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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | May 5, 2025 | Horizon Kinetics | - | - | ARIS, GEV, HE, JPM, META, NUE, NVDA, SJT, TPL | AI, commodities, Data centers, energy, infrastructure, Natural Gas, technology, water | Explosive spending by major IT companies on data centers amid mass adoption of artificial intelligence. Meta spending $60-65 billion on data center construction this year, 50% above 2024. Data center buildout has potential to be greatest deployment of private investment capital in history. | HE SJT ARIS |
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| 2024 Q1 | May 2, 2024 | Madison Sustainable Equity Fund | 6.1% | 20.1% | A, AAPL, AMZN, BDX, CSCO, GOOGL, LIN, LLY, MFSIX, MFSYX, MSFT, NESN.SW, NKE, NUE, ORCL, PEP, PGR, TGT, UNH, UPS | Esg, growth, healthcare, large cap, sustainability, technology | GLP-1 therapies are in strong demand with limited availability as capacity increases will be skewed towards year-end. Zepbound for Obesity was approved in Q4 2023 and has seen very strong initial demand, but is limited by capacity constraints. | View | |
| 2025 Q4 | Jan 30, 2026 | Alpha Wealth Funds – The Insiders Fund | -0.4% | 30.8% | AMAT, AMD, APPF, AXON, ET, GOOGL, INTC, LLY, LRCX, MRVL, NKE, NSC, NUE, ROK | AI, Automation, Industrial, Manufacturing, Onshoring, semiconductors, technology | Geopolitical events and government incentives like the U.S. CHIPS Act are driving monumental investment to localize advanced semiconductor manufacturing in the U.S. and allied nations. This builds resilience and meets future demand from AI, 5G/6G, and advanced auto. The fund seeks direct beneficiaries of this capital expenditure cycle. Focus expands beyond Generative AI and LLMs to Physical AI—the integration of AI/ML into autonomous physical systems and advanced robotics. The next wave of productivity will come from intelligent machines executing complex real-world tasks. This includes foundational AI infrastructure, Edge AI hardware, and advanced Industrial/Service Robotics. The fund is positioned around the thesis that the U.S. Government will spend whatever amount necessary to assist the government-private industry partnership to reshore the semiconductor industry. Companies like Applied Materials dominate wafer fabrication equipment as AI, advanced packaging, and memory capex ramp globally. Broader echo of the semiconductor trend covering other critical industries like rare earth metals, batteries, and pharmaceuticals where focus is shifting from lowest-cost sourcing to supply chain resilience. The fund targets companies establishing highly automated, next-generation domestic production capabilities. | NSC INTC MRVL NUE ROK AMAT APPF ET GOOG |
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| 2025 Q1 | Apr 19, 2025 | Pernas Research | -7.5% | -7.5% | AAPL, LHX, NUE, PLTR | Cash, defense, Industrial Policy, Onshoring, tariffs, uncertainty, Valuations | Global defense balkanization is driving multi-decade modernization efforts as nations reassess defense postures amid eroding Pax Americana. Countries like Germany, Poland, Japan, and South Korea are increasing defense budgets to levels not seen in decades, with the definition of defense expanding to include robotics, AI, cybersecurity, and data infrastructure. The manager believes it's not far-fetched to imagine the world's next trillion-dollar companies emerging from the defense sector. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | Fund Letters | Harvey Warren Sax | Nucor Corporation | Materials | Steel | Bull | New York Stock Exchange | Defense spending, infrastructure, manufacturing, Steel, tariffs | 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $1.0M | 0.00% | 6,200 | +0 | +0.00% | 0.0024% |
| Todd J. Kantor | Encompass Capital Advisors | $2.5B | $51.1M | 2.09% | 313,502 | +313,502 | +100.00% | 0.1213% |
| Mark A. Hillman | Hillman Value Fund | $158.9M | $440,886 | 0.28% | 2,703 | -19,783 | -87.98% | 0.0010% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $2.3M | 0.00% | 14,000 | -161,800 | -92.04% | 0.0054% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $4.5M | 0.01% | 27,300 | +22,900 | +520.45% | 0.0106% |
| David Katz | Matrix Asset Advisors | $1.1B | $402,555 | 0.04% | 2,468 | +18 | +0.73% | 0.0010% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $16.3M | 0.02% | 100,000 | +77,984 | +17.17% | 0.0387% |
| Israel Englander | Millennium Management LLC | $233.2B | $13.6M | 0.01% | 83,415 | -122,493 | -59.49% | 0.0323% |
| Jeremy Grantham | GMO LLC | $39.1B | $39.8M | 0.10% | 243,937 | +29,827 | +13.93% | 0.0944% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $5.0M | 0.00% | 30,644 | -1,078 | -3.40% | 0.0119% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $5.5M | 0.01% | 33,657 | -100 | -0.30% | 0.0130% |
| Cliff Asness | AQR Capital Management | $190.6B | $101.4M | 0.05% | 621,404 | -47,094 | -7.04% | 0.2405% |
| Warren Buffett | Berkshire Hathaway | $274.2B | $1.0B | 0.38% | 6,407,749 | +651,239 | +11.31% | 2.4798% |
| $25.6B | $29.8M | 0.12% | 182,515 | +182,515 | +100.00% | 0.0706% | ||
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $4,208 | 0.00% | 25 | +0 | +0.00% | 0.0000% |