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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 31, 2025 | Minot Light Capital Partners | 18.1% | 4.5% | CURV, LAKE, LGCY, OM, RXST, TDUP, TTGT | dislocations, early-stage growth, Inefficiency, liquidity, Microcaps | The commentary highlights extreme inefficiencies in micro-cap equities driven by liquidity constraints and institutional neglect. Management focuses on early-stage growth and violent dislocations where prices deviate sharply from intrinsic value. Agility, position sizing, and rapid execution are positioned as key sources of alpha. | OM LGCY TDUP |
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| 2025 Q4 | Jan 18, 2026 | Minot Light Capital Partners | 0.0% | 14.4% | ARQ, CBLL, CLPT, CURV, KRMD, LAKE, LUCD, MAMA, MRVI, NEOG, OM, OWLT, REAL, RXST, RZLT, SWAG, XOMA | Biotech, growth, momentum, Process, small caps, value, volatility | The managers describe unprecedented speed and magnitude of volatility in small/micro-cap space, calling some institutional liquidations violent. They embrace this volatility as it creates opportunities to buy below fair value and sell above fair value, while improving their process to capitalize on these dynamics. The letter discusses how momentum has become an over-owned factor, with many investors avoiding declining stocks. The managers believe taking the other side of downward momentum can be extremely profitable if positioned to ride through volatility, as much trading is now quantitative rather than fundamental. The fund focuses exclusively on small and micro-cap opportunities, believing there is compelling opportunity for meaningful long-term capital appreciation. They discuss how small-caps falling into micro-cap territory face institutional selling pressure when they drop below arbitrary thresholds like $100M market cap. | OM ARQ RZLT XOMA |
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| 2025 Q4 | Jan 15, 2026 | ClearBridge Investment Value Strategy | 0.0% | 0.0% | 300750.SZ, ARGX, CELH, CHTR, CMA, CORT, FCX, FI, FITB, GPN, ICE, META, MTB, MU, NEM, OM, PYPL, SLGN, TLN, WBS | AI, financials, gold, healthcare, materials, semiconductors, technology, value | AI adoption is expected to broaden economic benefits in 2026, requiring justification of massive capital investment. The team sees opportunities in AI adoption across sectors where it's not currently priced, while maintaining exposure to AI-related infrastructure investments despite reducing exposure during volatility spikes. Value spreads remain at historic extremes with value stocks trading at the cheapest 10% of their history relative to growth. The team believes this creates a probability gap with meaningful upside potential for valuation-driven investors as the market prices value stocks as having little chance of leading. Memory chip demand driven by AI exceeded supply growth, creating price spikes that benefited holdings like Micron Technology. The team correctly anticipated AI would drive memory demand well above supply growth, positioning in picks-and-shovels AI infrastructure plays. Gold prices spiked higher than reflected in mining stock prices, benefiting Newmont Mining. The team has been long-term bullish on gold due to limited annual supply and new demand sources, creating opportunities to buy high-probability events at low-probability prices. | PYPL FITB |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 21, 2026 | Fund Letters | Eddie Reilly | Outset Medical, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Medical devices, Netcash, recurring revenue, Tax-loss, turnaround | View Pitch |
| Jan 8, 2026 | Fund Letters | Eddie Reilly | Outset Medical, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Adoption, Consumables, Devices, Dialysis, innovation, Reimbursement | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Quality Contrarian Value | Outset Medical, Inc. | Health Care | Medical Devices | 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. | ||||||||