PTON

PTON

PTON

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	RGA Investment Advisors	-	-	AVGO, AWE.L, CRSP, FEVR.L, MTN, PTON, PYPL, ROKU, WDAY	Biotechnology, conviction, Enterprise Software, Fitness, Streaming, Trade Policy, volatility	CRISPR Therapeutics represents a first-mover advantage in cell and gene therapy with commercial approval of Casgevy. The company trades at a significant discount with strong cash position and pipeline optionality. Management has balanced capital discipline with R&D ambition, positioning the company to lean into its pipeline while competitors retrench.	MTN AWE PYPL FEVR ROKU WDAY PTON CRSP	View
2025 Q2	Jul 24, 2025	Focus Capital Management	28.5%	-	BUR.L, PTON, YPF	Argentina, Investment Process, Legal, Litigation, valuation, value	The manager emphasizes deep value investing principles, highlighting that valuation always matters regardless of business quality. The Peloton case study demonstrates their commitment to avoiding overvalued investments even with attractive business models.	PTON BUR.L	View
2025 Q1	May 22, 2025	Brown Advisors Global Leaders Strategy	-	-0.4%	ABNB, AMZN, BKNG, EVD.DE, GE, GOOGL, LSEG.L, NFLX, PTON, RTO.L, SHW, WKL, ZM	Capital Allocation, compounders, Concentration, global, narratives, Quality	The strategy focuses on market-leading companies that combine exceptional customer outcomes with strong leadership to generate high and sustainable returns on invested capital. These companies have secure franchises with multiple barriers to entry protecting their customer relationships.		View
2024 Q1	May 1, 2024	Optimist Fund	27.8%	49.2%	ACVA, AHT, BFIT, CIGI, CRCT, CVNA, DASH, FIGS, HFG, MNDY, OPEN, POOL, PTON, REVL, SMAR, UBER, W, XPOF	Concentration, E-Commerce, Fitness, growth, Market Leadership, technology, turnaround	The fund believes market leaders like Carvana, Wayfair, and DoorDash have won their respective online markets after competitors died or shrank dramatically during 2022. The manager sees this as similar to Amazon's dominance after the early 2000s tech bubble collapse.	ACVA UBER XPOF DASH CVNA	View
2024 Q1	Apr 25, 2024	Patient Capital Management	5.6%	15.8%	AMZN, BIIB, C, CLF, COIN, CROX, EXPE, GOOGL, KOS, META, NVDA, PTON, SOFI	AI, Biotechnology, Buybacks, crypto, growth, large cap, technology	Nvidia dominates the GPU market with 92% data center market share, benefiting from insatiable AI demand. The company grew revenue, earnings and FCF by 126%, 392%, and 610% respectively over the last year. Despite the massive market cap expansion, valuation has actually compressed from 61x to 37x forward earnings.	BIIB NVDA	View
2024 Q1	Apr 20, 2024	Cedar Grove Capital Management	21.0%	0.0%	AAPL, ACI, BAC, CCJ, CPRI, DJT, FVRR, IRBT, LULU, MTCH, ONON, OXY, PTON, RH, SAVE, TPR	arbitrage, Consolidation, Frontrunning, portfolio, rates, risk management, Speculation	Manager notes AI taking front-row seat despite most companies not understanding how to use it beyond buzzwords and chatbots. Expects capital investment to taper off, ending parabolic growth in semiconductor names.		View
2026 Q1	Apr 15, 2026	Open Insights Capital	47.7%	47.7%	INTU, OXY, PTON, RIG, TEAM, VAL	commodities, Conflict, Drilling, energy, geopolitics, Iran, oil		PTON VAL OXY	View
2025 Q4	Feb 12, 2026	Optimist Fund	-8.5%	32.2%	AFRM, CVNA, DASH, DICEY.L, FVRR, HFG, LTHM, META, MNDY, NFLX, PTON, ROOT, TDUP, UBER, W	Compounding, E-Commerce, growth, long-term, technology, value	The fund holds significant positions in e-commerce companies including Wayfair, Carvana, ThredUp, and DoorDash. These businesses are showing strong fundamental performance with revenue growth acceleration and improving profitability metrics. The manager views current valuations as materially underappreciating future earnings potential. The fund focuses on identifying businesses where deep research can uncover gaps between market expectations and long-term reality. The strategy targets companies with potential for mid-teens or better compound returns over decades, emphasizing businesses with accelerating sales and earnings growth. The manager emphasizes finding businesses trading at significant discounts to intrinsic value, where market expectations are materially below long-term reality. Current valuations are viewed as underappreciating the earnings and cash flow core holdings will generate over the next five years.	MNDY TDUP CVNA W DSCV LN LUCE LN SWIM MNDY TDUP CVNA W	View
2022 Q3	Oct 10, 2022	Merion Road Capital	5.4%	11.2%	CRMT, FERG, GOOG, PTON, SIX	-			View
2025 Q4	Jan 26, 2026	Open Insights Capital	0.0%	0.0%	OXY, PTON	AI, Bubble, energy, Fitness, Long/Short, oil, valuation	Manager views current AI valuations as extreme bubble territory, comparing companies trading at 65x revenue to dot-com era excesses. Believes AI infrastructure is being built ahead of actual technology readiness, creating conditions for a bust following the capex boom when reality falls short of expectations. OPEC+ abandoned market management strategy and initiated price war, leading to inventory builds and 18% oil price decline. Manager believes current oversupply concerns are overdone, with builds smaller than expected and low prices killing US shale growth while global demand continues rising. Peloton transitioning from pure fitness equipment platform to broader health span platform targeting $7 trillion wellness market versus $6 billion home exercise market. Company launching AI-powered products and cross-training equipment while raising subscription prices and improving financial metrics.		View
2024 Q3	Sep 30, 2024	L1 Capital International Fund	4.7%	0.0%	AAPL, AER, AMD, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, MA, META, MSFT, NVDA, PFE, PTON, TSLA, UNH, V, ZM	AI, large cap, Quality, rates, technology, US, value	The fund extensively analyzes Nvidia's dominance in AI infrastructure and the broader AI gold rush. While acknowledging AI's transformative potential, the manager expresses concern about Nvidia's $3.2 trillion valuation given high uncertainty around competition, commercialization timelines, and returns on AI investments.		View
2023 Q3	Sep 30, 2023	Octahedron Capital	0.0%	0.0%	AAPL, ABNB, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, BKNG, CPNG, CRWD, CVNA, DASH, DBRX, DIS, ETSY, GOOGL, INTC, KVYO, LRCX, MA, MELI, MSFT, NFLX, NU, NVDA, PTON, SNOW, SPOT, TSM, UBER, V, W	AI, Cloud, E-Commerce, payments, semiconductors, Streaming, technology, Travel	Generative AI is driving a platform shift in software and enabling new applications. The industry is transitioning to accelerated computing with data centers making a platform shift from general purpose to accelerated computing. AI investments are capex-heavy but expand software TAM through LLMs enabling software to eat OpEx.		View
2024 Q2	Aug 31, 2024	Horos Asset Management	2.9%	9.8%	AAPL, AER, AMZN, ATYM.L, BF-B, DEO, ENO.MC, GOOGL, LBTYA, MEL.MC, MSFT, NH.MC, NPN, NVDA, PTON, RI.PA, SEM.LS, TLGO.MC, TSLA, ZM	AI, Concentration, Europe, Margin Of Safety, risk management, technology, value	The fund emphasizes investing with a high margin of safety and finding companies trading at attractive valuations. They focus on situations that offer substantial upside potential compared to current market prices, particularly in areas where other investors may be overlooking opportunities.		View
2024 Q4	Jan 25, 2025	Open Insights Capital	-	-	MEG.TO, MSTR, OXY, PTON, TSLA, XLE, XOP	crypto, energy, fundamentals, oil, Speculation, value	Manager believes oil prices are skewed to the upside due to inventories at 5-year lows, slowing non-OPEC production growth, and potential demand recovery from China stimulus. OPEC+ gaining leverage as spare capacity resides with them while US shale production has plateaued.	MEG.TO OXY	View
2024 Q4	Jan 21, 2025	Greenlight Capital	-	7.2%	AAPL, BHF, CEIX, CNC, CNH, CPRI, GRBK, HPQ, KD, LIVN, LXS, MSTR, ODP, PTON, SOLB.BR, THC, TPG	Agriculture, crypto, ETFs, healthcare, Long/Short, technology, value	Greenlight discusses the speculative nature of cryptocurrencies, comparing them to collectibles with no intrinsic value. The letter highlights the emergence of memecoins like Fartcoin and Trump's official memecoin, noting the extreme valuations and speculative trading patterns in the crypto market.	CPRI CNC CNH PTON	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 30, 2026	Fund Letters	Open Insights Capital	Peloton Interactive	Leisure	Leisure Products	Neutral	NASDAQ	Consumer Discretionary, Economic Sensitivity, Equity, fitness equipment, new management, Position exit, subscription model, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Focus Capital Management	Peloton Interactive Inc	Consumer Discretionary	Leisure Products	Neutral	NASDAQ	Connected-Fitness, Consumer Technology, Cost management, Cult Following, Exercise Equipment, leisure products, streaming platform, subscription model, turnaround, Valuation Discipline	View Pitch
Apr 13, 2026	Fund Letters	Greenlight Capital	Peloton Interactive Inc	Consumer Discretionary	Leisure Products	Bull	NASDAQ	At-home Fitness, Connected-Fitness, cost-cutting, EBITDA Generation, Fitness Technology, Subscription, turnaround	View Pitch
Jan 28, 2026	Fund Letters	Nelson Wu	Peloton Interactive, Inc.	Consumer Discretionary	Leisure Products	Bull	NASDAQ	Fitness, Freecashflow, Refinancing, Subscriptions, turnaround	View Pitch
Jan 8, 2026	Fund Letters	Jason Gilbert	Peloton Interactive Inc.	Consumer Discretionary	Leisure Facilities	Bull	NASDAQ	Connected-Fitness, Margins, Pricing power, Subscription, turnaround	View Pitch

BSD Shareholders of PTON

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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