Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Greenhaven Road Capital | 14.0% | 1.0% | ASTS, BUR, CLBT, KKR, LFCR, PAR, SOC | Capital Allocation, Compounding, growth, long-term, quality businesses | The commentary centers on long-term compounding driven by owning exceptional businesses with reinvestment opportunities. Management emphasizes capital allocation discipline, founder-led cultures, and structural growth tailwinds. Short-term volatility is viewed as irrelevant relative to the power of sustained earnings growth. | ASTS PAR KKR CLBT LFCR BUR SOC |
View |
| 2025 Q2 | Jul 21, 2025 | Laughing Water Capital | 13.1% | - | CTLP, LFCR, NN, PAR, SES CN, THRY, VTY LN | Buybacks, deep value, hidden assets, mispricing, small caps | The letter emphasizes deep value investing focused on misunderstood businesses and hidden asset value. Management highlights inefficiencies created by quantitative screening and accounting distortions. Long-term returns are expected from operational improvement, buybacks, and multiple expansion. | THRY VTY LN PAR NN LFCR SES CN CLAR |
View |
| 2023 Q2 | Jul 13, 2023 | Pender Small Cap Opportunities Fund | -1.1% | 1.8% | PAR, SYZ CN | - | View | ||
| 2024 Q1 | Jun 8, 2024 | Voss Value Offshore Fund | 7.4% | 8.9% | ALTG, GENI, IMXI, PAR, RCM, RTO, SLCA, SWI | - | View | ||
| 2024 Q1 | Jun 8, 2024 | Voss Value Fund | 9.2% | 9.2% | ALTG, GENI, IMXI, PAR, RCM, RTO, SLCA, SWI | - | View | ||
| 2024 Q1 | May 3, 2024 | Laughing Water Capital | 2.5% | 11.1% | CDMO, LFCR, NN, PAR, TACT, THRY | - | View | ||
| 2025 Q1 | May 20, 2025 | Greenhaven Road Capital | -12.0% | -12.0% | BUR, CLBT, KKR, LFCR, PAR | - | View | ||
| 2024 Q1 | May 13, 2024 | Greenhaven Road Capital | 15.0% | 12.0% | ALTG, CLBT, IWG, KKR, LPX, PAR | - | View | ||
| 2024 Q1 | May 10, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, HEES, PAR, SHAK, URI | - | View | ||
| 2025 Q1 | Apr 9, 2025 | The Bristlemoon Global Fund | -3.2% | -3.2% | HEM SS, IBKR, PAR, PINS | - | View | ||
| 2025 Q1 | Apr 24, 2025 | Laughing Water Capital | -13.0% | -13.0% | CTLP, HGV, LFCR, NN NA, PAR, PLYA, THRY, VTY LN, XPOF | - | View | ||
| Q4 2025 | Mar 4, 2026 | Voss Value Fund | -2.1% | -3.7% | CHH, CLBT, FLYW, PAR | AI, Automation, Hotels, small cap, software, technology, value | AI emergence has created market hysteria and broad software sell-offs despite limited real-world automation success. Software companies are actually the fastest AI adopters and possess structural advantages through engineering talent, proprietary data, and mission-critical systems. Dominant vertical software platforms that successfully integrate AI can thrive by fending off AI-native startups. Market treating software as monolithic despite meaningful differentiation between companies. Incumbents with domain expertise, proprietary data, and embedded workflows maintain competitive advantages. AI adoption accelerating among software firms while broader corporate adoption remains slow, creating opportunities for established players. Choice Hotels trading at distressed multiples due to cyclical headwinds but shifting portfolio toward higher-margin segments like Extended Stay and international markets. Company positioned to unlock significant balance sheet cash for share buybacks at historically low valuations with multiple re-rating catalysts. | View | |
| Q4 2025 | Mar 4, 2026 | Voss Value Offshore Fund | -2.2% | -4.4% | CHH, CLBT, FLYW, PAR | AI, Franchising, Hotels, small cap, software, technology, value | AI emergence has created market hysteria and broad software sell-offs despite limited real-world automation success. The manager believes software incumbents with domain expertise and proprietary data are well-positioned to integrate AI capabilities and defend against AI-native startups. Current AI adoption remains slow across corporate world with meaningful efficiency gains still limited. Software sector faces significant overweight headwinds despite being cheaper than traditional value industrials. Market treating software as monolithic despite meaningful differences between companies. Incumbents possess structural advantages through engineering talent, proprietary data, and customer relationships that position them to successfully integrate AI capabilities. Choice Hotels represents asset-light, high-margin hotel franchisor trading at distressed multiples due to cyclical headwinds. Company shifting portfolio toward higher-revenue segments including Extended Stay and international expansion. Significant cash unlock potential from balance sheet optimization could enable opportunistic share buybacks at historically low valuations. | View | |
| 2025 Q1 | Mar 31, 2025 | Baron Small Cap Fund | -9.1% | -9.1% | AZPN, BRP, GWRE, IT, KNSL, PAR, RDNT, TTD, VRT | - | View | ||
| 2022 Q1 | Mar 31, 2022 | Farrer 36 Asset Management Private Limited | - | - | AMZN, ATTOF, BFIT NA, GOOG, META, PAR, SE, VZIO, XYZ | - | View | ||
| 2025 Q4 | Feb 17, 2026 | AMG GW&K Small Cap Core Fund | 3.5% | 7.2% | AEIS, AGIO, CIFR, CSWI, CVLT, DAVA, DSGX, FLYW, GMED, HUT, INTA, ITT, MTSI, PAR, QBTS, RARE, RBC, SATS, SF, SKY, SLG, SPXC, STRL, SUPN, THR, VIAV, WULF | healthcare, industrials, materials, Quality, small caps, technology, Trade Policy, value | The Russell 2000 Index delivered 12.8% returns for 2025 despite significant volatility, with a 23% drop by April followed by a 40% recovery. The small cap environment was characterized by narrow performance driven by low-quality, speculative stocks, with the top 25 contributors delivering over 50% of benchmark returns. The investment environment overwhelmingly favored lower quality stocks, with non-earners gaining 19.6%, negative equity stocks up 37.2%, and highest beta names advancing 26.1%. The fund's deliberate focus on higher-quality stocks with earnings support was a general headwind throughout the year. Artificial intelligence investment was a key area of market focus during 2025, though the fund questioned when investors would see returns from billions of dollars spent on AI infrastructure. The fund avoided speculative AI plays in favor of companies with more established fundamentals. Uncertain trade policy and the friction it added to the system was the biggest distraction during 2025. Companies now mostly have a sense of the rules of global trade and are adjusting, which could provide more stability going forward. | View | |
| 2024 Q4 | Dec 31, 2024 | Baron Discovery Fund | 6.1% | 16.0% | AXON, BC IM, CDNA, FND, GTLS, IRT, MAC, MEG, PAR, TTAN | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Symmetry Invest | - | 9.6% | 0RL3 LN, ACIC, ADM LN, C7T GR, FBD ID, FREETR SS, G2M SS, IAC, IWG LN, JDC GR, OGN ID, PAR, PROT NO | - | View | ||
| 2025 Q3 | Nov 8, 2025 | Greenhaven Road Capital | -9.0% | -9.0% | CLBT, HGTY, KFS, KKR, LFCR, PAR | AI impact, growth, Recurring Revenue, software, Valuations | The fund highlights severe multiple compression across software companies as AI-driven build vs. buy narratives pressure valuations. Despite this headwind, management argues select holdingsCellebrite, PAR, and LifeCoreretain durable competitive advantages, recurring revenue, and long runways for growth. The letter emphasizes intrinsic-value compounding, temporary dislocations, and multi-year catalysts such as product launches, large RFP cycles, and regulatory tailwinds. | View | |
| 2025 Q3 | Nov 8, 2025 | Baron Opportunity Fund | 5.4% | 14.2% | ANET, AVGO, HTFL, IT, NVDA, PAR, SNPS, SPOT, TEAM, TSLA, TTD | AI, Cloud, compute, innovation, semiconductors | The fund notes unprecedented AI-driven capital spending, including multigigawatt compute commitments and expanding TAM projections across software, semiconductors, and cloud. Managers evaluate AI through multiple vectorscommercial displacement, labor transformation, and innovation accelerationwhile emphasizing real monetization pathways. AI remains the dominant secular growth engine shaping portfolio construction and opportunity assessment. | PAR IT TTD AVGO TSLA NVDA FFBC NEE |
View |
| 2025 Q3 | Nov 5, 2025 | Baron Small Cap Fund | 0.5% | 0.7% | BWIN, IT, KNSL, KTOS, LGN, NOVT, PAR, RRR, VRT | AI Infrastructure, Data centers, defense, quality growth, small caps | The fund highlights the tension between speculative rallies in unprofitable microcaps and its disciplined focus on quality small-cap compounders. Its holdings in industrial and AI-infrastructure names like Vertiv and Kratos demonstrate long-term growth potential as data center and defense spending expand. Despite near-term underperformance, the strategy remains committed to profitable, defensible businesses with recurring cash flows. | View | |
| 2022 Q3 | Nov 30, 2022 | Greenhaven Road Capital | 15.0% | 12.0% | APG, APPS, CLBT, ESTC, HGTY, KKR, PAR, TDOC | - | View | ||
| 2024 Q3 | Nov 10, 2024 | Greenhaven Road Capital | 15.0% | 12.0% | BUR, CLBT, HGTV, KKR, LFCR, PAR, SOC | - | View | ||
| 2023 Q3 | Oct 29, 2023 | Greenhaven Road Capital | 15.0% | 12.0% | APG, BUR, CLBT, KKR, PAR | - | View | ||
| 2025 Q3 | Oct 24, 2025 | Titan Wealth | - | - | BIRK, INSP, KRMN, KTOS, MEG, MRCY, NTSK, PAR, PRMB, WING | Artificial Intelligence, cybersecurity, Data centers, defense, infrastructure | The firm reported strong performance across portfolios, driven by AI, emerging markets, and global infrastructure spending. Managers highlighted the expansion of data centers, defense, and renewable projects as key drivers of long-term growth. The Stock in Focus feature on CrowdStrike emphasized cybersecurity as a structural necessity in a digitizing and AI-powered economy, with rising enterprise adoption and high profitability metrics supporting the sectors investment case. | View | |
| 2024 Q3 | Oct 24, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, CZR, GENI, HAIN, MGNI, OEC, PAR | - | View | ||
| 2025 Q3 | Oct 20, 2025 | Wasatch Micro Cap Fund | 9.5% | - | LMB, PAR, PI, PNTG, VITL | digital transformation, Energy Infrastructure, High Growth, Micro Caps, Sustainable Food | The fund benefited from holdings in Vital Farms and Willdan Group as consumer demand for ethical food and energy infrastructure rose. Managers favor high-growth companies with durable business models in sustainability, logistics, and digital transformation. Despite near-term underperformance versus speculative biotech, they expect strong upside as fundamentals reassert. | PNTG LMB VITL PI WLDN |
View |
| 2025 Q3 | Oct 20, 2025 | Invesco Discovery Fund | 7.9% | 11.0% | AEIS, CLS, LSCC, PAR, PRIM, QTWO, STRL, TTMI, TXRH | Artificial Intelligence, Growth Investing, industrials, infrastructure, semiconductors | The fund focuses on industrial renewal and AI-driven innovation as key growth themes, with positions in semiconductor capital equipment and electronic manufacturing. Companies like Lattice Semiconductor and TTM Technologies are seen as beneficiaries of AI infrastructure spending. Managers remain constructive on U.S. growth and continue emphasizing premier small-cap compounders in technology and industrials. | View | |
| 2022 Q3 | Oct 17, 2022 | Pender Small Cap Opportunities Fund | -12.5% | 34.8% | PAR | - | View | ||
| 2025 Q3 | Oct 16, 2025 | Laughing Water Capital | -1.0% | -2.7% | CLAR, LFCR, NN, PAR, THRY, VTY LN | fundamentals, mispricing, Patience, small caps, Value Investing | Laughing Water emphasizes patience and logic amid a market obsessed with AI and quantitative trading. The fund highlights long-term value creation across holdings such as Clarus, Lifecore, and NextNav, where operational and regulatory progress is ignored by short-term investors. Management sees improving fundamentals that will eventually translate into higher valuations as market sentiment normalizes. | VTY LN THRY US PAR US NN US LFCR US CLAR US |
View |
| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 2.0% | - | ACVA, BJ, CWST, INSP, KTOS, MIR, MRUS, NAMS, PAR, PRSU, SITM, SLNO, UNF, VRTX | AI, consumer, cyclicals, small caps, valuation | Small-cap growth leadership remains narrowly concentrated in AI beneficiaries. The strategy finds opportunity in cyclicals and consumer-oriented firms where fundamentals and valuations diverge, anticipating normalization of sentiment. | SITM US KRAT US |
View |
| 2025 Q3 | Oct 10, 2025 | The Bristlemoon Global Fund | 5.0% | - | ASML NA, GOOG, PAR, SNPS | AI, Chips, Lithography, semiconductors, software | The fund discusses opportunities in semiconductors, highlighting ASMLs monopoly position in lithography amid AI-driven chip demand and cyclical mispricing. Alphabet is analyzed as an AI platform reinventing itself through Gemini models and monetizing AI search without disrupting core advertising economics. Synopsys is positioned as a resilient picks-and-shovels play in chip design, benefiting from structural AI hardware demand. | PAR UN SNPS US GOOGL US ASML NA |
View |
| 2025 Q4 | Jan 30, 2026 | Immersion Investment Partners | 0.0% | 0.0% | BELFB, BROS, CAVA, CELH, CMG, DPZ, MAMA, PAR, RDVT, SBUX, TGT, WING | AI, Food, growth, Restaurants, small caps, tech, Valuations | The letter argues that the unwind of AI-driven mega-cap excess has created significant valuation dislocations in high-quality small-cap companies unfairly punished by broad tech multiple compression. Immersion emphasizes differentiated valuation work, variant perception, and patience in concentrated positions where fundamentals, unit economics, and long-term growth remain intact despite weak sentiment. The strategy focuses on exploiting mispricing created by narrative-driven selling, favoring businesses with durable economics, strong management, and asymmetric upside as earnings reassert themselves. | BROS MAMA PAR |
View |
| 2025 Q4 | Jan 13, 2026 | Pender Small Cap Opportunities Fund | 0.0% | 5.7% | DND.TO, FDY.TO, GRID.TO, NGEX.TO, PAR, PNG.TO, SYZ.TO, TCS.TO, VNP.TO | Canada, Defense Spending, Energy Transition, Quality, small caps, value | Kraken Robotics is positioned to benefit from heightened geopolitical tensions and increased global defense spending, particularly in undersea and autonomous systems. The company designs and manufactures advanced subsea robotics, sonar systems, and batteries used in autonomous underwater vehicles for defense applications. Multiple portfolio companies are aligned with the energy transition theme. 5N Plus develops specialty semiconductor and performance materials critical to solar and advanced electronics. Tantalus Systems operates in grid optimization and modernization, providing smart meters and data analytics software that help utilities modernize infrastructure and support the energy transition through improved grid efficiency. After several years of small-cap underperformance relative to large caps in Canada, the slope now appears to be leveling out. This has created a more attractive opportunity set for both small-cap quality and value heading into 2026, with many high-quality Canadian businesses trading at compelling valuations despite being overlooked. | GRID CN VNP CN |
View |
| 2025 Q4 | Jan 13, 2026 | Laughing Water Capital | 6.8% | 3.9% | LFCR, LQDA, NN, PAR, SES.TO, THRY, UTHR, VTY.L, WCN | Biotechnology, contrarian, defense, Factor Investing, small caps, value | Manager discusses two biotech investments: Lifecore Biomedical, a CDMO with excess capacity in a supply-constrained market, and Liquidia Corp, which has FDA approval for Yutrepia to treat pulmonary arterial hypertension with superior delivery versus incumbents. NextNav represents a national security investment focused on creating a terrestrial backup to GPS, with bipartisan support and urgency driven by China and Russia having satellite-killing capabilities while the US lacks terrestrial backup systems. Secure Waste Infrastructure operates alongside oil fields in Western Canada with stable cash flows, high economic EBITDA margins above 30%, and management aggressively repurchasing shares at attractive valuations. Manager emphasizes focus on off-the-beaten-path small cap investments during times of uncertainty, noting that factors like size, growth, and momentum have driven recent market performance against their investment approach. | VTY LN SES CN NN LQDA LFCR |
View |
| 2024 Q4 | Jan 10, 2025 | The Bristlemoon Global Fund | 10.4% | 3.1% | AER, APP, MTCH, PAR, PINS | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AVGO, CRWD, DUOL, GDS, GWRE, INDI, MBLY, META, MSFT, NVDA, PAR, TEAM, TSLA | - | View | ||
| 2023 Q3 | Sep 30, 2023 | Baron Discovery Fund | 13.5% | 9.3% | CWAN, EWCZ, KNSL, LLYVK, MEG, NVTS, PAR, S, SILK, TXG | - | View | ||
| 2024 Q2 | Jul 31, 2024 | Greenhaven Road Capital | 15.0% | 12.0% | ALTG, BUR, CLBT, HGTY, KKR, PAR | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Greenhaven Road Capital | 15.0% | 12.0% | APG, APPS, BNED, BUR, CLBT, HGTY, KKR, LFCR, PAR, SPHR | - | View | ||
| 2024 Q2 | Jul 29, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | HEES, MGNI, OEC, PAR | - | View | ||
| 2023 Q1 | Apr 28, 2023 | Greenhaven Road Capital | 15.0% | 12.0% | APG, BNED, BUR, CLBT, KKR, LFCR, PAR | - | View | ||
| 2023 Q4 | Apr 2, 2024 | Greenhaven Road Capital | 15.0% | 12.0% | BUR, CLBT, IWG LN, KKR, PAR | - | View | ||
| 2024 Q4 | Feb 28, 2025 | Greenhaven Road Capital | 13.0% | 27.0% | BUR, CLBT, DHER, IWG LN, KKR, LFCR, MKTW, PAR, VTY | - | View | ||
| 2022 Q4 | Jan 31, 2023 | Greenhaven Road Capital | 15.0% | 12.0% | APG, CLAR, CLBT, ESTC, KKR, MGNT, PAR, PAT GR | - | View | ||
| 2023 Q4 | Jan 22, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | BXC, PAR | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Laughing Water Capital | 18.6% | 39.5% | CDMO, CTLP, LFCR, NN, PAR, THRY, VTY LN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 16, 2026 | Substack | Voss Capital | PAR Technology | Technology | Software - Application | Bull | New York Stock Exchange | AI integration, Competitive Advantage, economic benefits, market competition, Papa John's, PAR Technology, product velocity, Restaurant POS, software industry, total addressable market | View Pitch |
| Feb 4, 2026 | Fund Letters | David Polansky | Par Technology Corp. | Information Technology | Application Software | Bull | New York Stock Exchange | ARR, mispricing, operating leverage, Point of Sale, restaurant software | View Pitch |
| Jan 27, 2026 | Fund Letters | George Hadjia | PAR Technology Corporation | Information Technology | Application Software | Bull | New York Stock Exchange | AI, Catalysts, platform, POS, Restauranttech | View Pitch |
| Jan 8, 2026 | Fund Letters | Matthew Sweeney | PAR Technology Corp. | Information Technology | Application Software | Bull | New York Stock Exchange | Operatingleverage, pipeline, POS, Restaurants, SaaS | View Pitch |
| Jan 8, 2026 | Fund Letters | Andreas Aaen | PAR Technology Corporation | Information Technology | Electronic Equipment, Instruments & Components | Bull | New York Stock Exchange | Acquisitions, ARR growth, profitability, Restaurant Tech, Volatility | View Pitch |
| Dec 10, 2025 | Substack | Voss Capital | PAR Technology Corporation | Information Technology | Software - Application | Bull | ARR growth, Burger King rollout, competitive landscape, margin expansion, PAR Technology, Point of Sale, Quick Service Restaurant, revenue acceleration, software platform, strategic acquisitions | View Pitch | |
| Dec 6, 2025 | Fund Letters | Scott Miller | PAR Technology Corporation | Information Technology | Software - Application | Bull | NYSE | pipeline, POS, profitability, QSR, Software | View Pitch |
| Nov 29, 2025 | Fund Letters | Andrew Peck | PAR Technology Corporation | Information Technology | Application Software | Bull | NYSE | ARR, Cloud pos, Enterprise wins, operating leverage, Restaurant technology | View Pitch |
| Nov 29, 2025 | Fund Letters | Michael A. Lippert | PAR Technology Corporation | Information Technology | Restaurant POS software | Bull | NYSE | ARR growth, Free Cash Flow, operating leverage, Point of Sale, recurring revenue, Restaurant technology, Vertical SaaS | View Pitch |
| Nov 10, 2025 | Seeking Alpha | Seeking Alpha | PAR Technology Corporation | Software - Application | Bull | Burger King, economies of scale, growth deceleration, long-term growth, market mispricing, McDonald's, PAR Technology, recurring revenue, restaurant software, RFPs | View Pitch | ||
| Sep 1, 2025 | Substack | Voss Capital | PAR Technology Corporation | Technology | Software - Application | Bull | ARR growth, Burger King rollout, competitive landscape, international expansion, margin expansion, PAR Technology, Point of Sale, Quick Service Restaurant, software platform, strategic acquisitions | 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. | ||||||||