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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | SRK Capital | - | 46.9% | ICCC, ISSC, SLSN, SNWV | asymmetry, catalysts, Concentration, margin expansion, Operating Leverage | The commentary emphasizes concentrated, high-conviction investing with significant upside skew driven by operational inflection points. Management highlights margin expansion, operating leverage, and optionality from regulatory or product catalysts. Cash levels are adjusted dynamically as valuations change. | SNWV SLSN ICCC ISSC |
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| 2025 Q4 | Jan 23, 2026 | Deep Sail Capital Partners | 14.2% | 34.8% | BYND, CRDO, DXCM, KRKNF, NSLO, SNWV, SYK | defense, growth, healthcare, inflation, Long/Short, Medical Devices, small cap, technology | Sanuwave Health represents a compelling opportunity in the advanced wound care ecosystem, transitioning from high-cost biological grafts toward energy-based tissue regeneration. The company utilizes a razor blade recurring revenue model with UltraMIST system achieving record quarterly revenues and 78% gross margins. CMS regulatory changes reducing Medicare spending on skin substitutes by 90% create a competitive advantage for Sanuwave's stable reimbursement profile. Kraken Robotics continues as the fund's largest position, contributing 7% gross return in Q4. The company is gaining widespread investor awareness and new orders from UAV partners, positioning perfectly within their market especially as Anduril approaches its 2026 IPO. The defense technology sector shows strong momentum with autonomous underwater vehicle applications. The manager expects a run it hot economic policy under Trump that prioritizes growth and loose fiscal policy over inflation control. This approach will provide short-term rocket fuel through easier credit and asset price inflation, but will eventually lead to higher inflation and economic distortions. The combination of structural job losses from AI automation and rising prices creates an uncomfortable endgame scenario. | SNWV |
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| 2025 Q4 | Jan 13, 2026 | Infuse Partners | -7.2% | 0.0% | DUOL, MELI, NU, SNWV, TMDX | E-Commerce, Education, Fintech, growth, Latin America, long-term, Medical Devices, technology | MercadoLibre continues to demonstrate exceptional execution with its e-commerce/payments flywheel spinning fast even at $25 billion revenue. The company has successfully outcompeted strong marketplaces like Amazon, Shopee, Temu and TikTokShop using vertical integration and fast delivery times. Management thinks genuinely long-term unlike most companies that only give lip service to long-term decision making. Nu Holdings is gradually becoming a super app with strong traction in Mexico after receiving full banking license, proving the model is replicable outside Brazil. The company's lean cost structure enables better rates, leading to more customers and economies of scale. Success has come despite Brazil's terrible macro backdrop over 15 years, with battle-tested lending algorithms positioned for expansion into more stable geographies. Sanuwave operates a razor and blades business model with the UltraMist device for treating diabetic foot ulcers. Despite a Q3 growth hiccup while building sales organization, growth should resume as there aren't many profitable medtech companies growing faster than 30%. TransMedics has revolutionized organ transplant process, owning 22 private jets and performing 30 organ transplants daily, with increasing density creating competitive advantages. Duolingo should be viewed as an engagement machine that happens to educate rather than just a language learning app. With almost 40% of monthly users logging in daily (compared to Snapchat's 50%), the company has built exceptional engagement muscle. As it broadens into math, music, chess and other subjects, retention should increase further, potentially becoming a must-have app for learning all sorts of things. | DUOL MELI TMDX NU |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | Fund Letters | Sean Westropp | Sanuwave Health, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | growth, Margins, Medtech, Reimbursement, Ultrasound, Woundcare | View Pitch |
| Jan 22, 2026 | Twitter / X | @TenvaCapital | Sanuwave Health, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Believe, Ebit, Ebit Which, Register, Sanuwave, Snwv, Team, wound care | View Pitch |
| Jan 8, 2026 | Fund Letters | Sean Kirkwood | Sanuwave Health, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | growth, healthcare, Margins, Medicaldevices, Salesforce, uplisting, valuation | View Pitch |
| Oct 15, 2025 | Value Investors Club | fiverocks19 | Sanuwave Health Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | CPT 97610, distribution inflection, high-margin, medtech growth, non-contact ultrasound, razorblade model, Reimbursement, Sanuwave, takeover candidate, UltraMIST, wound care | 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. | ||||||||