RDFN

RDFN

RDFN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 3, 2025	VH Standard Asset Management	8.1%	7.1%	BASE, BERY, BPMC, BRDG, COOP, DFS, ESGR, GMS, GTLS, HES, JNPR, JWN, LFCR, RDFN, SGOV, SPTN, STR, SWTX, TURN, X	Antitrust, Cash, Deregulation, M&A, Merger Arbitrage, Regulatory	The manager notes a significant pickup in M&A activity within the biotech-pharma-healthcare industry recently, which has provided deal flow for the portfolio. Johnson & Johnson's $15 billion acquisition of Intra-Cellular received no regulatory scrutiny, exemplifying the more permissive environment.		View
2025 Q2	Jul 11, 2025	Jacob Fund	-	-	COOP, LWLG, RDFN, RKT	AI, Internet, Mortgage, small cap, technology, Trade Policy	Artificial intelligence is driving increasing data demands that are straining Internet infrastructure. Lightwave Logic's technology could dramatically improve speed and efficiency of Internet backbone as AI technological revolution intensifies. The company is working with data center and semiconductor players to test effectiveness of its modulators.	LWLG RKT LWLG RKT	View
2025 Q1	May 17, 2025	VH Standard Asset Management	-	-	ALTM, ALTR, APO, AZPN, BECN, BRDG, COF, DFS, DNB, EDR, ESGR, HCP, HEES, HHH, HRI, JNPR, JWN, K, PDCO, PLYA, RDFN, RDUS, SWTX, TURN, WBA	Capital markets, M&A, Merger Arbitrage, risk management, volatility	The manager expects M&A activity to pick up significantly, leading to increased overbids and excess returns. Current environment shows minimal overbids, quiet go-shops, and subdued optimism, but historical patterns suggest this will revert to more competitive conditions similar to the 1980s merger boom.		View
2025 Q1	Apr 3, 2025	Rodrigo Benedetti	-	-	AMZN, COOP, CUBI, ENR.DE, GOOG, HNRG, HSBK.L, META, NVDA, OZK, PSIX, RDFN, RKT, SRC.L, SWI, TKA.DE	AI, banks, defense, Europe, megacaps, Trade Policy, value	AI capex and MAG7 stocks were getting entrenched with their fates interlinked. The AI/datacenter trade became radioactive after the correction, though the manager sees potential if capex numbers grow in 2026 and flatten in 2027. Looking at energy plays around AI infrastructure.		View
2024 Q1	Apr 20, 2024	Saga Partners	22.6%	39.4%	AMZN, COST, CVNA, EXPI, GDRX, GOOGL, KMX, KO, LAD, META, NFLX, RDFN, ROKU, TTD, UA, VZIO, WMT, Z	Concentration, E-Commerce, long-term, technology, value, volatility	Carvana represents a complete transformation of used car retail through integrated e-commerce infrastructure. The company has built an irreplicable network of inspection centers, logistics, and financing operations that enables seamless customer experience. Despite 2022 challenges, Carvana demonstrated profitable unit economics and reached positive EBITDA in 2023.		View
2025 Q1	Mar 31, 2025	Lazard Enhanced Opportunities Portfolio	-	-	BIDU, CHTR, DAY, DOCN, GME, KKR, LINTA, NET, RDFN, RKT, TCOM	arbitrage, Convertibles, credit, rates, special situations, volatility	The portfolio focuses on convertible securities with attractive volatility/gamma characteristics, targeting shorter-dated, higher-quality paper in the $80-120 price range. Convertible valuations improved in higher price buckets, driven by rates and volatility movements, while credit-sensitive convertibles below 80 weakened due to wider credit spreads.		View
2024 Q4	Dec 4, 2025	Saga Partners	-	112.2%	AAPL, AMZN, BRK-A, CVNA, F, GM, GOOGL, META, MGI, MSFT, NFLX, RDFN, RKT, ROKU, SPOT, TRUP, TTD, WISE.L, WMT, WU	Advertising, disruption, E-Commerce, growth, payments, Platform, Streaming, technology	Carvana demonstrates a superior customer value proposition versus traditional dealerships with a structurally lower cost model at scale. The company has achieved industry-leading unit economics with gross profit per unit reaching $6,900 in 2024, up from $3,000 in 2022, while maintaining high Net Promoter Scores.		View
2023 Q4	Aug 1, 2024	Saga Partners	22.6%	39.4%	CVNA, LGIH, META, RDFN, ROKU, TRUP, TTD	Concentration, growth, Long-only, Quality, technology	The portfolio includes multiple e-commerce and digital commerce companies including Carvana (online auto sales), Redfin (real estate platform), and Trade Desk (digital advertising). These companies represent the ongoing digital transformation of traditional commerce sectors.		View
2025 Q1	Apr 22, 2025	JDP Capital	-2.0%	-2.0%	CZR, ENDI, RDFN, RKT, SPOT	China, gaming, Streaming, tariffs, Trade Policy, value, volatility	The manager extensively discusses the 2025 Tariff Tank and its impact on markets, analyzing both bear and bull cases for MAGA trade policies. He views tariff uncertainty as creating extreme volatility but believes the ultimate outcome will be somewhere between extremes and not as disruptive as either side predicts.	RDFN SPOT CZR ENDI	View
2023 Q3	Apr 10, 2023	Saga Partners	22.6%	39.4%	CVNA, LGIH, META, RDFN, ROKU, TRUP, TTD	Concentration, consumer, growth, technology, value			View
2022 Q4	Feb 16, 2023	Saga Partners	22.6%	39.4%	CVNA, RDFN	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	JDP Capital	Redfin Corporation	Real Estate	Real Estate Services	Bull	NASDAQ	Customer Acquisition, Cyclical, housing market, M&A, mortgage origination, Real Estate Brokerage, technology platform, Value	View Pitch

BSD Shareholders of RDFN

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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