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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 9, 2026 | Mountain Vista Wealth Management | 0.0% | 0.0% | AGG, DBB, EMB, ETHA, FBTC, GLD, IVE, IVW, IWM, JNK, QQQ, SPY, TLT, USO, VXUS, XLK, XLP, XLRE, XLU, XLV | AI, Bitcoin, Economic Outlook, ETFs, Federal Reserve, gold, inflation, Market Commentary | A key question for 2026 is whether AI investments will translate into measurable productivity gains and margin expansion beyond the technology sector. The downside scenario involves a reassessment of AI and data center ROI which could trigger sharp corrections in high-flying growth stocks. Companies are investing in technology that allows them to make their existing workforce more productive, representing an AI-driven productivity boom. Inflation remains persistently above the Federal Reserve's 2% target for the fifth consecutive year, though showing signs of cooling on many fronts. Tariffs have pushed up goods prices, causing inflation to remain elevated. The psychological scars of 2021/22 inflation remain despite real wage growth trending up since Q3 2022. The FOMC delivered a 25 basis point rate cut to 3.50-3.75% range with significant division among policymakers. High interest rates and persistently high prices have pushed monthly payments up at a shocking rate relative to income growth. The Fed announced it would begin purchasing shorter-term Treasury securities to maintain ample reserves. Gold delivered exceptional gains consistently as investors sought assets tied to real scarcity and low correlation to financial assets. Persistent geopolitical risk, elevated fiscal deficits, and gradual erosion of confidence in fiat currencies supported sustained inflows. Central banks continued to be net buyers, with gold posting an extraordinary 63.7% annual return. Bitcoin exhibited far greater volatility and a different return profile than gold, experiencing powerful rallies earlier in the year but proving fragile as risk appetite faded. The sharp drawdown in Q4 highlighted Bitcoin's sensitivity to speculative positioning and leverage. Rather than behaving as a defensive hedge, Bitcoin traded more like a high-beta risk asset. | View | |
| 2025 Q4 | Jan 8, 2026 | Advisory Research – Global Select Dividend | 0.0% | 0.0% | IEV, SPY | AI, Deregulation, Europe, Fiscal, global, inflation, nuclear, oil | Manager believes 2026 will be the year AI efforts become less speculative and more focused on real-world applications. Views generative AI as the general-purpose technology of our era, possessing unique ability to improve over time and serve as a platform for new innovations. Expects AI efforts to become more practical and productive by second half of 2026. European equities nearly doubled SPY performance in 2025, returning +31.4% versus +17.7% for US. Europe has become a story of breadth with 8 of 11 sectors outpacing S&P 500. Fundamental paradigm shift in Germany abandoning fiscal austerity for fiscal excess, targeting defense and infrastructure spending. Manager expects inflation to remain well anchored in all regions except the US where consumers with extra cash could drive inflation higher. Combination of refunds and lower withholdings will frontload benefits into 2026. US inflation may get stickier as economy reaccelerates and government stimulates struggling low-income consumers. AI race catalyzes nuclear fusion research with at least three private-sector companies expected to achieve Net Energy Gain milestone. One company expected to reach Sustained High-Power Density Operation viable for fusion power plant by late 2026. Oil prices expected to climb into $60-70 per barrel range by Q4 2026 as demand drivers exhibit firmer underlying consumption amid more constrained supply growth than widely assumed by market that believes oil is oversupplied. Red tape expected to be cut at pace across Financial Services, AI/Tech Services and Energy sectors under guise of National Security to prop up economic growth before midterms. Great Financial Crisis capital requirements expected to be watered down, benefitting banks the most. | View | |
| Q4 2025 | Jan 30, 2026 | Star Magnolia Capital Limited | - | - | 0700.HK, BRK-A, CVNA, KMX, SPY | Asia, Compounding, Europe, Geographic Diversification, long-term, manager selection, Relationships | The letter emphasizes the importance of long-term investing and staying invested despite volatility. The manager discusses how distance from markets and structural design matter more than temperament for successful long-term investing. Examples include Berkshire Hathaway shareholders who stayed invested for decades and achieved compounding returns. The firm focuses on building long-term relationships with investment managers rather than transactional approaches. They maintain relationships averaging 7.1 years with current managers and emphasize investing in people rather than just businesses. The letter details their process for both building and terminating manager relationships. The firm is increasing exposure to Asian markets as part of geographic diversification away from Americas where valuations are viewed as frothy. The team conducted extensive travel across China, Indonesia, and other Asian markets for research and relationship building. The firm is expanding European relationships and published research on European shareholder activism. They view Europe as an attractive alternative to expensive American markets and are building manager relationships in the region. | View | |
| 2025 Q4 | Jan 28, 2026 | Rodrigo Benedetti | 0.0% | 0.0% | ARKK, CLS, KITS.TO, MSFT, NBIS, ORCL, QQQ, QURE, REGN, SLNO, SPY, STRL, TEVA, TGEN, TSSI, TWST, VRT, XOP | AI, Biotechnology, commodities, Fintech, gold, healthcare, oil | Manager observes precious metals experiencing massive bubble-like moves with gold and silver going through blow-off tops. Believes there is no fundamental reason for this rally and compares moves to the 1970s when US abandoned gold standard. AI companies, particularly neoclouds, corrected 50% but are showing signs of life again. Manager previously shorted low quality AI names trading on high multiples but closed positions when momentum couldn't be fought. Oil equities have diverged from oil prices with E&P, OFS and Majors underperforming. Manager notes well-supplied market and Chinese demand reduction while they add to strategic reserves. Mixed results in biotech with FDA walking back QURE approval after mixed data causing roundtrip of profits. Healthcare sector performed well with TEVA and REGN benefiting from immunity to tariffs and AI disruption. Excited about Figure Technologies at crossroads of blockchain and electronic HELOC securitization. Company provides bridge for stablecoin yield investment and operates marketplace for on-chain loan investment with fraud-resistant electronic system. | EMO CN KITS CN |
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| 2025 Q4 | Jan 23, 2026 | Grey Owl Capital | 2.4% | 0.0% | ACWI, GLD, GSG, IWM, MAGS, SPY, TLT | commodities, Cyclical, diversification, gold, growth, inflation, risk management, small caps | Small-capitalization equities are significantly outperforming, up 7.6% year-to-date through January 23, 2026, as market leadership expands beyond mega-cap technology. The manager has increased exposure to US small-cap equities, believing conditions now favor cyclical outperformance and broadening equity participation. Commodities are outperforming with 7.4% year-to-date gains through January 23, 2026, supported by accelerating economic growth. The portfolio has added to commodities exposure as part of positioning for meaningful economic growth and cyclical outperformance. Gold delivered exceptional performance with 63.7% gains for full year 2025 and continued strength with 11.5% gains in Q4 2025. The manager has expanded precious metals exposure as part of the all-season framework positioning. Economic growth is accelerating according to Hedgeye's real GDP projection model, gaining significant momentum in Q1 and continuing through much of Q2 2026. This growth acceleration historically supports risk assets, particularly cyclical equities and commodities. | View | |
| 2025 Q4 | Jan 21, 2026 | Cedar Creek Partners | 2.4% | 29.6% | ENDI, MCBS, SLBK, SODI, SPY | Community Banks, defense, Expert Market, Microcap, Natural Gas, OTC, value | Manager added major position in Exco Resources, an independent oil and gas company focused on onshore US shale development with 90% natural gas production. Production increased significantly from 22 Bcfe in March to 36 Bcfe in September 2025, with capex budget increasing from $185 million in 2025 to $430 million in 2026. At current two-year strip pricing of $3.75 per mcf, Exco could generate substantial cash flows. Fund allocated 20% to community banks trading at attractive valuations below six times earnings. Manager believes these modestly growing banks should trade at higher valuations and would be attractive acquisition candidates. ECIP banks are expected to screen better once they can repurchase outstanding preferred stock at deep discounts. Solitron Devices, where the manager serves as CEO, saw material uptick in defense orders beginning November 2024. Large orders included HIMARS components from L3Harris and AMRAAM components from RTX, with November 2025 bookings reaching highest ever at $13.9 million. Backlog exceeded $27 million, positioning for improved revenue and earnings. | SLBK ENDI SODI EXCE FLFG PHIG MCBS |
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| 2025 Q4 | Jan 19, 2026 | Leaven Partners | 4.2% | 41.0% | EFA, HD, HEFA, SPY, VT | Currency, Hedging, Japan, risk management, volatility | The manager extensively discusses currency hedging strategy for Japanese yen exposure, explaining how foreign stock ownership creates inherent currency risk. They employ a systematic trend-following approach to currency hedging rather than fundamental valuation models, aiming to reduce short-term volatility while capturing positive carry from interest rate differentials. | View | |
| 2025 Q4 | Jan 14, 2026 | HORAN Capital Advisors | 0.0% | 0.0% | ACWX, EEM, EFA, GOOGL, META, NFLX, SPY | AI, consumer, Dollar, earnings, Fed policy, international, technology | AI remains the dominant investment theme for 2025, with the Magnificent 7 stocks accounting for 42% of S&P 500 returns. Technology-related stocks dominated the top 10 performers, though concentration in large tech companies may face challenges as the economy evolves and other market areas become attractive. Earnings growth becomes increasingly important as stocks trade at higher valuations. Analyst expectations are for S&P 500 earnings to grow 15.6% in 2026, following 13.3% growth in 2025 and 12.1% in 2024. Strong earnings growth could drive positive stock returns despite elevated P/E multiples. The U.S. Dollar declined about 10% in 2025, contributing approximately one-third of international returns for U.S. investors. Dollar weakness could persist in 2026 due to budget deficits requiring more debt issuance and a dovish Federal Reserve policy stance. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||