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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 27, 2024 | Rathbones | - | - | AZN, LSEG, RKT, SMIN, SN. | China, Executive Pay, inflation, Investment, UK Budget, US Election | Labour government faces challenge of balancing fiscal health with growth stimulation. UK investment weakness relative to G7 peers has contributed to chronic poor economic performance and productivity gaps. Public sector investment cuts during 2010s proved counterproductive for long-term growth. | View | |
| 2025 Q2 | Jul 30, 2025 | Third Point Partners | 7.5% | - | CASY, COOP, DSV.CO, ENR.DE, FTV, INF.L, KVUE, LSEG.L, LYV, NVDA, PCG, RKT, RR.L, TSM, VST, X | AI, credit, energy, Europe, M&A, Mortgage, technology, Trade Policy | Continued consumer and enterprise adoption of AI as well as relentless commitment to AI capex drove further gains in the technology sector. AI represents a massive downward shift in the cost curve, similar to fracking's impact on energy. The manager believes AI might do for credit in 2025/26 what fracking did in 2015/16, creating opportunities in stressed/distressed technology credits. | INF.L CASY RKT INF LN CASY RKT |
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| 2025 Q2 | Jul 2, 2025 | AVI Global Trust | - | - | 3608.T, 4527.T, 6201.T, 6727.T, 6971.T, 7912.T, 7984.T, 8802.T, 9301.T, 9531.T, AKRBF, APO, BOL.PA, CDI.PA, ENT.L, EXOR.MI, FRAS.L, GXIIF, IAC, NWSA, RKT | activism, Buybacks, Discounts, dividends, global, Japan, value | Eight years into Japan journey, managers are as optimistic as ever with developing market for corporate control, increasingly proactive management teams, and governance reform agenda permeating both small and large cap stocks. Combined with low valuations, Japan stacks up very attractively as a market where constructive approach to active engagement can yield real results. Japan exposure now accounts for 23% of NAV compared to 16% a year ago. | View | |
| 2025 Q2 | Jul 18, 2025 | Seven Corners Capital | - | 11.0% | ACT, CART, COOP, GNW, HHH, PSHZF, RFIN, RKT, SD, TPB | Compounding, concentrated, discount, energy, financials, technology, value | Turning Point Brands benefits from steady, high-quality compounding business model via Zig-Zag and Stoker's brands, which should benefit from tailwind in long-term decline of traditional cigarettes. Stoker's FRE brand of smokeless tobacco is growing at extremely high rate with Modern Oral sales up nearly 10-times versus prior year. | RKT SD CART GNW TPB PSHZF |
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| 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 |
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| 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 | |
| 2026 Q1 | Apr 28, 2026 | Diamond Hill Small-Mid Cap Strategy | -2.5% | -2.5% | AR, AVTR, CIEN, HII, HUM, ICLR, LAMR, LPLA, PNFP, RKT, RRX, RTO.L, SSNC, WTW | AI, defense, energy, healthcare, mid cap, Quality, small cap, volatility | View | ||
| 2026 Q1 | Apr 28, 2026 | Artemis US Select Fund | -6.1% | -6.1% | AMAT, AMZN, ATI, AVGO, BE, CEG, CFG, GEV, GOOGL, IQV, MSFT, PG, RKT, STX, TRGP, W | AI, Data centers, energy, healthcare, industrials, semiconductors, technology | TRGP AVGO ATI STX AMAT BE GEV RKT W IQV CEG |
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| 2024 Q1 | Apr 15, 2024 | Seven Corners Capital | 14.0% | 0.0% | ACT, GNW, PSHZF, RKT, SD, TPB | activism, discount, energy, financials, Tobacco, value | The fund maintains a significant energy position in Sandridge Energy, betting on secular decline in O&G drilling combined with inflation revival supporting carbon-based energy prices. The thesis is that if you own O&G assets, then ESG is your friend. The company has cut unnecessary expenses to the bone and maximized free cash flow conversion. | RKT SD TPB GNW PSHZF |
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| 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 | |
| 2024 Q3 | Nov 1, 2024 | Seven Corners Capital | 14.0% | 0.0% | ACT, GNW, PSHZF, RKT, SD, TPB | Concentration, Discounts, energy, Mortgage, value | The portfolio demonstrates classic value investing principles through concentrated positions in companies trading at significant discounts to intrinsic value. Examples include Genworth Financial trading at a discount to its Enact Holdings stake and Pershing Square Holdings trading at a 31% discount to NAV. The manager seeks to unlock value through corporate actions and discount closures. | SD RKT TPB GNW PSHZF |
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| 2022 Q4 | Nov 1, 2023 | Alpha Wealth Funds – The Insiders Fund | 0.0% | 1.2% | ALB, CF, CME, CRK, ET, MOS, NSA, RKT, SD, UAL, UPLD | - | View | ||
| 2025 Q4 | Jan 27, 2026 | Diamond Hill Small Cap Fund | 4.9% | 11.9% | ALGT, ARE, CIVI, CSR, MVBF, ODC, OZK, POST, RKT, SM, TFIN, TKO, TRNS, WCC | defense, industrials, infrastructure, real estate, Resilience, small cap, value, volatility | The manager emphasizes focusing on resilient businesses that can navigate ongoing uncertainty and take advantage of market volatility. They seek companies built with the ability to endure through uncertainty while capitalizing on opportunities. This resilience theme is central to their investment approach in the current volatile environment. The portfolio has exposure to industrial infrastructure which has been neglected from an investment standpoint over the previous decade. The manager sees opportunity in businesses with exposure to industrial infrastructure as a key area of focus. This represents a structural investment theme they are pursuing. Defense modernization is identified as one of the key areas where the manager continues to see opportunity. This sector has been neglected from an investment standpoint over the previous decade, creating potential opportunities for the portfolio. The manager views defense modernization as having structural growth drivers. The manager has exposure to critical materials as an area that has been neglected from an investment standpoint over the previous decade. They continue to see opportunity in businesses with exposure to critical materials. This includes holdings like Taseko Mines, a copper mining company that benefited from rising copper prices. The manager has increasingly been finding opportunities within the real estate sector as of late. They initiated positions in apartment REIT Centerspace and life-sciences real estate company Alexandria Real Estate Equities. The real estate sector represents a growing area of opportunity for the portfolio. | ARE |
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| 2025 Q4 | Jan 26, 2026 | Davis Financial Fund | 0.0% | 29.3% | AXP, BAER.SW, BK, BRK-A, CB, COF, D05.SI, DIS, FI, FITB, JPM, MKL, PNC, RE, RKT, RNR, USB, WFC | Banking, capital, financials, insurance, regulation, returns, value | Banks continue to represent the majority of holdings with strong tailwinds across credit, spreads, expenses, and regulation. Interest spreads have begun widening as fixed rate assets roll over at higher yields, revealing attractive economics of low-cost deposit franchises. Many banks are generating returns on tangible equity in the mid-to-high teens with management targets suggesting sustainability in the medium term. Capital markets firms were among the drivers of S&P Financials Index performance and contributed to fund outperformance. The regulatory environment has been moving in a favorable direction with capital rules being finalized that are far less onerous than under the prior administration. Regulators are more willing to consider M&A transactions with relief on certain supervisory limitations. Property & casualty reinsurers were added to the portfolio as capital was redeployed from trimmed bank positions. Pricing trends in insurance markets have been strong in recent years. Chubb has consistently generated returns on equity comfortably ahead of the industry owing to advantaged lines of business with disciplined underwriting and operating culture. Payments and consumer lending companies were the biggest contributors to relative performance including Capital One, American Express and Rocket Companies. Capital One's transformational acquisition of Discover Financial closed with anticipated annual cost synergies of $1.5 billion and network synergies of $1.2 billion from transitioning card volumes into Discover's networks. Financial stock valuations have begun to reset higher with price-to-tangible book value multiples expanding by over 70% on average in the past three years. The portfolio in aggregate is valued at approximately 13x this year's earnings, representing a significant discount to both the broader S&P 500 Index and S&P Financials Index. | CB WFC COF |
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| 2025 Q4 | Jan 23, 2026 | Baron Real Estate Fund | -1.4% | 4.9% | AMH, AMT, BX, CSGP, DHI, FBIN, GDS, GMG.AX, H, HLT, IRM, JLL, PLD, RKT, SKY, TMHC, TREX, VNO, VTR, WELL | Commercial, Data centers, Housing, Industrial, real estate, REITs, Travel | Fund invests in leading commercial real estate services companies CBRE, JLL, and Cushman & Wakefield that benefit from outsourcing trends, institutionalization of commercial real estate, and market share opportunities in a fragmented industry. These companies are expected to generate 15%+ annual earnings growth as commercial real estate sales and leasing activity rebounds. Multi-year setup for data centers is as strong as ever with expanding demand from cloud computing, IT outsourcing, and AI workloads from Magnificent 7 companies. New supply is constrained due to elevated construction costs and power constraints while rents are rising. Fund owns Equinix, Digital Realty Trust, GDS Holdings, and Goodman as multi-year beneficiaries. Travel companies benefit from favorable shift in consumer preferences away from goods spending to prioritizing travel experiences. Fund owns best-in-class hotel companies Hilton and Hyatt which should continue benefiting from these secular trends including flexible work arrangements allowing more travel and cyclically depressed business activity creating opportunities. Despite near-term housing market challenges from affordability issues and buyer/seller strikes, there is structural underinvestment in housing relative to demographic needs. US builds same number of homes today as 1960 despite 160 million more people. Fund sees long-term bullish opportunity in companies like Toll Brothers and Champion Homes as housing market rebounds. Industrial real estate benefits from multi-year demand drivers including e-commerce growth, last mile infrastructure needs, onshoring trends, and shift from just-in-time to just-in-case inventory management. AI's physical manifestation through robotics and automation will require more industrial facilities. Fund owns Prologis, EastGroup Properties, and Terreno Realty. | IRM VTR WELL FBIN SKY CSGP H PLD JLL |
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| 2025 Q4 | Jan 18, 2026 | Seven Corners Capital | 0.0% | 35.0% | ACT, CART, GNW, HHH, PSHZF, RKT, SD, TPB | concentrated, discount, energy, Mortgage, NAV, Tobacco, value | The portfolio demonstrates a value investing approach with concentrated positions in companies trading at discounts to intrinsic value. Holdings like PSHZF trade at significant discounts to NAV, while GNW trades at a discount to its sum-of-the-parts valuation. Turning Point Brands represents a significant position focused on smokeless tobacco products including Zig-Zag and Stoker's brands. The company's Modern Oral segment grew 627.6% year-over-year, with the FRE brand showing extremely high growth rates. Multiple holdings have mortgage exposure including Genworth Financial through its 80% ownership of Enact Holdings (private mortgage insurance) and Rocket Companies' mortgage origination and servicing business following acquisitions of Redfin and Mr Cooper. Sandridge Energy represents the largest energy holding, positioned for potential oil and natural gas price recovery. The thesis centers on secular decline in drilling combined with inflation supporting carbon-based energy prices going forward. | RKT SD CART GNW TPB PSHZF |
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| 2024 Q2 | Jun 30, 2024 | Seven Corners Capital | 14.0% | 0.0% | ACT, GNW, PSHZF, RKT, SD, TPB | activism, Buybacks, Discounts, energy, financials, value | Multiple portfolio companies are actively repurchasing shares. Pershing Square Holdings continues to repurchase shares under its repo program. Genworth Financial has been actively repurchasing its stock in recent quarters. | RKT SD TPB GNW PSHZF |
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| 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 12, 2026 | Fund Letters | Artemis US Select Fund | Rocket Companies | Mortgage Finance | Thrifts & Mortgage Finance | Neutral | New York Stock Exchange | Fintech, housing affordability, Interest rates, mortgage finance, Real Estate, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Point Partners | Rocket Companies | Financials | Thrifts & Mortgage Finance | Bull | NYSE | AI automation, Fintech, market share gains, mortgage origination, Mortgage servicing, Refinancing, technology platform, vertical integration | View Pitch |
| Apr 13, 2026 | Fund Letters | Jacob Fund | Rocket Companies | Financials | Thrifts & Mortgage Finance | Bull | NYSE | AI technology, cross-selling, Fintech, Interest Rate Sensitive, market share gains, Mortgage Lender, operational efficiency, Real Estate | View Pitch |
| Apr 13, 2026 | Fund Letters | Seven Corners Capital | Rocket Companies | Financials | Thrifts & Mortgage Finance | Bull | NYSE | Cyclical Recovery, founder-led, Housing finance, interest rate sensitivity, mortgage finance, Rate normalization | View Pitch |
| Apr 13, 2026 | Fund Letters | Seven Corners Capital | Rocket Companies | Financials | Thrifts & Mortgage Finance | Bull | NYSE | Cyclical, financials, founder-led, Housing, Interest rates, mortgage finance | View Pitch |
| Apr 13, 2026 | Fund Letters | Seven Corners Capital | Rocket Companies | Financials | Thrifts & Mortgage Finance | Bull | NYSE | founder-led, housing market, Interest Rate Cycle, Mortgage Lending, Refinancing, technology platform | View Pitch |
| Jan 21, 2026 | Fund Letters | Scott Klarquist | Rocket Companies, Inc. | Financials | Mortgage Finance | Bull | New York Stock Exchange | Housing, Integration, Mortgage, scale, synergies | View Pitch |
| Jan 8, 2026 | Fund Letters | Ryan Jacob | Rocket Companies, Inc. | Financials | Application Software | Bull | New York Stock Exchange | Acquisitions, AI, Fintech, Mortgage, Rates | View Pitch |
| Jan 8, 2026 | Fund Letters | Daniel S. Loeb | Rocket Companies, Inc. | Financials | Mortgage Finance | Bull | New York Stock Exchange | AI automation, Cost synergies, Fintech, Market Share Gain, Merger Arbitrage, mortgage origination, Refinancing, Servicing | View Pitch |
| Jan 8, 2026 | Fund Letters | Scott Klarquist | Rocket Companies, Inc. | Financials | Mortgage Finance | Bull | New York Stock Exchange | Fintech, Housing, Mortgages, platform, synergies | View Pitch |
| Oct 23, 2025 | Value Investors Club | Hamilton1757 | Rocket Companies, Inc. | Financials | Mortgage Finance | Bull | NYSE | Digital mortgage platform, HousingRe-rate, Refi recovery | 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 |
|---|---|---|---|---|---|---|---|---|
| Philippe Laffont | Coatue Management | $40.0B | $130.6M | 0.33% | 6,747,052 | +6,747,052 | +100.00% | 0.2508% |
| Jonathan Lennon | Pleasant Lake Partners | $817.6M | $3.3M | 0.40% | 170,000 | -108,000 | -38.85% | 0.0063% |
| Daniel Loeb | Third Point | $7.3B | $184.2M | 2.54% | 9,515,000 | +5,515,000 | +137.88% | 0.3537% |
| Leon Cooperman | Omega Advisors | $3.0B | $406.9M | 13.50% | 21,016,600 | +21,016,600 | +100.00% | 0.7813% |
| John Melsom | Kryger Capital | $1.3B | $1.0M | 0.08% | 53,755 | +53,755 | +100.00% | 0.0020% |
| Chris Davis | Davis Selected Advisers | $22.2B | $62.5M | 0.28% | 3,227,910 | -3,040,558 | -48.51% | 0.1200% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $21.0M | 0.04% | 1,086,627 | -5,200 | -10.88% | 0.0404% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $155.1M | 0.18% | 8,010,163 | +4,458,255 | +125.52% | 0.2978% |
| Zach Schreiber | PointState Capital | $6.8B | $120.5M | 1.77% | 6,223,575 | -2,142,479 | -25.61% | 0.2314% |
| Ray Dalio | Bridgewater Associates | $27.4B | $328,268 | 0.00% | 16,956 | +16,956 | +100.00% | 0.0006% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $9.1M | 0.01% | 469,400 | -54,900 | -10.47% | 0.0174% |
| Israel Englander | Millennium Management LLC | $233.2B | $9.0M | 0.00% | 465,600 | -2,330,000 | -83.35% | 0.0173% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $1.3M | 0.03% | 65,700 | -13,800 | -17.36% | 0.0024% |
| Jeremy Grantham | GMO LLC | $39.1B | $1.6M | 0.00% | 82,832 | +19,532 | +30.86% | 0.0031% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $108.7M | 0.16% | 5,616,479 | +346,592 | +6.58% | 0.2088% |
| Cliff Asness | AQR Capital Management | $190.6B | $4.7M | 0.00% | 242,225 | +180,515 | +292.52% | 0.0090% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $15.2M | 0.06% | 786,838 | +422,938 | +116.22% | 0.0292% |
| Bret Barakett | Tremblant Capital | $3.9B | $27.7M | 0.71% | 1,433,158 | +1,433,158 | +100.00% | 0.0533% |
| Louis Bacon | Moore Capital Management | $6.8B | $8.9M | 0.13% | 461,591 | +461,591 | +100.00% | 0.0172% |
| George Soros | Soros Fund Management | $6.8B | $849,284 | 0.01% | 43,868 | -206,132 | -82.45% | 0.0016% |
| Rich Handler | Jefferies | $19.3B | $4.5M | 0.02% | 231,108 | -365,200 | -71.23% | 0.0086% |