Raleigh Partners

Focused on the Craft of Long-Term Investing

[Raleigh Partners @RaleighPartners]

@evrgn11112231 @Nasdaq Interesting that MSCI/Russell/Nasdaq rushed to make it official while S&P never formalized anything, the just floated a proposal.

Probably too late for the others to walk it back now.

[Raleigh Partners @RaleighPartners]

@rja907 @CJ0pp3l @NotMarkLeonard for what it's worth, it's in their annual filing

[Raleigh Partners @RaleighPartners]

@fmfclips curious, what about caffeine for the guy? @foundmyfitness

[Raleigh Partners @RaleighPartners]

Following up on this -- from an allocator's perspective, I've had great success building a bloomberg-style terminal for fund attribution with claude code.

Screenshots below, currently works on Morningstar attribution exports.

Demo: https://t.co/LGMeX1UpJP

[TechStockFundamentals @TechFundies]

I gave Claude every quarterly letter from my prior hedge fund along with a $FDS connector, and asked it to define the fund's philosophy and critique it.

The result was basically AGI. I would imagine every allocator should be using Claude to sift through materials. And I'm having Claude save its investment assessments of my strengths and weaknesses so it can evaluate ideas I pitch it.

Cost me $20 in credits. Not sure I could pay anyone $200 to do it for me.

$DXYZ is I think 1/3 Anthropic.

[Raleigh Partners @RaleighPartners]

Trying to bounce between Claude Code and Codex when I hit usage constraints and/or server issues is going to be the death of me

[Raleigh Partners @RaleighPartners]

@negligible_cap Pretty sure there aren't repercussions if you forget to file or file late. More common than you'd think.

[Raleigh Partners @RaleighPartners]

@rhunterh Gotcha, all good.

[Raleigh Partners @RaleighPartners]

@rhunterh I didn't phrase that right -- since it's an ETF w/ in kind redemptions, do AMT cap gain distributions still apply?

[Raleigh Partners @RaleighPartners]

@rhunterh Do you mean redemptions? Like a quarter of the fund has redeemed in the last 6 months

[Raleigh Partners @RaleighPartners]

@buccocapital Due to $2.5B net redemptions (vs. $6.0B AUM today)

Kinda odd that the strategy has a 9% cash position now as well

[Jared L Kubin @JaredKubin]

Risk Management 101 | Episode 8: The Shadow Book

Most investors think they have one portfolio....They are wrong...

They have two

The second book is the one nobody talks about

"The Shadow Book"

I have experienced this one firsthand....And honestly, this is one of the most important risk lessons I have learned

[Raleigh Partners @RaleighPartners]

@chat_SBC not that this is enough to cause a squeeze, but Jefferies projecting $5B net flows to $MU on the Russell rebal. bigger ripple effect will be all the growth managers who have to buy to manage risk

[Raleigh Partners @RaleighPartners]

@chat_SBC ^should caveat this is just my narrow perception that value managers have been hit harder than growth managers

[Raleigh Partners @RaleighPartners]

@LIGCapital_ This is excellent, thank you for sharing!

[Raleigh Partners @RaleighPartners]

@TechFundies For me this also improves the quality of meetings. Can ask better questions to elicit more interesting insights.

[Raleigh Partners @RaleighPartners]

Personally I find it easier to first run a macro in excel that creates a standardized batch file off all the quant information (tracking error, periods of outperformance, underperformance, drawdowns, attribution, etc.)... Then I run a detailed prompt on this standardized quant file + historical quarterly commentaries to build an overview of the strategy & meet prep agenda commentary.

Then have a separate workflow for reflecting on the meeting, key takeaways, etc.

Overall it does not save me much time, but it increases the resulting post-meeting analysis at least 2x than before.

[Raleigh Partners @RaleighPartners]

@StephenFrampto9 curious what gives you confidence that LMN can add ~$135M CAD of EBITDA over the NTM (+36% from $386M CAD TTM EBITDA)