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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 21, 2025 | AMG Frontier Small Cap Growth | 13.9% | -2.5% | AMTM, ATI, DAR, EXP, FTAI, GVA, INDI, LTH, MAT, ODD, PGY, SAIA, SANM, SIMO, STRL | AI, growth, infrastructure, Logistics, semiconductors, small cap, technology | Several semiconductor positions are experiencing recovery after multi-year inventory drawdown from Covid supply chain issues. Silicon Motion is positioned to gain market share with next-generation PCIe Gen 5 technology and new data center design wins with NVIDIA. indie Semiconductor is capitalizing on automotive driver assistance launches starting in second half 2025. | LTH SAIA ODD STRL INDI SIMO ATI PGY SAIA ODD STRL LTH INDI SIMO ATI PGY |
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| 2025 Q2 | Aug 15, 2025 | Unconventional Value | - | 31.6% | PGY, PL, RELY, SPIR, THRY, UPST, XMTR | AI, Concentration, Fintech, growth, SaaS, small caps, technology | AI is viewed as an accelerant to value unlock across multiple portfolio companies. Planet Labs benefits from AI in moving up the value chain to deliver solutions rather than raw data. Consumer credit companies like Pagaya and Upstart use AI as a perfectly matched solution for the massive opportunity in consumer credit. Xometry's business is enabled by an AI instant quoting engine that allows for a new business model category. | RELY XMTR SPIR THRY UPST PGY PL RELY XMTR THRYV PGY PL |
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| 2026 Q2 | Jul 27, 2026 | Unconventional Value | - | 44.2% | MNTN, PGY, PL, RELY | Advertising, AI, Data Services, Fintech, growth, small caps, value | MNTN RELY PGY PL |
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| 2026 Q1 | Apr 28, 2026 | Lazard Enhanced Opportunities Portfolio | - | - | AKAM, BILL, FIVN, IREN, ORCL, PGY | Convertibles, Data centers, energy, Middle East, software, technology, volatility | View | ||
| 2024 Q1 | Apr 15, 2024 | Riverwater Micro Opportunities Strategy | -0.4% | -2.8% | ASLE, CRAI, HBIO, HDSN, LEU, LMAT, LMNR, MEC, NYCB, PGY, PWP, TGLS, VECO | AI, Banking, healthcare, industrials, Microcap, SPACs, uranium, value | Manager views CRE challenges as largely manageable, confined to major cities with lower-grade office spaces or multifamily units. The NYCB situation is assessed as unique to New York's CRE market and rent-controlled multifamily units. This presents an opportunity to potentially add banks that have been unjustly discounted in the market turmoil. | CRAI ASLE PGY |
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| 2025 Q1 | Mar 31, 2025 | AMG Frontier Small Cap Growth | -14.4% | -14.4% | AMTM, BECN, BILL, CACI, CG, CZR, DLB, DOCN, EPRT, FTAI, INDI, LTH, MAT, MDB, PGY, TXG, UCTT, UTHR | AI, Cloud, defense, healthcare, semiconductors, small caps, technology, Trade Policy | Technology was the largest detracting industry with underperformance from indie Semiconductor and Ultra Clean Holdings. indie faced weakness in China and tariff uncertainty affecting auto build rates globally, while Ultra Clean experienced product qualification delays at a Chinese customer and weakening semiconductor equipment demand in China. | View | |
| 2025 Q4 | Feb 22, 2026 | Unconventional Value | 0.0% | 0.0% | AMZN, HIMS, PGY, PL, RELY, SPIR, THRY, UPST, WISE.L, WU, XMTR | AI, Fintech, growth, SaaS, Satellites, small cap, technology, value | AI is viewed as a technology enabler that will accelerate product development and create tailwinds for existing businesses rather than replace human judgment. The manager believes AI will never replace human judgment and sees it as enhancing rather than disrupting core investment strategies. Planet's satellite constellation and daily Earth imaging capability represents a unique infrastructure play. The manager believes Planet is building the default system of record for monitoring Earth, with the daily scan providing infinitely scalable data distribution at zero marginal cost. Remitly's digital remittance platform is taking market share from legacy players like Western Union. The business model relies on acquiring customers via digital channels and earning fees on repeat transactions, with scale benefits improving economics over time. Thryv represents a business model transition from legacy marketing services to SaaS, targeting small businesses moving up-market. The strategy focuses on converting legacy customers to the SaaS platform and expanding functionality for larger businesses with more complex needs. | RELY THRY PL |
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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 | |
| 2025 Q4 | Jan 8, 2026 | Diameter Capital Partners | 0.3% | 8.0% | AEP, AFRM, AMZN, DIGI, GOOGL, META, MSFT, NFLX, NI, NVDA, ORCL, PARA, PGY, PPL, SATS, SOFI, T, TALEN, UPST, WBD | AI, credit, distressed, energy, Fraud, healthcare, technology | The fund made significant investments in AI-related debt including Beignet Investor LLC (Meta's AI data center financing) and xAI corporate debt. The quarter saw massive AI-related IG issuance of $90 billion with expectations of $50 billion more in Q1. The fund expects AI to drive continued massive capital needs with OpenAI alone requiring ~$600 billion through 2029. The fund had significant losses in distressed investments, particularly First Brands (a fraudulent auto parts company) and Eye Care Partners. The manager acknowledges mistakes in underwriting management quality and position sizing. Despite setbacks, they see future opportunities in sectors facing productivity-driven disruption. The fund expects increased capital solutions opportunities as PE-backed companies face refinancing challenges from higher rates. They participated in several rescue financings and expect more zombified PE companies to need capital solutions in various structures from prefs to hybrid equity. The fund invested in EchoStar's spectrum assets which became valuable for AI inference and wireless carriers. They also have exposure to LNG through Delfin, positioning for the coming oversupply period. Power demand from AI datacenters is driving infrastructure investment opportunities. The fund analyzed the growth in asset-backed finance driven by insurers seeking yield on annuity proceeds. They're cautious about residual risks in BNPL and FinTech lending, noting credit box expansion and potential fraud risks as the market grows rapidly. | NVDA SATS ORCL |
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| 2024 Q4 | Jan 19, 2025 | Unconventional Value | - | 73.2% | PGY, PL, QQQ, SPIR, SPY, UPST, XMTR | Data, growth, small caps, SPACs, technology, value | Manager has decent concentration in busted SPACs - companies that went public at too high valuations and have been left for dead. Some entities might possess solid business models, good leadership, and promising prospects; it will just take longer than expected to justify exorbitant valuations. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Sep 11, 2026 | Substack | Shareholders Unite | Pagaya | Financial Services | Credit Infrastructure | Bull | ABS risk retention, AI-driven, asset-light, credit infrastructure, Fee-based Income, Institutional Investors, loan approvals, network volume, operating leverage, Scalability | View Pitch | |
| Jul 29, 2026 | Fund Letters | Unconventional Value | Pagaya Technologies | Software - Infrastructure | Financial Exchanges & Data | Bull | NASDAQ | AI, Asset-backed securities, consumer lending, Data Network, Fintech, machine learning, network effects, operating leverage, platform, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Unconventional Value | Pagaya Technologies Ltd. | Financials | Consumer Finance | Bull | NASDAQ | AI Credit, Alternative Lending, consumer finance, Credit Underwriting, financial technology, Fintech, founder-led | View Pitch |
| Apr 13, 2026 | Fund Letters | AMG Frontier Small Cap Growth | Pagaya Technologies Ltd | Financials | Financial Technology (Fintech) | Bull | NASDAQ | AI Models, Artificial Intelligence, auto loans, Credit Platform, Fintech, GAAP profitability, Personal Loans, Two-sided Platform | View Pitch |
| Apr 13, 2026 | Fund Letters | Riverwater Micro Opportunities Strategy | Pagaya Technologies Ltd | Information Technology | Application Software | Bear | NASDAQ | AI, Asset-backed securities, Credit Technology, Fintech, lending platform, machine learning, SPAC | View Pitch |
| Jan 8, 2026 | Fund Letters | Tim Gallagher | Pagaya Technologies Ltd. | Financials | Consumer Finance | Bull | NASDAQ | AI, Consumer credit, Fintech, founder-led, Market Disconnect | View Pitch |
| Dec 3, 2025 | Fund Letters | James A.Colgan | Pagaya Technologies Ltd. | Information Technology | Application Software | Bull | NASDAQ | AI, consumer, Credit, Fintech, Lending, Platforms | View Pitch |
| Sep 16, 2025 | Short Thesis | Iceberg Research | Pagaya Technologies Ltd | Information Technology | Data Processing & Outsourced Services | Bear | NASDAQ | AI lending, Credit risk, Fintech, Regulation, Structured loans | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Steven Cress, Quant Team | Pagaya Technologies Ltd. | Information Technology | Software - Infrastructure | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $10.5M | 0.02% | 503,932 | -408,440 | -44.77% | 1.0599% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $20.4M | 0.02% | 975,087 | +975,087 | +100.00% | 2.0509% |
| Cliff Asness | AQR Capital Management | $190.6B | $4.2M | 0.00% | 199,119 | -6,390 | -3.11% | 0.4188% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.2M | 0.00% | 59,575 | +1,263 | +2.17% | 0.1253% |
| Israel Englander | Millennium Management LLC | $233.2B | $36.3M | 0.02% | 1,738,760 | +914,182 | +110.87% | 3.6571% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $25.5M | 0.04% | 1,222,314 | -230,264 | -15.85% | 2.5708% |
| Rich Handler | Jefferies | $19.3B | $3.0M | 0.02% | 145,000 | +31,000 | +56.36% | 0.3050% |
| Ho Ching | Temasek Holdings | $31.6B | $3.0M | 0.01% | 144,068 | +144,068 | +100.00% | 0.3030% |