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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 23, 2025 | 1 Main Capital | 13.3% | 9.2% | BFIT.AS, DNTL.TO, IWG.L, MCFT, SSUP, WATR.L | alpha, Concentration, Cyclical, small caps, value | The fund focuses on buying good businesses with aligned management at attractive prices, particularly when the market has given up on names. Small boring businesses are being ignored while large tech commands outsized valuations, creating opportunities for disciplined value investors. | MCFT MCFT |
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| 2025 Q1 | Apr 30, 2025 | 1 Main Capital | -3.6% | -3.6% | ARVN, BFIT.AS, CZR, DNTL.TO, ENZ, IWG.L, NVS, PFE, THRD, WATR.L | Biotechnology, Cash, Defensive, small cap, Trade Policy, value, volatility | The Fund made several new biotech investments in Q1, representing a low double-digit percentage of assets. Manager is focusing on simple assets like cash and shareholder incentives rather than deep science understanding. Examples include Arvinas with over $1 billion in cash and significant licensing agreements, and Third Harmonic Bio which announced dissolution and cash return to shareholders. | ENZ THRD ARVN |
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| 2024 Q4 | Feb 14, 2025 | 1 Main Capital | -2.8% | 8.2% | BFIT, CZR, DNTL.TO, IWG.L, WATR.L | Concentration, Flexible Office, market breadth, Passive investing, small caps, value | IWG is the global leader in flexible office space with $4 billion of system sales across 4k+ locations. The company is transitioning to a managed workspace model where landlords fund buildouts while IWG collects recurring management fees. The managed and franchised segment is expected to grow from 15% to nearly half of system sales by decade end. | SUP.TO IWG.L |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||