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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Oct 17, 2025 | Harbor Capital Appreciation Fund | 5.0% | 12.7% | AAPL, AMD, APPL, AVGO, DIS, MSFT, NFLX, ORCL, SHOP, TOST, TSM, TTD, VRTX | Artificial Intelligence, Cloud Computing, Growth Stocks, semiconductors, Technology leadership | Harbors manager cites AI-driven innovation as the dominant force behind market gains, though warns of valuation risk in mega-cap tech. The fund added exposure to cloud and AI enablers such as AMD and Oracle, reflecting confidence in structural growth. Despite short-term volatility, it remains committed to high-quality growth companies with durable moats and earnings resilience. | ORCL US TOST US AMD US |
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| 2025 Q4 | Jan 24, 2026 | Greystone Capital | 0.3% | 2.8% | APG, BEL, DR.TO, FC, FOUR, KITS.TO, LMB, LNF.TO, LSPD.TO, NRP, SQ, SYZ, TOST, VYX | Buybacks, Coal, concentrated, E-Commerce, payments, small caps, value | Natural Resource Partners continues to benefit from global coal consumption reaching record highs of 8.8 billion tons in 2025. The royalty business model provides exceptional durability through various pricing environments while avoiding ongoing capital expenditures and high operating costs. KITS Eyecare represents a vertically integrated direct-to-consumer eyecare model with strong unit economics. The company has achieved product/market fit with favorable CAC/LTV ratios and continues to take share from traditional optometry and less integrated online competitors. Shift4 Payments operates as an integrated end-to-end payments business with deep industry knowledge across hospitality, restaurant, and stadium verticals. The company owns the gateway layer and full payment stack, enabling higher margins and stronger customer retention than commodity payment processors. Medical Facilities Corp has repurchased over 20% of shares outstanding through tender offers and open market purchases, reducing total shares by nearly 40% over four years. Management demonstrates disciplined capital allocation focused on maximizing per-share value. | FOUR DR CN APG KITS CN NRP |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 17, 2026 | Seeking Alpha | Seeking Alpha | Toast, Inc. | Financial Technology | Payment Processing | Bear | New York Stock Exchange | competitive market, economic headwinds, Gross Payment Volumes, growth deceleration, payment processing, restaurant industry, supply chain risks, Toast, Inc., valuation compression, Vertically Integrated Platform | View Pitch |
| Feb 4, 2026 | Twitter / X | @bobspaysubstack | Toast | Software | Application Software | Bear | New York Stock Exchange | Application Software, EBITDA margins, Fintech, Payments Software, Restaurant POS, SMB Merchants, valuation, vertical software | View Pitch |
| Jan 8, 2026 | Fund Letters | Brad Slingerlend | Toast, Inc. | Information Technology | Internet Services & Infrastructure | Bull | New York Stock Exchange | network effects, Payments, Restaurants, SaaS, Software, vertical market | View Pitch |
| Oct 3, 2025 | Value Investors Club | MississippiCo | Toast Inc. | Information Technology | Application Software | — | NYSE | POS, integrated payments, enterprise, GPPL, interchange+, international expansion, S&M efficiency, competition, accounting presentation, valuation re-rating | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Julian Lin | Toast, Inc. | Information Technology | Software - Infrastructure | Neutral | NYSE | — | 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. | ||||||||