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| 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% | AAPL, ASTS, BUR, CLBT, GOOGL, KKR, LFCR, MCD, PAR, SOC, T, VZ | Litigation, oil, Pharmaceuticals, private equity, small caps, Space, Trade Policy, value | Burford Capital holds rights to multiple billion-dollar potential judgements including the YPF Argentina case worth over $16B. The fund is also short two companies facing significant litigation with potential treble damages far exceeding their market capitalizations. | ASTS PAR KKR CLBT LFCR BUR SOC |
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| 2025 Q2 | Aug 12, 2025 | Symmetry Invest | - | 15.6% | ADM.L, BUR.L, CTT.LS, FBD.L, GIG.OL, IAC, IWG.L, JDC.DE, PAR, PROT.OL, SHEL.CO | alpha, Europe, insurance, Long/Short, small caps, value | Manager focuses on cheap European small-cap stocks that experienced strong performance in early 2025 as investors recognized their undervaluation. Strategy involves buying undervalued companies and selling overvalued positions, exemplified by the GiG/Gentoo Media trade where they bought what others didn't want. | JDC.DE CTT.LS JDC GR PAR |
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| 2025 Q2 | Jul 25, 2025 | Baron Discovery Fund | 14.7% | 7.6% | ALKT, BASE, CW, CYBR, DAY, DKNG, DT, EXAS, GWRE, INSP, IRT, KTOS, LLYVA, MAC, MEG, MRCY, NOVT, PAR, RH, TEM, WYNN | AI, Cloud, cybersecurity, defense, growth, small caps, sports betting, technology | The fund is positioned across multiple defense companies benefiting from increased funding and demand for advanced military technologies. Companies like Kratos Defense & Security Solutions and Karman Holdings are well positioned for accelerated multi-year growth in areas such as hypersonic technology, drone engines, missile defense, and space launch components. | WYNN INSP CLWR KARH MEG KTOS |
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| 2025 Q2 | Jul 21, 2025 | Laughing Water Capital | 13.1% | - | CDMO, CLAR, CTLP, GFL, HUBS, LFCR, NN, PAR, PLYA, SES.TO, THRY, VTY.L, WCN | Biotech, Buybacks, Canada, Oil Services, small caps, value, Waste management | SECURE Waste Infrastructure represents a transformation from cyclical oil services to recurring waste management with 80% of cash flows now recurring versus 60% previously cyclical. The company benefits from regulatory moats, geographic advantages, and stable demand from Western Canadian oil production. Management is aggressively repurchasing shares at attractive valuations. | VTY.L PAR NN LFCR SES.TO CLAR THRY VTY LN PAR NN LFCR SES CN CLAR |
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| 2025 Q2 | Jul 21, 2025 | Wasatch Micro Cap Fund | 12.6% | - | LMB, PAR, PI, PNTG, VITL, WLDN | Biotechnology, growth, infrastructure, Micro-Cap, Quality, Risk Appetite, underperformance | Micro-cap stocks posted exceptionally strong returns in Q3 as investor risk appetite remained robust following the Trump administration's moderated tariff stance in April. A much-anticipated interest-rate cut late in the quarter further fed that risk appetite, creating an environment favorable for higher-risk assets. | PNTG PAR LMB VITL PI WLDN GDYN AGYS ROAD LMB |
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| 2025 Q2 | Jul 18, 2025 | Invesco Discovery Fund | 17.2% | 3.0% | AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TSEM, TTMI, TXRH | AI, growth, industrials, infrastructure, semiconductors, small caps, technology | The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI. | TXRH QTWO CLS TTMI LSCC AEIS |
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| 2025 Q2 | Jul 17, 2025 | Choice Equities Capital Management | 30.0% | 21.6% | BNED, CELH, GENI, MGNI, MOD, PAR, ROP, SRAD | Advertising, concentrated, gaming, growth, Manufacturing, small caps, technology, value | GENI secured extended NFL data rights deal through 2029 and exclusive NCAA data rights through 2032, providing visibility into data costs and enabling incremental revenues to flow through at attractive margins. Sports betting legalization in Brazil and pending U.S. states, plus growth in in-game betting where GENI generates higher take rates, creates ongoing revenue opportunities in a market growing at low-double digit rates. | MOD MGNI GENI MOD MGNI GENI |
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| 2025 Q2 | Jul 14, 2025 | The Bristlemoon Global Fund | -0.3% | - | AER, APG, APP, CRM, PAR, UBER, UNH | AI, Concentration, healthcare, tariffs, technology, value | Salesforce is positioned to capitalize on agentic AI through its data advantage and distribution via the app layer. Agentforce reached $100 million ARR with 5x quarter-over-quarter growth. The agentic AI market could reach $155 billion by 2030 according to Bank of America estimates. | UNH CRM APG HEM |
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| 2023 Q2 | Jul 13, 2023 | Pender Small Cap Opportunities Fund | -1.1% | 1.8% | CPLF.TO, MAGT.TO, PAR, SYZ.TO | AI, small caps, technology, valuation, value | Small caps are trading at historically wide discounts to large caps, with the S&P 600 at 15.2x forward earnings versus S&P 500 at 20.1x. The manager sees parallels to the early 2000s tech bubble aftermath when small caps outperformed for six consecutive years. Most investors are under-allocated to small caps after a decade of large cap outperformance. | SYZ.TO CPLF.TO IPAR |
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| 2024 Q1 | Jun 8, 2024 | Voss Value Offshore Fund | 7.4% | 8.9% | ALTG, GENI, IMXI, PAR, RCM, RTO.L, SLCA, SWI | Long/Short, M&A, small caps, special situations, technology, value | Manager maintains concentrated exposure to cheap small caps despite underperformance relative to mega cap tech. Small caps are more exposed to interest rates and have not found sustained propulsion, but with rate stability expected M&A activity to increase from multi-decade lows. | View | |
| 2024 Q1 | Jun 8, 2024 | Voss Value Fund | 9.2% | 9.2% | ALTG, GENI, IMXI, PAR, RCM, RTO.L, SLCA, SWI | AI, Long/Short, M&A, small caps, sports betting, technology, value | Manager maintains concentrated exposure to cheap small caps despite underperformance relative to mega cap tech. Small caps are more exposed to rates and have not yet found sustained propulsion, but with rate stability expected M&A activity to continue recovering from multi-decade lows. | View | |
| 2024 Q1 | May 3, 2024 | Laughing Water Capital | 2.5% | 11.1% | CDMO, CTLT, HALO, LFCR, NN, NVDA, PAR, TACT, THRY | Biotechnology, Capacity, CDMO, long-term, Manufacturing, small caps, value | Large portion of portfolio invested in Contract Drug Manufacturing Organizations focused on biologics. Both Lifecore and Avid positioned to benefit from industry consolidation as Catalent is acquired by Novo Holdings and Chinese CDMOs face regulatory restrictions. Companies have available capacity during industry shortage and should benefit from tremendous operating leverage as capacity fills. | View | |
| 2025 Q1 | May 20, 2025 | Greenhaven Road Capital | -12.0% | -12.0% | BKTI, BUR, CLBT, DHR, HGTY, KFS, KKR, LFCR, LMB, PAR, VTY.L | Alternative Assets, Onshoring, small caps, tariffs, Trade Policy, volatility | President Trump's Liberation Day tariff policies created significant market volatility and uncertainty. The administration implemented massive tariffs overnight with erroneous methodology, changing policy approaches daily. The manager believes moderate tariffs and weaker dollar policies are more likely long-term outcomes than the reciprocal tariffs initially announced. | View | |
| 2024 Q1 | May 13, 2024 | Greenhaven Road Capital | 15.0% | 12.0% | ALTG, BUR.L, CLBT, IWG.L, JHX, KKR, LPX, PAR | Litigation Finance, private equity, real estate, SaaS, small cap, technology, value | PAR Technology is transitioning to a recurring revenue model with dramatic growth in ARR per share, from $1.04 in 2018 to expected $10+ in 2025. The company benefits from low churn rates and is adding new products like table service POS and online ordering. | View | |
| 2024 Q1 | May 10, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, HEES, PAR, SHAK, URI | earnings growth, Equipment Rental, infrastructure, Restaurants, small caps, technology | The Infrastructure Investment and Jobs Act allocates more than $1 trillion over ten years, complemented by the Inflation Reduction Act and CHIPS Act. Construction spending in manufacturing reached $225 billion in 2023, more than doubling the 2015 peak. This represents a threefold increase compared to historical infrastructure programs when adjusting for inflation. | HEES PAR SHAK CROX |
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| 2025 Q1 | Apr 9, 2025 | The Bristlemoon Global Fund | -3.2% | -3.2% | 0700.HK, APP, HEM.ST, IBKR, META, PAR, PDD, PINS, XPOF | Cash Management, China, Restaurants, risk management, software, tariffs, technology, volatility | Fund increased cash weighting to 22% during March due to heightened market uncertainty and Trump's tariff policies. Adopted maximum loss framework for position sizing and reduced concentration to manage downside risk during volatile periods. | PAR HEM.ST |
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| 2025 Q1 | Apr 24, 2025 | Laughing Water Capital | -13.0% | -13.0% | CTLP, HGV, LFCR, NN, PAR, PLYA, THRY, VTY.L, XPOF | Biotechnology, Buybacks, Resilience, small caps, software, Spectrum, tariffs, value | Manager discusses Trump administration's tariff plans and their potential economic impact, noting uncertainty around implementation and suggesting much may be posturing. Believes Trump will likely declare victory on tariffs with minimal actual changes to avoid losing midterm elections. | PAR VTY.L NN LFCR CDMO XPOF |
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| 2026 Q1 | Apr 20, 2026 | Laughing Water Capital | -4.5% | -4.5% | LFCR, LQDA, LRN, NN, PAR, SES.TO, TBPH, VTY.L | Biotechnology, Concentration, small cap, special situations, value | View | ||
| 2026 Q1 | Apr 15, 2026 | The Bristlemoon Global Fund | -25.5% | -25.5% | APP, CSU.TO, DG, FICO, FND, GOOGL, GRDR, NOW, PAR, WDS.AX | Advertising, AI, E-Commerce, gaming, growth, software, technology, volatility | View | ||
| 2026 Q1 | Apr 15, 2026 | Pender Small Cap Opportunities Fund | 4.0% | 4.0% | CVO.TO, PAR, SOIL.TO, SYZ.TO, VNP.TO | AI, Canada, energy, small caps, software, technology, valuation | PAR CVO.TO VNP.TO SOIL.TO |
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| 2025 Q4 | 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 | |
| 2025 Q4 | 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 Discovery Fund | -6.2% | -6.2% | AXON, CWAN, CYBR, DKNG, EXAS, GTLS, GWRE, INDI, INSP, KTOS, LLYVA, MASI, MEG, MRCY, NARI, PAR, RDDT, TEM, TTAN, WING | Biotechnology, defense, growth, Market Dislocation, small cap, tariffs, Value Investing | The fund has significant exposure to defense companies including Kratos Defense & Security Solutions and newly added Karman Holdings. These companies are positioned to benefit from growing defense spending on hypersonic missiles, space programs, and unmanned aircraft solutions. Karman specifically targets the fastest-growing segments of defense with 90% sole-sourced sales and proprietary IP-driven solutions. | ACLX KARM WING MEG INDI EXAS |
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| 2025 Q1 | Mar 31, 2025 | AMG GW&K Small Cap Core Fund | -7.3% | -7.3% | ADC, ARQT, BWIN, CBZ, CHX, COCO, FLYW, FNA, GBCI, GMED, HALO, HLI, HMN, ICFI, INSM, INTA, ITCI, LOPE, MGY, MTSI, NWE, PAR, PATK, PPBI, PRIM, RBC, SKY, SPXC, STAG, STRL, SWTX, TNDM, UMBF, UTZ | AI, Biotechnology, energy, financials, Quality, small caps, Trade Policy | The fund discusses navigating uncertainty from tariff announcements and trade policy changes by the current U.S. Administration. The manager analyzes potential impacts on manufacturing, consumers, and trading partners, while monitoring for signs of policy moderation or negotiation. | View | |
| 2022 Q1 | Mar 31, 2022 | Farrer 36 Asset Management | - | - | 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, CDNA, CWAN, CYBR, DAY, DKNG, EXAS, FND, GTLS, GWRE, IRT, KTOS, LLYVA, MAC, MEG, PAR, RDDT, S, TTAN, VRNS | contrarian, growth, REITs, small caps, software, technology, value | Axon highlighted the 2025 launch of an AI bundle oriented around its innovative Draft One product which automates the process of report writing for public safety officers. This represents a significant expansion opportunity as Axon continues to find new areas of growth and pulls ahead of competition. | BC.MI IRT TTAN MAC PAR CHT |
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| 2024 Q4 | Dec 31, 2024 | Symmetry Invest | - | 9.6% | ACIC, ADM.L, CAT.ST, CTT.LS, FBD.IR, FREE.CO, G2M.L, IWG.L, JDC.DE, OGN.L, PAR, PROTCT.OL | dividends, Europe, insurance, Logistics, small caps, technology, value | Multiple insurance companies featured prominently including Admiral Group (UK car insurance), American Coastal Insurance (Florida property), FBD Holdings (Irish insurance), and Protector Forsikring (Nordic insurance). Manager emphasizes attractive valuations and strong dividend yields across the insurance sector. | View | |
| 2025 Q3 | Nov 8, 2025 | Greenhaven Road Capital | -9.0% | -9.0% | ALTG, ASTS, BUR, CLBT, HGTY, KFS, KKR, LFCR, PAR, SOC | AI, Asset Management, Concentration, private credit, software, value | Manager owns software companies PAR Technologies and Cellebrite despite sector being out of favor. Software multiples have compressed 26% as AI creates uncertainty about competitive moats. However, specialized software like Cellebrite's digital forensics tools remain defensible against AI disruption. | View | |
| 2025 Q3 | Nov 8, 2025 | Baron Opportunity Fund | 5.4% | 14.2% | ANET, ARGX, AVGO, EXAS, GDS, GTLB, HRTX, IT, LLY, NVDA, PAR, SHOP, SMAR, SNPS, SPOT, TEAM, TSLA, TSM, TTD, VIA | AI, growth, infrastructure, innovation, large cap, semiconductors, technology | The market has absorbed a surge of AI infrastructure buildouts with OpenAI announcing partnerships for tens of gigawatts of compute capacity. NVIDIA CEO Jensen Huang proclaimed global AI infrastructure spending could total $3 trillion to $5 trillion by 2030. The fund conducts intensive research to separate signal from noise in AI developments, examining parallels to past technology paradigm shifts while quantifying AI addressable markets across sectors. | PAR IT TTD AVGO TSLA NVDA FFBC NEE |
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| 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.L, CLBT, HGTY, KKR, LFCR, LLY, NVO, PAR, SOC, XOM | Concentration, energy, healthcare, PIPE, self-help, technology, value | LifeCore is positioned to benefit from GLP-1 drug manufacturing capacity constraints. While they don't currently manufacture Ozempic or Wegovy, they are equipped to do so and management has hinted at GLP-1 conversations. Eli Lilly and Novo Nordisk are severely capacity-constrained with 41 countries where GLP drugs are approved but haven't launched due to manufacturing constraints. | View | |
| 2023 Q3 | Oct 29, 2023 | Greenhaven Road Capital | 15.0% | 12.0% | APG, BUR.L, CLBT, KKR, LFCR, PAR | growth, Litigation, private equity, small caps, technology, value | PAR Technology's exclusive partnership with Burger King North America represents a major validation of their unified commerce strategy. The restaurant technology stack has become increasingly complex, requiring seamless integration between POS systems, mobile apps, delivery services, and loyalty programs. Large QSR chains that attempt to build these systems internally face significant execution risks. | View | |
| 2025 Q3 | Oct 28, 2025 | Baron Discovery Fund | 2.8% | 10.6% | AAON, AEIS, BIRK, BMI, CDNA, CYBR, DKNG, DT, EXAS, GTLS, INSP, KTOS, LLYVA, MEG, MRCY, PAR, PRMB, SPRY, WING, WYNN | cybersecurity, defense, earnings, growth, Quality, small cap, technology, water | The Fund benefits from a generational increase in defense spending amid heightened global conflicts. Defense companies like Kratos, Mercury Systems, and Karman Holdings are winning new contracts across multiple divisions and benefiting from the current administration's openness to smaller, agile defense contractors. The defense spending cycle appears to be in a generational upswing. | KTOS WING INSP PAR BIRK KTOS WING INSP BIRK |
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| 2025 Q3 | Oct 24, 2025 | NCG Micro Cap Growth Strategy | 4.6% | 5.2% | ADMA, ADPT, AEHR, AMPX, AMSC, AORT, APLD, ATRO, BRCF, CCB, CDNA, EVLV, FEIM, KEST, LEU, LMB, OPRX, PAR, PGY, PI, PKE, PL, PRCH, WULF, XMTR, ZETA | AI, defense, growth, Micro Cap, nuclear, Onshoring, small cap | AI infrastructure buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. The infrastructure needed to support AI development is creating substantial near-term investment opportunities. | ATRO |
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| 2025 Q3 | Oct 24, 2025 | NCG Small Cap Growth Strategy | 5.9% | 3.9% | AAON, ADMA, AEHR, APLD, AVAV, BE, CDNA, FROG, KVYO, LEU, MIRM, MP, PAR, PGY, PI, PL, PRCH, STRL, TOL, VCEL, XMTR | AI, defense, growth, infrastructure, nuclear, small cap, Speculation, valuation | Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support the AI buildout is spurring significant increases in investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. | BE XMTR |
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| 2025 Q3 | Oct 24, 2025 | NCG SMID Cap Growth Strategy | 7.1% | 4.3% | AAON, ADMA, AEHR, APLD, AVAV, BE, CDNA, FROG, KVYO, LEU, MIRM, MP, PAR, PGY, PI, PL, PRCH, SPRY, STRL, TOL, XMTR | AI, earnings, growth, industrials, infrastructure, Rate Cuts, small caps, technology | Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support the AI buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. | View | |
| 2024 Q3 | Oct 24, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, CZR, GENI, HAIN, MGNI, OEC, PAR | Advertising, gaming, Restaurants, small caps, technology, value | The fund holds positions in Caesars Entertainment and Genius Sports, both operating in the entertainment, casino and gaming space. Caesars benefits from secular tailwinds in online sports betting and iGaming, while Genius has exclusive data rights deals with major leagues including the NFL and English Premier League. | HAIN GENI CZR |
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| 2025 Q3 | Oct 20, 2025 | Wasatch Micro Cap Fund | 9.5% | - | LMB, PAR, PI, PNTG, VITL, WLDN | Biotechnology, growth, healthcare, infrastructure, Microcap, Quality, Risk Appetite, Utilities | Micro-cap stocks posted exceptionally strong returns in Q3 as investor risk appetite remained robust following the Trump administration's moderated tariff stance in April. A much-anticipated interest-rate cut late in the quarter further fed that risk appetite, creating an environment favorable for higher-risk assets. | PNTG LMB VITL PI WLDN |
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| 2025 Q3 | Oct 20, 2025 | Invesco Discovery Fund | 7.9% | 11.0% | AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TTMI, TXRH | AI, growth, industrials, infrastructure, semiconductors, small caps, technology | The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust, providing substantial investment opportunities. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI. | 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, DISH, LFCR, NN, PAR, T, THRY, VTY.L | concentrated, fundamentals, Patience, Private Market, small caps, undervalued, value | Manager focuses on businesses trading below private market value with clear catalysts for value realization. Multiple portfolio companies are undergoing strategic reviews or have management incentivized to maximize shareholder value through potential sales. | VTY LN THRY US PAR US NN US LFCR US CLAR US |
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| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 2.0% | - | ACVA, BJ, CWST, KTOS, MIR, NVDA, PAR, SITM, UNF, VERX | AI, Biotechnology, defense, Federal Reserve, growth, M&A, small cap, software | AI remains a dominant theme though some cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and how sustainable that would be. Some spending appeared circular, with debt levels increasing for the biggest AI spenders approaching dot-com peak levels. | SITM US KRAT US |
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| 2025 Q3 | Oct 10, 2025 | The Bristlemoon Global Fund | 5.0% | - | AAPL, ADI, AER, APP, ASML, BABA, CDNS, CRM, FICO, GOOGL, HEMN.ST, INTC, META, MSFT, NVDA, PAR, SNPS, TSM, UBER, V | AI, global, Long/Short, Quality, semiconductors, software, technology | The fund views AI as a transformative force across multiple holdings. Google has shipped market-leading AI products including Gemini models and AI Mode, while benefiting from cost advantages through its TPU hardware. The AI infrastructure boom drives demand for ASML's lithography equipment and creates opportunities for Synopsys in custom ASIC design tools. | PAR UN SNPS US GOOGL US ASML NA |
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| 2024 Q3 | Oct 10, 2024 | The Bristlemoon Global Fund | 6.8% | 7.4% | 0700.HK, 9988.HK, APP, EYE, META, PAR, PDD | Advertising, AI, China, Concentration, gaming, growth, Stimulus, technology | AppLovin's AXON 2.0 AI-powered ad targeting algorithm has driven exceptional growth, with software revenues growing 75% year-over-year. The neural network utilizes recent AI breakthroughs to improve ad targeting beyond previous capabilities. AXON 2.0's targeting improvements allow AppLovin to deliver superior return on ad spend outcomes at scale. | APP |
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| 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 |
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| 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 |
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| 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 |
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| 2024 Q4 | Jan 10, 2025 | The Bristlemoon Global Fund | 10.4% | 3.1% | APP, META, MTCH, PAR, PDD, PINS, TCEHY | Advertising, gaming, Portfolio Management, Position Sizing, risk management, Social Media, technology | The fund holds significant positions in social media platforms including Pinterest and Meta Platforms. Pinterest represents the fund's largest performance detractor since inception, with management acknowledging position sizing errors. The company is transitioning to lower-funnel ad products but has experienced revenue growth deceleration from 20%+ to 15-17% guidance. | View | |
| 2024 Q3 | Sep 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, ACLX, AMD, AMZN, ARGX, AVGO, CRWD, DUOL, GDS, GWRE, INDIE, IT, MBLY, META, MSFT, NVDA, PAR, SPCE, TEAM, TSLA | AI, Data centers, growth, semiconductors, software, technology, Tesla | The fund views AI as an arms race to develop foundational models and achieve artificial general intelligence. Scaling laws drive massive infrastructure investments, with hyperscalers building data centers at unprecedented scale. New inference architectures like OpenAI's chain of thought models require exponentially more compute power. | View | |
| 2023 Q3 | Sep 30, 2023 | Baron Discovery Fund | 13.5% | 9.3% | AEIS, AXNX, AXON, BYD, CWAN, EWCZ, GTLB, GTLS, GWRE, INDI, KNSL, LLYVA, MEG, NVTS, PAR, REPG, REXR, RVNC, S, SILK, SITE, TXG | growth, healthcare, semiconductors, small caps, software, technology, value | The fund initiated a position in SentinelOne, a cybersecurity vendor focused on endpoint protection using AI to detect threats. The company serves over 11,000 organizations and is gaining market share from legacy antivirus vendors who struggle with evolving threats. | View | |
| 2024 Q2 | Jul 31, 2024 | Baron Discovery Fund | 13.5% | 9.3% | AEIS, AXON, BASE, CDXC, CHI, CYBR, DKNG, EXAS, FND, GTLB, GWRE, INSP, ITGR, KNSL, KTOS, MEG, NVMI, PAR, PCOR, SILK, SITE, STVN, TEM, TXRH | AI, Diagnostics, healthcare, small caps, technology, value, volatility | Fund owns several AI-enabled companies including GitLab, SentinelOne, and Couchbase that adapt AI models to enhance their products. Also owns Nova Ltd., a semiconductor capital equipment company enabling AI chip manufacturing. Managers believe the market will broaden from AI hardware to adaptive AI investments. | 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.L, CLAR, CLBT, ESTC, HGTY, KKR, LFCR, PAR, PAT.DE, SPHR | catalysts, growth, long-term, small caps, SPACs, value | Multiple portfolio companies are former SPACs facing valuation compression despite business improvements. Manager believes SPAC stigma reduces over time as business quality becomes apparent, creating opportunity for multiple expansion. | View | |
| 2024 Q2 | Jul 29, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | AMZN, DIS, DISH, FOX, FUBO, GOOGL, HEES, META, MGNI, MSFT, NFLX, NVDA, OEC, PAR, ROKU, WBD | Ad Tech, AI, Concentration, small caps, Streaming, technology, value | AI enthusiasm morphed into an outright AI vortex during Q2, with possibilities around AI use cases and productivity enhancements captivating public imaginations and creating an arms race mentality in corporate boardrooms. Four large hyperscalers intend to spend approximately $200B this year on AI chips, with the market capitalizing these large capital flows and rewarding recipients like Nvidia with higher trading multiples. | MGNI |
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| 2023 Q1 | Apr 28, 2023 | Greenhaven Road Capital | 15.0% | 12.0% | APG, BNED, BUR, CLBT, KKR, LFCR, PAR, SYY | durability, small caps, special situations, technology, value | Manager emphasizes portfolio durability through companies with low churn, strong balance sheets, and secular tailwinds. Uses marble elephant metaphor to distinguish durable businesses from fragile ones, noting less than 20% of original S&P 500 companies survived 50 years. | View | |
| 2023 Q4 | Apr 2, 2024 | Greenhaven Road Capital | 15.0% | 12.0% | APG, BUR, CLBT, IWG.L, KKR, PAR | Concentration, fundamentals, growth, long-term, small caps, technology, value | IWG benefits from headwinds facing corporate real estate market as vacancies rise and landlords become more flexible. The company's partnership model helps landlords fill empty space while reducing IWG's capital requirements. | View | |
| 2024 Q4 | Feb 28, 2025 | Greenhaven Road Capital | 13.0% | 27.0% | AAPL, AXON, BUR.L, CLBT, DHER.DE, HGTY, IWG.L, KKR, LFCR, MKTW, PAR, VTY.L | AI, Concentration, growth, small caps, value | AI will be beneficial to portfolio companies like Hagerty for claims processing and Cellebrite for investigation efficiency. Google Gemini demonstrates the technology's potential despite current flaws. The trajectory is clear for AI integration across various business applications. | 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, CROX, MGNI, OEC, PAR, SHAK, STGW, WCC | Building Products, Buybacks, Restaurants, small caps, technology, value | Manager focuses on low multiple stocks of quality businesses at discounted valuations. Despite challenging backdrop in 2023, continues to believe this approach offers best chance of outperforming over sustained periods. | IPAR BXC |
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| 2024 Q4 | Jan 16, 2025 | Laughing Water Capital | 18.6% | 39.5% | CDMO, CTLP, HUBS, LFCR, NN, PAR, THRY, TTAN, VTY.L, VZ | Biotech, Concentration, small caps, software, Spectrum, technology, value | NextNav represents a next-generation GPS and wireless spectrum investment with significant upside potential. The company is awaiting FCC approval for its petition to update 900 MHz spectrum band rules, which would enable terrestrial GPS and 5G spectrum creation. Recent valuation markers suggest the spectrum could be worth approximately $40 per share if approved. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | Pender Small Cap Opportunities Fund | PAR Technology Corp. | Software - Application | Technology Hardware, Storage & Peripherals | Bull | New York Stock Exchange | AI Product, Coach AI, Data Strategy, High Quality Business, Identity Resolution, Restaurant technology, Store Deployment | View Pitch |
| Apr 13, 2026 | Fund Letters | The Bristlemoon Global Fund | PAR Technology Corporation | Information Technology | Application Software | Bull | NYSE | ARR growth, cross-selling, Enterprise software, M&A strategy, Mission-Critical, platform, POS Software, Pricing power, QSR, Restaurant technology, SaaS | View Pitch |
| Apr 13, 2026 | Fund Letters | Laughing Water Capital | PAR Technology Corp | Information Technology | Application Software | Bull | NYSE | ARR growth, M&A Pipeline, operating leverage, Point of Sale, restaurant software, SaaS, TAM expansion | View Pitch |
| Apr 13, 2026 | Fund Letters | Laughing Water Capital | PAR Technology Corp | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NYSE | Burger King, M&A, Multi-product, Pipeline Growth, Restaurant technology, SaaS | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Small Cap Fund | PAR Technology Corporation | Information Technology | Application Software | Bull | NYSE | ARR, Digital transformation, Enterprise software, Foodservice Technology, operating leverage, Point of Sale, QSR, Restaurant technology, SaaS | View Pitch |
| Apr 13, 2026 | Fund Letters | Choice Equities Capital Management | Par Technology Corporation | Information Technology | Application Software | Bull | NYSE | Acquisitions, ARR, consolidation, international expansion, Loyalty Platform, Point of Sale, Restaurant technology, SaaS, Software, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Wasatch Micro Cap Fund | PAR Technology Corp. | Information Technology | Software | Bear | NYSE | Acquisitions, Back-Office, Customer loyalty, Mobile Ordering, Point of Sale, restaurant software | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Discovery Fund | PAR Technology Corporation | Information Technology | Application Software | Bull | NYSE | Acquisitions, EBITDA Profitability, Enterprise software, platform, Point of Sale, Restaurant technology, SaaS | View Pitch |
| 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. | ||||||||