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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 15, 2025 | Unconventional Value | - | 31.6% | PGY, PL, RELY, SPIR, THRY, UPST, XMTR | AI, Concentration, disruption, Founders, growth | The letter centers on applying AI-driven disruption to underappreciated business models in consumer credit, data, and software. Management focuses on founder-led companies with differentiated assets and long runways for monetization. Volatility and concentrated positioning are embraced as necessary for outsized long-term returns. | RELY XMTR THRYV PGY PL |
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| 2025 Q2 | Jul 4, 2025 | Maple Tree Capital – Jonagold | 42.3% | - | UPST | alpha, Concentration, high beta, mispricing, volatility | The strategy embraces volatility as a tool to generate outsized returns through concentrated, high-beta positions. Management focuses on deeply researched companies temporarily mispriced by macro fear. Volatility is framed as the price paid for long-term alpha. | GRND LMND |
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| 2025 Q2 | Jul 22, 2025 | Alger Weatherbie Specialized Growth Fund | 11.6% | -5.2% | ACAD, NEO, NEOG, RXO, STRL, UPST | Compounding, earnings, growth, innovation, Resilience | The letter focuses on companies with durable growth profiles benefiting from secular innovation, strong balance sheets, and expanding end markets. Management highlights disciplined stock selection amid market volatility, emphasizing earnings resilience and long-term compounding rather than short-term macro noise. Growth opportunities are framed around companies capable of sustaining above-average revenue and cash flow expansion. | NEO RXO NEOG ACAD UPST STRL |
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| 2025 Q1 | Apr 9, 2025 | Maple Tree Capital – Jonagold | -13.6% | -13.6% | GRND, HIMS, LMND, UPST | - | View | ||
| 2025 Q4 | Feb 22, 2026 | Unconventional Value | 0.0% | 0.0% | AMZN, HIMS, PGY, PL, RELY, SPIR, THRY, UPST, WISE.L, WU, XMTR | AI, Fintech, growth, SaaS, Satellites, small cap, technology, value | AI is viewed as a technology enabler that will accelerate product development and create tailwinds for existing businesses rather than replace human judgment. The manager believes AI will never replace human judgment and sees it as enhancing rather than disrupting core investment strategies. Planet's satellite constellation and daily Earth imaging capability represents a unique infrastructure play. The manager believes Planet is building the default system of record for monitoring Earth, with the daily scan providing infinitely scalable data distribution at zero marginal cost. Remitly's digital remittance platform is taking market share from legacy players like Western Union. The business model relies on acquiring customers via digital channels and earning fees on repeat transactions, with scale benefits improving economics over time. Thryv represents a business model transition from legacy marketing services to SaaS, targeting small businesses moving up-market. The strategy focuses on converting legacy customers to the SaaS platform and expanding functionality for larger businesses with more complex needs. | RELY THRY PL |
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| 2024 Q4 | Dec 31, 2024 | Alger Weatherbie Specialized Growth Fund | -1.6% | 7.8% | MEG, NEOG, NTRA, SMTC, TNDM, UPST | - | View | ||
| 2025 Q3 | Oct 8, 2025 | Maple Tree Capital – Jonagold | -13.1% | - | HIMS, UPST | AI, Fintech, growth, Retail Investing, volatility | The letter highlights idiosyncratic growth opportunities where fundamentals are improving despite market skepticism. Stock selection targets companies with operating leverage, margin expansion, and clear catalysts. Volatility is embraced as a source of attractive entry points. | GRND UPST |
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| 2024 Q3 | Oct 1, 2024 | Maple Tree Capital – Jonagold | 32.7% | 0.0% | UPST | - | View | ||
| 2025 Q4 | Jan 8, 2026 | Diameter Capital Partners LP | 0.3% | 8.0% | AEP, AFRM, AMZN, DIGI, GOOGL, META, MSFT, NFLX, NI, NVDA, ORCL, PARA, PGY, PPL, SATS, SOFI, T, TALEN, UPST, WBD | AI, credit, distressed, energy, Fraud, healthcare, technology | The fund made significant investments in AI-related debt including Beignet Investor LLC (Meta's AI data center financing) and xAI corporate debt. The quarter saw massive AI-related IG issuance of $90 billion with expectations of $50 billion more in Q1. The fund expects AI to drive continued massive capital needs with OpenAI alone requiring ~$600 billion through 2029. The fund had significant losses in distressed investments, particularly First Brands (a fraudulent auto parts company) and Eye Care Partners. The manager acknowledges mistakes in underwriting management quality and position sizing. Despite setbacks, they see future opportunities in sectors facing productivity-driven disruption. The fund expects increased capital solutions opportunities as PE-backed companies face refinancing challenges from higher rates. They participated in several rescue financings and expect more zombified PE companies to need capital solutions in various structures from prefs to hybrid equity. The fund invested in EchoStar's spectrum assets which became valuable for AI inference and wireless carriers. They also have exposure to LNG through Delfin, positioning for the coming oversupply period. Power demand from AI datacenters is driving infrastructure investment opportunities. The fund analyzed the growth in asset-backed finance driven by insurers seeking yield on annuity proceeds. They're cautious about residual risks in BNPL and FinTech lending, noting credit box expansion and potential fraud risks as the market grows rapidly. | NVDA SATS ORCL |
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| 2023 Q2 | Jul 31, 2023 | Third Point Offshore Fund | 1.1% | -3.0% | AMC, DHR, MSFT, NVDA, SHEL, UPST | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Alger Weatherbie Specialized Growth Fund | -19.5% | -19.5% | AGYS, PGNY, PLMR, SMTC, UPST, VSEC | - | View | ||
| 2023 Q4 | Jan 15, 2024 | Vision Capital | 0.0% | 0.0% | COIN, CPNG, ILMN, LULU, NVDA, PAGS, PMC CN, S, SE, UPST, ZI | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 3, 2025 | Fund Letters | H. George Dai | Upstart Holdings, Inc. | Financials | Consumer Finance | Bull | NASDAQ | AI, Credit, Fintech, growth, Lending | View Pitch |
| Nov 29, 2025 | Fund Letters | HenryInvests | Upstart Holdings, Inc. | Financials | Consumer Finance | Bull | NASDAQ | AI underwriting, Funding, growth, operating leverage, Partnerships, Product Diversification, Securitization | View Pitch |
| Nov 29, 2025 | Fund Letters | HenryInvests | Upstart Holdings Inc. | Financials | Consumer Finance | Bull | NASDAQ | AI, Credit, diversification, Fintech, Lending, profitability, underwriting | View Pitch |
| Sep 16, 2025 | Short Thesis | Bleecker Street | Upstart Holdings Inc | Financials | Consumer Finance (AI Lending Platform) | Bear | NASDAQ | AI lending, Credit risk, Cyclical, Delinquencies, Funding | View Pitch |
| Sep 16, 2025 | Short Thesis | John Hempton | Upstart Holdings Inc | Financials | Consumer Finance | Bear | NASDAQ | AI lending, Capital markets, Consumer loans, Credit risk, Macro sensitivity | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Juxtaposed Ideas | Upstart Holdings, Inc. | Other | - | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Julian Lin | Upstart Holdings, Inc. | Financials | Credit Services | Neutral | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Bay Area Ideas | Upstart Holdings, Inc. | Financials | Credit Services | Bull | NASDAQ | — | 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. | ||||||||