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 | Sep 2, 2025 | Silver Beech Capital | 3.7% | 6.6% | CTRI, DNTL.TO, ET, FFH.TO, FR, GFR.TO, GSY.TO, MHC, PRKS, RTO, SWX, WSC | insurance, Regulated, small caps, undervalued, Utilities, value | Southwest Gas Holdings represents a pure-play regulated utility opportunity with multiple catalysts including deconsolidation from Centuri, deleveraging, understated rate base growth of 8-12% CAGR, and improving regulatory frameworks in Arizona and Nevada that will address regulatory lag. | FFH.TO SWX FFH CN SWX |
View |
| 2024 Q2 | Aug 31, 2024 | Adestella Investment Management | -3.5% | 7.8% | MGRC, PRKS, WSC | Entertainment, Industrial Services, M&A, Recovery, small caps, value | United Parks & Resorts operates theme parks including Busch Gardens and SeaWorld. The company is finally turning the corner after years of challenges from the Blackfish documentary and pandemic impacts. Despite similar growth and superior profitability metrics to leisure industry competitors, PRKS trades at a discount to peers. | WSC PRKS |
View |
| 2024 Q2 | Aug 26, 2024 | Voss Value Fund | -6.8% | 1.8% | PRKS | consumer, rates, small caps, Theme Parks, value | United Parks & Resorts (PRKS) represents an opportunity in the deeply out-of-favor travel & leisure sector. The company has improved EBITDA margins from 29.2% in 2018 to 41.3% on a TTM basis under Hill Path Capital's leadership. Despite operational improvements, shares trade at only 6.8x 2025 EBITDA versus historical double-digit multiples. | PRKS |
View |
| 2025 Q2 | Aug 22, 2025 | Voss Value Fund | 1.0% | -6.3% | AMZN, ARE.TO, CLBT, CRM, ECN, FIVN, GENI, GOOGL, META, MSFT, NOW, PHIN, PRKS, TWLO, VRNT | AI, cybersecurity, Long/Short, nuclear, small caps, sports betting, technology, value | AI presents both opportunities and threats across portfolio companies. Mega cap tech companies are pouring tens of billions into AI infrastructure with CapEx expected to reach $512B by 2027. Five9 faces AI disruption concerns in contact centers but is positioning as an AI winner through integration and automation capabilities. | FIVN ARE CN PRKS PHIN ECN CLBT GENI |
View |
| 2025 Q2 | Aug 22, 2025 | Voss Value Offshore Fund | 0.6% | -6.8% | AMZN, ARE.TO, CLBT, CRM, ECN, FIVN, GENI, GOOGL, META, MSFT, NOW, PHIN, PRKS | AI, Concentration, Long/Short, nuclear, small caps, technology, undervalued, value | Manager discusses AI as both opportunity and threat across portfolio companies. Notes massive AI capex spending by mega-cap tech companies ($351B in 2025 to $512B in 2027) while expressing skepticism about returns. Views AI as creating narrative challenges for companies like Five9 where AI is perceived as existential threat to contact center software, but sees this as creating investment opportunity. | View | |
| 2025 Q1 | Jun 16, 2025 | Silver Beech Capital | -2.8% | -2.8% | BN, BUR, DNTL.TO, ET, FFH.TO, FR, GFR.TO, GSY.TO, MHC, PRKS, RTO, WSC | Logistics, REITs, small caps, tariffs, value, volatility | The logistics real estate sector has been a top-performing asset class for over a decade, driven by structural shifts including e-commerce growth and U.S. manufacturing reindustrialization. Current supply constraints from high construction costs and elevated interest rates have created a compelling investment opportunity, with new supply projected 60% below peak 2022 deliveries. | FR |
View |
| 2025 Q4 | Feb 4, 2026 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | AROC, BE, BTSG, COHR, DY, ESAB, ESTA, EXR, GH, HIMS, ITRI, KKR, PJT, PRKS, RBA, RMBS, VRNS, WWD | aerospace, AI, cyclicals, growth, healthcare, Onshoring, small cap, technology | The AI investment cycle accelerated notably in 2025 and is expected to continue driving the market early in 2026. Bottlenecks from power supply availability remain a key gating factor to bring new computing capacity online. Despite widespread calls that AI stocks are in bubble territory, the managers hold a balanced view and believe investor skepticism may prove supportive of a prolonged investment cycle. Healthcare remains the largest sector in the US with total expenditures reaching $5 trillion and accounting for 17.7% of GDP. The sector has been working off excesses from the COVID-19 pandemic but shows reasons for optimism including increased M&A activity and more favorable valuations. Interest in healthcare stocks could see a resurgence once investors are comfortable with policy and regulatory overhangs. Aerospace stocks have largely outperformed as production challenges at two global aircraft manufacturers have led to sustained increases in high-margin aftermarket parts and services. With manufacturers finally resolving longstanding production issues, original equipment exposed stocks could potentially outperform aftermarket-exposed stocks as aircraft production rates ramp up. Re-shoring and factory automation are expected to emerge as key themes driving broader capital spending in 2026. This represents a significant shift in manufacturing and investment patterns as companies bring operations back to the United States. | View | |
| 2025 Q3 | Dec 4, 2025 | Silver Beech Capital | - | 3.5% | DNTL.TO, ET, FFH, FR, GFR.TO, GSY.TO, MHC, PLYM, PRKS, RTO, SWX, WSC | Canada, Consolidation, Cyclical, Industrial, small caps, value | Silver Beech's portfolio trades at over a 50% discount to the S&P 500's price-earnings ratio while possessing similar projected earnings-per-share growth and returns-on-capital. The fund focuses on finding disconnects between price and value, as demonstrated with WillScot trading at a 13% free cash flow yield despite being a dominant industrial services franchise. | View | |
| 2024 Q3 | Dec 31, 2024 | Adestella Investment Management | 1.4% | 9.3% | EVO.ST, FOUR, NBIS, PRKS, PSIX, UFPT | AI, edge, international, small caps, Structural Advantages, value | Manager emphasizes structural advantages of targeting under-the-radar small-cap opportunities, noting that while large-caps have outperformed for nearly two decades, cheaper valuations and longer compounding runways historically led smaller firms to superior performance over 80+ years prior to 2007. Current portfolio includes sub-$500M companies like Power Solutions International trading at attractive multiples. | NBIS EVO.ST PSIX |
View |
| 2025 Q3 | Nov 25, 2025 | Voss Value Fund | 5.0% | -1.7% | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Buybacks, Concentration, Fintech, revenue growth, small caps, software, value | AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. Tech CapEx is up 40% y/y with giants doubling spend, threatening ROIC of capital-light oligopolies. Enterprise AI adoption is slowing rather than accelerating, creating precarious dynamics where AI data center buildout holds up the economy but lack of downstream adoption makes it a potential financial time bomb. | CLBT FLYW PRKS XPOF EEFT CVNA |
View |
| 2025 Q3 | Nov 25, 2025 | Voss Value Offshore Fund | 4.9% | -2.3% | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Fintech, growth, small caps, software, technology, value | AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. However, enterprise AI adoption is slowing rather than accelerating, with Goldman Sachs data showing adoption creeping from 9.3% in Q2 to just 9.9%. The circularity of recent AI investment announcements and unprecedented scale of vendor financing raise serious questions about sustainability. | CLBT FLYW PRKS XPOF EEFT FIVN |
View |
| 2025 Q4 | Jan 20, 2026 | Greenlight Capital | 8.5% | 9.0% | AR, BHF, CNH, DECK, FLR, GPK, GPN, GRBK, HPQ, HSIC, LXS.DE, MSTU, MSTX, PRKS, SMR, SOLB.BR, SPB, TEVA, VSCO, WBD | Copper, Cyclical, gold, Hedge Fund, Long/Short, Macro, value | Gold had an exceptional year appreciating 64%. The primary driver was countries seeking to reduce dollar exposure for reserves and trade as the U.S. loses hegemonic leadership. Foreign central banks are increasing gold reserves and establishing it as an alternative to settling global trade in dollars, effectively re-monetizing gold within official government channels. Copper prices rose about 40% in 2025 driven by AI world demand for more copper while supply remains limited. Several large mines around the world experienced production shortfalls, contributing to the price appreciation. The fund focuses on building a bottom-up portfolio of equity longs that are absolutely cheap and misunderstood, paired with overvalued shorts. Many cyclical businesses faced earnings shortfalls but P/E multiples failed to expand as typically expected during cyclical downturns. | CNR SPB HSIC GPN DECK AR TEVA VSCO FLR |
View |
| 2024 Q2 | Aug 26, 2024 | Voss Value Offshore Fund | 7.4% | 8.9% | PRKS | consumer, Entertainment, Rate Cuts, small caps, Theme Parks, value | Manager initiated a new core long position in United Parks & Resorts (PRKS), viewing theme park operators as deeply out of favor despite positive fundamentals. PRKS offers a differentiated experience focused on animal content and educational shows, with strong defensive characteristics during economic downturns. The company has improved EBITDA margins from 29.2% to 41.3% under Hill Path Capital's leadership. | PRKS |
View |
| 2024 Q4 | Mar 26, 2025 | Silver Beech Capital | - | 23.9% | BN, BUR.L, DNTL.TO, ET, FFH.TO, GFR.TO, MHC, PRKS, RTO, WSC | Consolidation, energy, financials, real estate, Turnarounds, value | Silver Beech focuses on durable companies priced at attractive multiples of free cash flow, contrasting with the S&P 500's near-record multiples. The fund targets out-of-favor areas including real estate, finance companies, banks, insurers, and companies with misunderstood asset-rich balance sheets that feature attractive valuations conducive to strong forward returns. | RTO |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Voss Value Offshore Fund | United Parks & Resorts | Consumer Discretionary | Leisure Facilities | Bull | NYSE | Animal Shows, Consumer Discretionary, EBITDA Margin Expansion, Leisure, private equity, Real Estate, Regional Entertainment, Share Buybacks, strategic alternatives, theme parks, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Adestella Investment Management | United Parks & Resorts | Consumer Discretionary | Leisure Facilities | Bull | NYSE | Attendance Recovery, entertainment, Fixed Costs, international expansion, Pricing power, private equity, real estate development, theme parks, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Voss Value Fund | United Parks & Resorts | Consumer Discretionary | Leisure Facilities | Bull | NYSE | Consumer Discretionary, contrarian, entertainment, Florida, Leisure, private equity, Real Estate, theme parks, turnaround, Value | View Pitch |
| Jan 8, 2026 | Fund Letters | Travis Cocke | United Parks & Resorts Inc. | Consumer Discretionary | Leisure Facilities | Bull | New York Stock Exchange | buybacks, Leisure, Margins, realestate, Themeparks, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | Travis Cocke | United Parks & Resorts Inc | Consumer Discretionary | Leisure Facilities | Bull | NYSE | buybacks, cashflow, Competition, EBITDA, Leisure, leverage, Pricing, Privatization, Themeparks, Tourism | View Pitch |
| Nov 28, 2025 | Fund Letters | Travis Cocke | United Parks & Resorts Inc | Consumer Discretionary | Leisure Facilities | Bull | NYSE | buybacks, cashflow, Competition, EBITDA, Leisure, leverage, Pricing, Privatization, Themeparks, Tourism | View Pitch |
| Oct 23, 2025 | Value Investors Club | regency435 | United Parks & Resorts Inc. | Consumer Discretionary | Leisure Facilities | Bull | NYSE | Amusement parks, Leisure, undervalued | 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 |
|---|---|---|---|---|---|---|---|---|
| John Khoury | Long Pond Capital | $851.2M | $31.0M | 3.65% | 855,000 | +855,000 | +100.00% | 1.5934% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.9M | 0.00% | 78,905 | +70,156 | +801.87% | 0.1470% |
| Cliff Asness | AQR Capital Management | $190.6B | $621,602 | 0.00% | 17,124 | +5,046 | +41.78% | 0.0319% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $54.0M | 0.18% | 1,486,928 | -1,005,108 | -40.33% | 2.7710% |