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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jul 14, 2023 | Choice Equities Capital Management | 8.0% | 9.0% | AAPL, CELH, CROX, MGNI, OEC, PLCE, SITE, STGW, WCC | Advertising, Concentration, Russell 2000, small caps, valuation, value | PLCE STGW MGNI |
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| 2023 Q3 | Oct 31, 2023 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, MGNI, OEC, PLCE, SHAK, STGW, WCC | Advertising, consumer, industrials, Restaurants, small caps, value | Manager emphasizes that small and mid-cap stocks have severely lagged larger peers and are now historically attractive. The Russell 2000 fell below pre-pandemic levels, with forward earnings multiple of S&P 600 at 11.5x, a level only seen three times since 1999. All prior instances produced double-digit annualized returns across multiple years. | SHAK |
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| 2023 Q4 | Jan 22, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | BXC, CROX, MGNI, OEC, PAR, SHAK, STGW, WCC | Building Products, Buybacks, Restaurants, small caps, technology, value | Manager focuses on low multiple stocks of quality businesses at discounted valuations. Despite challenging backdrop in 2023, continues to believe this approach offers best chance of outperforming over sustained periods. | IPAR BXC |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jun 15, 2026 | Fund Letters | Choice Equities Capital Management | Stagwell Inc. | Advertising Agencies | Advertising | Bull | NASDAQ | acquisition strategy, advertising, Blue Chip Clients, Digital transformation, Free Cash Flow, Marketing Agency, Political Spending, share repurchases | 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 |
|---|---|---|---|---|---|---|---|---|
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $420,320 | 0.00% | 85,955 | +18,602 | +27.62% | 0.7159% |
| Israel Englander | Millennium Management LLC | $233.2B | $121,497 | 0.00% | 24,846 | -87,167 | -77.82% | 0.2069% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $975,066 | 0.02% | 199,400 | -361,700 | -64.46% | 1.6608% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $1.1M | 0.00% | 217,608 | -214,216 | -49.61% | 1.8125% |
| Cliff Asness | AQR Capital Management | $190.6B | $4.6M | 0.00% | 946,033 | +679,874 | +255.44% | 7.8796% |