Steph McGovern

Typically when you see a concentrated portfolio and a shift that's notable, like exiting a position entirely, then it often suggests a directional and concerning.

What's interesting though is that

The overall fund in terms of deployed money into equities has gone from excess of 200 million down to only about 70 million currently deployed.

And we understand, of course, though, that he is still making big bets on startups.

We just had Substrate on a couple of weeks ago, the CEO that he's now backing to take on ASML and take on some of the chip design and equipment makers in particular, Hema.

So do we think in similarity to SoftBank,

They exited $5.8 billion worth of Nvidia, but that was about having money to be able to reallocate other areas of the AI ecosystem.

Yes, exactly.

So when we look at these startup investors, you know, they put a lot of money into the pre-IPO space, into these companies before they make a lot of their gains post-IPO.

And so, you know, how they think about the startup space and then how they think about the public market space could be expressed a little bit differently.

When we look at SoftBank, to your point, they did make that rotation to invest more into open AI.

So the 13 Fs give us some clarity in how these money managers think and what they do, but it really doesn't show us everything.

It doesn't show us intentionality.

It doesn't show us shorts.

and it doesn't show us other types of hedges against a position.

So we do have a limited point of view.

We'll take that because hedge funds are so secretive and so private, but it is somewhat of a very specific insight.

Great context.

What is the context around Alphabet and the buying by Berkshire Hathaway?

Yes, so when we look at Alphabet, a huge position for them, 18 million shares worth about $5 billion as of the end of the third quarter.