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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 31, 2025 | Minot Light Capital Partners | 18.1% | 4.5% | CURV, LAKE, LGCY, OM, RXST, TDUP, TTGT | dislocations, early-stage growth, Inefficiency, liquidity, Microcaps | The commentary highlights extreme inefficiencies in micro-cap equities driven by liquidity constraints and institutional neglect. Management focuses on early-stage growth and violent dislocations where prices deviate sharply from intrinsic value. Agility, position sizing, and rapid execution are positioned as key sources of alpha. | OM LGCY TDUP |
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| 2025 Q2 | Jul 18, 2025 | Optimist Fund | 39.2% | 32.4% | CVNA, RVLV, TDUP, W | compounders, Founder-led, inflection points, Long-Term Growth, volatility | The letter emphasizes investing in underappreciated market leaders run by ambitious, founder-like CEOs with long growth runways. Management highlights inflecting compounders where near-term margins mask long-term earnings power. Volatility is embraced as an opportunity to add to high-conviction positions at attractive prices. | W CVNA TDUP |
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| 2025 Q1 | Apr 22, 2025 | Optimist Fund | -4.9% | -4.9% | CVNA, FA, HFG GR, RVLV, TDUP, UBER, W | - | View | ||
| 2025 Q4 | Feb 12, 2026 | Optimist Fund | -8.5% | 32.2% | AFRM, CVNA, DASH, DICEY.L, FVRR, HFG, LTHM, META, MNDY, NFLX, PTON, ROOT, TDUP, UBER, W | Compounding, E-Commerce, growth, long-term, technology, value | The fund holds significant positions in e-commerce companies including Wayfair, Carvana, ThredUp, and DoorDash. These businesses are showing strong fundamental performance with revenue growth acceleration and improving profitability metrics. The manager views current valuations as materially underappreciating future earnings potential. The fund focuses on identifying businesses where deep research can uncover gaps between market expectations and long-term reality. The strategy targets companies with potential for mid-teens or better compound returns over decades, emphasizing businesses with accelerating sales and earnings growth. The manager emphasizes finding businesses trading at significant discounts to intrinsic value, where market expectations are materially below long-term reality. Current valuations are viewed as underappreciating the earnings and cash flow core holdings will generate over the next five years. | MNDY TDUP CVNA W MNDY TDUP CVNA 3769 JP|4194 CN|4733 JP|APG|CROX|FIX|FLUT|GLEN LN|JD/ LN|MTX GR|PSI CN|TKO|WISE LN|ZETA MNDY TDUP CVNA W DSCV LN LUCE LN SWIM MNDY TDUP CVNA W |
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| 2024 Q4 | Dec 31, 2024 | Minot Light Capital Partners | 5.2% | - | DERM, MYTE, REAL, TDUP | - | View | ||
| 2025 Q3 | Oct 22, 2025 | Optimist Fund | 9.1% | 44.5% | CVNA, FVRR, HFG GR, MEDP, MNDY, RVLV, TDUP, W | AI, Consumer cyclicals, E-Commerce, growth, small caps | The Optimist Fund gained 9.1%, driven by small-cap cyclicals like Wayfair, ThredUp, and Carvana as fundamentals inflected upward. The manager emphasizes structural growth in e-commerce and data-driven efficiency, with selective use of AI to enhance scalability. Portfolio concentration in innovative, founder-led firms reflects conviction in multi-year compounding potential. | MEDP CVNA TDUP W MEDP CVNA TDUP W |
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| 2024 Q4 | Jan 20, 2025 | Optimist Fund | 11.6% | 66.5% | CVNA, DASH, HFG GR, RVLV, SWIM, TDUP, W, XPOF | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 25, 2026 | Fund Letters | Optimist Fund | ThredUp Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bear | NASDAQ | Customer Acquisition, e-commerce, EBITDA Positive, growth acceleration, marketplace, Rebrand, Secondhand Apparel | View Pitch |
| Mar 21, 2026 | Fund Letters | Optimist Fund | ThredUp Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bear | NASDAQ | Customer Acquisition, e-commerce, EBITDA Positive, growth acceleration, marketplace, Rebrand, Secondhand Apparel | View Pitch |
| Mar 21, 2026 | Fund Letters | Optimist Fund | ThredUp Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bear | NASDAQ | Customer Acquisition, e-commerce, EBITDA Positive, growth acceleration, marketplace, Rebrand, Secondhand Apparel | View Pitch |
| Feb 21, 2026 | Fund Letters | Jordan McNamee | ThredUp Inc. | Consumer Discretionary | Other Specialty Retail | Bull | NASDAQ | ecommerce, growth, guidance, Margins, marketplace, Reacceleration, Resale, Useracquisition, Volatility | View Pitch |
| Jan 8, 2026 | Fund Letters | Jordan McNamee | ThredUp Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | ecommerce, Fulfillment, Inflection, margin expansion, Resale | View Pitch |
| Jan 8, 2026 | Fund Letters | Eddie Reilly | ThredUp Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Apparel, Logistics, Margins, Resale, scale, Sustainability | View Pitch |
| Nov 29, 2025 | Fund Letters | Jordan McNamee | ThredUp Inc. | Consumer Discretionary | Online Retail | Bull | NASDAQ | Circular economy, Customer Acquisition, e-commerce, growth, Margins, Resale, Sustainability | View Pitch |
| Nov 28, 2025 | Fund Letters | Jordan McNamee | ThredUp Inc. | Consumer Discretionary | Online Retail | Bull | NASDAQ | Circular economy, Customer Acquisition, e-commerce, growth, Margins, Resale, Sustainability | 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. | ||||||||