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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 18, 2026 | Jackson Peak Capital | 14.0% | 0.0% | CFLT, CORZ, GTLB, PZZA, QQQ, SATS | Event-Driven, Exposure Management, Long/Short, M&A, technology, valuation | AI infrastructure spending commitments faced scrutiny in late Q4 as investors questioned feasibility and ROI demonstration capabilities. The tech sector peaked on AI infrastructure announcements before reversing as sentiment shifted regarding over-extrapolated promotional claims. Event-driven M&A activity was a key performance driver, with Confluent's acquisition by IBM validating the manager's thesis published in August. The strategy focuses on identifying attractive acquisition candidates in the technology sector. | SATS |
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| 2025 Q4 | Feb 18, 2026 | The Gabelli Dividend Growth Fund | 5.2% | 18.8% | AIG, AMZN, C, GOOG, IP, MDLZ, MRK, MS, NEM, ORCL, PNC, PRGO, SATS, WFC | AI, dividends, financials, gold, healthcare, value | AI euphoria faded in Q4 but companies in the AI ecosystem continued to deliver impressive results against high expectations. Concerns mounted around ever-increasing capex outlays and financing of sizable capex commitments. The commoditized see-saw battle among five major LLMs for next generation model leadership continues. The Fund focuses on dividend-paying stocks and benefited from M&A activity and a large position in gold miner Newmont. Despite a modestly defensive posture throughout 2025, the Fund benefited from appreciating stocks that were sized as larger positions. Gold had its best year with the price of gold benefiting the Fund's position in gold miner Newmont, which was one of the top contributors. Gold served as an inflation hedge and store of value amid macroeconomic uncertainty. | NEM MS GOOG |
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| 2025 Q4 | Feb 18, 2026 | The Gabelli Global Content & Connectivity Fund | 0.2% | 27.6% | 9984.T, DTEGY, GOOG, META, MILCF, MSFT, PROSF, RCI, SATS, TDS, TMUS | AI, Communication, global, Media, technology, Telecom | AI capital expenditures communicated by company management teams again surprised to the upside over the latest earnings cycle. Analyst expectations for 2026 capex aggregated across the five largest cloud computing platforms now exceed half a trillion dollars, and these estimates have been revised 80% higher in total over the last year. Use cases for AI technology across digital media, e-commerce, infrastructure software and knowledge work are now well-established, and adoption is increasingly spreading into new, labor-intensive sectors. Global equity markets rose in the quarter, with the MSCI AC World Index up 3.4%, driven by solid corporate earnings, expectations for lower interest rates, and moderating inflation. Communication Services was among the best performing sectors (+3.4%, primarily led by strong performance in Alphabet shares). The fund focuses on global content and connectivity companies. The fund invests in companies providing connectivity infrastructure and services. Holdings include T-Mobile US, Deutsche Telekom, Rogers Communications, and other telecommunications infrastructure providers. The sector benefited from improving wireless competitive environment and continued investment in network infrastructure. | View | |
| 2025 Q4 | Feb 17, 2026 | AMG GW&K Small Cap Core Fund | 3.5% | 7.2% | AEIS, AGIO, CIFR, CSWI, CVLT, DAVA, DSGX, FLYW, GMED, HUT, INTA, ITT, MTSI, PAR, QBTS, RARE, RBC, SATS, SF, SKY, SLG, SPXC, STRL, SUPN, THR, VIAV, WULF | healthcare, industrials, materials, Quality, small caps, technology, Trade Policy, value | The Russell 2000 Index delivered 12.8% returns for 2025 despite significant volatility, with a 23% drop by April followed by a 40% recovery. The small cap environment was characterized by narrow performance driven by low-quality, speculative stocks, with the top 25 contributors delivering over 50% of benchmark returns. The investment environment overwhelmingly favored lower quality stocks, with non-earners gaining 19.6%, negative equity stocks up 37.2%, and highest beta names advancing 26.1%. The fund's deliberate focus on higher-quality stocks with earnings support was a general headwind throughout the year. Artificial intelligence investment was a key area of market focus during 2025, though the fund questioned when investors would see returns from billions of dollars spent on AI infrastructure. The fund avoided speculative AI plays in favor of companies with more established fundamentals. Uncertain trade policy and the friction it added to the system was the biggest distraction during 2025. Companies now mostly have a sense of the rules of global trade and are adjusting, which could provide more stability going forward. | View | |
| Q4 2025 | Dec 31, 2025 | Green Ash Partners | - | - | 6954.T, 9984.T, AENA.MC, AIR.PA, AMZN, ASML, AXP, FER.MC, FTC.L, FWONK, GE, MA, MSFT, NG, PNG.TO, SAF.PA, SATS, TSLA, TSM, V | Hedge, Leverage, Monopolistic, Quality, SpaceX, special situations | The fund has high conviction exposure at close to 20% of NAV to SpaceX through holdings in Echostar and Filtronic, both publicly listed proxies for SpaceX. The manager published a white paper on these holdings titled SpaceX the Central Bank of the Space Economy and Its Public-Market Proxies. SpaceX represents an earlier stage monopolistic business with attractive growth rates and durable moats. The manager notes that the AI era helps accelerate deep dive research even further, emboldening their advantage in capturing market inefficiency time windows. AI enables the fund to significantly increase the velocity of deep dive research and associated capital allocation decisions. The fund focuses on high barriers to entry, monopolistic, high quality compounding stocks as an engine backing their approach. The manager specifically limits selections to monopolistic businesses, whether long established or earlier in their lifecycle where durable moats exist but are only identifiable through rigorous research. | View | |
| 2025 Q4 | Jan 8, 2026 | Diameter Capital Partners LP | 0.3% | 8.0% | AEP, AFRM, AMZN, DIGI, GOOGL, META, MSFT, NFLX, NI, NVDA, ORCL, PARA, PGY, PPL, SATS, SOFI, T, TALEN, UPST, WBD | AI, credit, distressed, energy, Fraud, healthcare, technology | The fund made significant investments in AI-related debt including Beignet Investor LLC (Meta's AI data center financing) and xAI corporate debt. The quarter saw massive AI-related IG issuance of $90 billion with expectations of $50 billion more in Q1. The fund expects AI to drive continued massive capital needs with OpenAI alone requiring ~$600 billion through 2029. The fund had significant losses in distressed investments, particularly First Brands (a fraudulent auto parts company) and Eye Care Partners. The manager acknowledges mistakes in underwriting management quality and position sizing. Despite setbacks, they see future opportunities in sectors facing productivity-driven disruption. The fund expects increased capital solutions opportunities as PE-backed companies face refinancing challenges from higher rates. They participated in several rescue financings and expect more zombified PE companies to need capital solutions in various structures from prefs to hybrid equity. The fund invested in EchoStar's spectrum assets which became valuable for AI inference and wireless carriers. They also have exposure to LNG through Delfin, positioning for the coming oversupply period. Power demand from AI datacenters is driving infrastructure investment opportunities. The fund analyzed the growth in asset-backed finance driven by insurers seeking yield on annuity proceeds. They're cautious about residual risks in BNPL and FinTech lending, noting credit box expansion and potential fraud risks as the market grows rapidly. | NVDA SATS ORCL |
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| 2025 Q4 | Jan 15, 2026 | Contrarius Global Equity Fund | 6.5% | 54.4% | 000660.KS, BIDU, COIN, DELL, DEO, FOXA, GOOGL, KER.PA, LULU, MDLZ, MU, NVDA, ORCL, PARA, RI.PA, SATS, TSLA, TSM, UHR.SW | AI, contrarian, disruption, global, Satellites, Space, technology, value | The fund views AI disruption as creating three investment buckets: AI winners (data centers, semiconductors, blockchain companies), AI-proof companies (luxury brands, spirits, entertainment), and AI-threatened businesses to avoid. This technological singularity is expected to cause dramatic changes beyond typical generational disruptions. The fund focuses on identifying companies with sustainable competitive advantages in this transformative environment. SpaceX has revolutionized space travel with reusable rockets and dominates launch services, carrying over 500,000kg of spacecraft mass in Q3 2025 alone. The company is uniquely positioned for emerging opportunities in interplanetary logistics, in-orbit data centers, and asteroid mining. EchoStar provides indirect exposure to SpaceX through strategic transactions at attractive valuations. Starlink has achieved significant scale with millions of active customers and is expanding into direct-to-cell services for smartphones. The satellite internet constellation aims to deliver high-speed, low-latency broadband globally, particularly to underserved areas. This represents a major growth opportunity in telecommunications infrastructure. EchoStar's transformation involved monetizing valuable spectrum licenses worth billions, resolving regulatory issues with the FCC. The company sold spectrum to AT&T and SpaceX for over $40 billion combined, demonstrating the significant value of these invisible wireless highways. Remaining spectrum assets provide additional monetization opportunities. The fund holds luxury brands like Kering, Swatch Group, and spirits companies as AI-proof investments. These companies with strong brand moats and pricing power are expected to endure and potentially thrive despite AI disruption. Their business models are considered resilient to technological changes affecting other industries. | SATS |
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| 2022 Q3 | Aug 11, 2022 | Steel City Capital | -7.9% | -18.2% | ATEX, CVNA, LILA, NWSA, SATS, YELP | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 24, 2026 | Substack | Triples Investing | EchoStar | Telecommunications | Satellite Communication | Bull | buybacks, dividends, EchoStar, holding company, IPO, net cash, SpaceX, Spectrum monetization, valuation discount | View Pitch | |
| Feb 21, 2026 | Fund Letters | Patrick O’Brien | EchoStar Corporation | Communication Services | Alternative Carriers | Bull | NASDAQ | Event-driven, IPO, NAV, Satellite, spinoff | View Pitch |
| Jan 27, 2026 | Fund Letters | Simon Raubenheimer | EchoStar Corporation | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | deleveraging, Optionality, Satellites, Specialsituations, Spectrum, Sumoftheparts | View Pitch |
| Jan 16, 2026 | Fund Letters | Scott Goodwin | EchoStar Corporation | Communication Services | Cable & Satellite | Bull | NASDAQ | inference, monetization, Regulation, Spectrum, Sumofparts | View Pitch |
| Oct 23, 2025 | Value Investors Club | OGBigJim | EchoStar Corp | Communication Services | Telecommunication Services | Bull | NASDAQ | Breakup, Chapter 11, SpaceX | View Pitch |
| Sep 9, 2025 | Seeking Alpha | Seeking Alpha | EchoStar Corporation | Telecom Services | Neutral | AT&T, EchoStar Corporation, financial restructuring, Hold rating, net debt reduction, satellite operations, SpaceX, spectrum licenses, telecommunications, wireless services | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||