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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q4 | Jan 28, 2025 | Citadel Value Fund SICAV | - | - | BC, JST GR, KER FP, MPAC LN, TGS | CashFlow, Discipline, Quality, risk, valuation | Valuation: The portfolio trades at a 44% discount to intrinsic value with a 6% look-through FCF yield and ~8x EV/EBITA, far below global equity indices. Citadel highlights the extreme valuation dispersion created by the Magnificent Seven and argues that deep value opportunities are unusually attractive. Quality: The Fund increased positions in several high-quality industrial and technology names (Continental, Nichirin, Samsung, Sumco, TGS) following share price weakness. New positions in Jost Werke, Kering and Brunswick were selected for strong market positions, resilient profitability, capable management and long runways for recovery. Risk: The letter stresses that permanent capital lossnot volatilityis true risk. The Stellantis exit illustrates this philosophy; despite a strong 2023, operational missteps in 2024 revealed growing risk, prompting divestment. | View | |
| 2025 Q4 | Jan 14, 2026 | Horos Asset Management | 0.0% | 0.0% | 0086.HK, AAPL, AMZN, ANE.PA, AYV.PA, AZM.MI, DIA.MC, ERG.MC, GEST.MC, GOOG, GOOGL, META, MSFT, NPSNY, NVDA, ONEX.TO, ORCL, TCEHY, TGS, TSLA | AI, Bubble, Concentration, Europe, gold, inflation, Passive investing, value | The manager discusses the massive investment in AI infrastructure by tech companies, warning of potential overinvestment and bubble dynamics. He compares the current AI race to a prisoner's dilemma where companies must invest aggressively to avoid being left behind, even at the risk of capital destruction. Private AI companies are raising capital at unprecedented valuations without products or disclosed business plans. The manager highlights how passive investing has reached nearly 65% of US equity assets, contributing to market distortions including reduced liquidity, increased volatility, and further concentration in mega-cap stocks. US equity index funds attracted around $650 billion in 2025 while actively managed funds saw record outflows approaching $1 trillion. The manager emphasizes their value investing approach, seeking companies that are temporarily undervalued due to setbacks or negative sentiment. He illustrates this with examples like AerCap and Naspers, where the market failed to recognize underlying value, allowing for opportunistic investments with significant upside potential. The manager discusses rising inflation expectations reflected in elevated long-term government bond yields despite central bank rate cuts. He notes that precious metals experienced explosive rallies as investors sought protection against potential currency debasement and sovereign debt concerns. Gold posted gains of around 65% in 2025, with silver rising over 145% and platinum nearly 125%. The manager attributes these gains to growing perception of potential deterioration in financial solvency of major economies and the risk of persistent inflation as governments deal with rising structural debt levels. | TCEHY SDE CN PLX FP ZEG LN ZIG LN NPSNY AER |
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| 2023 Q2 | Jul 8, 2023 | Horos Asset Management | 2.9% | 9.8% | 39A GR, AAPL, ARHI, AZM IM, ENO SM, GOOG, MEL SM, META, MSFT, NVDA, TGS, TLGO SM | - | View | ||
| 2023 Q1 | Apr 30, 2023 | Horos Asset Management | 2.9% | 9.8% | ARHI, ATYM LN, MG, SDE CN, TGS | - | View | ||
| 2023 Q4 | Feb 13, 2024 | Horos Asset Management | 2.9% | 9.8% | 7GE GR, AER, AMG, METC, SDE CN, TGS | - | 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 |
|---|---|---|---|---|---|---|---|---|
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $3.2M | 0.00% | 104,369 | -138,240 | -56.98% | 0.0656% |
| Israel Englander | Millennium Management LLC | $233.2B | $349,234 | 0.00% | 11,233 | -26,926 | -70.56% | 0.0071% |