QBTS

QBTS

QBTS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	Liberty Park Capital Management	1.4%	-2.2%	AUR, BELFB, BLN, COMP, HQI, IONQ, LAKE, LBRT, LMB, NSSC, NVEE, NWL, QBTS, QUBT, SKY, SWIM, TTEK, WHR, WNC, XMTR	consumer, Long/Short, Manufacturing, Quantum, small cap, tariffs, technology, value	Nicotine pouches are disrupting traditional tobacco products with safer alternatives that have no known carcinogens. The US market grew over 40% in Q1 2025, with nicotine pouches expected to increase from 5% of global nicotine users in 2024 to 11% in 2030. Online penetration remains low at 3% in the US versus 35% in mature markets like Sweden.	HAYPP.ST LAKE SKY NSSC XMTR	View
2024 Q1	Jun 13, 2024	180 Degree Capital Corp	0.0%	0.0%	AREN, LTRX, PBPB, QBTS, QMCO, SCOR, SNCR	activism, Microcap, rates, small caps, value	Manager argues that 5% Fed funds rates are historically normal and small cap stocks have performed well in such environments. The Russell Microcap Index remains down 30% from its all-time high despite broader market recovery. Historical data shows small caps performed positively in 15 out of 21 years when Fed funds rates were above 4.9%.	SCOR AREN LTRX QMCO SNCR PBPB	View
2026 Q1	Apr 26, 2026	Deep Sail Capital Partners	-17.8%	-17.8%	AMPG, AMZN, CRDO, CSU.TO, FSLY, GOOGL, KRKNF, META, MSFT, NET, ONON, ORCL, QBTS, TOI.TO, VRT	5G, AI, defense, Long/Short, small cap, technology		AMPG	View
2025 Q4	Feb 17, 2026	AMG GW&K Small Cap Core Fund	3.5%	7.2%	AEIS, AGIO, CIFR, CSWI, CVLT, DAVA, DSGX, FLYW, GMED, HUT, INTA, ITT, MTSI, PAR, QBTS, RARE, RBC, SATS, SF, SKY, SLG, SPXC, STRL, SUPN, THR, VIAV, WULF	healthcare, industrials, materials, Quality, small caps, technology, Trade Policy, value	The Russell 2000 Index delivered 12.8% returns for 2025 despite significant volatility, with a 23% drop by April followed by a 40% recovery. The small cap environment was characterized by narrow performance driven by low-quality, speculative stocks, with the top 25 contributors delivering over 50% of benchmark returns. The investment environment overwhelmingly favored lower quality stocks, with non-earners gaining 19.6%, negative equity stocks up 37.2%, and highest beta names advancing 26.1%. The fund's deliberate focus on higher-quality stocks with earnings support was a general headwind throughout the year. Artificial intelligence investment was a key area of market focus during 2025, though the fund questioned when investors would see returns from billions of dollars spent on AI infrastructure. The fund avoided speculative AI plays in favor of companies with more established fundamentals. Uncertain trade policy and the friction it added to the system was the biggest distraction during 2025. Companies now mostly have a sense of the rules of global trade and are adjusting, which could provide more stability going forward.		View
2022 Q3	Dec 31, 2022	180 Degree Capital Corp	0.0%	0.0%	ALTG, AREN, CVGI, PBPB, QBTS, QMCO, SCOR	-			View
2023 Q1	Dec 6, 2023	180 Degree Capital Corp	0.0%	0.0%	ALTG, AREN, IVAC, PBPB, QBTS, SNCR	activism, Banking, Concentration, Fed, inflation, Microcap, Turnarounds, value	Manager focuses exclusively on microcap stocks through concentrated portfolio of 7-10 positions. Believes microcap market is filled with inefficiencies and asymmetric risk/reward characteristics that allow for outsized returns when stock picking is correct. Views current environment as providing opportunities to invest in well-run businesses with significant upside.	ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN IVAC SNCR ALTG ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN	View
2025 Q3	Nov 8, 2025	Baird Small/Mid Cap Growth Equity Fund	-3.2%	-9.6%	AAON, ADMA, AFRM, ALAB, BMI, BOOT, BRBR, BROS, BURL, BWXT, CASY, CAVA, CLWD, COCO, DKNG, ELF, EXAS, FDS, FOUR, FSS, HLI, INSM, INSP, IONQ, LII, MASI, MKTX, MTSI, NBIX, PEN, PODD, QBTS, RGTI, SOFI, TARS, TTAN, TWLO, TXRH, WAY, WING, WSO	AI, growth, healthcare, momentum, Quality, semiconductors, small cap, software	AI enthusiasm drove significant benchmark outperformance through semiconductor and infrastructure plays, with quantum computing stocks adding over 2% to benchmark weight despite extreme valuations. The market's insatiable desire for AI beneficiaries created meaningful factor headwinds for the portfolio.		View
2025 Q3	Oct 21, 2025	Tourlite Capital Management	-2.0%	2.7%	ABUS, APG, FIP, FTAI, IONQ, NFE, OMAB, QBTS, QUBT, RGTI, ROIV, SBSW, TIC	Aviation, fundamentals, infrastructure, Long/Short, Quality, SPACs, Speculation, value	Fund operates as a long/short equity strategy capturing spread between long and short positions. Focuses on higher-quality businesses with positive earnings momentum on the long side while shorting companies with deteriorating fundamentals or unsustainable business models.		View
2025 Q3	Oct 10, 2025	Moon Capital Management	-	-	AMD, AMZN, GOOGL, IONQ, KO, META, MSFT, QBTS, QUBT, RGTI, WMT	AI, Bubble, fundamentals, risk, technology, Valuations, value	Manager draws extensive parallels between current AI investment mania and the late 1990s dot-com bubble. The four major hyperscalers are collectively spending hundreds of billions on AI infrastructure, with Microsoft alone expected to spend over $100 billion this year. Despite genuine technological potential, valuations have reached levels that far exceed realistic expectations, with companies like OpenAI valued at $500 billion while burning significant cash.		View
2023 Q3	Sep 30, 2023	180 Degree Capital Corp	0.0%	0.0%	ALTG, AREN, CVGI, PBPB, QBTS, QMCO, SCOR	activism, Bear Market, Concentration, inflation, mispricing, Recession, small caps, value	Manager emphasizes concentrated value investing using Graham and Dodd approach enhanced with constructive activism. Believes market is inefficient and many holdings are dramatically misvalued, trading at historically low valuations despite operational improvements. Cites David Einhorn's observation about enormous number of dramatically misvalued companies.	ALTG ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN	View
2023 Q2	Jul 20, 2023	180 Degree Capital Corp	0.0%	0.0%	CVGI, IVAC, PBPB, QBTS, SCOR, TURN	activism, Concentration, Microcap, small caps, turnaround, value	Fund focuses on substantially undervalued small, publicly traded companies with potential for significant turnarounds through constructive activism. Portfolio is highly concentrated in microcap names with catalysts expected to drive material appreciation.		View
2022 Q4	Feb 24, 2023	180 Degree Capital Corp	0.0%	0.0%	ALTG, AREN, CVGI, PBPB, QBTS, SCOR, SNCR	-			View
2024 Q4	Jan 23, 2025	Deep Sail Capital Partners	11.8%	38.1%	ANET, ELF, IONQ, KRKNF, LCID, META, NVDA, QBTS, QMCO, QUBT, RIVN, RKLB, TSSI, VRT	AI, Bubble, growth, Robotics, Short Selling, small cap, technology	Manager discusses the emergence of a speculative AI and quantum computing bubble in late 2024, particularly following Google's Willow quantum chip announcement. The bubble has focused on lower-quality companies rather than established AI leaders like Nvidia, Meta, and Arista Networks, creating attractive short-selling opportunities.	SHEL.F VRT ELF TSSI RKLB PNG.TO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Mar 16, 2026	Substack	Idea Hive	D-Wave Quantum	Technology	Quantum Computing	Bear	New York Stock Exchange	Cloud-Based Access, Commercialization, competitive landscape, Equity raise, high valuation, Market Expectations, niche market, Optimization Problems, Quantum Annealers, Quantum Computing	View Pitch
Feb 4, 2026	Twitter / X	@guo_lin99725	D-Wave Quantum Inc.	Software	Application Software	Bull	New York Stock Exchange	Annealing, GateModel, Logistics, Optimization, Ports, Quantum, Qubits, Scheduling, Superconducting, Supplychain	View Pitch
Sep 28, 2025	Seeking Alpha	Seeking Alpha	D-Wave Quantum Inc.		Computer Hardware	Neutral		Capital Raise, cash burn, Customer Acquisition, Dual-System Approach, market position, Quantum Computing, Revenue Growth, short interest, Technical Indicators, valuation	View Pitch
Sep 16, 2025	Short Thesis	Kerrisdale Capital	D-Wave Quantum Inc	Information Technology	Systems Software (Quantum Computing)	Bear	NYSE	Commercialization, Competition, Dilution, Quantum, SaaS	View Pitch
Aug 13, 2025	Seeking Alpha	MW Valuations	D-Wave	Information Technology	Computer Hardware	Neutral	NYSE	—	View Pitch

BSD Shareholders of QBTS

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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