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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q1 | Apr 10, 2026 | East72 Dynasty Trust | -4.6% | -4.6% | 0001.HK, 0066.HK, AKRBP.OL, AVAP.L, AVLT.SW, CG, ELF.TO, FFH.TO, LAGA.PA, ODET.PA, RBT.PA, SDB.PA, VIEL.PA, VIRT | Alternative Assets, Capital markets, ETFs, liquidity, Market Making, oil, private credit, volatility | VIRT |
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| 2024 Q4 | Dec 31, 2024 | East72 Dynasty Trust | 7.7% | 17.9% | 0012.HK, AVES.SW, BOL.PA, BSD.PA, CAT.AX, CFT.SW, CGI.TO, ELF.TO, FFH.TO, FLOW.AS, HAL.AS, LPE.PA, MFF.AX, MFG.AX, MMB.PA, ODET.PA, SRAD, SVC.TO, VIL.PA, VIRT | Discounts, Europe, Family Control, financials, global, liquidity, small caps, value | Strong performance from liquidity providers Virtu Financial and Flow Traders benefiting from increased volumes and volatility. Manager expects continued volatility in 2025 due to new US administration and high equity valuations, creating promising outlook for liquidity providers across all asset classes. | VIL.PA LPE.PA |
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| 2023 Q3 | Nov 10, 2023 | East72 Holdings | 6.3% | 0.0% | CFR.SW, CHTR, LBRDK, MANU, PAH3.DE, SPHR, VIRT, VOW3.DE | Complexity, Conglomerates, Discounts, Europe, value | Extensive analysis of Virtu Financial as a liquidity provider in financial markets, discussing market making business model, regulatory challenges from SEC proposals, and competitive dynamics in off-exchange trading. Manager views current regulatory uncertainty as creating opportunity despite near-term headwinds. | VIRT DIEPA.BR |
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| 2025 Q3 | Oct 1, 2025 | East72 Dynasty Trust | 1.6% | - | 1928.HK, AKER.OL, AVOL.SW, BIM.PA, BORR, CG, CNHI, CVNA, EXOR.MI, MANU, NNI, NVO, PARA, PHG, RACE, STLA, UHR.SW, UMG.AS, VIRT, VIVHY | Europe, Family, Holdings, Luxury, value | Manager focuses on quality businesses trading at significant discounts to intrinsic value under controlling shareholders. Emphasizes conservative valuation methods with margin of safety. Distinguishes between traditional value traps and companies with temporary pricing dislocations. | UHR SW |
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| 2025 Q4 | Jan 5, 2026 | East72 Dynasty Trust | -2.3% | 8.2% | 1928.HK, AVAP.L, AVOL.SW, CG, DGL.AX, DIE.BR, ELF.TO, EXO.MI, FFH.TO, FIH.TO, GOOGL, META, MFF.AX, NNI, RBT.PA, TSLA, UHR.SW, VIRT, VIV.PA | Aircraft, Controlled, Discounts, Europe, Holdings, Travel, value | Manager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. Strong underlying environment with 5-7% growth in international passengers, near 100% capacity utilization, and limited aircraft availability. Avation represents asymmetric opportunity trading at 18% discount to NAV despite improved financial position. International travel showing robust 5-7% growth with domestic passengers up 2-3%. Travel retail through Avolta benefits from solid growth and concession wins, while aircraft leasing capitalizes on passenger growth trends. | AVAP LN DIE BB HANA LN |
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| 2024 Q4 | Jan 30, 2025 | Old West Capital Management | -2.5% | 13.1% | AEM, AFMJF, Gold, JOE, NGXXF, VIRT, WLDBF | Copper, Entertainment, gold, Media, Metals, Mining, value | Portfolio has large exposure to metals and mining with strong fundamental outlook and low valuation. Supply of many metals is insufficient to meet future demand, and prices are too low to incentivize new development. Prices must rise to levels that make development projects economical. | WLDBF |
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| 2023 Q4 | Jun 1, 2024 | East72 Holdings | 6.3% | 0.0% | 0001.HK, BC, C, DRR.AX, DXS.AX, EXOR, GOOGL, GS, ICE, IWG.L, JPM, MANU, MFG.AX, PAH3.DE, UBS, UHAL, VIRT, VOW3.DE, YBR.AX | Asset Management, Australia, Concentration, Hedging, Investment Banking, Sports Teams, value | Manager discusses significant investments in Goldman Sachs and JP Morgan which contributed positively to quarterly returns. Also analyzes Barrenjoey Capital Partners as a strategic investment representing exposure to Australian investment banking with potential for significant value creation. | MFG.AX MANU |
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| 2024 Q1 | Apr 24, 2024 | East72 Dynasty Trust | 6.3% | 0.0% | 0045.HK, 0142.HK, 0700.HK, 9984.T, CAT.AX, CGI.TO, DIE.BR, ELF.TO, FFH.TO, FIH-U.TO, HWG.L, MANU, MFF.AX, OCDO.L, OXY, RBT.PA, SPHR, UHR.SW, VIRT | Airports, Asia, Conglomerates, Europe, Hotels, infrastructure, value | Focus on controlled companies trading at significant discounts to NAV, particularly family-controlled entities with hidden gems. The manager emphasizes that strong NAV/NAV growth is more prevalent than discount closure, citing examples like Exor trading at 40% discount despite Ferrari and Bolloré galaxy at 50%+ discounts despite Universal Music Group growth. | 0045.HK FIH-U.TO DIE.BR |
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| 2025 Q1 | Apr 16, 2025 | East72 Dynasty Trust | 0.5% | 0.5% | 0165.HK, 2588.HK, AVLT.SW, BOL.PA, BORR, CFR.SW, CG, FFH.TO, FLOW.AS, HAL.AS, LPE.PA, MFG.AX, MMB.PA, NVO, ODET.PA, PAH3.DE, SRAD, VIE.PA, VIRT, VIV.PA | Aircraft Leasing, Controlled Companies, European Holdings, Luxury, Regional Aviation, Trade Policy, Value Investing | The fund features extensive analysis of the aircraft leasing industry, particularly focusing on regional aircraft and ATR turboprops. The manager discusses the trillion-dollar industry with limited public market exposure and highlights Avation PLC as a unique specialist lessor with significant optionality through ATR purchase rights. | AVAP.L VIV.PA |
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| 2024 Q4 | Jan 1, 2025 | Manole Capital Management | - | - | RBA, VIRT | consumer, Fed, Fintech, growth, payments, rates, technology | Manager defines FINTECH as anything utilizing technology to improve an established process, focusing on payment sector and exchanges. Portfolio spans various GICS sectors including Technology, Financial and Industrials. Examples include Virtu Financial transforming equity trading electronically and RB Global transitioning from traditional auctions to hybrid online marketplace. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | East72 Holdings | Virtu Financial | Financials | Capital Markets | Bull | NASDAQ | Capital markets, Cyclical, financial technology, high-frequency trading, liquidity provider, market making, Regulatory risk, US equities, Value | View Pitch |
| Apr 14, 2026 | Fund Letters | East72 Dynasty Trust | Virtu Financial | Capital Markets | Capital Markets | Bull | NASDAQ | Capital markets, Equity, ETF, financial technology, growth, high-frequency trading, liquidity provider, market maker, Off-Exchange Trading, turnaround | View Pitch |
| Jan 22, 2026 | Twitter / X | @secretlyaninja | Virtu Financial, Inc. | Financials | Capital Markets | Bull | NASDAQ | Crypto, Exchanges, Mid-cycle, Mil, process control, VIRT, Virt Has, Virtu | View Pitch |
| Jan 8, 2026 | Substack | PP Invest 007 | Virtu Financial | Financial Services | Market Making | Bull | NASDAQ Stock Market | economies of scale, electronic market making, global exchanges, growth prospects, Liquidity, market volumes, P/E ratio, Payment for Order Flow, Regulatory Risks, technology | View Pitch |
| Sep 20, 2025 | Seeking Alpha | Seeking Alpha | Virtu Financial, Inc. | Capital Markets | Neutral | capital efficiency, competitive market, crypto trading, ETF block trading, high volatility, liquidity provider, market maker, Regulatory Risks, speculative investment, trade execution | 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 | $3.7M | 0.01% | 111,523 | -843,837 | -88.33% | 0.0442% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $8.2M | 0.01% | 245,957 | +245,957 | +100.00% | 0.0974% |
| Ray Dalio | Bridgewater Associates | $27.4B | $6.2M | 0.02% | 185,698 | -102,114 | -35.48% | 0.0735% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.9M | 0.00% | 57,034 | -523,798 | -90.18% | 0.0226% |
| Israel Englander | Millennium Management LLC | $233.2B | $37.7M | 0.02% | 1,132,346 | +811,747 | +253.20% | 0.4484% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $9.9M | 0.01% | 297,667 | -47,883 | -13.86% | 0.1179% |
| Cliff Asness | AQR Capital Management | $190.6B | $40.8M | 0.02% | 1,223,270 | -73,391 | -5.66% | 0.4844% |
| Bruce Kovner | Caxton Associates | $3.2B | $2.4M | 0.07% | 65,999 | -31,851 | -32.55% | 0.0280% |
| Mario Gabelli | GAMCO Investors | $10.4B | $1.1M | 0.01% | 34,206 | -359 | -1.04% | 0.0135% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $7.3M | 0.89% | 191,736 | -4,181 | -2.13% | 0.0869% |