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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 12, 2024 | Smallvalue | - | 17.4% | UAA | Europe, gold, Portfolio Management, small caps, value | Added Junior Gold Mining ETF which contributed over 17% to quarterly profitability with 24.23% YTD return. Global demand for gold persists amid political tensions, ongoing inflation, and declining real interest rates creating favorable environment. | TGYM.MI GDXJ UAA |
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| 2024 Q1 | May 3, 2024 | Smallvalue | - | - | UAA | Europe, Resilience, small caps, United States, value | The portfolio focuses on small and mid-cap companies across European and US markets, a sector that has been grappling with ongoing challenges and subdued performance in recent periods. The manager emphasizes that direct comparisons to broader indices are inappropriate due to the distinctive composition of the small-cap focused portfolio. | View | |
| 2025 Q4 | Feb 9, 2026 | Loomis Sayles Global Growth Fund | -3.1% | 17.6% | 6954.T, AMZN, BA, BABA, GOOGL, MELI, META, MSFT, NFLX, NKE, NVO, ORCL, QCOM, RACE, SHOP.TO, TSLA, UAA, UL | AI, Automation, Cloud, global, growth, Quality, Streaming, technology | AI investments are driving significant growth across portfolio companies. Alphabet benefits from AI overviews in 40 languages with 2 billion monthly users and AI Mode with 75 million daily users. Google's AI investments contribute to faster query growth and improved monetization. Oracle's cloud infrastructure business is built for AI workloads, targeting over $100 billion in revenue by 2029. Fanuc is partnering with Nvidia to embed physical AI into industrial robots and create digital twins for virtual factory optimization. Cloud computing represents a major growth driver across multiple holdings. Google Cloud accelerated growth to 34% year-over-year, representing 15% of total Alphabet revenue. Oracle's cloud transition from on-premise to subscription model is driving faster growth with substantial RPO backlog of $523 billion. The company targets over $100 billion in OCI revenue by 2029. Shopify's cloud-based platform enables merchants to manage retail operations globally. E-commerce growth remains strong across Latin America and globally. Shopify reported 32% revenue growth with $92 billion GMV, gaining market share and expanding merchant solutions. MercadoLibre continues to dominate Latin American e-commerce with 49% revenue growth, expanding product categories and deepening selection. The company benefits from lower e-commerce penetration rates in Latin America versus other regions. Streaming entertainment continues secular growth from linear television shift. Netflix reported 17% revenue growth driven by higher subscriptions and pricing, with share of TV viewing growing 15% in US and 22% in UK since 2022. The company completed rollout of internal ad tech platform and targets doubling advertising revenue in 2025. Netflix's proposed $82.7 billion acquisition of Warner Bros. would expand content scale and intellectual property portfolio. Factory automation benefits from rising labor costs and falling automation costs globally. Fanuc reported 9% revenue growth with strong robot segment performance, driven by EV industry demand in China and US manufacturing activity. The company maintains 50% market share in factory automation and is partnering with Nvidia to embed AI into industrial robots. Rising labor costs across manufacturing countries support long-term secular demand growth. | MELI NFLX ORCL 6954 JP SHOP GOOG |
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| 2024 Q3 | Oct 10, 2024 | Smallvalue | 8.9% | - | OLVAS.HE, ORS.MI, SL.MI, UAA | Europe, long-term, small caps, undervalued, value | Manager focuses on undervalued companies trading below intrinsic value, using metrics like P/B and P/E ratios. Orsero trades at 0.84 P/B ratio and 6x P/E versus sector average of 16x. Portfolio targets companies with strong fundamentals at attractive valuations. | SL.MI OLVAS.HE ORS.MI |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Smallvalue | Under Armour | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bear | NYSE | Apparel, Competitive Disadvantage, Consumer Discretionary, Inventory Issues, margin compression, Sportswear, turnaround, Value trap | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $347,900 | 0.00% | 70,000 | +35,000 | +11.67% | 0.0105% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $6.1M | 0.01% | 1,225,674 | +1,127,119 | +1143.64% | 0.1833% |
| Ray Dalio | Bridgewater Associates | $27.4B | $1.1M | 0.00% | 228,353 | -103,319 | -31.15% | 0.0341% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $2.0M | 0.00% | 403,374 | -57,568 | -12.49% | 0.0603% |
| Israel Englander | Millennium Management LLC | $233.2B | $7.4M | 0.00% | 1,480,416 | -1,184,528 | -44.45% | 0.2213% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $4.9M | 0.01% | 990,349 | +699,370 | +240.35% | 0.1481% |
| Cliff Asness | AQR Capital Management | $190.6B | $8.1M | 0.00% | 1,635,997 | +1,563,754 | +2164.58% | 0.2446% |