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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 3, 2025 | McIntyre Partnerships | -2.1% | -18.9% | FTRE, HAYW, LESL, MDRX, SEG, SHC, STHO, SWIM | Concentration, healthcare, small caps, special situations, value, volatility | The fund focuses on small cap value and special situations, specifically targeting off-the-run situations in lesser-followed areas of the market. Small cap special situations significantly underperformed in H1 2025, with median decline of -15% among sub-$5B market cap companies that underwent spinoffs in the last three years. | SEG SHC SEG SHC |
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| 2025 Q2 | Sep 3, 2025 | Rome Capital | - | - | 1910.HK, CBOX.L, NATL, REVG, SEG, SOC | Derivatives, growth, small caps, special situations, spinoffs, turnaround, value | Manager emphasizes special situations as compelling opportunities amid market turbulence, particularly spinoffs and restructurings. The approach focuses on forced selling creating attractive entry points, though notes that multiple expansion requires strong business fundamentals beyond just the special situation setup. | 1910 HK SEG US REVG US SOC US NATL CBOX LN |
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| 2025 Q2 | Aug 5, 2025 | Springview Capital Management | - | 15.7% | AMZN, COF, COIN, CR, EIX, FFH.TO, HOOD, IBKR, INTC, MCY, NTDOY, SCHW, SEG, SPOT, UBER, WRB, WS | Concentration, Fintech, growth, insurance, Long/Short, Quality, value | Robinhood has been the Partnership's most profitable investment, driven by rapid innovation, market share gains, and customer loyalty in a large growing market. Business results dramatically exceeded expectations with assets under custody growing 115% and earnings up 109% year-over-year. The company benefits from product innovation, international expansion, strategic acquisitions, and favorable tailwinds from strong equity and crypto markets. | WS MCY SEG HOOD WS MCY SEG HOOD |
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| 2024 Q2 | Aug 27, 2024 | McElvaine Value Fund | - | -0.2% | CKHUY, FFH.TO, JMHLY, MDORF, MXG.TO, ONEX.TO, PSK.TO, SEG, XCO | Canada, contrarian, dividends, Natural Gas, royalties, small caps, value | Manager focuses on buying discounted assets at 50 cents on the dollar, particularly holding companies trading below net asset value. Portfolio consists of orphans and misfits bought when others were selling, with emphasis on finding cheap stocks with aligned owners. | SEG PSK.TO ONEX.TO MOIL.L XCO MXG.TO |
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| 2025 Q2 | Jun 30, 2025 | Clark Street Value | - | -3.6% | ACR, ATHA, CKX, CMCT, CRGX, EHAB, EPIX, GRBK, HLVX, HMST, IGT, IKNA, IOR, ME, MREO, MURA, NSTS, PARR, RPTX, SEG, SHCO, THRD | Banking, Biotechnology, REITs, small caps, special situations, value | Manager holds extensive broken biotech basket including companies that have halted development and are pursuing strategic alternatives or liquidations. These biotechs trade at significant discounts to net cash with potential for Tang-style buyouts or liquidations. | IGT EHAB SHCO NSTS IOR CKX THRD RPTX MURA EPIX ATHA |
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| 2025 Q1 | May 3, 2025 | Springview Capital Management | -1.8% | -1.8% | ABAC, AMZN, BRK-B, CPRT, CR, CRH, FFH, HLT, HOOD, MCY, NTDOY, SEG, SPOT, WRB, WS | Compounding, insurance, Long/Short, Quality, value, volatility | Manager embraces volatility as the price of admission to long-term compounding, viewing it as an opportunity rather than something to avoid. During April's sharp market decline, the fund maintained minimal trading activity and kept net exposure steady at 90-95%. The manager believes volatility is the one constant in markets and reflects human emotion reacting to uncertainty. | WS SEG MCY SPOT |
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| 2025 Q1 | May 26, 2025 | Kathmandu Capital | -1.7% | -1.7% | 3918.HK, GCT, KSPI, SEG, UI, VU.PA | Asia, diversification, Europe, risk management, tariffs, value | Tariff concerns have overshadowed global economic prospects this quarter, with markets becoming increasingly policy-driven and volatile. The U.S. surprise tariff on Vietnam has cast uncertainty over the furniture industry, affecting Chinese suppliers routing shipments through Vietnam. Tariffs are likely to pressure margins for companies without U.S. manufacturing facilities. | SEG VU.PA KSPI UI GCT 3918.HK |
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| 2025 Q1 | May 13, 2025 | McIntyre Partnerships | -17.1% | -17.1% | BWA, FTRE, GTX, HAYW, LESL, MDRX, SEG, SHC, STE, STHO, SWIM | Concentration, Healthcare Software, small caps, special situations, value | The fund focuses on concentrated special situations that are often complex, with a benchmark of Russell 2000 Value. The manager emphasizes idiosyncratic ideas with strong catalysts that should be less at the whims of macro forces over time. | MDRX |
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| 2026 Q1 | May 11, 2026 | McIntyre Partnerships | -19.8% | -19.8% | CC, FTRE, ICLR, MDRX, QDEL, SEG, SHC, STHO, SWIM | Concentration, Diagnostics, healthcare, Life Sciences, Medical Devices, small cap, value | QDEL |
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| 2024 Q4 | Feb 3, 2025 | McIntyre Partnerships | -5.6% | 0.0% | CC, GTX, HAYW, LESL, MDRX, OSW, SAFE, SEG, SHC, SPHR, STHO, SWIM | Automotive, Concentration, Cyclical, Litigation, real estate, small cap, value | Pool market at cyclical lows similar to Great Financial Crisis with pool starts at 6% of single-family home starts versus historical 11% average. Pool construction highly correlated with residential construction and R&R spending which shows early signs of recovery. | STHO GTX SHC |
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| 2024 Q4 | Feb 10, 2025 | Springview Capital Management | 5.4% | 19.7% | AMZN, BRK-B, CPRT, CR, CRH, FFH, FMX, HLN.L, HLT, HOOD, MCY, MKL, MSGS, SEG, SPOT, V, VAC, WRB, WS, WTM | Capital Allocation, Concentration, long-term, P&C Insurance, risk management, value | The property/casualty insurance industry remains a favorite hunting ground for the partnership. The fund currently owns five P/C insurance companies (six including Berkshire Hathaway), with one being a special situation merger-arbitrage play. These insurers trade at attractive valuations, generate strong Returns on Equity, and have the ability to recycle and reinvest capital internally at high returns. | View | |
| 2025 Q4 | Dec 31, 2025 | Clark Street Value | - | - | BHR, BRSL, FI, FSP, FWRD, FWRD. GDEN, GLIBA, GRBK, IOR, JEF, LNW, MCHB, MLCI CN, MREO, NLOP, NSTS, SEG, SOHOO, TURN | Capitalreturns, catalysts, distressed, specialsituations, value | The year-end review reflects a contrarian, special-situations-driven value approach amid significant underperformance versus the S&P 500. The portfolio focuses on distressed equities, REIT liquidations, take-privates, and idiosyncratic balance sheet mispricings where catalysts such as sales processes, buyouts, or capital returns can unlock value. Value investing is framed as lumpy and uncomfortable, with long-term success dependent on patience, downside analysis, and selective conviction rather than benchmark alignment. | TURN SOHOO LNW JEF FI GDEN FWRD BHR |
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| 2024 Q4 | Dec 31, 2024 | Clark Street Value | - | -6.4% | ACR, ALVR, ATHA, AVTE, CKX, CMCT, EHAB, ENZ, EPIX, GRBK, HHH, HLVX, HMST, IKNA, INBX, LMNR, MREO, PARR, SEG | Biotechnology, Liquidations, M&A, real estate, special situations, spinoffs, value | Multiple SPAC-related investments including reverse merger situations where biotech companies are merging with private entities. These transactions often include special dividends, CVRs, and oversubscribed PIPEs that can create value for existing shareholders. | View | |
| 2024 Q4 | Dec 31, 2024 | McElvaine Value Fund | - | 19.2% | CFP.TO, ECO.TO, FFI.TO, GUD.TO, JMHLY, MDOHY, MXGP.TO, ONEX.TO, PSK.TO, SEG, WBD | Buybacks, Canada, Concentration, energy, royalties, value | The fund focuses on finding 50 cent dollars by investing in companies selling below intrinsic value. The manager emphasizes creating a margin of safety when Homer Simpson-like market pricing creates opportunities versus Mr. Spock-like intrinsic value determinations. The approach centers on bargain hunting rather than macro forecasting. | View | |
| 2024 Q3 | Nov 20, 2024 | McIntyre Partnerships | 14.7% | 6.0% | CC, GTX, HHH, LESL, MDRX, OSW, SEG, SHC, SPHR, STHO | Concentration, real estate, small caps, spinoffs, value | Manager discusses SEG as a bad bank spin from Howard Hughes Holdings, where troubled assets are spun off creating indiscriminate selling and bargain valuations. The spin dynamics created selling pressure from HHH shareholders who lacked mandate for smaller companies. | SEG |
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| 2024 Q3 | Oct 7, 2024 | Plural Investing | 9.2% | 3.1% | SEG, TVK.TO, WOSG.L | Entertainment, Luxury, real estate, small caps, spinoffs, value | Seaport Entertainment represents a spinoff opportunity with rights offering where key insider Pershing Square is oversubscribing, creating potential value as indiscriminate selling meets informed buying. The spinoff transforms Howard Hughes into a pure master planned community owner while creating opportunity in the BadCo assets. | TVK.TO WOSG.L SEG |
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| 2025 Q3 | Oct 21, 2025 | Plural Investing | -9.1% | -5.6% | GLIB.A, JDG.L, JET2.L, SEG, WOSG.L | Buybacks, Europe, real estate, small caps, spinoffs, Telecom, Travel, value | The fund focuses on businesses trading at substantial discounts to intrinsic value, with portfolio companies estimated to trade at just 43% of their intrinsic value in three years. The manager emphasizes buying businesses worth substantially more than their trading price and welcomes volatility as opportunities to invest at better prices. | GLIBA WOSG JDG SEG JET2 GLIBA SEG JET2 |
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| 2024 Q3 | Oct 1, 2024 | Night Watch Investment Management | -2.9% | 10.3% | 1126.HK, 2318.HK, ATRO, BC, BLDR, DSGR, JOE, LEG, SEG, VAL, XFAB.PA | Automotive, catalysts, energy, global, Offshore, semiconductors, value | X-FAB is positioned to benefit from the expected bottoming of the semiconductor cycle after 4-6 quarters of downturn. Order intake has turned sharply higher since Q1 with book-to-bill of 1.2x in both quarters. The automotive sector is expected to return to growth in Q4 with industrial and medical recovering during 2025. | XFAB.PA |
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| 2025 Q1 | Apr 23, 2025 | Plural Investing | -15.1% | -15.1% | SEG, WOSG.L, XPEL | Luxury, real estate, small caps, tariffs, Travel, turnaround, value | Fund focuses on businesses trading at substantial discounts to intrinsic value, with portfolio companies estimated to trade at 6.4x FCF in three years while still growing at low double-digit rates. Manager emphasizes investing only in businesses worth substantially more than current trading prices. | WOSG.L SEG |
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| 2024 Q4 | Mar 17, 2025 | Kathmandu Capital | -10.7% | -11.0% | 3918.HK, GCT, KSPI, SEG, UI, VU.PA | Concentration, international, long-term, small caps, underperformance, value, volatility | The fund focuses on high-quality, undervalued companies that have become available at reasonable valuations due to market turmoil. The manager emphasizes finding deep value gems and quality compounders trading below intrinsic value, with specific examples like Gigacloud trading at less than 5x P/E. | SEG VU.PA KSPI UI GCT 3918.HK |
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| 2024 Q4 | Jan 26, 2025 | Rome Capital | - | - | 1114.HK, 1910.HK, 3990.HK, CBOX.L, CPRI, EDEN.PA, NATL, PLX.PA, REVG, SEG, SN | Concentration, Franchising, gaming, growth, small cap, special situations, spinoffs, value | Rome Capital focuses on spinoffs, bankruptcy emergences, merger arbitrages, asset sales, and large share buybacks where significant changes occur in capital structure or shareholder base. Stock pricing becomes highly inefficient due to forced or indifferent selling by large institutions, creating opportunities to leverage behavioral edges. | View | |
| 2024 Q4 | Jan 16, 2025 | Plural Investing | 4.9% | 8.2% | JET2.L, SEG, WOSG.LN | Luxury, real estate, small caps, Spin-Offs, Travel, United Kingdom, value | Jet2 is a UK package holiday business with the strongest competitive position in the industry, best management team, and long runway for double-digit growth. The company has grown market share from 2% to 22% over the last decade through excellent customer service and retention, with 60% of customers booking another holiday within two years versus 40% at competitor TUI. | SEG WOSG.LN JET2.L |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Springview Capital Management | Seaport Entertainment | Real Estate | Real Estate Development | Bear | NYSE | asset value, cash burn, entertainment, exit strategy, Food Hall, liquidity risk, Manhattan, Operational Issues, Real Estate, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Plural Investing | Seaport Entertainment | Real Estate | Diversified REITs | Bull | NYSE | Consumer Destination, entertainment, hospitality, Immersive Art, Management Change, Manhattan, net cash, Real Estate, retail, Tourism, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Springview Capital Management | Seaport Entertainment | Real Estate | Real Estate Management & Development | Bull | NASDAQ | asset value, development, entertainment, Las Vegas, Manhattan, Real Estate, spinoff, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | McIntyre Partnerships | Seaport Entertainment Group | Communication Services | Entertainment | Bull | NASDAQ | Asset Sale, cash generation, Entertainment Venues, FCF Generation, Meow Wolf, net cash, Operational Turnaround, Real Estate Monetization | View Pitch |
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | Seaport Entertainment Group | Real Estate | Diversified REITs | Bear | NYSE American | entertainment, Equity, exit, land development, New York, Real Estate, Special Situation, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | McElvaine Value Fund | Seaport Entertainment Group Inc | Real Estate | Real Estate Management & Development | Bull | NASDAQ | Bill Ackman, entertainment, Las Vegas, NYC, Real Estate, Rights Offering, spinoff | View Pitch |
| Apr 13, 2026 | Fund Letters | Plural Investing | Seaport Entertainment | Real Estate | Real Estate Management & Development | Bull | NASDAQ | asset management, Concert Venue, Entertainment Venues, Food Hall, Manhattan, Office Space, Real Estate, spinoff, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Plural Investing | Seaport Entertainment | Real Estate | Real Estate Development | Bull | NYSE | Asset-Based, entertainment, insider buying, Manhattan, Real Estate, Rights Offering, spinoff, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | McIntyre Partnerships | Seaport Entertainment Group | Real Estate | Real Estate Development | Bull | NASDAQ | Asset-Based, entertainment, Las Vegas, Manhattan, real estate development, spinoff, Sum-of-parts, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Kathmandu Capital | Seaport Entertainment Group | Real Estate | Diversified REITs | Bull | NYSE American | asset value, Bill Ackman, entertainment, NYC, operational efficiency, Real Estate, turnaround, Value | View Pitch |
| Feb 26, 2026 | Fund Letters | Chris McIntyre | Seaport Entertainment Group | Real Estate | Diversified Real Estate Activities | Bull | New York Stock Exchange | Caprate, cash, Event-driven, Real Estate, Redevelopment | View Pitch |
| Jan 8, 2026 | Fund Letters | Chris McIntyre | Seaport Entertainment Group | Communication Services | Entertainment Facilities | Bull | New York Stock Exchange | cashflow, Catalyst, entertainment, realestate, turnaround | View Pitch |
| Jan 8, 2026 | Fund Letters | Guy Baron | Seaport Entertainment Group Inc. | Real Estate | Real Estate Management & Development | Bear | New York Stock Exchange | cash burn, Distressed, exit, liquidity risk, Real Estate, Seaport District | View Pitch |
| Nov 29, 2025 | Fund Letters | Chris Waller | Seaport Entertainment Corp. | Real Estate | Real Estate Development | Bull | NASDAQ | asset value, cash flow, Catalyst, Real Estate, turnaround, undervalued | View Pitch |
| Nov 29, 2025 | Fund Letters | Chris Waller | Seaport Entertainment Corp. | Real Estate | Real Estate Development | Bull | NASDAQ | asset value, cash flow, Catalyst, Real Estate, turnaround, undervalued | 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. | ||||||||