Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 4, 2025 | FPA Queens Road Small Cap Value Fund | 8.6% | 5.9% | AAP, ANGI, CNXC, CSGS, DAR, FN, GIII, IAC, IDCC, IMKTA, LFUS, NNI, PVH, REVG, SCHL, SFM, SYNA, THS, UGI, VSH | Passive investing, Quality, small caps, tariffs, technology, value | Small caps are generationally cheap compared to large caps, trading at the widest discount to the S&P 500 since the tech bubble 25 years ago. High-quality small companies command only a modest premium over lower-quality small companies, unlike large caps where quality commands significant premiums. | NNI IMKTA |
View |
| 2025 Q2 | Aug 10, 2025 | Askeladden Capital Partners | - | - | BELFB, FC, FTLF, GO, KFY, LGIH, SFM, TFM | AI, Automation, Grocers, productivity, Research, small caps, value | AI has increased productivity by 5-10x, transforming the investment process through custom software development, mass information analysis, and automated writing. The manager believes AI provides a substantial competitive advantage and is restructuring all core tools to be AI-first. | FTLF GO ALOT FC FTLF BELFB GO |
View |
| 2025 Q2 | Jul 15, 2025 | Lord Abbett Developing Growth Fund | 6.4% | 21.1% | ALAB, BROS, CRDO, FIX, GH, GWRE, INSM, KTOS, MTZ, RDDT, RMBS, SFM | AI, defense, growth, semiconductors, small caps, technology | Generative artificial intelligence continues to provide market tailwinds and productivity gains. The fund is finding opportunities in pioneering Gen AI companies in semiconductors and software, as well as industrial companies enabling datacenter expansion and power infrastructure to support AI growth. | View | |
| 2025 Q2 | Jun 26, 2025 | Andrew Hill Investment Advisors | - | - | AAPL, AMSC, CEG, DUK, EQT, GE, GRMN, HASI, JPM, MSFT, MSI, NFLX, NVDA, OKE, PGR, SFM, TMO, UBER, VRTX, YETI | AI, Bonds, energy, gold, healthcare, Stablecoins, tariffs, technology | AI infrastructure investment remains strong despite global conflicts and political policies. Approximately one-third of equity holdings are directly involved in AI infrastructure build-out spanning technology, communications, finance, and utilities. AI holdings have largely driven strong equity returns over the past few years, modestly outperforming the S&P 500 in 2025. | View | |
| 2025 Q2 | Jun 12, 2025 | Smallvalue | 10.1% | - | CALT.MI, CEM.MI, G.MI, MB.MI, OLVI.HE, ORSERO.MI, SAN.MI, SFM | Europe, gold, portfolio, small caps, undervalued, value | Manager focuses on undervalued companies trading below intrinsic worth, emphasizing normalized P/E ratios and margin of safety. Caltagirone trades at just 6.6x normalized P/E despite strong operational performance. Portfolio companies exhibit robust fundamental qualities and remain undervalued relative to intrinsic worth. | CAL.MI ORO.MI TOYA.WA |
View |
| 2024 Q1 | May 15, 2024 | Appleseed Fund | 0.0% | 0.0% | AER, AGNC, ARDX, BEI.TO, CCJ, CF, DG, EVR, GNK, HLF, HUM, ITRN, MOS, RHHBY, SFM, VFC, WCC | Defensive, gold, healthcare, inflation, value | Gold has risen 20% over six months to new all-time highs driven by monetary debasement, emerging market demand especially from China, central bank purchases exceeding 1,000 tonnes annually, and physical gold flows shifting from West to East. The fund expects gold to outperform the S&P 500 over the next decade. | AGNC HUM |
View |
| 2025 Q1 | May 1, 2025 | RF Capital Management | -2.4% | -2.4% | 2660.HK, SFM | Cash Deployment, gaming, Grocers, Hong Kong, Portfolio Management, small caps, value | Zengame Technology continues to have hit games generating revenue from in-game purchases and ads. Flagship game Fingertip Sichuan Mahjong consistently ranks Top 5 in its category, while Fishing Master is rising in popularity and may break Top 10. The company trades at deep-value multiples despite having quality games in its portfolio. | 2660.HK SFM |
View |
| 2026 Q1 | Apr 8, 2026 | Smallvalue | 0.3% | 0.3% | GDXJ, OLVI.HE, ORO.MI, RING.DE, SAN.MI, SFM, VID.MC | Europe, Geopolitical, small caps, Traditional Industries, value, volatility | VID.MC ORO.MI SFM |
View | |
| 2025 Q1 | Apr 30, 2025 | Penn Davis McFarland | - | - | SFM | Cash Management, defense, fiscal policy, Grocers, inflation, tariffs, Trade Policy | President Trump's tariff strategy aims to rebuild domestic manufacturing competitiveness against China and shift financial strain to other nations while preserving dollar dominance. Tariffs are likely to boost inflation in the near-term as companies pass higher costs to consumers, potentially complicating Fed policy decisions. | FTRE SFM |
View |
| 2026 Q1 | Apr 29, 2026 | Mairs & Power – Small Cap Fund | 3.8% | 3.8% | AMBA, APG, CGNX, ENTG, HUBG, HWKN, PLXS, RDNT, SFM, WK | Automation, earnings, energy, inflation, Middle East, semiconductors, small cap, Valuations | SFM HWKN APG AMBA CGNX PLXS ENTG |
View | |
| 2026 Q1 | Apr 29, 2026 | Mairs & Power - Growth Fund | -3.8% | -3.8% | AMP, ENTG, FAST, LFUS, MSFT, MSI, NVT, SFM, TTC, WM | AI, Data centers, energy, Geopolitical, industrials, materials, technology, value | WM AMP SFM |
View | |
| 2026 Q1 | Apr 29, 2026 | Bell Global Emerging Companies Fund | -8.6% | -8.6% | 3064.T, 4307.T, 5803.T, 7741.T, BJ, BOOT, DB1.DE, EVT.DE, EXPN.L, GTT.PA, KEYS, ODFL, SFM, TER, TTI | AI, energy, Geopolitical, global, Quality, small caps, volatility | 4307.T TEL BOOT DB1.DE |
View | |
| 2025 Q1 | Apr 17, 2025 | Driehaus Small Cap Growth Fund | -16.6% | -16.6% | CRNX, CYBR, ERJ, NTRA, SFM | AI, Biotechnology, growth, healthcare, small caps, tariffs, Trade Policy, volatility | Trump announced reciprocal tariffs of at least 10% globally with rates up to 50% on 60 countries, causing extreme market volatility. After four days of sharp declines, Trump pivoted to a 90-day pause with 10% rates except China at 145%. The administration and trading partners are entering negotiations with potential for reduced tariff rates. | View | |
| 2025 Q1 | Apr 17, 2025 | Driehaus Small/Mid Cap Growth Fund | -15.8% | -15.8% | AXON, CVNA, CYBR, NTRA, SFM | AI, Biotechnology, growth, healthcare, small cap, tariffs, technology, Trade Policy | Trump announced reciprocal tariffs of at least 10% globally with rates up to 50% on 60 countries, causing extreme market volatility. After four days of sharp declines, Trump pivoted to a 90-day pause with 10% rates except China at 145%. The administration and trading partners are entering negotiations with potential for reduced tariff rates. | View | |
| 2026 Q1 | Apr 15, 2026 | Riverwater Sustainable Value Strategy | - | - | CENX, DKS, HAE, JKHY, LEG, PLXS, SFM | AI, Aluminum, fundamentals, Geopolitical, Quality, small caps, value | CENX JKHY DKS MEOH SFM LEG |
View | |
| 2026 Q1 | Mar 31, 2026 | FPA Queens Road Small Cap Value Fund | 6.1% | 6.1% | CNXC, DECK, DORM, ECG, FAF, FN, GPK, LFUS, PLUS, QRVO, REVG, RLI, SFM, SKWS, SNX, UPBD, VSEC | long-term, Quality, rebalancing, small caps, value | RLI SFM LFUS SNX FN DORM FAF |
View | |
| 2025 Q1 | Mar 31, 2025 | FPA Queens Road Small Cap Value Fund | -2.5% | -2.5% | AAP, ARW, AX, BAM, CNO, CNXC, CSWI, IDCC, LFUS, MDU, NJR, OSK, PVH, REVG, SCHL, SFM, SYNA, UGI, UPBD, VSH | consumer, Electronics, Quality, small caps, tariffs, Utilities, value | Manager emphasizes that small-caps are extremely cheap relative to large-caps but warns of the relative junkiness of small-cap indices. Quality small companies are still expensive but becoming more attractive from a valuation perspective as the market declines. | View | |
| 2025 Q4 | Feb 10, 2026 | FPA Queens Road Small Cap Value Fund | -0.4% | 13.4% | AAP, CSGS, FN, IDCC, NJR, OSK, PLUS, PVH, REVG, RLI, SFBS, SFM, SNX, UGI, UPBD | insurance, Quality, small cap, technology, Utilities, value | Small caps are overlooked, disdained and cheap relative to large caps. Quality small caps are trading at significant discounts to quality large caps while historically trading at premiums. The fund sees growing opportunity set as capital withdraws from actively managed small value strategies. The fund focuses on quality companies with balance sheet strength, earnings consistency, and high returns on capital. Quality small caps have become cheap compared to large caps and the quality premium in small caps is modest versus pronounced in large caps. The fund's value-focused process leads to a portfolio designed to protect clients during market drawdowns. They identify overlooked, out of favor companies trading at attractive valuations with strong franchises in boring industries. | AAP SFBS UPBD PVH UGI IDCC FN NJR RLI SNX |
View |
| 2024 Q4 | Dec 31, 2024 | FPA Queens Road Small Cap Value Fund | 2.4% | 10.8% | AAP, AGCO, ALTM, ARW, CNXC, CSGS, CSWI, DAR, DECK, FN, IDCC, JBTM, LEVI, LFUS, MATV, MDU, OSK, QRVO, SAIC, SCHL, SFM, SYNA, UGI, UPBD, VSH | active management, compounders, Quality, Russell 2000, small cap, value | The fund focuses on high quality compounders with strong returns on capital, consistent earnings, and prudent balance sheets. The manager emphasizes that small-cap indices are generally 'junkier' with fewer quality companies than large-cap indices, making active management essential to find quality small companies trading at reasonable valuations. | View | |
| 2025 Q3 | Nov 8, 2025 | FPA Queens Road Small Cap Value Fund | 7.5% | 13.8% | AAPL, ESGR, FN, IAC, IDCC, IMKTA, MGM, NNI, NVDA, OSK, REVG, RLI, SAIC, SFM, SNX, THS, VSH | Defensive, Disciplined, downside protection, Quality, small cap, value | The fund follows a disciplined four-pillar process focusing on quality companies with strong balance sheets, valuation discipline, strong management teams, and growing industries with stable competitive dynamics. Quality is defined by steady operating margins and high returns on capital, allowing companies to compound value over time. | View | |
| 2024 Q3 | Nov 13, 2024 | Appleseed Fund | 0.0% | 0.0% | AER, AGNC, ARDX, CCJ, CF, DG, DLTR, DSX, EL, GRVY, HLF, HUM, MOS, MRC, MSFT, NVDA, SFM, SNV, SRUUF, WLFC | commodities, defensives, energy, inflation, Mining, nuclear, uranium, value | The fund sees a structural supply deficit in uranium markets driven by dramatically increasing demand from nuclear energy expansion while supply growth remains inadequate. Uranium prices have increased significantly over the past 5 years but the bull market is still in early innings due to persistent supply shortfalls. | SRUUF CCJ |
View |
| 2024 Q3 | Oct 30, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AAP, ALTM, AZO, CNXC, CSWI, DAR, DECK, FN, HMN, IDCC, ORLY, SFM, VSH | - | View | ||
| 2023 Q3 | Oct 30, 2023 | Appleseed Fund | 0.0% | 0.0% | 005930.KS, AER, ARDX, BEI-UN.TO, BOL.PA, CF, DG, FNMAS, FNMAT, GNK, HRTX, ITRN, MOS, MRC, SFM, SNV, VFC, WCC | Agriculture, Bonds, Defensive, Deficit, gold, inflation, Treasury, value | The fund believes inflation is not under control and expects it to remain persistently elevated. They view continued inflation as the politically palatable solution to reduce the U.S. debt burden and associated interest costs. | GNK WCC 0TDG LN |
View |
| 2025 Q3 | Oct 24, 2025 | Titan Wealth | - | - | AAPL, ALB, AU, CRWD, GIVN.SW, GOOGL, HLN.L, HON, IBKR, IFF, JPM, LHX, MELI, MSFT, NFLX, NVDA, ORCL, PFE, SFM, SQM | AI, Asia, cybersecurity, defense, emerging markets, Global Equities, infrastructure, technology | AI continues to dominate headlines and balance sheets, driving productivity gains and entirely new business models. The sector has grown faster than expected, with AI-driven infrastructure stocks leading performance. Oracle announced a $300bn order from OpenAI for compute capacity, while Nvidia unveiled major collaborations worth $100bn. | View | |
| 2025 Q3 | Oct 15, 2025 | Lord Abbett Developing Growth Fund | 13.8% | 12.7% | ALAB, BROS, CRDO, FIX, GH, GWRE, INSM, KTOS, MTZ, RDDT, RMBS, SFM | AI, defense, growth, industrials, semiconductors, small caps, technology | Generative artificial intelligence continues to provide market tailwinds with productivity gains across sectors. AI is flourishing in semiconductors and software companies, as well as enabling datacenter expansion and power infrastructure. The emerging defense and space technology sector benefits from AI's role in autonomous software and hardware systems. | CSU US KRAT US ASTR US |
View |
| 2025 Q4 | Jan 6, 2026 | Smallvalue | 6.6% | 37.7% | AVGO, NVDA, OLVI.HE, ORCL, PLTR, SFM, TSLA | AI, Beverages, Copper, Data centers, Europe, Grocers, small caps, value | Artificial intelligence was the central theme of 2025, driving stock indices and sparking debate between believers and bubble warnings. The conversation is shaped by massive capital requirements for AI infrastructure, enormous energy consumption, uncertainty over profitability, and asset depreciation risk. AI-related capital investment represents around 2% of U.S. GDP, highlighting extraordinary scale and complexity. Data centers are industrial facilities requiring copper, steel, cement, concrete, and energy. Each megawatt of capacity requires tons of copper, cooling systems, and diesel backup generators. The cloud is not ethereal—it is heavy industry. Real beneficiaries are indirect players: industrial manufacturers, component distributors, and raw material suppliers. Without copper, there is no electrification, digitalization, AI, or data centers. Each megawatt of data center capacity requires roughly 30 tons of copper; with 10,000 MW added annually, this amounts to approximately 300,000 tons—about 1% of the 30 million ton annual market. Minor supply deficits can trigger significant price volatility, reinforcing a structural, long-term bullish outlook. Sprouts Farmers Market remains a high-quality business with some of the best operating margins in its sector and continues to repurchase shares aggressively. The company has ambitious expansion plans, aiming to triple its footprint from 450 to 1,400 stores nationwide while maintaining its fresh-first mission. Olvi Oyj announced strategic acquisitions in Q1 2026, including Estonia's leading mineral water producer Värska Originaal, Bosnia's largest brewery Banjalucka Pivara, and a 51% acquisition of Brewery International. These transactions expand Olvi's non-alcoholic and alcoholic beverage portfolios, increase sales volumes, and strengthen production capabilities across the Baltics, Nordics, and Mediterranean markets. | SFM |
View |
| 2023 Q3 | Sep 30, 2023 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AEL, CNXC, DAR, DECK, FN, GIII, HNI, IAC, IDCC, LTHM, MTZ, SFBS, SFM, SNX, UGI, UNFI | long-term, Margin Of Safety, Quality, small caps, value | The fund focuses on acquiring quality companies at reasonable prices with a margin of safety. Current valuations, competitive positions, and experienced management teams give confidence that holdings will be worth more in three to five years than today. | View | |
| 2023 Q4 | Feb 2, 2024 | RF Capital Management | 0.0% | 56.1% | 2660.HK, SFM | Cash, Concentration, global, growth, Research, small caps, value | Manager focuses on finding undervalued companies trading at deep value prices with single-digit P/E ratios. The fund targets high-quality growth companies available at attractive valuations that meet strict criteria including strong balance sheets and minimal institutional ownership. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 7, 2026 | Fund Letters | FPA Queens Road Small Cap Value Fund | Sprouts Farmers Market | Grocery Stores | Food & Staples Retailing | Neutral | NASDAQ | growth deceleration, Natural Organic Grocery, New Store Economics, retail, Returns on Capital, Strong Margins, Value Multiple | View Pitch |
| May 1, 2026 | Fund Letters | Mairs & Power - Growth Fund | Sprouts Farmers Market | Grocery Stores | Food & Staples Retailing | Bull | NASDAQ | consumer staples, Equity, Health-Conscious Consumers, Natural Foods, Organic Foods, Private-label, Specialty Grocer, Supply Chain Integration | View Pitch |
| May 1, 2026 | Fund Letters | Mairs & Power - Small Cap Fund | Sprouts Farmers Market, Inc. | Grocery Stores | Food & Staples Retailing | Bull | NASDAQ | Health-Conscious Consumers, Natural Foods, Organic Foods, Specialty Grocery, store expansion | View Pitch |
| Apr 23, 2026 | Fund Letters | Riverwater Sustainable Value Strategy | Sprouts Farmers Market, Inc. | Grocery Stores | Food & Staples Retailing | Bull | NASDAQ | Customer loyalty, gross margins, growth, health-focused, Natural Foods, Organic, Private-label, Specialty Grocery, Store growth, supply chain | View Pitch |
| Apr 13, 2026 | Fund Letters | Penn Davis McFarland | Sprouts Farmers Market | Consumer Staples | Food & Staples Retailing | Bull | NASDAQ | CEO change, Grocery Retailer, margin of safety, Natural Foods, Organic Foods, Private-label, same-store sales growth, store expansion, turnaround, Value Investment | View Pitch |
| Apr 13, 2026 | Fund Letters | RF Capital Management | Sprouts Farmers Market | Consumer Staples | Food & Staples Retailing | Bull | NASDAQ | Comp Store Sales, Customer loyalty, e-commerce, Grocery Retailer, growth, Health & Wellness, Organic Foods, store expansion, Value | View Pitch |
| Apr 9, 2026 | Fund Letters | Smallvalue | Sprouts Farmers Market | Grocery Stores | Food & Staples Retailing | Bear | NASDAQ | grocery, Natural Foods, Organic, Overvaluation, profit-taking, retail, Value trap | View Pitch |
| Jan 27, 2026 | Fund Letters | David Pintado | Sprouts Farmers Market Inc | Consumer Staples | Food Retail | Bull | NASDAQ | buybacks, cashflow, expansion, grocery, Margins | View Pitch |
| Jan 8, 2026 | Value Investors Club | GLSV | Sprouts Farmers Market | Industrials | Commercial Services & Supplies | Bull | NASDAQ | industrial services, infrastructure, Logistics, manufacturing, Operations, Outsourcing | View Pitch |
| Dec 4, 2025 | Seeking Alpha | Seeking Alpha | Sprouts Farmers Market, Inc. | Grocery Stores | Bull | comparable sales growth, consumer trends, grocery retail, healthy eating, macro headwinds, Margin Improvement, Sprouts Farmers Market, store brand products, store expansion, value investing | View Pitch | ||
| Oct 12, 2025 | Seeking Alpha | Seeking Alpha | Sprouts Farmers Market, Inc. | Grocery Stores | Bull | buy-on-the-dip, Consumer Preferences, low-risk investment, nostalgia marketing, old country store, organic growth, Q2 2024 performance, Sprouts Farmers Market, store expansion, supermarket industry | View Pitch | ||
| Sep 9, 2025 | Seeking Alpha | Seeking Alpha | Sprouts Farmers Market, Inc. | Grocery Stores | Neutral | comparable sales growth, competitive risks, Economic conditions, grocery retail, gross margins, Sprouts Farmers Market, store brand expansion, store expansion, traffic growth, valuation | View Pitch | ||
| Aug 7, 2025 | Seeking Alpha | Daniel Jones | Sprouts Farmers Market, Inc. | Consumer Staples | Grocery Stores | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | NM Market Insights | Sprouts Farmers Market, Inc. | Consumer Staples | Grocery Stores | Neutral | NASDAQ | — | 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 | $48.0M | 0.12% | 601,886 | +601,886 | +100.00% | 0.7369% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $7.0M | 0.01% | 87,500 | -12,300 | -12.32% | 0.1071% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $137.8M | 0.16% | 1,729,336 | +55,600 | +13900.00% | 2.1172% |
| Ray Dalio | Bridgewater Associates | $27.4B | $13.6M | 0.05% | 171,074 | +36,119 | +26.76% | 0.2094% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $47.1M | 0.06% | 590,664 | +418,145 | +242.38% | 0.7231% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.5M | 0.00% | 30,900 | -912,208 | -64.75% | 0.0378% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $48.5M | 0.07% | 608,560 | -692,226 | -53.22% | 0.7450% |
| Cliff Asness | AQR Capital Management | $190.6B | $82.5M | 0.04% | 1,034,935 | +689,961 | +200.00% | 1.2670% |
| Bruce Kovner | Caxton Associates | $3.2B | $1.0M | 0.03% | 7,924 | +7,924 | +100.00% | 0.0155% |
| Charles Mawer | Mawer Investment Management | $17.9B | $7.7M | 0.04% | 97,119 | +97,119 | +100.00% | 0.1189% |
| Rich Handler | Jefferies | $19.3B | $730,972 | 0.00% | 9,175 | -60,595 | -86.85% | 0.0112% |