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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Mar 10, 2026 | Peterson Investment Fund | - | - | BABA, BRK.B, DJCO, GOOG, NPSNY | AI, Capital Allocation, China, Compounding, Concentration, technology, Value Investing | AI is viewed as economically consequential and transformative, improving product quality and expanding monetizable surfaces across platforms like Alphabet's ecosystem. However, adoption is constrained by computing economics, implementation friction, and infrastructure limits. The manager emphasizes that profits will accrue where unit economics are defensible and workflow integration is structural. Google Cloud is highlighted as scaling into enterprise infrastructure with improving profitability and durable growth potential. The manager tracks Cloud for margin expansion and conversion of contracted demand into revenue, viewing it as a key component of Alphabet's multi-platform compounding story. Share repurchases are emphasized as a key capital allocation tool across multiple holdings. Alibaba returned $12 billion in buybacks reducing share count by 5%, while Naspers' buyback program has reduced free float by 28% and driven NAV accretion. The manager evaluates buybacks based on accretion to per-share intrinsic value. Alibaba is positioned as a structural toll bridge inside digital commerce where merchant supply, consumer demand, and logistics throughput reinforce each other. The manager focuses on scale-based unit economics and market share stability in core commerce platforms. | View | |
| 2025 Q4 | Jan 14, 2026 | Horos Asset Management | 0.0% | 0.0% | 0086.HK, AAPL, AMZN, ANE.PA, AYV.PA, AZM.MI, DIA.MC, ERG.MC, GEST.MC, GOOG, GOOGL, META, MSFT, NPSNY, NVDA, ONEX.TO, ORCL, TCEHY, TGS, TSLA | AI, Bubble, Concentration, Europe, gold, inflation, Passive investing, value | The manager discusses the massive investment in AI infrastructure by tech companies, warning of potential overinvestment and bubble dynamics. He compares the current AI race to a prisoner's dilemma where companies must invest aggressively to avoid being left behind, even at the risk of capital destruction. Private AI companies are raising capital at unprecedented valuations without products or disclosed business plans. The manager highlights how passive investing has reached nearly 65% of US equity assets, contributing to market distortions including reduced liquidity, increased volatility, and further concentration in mega-cap stocks. US equity index funds attracted around $650 billion in 2025 while actively managed funds saw record outflows approaching $1 trillion. The manager emphasizes their value investing approach, seeking companies that are temporarily undervalued due to setbacks or negative sentiment. He illustrates this with examples like AerCap and Naspers, where the market failed to recognize underlying value, allowing for opportunistic investments with significant upside potential. The manager discusses rising inflation expectations reflected in elevated long-term government bond yields despite central bank rate cuts. He notes that precious metals experienced explosive rallies as investors sought protection against potential currency debasement and sovereign debt concerns. Gold posted gains of around 65% in 2025, with silver rising over 145% and platinum nearly 125%. The manager attributes these gains to growing perception of potential deterioration in financial solvency of major economies and the risk of persistent inflation as governments deal with rising structural debt levels. | TCEHY SDE CN PLX FP ZEG LN ZIG LN NPSNY AER |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Javier Ruiz | Naspers Ltd. | Communication Services | Internet Content & Information | Bull | New York Stock Exchange | buybacks, capital allocation, discount, holding company, Sentiment | 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. | ||||||||