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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 17, 2025 | Alger Small Cap Focus Fund | 15.2% | -5.0% | MSFT, NBIS, NVDA, PTLO, QTWO, TLN, TPC, WING | AI, Cloud, Construction, energy, healthcare, infrastructure, small cap, technology | AI is at an inflection point, potentially enabling significant increases in productivity. The fund sees accelerating AI adoption creating attractive investment opportunities, particularly in AI infrastructure and cloud-based solutions. Companies like Nebius are benefiting from growing demand for AI compute and specialized GPU computing capabilities. | QTWO PTLO WING TPC TLN NBIS TECH NEOG FSS RBC TPC |
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| 2024 Q1 | Apr 27, 2024 | White Brook Capital | 0.0% | 6.5% | AFYA, BLDR, GBX, GPRE, KAR, KNX, LTH, PETQ, PTLO, RILY | consumer, healthcare, Pet Care, small caps, Trade Down, value | The manager sees pet care as benefiting from aging pet populations requiring more medications and supplements, while less affluent consumers trade down to cost-effective products like PetIQ's offerings. The company benefits from pets' continued existence rather than just initial purchases, with supplements becoming their largest business segment. | PETQ |
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| 2025 Q1 | Apr 11, 2025 | Middle Coast Investing | - | - | AAPL, AER, AMZN, ATKR, ATRO, AVGO, BRK.B, CCK, DALN, DFS, ECG, FCNCA, LULU, OMAB, PGR, PTLO, SCHW, SCS, SON, TRIP | aerospace, Airports, infrastructure, insurance, technology, Trade Policy, volatility | Manager expects continued volatility due to Trump administration's erratic policy approach and indifference to stock market performance. Planning to be quicker about buying and selling to take advantage of volatility, with raised cash levels to navigate uncertain environment. | GOOG SON ECG |
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| 2025 Q3 | Oct 2, 2025 | Middle Coast Investing | - | - | AAPL, AER, AMZN, ATRO, AVGO, COF, CPAY, DALN, FCNCA, GOGO, GOOG, LULU, LYFT, MSFT, OMAB, PGR, PTLO, SCS, TRIP, TSM | AI, buyouts, insurance, semiconductors, technology, value | Manager discusses AI cautiously, experimenting with it for business operations and research but finding limited practical value so far. Views AI as creating a bubble environment similar to the internet bubble, with many participants admitting it's in a bubble phase. Invests selectively in AI-related companies but maintains natural skepticism. | AL US TFSL US BHF US HI US GOGO US CORP US |
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| 2025 Q3 | Oct 16, 2025 | White Brook Capital | - | - | AMS, BLDR, BOF, CCLDO, CVEO, FND, GOOG, INFU, JAKK, MSFT, NVDA, PAYS, PTLO, QIPT, RGTI, RPID, TGT, TSM, TTSH | AI, Bubble, cash flow, growth, Homebuilders, small caps, value | Manager views AI spending as creating a bubble with mixture of substance and hype. Compares to fiber optic cable overinvestment but notes silicon processors have much shorter lifespans. Sees problematic warrant and share issuances in AI ecosystem deals. | TGT US PTLO US |
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| 2025 Q3 | Oct 14, 2025 | Alger Small Cap Focus Fund | 8.6% | 3.2% | MSFT, NBIS, NVDA, PTLO, QTWO, TLN, TPC, WING | AI, Cloud, consumer, Data centers, energy, infrastructure, small caps, technology | AI is at an inflection point, potentially enabling significant increases in productivity. The fund sees accelerating AI adoption creating attractive investment opportunities, particularly in AI infrastructure and cloud-based solutions. Companies like Nebius are benefiting from growing demand for AI compute and specialized GPU computing capabilities. | TPC |
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| 2025 Q4 | Jan 9, 2026 | Middle Coast Investing | 2.7% | 16.9% | AAPL, ABM, AER, AMZN, APOG, ATKR, ATRO, AVGO, BHF, CCK, COF, CPAY, ECG, FG, GOGO, GOOG, HI, HNI, HURC, LULU, LYFT, MLKN, OMAB, PAGS, PGR, PTLO, SCHW, TRIP, WS | Bottom-up, Cash, Defensive, Office Furniture, risk management, value | Manager emphasizes bottom-up investing approach, looking for companies that will do better in years ahead when stocks are priced attractively. Seeks good companies at fair prices to protect against market struggles while avoiding missing big years. Primary goal is to avoid blowing up and survive through bad times. Uses rules like not buying whole positions at once, demanding 50% upside, watching leverage, and knowing when to double down. Maintains defensive portfolio positioning. Decade-long investment theme in office furniture companies including Kimball International, Steelcase, and HNI Corporation. Believes return to office theme hasn't played out but might be soon, with order growth showing improvement across major players. | View | |
| 2024 Q4 | Jan 8, 2025 | Middle Coast Investing | - | - | AAPL, ACLS, ADM, AER, AMZN, ATKR, ATRO, AVGO, BKNG, DFS, EB, FCNCA, FG, LULU, OMAB, PGR, PTLO, SCS, TRIP, TSM | Portfolio Management, Restaurants, small caps, technology, Travel, value | Travel is the manager's favorite sector to study and has paid off over the years. TripAdvisor's Viator business finally passed legacy TripAdvisor in revenue in Q3 2024, with the race between Viator's growth and legacy decline now seeming winnable. The manager views travel as offering continued opportunities. | TRIP PTLO |
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| 2025 Q4 | Jan 31, 2026 | White Brook Capital | 0.0% | 0.0% | BLDR, FND, GOOG, JAKK, MSFT, MSTR, NVDA, PTLO, RPID, TSM | AI, crypto, growth, healthcare, inflation, semiconductors, small caps, value | The efficacy of AI expenditures started to be questioned during Q4 2025. Companies like Microsoft continue spending aggressively on cloud capacity, but value is now considered in customer context. The increasing competence of AI in performing tasks has begun impacting the software as a service sector, creating temporary losers in what was once an all-winners environment. Bitcoin treasury companies represent an ongoing investor mania that appears to be ending. These companies that turn bitcoin into stocks now trade meaningfully below the value of their bitcoin reserves, having broken the buck. They are trapped, unable to sell bitcoin to buy back shares or sell stock to buy bitcoin without driving down prices. The Small Cap Absolute Growth Strategy vastly exceeded expectations in 2025. Small and micro cap stocks offer potential for high returns for diligent, patient, and active investors. The strategy is concentrated in healthcare sector with 8 of the positions in healthcare, particularly technology, equipment, and tools industries. The manager owns Nvidia Corp and Taiwan Semiconductor Manufacturing Corporation as best in class operators in the process of realizing a double, based on earnings growth due to their ability to extract the last of the rents from the artificial intelligence investment wave. | View | |
| 2024 Q4 | Jan 27, 2025 | White Brook Capital | - | - | AFYA, BLDR, BOX, DNUT, GBX, GPRE, INFU, KAR, LTH, MOS, OKTA, PTLO, RPID, W | Brazil, Fertilizers, Food, healthcare, Housing, mid cap, technology, value | Two portfolio companies have significant Brazilian operations affected by currency devaluation of over 25% in 2024. Brazilian government passed fiscal measures reducing spending in late 2024, and currency pressures have abated. The manager expects significant returns if Brazil's currency stabilizes or improves versus the dollar. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Alger Small Cap Focus Fund | Portillo's, Inc. | Consumer Discretionary | Restaurants | Bear | NASDAQ | Chicago-Style Food, Consumer Discretionary, fast-casual restaurant, restaurant expansion, same-store sales, traffic decline | View Pitch |
| Apr 13, 2026 | Fund Letters | Middle Coast Investing | Portillo's Inc. | Consumer Discretionary | Restaurants | Bull | NASDAQ | Chicago, Fast casual, Free cash flow positive, Geographic Expansion, Private Equity Overhang, Restaurant Chain, same-store sales, Sun Belt, Value | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Pod Investor | Portillo's Inc. | Consumer Discretionary | Restaurants | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Gary Alexander | Portillo's | Consumer Discretionary | Restaurants | 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 |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $2.8M | 0.00% | 615,700 | +394,590 | +178.46% | 0.6829% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.2M | 0.00% | 263,053 | -156,204 | -37.26% | 0.2918% |
| Israel Englander | Millennium Management LLC | $233.2B | $10.4M | 0.00% | 2,279,826 | +2,219,596 | +3685.20% | 2.5288% |
| Cliff Asness | AQR Capital Management | $190.6B | $260,241 | 0.00% | 57,322 | +31,388 | +121.03% | 0.0636% |
| Glenn Welling | Engaged Capital | $392.0M | $7.0M | 1.78% | 1,534,990 | -3,534,311 | -69.72% | 1.7026% |