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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q4 | Dec 31, 2024 | Apis Global Discovery Fund | 2.6% | 8.6% | HLDR, RCAT, SN, TLN | energy, global, industrials, Power, small caps, technology, value | Data center power demand is driving significant opportunities in power generation and pricing. Indiana serves as a key hub for data center activity, which could further drive power demand and prices upward. Talen Energy has already secured a contract with Amazon to supply power to a data center campus at prices 50% above the forward curve. | TLN RCAT 4046.T 267270.KS HNRG |
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| 2024 Q4 | Dec 31, 2024 | Apis Deep Value Fund | 1.4% | 8.5% | HNRG, PLUG, RCAT, SONO.SW, TLN, TPB | energy, global, Japan, Korea, Long/Short, small caps, technology, value | Indiana is a key hub of data center activity, which could further drive power demand and prices upwards for Hallador Energy. Talen Energy owns nuclear power capacity in a region poised for significant power price increases driven by rising demand from data centers, and already secured a contract with Amazon to supply power to a data center campus at prices 50% above the forward curve. | SOON.SW PLUG 2238.HK TPB TLN RCAT 4046.T 267270.KS HNRG |
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| 2024 Q4 | Jan 2, 2025 | Cedar Grove Capital Management | 21.0% | 0.0% | AAPL, HIMS, MSTR, RCAT, SNBR | AI, crypto, Hedging, Multi-Strategy, Options, small caps, Telehealth, Trump | HIMS is the fund's second-largest holding with immense long-term potential in cash-pay telehealth. The manager navigated complex option strategies around FDA decisions on Tirzepatide and Semaglutide, ultimately protecting the position while maintaining conviction in the long-term thesis despite short-term volatility. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Apis Global Discovery Fund | Red Cat Holdings | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Army Contract, Chinese Competition, Defense, Military Drones, NATO, Reconnaissance, Trump administration | View Pitch |
| Apr 13, 2026 | Fund Letters | Apis Deep Value Fund | Red Cat Holdings Inc | Industrials | Aerospace & Defense | Bull | NASDAQ | Defense, Drones, government contracts, Military, Momentum, NATO, Trump administration | View Pitch |
| Jan 20, 2026 | Seeking Alpha | Seeking Alpha | Red Cat Holdings Inc. | Aerospace & Defense | Drones | Bull | NASDAQ Stock Market | Blue UAS, Defense, Drones, FlightWave, growth, Next-Gen Defense, Production, Red Cat Holdings, Teal Drones, Unmanned systems | View Pitch |
| Oct 30, 2025 | Short Thesis | Fuzzy Panda | Red Cat Holdings, Inc. | Industrials | Aerospace & Defense | Bear | NASDAQ | Drones, Srr Program, Defense Procurement, Foia, Itar/China Components, Guidance Risk, Nato Sales | View Pitch |
| Sep 16, 2025 | Short Thesis | Kerrisdale Capital | Red Cat Holdings Inc | Industrials | Aerospace & Defense (Unmanned Aerial Systems) | Bear | NASDAQ | cash burn, Competition, Defense, Drones, Military | View Pitch |
| Sep 16, 2025 | Short Thesis | Fuzzy Panda | Red Cat Holdings Inc | Industrials | Aerospace & Defense (drones) | Bear | NASDAQ | Competition, Drones, Equity raises, Production issues, Scalability risk | View Pitch |
| Aug 8, 2025 | Seeking Alpha | The Techie | Red Cat Holdings, Inc. | Information Technology | Computer Hardware | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Stone Fox Capital | Red Cat Holdings, Inc. | Information Technology | Computer Hardware | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Star Investments | Red Cat Holdings, Inc. | Information Technology | Computer Hardware | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Analysis Fundamental | Red Cat Holdings, Inc. | Information Technology | Computer Hardware | 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 |
|---|---|---|---|---|---|---|---|---|
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $214,181 | 0.00% | 27,009 | -277,878 | -91.14% | 0.0151% |
| Israel Englander | Millennium Management LLC | $233.2B | $223,277 | 0.00% | 28,156 | -70,578 | -71.48% | 0.0158% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $90,465 | 0.00% | 11,408 | -41,584 | -78.47% | 0.0064% |
| Cliff Asness | AQR Capital Management | $190.6B | $199,170 | 0.00% | 25,116 | +13,851 | +122.96% | 0.0141% |