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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 6, 2026 | PivotalPath | 0.0% | 0.0% | AGG, AVGO, CWB, HYG, IBB, LQD, ORCL, XBI, XLE, XLF, XLK, XLU, XLV, XLY | AI, Crowding, Fed policy, Hedge Funds, liquidity, Long/Short, Macro, Multi-Strat | AI remained the loudest theme but tone shifted from breakthrough to balance sheet. The market's new habit of asking show me the cash flow reinforced that AI isn't being abandoned but is being priced more realistically. AI infrastructure remained the sturdier expression across equity and credit books. Fed announced short-term Treasury bill purchases as technical measure to maintain ample reserves. This mix of policy easing and practical focus on liquidity helped explain December's feel of being supportive when conditions were orderly, jittery when they weren't. Funding markets can suddenly drive the agenda. Fed cut rates by 25bps on December 10 while describing growth as moderate and inflation as still somewhat elevated. Markets took message as cut now, likely pause soon. The opportunity set was less about calling one Fed meeting and more about trading the path via rates and FX. Healthcare and biotech took a breather after strong run, falling back over December. Managers believe this pause reflects digestion rather than dramatic change of heart. Biotech remained a stock-picker's market where one good dataset can massively move the needle. Momentum fell 1.91% over the month with quick switches between stick with winners and take the money and run. Many quant teams operated with shorter lookbacks, smaller position sizes, and tighter crowding guardrails because Momentum has become too popular for its own good. Utilities fell 5.79% as market rotated away from defensives, though structural story didn't disappear. Managers continued to blend core yield exposure with targeted bets on transmission upgrades, renewables rollout, and data-center power demand seeking mix of income and growth. | View | |
| 2025 Q4 | Jan 14, 2026 | Driehaus Small Cap Growth Fund | 16.9% | 10.7% | BBIO, CRNX, CW, FN, GH, XBI | AI, Biotechnology, earnings, growth, healthcare, productivity, 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 as LLMs still need to increase dramatically in terms of intelligence. Small caps continue to outperform since the April bottom, with the Russell 2000 returning nearly 42.4% from the low. 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. Healthcare displayed very strong relative performance with biotech/pharma holdings seeing standout gains driven by positive clinical trial results and clinical approvals. The biotech ETF is making a new four year high, representing a significant turnaround from being a laggard. Non-farm productivity surged in Q3, growing at an annual rate of 4.9%. Strong productivity in part driven by AI is boosting economic growth and positively impacting corporate earnings over the near-term, despite labor market stagnation. | View | |
| 2025 Q4 | Jan 14, 2026 | Driehaus Small/Mid Cap Growth Fund | 1.8% | 10.0% | CRNX, CVNA, GH, NTRA, PWR, XBI | AI, Biotechnology, energy, growth, healthcare, industrials, small caps, technology | 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 as LLMs still need to increase dramatically in terms of intelligence. Small caps continue to outperform since the April bottom, with the Russell 2000 returning nearly 42.4% from the low. 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. Healthcare displayed very strong relative performance during the quarter, with biotech/pharma holdings seeing standout gains driven by positive clinical trial results and clinical approvals. The biotech ETF is making a new four year high as the sector broadly performed much better. AI capex and data center spending are expected to remain strong due to exponential demand growth for AI LLMs. However, a key risk involves potential delays in completing data centers from shortages in power generation, the grid and equipment, resulting in project postponements. Energy contributed positively with outperformance coming from strength in oil service and uranium miners. The portfolio maintains an overweight position in energy versus the benchmark, with exposure increasing during the quarter. | View | |
| 2023 Q2 | Jul 16, 2023 | Leaven Partners | -1.4% | 7.9% | EQ, MTCR, STSA, XBI | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| 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 |
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