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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 15, 2025 | Unconventional Value | - | 31.6% | PGY, PL, RELY, SPIR, THRY, UPST, XMTR | AI, Concentration, Fintech, growth, SaaS, small caps, technology | AI is viewed as an accelerant to value unlock across multiple portfolio companies. Planet Labs benefits from AI in moving up the value chain to deliver solutions rather than raw data. Consumer credit companies like Pagaya and Upstart use AI as a perfectly matched solution for the massive opportunity in consumer credit. Xometry's business is enabled by an AI instant quoting engine that allows for a new business model category. | RELY XMTR SPIR THRY UPST PGY PL RELY XMTR THRYV PGY PL |
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| 2025 Q2 | Jul 9, 2025 | Liberty Park Capital Management | 1.4% | -2.2% | AUR, BELFB, BLN, COMP, HQI, IONQ, LAKE, LBRT, LMB, NSSC, NVEE, NWL, QBTS, QUBT, SKY, SWIM, TTEK, WHR, WNC, XMTR | consumer, Long/Short, Manufacturing, Quantum, small cap, tariffs, technology, value | Nicotine pouches are disrupting traditional tobacco products with safer alternatives that have no known carcinogens. The US market grew over 40% in Q1 2025, with nicotine pouches expected to increase from 5% of global nicotine users in 2024 to 11% in 2030. Online penetration remains low at 3% in the US versus 35% in mature markets like Sweden. | HAYPP.ST LAKE SKY NSSC XMTR |
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| 2025 Q2 | Jul 18, 2025 | Pernas Research | 19.3% | 10.5% | AMD, APLD, CGEH, CSCO, GOOGL, NVDA, ORCL, RELY, STX, XMTR | AI, Data centers, growth, infrastructure, semiconductors, small caps, technology | AI-related names drove significant portfolio returns with APLD and CGEH posting triple-digit gains. The manager views the AI investment cycle as lasting at least 12-16 months, comparing it favorably to the fiber buildout era. Unlike fiber's debt-financed overbuild, AI spending is demand-linked with high data center utilization and contracted demand supporting continued capital deployment. | View | |
| 2026 Q1 | Apr 28, 2026 | Liberty Park Capital Management | -5.4% | -5.4% | ACNT, AESI, KRT, NEOG, SWIM, XMTR | AI, Crowding, energy, Fundamental Analysis, Long/Short, small caps | View | ||
| 2025 Q1 | Apr 24, 2025 | Prosper Stars & Stripes | -9.7% | -9.7% | AMSC, COLD, FLYW, FTRE, HELE, KRMN, KRNT, LH, MTLS, NSIT, PAYX, PYRC, RGEN, RHP, SARO, TLN, TRS, XMTR | Biotechnology, defense, energy, Long/Short, Onshoring, small caps, tariffs, Trade Policy | The administration announced tariff rates far higher than anticipated on April 2nd, reverting the U.S. to protectionist policies not seen for 100 years. Policy uncertainty measures shot to near record highs, creating large negative impacts on stock, bond and currency markets. Businesses face increased costs from higher tariffs and supply chain adjustments. | View | |
| 2025 Q1 | Apr 17, 2025 | Liberty Park Capital Management | -3.5% | -3.5% | AUR, BKTI, BLN, INOD, LBRT, LESL, LMB, MTN, NSSC, RGTI, SEI, SOUN, STKL, SWIM, THRY, TITN, TTEK, VSEC, WNC, XMTR | Long/Short, security, small caps, tariffs, Trade Policy | President Trump announced minimum tariffs on all imports of 10%, plus reciprocal tariffs starting at another 10% and rising above 100% for trade abusers such as China. The manager believes the worst-case scenario of universal >50% tariffs is unlikely because global trade would cease and would enter a Great Depression. Some tariffs will likely remain permanent, and the tariff announcements significantly damaged confidence and predictability. | NSSC |
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| 2025 Q1 | Apr 16, 2025 | ARK Invest | - | - | COIN, ESLT, FARO, GH, HOOD, KTOS, PLTR, RKLB, RXRX, TEM, TER, TSLA, TXG, VLN, XMTR | AI, Deflation, Genomics, innovation, Recession, Robotics, technology | ARK views AI as a key disruptive innovation platform that will drive deflation and reshape the macroeconomic landscape. The firm believes diversified exposure to AI applications, particularly software underrepresented in broad benchmarks, could drive value creation. ARK suggests the most important AI investment opportunities are associated with disruptive innovation. | View | |
| 2025 Q4 | Feb 22, 2026 | Unconventional Value | 0.0% | 0.0% | AMZN, HIMS, PGY, PL, RELY, SPIR, THRY, UPST, WISE.L, WU, XMTR | AI, Fintech, growth, SaaS, Satellites, small cap, technology, value | AI is viewed as a technology enabler that will accelerate product development and create tailwinds for existing businesses rather than replace human judgment. The manager believes AI will never replace human judgment and sees it as enhancing rather than disrupting core investment strategies. Planet's satellite constellation and daily Earth imaging capability represents a unique infrastructure play. The manager believes Planet is building the default system of record for monitoring Earth, with the daily scan providing infinitely scalable data distribution at zero marginal cost. Remitly's digital remittance platform is taking market share from legacy players like Western Union. The business model relies on acquiring customers via digital channels and earning fees on repeat transactions, with scale benefits improving economics over time. Thryv represents a business model transition from legacy marketing services to SaaS, targeting small businesses moving up-market. The strategy focuses on converting legacy customers to the SaaS platform and expanding functionality for larger businesses with more complex needs. | RELY THRY PL |
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| 2024 Q4 | Dec 31, 2024 | Alger Small Cap Focus Fund | 1.8% | 7.8% | ALAB, CDNA, MOD, NTRA, WING, XMTR | AI, Genomics, growth, healthcare, semiconductors, small caps, technology | AI is at an inflection point, potentially enabling significant increases in productivity. Astera Labs specializes in connectivity solutions for AI and machine learning systems, with products that optimize data flow in AI accelerators and high-performance computing environments. | CDNA WING NTRA ALAB XMTR |
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| 2022 Q4 | Dec 31, 2022 | Alger Small Cap Focus Fund | 6.4% | 5.9% | CHX, CYRX, INSP, MEDD, RXDX, XMTR | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Alger Weatherbie Specialized Growth Fund | 5.8% | 9.5% | CLB, GDYN, GKOS, MEG, PI, XMTR | - | View | ||
| 2025 Q3 | Oct 8, 2025 | Liberty Park Capital Management | 1.1% | -1.1% | BKTI, LMB, NSSC, WHR, XMTR | AI, Bubble, Long/Short, rates, small caps, Speculation, technology | Manager notes that artificial intelligence will improve productivity going forward, but warns of speculation and bubble conditions in AI-related stocks. Many unprofitable companies are claiming AI exposure to pump their stocks similar to the dot-com bubble. | View | |
| 2024 Q3 | Oct 31, 2024 | Liberty Park Capital Management | 7.1% | 2.5% | AUR, BLN.TO, CGNX, CLAR, CLW, ENS, ENVX, ETD, GTLS, HQI, INTT, ITI, KRNT, LMB, MEG, NVEE, SWIM, THRY, XMTR, YOU | Election, Long/Short, Manufacturing, Rate Cuts, small caps, technology | Small cap equities were prime beneficiaries of the risk-on sentiment shift following Fed rate cuts and Trump assassination attempt. The fund focuses on small cap investments with Russell 2000 benchmark and weighted average market cap of $1.4 billion for Select Opportunities portfolio. | XMTR |
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| 2025 Q3 | Oct 29, 2025 | Pernas Research | 31.7% | 47.2% | AMD, APLD, CGEH, CSCO, GOOGL, NVDA, ORCL, RELY, STX, WCG, XMTR | AI, Data centers, growth, semiconductors, small caps, technology | AI-related names drove significant portfolio returns with APLD and CGEH posting triple-digit gains. The manager compares current AI investment cycle to fiber buildout, arguing AI has more durable CAPEX with demand-linked spending and high data center utilization. Expects AI investment cycle to last 12-16 months with low probability of collapse. | NVDA NVDA |
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| 2025 Q3 | Oct 24, 2025 | NCG Micro Cap Growth Strategy | 4.6% | 5.2% | ADMA, ADPT, AEHR, AMPX, AMSC, AORT, APLD, ATRO, BRCF, CCB, CDNA, EVLV, FEIM, KEST, LEU, LMB, OPRX, PAR, PGY, PI, PKE, PL, PRCH, WULF, XMTR, ZETA | AI, defense, growth, Micro Cap, nuclear, Onshoring, small cap | AI infrastructure buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. The infrastructure needed to support AI development is creating substantial near-term investment opportunities. | ATRO |
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| 2025 Q3 | Oct 24, 2025 | NCG Small Cap Growth Strategy | 5.9% | 3.9% | AAON, ADMA, AEHR, APLD, AVAV, BE, CDNA, FROG, KVYO, LEU, MIRM, MP, PAR, PGY, PI, PL, PRCH, STRL, TOL, VCEL, XMTR | AI, defense, growth, infrastructure, nuclear, small cap, Speculation, valuation | Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support the AI buildout is spurring significant increases in investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. | BE XMTR |
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| 2025 Q3 | Oct 24, 2025 | NCG SMID Cap Growth Strategy | 7.1% | 4.3% | AAON, ADMA, AEHR, APLD, AVAV, BE, CDNA, FROG, KVYO, LEU, MIRM, MP, PAR, PGY, PI, PL, PRCH, SPRY, STRL, TOL, XMTR | AI, earnings, growth, industrials, infrastructure, Rate Cuts, small caps, technology | Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support the AI buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. | View | |
| 2024 Q4 | Jan 9, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | AZPN, BE, CERT, CHX, CWAN, FLR, FOUR, MOD, OSCR, PCVX, SGRY, SHLS, TGTX, VIAV, VRNS, WING, WIX, XMTR, XPO, ZETA | AI, growth, healthcare, industrials, M&A, Onshoring, small caps, technology | The unprecedented infrastructure buildout to support generative AI ambitions drove accelerating growth and expanding multiples across multiple sectors. This enthusiasm expanded from AI/chips to data center buildouts, HVAC equipment, service providers, and power solutions to support electricity demands of this generational product cycle. | MOD FLR CWAN TGTX OSCR BE |
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| 2025 Q4 | Jan 21, 2026 | Liberty Park Capital Management | -7.4% | 0.0% | ARQ, BELFB, LAKE, MEC, THRY, XMTR | AI, Bubble, fundamentals, Long/Short, Market Excess, small cap, technology, value | The manager believes AI holds transformative potential comparable to the internet but views the current market frenzy as echoing the dot-com bubble. Despite trillions in spending commitments, few businesses report meaningful incremental revenue from AI today, and the AI trade was priced-to-perfection by October 2025. Data center investments are viewed as part of the AI infrastructure boom that will eventually cool due to construction delays, efficiency improvements, and supply chain catchup. The manager sees this as similar to past technology booms where asset prices eventually fall as hype fades. SPACs are experiencing renewed frenzy as part of the current market environment that bears striking similarities to past market excesses, with companies without revenue or profits propelling major indices higher. | THRY ARQ XMTR MEC BELFB |
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| 2024 Q4 | Jan 19, 2025 | Unconventional Value | - | 73.2% | PGY, PL, QQQ, SPIR, SPY, UPST, XMTR | Data, growth, small caps, SPACs, technology, value | Manager has decent concentration in busted SPACs - companies that went public at too high valuations and have been left for dead. Some entities might possess solid business models, good leadership, and promising prospects; it will just take longer than expected to justify exorbitant valuations. | View | |
| 2024 Q4 | Jan 15, 2025 | ARK Invest | - | - | ACHR, AMD, ARKB, AVAV, BFLY, CDNA, COIN, DM, MELI, NTLA, NU, PLTR, QSI, RKLB, SMWB, SOFI, SPNS, TER, TXG, XMTR | AI, crypto, Deflation, Genomics, innovation, Recession, Robotics, technology | ARK expects AI to play an outsized role in pulling the economy out of rolling recession by driving productivity growth and creating new products and services. The firm believes the most important AI investment opportunities are associated with disruptive innovation, suggesting winners and losers will be surprising. ARK advocates for diversified exposure to the AI revolution, particularly software applications underrepresented in broad-based benchmarks. | View | |
| 2024 Q2 | Jul 20, 2024 | Pernas Research | 18.0% | 17.8% | RELY, XMTR | AI, consumer discretionary, Data centers, growth, Manufacturing, small caps, technology, value | Manager believes we are in early stages of one of the most consequential technological moments for humankind. Big AI winners over next 12-36 months will be application layer companies with robust tech culture, proprietary data, and strong distribution. Companies like Remitly and Xometry positioned to benefit from underutilized proprietary data. | XMTR |
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| 2025 Q1 | Mar 31, 2025 | Alger Small Cap Focus Fund | -21.8% | -21.8% | AGYS, FTAI, GWRE, NARI, SYK, WGS, XMTR | AI, Cloud, Genomics, healthcare, Medical Devices, small caps, technology, volatility | The emergence of advanced AI models from China demonstrated capabilities comparable to leading U.S. models but at significantly lower development costs. This prompted investors to reassess the substantial capital expenditures of U.S. large-cap technology companies, resulting in a sell-off in AI-related stocks and concerns over the potential returns on domestic AI initiatives. AI is at an inflection point, potentially enabling significant increases in productivity. | FTAI XMTR AGYS GWRE GDXH NARI |
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| 2024 Q4 | Jan 14, 2025 | Liberty Park Capital Management | 5.9% | 8.6% | AIOT, BLN.TO, CGNX, GTLS, HQI, INOD, INTT, IONQ, LMB, LWLG, MOD, NVEE, SOUN, SWIM, THRY, TITN, UPWK, WHR, XMTR, YOU | AI, energy, Long/Short, Manufacturing, small caps, Staffing, Trump | Manager is significantly long small-cap equities in general, viewing them as beneficiaries of Trump presidency and rate cuts. The fund focuses on small-cap names with average market cap of $2.5 billion for longs. Performance significantly outpaced Russell 2000 in Q4. | HQI |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Alger Small Cap Focus Fund | Xometry, Inc. | Information Technology | IT Services | Bear | NASDAQ | AI-Enabled Platform, EBITDA Loss, High-Growth Unprofitable, machine learning, Manufacturing Services, On-Demand Manufacturing, Two-Sided Marketplace | View Pitch |
| Apr 13, 2026 | Fund Letters | Unconventional Value | Xometry, Inc. | Industrials | Commercial Services & Supplies | Bull | NASDAQ | AI Quoting, Custom Manufacturing, Digital Marketplace, Industrial automation, Manufacturing Digitization, network effects, On-Demand Production | View Pitch |
| Apr 13, 2026 | Fund Letters | Pernas Research | Xometry | Information Technology | Internet Services & Infrastructure | Bull | NASDAQ | 3D printing, AI-Powered Marketplace, CNC Machining, Digital Manufacturing, machine learning, Manufacturing Disruption, proprietary data, secular growth | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Small Cap Focus Fund | Xometry, Inc. | Information Technology | Internet Services & Infrastructure | Bull | NASDAQ | AI-enabled, EBITDA Break-even, machine learning, manufacturing, marketplace, network effects, on-demand services, Two-sided Platform | View Pitch |
| Apr 13, 2026 | Fund Letters | Liberty Park Capital Management | Xometry Inc | Information Technology | Internet Services & Infrastructure | Bull | NASDAQ | 3D printing, Aerospace, AI-powered, B2b, CNC Machining, Custom Parts, government contracts, manufacturing, marketplace, network effects, SaaS, Two-sided Platform | View Pitch |
| Jan 24, 2026 | Fund Letters | Charles P. Murphy | Xometry, Inc. | Industrials | Industrial Distribution | Bull | NASDAQ | growth, manufacturing, marketplace, Networkeffects, platform | View Pitch |
| Jan 22, 2026 | Twitter / X | @pennycheck | Xometry, Inc. | Industrials | Industrial Machinery | Bull | Nasdaq | 3D printing, China, Defense, Logistics, Precision Machining, SaaS, Xmtr, Xometry | View Pitch |
| Jan 8, 2026 | Fund Letters | Tim Gallagher | Xometry, Inc. | Industrials | Trading Companies & Distributors | Bull | NASDAQ | AI, Digital Marketplace, disruption, manufacturing, network effects | View Pitch |
| Jan 8, 2026 | Fund Letters | Charles P. Murphy | Xometry, Inc. | Industrials | Industrial Distribution | Neutral | NASDAQ | manufacturing, marketplace, Operatingleverage, Reshoring, Supplychain | View Pitch |
| Nov 29, 2025 | Fund Letters | Tom Press | Xometry Inc. | Industrials | Commercial Services & Supplies | Bull | NASDAQ | AI, Automation, Digitization, growth, manufacturing, Margins, marketplace, Partnerships, Reshoring, supply chain | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||