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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q4 | Dec 31, 2023 | NCG Micro Cap Growth Strategy | 9.5% | 10.2% | ACVA, ALKT, AUGX, CCS, CSTL, DCBO, ENFN, FWRG, PDFS, SEMR, TNDM, VCYT | Fed Pivot, growth, healthcare, Microcap, Quality, small caps, technology | Healthcare holdings drove much of the underperformance across all strategies in 2023, primarily due to investor perception that GLP-1 drug benefits will reduce medical interventions. Many healthcare companies began recovering in Q4 and the manager believes in long-term growth fundamentals. | ENFN VCYT PDFS SEMR ALKT CCCS FWRG AUGX ACVA DCBO CSTL TNDM |
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| 2025 Q4 | Jan 20, 2026 | Pernas Research | 4.8% | 54.3% | ADBE, APLD, CARD.L, CELH, META, NKE, PSFE, SEMR, STX | AI, defense, Mean reversion, small caps, technology, value | AI represents a consequential technological shift reshaping business and consumer behaviors. The AI-driven capex cycle is expected to persist over the next 12-16 months. The manager sees a barbell opportunity in owning clear AI winners alongside companies mislabeled as AI losers. Smaller-cap companies offer outsized opportunity due to their ability to pivot quickly in a period of rapidly increasing dynamism. Over the past two years, multi-baggers among smaller-cap names have been roughly double the 20-year average due to their organizational flexibility. The definition of defense is expanding beyond traditional military applications. Robotics, AI, cybersecurity, and data infrastructure are now central components of national security as the peace dividend and security provided by Pax Americana are eroding. | View | |
| 2025 Q4 | Jan 15, 2026 | GROW Funds | 0.0% | 0.0% | AMZN, AXSM, CSCO, FENC, GENI, GOOGL, INDV, MAMA, MDXH, META, MSFT, NPCE, NTNX, NVDA, ORCL, SEMR, XERS | AI, Biotechnology, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, valuation | The fund has rotated to an overweight position in healthcare, viewing it as both offensive and defensive. Healthcare companies offer new products addressing large market opportunities while being nondiscretionary and less economically sensitive. Pharmaceuticals are particularly emphasized for novel therapies targeting large markets. The manager discusses the massive AI infrastructure investments by tech giants like Microsoft, Meta, Amazon, and Google, totaling hundreds of billions. However, they express skepticism about returns, comparing current partnerships to the telecom boom and dot-com era, preferring companies that use AI to improve business models rather than pure AI infrastructure plays. The fund focuses on small-cap growth companies, noting that small companies have historically outperformed during rate cutting cycles. They highlight a valuation discrepancy where small caps trade at 15x earnings versus the S&P 500 at 22x, presenting opportunities for active stock selection. | MDXH AXSM MAMA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | NCG Micro Cap Growth Strategy | SEMrush | Information Technology | Software | Bull | NYSE | Customer Acquisition, digital commerce, Online Marketing, Product-led Growth, Visibility Management, Website Traffic | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Gary Alexander | Semrush Holdings, Inc. | Information Technology | Software - Application | Bull | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||