WULF

WULF

WULF

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q4	Feb 18, 2026	Starboard Value	0.0%	0.0%	AMD, APLD, CIFR, DLR, EQIX, HUT, RIOT, WULF	Activist, AI, crypto, Data centers, Power, value	Riot is positioned to capitalize on the massive AI/HPC data center opportunity as AI companies scale capacity exponentially. The company's sites are well-suited for AI training, inference, edge computing, and various data center applications, with power being the biggest constraint for AI buildout. Riot's transformation from bitcoin mining to AI/HPC data centers represents tremendous value creation potential. The company has 1.7GW of fully available power at prime locations that could generate over $1.6 billion of annual EBITDA if monetized at recent precedent transaction rates. Cryptocurrency mining companies have become attractive sources of near-term power capacity for AI/HPC companies. From August to year-end 2025, four crypto mining companies announced AI/HPC deals for approximately 1.4GW of gross capacity at attractive leasing rates.	RIOT	View
2025 Q4	Feb 17, 2026	AMG GW&K Small Cap Core Fund	3.5%	7.2%	AEIS, AGIO, CIFR, CSWI, CVLT, DAVA, DSGX, FLYW, GMED, HUT, INTA, ITT, MTSI, PAR, QBTS, RARE, RBC, SATS, SF, SKY, SLG, SPXC, STRL, SUPN, THR, VIAV, WULF	healthcare, industrials, materials, Quality, small caps, technology, Trade Policy, value	The Russell 2000 Index delivered 12.8% returns for 2025 despite significant volatility, with a 23% drop by April followed by a 40% recovery. The small cap environment was characterized by narrow performance driven by low-quality, speculative stocks, with the top 25 contributors delivering over 50% of benchmark returns. The investment environment overwhelmingly favored lower quality stocks, with non-earners gaining 19.6%, negative equity stocks up 37.2%, and highest beta names advancing 26.1%. The fund's deliberate focus on higher-quality stocks with earnings support was a general headwind throughout the year. Artificial intelligence investment was a key area of market focus during 2025, though the fund questioned when investors would see returns from billions of dollars spent on AI infrastructure. The fund avoided speculative AI plays in favor of companies with more established fundamentals. Uncertain trade policy and the friction it added to the system was the biggest distraction during 2025. Companies now mostly have a sense of the rules of global trade and are adjusting, which could provide more stability going forward.		View
2025 Q4	Jan 21, 2026	NCG Small Cap Growth Strategy	4.2%	8.3%	ADPT, ATEC, AVPT, AXGN, BETA, BLND, CCB, CELH, COHR, ELF, KNX, KVYO, MTSI, PCOR, PEGA, PI, PRCH, QTWO, TOL, TTAN, UTI, WAL, WULF	active management, growth, healthcare, industrials, Outperformance, Quality, small caps, technology	The manager emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming. The S&P 600 Growth Index, which requires profitability, underperformed broader small cap indexes that included unprofitable companies. Biotech was a significant area of outperformance in small cap indexes during 2025, contributing approximately 8 points to the Russell Microcap Growth Index return. The manager has maintained low or no exposure to biotech, which contributed to relative underperformance. They continue to view many biotech business models as unproven despite strong recent performance. The portfolio includes holdings in AI infrastructure companies as part of their technology sector overweight. The manager sees strong growth prospects in AI-related investments and believes these companies are trading at attractive valuations within their diversified technology holdings. Nuclear energy was identified as one of the specific areas of outsized strength in small cap markets during 2025. The portfolio maintains exposure to the nuclear energy market through one company in their energy allocation, reflecting their focus on emerging energy themes.		View
2025 Q4	Jan 21, 2026	NCG SMID Cap Growth Strategy	3.6%	8.1%	ADPT, AII.TO, ATEC, AXGN, BETA, BLND, CELH, COHR, ELF, INOD, KVYO, MTSI, PCOR, PEGA, PHAT, PI, QTWO, TOL, TTAN, UAMY, UTI, WULF	Biotechnology, growth, healthcare, Quality, small caps, technology	The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They believe quality factors worked against active managers in 2025, as low-quality stocks with negative earnings significantly outperformed. The firm maintains their focus on quality despite near-term headwinds. Small cap earnings growth turned positive during 2025 and is expected to stay positive and potentially accelerate in 2026. Small caps continue to trade at a relative discount to large caps, and the firm believes there is opportunity for this discount to narrow with an improving fundamental backdrop. Biotech was an area of outsized strength in 2025, contributing approximately 8 points to the Russell Microcap Growth Index return. However, the firm maintains low or no exposure to biotech as they view many business models as unproven with high expectations that may fail to materialize.		View
2025 Q4	Jan 14, 2026	Driehaus Micro Cap Growth Strategy	9.1%	30.5%	CRNX, EOSE, IAG, PRAX, WULF	AI, earnings, energy, growth, healthcare, materials, Micro Cap, small caps	AI continues to be the dominant theme driving the market and economy. Demand for AI LLMs is going up exponentially, with demand by AI users and related demand for AI compute continuing to exceed supply. AI capex and data center spending are expected to remain strong, creating opportunities in semiconductors, data center equipment, commodities, energy, power and grid related supply vendors. Small caps continue to outperform since the April bottom, with micro caps leading the market. Small cap earnings have accelerated in 2025 and are improving on an absolute and relative basis, expected to outgrow large cap earnings in percentage terms over the next year. The market has been broadening out with multiple key sectors and industries making new all-time highs. The strategy maintains exposure to energy transition themes including uranium related holdings, energy storage companies like Eos Energy Enterprises, and renewable energy infrastructure. AI infrastructure projects are driving increased power demands, creating opportunities in power generation, grid equipment, and energy storage solutions. Healthcare, including biotech, performed much better during the quarter and second half of the year. Biotech/pharma holdings saw standout gains driven by positive clinical trial results, clinical approvals, breakthrough therapy designations, and an acquisition during the quarter. The biotech ETF is making a new four year high. The strategy saw continued strength in various rare earth elements and critical mineral companies as well as precious metal miners. Materials holdings rose significantly, though exposure was reduced by taking profits in several REE and critical mineral holdings as they advanced sharply in price. AI infrastructure projects are growing in size and AI data centers are becoming much larger with growing power demands. The strategy has exposure to AI related data centers and reduced exposure to emerging new AI data center operators. Demand for AI compute continues to exceed supply, supporting the data center investment theme.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Sep 16, 2025	Short Thesis	Hunterbrook	Terawulf Inc	Financials	IT Services (Blockchain & Cryptocurrency Mining)	Bear	NASDAQ	Bitcoin, Dilution, ESG, Hashrate, Mining	View Pitch
Sep 16, 2025	Short Thesis	Grizzly research	Terawulf Inc	Financials	IT Services (Blockchain & Cryptocurrency Mining)	Bear	NASDAQ	Bitcoin, Dilution, Hash rate, Mining, Nuclear	View Pitch

BSD Shareholders of WULF

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.

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