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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q4 | Dec 31, 2024 | Minot Light Capital Partners | 5.2% | - | DERM, MYTE, REAL, TDUP | - | View | ||
| 2025 Q3 | Oct 19, 2025 | Minot Light Capital Partners | 7.6% | 12.5% | ARQ, CLPT, CURV, LGCY, LUCD, REAL, SWAG | Biotech, Consumer Stocks, Growth Investing, Life Sciences, small caps | The fund gained modestly but lagged benchmarks as healthcare holdings weighed on results. Managers spotlight RealReals AI-enabled resale growth and industrial cleaner Arqs carbon business while acknowledging short-term weakness in Lucid Diagnostics and Torrid. They maintain conviction in overlooked microcaps with recurring revenue and scalable platforms. | SWAG LUCD CURV ARQ CLPT REAL |
View |
| 2025 Q4 | Jan 18, 2026 | Minot Light Capital Partners | 0.0% | 14.4% | ARQ, CBLL, CLPT, CURV, KRMD, LAKE, LUCD, MAMA, MRVI, NEOG, OM, OWLT, REAL, RXST, RZLT, SWAG, XOMA | Biotech, growth, momentum, Process, small caps, value, volatility | The managers describe unprecedented speed and magnitude of volatility in small/micro-cap space, calling some institutional liquidations violent. They embrace this volatility as it creates opportunities to buy below fair value and sell above fair value, while improving their process to capitalize on these dynamics. The letter discusses how momentum has become an over-owned factor, with many investors avoiding declining stocks. The managers believe taking the other side of downward momentum can be extremely profitable if positioned to ride through volatility, as much trading is now quantitative rather than fundamental. The fund focuses exclusively on small and micro-cap opportunities, believing there is compelling opportunity for meaningful long-term capital appreciation. They discuss how small-caps falling into micro-cap territory face institutional selling pressure when they drop below arbitrary thresholds like $100M market cap. | OM ARQ RZLT XOMA |
View |
| 2024 Q4 | Feb 18, 2025 | Tourlite Capital Management | 0.4% | 14.2% | FIP, FTAI, LTCH, REAL, ROIV, SOC | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | Eddie Reilly | The RealReal, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AI, Authentication, Consignors, network effects, operating leverage, profitability, Resale | 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 |
|---|---|---|---|---|---|---|---|---|
| Carlo Cannell | Cannell Capital | $204.1M | $254,563 | 0.12% | 16,132 | -342,949 | -95.51% | 0.0195% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $11.9M | 0.02% | 753,856 | -626,140 | -45.37% | 0.9095% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $9.2M | 0.01% | 584,980 | +427,443 | +271.33% | 0.7057% |
| Israel Englander | Millennium Management LLC | $233.2B | $16.3M | 0.01% | 1,035,611 | +510,150 | +97.09% | 1.2494% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $42.9M | 0.06% | 2,718,631 | +89,861 | +3.42% | 3.2798% |
| Cliff Asness | AQR Capital Management | $190.6B | $2.9M | 0.00% | 183,255 | +43,313 | +30.95% | 0.2211% |
| Rich Handler | Jefferies | $19.3B | $4,797 | 0.00% | 304 | -365 | -54.56% | 0.0004% |