Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Aug 5, 2024 | Maran Capital Management | 1.0% | 9.0% | CLAR, CTT.LS, PM, SLGDD, TPB, VTY.L | Buybacks, Cannabis, Concentration, Homebuilders, small caps, Tobacco, value | Turning Point Brands operates in the nicotine space with Stoker's oral tobacco and FRE nicotine pouches. The nicotine pouch market is experiencing explosive growth, with ZYN growing from 13 million cans in 2018 to 385 million in 2023. FRE has competitive advantages including PMTAs for higher dosage pouches that competitors lack. | TPB SLGDD |
View |
| 2025 Q2 | Aug 2, 2025 | Meridian Small Cap Growth Fund | 6.9% | - | ALIT, AXGN, CARG, CCSI, FSS, KEX, MIR, NTIC, PACK, RELY, SPT, TPB, VNOM | energy, growth, healthcare, nuclear, Quality, Resilience, small caps | The fund focuses exclusively on small-cap growth companies, with the Russell 2000 Growth Index as its benchmark. Small caps returned 8.5% in the quarter, recovering 24.0% from April lows, with growth stocks outperforming value stocks significantly. | NPKI TPB MIR VNOM AXGN RANP VNOM AXGN PACK |
View |
| 2025 Q2 | Jul 23, 2025 | Maran Capital Management | 9.4% | 9.5% | CLAR, CTT.LS, HKHC, TPB | Asymmetric, catalysts, Conservative, Engagement, Quality, small caps, special situations, value | The small cap universe is out of favor and has underperformed over the last decade. It remains an attractive hunting ground with compelling opportunities for value creation through the manager's strategies. | VTY LN |
View |
| 2025 Q2 | Jul 18, 2025 | Seven Corners Capital | - | 11.0% | ACT, CART, COOP, GNW, HHH, PSHZF, RFIN, RKT, SD, TPB | Compounding, concentrated, discount, energy, financials, technology, value | Turning Point Brands benefits from steady, high-quality compounding business model via Zig-Zag and Stoker's brands, which should benefit from tailwind in long-term decline of traditional cigarettes. Stoker's FRE brand of smokeless tobacco is growing at extremely high rate with Modern Oral sales up nearly 10-times versus prior year. | RKT SD CART GNW TPB PSHZF |
View |
| 2025 Q1 | May 20, 2025 | Atai Capital Management | -2.5% | -2.5% | ALOT, BELFB, CXI, EN7.ST, HAI.TO, QUIS, TPB | Concentration, Manufacturing, Quality, small caps, tariffs, Trade Policy | Manager extensively discusses tariff impacts following Liberation Day, noting 10% across-the-board tariffs with Chinese rates fluctuating from 145% to 30%. Emphasizes uncertainty around policy consistency and implementation, with businesses likely to wait out the administration rather than relocate manufacturing to the US. | View | |
| 2024 Q1 | May 16, 2024 | Atai Capital Management | 6.5% | 4.4% | EG7 SS, TPB | - | View | ||
| 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 |
View |
| 2024 Q1 | Apr 15, 2024 | Seven Corners Capital | 14.0% | 0.0% | ACT, GNW, PSHZF, RKT, SD, TPB | activism, discount, energy, financials, Tobacco, value | The fund maintains a significant energy position in Sandridge Energy, betting on secular decline in O&G drilling combined with inflation revival supporting carbon-based energy prices. The thesis is that if you own O&G assets, then ESG is your friend. The company has cut unnecessary expenses to the bone and maximized free cash flow conversion. | RKT SD TPB GNW PSHZF |
View |
| 2025 Q1 | Mar 31, 2025 | Meridian Small Cap Growth Fund | -12.2% | -12.2% | ALIT, CARG, CSOD, IMXI, LZ, MMSI, RBA, TNDM, TPB, VCYT, VNOM, WAY | Diagnostics, growth, healthcare, Medical Devices, small caps, tariffs, Trade Policy, volatility | The fund focuses exclusively on small-cap growth stocks, with the Russell 2000 Growth Index as its benchmark. Small-cap stocks fell more sharply than large-caps during the quarter, declining 9.5% versus 4.5% for large-caps. The strategy's emphasis on smaller cap stocks within the index was a headwind during the quarter as larger-cap stocks outperformed. | MMSI RBA LZ VCYT IMXI TNDM |
View |
| 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 |
View |
| 2024 Q4 | Dec 31, 2024 | Seven Corners Capital | - | 17.0% | ACT, CART, GNW, HHH, PSHZF, SD, TPB | activism, discount, energy, NAV, value | Portfolio focuses on companies trading at discounts to intrinsic value, including NAV discounts and sum-of-the-parts situations. Multiple holdings trade below their fundamental worth based on asset values. | CART SD GNW TPB PSHZF |
View |
| 2024 Q4 | Dec 31, 2024 | Apis Deep Value Fund | 1.4% | 8.5% | HNRG, PLUG, RCAT, SONO.SW, TLN, TPB | energy, global, Japan, Korea, Long/Short, small caps, technology, value | Indiana is a key hub of data center activity, which could further drive power demand and prices upwards for Hallador Energy. Talen Energy owns nuclear power capacity in a region poised for significant power price increases driven by rising demand from data centers, and already secured a contract with Amazon to supply power to a data center campus at prices 50% above the forward curve. | SOON.SW PLUG 2238.HK TPB TLN RCAT 4046.T 267270.KS HNRG |
View |
| 2023 Q4 | Dec 31, 2023 | Meridian Small Cap Growth Fund | 6.2% | 0.0% | ALIT, CARG, CCCC, CCSI, EVRI, HDSN, MATX, MIR, QDEL, RBA, SKIN, SONX, TPB | Biotechnology, gaming, growth, healthcare, small cap, technology, value | The fund holds C4 Therapeutics, a biotechnology firm specializing in protein degradation therapies for cancer treatment. The company has three treatments in early-stage clinical trials targeting multiple cancers and announced a formal agreement with Merck for co-development. Positive clinical readout on a leading compound provided encouraging signals for therapeutic efficacy. | CCCC CARG MRAD |
View |
| 2024 Q3 | Nov 2, 2024 | Maran Capital Management | 1.0% | 9.0% | AAPL, AMZN, CLAR, CTT.LS, GOOGL, HKHC, META, MSFT, NVDA, TPB, TPL, VTY.L | Concentration, conviction, long-term, Quality, small caps, value | Manager emphasizes owning quality, growing companies trading at fractions of their fair values, specifically one-third to one-half of intrinsic value. Uses private market lens to evaluate public companies, highlighting significant discounts to private transaction values. | TPB CLAR HKHC |
View |
| 2024 Q3 | Nov 12, 2024 | Atai Capital Management | 6.5% | 4.4% | BELFB, GOOGL, HAI.TO, META, MSFT, TPB | defense, growth, Microcap, small cap, Streaming, Video Technology | Haivision provides video networking infrastructure for live streaming, particularly through their SRT protocol which is gaining adoption over legacy protocols like RTMP. The transition from legacy to modern IP-based protocols is expected to intensify over the next 3-5 years, creating growth opportunities. | HAI.TO |
View |
| 2024 Q3 | Nov 1, 2024 | Seven Corners Capital | 14.0% | 0.0% | ACT, GNW, PSHZF, RKT, SD, TPB | Concentration, Discounts, energy, Mortgage, value | The portfolio demonstrates classic value investing principles through concentrated positions in companies trading at significant discounts to intrinsic value. Examples include Genworth Financial trading at a discount to its Enact Holdings stake and Pershing Square Holdings trading at a 31% discount to NAV. The manager seeks to unlock value through corporate actions and discount closures. | SD RKT TPB GNW PSHZF |
View |
| 2025 Q3 | Oct 30, 2025 | Maran Capital Management | 1.4% | 11.0% | CLAR, CTT.LS, HKHC, TPB | catalysts, concentrated, Quality, small caps, special situations, value | Manager emphasizes systematic review of special situations including mergers, spin-offs, reverse-Morris Trust transactions, tenders, rights offerings, and various sources of corporate change that create potential for mis-valuation and catalysts. The approach involves studying regulatory filings and event-driven setups as they arise. | View | |
| 2025 Q3 | Oct 24, 2025 | Meridian Small Cap Growth Fund | 4.2% | - | ALIT, ALKT, AMPL, CARG, CCSI, CERT, KEX, RELY, SPT, TPB, VCYT, VNOM, ZENA | AI, growth, healthcare, industrials, Quality, small caps, technology, Valuations | The fund sees signs of exuberance and speculative behavior in AI infrastructure ecosystem, particularly in technology and industrial sectors. Many companies are trading at historically elevated valuations despite being potential one-time beneficiaries of the AI investment cycle. The fund remains disciplined and avoids high-momentum AI names lacking meaningful revenues or profitability. | CCSI ZENAS TPB KEX SPT ALIT ZD HALO MDGL ALGN SPT CCSI KEX SPT |
View |
| 2025 Q4 | Jan 29, 2026 | Maran Capital Management | -5.2% | 0.0% | APG, CLAR, CTT.LS, HKHC, PCYO, TPB | concentrated, inflation, Logistics, SmallCap, Tobacco, value, water | Manager focuses on concentrated investments in companies that are typically inexpensive, well-run, with little to no leverage. Portfolio demonstrates asymmetric risk/reward profiles with limited downside and meaningful upside potential. Examples include Clarus trading at 0.35x revenue and CTT achieving 21% CAGR despite remaining cheap. Turning Point Brands represents a major success story with nicotine pouch market explosion driving dramatic growth. TPB initially guided 2025 nicotine pouch sales to $60-80 million, then raised guidance multiple times to $125-130 million. The company could generate over $5 per share in earnings this year and $6+ next year as market continues growing. Pure Cycle Corporation is a Colorado-based real estate developer and water company holding approximately 30,000 acre-feet of water rights in the Denver metro region. The company represents an inflation beneficiary holding given the long-lived, hard asset nature of its water rights and real estate assets. Correios de Portugal owns a pan-Iberian logistics business that has compounded at approximately 21% CAGR since 2019. The company achieved its 2021-2025 goal of growing EBIT at better than 15% CAGR and guided for similar growth through 2028, taking EBIT from ~€100 million to €175-195 million. | TPB PCYO HKHC CLAR |
View |
| 2025 Q4 | Jan 21, 2026 | Meridian Growth Fund | -0.4% | -6.4% | ABT, CERT, CHDN, COO, DOCS, DT, EXAS, GFS, GMED, RELY, SAIC, TNDM, TPB, TRMB, VCYT | growth, healthcare, Medical Devices, Quality, small caps, technology | Healthcare was the portfolio's largest allocation and top-performing sector for the quarter, with the fund maintaining an overweight position. The manager views healthcare as undervalued relative to long-term fundamentals after lagging the broader market for four years. Several healthcare holdings contributed positively including medical device companies and diagnostics firms. The fund's investment approach emphasizes high-quality businesses with recurring revenue, sustainable competitive advantages, and strong balance sheets. However, the quarter saw relative outperformance by lower-quality stocks which created a modest headwind to performance given the portfolio's quality bias. The fund focuses on small-cap growth investments, benchmarked against the Russell 2500 Growth Index. Small caps delivered solid annual returns of 12.8% for the year, though below large-cap returns, with value outperforming growth in the quarter. | View | |
| 2025 Q4 | Jan 21, 2026 | Meridian Small Cap Growth Fund | 0.9% | 0.0% | ALKT, AMPL, AXGN, CCSI, CDNA, CERT, GPCR, KEX, RELY, TPB, VCYT, VNOM, ZNAS | Biotechnology, growth, healthcare, Quality, small caps, technology, value | Healthcare was the portfolio's largest allocation and top-performing sector for the quarter. The manager continues to view the sector as undervalued relative to long-term fundamentals, noting it has lagged the broader market over the last four years. Multiple biotech holdings contributed positively, including Structure Therapeutics with promising obesity therapy trials, Axogen with peripheral nerve regeneration technology, and Zenas BioPharma with autoimmune disease treatments in Phase 3 trials. The fund emphasizes investing in high-quality businesses with recurring revenue, sustainable competitive advantages, strong balance sheets, and clear visibility into sustainable earnings growth. This quality bias created a modest headwind during the quarter as lower-quality stocks outperformed. | ZBIO AXGN GPCR RELY CERT CCSI EXAS TNDM GMED RELY DOCS CERT |
View |
| 2025 Q4 | Jan 18, 2026 | Seven Corners Capital | 0.0% | 35.0% | ACT, CART, GNW, HHH, PSHZF, RKT, SD, TPB | concentrated, discount, energy, Mortgage, NAV, Tobacco, value | The portfolio demonstrates a value investing approach with concentrated positions in companies trading at discounts to intrinsic value. Holdings like PSHZF trade at significant discounts to NAV, while GNW trades at a discount to its sum-of-the-parts valuation. Turning Point Brands represents a significant position focused on smokeless tobacco products including Zig-Zag and Stoker's brands. The company's Modern Oral segment grew 627.6% year-over-year, with the FRE brand showing extremely high growth rates. Multiple holdings have mortgage exposure including Genworth Financial through its 80% ownership of Enact Holdings (private mortgage insurance) and Rocket Companies' mortgage origination and servicing business following acquisitions of Redfin and Mr Cooper. Sandridge Energy represents the largest energy holding, positioned for potential oil and natural gas price recovery. The thesis centers on secular decline in drilling combined with inflation supporting carbon-based energy prices going forward. | RKT SD CART GNW TPB PSHZF |
View |
| 2024 Q3 | Sep 30, 2024 | Meridian Small Cap Growth Fund | 6.2% | 0.0% | AGS, BYRN, CARG, EVRI, LZ, MIR, MMSI, RBA, SEAT, SMAR, SRI, TMDX, TPB | Automotive, consumer, gaming, growth, healthcare, small caps | The fund holds Everi Holdings, a gaming technology company with hardware manufacturing and financial technology segments. The stock rose after a private equity acquisition offer at a 56% premium, reinforcing confidence in the financial technology segment. | TPB EVRI BYRN VICI LZ STRI |
View |
| 2023 Q3 | Sep 30, 2023 | Meridian Small Cap Growth Fund | 6.2% | 0.0% | ALIT, ALKT, CCCS, HCCI, HDSN, MATX, MIR, QDEL, RBA, TPB | growth, healthcare, industrials, small caps, technology | View | ||
| 2024 Q2 | Jun 30, 2024 | Seven Corners Capital | 14.0% | 0.0% | ACT, GNW, PSHZF, RKT, SD, TPB | activism, Buybacks, Discounts, energy, financials, value | Multiple portfolio companies are actively repurchasing shares. Pershing Square Holdings continues to repurchase shares under its repo program. Genworth Financial has been actively repurchasing its stock in recent quarters. | RKT SD TPB GNW PSHZF |
View |
| 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 |
View |
| 2025 Q1 | Apr 15, 2025 | Maran Capital Management | 0.1% | 0.1% | APG, CLAR, CTT.LS, HKHC, TPB | Buybacks, Cash, Resilience, small cap, tariffs, value, volatility | Portfolio positioned with fortress-like balance sheets, unlevered companies, and recession-resistant businesses. Manager emphasizes conservative positioning with large cash positions and companies with strong financial foundations to weather volatility. | View | |
| 2024 Q4 | Feb 18, 2025 | Atai Capital Management | 3.1% | 7.7% | ALOT, BF, NVDA, SXI, TPB, TSLA | AI, Concentration, Microcap, small caps, valuation, value | Manager extensively discusses market valuation concerns, noting S&P 500 trades at 22x earnings with top 10 stocks at 29x earnings. Historical analysis shows when paying 20x+ earnings for S&P 500, following 10-year returns have never exceeded 5% annually since 1988. Current market concentration at 38% in top 10 stocks exceeds dot-com era levels. | ALOT |
View |
| 2024 Q4 | Jan 28, 2025 | Maran Capital Management | 6.4% | 16.0% | APG, CLAR, CTT.LS, HKHC, TPB, VTY.L | activism, Europe, small caps, special situations, value | Maran completed its first major activism effort with SLGD merging with Horizon Kinetics, generating a 3.7x MOIC and 69% IRR. The firm frequently engages with companies through management conversations and formal board letters, with SLGD being their first board involvement. The experience expanded their capabilities and network for future activist approaches. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Maran Capital Management | Turning Point Brands | Consumer Staples | Tobacco | Bull | NYSE | Cannabis, growth, Nicotine pouches, PMTA, Regulatory Moat, Rolling Papers, Share Buybacks, tobacco, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Seven Corners Capital | Turning Point Brands | Consumer Staples | Tobacco | Neutral | NYSE | Activist Target, business separation, capital allocation, Dividend Increase, Legacy Position, tobacco, Underperformance | View Pitch |
| Apr 13, 2026 | Fund Letters | Seven Corners Capital | Turning Point Brands | Consumer Staples | Tobacco | Neutral | NYSE | Activist Target, business separation, consumer staples, Legacy Brands, tobacco, Value trap | View Pitch |
| Apr 13, 2026 | Fund Letters | Meridian Small Cap Growth Fund | Turning Point Brands, Inc. | Consumer Staples | Tobacco | Bull | NYSE | Brand management, Consumer products, growth, market share, Nicotine pouches, Tobacco Alternatives | View Pitch |
| Apr 13, 2026 | Fund Letters | Maran Capital Management | Turning Point Brands | Consumer Staples | Tobacco | Bull | NYSE | market share gains, Oral Nicotine, secular tailwinds, Smokeless Tobacco, Smoking Accessories, Stokers, tobacco, Zig Zag | View Pitch |
| Apr 13, 2026 | Fund Letters | Meridian Small Cap Growth Fund | Turning Point Brands, Inc. | Consumer Staples | Tobacco | Bull | NYSE | $5 Billion Market, Alternative Smoking, Consumer products, market share gains, Nicotine pouches, Tobacco Alternatives, Tobacco-free Category, Triple-digit Growth | View Pitch |
| Apr 13, 2026 | Fund Letters | Meridian Small Cap Growth Fund | Turning Point Brands, Inc. | Consumer Staples | Tobacco | Bull | NYSE | Branded Products, Consumer products, consumer staples, market share growth, Nicotine pouches, Tobacco Alternatives | View Pitch |
| Apr 13, 2026 | Fund Letters | Seven Corners Capital | Turning Point Brands | Consumer Staples | Tobacco | Bull | NYSE | Activist Target, Dividend Increase, Legacy Brands, Rolling Papers, Smokeless Tobacco, spin-off, tobacco | View Pitch |
| Apr 13, 2026 | Fund Letters | Seven Corners Capital | Turning Point Brands | Consumer Staples | Tobacco | Bull | NYSE | Activist Target, cash generation, consumer staples, dividend, Legacy Brands, Rolling Papers, Smokeless Tobacco, tobacco | View Pitch |
| Apr 13, 2026 | Fund Letters | Apis Deep Value Fund | Turning Point Brands Inc | Consumer Staples | Tobacco | Bull | NYSE | capital allocation, Growth Optionality, market share, Nicotine pouches, Rolling Papers, tobacco | View Pitch |
| Jan 30, 2026 | Fund Letters | Dan Roller | Turning Point Brands, Inc. | Consumer Staples | Tobacco | Bull | New York Stock Exchange | cash flow, growth inflection, market share, Nicotine pouches, Re-rating | View Pitch |
| Jan 21, 2026 | Fund Letters | Scott Klarquist | Turning Point Brands, Inc. | Consumer Staples | Tobacco | Bull | New York Stock Exchange | cashflow, Governance, growth, Smeless nicotine, tobacco | View Pitch |
| Jan 8, 2026 | Fund Letters | Scott Klarquist | Turning Point Brands, Inc. | Consumer Staples | Tobacco | Bull | New York Stock Exchange | cashflow, Consumerbrands, Nicotine, Secularshift, tobacco | View Pitch |
| Jan 8, 2026 | Value Investors Club | alcideholder | Turning Point Brands, Inc. | Financials | Banks | Bull | New York Stock Exchange | banking, Credit, Deposits, financial services, Interest rates, Lending | View Pitch |
| Nov 29, 2025 | Fund Letters | Chad Meade | Turning Point Brands Inc. | Consumer Staples | Tobacco Products | Bull | NYSE | Consumer products, growth, innovation, Margins, market share, Nicotine, profitability, tobacco | 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 |
|---|---|---|---|---|---|---|---|---|
| Carlo Cannell | Cannell Capital | $204.1M | $5.6M | 2.73% | 51,876 | -128,224 | -71.20% | 0.2233% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $390,240 | 0.00% | 3,600 | -4,800 | -57.14% | 0.0155% |
| Lee Ainslie | Maverick Capital | $9.3B | $2.3M | 0.03% | 21,675 | -10,117 | -31.82% | 0.0933% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $3.4M | 0.00% | 31,390 | +13,498 | +75.44% | 0.1351% |
| Israel Englander | Millennium Management LLC | $233.2B | $406,392 | 0.00% | 3,749 | -210,652 | -98.25% | 0.0161% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $31.2M | 0.05% | 288,180 | -23,694 | -7.60% | 1.2405% |
| Cliff Asness | AQR Capital Management | $190.6B | $7.3M | 0.00% | 67,526 | +2,874 | +4.45% | 0.2907% |
| Rich Handler | Jefferies | $19.3B | $396,961 | 0.00% | 3,662 | +3,662 | +100.00% | 0.0158% |