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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 2, 2025 | Appalaches Capital | 4.1% | 4.1% | AZO, GOOGL, NVDA, PLX.PA, SAFT, SYENS.PA, VSTS | AI, Behavioral Finance, Europe, risk management, Specialty Chemicals, Spin-Offs, value | Artificial Intelligence has dominated market attention with NVIDIA's share price nearly doubling in Q1. The manager views AI as creating productivity gains across industries through better insurance underwriting, inventory management, and targeted advertising. However, the manager warns against the availability heuristic affecting investment decisions, citing Google's temporary decline on AI-related concerns as an opportunity. | GOOGL PLX SYENS VSTS |
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| 2023 Q4 | Feb 8, 2024 | Appalaches Capital | 3.9% | - | GOOG, MKL, SAFT, VSTS | Cash, insurance, Patience, small caps, Spin-Offs, value | Manager focuses on purchasing securities at significant discounts to intrinsic value, emphasizing patience and waiting for attractive valuations rather than following market momentum. The strategy involves identifying mispriced securities where non-economic factors drive undervaluation. | VSTS SAFT |
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| 2020 Q4 | Jan 30, 2021 | Atherean Value Fund | - | - | SAFT, SYF | Banking, inflation, insurance, interest rates, Valuations, value | SAFT SYF |
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| 2024 Q4 | Jan 18, 2025 | Appalaches Capital | 0.7% | 7.9% | AZO, CME, CNI, CPNG, CSX, GOOG, LAD, MKL, SAFT, SGOV | Concentration, insurance, Railroads, small caps, technology, value | Manager observes excessive risk-seeking behavior in markets, with crypto currencies obtaining market capitalizations large enough for S&P 600 inclusion and quantum computing stocks inflating to unbelievable valuations despite minimal revenues. This frothy environment makes the manager uneasy despite being wrong about pessimism last year. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jun 15, 2026 | Fund Letters | Atherean Value Fund | Safety Insurance Group | Insurance - Property & Casualty | Property & Casualty Insurance | Bull | NASDAQ | dividend yield, Equity, Geographic Advantage, Property & Casualty Insurance, Regional Insurer, Underwriting Profits, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Appalaches Capital | Safety Insurance Group, Inc. | Financials | Property & Casualty Insurance | Bull | NASDAQ | Banking Crisis, combined ratio, conservative management, Fire Sale, low duration, Property & Casualty Insurance, Regional Insurer, Small-Cap Financial, Underwriting Profits, Value | View Pitch |
| Oct 30, 2025 | Value Investors Club | natty813 | Safety Insurance Group, Inc. | Financials | Property & Casualty Insurance | Bull | NASDAQ | dividend, Homeowners, New England, P&C insurance, Personal auto, Rate hardening | 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 |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $1.2M | 0.00% | 15,977 | +4,921 | +44.51% | 0.1061% |
| Israel Englander | Millennium Management LLC | $233.2B | $7.8M | 0.00% | 100,000 | -39,755 | -28.45% | 0.6639% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $4.7M | 0.01% | 60,779 | -25,247 | -29.35% | 0.4035% |
| Cliff Asness | AQR Capital Management | $190.6B | $23.7M | 0.01% | 304,724 | +117,261 | +62.55% | 2.0231% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $2.8M | 0.01% | 35,540 | -658 | -1.82% | 0.2360% |