | $233.2B | $329,874 | 0.00% | 3,174 | +838 | +35.87% | 0.0329% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $1.6M | 0.00% | 15,472 | -11,191 | -41.97% | 0.1604% |
| Cliff Asness | AQR Capital Management | $190.6B | $591,466 | 0.00% | 5,691 | -269 | -4.51% | 0.0590% |