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In the grand theater of finance, the third quarter of 2025 was apparently the act where Divisadero unceremoniously cast this new character, Stride, into their portfolio. For those who like to keep score, they now hold just over 2.4% of this young, ambitious company. It’s a modest slice, but given the $2.29 billion of assets under management, it’s more of a gesture of curiosity than a declaration of war. Still, it’s enough to turn some heads, not least here, with me, an investor by profession and a curious wanderer by habitual impulse.

As per the sacred scrolls of the U.S. Securities and Exchange Commission, dated November 4th, 2025, the Board of Trustees did not merely dabble in the market’s labyrinth but plunged headlong into the abyss of HeartFlow. With the precision of a surgeon’s hand, they procured 312,234 shares, each a cipher for the soul’s silent yearning to transcend its mortal confines. The sum, $10.51 million, was not money but a testament to the feverish hope that technology might redeem the body and the spirit alike.

The SEC’s clumsy parchment of disclosure reveals TCG’s latest transgression: an acquisition of 245,664 shares of Centessa Pharmaceuticals. The fund’s holdings now swell to 3.1 million shares, valued at $76.1 million at quarter’s end. This transaction, a mere 0.2% of the fund’s $2 billion AUM, is a flicker in the vast, indifferent eye of finance. Yet, within that flicker lies a question: does the fund see salvation in this biotech quixote, or merely another soul to be devoured by the market’s wolves?

This new position, accounting for 4.83% of the fund’s reportable assets, is no mere transaction. It is a declaration of faith in an industry where electric dreams clash with the grim arithmetic of net losses. The top holdings now read like a ledger of modern grail quests: Nvidia ($29.7M, 21.0%), Taiwan Semiconductor ($14.7M, 10.3%), and XPeng ($8.2M, 5.8%). A portfolio, one might say, of alchemists chasing gold in the silicon age.