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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Mar 31, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | -9.6% | -9.6% | ACVA, ADUS, AZEK, BFAM, BJ, BOOT, CBLL, CHEF, CWST, DAWN, ERJ, FORM, FROG, FRPT, HLNE, INR, INSM, ITCI, KTOS, MGY, MVBF, PAY, PI, RRX, SLNO, TTEK, VERX, VRNA, VVV, WHD | - | View | ||
| 2025 Q3 | Nov 24, 2025 | Recurve Capital | - | 14.6% | BC IM, CVNA, PAY | Autos, Carvana, Luxury, payments, tariffs | The manager outlines a philosophy built around long-duration investment horizons, focusing on holding inevitable winners through volatility while exiting losers decisively. Long-term positioning emphasizes compounding exposure in companies with strong feedback loops, high customer surplus, and multi-year growth runways. Long-term investing remains powerful when paired with disciplined sell criteria and opportunity-cost-driven portfolio construction. | View | |
| 2025 Q4 | Jan 20, 2026 | Marram Investment Management | 0.0% | 4.0% | AVDX, BILL, FITB, FOUR, OKE, PAA, PAGP, PAY, PSFE, PYPL | Banking, biopharma, cash flow, energy, payments, value | Payment technology businesses experiencing disconnect between operating fundamentals and share price performance. Companies continue to compound value per share despite valuation compression and shareholder turnover. Manager rebalanced allocation by exiting some positions and concentrating in higher-conviction holdings at lower prices. Energy infrastructure companies with indispensable assets benefiting from geopolitical strife, inflation, and increased recognition of renewable energy limitations. MLPs remain cornerstone allocation with favorable industry demand dynamics, stable cash flows, conservative balance sheets, and inflation protection. Large regional banks purchased during March 2023 banking crisis at fire-sale prices have generated 30%+ IRR. Manager continues to view sector favorably for steady 10%+ annual profits but has prudently moderated exposure due to expanded valuations and gradually easing credit underwriting standards. Sector out of favor due to political factors leading to lower industry R&D spend. Manager believes society will continue to need new drugs and health innovations, expecting capital to return and R&D spend to reaccelerate. Initiated diversified basket allocation via ETFs and service-based businesses. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 28, 2026 | Fund Letters | Vivian Y. Chen | Paymentus Holdings, Inc. | Financials | Transaction & Payment Processing Services | Bull | New York Stock Exchange | Billpay, compounding, Fintech, Founderled, Freecashflow | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $792,719 | 0.00% | 25,094 | +25,094 | +100.00% | 0.0260% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $5.7M | 0.01% | 181,931 | +154,210 | +556.29% | 0.1884% |
| Israel Englander | Millennium Management LLC | $233.2B | $4.5M | 0.00% | 143,573 | -193,179 | -57.37% | 0.1487% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $6.1M | 0.01% | 193,629 | +55,050 | +39.72% | 0.2005% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.1M | 0.00% | 33,601 | +13,475 | +66.95% | 0.0348% |