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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Aug 14, 2023 | JB Global Capital | -2.6% | 9.2% | BABA, STNE | Brazil, China, Cloud, E-Commerce, emerging markets, payments, value | Alibaba Group, the fund's top holding, reported disappointing revenue growth of only 2% year-on-year due to weaker consumption spending in China and intense market competition. Despite revenue challenges, the company demonstrated strong profitability with 60% earnings growth and generated $25B in free cash flow. The manager remains optimistic about Alibaba's cloud computing leadership position and long-term digital transformation trends. | STNE BABA |
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| 2024 Q2 | Jul 11, 2024 | JB Global Capital | 7.3% | 8.1% | AAPL, AMZN, AVGO, BABA, GOOGL, JD, META, MSFT, NVDA, PYPL, STNE, TCEHY | AI, Buybacks, China, payments, technology, value | The fund holds significant positions in payment processors including PayPal and StoneCo. PayPal is trading at historically low valuations despite maintaining 45% global market share and strong fundamentals. StoneCo was sold after achieving 61.4% returns as the risk/reward profile deteriorated with rising valuations. | PYPL STNE |
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| 2025 Q2 | Jul 1, 2025 | LMN Capital | - | 16.3% | ABYY.DE, BNTX, FMX, IBKR, MELI, MTX.DE, PYPL, RR.L, SPR.DE, STNE, TCX, UTDI.DE | Compounding, Europe, growth, long-term, Quality, value | The fund focuses on investing in companies trading below intrinsic value as one of three core investment criteria. The manager evaluates whether the price is clearly below intrinsic value, defined as the price a well-informed investor would pay to own the entire company. This value-oriented approach has contributed to the fund's strong performance with 17 out of 26 exited investments generating returns above 16% annually. | IBKR MELI |
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| 2023 Q1 | Apr 4, 2023 | JB Global Capital | 11.8% | 11.8% | BABA, GOOGL, STNE | Brazil, China, Concentration, E-Commerce, emerging markets, long-term, technology, value | E-commerce will continue to gain share of total retail spend as the physical world moves toward digital channels for greater productivity and efficiency. This trend is driven by capitalism rewarding optimization with higher profits. | BABA |
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| 2024 Q1 | Apr 15, 2024 | Meridian Small Cap Growth Fund | 6.2% | 0.0% | ACVA, ALIT, BYRN, CARG, CNCL, FORR, LZ, MATX, MIR, MMSI, NRGN, QDEL, RBA, SG, STNE, TPB | Automation, Diagnostics, growth, healthcare, small cap, technology | The fund holds multiple healthcare positions including QuidelOrtho Corporation in diagnostics, Consensus Cloud Solutions serving healthcare data security, and Neurogene in gene therapy. Healthcare IT staffing issues are creating macro pressure on enterprise-level adoptions. | SG NRGN BYRN FORR QDEL CNCL |
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| 2025 Q1 | Mar 31, 2025 | Harding Loevner Global Small Companies | -3.1% | -3.1% | AAPL, ALGN, ASML, CBSH, CHD, EPAM, FIVE, FTI, GLOB, HP, LAZ, LIVN, LPLA, MKC, NBIX, NDAQ, OLLI, PEN, RGA, STNE | Germany, global, infrastructure, Quality, small caps, Trade Policy | The portfolio significantly increased exposure to Germany over the past couple years, with an 8.3% average weight versus 1.1% in the benchmark. Despite economic challenges, the manager found high-quality growing businesses trading at reasonable prices. Germany's constitutional amendment to allow fiscal stimulus and infrastructure spending of over $500 billion boosted market performance in Q1. | 7747.T 6952.T FPE3.DE NEM.DE G24.DE |
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| 2024 Q4 | Feb 10, 2025 | Meridian Small Cap Growth Fund | 2.8% | 11.7% | AGS, ALIT, ANGI, BYRN, CARG, CCSI, MIR, RBA, SMAR, STNE, TMDX, TPB, WAY | growth, healthcare, nuclear, Quality, risk management, small caps, technology | Mirion Technologies operates in industries with strong secular trends tied to rising demand for nuclear power, including AI-related data center energy needs. The company provides critical technologies for the nuclear power sector with recurring revenues. | ANGI SRI TMDX BYRN TPB MRAD |
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| 2023 Q4 | Jan 2, 2024 | JB Global Capital | 7.8% | 18.4% | BABA, GOOGL, STNE | AI, Brazil, China, Cloud, contrarian, E-Commerce, payments, value | Alibaba remains the world's largest third-party online and mobile commerce platform by GMV, with leading positions in retail e-commerce through Taobao and Tmall. The company has been expanding geographically into Southeast Asia, Europe, and the Middle East while investing in value-added services. | GOOGL STNE BABA |
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| 2024 Q2 | Jun 30, 2024 | Meridian Small Cap Growth Fund | 6.2% | 0.0% | ACVA, AGS, ALIT, BYRN, CARG, LZ, MIR, MMSI, RBA, SILK, SMAR, STNE, TMDX, TPB | downside protection, growth, Medical Devices, Quality, small caps, technology | The fund holds multiple medical technology companies including TransMedics Group with their revolutionary organ transplant technology and Silk Road Medical with their minimally invasive carotid artery treatment. These companies are taking market share with innovative solutions that improve patient outcomes. | AGS SILK TMDX ALIT BYRN LZ |
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| 2023 Q1 | Apr 5, 2023 | Nordstern Capital Investors | 0.0% | 0.0% | ASTL.TO, EMBRAC.ST, STNE | Brazil, gaming, infrastructure, long-term, payments, Steel, value | Hot-rolled coil steel prices rallied from $700 to $1,000 per ton with Cleveland Cliffs raising prices to $1,300. Infrastructure spending from various acts should drive 5 million tons of steel demand per $100 billion spent, plus 2-3 million tons annually for renewable projects. Algoma Steel's EAF project should enable 30% increased production and $100 million annual cost savings by 2028. | EMBRAC-B.ST ASTL STNE |
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| 2022 Q4 | Feb 21, 2022 | TGV Compound Fund | 0.0% | 6.9% | 0A9O LN, EQS SW, IBKR, ITD IM, MCE GR, MELI, STNE, TCX | - | View | ||
| 2023 Q4 | Jan 15, 2024 | Vision Capital | 0.0% | 0.0% | 0700.HK, 3690.HK, ABNB, ADBE, ADYEN.AS, AMZN, ANET, CRM, CRWD, DDOG, DLO, ESTC, FVRR, GOOGL, HUBS, JD, LULU, MA, MDB, MELI, META, MNDY, MSFT, NET, NOW, NU, NVDA, OKTA, PAYC, PLTR, PYPL, SHOP, SQ, STNE, TEAM, TSLA, TTD, V, VEEV, WDAY, WISE.L, ZS | AI, Compounding, E-Commerce, growth, long-term, payments, SaaS, technology | Vision Capital maintains significant exposure to e-commerce companies including Amazon, MercadoLibre, Shopify, JD.com, Fiverr, Airbnb, and Meituan representing approximately 20% of the portfolio. The manager views these as top dogs supported by long-term tailwinds in the digital commerce transformation. | LULU AAPL|MSFT|NFLX|NVDA|UNH |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | JB Global Capital | StoneCo Ltd | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Brazil, capital allocation, Credit, Fintech, Flywheel, Interest rates, market share, MSMB, operating leverage, Payments | View Pitch |
| Apr 28, 2026 | Fund Letters | JB Global Capital | StoneCo Ltd. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Banking Product, Brazil, Credit Business, Fintech, high margins, market share gains, Micro-merchants, Payments | View Pitch |
| Apr 27, 2026 | Fund Letters | Nordstern Capital Investors | StoneCo Ltd | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Brazil, Fintech, Lending, margin expansion, market share, payment processing, Regulatory tailwinds, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | JB Global Capital | StoneCo Ltd. | Information Technology | Data Processing & Outsourced Services | Neutral | NASDAQ | Brazil, Emerging markets, exit, Fintech, Merchant Acquirer, NAV, payment processing, Value | View Pitch |
| Feb 4, 2026 | Twitter / X | @ManuInvests | StoneCo Ltd. | Financial Services | Transaction & Payment Processing Services | Bull | NASDAQ | Acquiring, Brazil, buybacks, Credit, divestiture, Fintech, LatAm, MSMB, Payments, ROE, turnaround | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Dilantha De Silva | StoneCo Ltd. | Information Technology | Software - Infrastructure | Bull | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||