QS

QS

QS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Oct 31, 2025	Kinsman Oak	-	-	ACHR, ASTS, CRML, DGNX, FRMI, GLD, JOBY, LAC, MEME, NNE, NXE, OKLO, PPTA, QMMM, QS, QUBT, RGCI, RGTI, SERV, SKE, TMC	AI, Bubble, debasement, gold, infrastructure, Speculation, technology, valuation	The manager sees AI as a speculative bubble similar to the dot-com era, with massive capital misallocation and unsustainable valuations. Big Tech firms are spending $400 billion in 2025 on AI infrastructure buildout, requiring a 100-fold revenue increase to justify costs. The manager believes this capex binge will eventually end badly when investors realize AI isn't generating incremental free cash flow.		View
2024 Q4	Jan 16, 2025	MacNicol & Associates Asset Management	-	-	DKNG, MNTS, QS	inflation, monetary policy, real estate, SPACs, Trade Policy, Valuations	SPACs experienced dramatic rise and fall from 2020-2023, with over 600 IPOs in 2021 falling to just 30 in 2023. The collapse exposed how perceived value eventually reverts to intrinsic value, with many investors suffering significant losses due to loose financial reporting standards and overvalued private companies.		View
2025 Q4	Jan 14, 2026	Greenalpha Investment	-	-	002594.SZ, 006400.KS, 300274.SZ, 300750.SZ, 373220.KS, 601012.SS, 601766.SS, GE, QS, TM, WOLF	AI, Batteries, China, Energy Transition, geopolitics, infrastructure, Manufacturing, technology	Wind and solar have grown from under 2% to 17% of global power generation in fifteen years. Electric vehicles are approaching 25% of new car sales globally. The cost curves are working and the physics is on our side, but the transition is being won in manufacturing terms by China. AI capabilities are real and consequential, with models now reasoning through complex problems. However, AI operates under constraints and cannot transcend the physical systems in which it must be embedded to create value. The true value lies in System Orchestration rather than generating text. China controls approximately 75% of global lithium-ion battery production, manufactures 90% of the world's neodymium magnets, and dominates solar panels, wind turbines, and grid equipment. China has become the first electrostate while the US remains the world's largest petrostate. China controls the Electric Stack including batteries, magnets, power electronics, and embedded compute. These four technologies show a composite 99% cost decline since 1990. The West's strategic advantage may lie in mastering molecular re-manufacturing and recycling. Power electronics and silicon carbide represent contestable leadership opportunities. Wolfspeed leads globally in silicon carbide substrates with 33.7% market share. The shift to SiC is early enough that leadership remains contestable despite Chinese dominance in other areas.		View
2023 Q1	Mar 31, 2023	East72 Holdings	6.3%	0.0%	0001.HK, 2074.SZ, 8TRA.DE, AML.L, BAIN.PA, BOL.PA, CFR.SW, EXO.MI, GOOGL, IVG.MI, IWG.L, LBRDK, LIF.TO, MC.PA, MFG.AX, MSGS, NWSA, P911.DE, PAH3.DE, PSHZF, QS, RACE, UHR.SW, VIV.PA, VOW3.DE	Autos, Battery, Dynasties, Europe, gaming, IPO, Luxury, value	The fund invests in luxury companies with dynastic control, including SBM (Monaco's luxury gaming and hospitality), Richemont, and Swatch Group. These companies benefit from the ultra-rich demographic and have pricing power. The manager views luxury as a defensive growth sector with strong moats.	VOW3.DE BAIN.PA	View
2025 Q2	Jan 1, 1970	Green Alpha Investment	-	-	CRSP, QS	Biotechnology, Energy Transition, growth, innovation, sustainability, technology	The market is recognizing the transition to a sustainable, efficient, and resilient global economy as a structural imperative rather than discretionary luxury. Next-generation solar cells achieved record 26.4% efficiency with flexible perovskite-organic tandem technology, addressing durability concerns and expanding applications beyond utility-scale to building facades, vehicles, and wearables.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Aug 8, 2025	Seeking Alpha	Danil Sereda	QuantumScape Corporation	Consumer Discretionary	Auto Parts	Neutral	NYSE	—	View Pitch
Aug 8, 2025	Seeking Alpha	Michael Del Monte	QuantumScape	Consumer Discretionary	Auto Parts	Bear	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Stone Fox Capital	QuantumScape Corporation	Consumer Discretionary	Auto Parts	Neutral	NYSE	—	View Pitch

BSD Shareholders of QS

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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