W

W

W

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 18, 2025	Optimist Fund	39.2%	32.4%	CVNA, RVLV, TDUP, W	compounders, Founder-led, inflection points, Long-Term Growth, volatility	The letter emphasizes investing in underappreciated market leaders run by ambitious, founder-like CEOs with long growth runways. Management highlights inflecting compounders where near-term margins mask long-term earnings power. Volatility is embraced as an opportunity to add to high-conviction positions at attractive prices.	W CVNA TDUP	View
2025 Q2	Jul 16, 2025	White Falcon Capital Management	17.6%	10.0%	ATZ CN, DAVA, EPAM, RGLD, SSL CN, TIXT, W	asymmetry, Compounding, dislocations, Value Investing, volatility	The letter frames market volatility, particularly tariff-induced swings, as a source of opportunity rather than risk. Management highlights buying quality businesses with asymmetric risk-reward profiles during periods of panic. A diversified, value-oriented portfolio is positioned to compound capital across cycles.		View
2024 Q2	Jul 10, 2024	Alphyn Capital Management	8.9%	13.5%	AMZN, BUR, COGT, ENOV, ESAB, EXO NA, FFH CN, GOOG, IAC, KKR, KMX, PROSY, TVK CN, W	-			View
2025 Q1	May 30, 2025	Argosy Investors	-	-	CELH, FMX, HOV, TSU CN, W	-			View
2025 Q1	May 14, 2025	Recurve Capital	-13.0%	-13.0%	CCOI, W	-			View
2024 Q1	May 1, 2024	Optimist Fund	27.8%	49.2%	ACVA, CRCT, CVNA, DASH, HFG GR, SMAR, UBER, W, XPOF	-			View
2025 Q1	Apr 22, 2025	Optimist Fund	-4.9%	-4.9%	CVNA, FA, HFG GR, RVLV, TDUP, UBER, W	-			View
2025 Q4	Feb 12, 2026	Optimist Fund	-8.5%	32.2%	AFRM, CVNA, DASH, DICEY.L, FVRR, HFG, LTHM, META, MNDY, NFLX, PTON, ROOT, TDUP, UBER, W	Compounding, E-Commerce, growth, long-term, technology, value	The fund holds significant positions in e-commerce companies including Wayfair, Carvana, ThredUp, and DoorDash. These businesses are showing strong fundamental performance with revenue growth acceleration and improving profitability metrics. The manager views current valuations as materially underappreciating future earnings potential. The fund focuses on identifying businesses where deep research can uncover gaps between market expectations and long-term reality. The strategy targets companies with potential for mid-teens or better compound returns over decades, emphasizing businesses with accelerating sales and earnings growth. The manager emphasizes finding businesses trading at significant discounts to intrinsic value, where market expectations are materially below long-term reality. Current valuations are viewed as underappreciating the earnings and cash flow core holdings will generate over the next five years.	MNDY TDUP CVNA W MNDY TDUP CVNA 3769 JP\|4194 CN\|4733 JP\|APG\|CROX\|FIX\|FLUT\|GLEN LN\|JD/ LN\|MTX GR\|PSI CN\|TKO\|WISE LN\|ZETA MNDY TDUP CVNA W DSCV LN LUCE LN SWIM MNDY TDUP CVNA W	View
2022 Q4	Dec 31, 2022	Alphyn Capital Management	8.9%	13.5%	ALVO, BN, EXO GR, FFX GR, GOOG, W, WAND LN	-			View
2025 Q3	Oct 30, 2025	Argosy Investors	-	-	DAVA, DFH, FERG, NVO, POST, W	Artificial Intelligence, Auto Loans, Credit Risk, Housing, interest rates	The letter analyzed the failure of subprime auto lender Tricolor as an example of credit excesses fueled by lax underwriting and over-leverage, drawing parallels to pre-2008 housing dynamics. Portfolio updates reflected cautious trimming of housing-related names like Dream Finders Homes amid mixed interest rate signals and continued selective exposure to builders with deleveraging potential. The manager also noted AI-related overinvestment risks, preferring overlooked industrial and life sciences opportunities as valuations normalize.	DFH NVO DAVA POST DFH NVO DAVA POST	View
2025 Q3	Oct 22, 2025	Optimist Fund	9.1%	44.5%	CVNA, FVRR, HFG GR, MEDP, MNDY, RVLV, TDUP, W	AI, Consumer cyclicals, E-Commerce, growth, small caps	The Optimist Fund gained 9.1%, driven by small-cap cyclicals like Wayfair, ThredUp, and Carvana as fundamentals inflected upward. The manager emphasizes structural growth in e-commerce and data-driven efficiency, with selective use of AI to enhance scalability. Portfolio concentration in innovative, founder-led firms reflects conviction in multi-year compounding potential.	MEDP CVNA TDUP W MEDP CVNA TDUP W	View
2024 Q3	Oct 22, 2024	White Brook Capital	0.0%	6.5%	AFYA, BLDR, DNUT, OKTA, W	-			View
2025 Q3	Oct 20, 2025	Baillie Gifford – US Equity Growth	5.4%	19.1%	DUOL, FIG, KNF, NFLX, RBLX, SHOP, TTD, W	Artificial Intelligence, Design Platforms, E-Commerce, innovation, software	The fund highlights resilience in U.S. growth equities led by AI-driven platform companies such as Shopify, Roblox, and NVIDIA. Managers added Figma, positioning it as a leader in AI-enabled design software transforming enterprise workflows. Despite short-term volatility, the fund maintains high conviction in U.S. innovators with durable competitive advantages in technology and consumer ecosystems.	KNF Figma KNF	View
2024 Q3	Oct 16, 2024	Optimist Fund	27.8%	49.2%	CVNA, FA, RVLV, SMAR, SWIM, W	-			View
2025 Q4	Jan 21, 2026	White Falcon Capital Management	5.6%	28.4%	AFN.TO, AMD, AMZN, ATZ.TO, CSIQ, EPAM, FNV, GRFS, HUN, NFI.TO, NU, RGLD, RTO.L, TFPM, W	AI, Chemicals, Cyclical, gold, semiconductors, Solar, technology, value	AMD is positioned as a high-performance computing leader that has taken market share from Intel and emerged as credible No. 2 in GPUs behind Nvidia. Management has guided to approximately $10 in EPS for FY2027E and more than $20 in EPS by 2030E, suggesting significant upside potential. EPAM was initially deemed an AI loser but the market is realizing that corporations need core systems modernized before AI deployment, custom agents require high-end development, and EPAM can incorporate AI into its delivery organization. The AI sector shows characteristics of frothy environment with elevated valuations. Solar has quietly become the cheapest source of power in many places without subsidies. Canadian Solar was trading at roughly a quarter of its sum-of-the-parts value due to depressed sentiment. Solar stocks have become AI beneficiaries as solar plus storage is seen as viable option to supply clean power to datacenters. Precious metals holdings in Royal Gold, Triple Flag and Franco-Nevada were responsible for a third of gains this year. Gold was up 64% and silver up 146% for the year. The allocation was intended to serve as a hedge against macroeconomic volatility. Huntsman operates as a focused specialty chemicals company with three primary segments. The MDI market faces supply glut and pricing pressure but longer-term green building standards drive demand. The company has high operating leverage and potential to benefit when the industry cycle turns.	HUN NFI NU EPAM AMD	View
2025 Q4	Jan 18, 2026	Octahedron Capital	0.0%	0.0%	ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W	AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology	AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications.		View
2025 Q4	Jan 15, 2026	Baillie Gifford – US Equity Growth	2.7%	28.0%	AFRM, ALNY, AMZN, APP, CSGP, DASH, DDOG, GH, GOOGL, IOT, META, NET, NFLX, NVDA, RBLX, SHOP, SNOW, TSLA, W, WDAY	AI, Biotechnology, concentrated, E-Commerce, growth, long-term, technology, US	The fund continues to view artificial intelligence as transformational, with the United States uniquely positioned to benefit across the full value chain from critical infrastructure to emerging applications. Market sentiment was unsettled by concerns about AI investment pace and quality, with fears of an emerging AI bubble as valuations appeared to run ahead of fundamentals. The fund maintains significant exposure to e-commerce platforms like Shopify and Amazon, viewing them as critical infrastructure for global commerce. Shopify delivered strong growth with revenues up 32% year-over-year, supported by enterprise demand and AI-enabled tools rollout. The fund added United Therapeutics as a new investment, focusing on profitable biotech companies with durable cash flows. Guardant Health was a notable contributor with strong fundamentals and guidance, evolving into a multi-product diagnostics platform with progress in oncology and screening. The fund initiated a position in Coinbase as a leading regulated cryptocurrency exchange and infrastructure provider. As crypto adoption expands beyond 0.5% of global transactions and institutional participation grows, Coinbase is well-positioned to capture future growth opportunities in the digital asset economy. Roblox was a notable detractor despite very strong underlying growth with bookings rising 70% year-over-year and revenue increasing 48%. The user-generated gaming platform faces near-term margin pressure from accelerated spending on AI, creator tools, and data center capacity. Netflix was a detractor with shares falling around 22% despite 17% year-over-year revenue growth. The streaming platform continues progress in advertising with upfront commitments more than doubling and partnerships like bringing select video podcasts from Spotify to Netflix supporting engagement.	TTD PINS INSP CHWY UTHR COIN GOOG LMND SHOP GH NFLX DUOL RBLX	View
2024 Q2	Jul 16, 2024	Optimist Fund	27.8%	49.2%	CVNA, DASH, MNDY, SMAR, UBER, W	-			View
2023 Q2	Jun 7, 2023	Alphyn Capital Management	8.9%	13.5%	1YL GR, ALVO, AMZN, BN, CCOI, EXO GR, FFX GR, IAC, SPX IND, W, WAND LN	-			View
2024 Q4	Jan 27, 2025	White Brook Capital	-	-	AFYA, BOX, DNUT, GBRE, GBX, INFU, KAR, LTH, MOS, OKTA, PTLO, RPID, W	-			View
2024 Q4	Jan 20, 2025	Optimist Fund	11.6%	66.5%	CVNA, DASH, HFG GR, RVLV, SWIM, TDUP, W, XPOF	-			View
2024 Q4	Jan 16, 2025	Recurve Capital	-	-	AMZN, BC IM, CCOI, CVNA, RH, W	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Mar 25, 2026	Fund Letters	Optimist Fund	Wayfair Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bear	NYSE	Consumer Discretionary, e-commerce, EBITDA Expansion, home furnishings, retail, Revenue Growth, turnaround	View Pitch
Feb 21, 2026	Fund Letters	Jordan McNamee	Wayfair Inc.	Consumer Discretionary	Broadline Retail	Bull	New York Stock Exchange	Cyclical, EBITDA, ecommerce, growth, Housing, Margins, Operatingleverage, Rebound, recovery	View Pitch
Jan 8, 2026	Fund Letters	Jordan McNamee	Wayfair Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	New York Stock Exchange	Competition, Demand, ecommerce, Home goods, Inflection, Margins	View Pitch
Nov 29, 2025	Fund Letters	Jordan McNamee	Mattress Firm Group Inc.	Consumer Discretionary	E-Commerce	Bull	NYSE	cash flow, e-commerce, Home goods, Housing recovery, margin expansion, profitability, Scalability	View Pitch
Nov 28, 2025	Fund Letters	Jordan McNamee	Wayfair Inc.	Consumer Discretionary	E-Commerce	Bull	NYSE	cash flow, e-commerce, Home goods, Housing recovery, margin expansion, profitability, Scalability	View Pitch
Aug 13, 2025	Seeking Alpha	Daniel Park	Wayfair Inc.	Consumer Discretionary	Internet Retail	Bear	NYSE	—	View Pitch

BSD Shareholders of W

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: