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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 31, 2025 | Minot Light Capital Partners | 18.1% | 4.5% | ACOG, APG, ARQ, CURV, CWAN, CYRX, DERM, LAKE, LGCY, LMB, LQDT, MCW, NEOG, NPKI, OM, REAL, RXST, TDUP, TTGT, XPOF | alpha, dislocations, growth, liquidity, Microcap, small caps, value | The fund focuses exclusively on small and micro-cap companies, targeting market capitalizations well below $100mm and in some cases below $50mm and $25mm. This represents an area where the vast majority of institutional small-cap investors are either unable or unwilling to explore. The strategy seeks to capitalize on inefficiencies in the most illiquid segment of the domestic public equity markets. | CURV RXST TTGT LAKE OM LGCY TDUP OM LGCY TDUP |
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| 2025 Q1 | May 2, 2025 | Greystone Capital | -7.9% | -7.9% | BELFB, FC, KITS.TO, LNF.TO, NRP, XPOF | E-Commerce, Optical, Quality, small caps, tariffs, Trade Policy, value, volatility | Tariff measures announced against global trade partners created geopolitical and recession fears, driving market volatility. The inconsistency and unpredictable messaging around new trade rules creates planning difficulties for businesses. Portfolio companies have varying direct exposure to tariffs, with Natural Resource Partners, Leon's Furniture, and Bel Fuse being the only holdings with direct tariff exposure. | KITS.TO BELFA LNF.TO NRP |
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| 2024 Q1 | May 1, 2024 | Optimist Fund | 27.8% | 49.2% | ACVA, AHT, BFIT, CIGI, CRCT, CVNA, DASH, FIGS, HFG, MNDY, OPEN, POOL, PTON, REVL, SMAR, UBER, W, XPOF | Concentration, E-Commerce, Fitness, growth, Market Leadership, technology, turnaround | The fund believes market leaders like Carvana, Wayfair, and DoorDash have won their respective online markets after competitors died or shrank dramatically during 2022. The manager sees this as similar to Amazon's dominance after the early 2000s tech bubble collapse. | ACVA UBER XPOF DASH CVNA |
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| 2025 Q1 | Apr 9, 2025 | The Bristlemoon Global Fund | -3.2% | -3.2% | 0700.HK, APP, HEM.ST, IBKR, META, PAR, PDD, PINS, XPOF | Cash Management, China, Restaurants, risk management, software, tariffs, technology, volatility | Fund increased cash weighting to 22% during March due to heightened market uncertainty and Trump's tariff policies. Adopted maximum loss framework for position sizing and reduced concentration to manage downside risk during volatile periods. | PAR HEM.ST |
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| 2025 Q1 | Apr 24, 2025 | Laughing Water Capital | -13.0% | -13.0% | CTLP, HGV, LFCR, NN, PAR, PLYA, THRY, VTY.L, XPOF | Biotechnology, Buybacks, Resilience, small caps, software, Spectrum, tariffs, value | Manager discusses Trump administration's tariff plans and their potential economic impact, noting uncertainty around implementation and suggesting much may be posturing. Believes Trump will likely declare victory on tariffs with minimal actual changes to avoid losing midterm elections. | PAR VTY.L NN LFCR CDMO XPOF |
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| 2025 Q1 | Mar 31, 2025 | Wasatch Micro Cap Fund | -16.6% | -16.6% | ADUS, BOW, COCO, ESQR, EZPW, GCMG, GDYN, HCI, LMB, MAMA, PNTG, WEAV, XPOF | Biotechnology, Concentration, financials, healthcare, insurance, Micro Cap, value | The Fund's overweight to the financials sector was a large contributor to performance relative to the benchmark. The Fund held several insurance companies whose stocks were higher after announcing strong operating results, including HCI Group providing homeowners insurance in Florida and Bowhead Specialty Holdings focused on casualty and professional liability insurance. | ADUS XPOF WEAV EZPW BOW HCI |
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| 2025 Q3 | Nov 25, 2025 | Voss Value Fund | 5.0% | -1.7% | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Buybacks, Concentration, Fintech, revenue growth, small caps, software, value | AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. Tech CapEx is up 40% y/y with giants doubling spend, threatening ROIC of capital-light oligopolies. Enterprise AI adoption is slowing rather than accelerating, creating precarious dynamics where AI data center buildout holds up the economy but lack of downstream adoption makes it a potential financial time bomb. | CLBT FLYW PRKS XPOF EEFT CVNA |
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| 2025 Q3 | Nov 25, 2025 | Voss Value Offshore Fund | 4.9% | -2.3% | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Fintech, growth, small caps, software, technology, value | AI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. However, enterprise AI adoption is slowing rather than accelerating, with Goldman Sachs data showing adoption creeping from 9.3% in Q2 to just 9.9%. The circularity of recent AI investment announcements and unprecedented scale of vendor financing raise serious questions about sustainability. | CLBT FLYW PRKS XPOF EEFT FIVN |
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| 2023 Q2 | Jul 31, 2023 | Buckley Capital | 4.8% | 0.5% | DNTL.TO, GFF, MRLLN, NGMS, XPOF | Acquisitions, Building Products, Fitness, gaming, small cap, Testing, value | Neogames was the fund's second largest position when acquired by Aristocrat. The iLottery business has 67% market share in North America and provides services for governments transitioning from traditional scratch cards to online lottery programs. The North American iLottery market is projected to grow at 30%+ CAGR from 2021-2027. | View | |
| 2024 Q2 | Jul 17, 2022 | Laughing Water Capital | 2.5% | 11.1% | APG, CDMO, CTLP, ERIC, HALO, HGV, LFCR, LMB, NN, THRY, VTY.L, XPOF | Biotechnology, contrarian, Franchising, momentum, quantitative, small caps, value | Manager focuses on contrarian investing in businesses trading at single digit multiples of free cash flow, believing good businesses led by incentivized people will not trade at these levels forever. The strategy targets hidden corners of the market with optical, operational, or structural problems that are likely temporary. | XPOF CTLP |
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| 2024 Q2 | Jul 7, 2024 | Cedar Grove Capital Management | 21.0% | 0.0% | AAPL, AMZN, ANF, BIG, GOOGL, HIMS, LULU, META, MSFT, NVDA, TSLA, XPOF | AI, Banking, CRE, Long Term, retail, small cap, value | CRE continues to offload entire office buildings at fractions of what they paid for them just a few short years ago. This level of stress in the banking system continues to flash warning signs which have been going on for the last few years. Smaller banks with larger CRE exposure could face solvency issues. | View | |
| 2023 Q4 | May 2, 2024 | Buckley Capital | 4.8% | 0.5% | AAPL, DNTL.TO, GFF, GSY.TO, IWG.L, XPOF | Canada, Consolidation, Franchising, Short Squeeze, small caps, value | Manager emphasizes small and mid-cap value stocks are generationally cheap relative to other asset classes. Portfolio trades at 9.6x earnings with 18% EPS growth compared to expensive large caps like Apple at 28x earnings with only 8% projected growth. | View | |
| 2024 Q4 | Jan 27, 2025 | Buckley Capital | 1.5% | 2.0% | AAPL, DNTL.TO, GOGO, MSFT, PLNT, TSLA, XPOF | Aviation, Connectivity, Fitness, Franchising, Russell 2000, small cap, undervalued, value | Manager emphasizes investing in undervalued stocks trading at significant discounts to intrinsic value, comparing portfolio holdings like IWG and Basic Fit to overvalued large-cap names like Apple and Tesla. Portfolio consists of undervalued stocks diversified across multiple businesses with substantial gaps between current prices and intrinsic values. | XPOF GOGO |
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| 2024 Q4 | Jan 20, 2025 | Optimist Fund | 11.6% | 66.5% | ACVA, BFIT.AS, CRCT, CVNA, DASH, DSV.CO, FIGS, HFG.DE, LATM, MNDY, REVL, TDUP, TDY, UBER, W, XPOF | consumer, E-Commerce, growth, Logistics, mid cap, profitability, technology | Multiple e-commerce holdings including Carvana (used car retail), DoorDash (food delivery), Revolve (fashion), and Wayfair (home goods) represent core portfolio positions. The manager sees significant growth potential as these companies gain market share and improve profitability despite challenging market conditions. | TDUP W POOL RVLV HFG.DE DASH CVNA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Laughing Water Capital | Xponential Fitness | Consumer Discretionary | Leisure Facilities | Bull | NASDAQ | Boutique Fitness, Club Pilates, franchise development, Franchisor, Management Transition, Regulatory Overhang, Sum-of-parts | View Pitch |
| Apr 13, 2026 | Fund Letters | Laughing Water Capital | Xponential Fitness | Consumer Discretionary | Leisure Facilities | Bull | NYSE | Boutique, contrarian, EBITDA multiple, Fitness, franchise, growth, Short squeeze, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Wasatch Micro Cap Fund | Xponential Fitness, Inc. | Consumer Discretionary | Leisure Facilities | Bear | NYSE | Boutique Fitness, Club Pilates, franchise, Franchisee Economics, health and wellness, Multi-brand Strategy | View Pitch |
| Apr 13, 2026 | Fund Letters | Optimist Fund | Xponential Fitness, Inc. | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | Boutique Fitness, contrarian, founder-led, franchise business, Free Cash Flow, multiple expansion, Short squeeze, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Buckley Capital | Xponential Fitness Inc. | Consumer Discretionary | Leisure Facilities | Bull | NYSE | Boutique Fitness, Credit Card Data, EBITDA growth, Franchise Peers, Franchising, multiple expansion, new CEO, Pilates, turnaround, valuation discount | View Pitch |
| Feb 4, 2026 | Twitter / X | @nitinkinvest | Xponential Fitness, Inc. | Hotels, Restaurants & Leisure | Leisure Facilities | Neutral | New York Stock Exchange | Alternative Data, Capacity constraints, consumer trends, Fitness Franchising, franchise model, Instructor Quality, Leisure Facilities, Pilates, Reformer Pilates, Wellness | View Pitch |
| Nov 28, 2025 | Fund Letters | Travis Cocke | Xponential Fitness Inc | Consumer Discretionary | Leisure Facilities | Bull | NYSE | cashflow, Comps, EBITDA, Fitness, Franchising, Leisure, Maturation, Privateequity, Refinancing, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | Travis Cocke | Xponential Fitness Inc | Consumer Discretionary | Leisure Facilities | Bull | NYSE | cashflow, Comps, EBITDA, Fitness, Franchising, Leisure, Maturation, Privateequity, Refinancing, valuation | View Pitch |
| Sep 16, 2025 | Short Thesis | Fuzzy Panda | Xponential Fitness Inc | Consumer Discretionary | Leisure Facilities | Bear | NYSE | Churn, expansion, Fitness, franchise, Trends | View Pitch |
| Sep 1, 2025 | Substack | Uzo Capital | Xpotential Fitness | Consumer Cyclical | Leisure | Bull | Club Pilates, deep value, franchise model, Free Cash Flow, growth algorithm, high-margin revenues, SEC investigation, shareholder value, take-private candidate, Xpotential Fitness | View Pitch | |
| Aug 13, 2025 | Seeking Alpha | Caffital Research | Xponential Fitness, Inc. | Consumer Discretionary | Leisure | Bull | NYSE | — | 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. | ||||||||