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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% | ACOG, APG, ARQ, CURV, CWAN, CYRX, DERM, LAKE, LGCY, LMB, LQDT, MCW, NEOG, NPKI, OM, REAL, RXST, TDUP, TTGT, XPOF | alpha, dislocations, growth, liquidity, Microcap, small caps, value | The fund focuses exclusively on small and micro-cap companies, targeting market capitalizations well below $100mm and in some cases below $50mm and $25mm. This represents an area where the vast majority of institutional small-cap investors are either unable or unwilling to explore. The strategy seeks to capitalize on inefficiencies in the most illiquid segment of the domestic public equity markets. | CURV RXST TTGT LAKE OM LGCY TDUP OM LGCY TDUP |
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| 2025 Q2 | Jul 18, 2025 | Optimist Fund | 39.2% | 32.4% | CVNA, DASH, FA, FVRR, HFG, MNDY, RVLV, TDUP, UBER, W | Compounding, E-Commerce, growth, Long/Short, mid cap, value | The fund holds multiple e-commerce companies including ThredUp, Carvana, Wayfair, and Revolve. ThredUp is undergoing a significant inflection point with strong Q1 results and raised guidance. Wayfair appears to be finally seeing revenue growth inflect after more than two years of waiting, with strong demand trends cited at recent investor conferences. | RVLV W CVNA TDUP W CVNA TDUP |
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| 2026 Q1 | May 12, 2026 | Optimist Fund | -27.3% | -27.3% | AFRM, AHT.L, CVNA, DASH, DSCV.L, DSV.CO, FA, KVYO, MEDP, MNDY, TDUP, TDY, TOST, UBER, W, ZS | AI, dislocation, E-Commerce, growth, opportunity, technology | TOST CVNA W TDUP |
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| 2025 Q1 | Apr 30, 2025 | Minot Light Capital Partners | -11.5% | -11.5% | CYRX, DAVE, DERM, GRPN, MRVI, OM, REAL, RPID, TDUP, W | Biotechnology, consumer, growth, healthcare, Microcap, small caps, value, volatility | The fund focuses on small and microcap growth stocks with high-beta characteristics. Market corrections provide opportunities to purchase premier growers at reasonable valuations when they become expensive during benign environments. | CYRX |
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| 2026 Q1 | Apr 29, 2026 | Minot Light Capital Partners | -2.7% | -2.7% | BOBS, FARM, HTLD, ICCC, IDXX, KIDS, LGCY, MCW, MMM, MXCT, NEOG, NRXS, OLPX, OM, OWLT, RAVE, TDUP | consumer, growth, healthcare, Micro-Cap, small caps, value, volatility | ICCC BOBS |
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| 2025 Q1 | Apr 22, 2025 | Optimist Fund | -4.9% | -4.9% | CVNA, DASH, FA, FVRR, HFG.DE, LIDR, MNDY, RVLV, TDUP, UBER, W | consumer, E-Commerce, growth, long-term, profitability, Recovery, technology | Multiple e-commerce companies featured prominently including ThredUp (secondhand fashion marketplace), Revolve (fashion e-commerce), and Wayfair (home goods e-commerce). Manager views short-term pressure on consumer discretionary as noise and remains focused on long-term fundamentals. | FA W REVL HFG UBER CVNA TDUP |
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| 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 DSCV LN LUCE LN SWIM MNDY TDUP CVNA W |
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| 2024 Q4 | Dec 31, 2024 | Minot Light Capital Partners | 5.2% | - | BYON, CFR.SW, DERM, MYTE, REAL, TDUP, TMDX | Dermatology, E-Commerce, growth, Luxury, Microcap, small caps, Specialty Pharma, value | The fund's largest holding MyTheresa operates in the high-end luxury fashion space and recently acquired YOOX NET-A-PORTER from Richemont. The transaction creates substantial synergies and establishes MyTheresa as a leading curated digital platform for luxury fashion. Management expects the combined legacy MYTE and Mr. Porter brands to generate around $2.2 billion in revenues in 2025. | DERM MYTE |
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| 2025 Q3 | Oct 22, 2025 | Optimist Fund | 9.1% | 44.5% | CVNA, DASH, FADU, FVRR, HFG.DE, MEDP, MNDY, RVLV, SWIM, TDUP, UBER, W | Biotech, Cyclical, E-Commerce, growth, mid cap, Recovery, technology | The fund sees acceleration in cyclical e-commerce holdings like Wayfair and ThredUp that have been in multi-year downswings. Wayfair delivered strong growth with revenue up 5-6% and expanding margins, while ThredUp posted 16% revenue growth with strong operating leverage. | MEDP CVNA TDUP W MEDP CVNA TDUP W |
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| 2024 Q2 | Jul 16, 2024 | Optimist Fund | 27.8% | 49.2% | ACVA, CIGI, CVNA, DASH, HFG, MNDY, RVLV, SMAR, TDUP, UBER, W | Concentration, E-Commerce, growth, mid cap, SaaS, technology | The fund holds multiple e-commerce leaders including Carvana (fastest growing automotive dealer in North America), Wayfair (waiting for home goods market stabilization), and ThredUp (second-hand consignment marketplace). These companies are positioned to benefit from continued digital transformation and market share gains. | MNDY CVNA |
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| 2024 Q4 | Jan 20, 2025 | Optimist Fund | 11.6% | 66.5% | ACVA, BFIT.AS, CRCT, CVNA, DASH, DSV.CO, FIGS, HFG.DE, LATM, MNDY, REVL, TDUP, TDY, UBER, W, XPOF | consumer, E-Commerce, growth, Logistics, mid cap, profitability, technology | Multiple e-commerce holdings including Carvana (used car retail), DoorDash (food delivery), Revolve (fashion), and Wayfair (home goods) represent core portfolio positions. The manager sees significant growth potential as these companies gain market share and improve profitability despite challenging market conditions. | TDUP W POOL RVLV HFG.DE DASH CVNA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 13, 2026 | Fund Letters | Optimist Fund | ThredUp | Internet Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | Consumer Discretionary, e-commerce, EBITDA Expansion, growth, Multi-year Inflection, Resale | View Pitch |
| Apr 13, 2026 | Fund Letters | Minot Light Capital Partners | ThredUp Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Artificial Intelligence, e-commerce, Free Cash Flow, Micro-cap, online marketplace, Secondhand Clothing, Technical Dislocation, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Optimist Fund | ThredUp Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Consumer Discretionary, e-commerce, growth, margin expansion, Online Resale, revenue acceleration, small-cap | View Pitch |
| Apr 13, 2026 | Fund Letters | Optimist Fund | ThredUp Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | e-commerce, Fulfillment, Guidance Raise, Inflection, Resale, scaling | View Pitch |
| Apr 13, 2026 | Fund Letters | Optimist Fund | ThredUp Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Circular economy, competitive moat, E-commerce Platform, Free cash flow inflection, Managed Marketplace, Second-hand Marketplace, turnaround story | View Pitch |
| 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 |
| 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. | ||||||||