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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jun 30, 2025 | PivotalPath | - | - | CP, LUV, NVDA, UAL, WAB | Asia, Hedge Funds, momentum, Performance, technology, Trade Policy, Transportation, volatility | Transportation sector delivered exceptional performance with 20.71% returns in May, outpacing tech's resurgence. Hedge funds are positioned in AI-adjacent infrastructure logistics plays and capacity-related airline trades. The sector benefits from increased US industrial activity across manufacturing and infrastructure projects, with strong earnings from companies like Wabtec and Canadian Pacific Kansas City. | View | |
| 2025 Q1 | Apr 7, 2025 | Patient Capital Management | -9.6% | -9.6% | AAL, AMZN, C, CVS, DAL, GOOGL, META, MSFT, NCLH, NVDA, QXO, RPRX, UAL | AI, Airlines, Recession, semiconductors, tariffs, technology, Travel, value | The manager views AI as a transformational technology comparable to electricity or the Internet, with every knowledgeable tech CEO believing we are in early stages. Despite recent selloffs in AI stocks, the manager sees current valuations as reasonable given growth prospects and emphasizes that AI compute demand exceeds supply unlike the tech bubble peak. | C GOOGL CVS RPRX QXO AMZN NCLH DAL UAL |
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| 2025 Q1 | Apr 2, 2025 | Night Watch Investment Management | -2.1% | -2.1% | 1405.HK, AIR, ALLFG.AS, BDL, COOP, DKNG, DSGR, HAYPP.ST, MXNS.L, UAL, XFAB.DE | catalysts, diversification, global, small cap, value | Night Watch manages a global value strategy focused on companies with identifiable catalysts for rerating, insider ownership, and unique names that differentiate from typical wealth management portfolios. The fund seeks value companies trading at reasonable valuations with improving businesses and good management teams. | 1405.HK |
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| 2024 Q1 | Apr 15, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | AAL, AMZN, CHTR, DAL, DE, GM, HCA, HLT, JNJ, KR, KVUE, META, UAL, WBD | Agriculture, Airlines, consumer discretionary, financials, healthcare, value | The fund focuses on purchasing stocks trading at meaningful discounts to intrinsic value estimates. They bought additional shares of underperforming holdings and are finding attractive opportunities amid growth stock outperformance to start the year. | KVUE DAL DE |
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| 2025 Q1 | Mar 31, 2025 | Harbor Mid Cap Value Fund | -2.7% | -2.7% | AIG, ALSN, AMKR, ATKR, BK, DOX, EBAY, FOXA, HIG, HPQ, KR, NFG, NRG, ORI, PHM, PVH, STT, TOL, UAL, UGI | consumer discretionary, financials, mid cap, Trade Policy, Utilities, value | The fund maintains a deep value discipline with stretched valuation spreads remaining historically wide. The portfolio continues to trade at discounts relative to the benchmark, focusing on high-quality, profitable companies that generate strong cash flow, pay dividends, and actively buy back shares. | View | |
| 2024 Q2 | Nov 7, 2022 | Patient Capital Management | 5.6% | 15.8% | AAPL, AMZN, BIIB, CVS, DAL, EVRI, EXPE, GOOGL, IAC, ILMN, KOS, META, MSFT, NCLH, NVDA, RPRX, TSLA, UAL | AI, energy, healthcare, small caps, technology, Travel, value | Manager recognizes AI bubble potential but believes it may still be early. Nvidia captured bulk of AI profits with significant market lead and competitive advantages. Current AI/quality compounder momentum could get more extreme before ending. | EXPE EVRI KOS IAC NVDA |
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| 2022 Q4 | Nov 1, 2023 | Alpha Wealth Funds – The Insiders Fund | 0.0% | 1.2% | ALB, CF, CME, CRK, ET, MOS, NSA, RKT, SD, UAL, UPLD | - | View | ||
| 2024 Q4 | Jan 2, 2025 | Night Watch Investment Management | -2.9% | 10.3% | 1126.HK, 2318.HK, AER, AL, ALLFG.AS, AMRK, ATRO, DSGR, JOE, MELE.BR, MRX.L, RELY, UAL, VAL, XFAB.PA | aerospace, catalysts, China, energy, Europe, global, Onshoring, value | Offshore energy exposure was the largest detractor in 2024, but the thesis remains unchanged. The move from oil & gas production in Western countries to offshore regions like Brazil and Western Africa creates supply/demand mismatch. Day rates for floating rigs have increased from $200k to $500k, though H2 2024 saw a pause due to shortages in subsea equipment and FPSOs. | View | |
| 2024 Q1 | Apr 29, 2024 | Stenham Asset Management | 13.9% | 13.9% | 005930.KS, AAPL, AIR.PA, ALK, AMAT, ASML, BA, CLNX.MC, GE, NVDA, SAF.PA, TSM, UAL | aerospace, AI, semiconductors, technology, Travel | Semiconductor equipment providers ASML and Applied Materials benefited from long-term secular growth in chip manufacturing costs, rising from $1bn facilities a decade ago to $20bn today. The industry is supported by geopolitical tensions driving semiconductor sovereignty initiatives, with Samsung and TSMC committing $69bn in new US investments. AI demand is driving exponentially more advanced chips, with Nvidia's latest GPU processing 600x more operations than an iPhone chip. | CLNX.MC AIR.PA SAF.PA GE AMAT ASML |
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| 2024 Q4 | Jan 31, 2025 | Legacy Ridge Capital | - | 40.3% | AAL, CEG, DAL, JBLU, KMI, LUV, NRG, RYAAY, SAVE, TLN, UAL, VST | Airlines, Capital Cycle, Concentration, energy, Midstream, Power Generation, value | Airlines sector experienced classic bullwhip effect post-COVID but is now showing signs of recovery with capacity discipline emerging. Industry consolidation and rationalization since 2009 has improved economics, with capacity growth at decade lows and management commentary suggesting multi-year earnings improvement similar to 2012-2014 period. | View | |
| 2024 Q4 | Jan 13, 2025 | Patient Capital Management | - | - | AMZN, BIIB, COST, CVS, DAL, EXPE, FBTC, GOOGL, KOS, META, NCLH, NVDA, OMF, PGEN, PLAY, RPRX, SDRL, TSLA, UAL | AI, Bull Market, Cyclical, energy, healthcare, technology, Travel, value | Manager believes we are in the midst of a technological revolution driven by AI. The most brilliant technology experts agree AI will transform the world, with massive data and capital requirements creating advantages for scaled incumbents like the Mag 7. This supports the manager's view that we're still early in the AI cycle. | BIIB CVS RPRX SDRL KOS FBTC OMF PGEN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Patient Capital Management | United Airlines Holdings Inc | Industrials | Airlines | Bull | NASDAQ | Airlines, Cyclical, Equity, Transportation, Travel, turnaround, Value | 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 |
|---|---|---|---|---|---|---|---|---|
| Larry Robbins | Glenview Capital Management | $4.9B | $57.2M | 1.16% | 511,281 | -70,728 | -12.15% | 0.1531% |
| David Tepper | Appaloosa LP | $6.9B | $52.0M | 0.75% | 465,000 | +2,500 | +0.54% | 0.1392% |
| Todd J. Kantor | Encompass Capital Advisors | $2.5B | $130.5M | 5.33% | 1,167,000 | +567,000 | +94.50% | 0.3494% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $2.9M | 0.01% | 25,795 | -424,800 | -95.72% | 0.0077% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $200.3M | 0.23% | 1,791,602 | +1,153,496 | +180.77% | 0.5364% |
| Lee Ainslie | Maverick Capital | $9.3B | $2.3M | 0.03% | 20,942 | +20,942 | +100.00% | 0.0063% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $541,768 | 0.00% | 4,845 | -2,641,208 | -99.82% | 0.0015% |
| Israel Englander | Millennium Management LLC | $233.2B | $39.2M | 0.02% | 350,700 | -32,700 | -19.93% | 0.1050% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $11.6M | 0.26% | 103,500 | -11,600 | -10.08% | 0.0310% |
| Jeremy Grantham | GMO LLC | $39.1B | $23.4M | 0.06% | 209,658 | +1,959 | +0.94% | 0.0628% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $150.0M | 0.22% | 1,341,548 | +1,305,748 | +3647.34% | 0.4016% |
| Cliff Asness | AQR Capital Management | $190.6B | $325.5M | 0.17% | 2,928,657 | +1,060,371 | +56.76% | 0.8716% |
| Bruce Kovner | Caxton Associates | $3.2B | $14.3M | 0.45% | 147,157 | +147,157 | +100.00% | 0.0383% |
| Louis Bacon | Moore Capital Management | $6.8B | $4.2M | 0.06% | 37,813 | +37,813 | +100.00% | 0.0113% |
| Stanley Druckenmiller | Duquesne Capital Management | $4.5B | $39.0M | 0.87% | 348,400 | -28,720 | -7.62% | 0.1043% |
| Paul Ruddock | Lansdowne Partners | $1.4B | $137.5M | 10.09% | 1,229,971 | -970,451 | -44.10% | 0.3682% |
| Rich Handler | Jefferies | $19.3B | $2.2M | 0.01% | 19,657 | +18,867 | +2388.23% | 0.0059% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $1,230 | 0.00% | 11 | +5 | +83.33% | 0.0000% |