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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 25, 2025 | Baron Discovery Fund | 14.7% | 7.6% | ALKT, BASE, CW, CYBR, DAY, DKNG, DT, EXAS, GWRE, INSP, IRT, KTOS, LLYVA, MAC, MEG, MRCY, NOVT, PAR, RH, TEM, WYNN | AI, Cloud, cybersecurity, defense, growth, small caps, sports betting, technology | The fund is positioned across multiple defense companies benefiting from increased funding and demand for advanced military technologies. Companies like Kratos Defense & Security Solutions and Karman Holdings are well positioned for accelerated multi-year growth in areas such as hypersonic technology, drone engines, missile defense, and space launch components. | WYNN INSP CLWR KARH MEG KTOS |
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| 2025 Q2 | Jul 14, 2025 | Recurve Capital | - | 14.8% | AMZN, BC.MI, CCOI, CVNA, ELF, MSFT, PAY, RCL, RH | Concentration, Decision Tree, disruption, E-Commerce, growth, Long Term, value creation, volatility | Carvana represents a disruptive e-commerce platform in the used auto market with industry-leading unit economics. The company has transformed from near-bankruptcy in 2022 to a high-quality secular growth story, demonstrating the power of purpose-built modern operating infrastructure that competitors cannot replicate. | BC PAY AMZN RH ELF RCL CCOI CVNA RH CCOI CVNA |
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| 2023 Q2 | Jun 30, 2023 | Platinum International Fund | -0.9% | - | 005930.KS, 0700.HK, 2318.HK, 2338.HK, 6479.T, 8002.T, AIR.PA, ALLFG.L, BAX, CATL, GOOGL, INDIGO.NS, MCHP, RH, SUZB3.SA, TRU, TSM, UPM1V.HE, ZTO | AI, China, Energy Transition, global, rates, technology, value | The extraordinary bounce in technology sector driven by artificial intelligence developments, particularly ChatGPT and NVIDIA's revenue guidance. While AI has extraordinary potential, current investor enthusiasm and valuations of favoured names lead to wariness about obvious plays like NVIDIA. | View | |
| 2023 Q2 | Jun 30, 2023 | Platinum Global Fund (Long Only) | 2.0% | - | 005930.KS, 0700.HK, 1348.T, 1810.HK, 2057.HK, 2338.HK, 5901.T, 6479.T, AGL.AX, ALLFG.L, BAX, INDIGO.NS, MCHP, META, RH, UPM.HE | China, energy, Japan, Recovery, technology, Travel | InterGlobe Aviation benefited from competition elimination post-COVID, driving price discipline in Indian airfare markets. The investment case is playing out with very large increases in profitability as the market recovers. | View | |
| 2025 Q1 | May 14, 2025 | Recurve Capital | -13.0% | -13.0% | AMZN, BC, CCOI, CVNA, ELF, RCL, RH, W | consumer, growth, Luxury, tariffs, technology, uncertainty, volatility | The administration has launched a massive global tariff campaign utilizing executive branch emergency powers to unprecedented levels. The nature of these unilateral tariff policy changes, implemented with almost no notice, creates higher volatility and uncertainty. The fund has about 22% exposure to consumer goods companies with less than 20% direct tariff exposure, primarily through RH and ELF which have elevated exposure to China and Vietnam supply chains. | W CCOI RH |
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| 2024 Q1 | Apr 20, 2024 | Cedar Grove Capital Management | 21.0% | 0.0% | AAPL, ACI, BAC, CCJ, CPRI, DJT, FVRR, IRBT, LULU, MTCH, ONON, OXY, PTON, RH, SAVE, TPR | arbitrage, Consolidation, Frontrunning, portfolio, rates, risk management, Speculation | Manager notes AI taking front-row seat despite most companies not understanding how to use it beyond buzzwords and chatbots. Expects capital investment to taper off, ending parabolic growth in semiconductor names. | View | |
| 2024 Q1 | Apr 15, 2024 | Baron Discovery Fund | 13.5% | 9.3% | AEIS, ALGM, AXNX, AXON, CDNA, CYBR, DKNG, ENDV, ESTA, FND, GTLB, INTA, KNSL, MASI, MRCY, NARI, NVTS, RH, S, SITE | cybersecurity, growth, healthcare, semiconductors, small cap, technology, Valuations | Fund focuses on small-cap growth stocks which remain in a three-plus year bear market while large-cap stocks reach all-time highs. Small-cap growth stocks have attractive valuations both on an absolute basis and relative to large-cap stocks, and typically show significant appreciation coming out of deep market downturns. | INTA MASI CYBR DKNG KNSL |
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| 2025 Q3 | Nov 24, 2025 | Recurve Capital | - | 14.6% | AMZN, BC.MI, CCOI, CVNA, ELF, KMX, PAY, RCL, RH | E-Commerce, growth, Luxury, opportunity, Portfolio Management, tariffs, Trade Policy | Carvana continues exceptional execution with over 45% year-over-year growth in September quarter, exiting above 50% unit growth. The company is rapidly expanding variable roles in reconditioning and local delivery, with job openings up 60% over six months, signaling strong growth intentions months ahead of third-party data. | View | |
| 2024 Q3 | Oct 23, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | AIT, ALIT, ALRM, APPF, BROS, DOCS, ELF, GSHD, HL, IBP, NSIT, NVEE, PCTY, PGNY, RGEN, RH, RMBS, ROAD, RVLV, SITM | growth, healthcare, Quality, small cap, technology, volatility | The fund focuses exclusively on U.S. small cap growth companies, noting that high-quality small cap companies have great latent potential for growth and are trading at significantly below-average valuations. The managers believe the highest quality small cap companies are more likely to take advantage of strong balance sheets and reinvestment to enhance their competitive position. | View | |
| 2024 Q3 | Oct 18, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | AIT, ALIT, BAH, BLD, CWAN, DOCS, ELF, FIVE, GSHD, HLNE, MKTX, MPWR, PGNY, POOL, REVL, RGEN, RH, SITM, TTEK, TYL | Concentration, earnings, growth, Quality, SMID Cap, value, volatility | elf Beauty represents a discount beauty company focused on cosmetics and skincare with impressive track record for growth, margins, and returns on capital. The company is uniquely positioned due to its reputation for quality, innovation, and prices well below other mass cosmetics brands, with significant room for growth in brand awareness, shelf space expansion, and international markets. | BAH AIT BLD ELF PGNY HLNE RVLV GSHD |
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| 2024 Q3 | Oct 15, 2024 | Recurve Capital | - | - | AMZN, AWI, BC, CCOI, CVNA, NCLH, RCL, RH, V, W | Concentration, disruption, growth, long-term, Process, Psychology | Carvana represents one of the best disruptive growth stories in the market, disrupting the used auto industry with powerful flywheel effects and operating leverage from future growth. The company has no serious risk of competitive disruption on the horizon and is actually the disruptor in its industry. Despite being up significantly, the manager remains exuberantly positive about its future returns and risk/reward profile. | CCOI CVNA |
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| 2025 Q4 | Jan 29, 2026 | 8th Wonder Investments | 0.0% | 0.0% | AAPL, AMZN, CMCSA, CRM, CSU.TO, DECK, DIS, GOOGL, HEI, LYV, META, MSFT, NFLX, NVDA, PARA, RH, SKX, TOI.TO, TSLA, WBD | aerospace, AI, Leadership, Luxury, M&A, Media, software, value | Warner Bros. Discovery represents a special situation investment driven by CEO David Zaslav's shift toward shareholder value creation and aggressive debt paydown. The company announced plans to split into two entities and received multiple takeover bids, with Netflix ultimately winning the bidding war. The market fears AI will disrupt vertical market software by eliminating switching costs and seat-based pricing. However, AI agents will likely increase demand for systems of record and control point software rather than replace them, as enterprises need guardrails for non-deterministic AI outputs. Constellation Software and Topicus represent the core thesis of acquiring mission-critical vertical market software businesses with high switching costs, recurring revenue, and defensive moats. These businesses serve niche markets where switching is painful and alternatives offer minimal benefits. The fund employs covered call strategies to generate income and reduce cost basis while building positions. This options-based approach allows for larger position sizing in balance sheet challenged businesses while providing downside protection. HEICO represents an antifragile business model in aftermarket aerospace components that gains market share during economic stress as airlines extend fleet life. The company demonstrates seamless leadership transition and decentralized operations that thrive on adversity. RH under Gary Friedman exemplifies exceptional leadership combining capital allocation with creative genius, transforming the company from near-bankruptcy into a luxury lifestyle brand with galleries that redefine retail and 30% EBITDA margins. | TOI CN CSU CN RH HEI WBD |
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| 2022 Q2 | Aug 24, 2022 | GreenWood Investors | 0.0% | 16.6% | CTT AU, LTRPA, RH | - | View | ||
| 2024 Q2 | Jul 24, 2024 | Polen Capital – U.S. Small Company Growth | 7.4% | -0.9% | AAON, AIT, ALIT, APPF, BL, CCCS, DAVA, DOXI, HELE, HLNE, IBP, OPCH, PGNY, RGEN, RH, ROAD, RVLV, SITM, SMCI, WING, WRBY, XPEL | growth, healthcare, Quality, rates, small caps, technology, volatility | The performance gap between small caps and large caps continued to widen during Q2, with small cap investors retreating to lower-volatility sectors. Small cap continues to be highly sensitive to shifting rate expectations, while leadership in large cap remains narrow and driven by momentum. | View | |
| 2024 Q2 | Jul 23, 2024 | Polen Capital – U.S. SMID Company Growth | 8.8% | -1.3% | AAON, CCCS, DOXI, DT, EXL, FIVE, FND, KINS, MPWR, PAYC, PGNY, POOL, REVG, RGEN, RH, SITM, TREX, TTEK, TYL | AI, growth, healthcare, Quality, SMID Cap, technology, volatility | AI beneficiaries saw considerable hype and crowding, with companies like Monolithic Power Systems benefiting from growth in enterprise data segments driven by cloud-based CPU server applications including AI. However, exceptions exist with some AI-related stocks losing ground relative to first quarter results. | PGNY PAYC FIVE TTEK RGEN CCCS KGIC AAON |
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| 2024 Q2 | Jul 19, 2024 | Recurve Capital | - | - | AMZN, AWI, CCOI, CVNA, NCLH, RH, TV, W, WMS | AI, Concentration, Furniture, small caps, Telecom, Used Autos, value, volatility | Manager views AI as a speculative, capital-intensive paradigm shift similar to the internet boom, requiring massive upfront investments without clear mass adoption or revenue models. Compares it to Field of Dreams investing where companies spend as if outcomes are foregone conclusions. Expects competitive dynamics to lead to value leaking to customers rather than generating monopolistic returns. | View | |
| 2023 Q1 | Apr 17, 2023 | SandbrooK Capital | 6.0% | 11.1% | AMZN, BILL, BOX, CFLT, CRM, CROX, CRWD, ESTC, ETSY, GOOS, HCP, HIMS, MSFT, NKE, RH, SNAP, SNOW, SPT, VRT, ZM | consumer, Long/Short, Macro, risk management, software, technology | Manager focused on large cap tech and growth software names, particularly beaten-up tech stocks in January. Positioned in CRM, CRWD, ZM, SNOW, BILL, AMZN, MSFT, and ESTC as top contributors. Also shorted tier 2 high growth software names where multiples had run above long-term averages. | SONO |
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| 2023 Q2 | Apr 8, 2023 | GreenWood Investors | 0.0% | 16.6% | IPCO.TO, NXE, RH, TRIP | activism, Buybacks, defense, Europe, Logistics, Owner Operators, value | Multiple portfolio companies are aggressively repurchasing shares, with RH buying back 22% of shares in 8 months, Bolloré tendering for over 20% of net shares, and CTT launching a third repurchase program. The manager views these buybacks as extremely accretive given current undervaluations. | LDO.MI CTT.LS BOL.PA 1RH GR |
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| 2024 Q4 | Jan 16, 2025 | Recurve Capital | - | - | AMZN, AWI, BC.MI, CCOI, CVNA, NCLH, RCL, RH, W | disruption, E-Commerce, growth, Luxury, Recovery, technology, Travel, value | Carvana is disrupting auto retailing with 1% market share in a fragmented market where the largest player has 2% share. The company offers superior retail experience and delivery services compared to 40,000 independent dealers. Wayfair is building a disruptive platform in home furnishings, bringing global suppliers to retail customers through its marketplace model with verticalized logistics capabilities. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Recurve Capital | RH | Consumer Discretionary | Home Furnishing Retail | Bull | NYSE | China Exit, Earnings Power, home furnishings, Luxury Retail, supply chain, tariff impact, value opportunity | View Pitch |
| Apr 13, 2026 | Fund Letters | Recurve Capital | RH | Consumer Discretionary | Specialty Retail | Bull | NYSE | China exposure, double-digit growth, home furnishings, Luxury Retail, Premium Brand, Pricing power, tariffs | View Pitch |
| Jan 30, 2026 | Fund Letters | Daniel Bellehsen | RH | Consumer Discretionary | Home Furnishings | Bull | New York Stock Exchange | capital allocation, Experiential Retail, founder-led, Luxury Brand, Margins | View Pitch |
| Jan 23, 2026 | Twitter / X | @MattJMcClintock | RH, Inc. | Consumer Discretionary | Home Furnishings Retail | Bull | New York Stock Exchange | Channel, Channel Check, Chart, Get One, Homebuilders, People, Promo, Tables | View Pitch |
| Jan 8, 2026 | Fund Letters | Aaron Chan | RH | Consumer Discretionary | Homefurnishings | Bull | New York Stock Exchange | Brand, Luxury, Pricingpower, retail, tariffs | View Pitch |
| Dec 5, 2025 | Fund Letters | Eric Mintz | RH | Consumer Discretionary | Specialty Stores | Bear | NYSE | consumer, Housing, Luxury, Macro, retail | View Pitch |
| Nov 27, 2025 | Seeking Alpha | Seeking Alpha | RH | Specialty Retail | Bull | brand value, international expansion, investment strategy, luxury home furnishings, macroeconomic challenges, new product launch, Revenue Growth, RH, supply chain, tariff impacts | View Pitch | ||
| Aug 8, 2025 | Seeking Alpha | May Investing Ideas | RH | Consumer Discretionary | Specialty Retail | Neutral | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Caffital Research | RH | Consumer Discretionary | Specialty Retail | Neutral | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Larry Robbins | Glenview Capital Management | $4.9B | $19.9M | 0.41% | 111,338 | +30,997 | +38.58% | 0.5052% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $12.4M | 0.02% | 69,100 | -56,900 | -45.16% | 0.3136% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $143.9M | 0.17% | 803,493 | +762,196 | +1845.64% | 3.6460% |
| Lee Ainslie | Maverick Capital | $9.3B | $2.2M | 0.02% | 12,436 | +8,944 | +256.13% | 0.0564% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $3.5M | 0.00% | 19,400 | -500 | -2.51% | 0.0880% |
| Israel Englander | Millennium Management LLC | $233.2B | $3.5M | 0.00% | 19,524 | -78,825 | -80.15% | 0.0886% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $72.8M | 0.11% | 406,227 | +47,134 | +13.13% | 1.8433% |
| Cliff Asness | AQR Capital Management | $190.6B | $242,024 | 0.00% | 1,351 | -1,557 | -53.54% | 0.0061% |
| Stanley Druckenmiller | Duquesne Capital Management | $4.5B | $15.8M | 0.35% | 88,200 | +88,200 | +100.00% | 0.4002% |