PLTR bearish conv. starter sair Palantir Technologies
Fast Grower
Highly controversial stock devido a excessive valuation e strong
retail participation. Subiu 55% no trimestre, impulsionado por AI
e growth-led rally e heightened attention a security. Proved
significant headwind para relative Strategy desempenho — gestores
iniciaram modest position como risk management strategy. Exit no
fim do trimestre à medida que Palantir saiu do benchmark Russell
Midcap Growth.
Palantir, which has been a highly controversial stock due to excessive valuation and strong retail participation, rose 55% during the quarter, driven by the AI and growth-led rally and heightened attention to security. This proved a significant headwind for relative Strategy performance, but it could have been several times that amount had the team not initiated a modest position as a risk management strategy. We exited Palantir as it left the benchmark at the end of the quarter.
"A Palantir, que tem sido uma acção altamente controversa devido a excessive valuation e strong retail participation, subiu 55% durante o trimestre, impulsionada pelo rally de AI e growth-led e heightened attention to security. Provou ser um significant headwind para a relative Strategy desempenho, mas poderia ter sido várias vezes esse montante se a equipa não tivesse iniciado uma modest position como risk management strategy. Saímos da Palantir à medida que esta saiu do benchmark no fim do trimestre."
AXON bullish conv. core nova posição Axon Enterprise
Fast Grower
Leading provider de public safety software solutions e hardware
incluindo TASER devices e body cameras. Strong desempenho à medida
que continua a inovar e ampliar safety e productivity offerings,
actions que estão a impulsionar greater adoption e strong growth
num large total addressable market. Installed base de over one
million software subscribers — increasingly positioned como
premier operating system para public safety. Listado também entre
top detractors relativos do trimestre.
We also initiated a new position in Axon — a leading provider of public safety software solutions and hardware including TASER devices and body cameras. Axon saw strong performance as it continued to innovate and broaden its safety and productivity offerings, actions which are driving greater adoption and strong growth in a large total addressable market. With an installed base of over one million software subscribers, Axon is increasingly positioned as the premier operating system for public safety.
"Também iniciámos uma nova posição em Axon — leading provider de public safety software solutions e hardware incluindo TASER devices e body cameras. Axon viu strong desempenho à medida que continuou a inovar e ampliar as suas safety e productivity offerings, actions que estão a impulsionar greater adoption e strong growth num large total addressable market. Com installed base de over one million software subscribers, a Axon está increasingly positioned como o premier operating system para public safety."
TW neutral conv. core manter Tradeweb Markets
Fast Grower
Marketplace operator. Top performer do Strategy no primeiro
trimestre que took a breather no T2 à medida que investor
enthusiasm e growth expectations outpaced fundamentals. Apesar de
reporting strong first-quarter resultados, desempenho da empresa
não atingiu as growth e profitability improvements que muitos
investidores tinham priced into the stock, resultando em pullback
de share price mesmo com business solido.
Stock selection in the financials sector also weighed on performance, largely stemming from declines from marketplace operator Tradeweb Markets. Tradeweb, one of our top performers in the first quarter, took a breather as investor enthusiasm and growth expectations outpaced fundamentals. Despite reporting strong first-quarter earnings, the company's performance did not meet the growth and profitability improvements that many investors had priced into the stock, resulting in a share price pullback even as the business remains solid.
"Stock selection no sector financials também pesou em desempenho, largely stemming de declínios do marketplace operator Tradeweb Markets. A Tradeweb, um dos nossos top performers no primeiro trimestre, took a breather à medida que investor enthusiasm e growth expectations outpaced fundamentals. Apesar de reporting strong first-quarter resultados, a desempenho da empresa não atingiu as growth e profitability improvements que muitos investidores tinham priced into the stock, resultando num pullback de share price mesmo com o business a permanecer sólido."
RBRK neutral conv. top manter Rubrik
Fast Grower
Data protection e security services company. Continua a beneficiar
de increasing customer prioritization e spending em IT security.
Listado entre os biggest contributors individuais ao retorno
relativo do trimestre, com strong desempenho no IT sector apesar
do underperformance amplo do Strategy em IT.
Our top contributors were broadly dispersed across IT, consumer discretionary and utilities. In IT, data protection and security services company Rubrik continues to benefit from customers' increasing prioritization and spending on IT security
"Os nossos top contributors estavam broadly dispersed em IT, consumer discretionary e utilities. Em IT, a empresa de data protection e security services Rubrik continua a beneficiar do increasing customer prioritization e spending em IT security."
APP neutral conv. top manter AppLovin
Fast Grower
AI-enabled advertising platform operator. Delivered strong quarterly
resultados e solidified leadership em AI-driven desempenho marketing.
Top contributor individual ao retorno relativo do trimestre.
Tese central — AI application layer como driver de cash flow growth
sustentável em mid cap growth — continua a validar-se.
AI-enabled advertising platform operator AppLovin delivered strong quarterly earnings and solidified its leadership within AI-driven performance marketing.
"O AI-enabled advertising platform operator AppLovin entregou strong quarterly resultados e solidificou a sua liderança em AI-driven desempenho marketing."
MELI neutral conv. top manter MercadoLibre
Fast Grower
Opera plataformas de online e-commerce dirigidas a consumidores
latino-americanos. Subiu em strong financial desempenho e
operating margins. Strong returns impulsionados pela digital
advertising division — Mercado Ads — destacam a transição da
empresa de mere e-commerce e fintech platform para broader digital
ecosystem. Top contributor individual ao retorno relativo.
MercadoLibre, which operates online e-commerce platforms targeted to Latin American consumers, rose on strong financial performance and operating margins. Additionally, strong returns driven by its digital advertising division — Mercado Ads — highlights the company's transition from mere e-commerce and fintech platform into a broader digital ecosystem.
"A MercadoLibre, que opera plataformas de online e-commerce dirigidas a consumidores latino-americanos, subiu em strong financial desempenho e operating margins. Adicionalmente, strong returns impulsionados pela sua digital advertising division — Mercado Ads — destacam a transição da empresa de mere e-commerce e fintech platform para um broader digital ecosystem."
VST neutral conv. top manter Vistra
Cyclical
Merchant power producer e utility. Avançou após sequência de
results melhores-que-esperados de leading AI developers e IT
stocks, suavizando concerns sobre slowdown de AI demand e data
center buildouts e apontando para continued increases em power
demand à medida que estes vêm online. AI ecosystem permanece short
power e Vistra está entre os best positioned para entregar power a
meaningful premium contra prevailing prices.
Finally, merchant power producer and utility company Vistra made gains following a string of better-than-anticipated results by leading AI developers and IT stocks, easing investors' concerns about a potential slowdown in AI demand and data center buildouts and pointing to continued increases in power demand as they come online. Ultimately the AI ecosystem remains short power and Vistra is among the best positioned to deliver it at a meaningful premium to prevailing prices.
"Finalmente, o merchant power producer e utility company Vistra ganhou terreno após uma sequência de results melhores-que-esperados de leading AI developers e IT stocks, suavizando os concerns dos investidores sobre potential slowdown em AI demand e data center buildouts e apontando para continued increases em power demand à medida que estes entram online. Ultimately o AI ecosystem permanece short power e a Vistra está entre os best positioned para o entregar a meaningful premium contra prevailing prices."
CVNA bullish conv. core nova posição Carvana
Turnaround
Leading online used vehicle retailer. Re-establecida após emergência
de challenging restructuring period com return a strong growth,
record profitability que lidera o legacy auto retail sector, e
clear long-term vision de disrupt o large e highly fragmented auto
market. Empresa targeting dramatic scale-up de aproximadamente
500K annual car sales hoje para three million ao longo dos próximos
cinco a dez anos, leveraging existing infrastructure e a aquisição
Adesa para suportar esta expansão.
We re-established a position in Carvana, the leading online used vehicle retailer. Carvana has emerged from a challenging restructuring period with a return to strong growth, record profitability that leads the legacy auto retail sector, and a clear long-term vision to disrupt the large and highly fragmented auto market. The company is targeting a dramatic scaleup from approximately 500,000 annual car sales today to three million over the next five to 10 years, leveraging its existing infrastructure and the Adesa acquisition to support this expansion.
"Re-estabelecemos uma posição em Carvana, o leading online used vehicle retailer. A Carvana emergiu de um challenging restructuring period com return a strong growth, record profitability que lidera o legacy auto retail sector, e clear long-term vision para disrupt o large e highly fragmented auto market. A empresa está a targetar um dramatic scale-up de aproximadamente 500.000 annual car sales hoje para three million ao longo dos próximos cinco a dez anos, leveraging a sua existing infrastructure e a aquisição Adesa para suportar esta expansão."
HLT bullish conv. core nova posição Hilton Worldwide
Stalwart
Uma das largest e fastest-growing lodging companies com over 1.25
million rooms hoje. Robust pipeline de 500.000 rooms em development
suportando 6-7% annual growth target. High-margin fees do
asset-light franchising e management contracts, strong operating
margins e history de return de capital a shareholders via share
buybacks. Scale, brand strength e resilient business model
posicionam para solid long-term growth.
Also in the consumer discretionary sector, we established a position in Hilton Worldwide, one of the largest and fastest-growing lodging companies with over 1.25 million rooms today. The company has a robust pipeline of 500,000 rooms in development and supporting its 6%–7% annual growth target. With high-margin fees from its assetlight franchising and management contracts, strong operating margins and a history of returning capital to shareholders through share buybacks, Hilton's scale, brand strength and resilient business model position it for solid long-term growth.
"Também no sector consumer discretionary, estabelecemos uma posição em Hilton Worldwide, uma das largest e fastest-growing lodging companies com over 1,25 milhões de quartos hoje. A empresa tem um robust pipeline de 500.000 quartos em development suportando o seu 6-7% annual growth target. Com high-margin fees do seu asset-light franchising e management contracts, strong operating margins e a history de retornar capital aos accionistas via share buybacks, a scale, brand strength e resilient business model da Hilton posicionam-na para solid long-term growth."
PSTG bullish conv. starter nova posição Pure Storage
Fast Grower
Listada entre as iniciações do trimestre no sector IT. Carta T2
menciona o new position como item de lista sem articular rationale
específica; rationale completa diferida para cartas subsequentes.
we initiated new positions in Pure Storage and Cloudflare in the IT sector
"iniciámos novas posições em Pure Storage e Cloudflare no sector IT"
NET bullish conv. starter nova posição Cloudflare
Fast Grower
Listada entre as iniciações do trimestre no sector IT, mas
simultaneamente entre os top detractors individuais ao retorno
relativo — limited exposure inicial vs strong desempenho da stock.
Carta T2 menciona o new position como item de lista sem rationale
específica articulada.
we initiated new positions in Pure Storage and Cloudflare in the IT sector
"iniciámos novas posições em Pure Storage e Cloudflare no sector IT"
FOUR bullish conv. starter nova posição Shift4 Payments
Fast Grower
Listada entre as iniciações do trimestre no sector financials.
Carta T2 menciona o new position como item de lista sem articular
rationale específica; rationale completa diferida para cartas
subsequentes.
Shift4 Payments in the financials sector
"Shift4 Payments no sector financials"
HWM bullish conv. starter nova posição Howmet Aerospace
Cyclical
Listada entre as iniciações do trimestre no sector industrials.
Carta T2 menciona o new position como item de lista sem articular
rationale específica; rationale completa diferida.
Howmet Aerospace and Comfort Systems in the industrials sector
"Howmet Aerospace e Comfort Systems no sector industrials"
FIX bullish conv. starter nova posição Comfort Systems USA
Cyclical
Listada entre as iniciações do trimestre no sector industrials.
Carta T2 menciona o new position como item de lista sem articular
rationale específica; rationale completa diferida.
Howmet Aerospace and Comfort Systems in the industrials sector
"Howmet Aerospace e Comfort Systems no sector industrials"
COR bullish conv. starter nova posição Cencora
Stalwart
Listada entre as iniciações do trimestre no sector health care.
Carta T2 menciona o new position como item de lista sem articular
rationale específica; rationale completa diferida.
Cencora in the health care sector
"Cencora no sector health care"
LNW bullish conv. starter nova posição Light & Wonder
Fast Grower
Listada entre as iniciações do trimestre no sector consumer
discretionary. Carta T2 menciona o new position como item de lista
sem articular rationale específica; rationale completa diferida.
Light & Wonder, Wingstop and Royal Caribbean in the consumer discretionary sector
"Light & Wonder, Wingstop e Royal Caribbean no sector consumer discretionary"
WING bullish conv. starter nova posição Wingstop
Fast Grower
Listada entre as iniciações do trimestre no sector consumer
discretionary. Carta T2 menciona o new position como item de lista
sem articular rationale específica; rationale completa diferida.
Light & Wonder, Wingstop and Royal Caribbean in the consumer discretionary sector
"Light & Wonder, Wingstop e Royal Caribbean no sector consumer discretionary"
RCL bullish conv. starter nova posição Royal Caribbean
Cyclical
Listada entre as iniciações do trimestre no sector consumer
discretionary. Carta T2 menciona o new position como item de lista
sem articular rationale específica; rationale completa diferida.
Light & Wonder, Wingstop and Royal Caribbean in the consumer discretionary sector
"Light & Wonder, Wingstop e Royal Caribbean no sector consumer discretionary"
NU bearish conv. starter sair Nu Holdings
Fast Grower
Listada entre as transactions de saída do trimestre — gestores
saíram da posição em financials. Carta T2 menciona o exit como
item de lista sem articular rationale específica.
We exited positions in Nu Holdings in the financials sector
"Saímos das posições em Nu Holdings no sector financials"
WDAY bearish conv. starter sair Workday
Stalwart
Listada entre as transactions de saída do trimestre — gestores
saíram da posição em IT. Carta T2 menciona o exit como item de
lista sem articular rationale específica.
Workday, Globant and Marvell Technology in the IT sector
"Workday, Globant e Marvell Technology no sector IT"
GLOB bearish conv. starter sair Globant
Fast Grower
Listada entre as transactions de saída do trimestre — gestores
saíram da posição em IT. Carta T2 menciona o exit como item de
lista sem articular rationale específica.
Workday, Globant and Marvell Technology in the IT sector
"Workday, Globant e Marvell Technology no sector IT"
MRVL bearish conv. starter sair Marvell Technology
Fast Grower
Listada entre as transactions de saída do trimestre — gestores
saíram da posição em IT. Carta T2 menciona o exit como item de
lista sem articular rationale específica.
Workday, Globant and Marvell Technology in the IT sector
"Workday, Globant e Marvell Technology no sector IT"