On Nov. 13, 2025, the SEC received a filing that could make a medieval scribe weep. Ruane Cunniff, our intrepid fund, added 756,219 shares of MSA Safety Incorporated (MSA +0.88%) to its portfolio. By Sept. 30, 2025, it held 1,705,286 shares valued at $293.43 million. Imagine a knight hoarding gold coins in a dragon’s lair-that’s the vibe here.
According to a November 14, 2025 SEC filing, 5AM Venture Management, LLC, liquidated its position in Viking Therapeutics (VKTX 0.68%) as of Q3 2025. The fund sold its entire holding of 189,593 shares over the quarter, reducing its stake from 1.9% of assets under management to zero. The estimated value of the transaction was approximately $5.02 million based on the average share price for the quarter.
According to a filing with the SEC, the fund liquidated 282,313 shares, a calculated retreat from a venture that had grown increasingly elusive. The average share price for the quarter, now a mere shadow of its former self, rendered the trade’s value at $13,325,174. One might call it a rational decision, though the word “rational” sits uneasily in the presence of hope.
On November 14, 2025, Bain Capital Life Sciences Investors, LLC offloaded 122,106 shares of Pharvaris. The post-sale holding is now 3,181,275 shares, valued at $79.37 million. A quarter-over-quarter increase, mind you, despite the sale. It’s like buying a coffee, then selling it for a bit more-only with stock. My brain hurts just thinking about it.
The filing with the Securities and Exchange Commission, that most solemn of rituals, reveals the fund’s fourteenth disclosed position in Wingstop, a stake accounting for 4.45% of its U.S. equity holdings. One might wonder: what forces conspire to draw such a behemoth of capital toward a company whose stock has languished, descending 29% over the past year, its price a shadow of its former self? Is it the siren song of a discounted valuation, or the delusion of a “buy the dip” mantra, a gambit as perilous as it is common?
Third quarter updates, everyone. Darlington, that ever-enthusiastic California-based fund, now owns 5.1 million shares of Lineage-worth a tidy $198.3 million. That’s 6.7% of their $3 billion reportable U.S. equity assets. I’m not sure if this makes them a “belly of the beast” kind of investor or just someone who’s really into ice cubes. Either way, they’ve got a knack for betting on things that sound like they belong in a middle-school science fair. “Temperature-controlled warehousing,” you say? Sounds like a recipe for a lukewarm cup of coffee.
According to a filing with the SEC, Darlington’s third-quarter maneuver has swelled its stake in Shift4 to 5.1 million shares, valued at a princely $392.6 million. This represents 13.3% of the fund’s $3 billion in reportable U.S. equity assets-a bet as bold as it is peculiar, given the stock’s 30% plunge over the past year. One might say the fund has adopted the logic of a miser who doubles his hoard precisely when the coins grow dusty and the casks of wine turn sour.
According to a filing with the Securities and Exchange Commission, released with the solemnity of a society announcement, Armistice Capital parted with nearly 2.2 million shares of Travere Therapeutics during the third quarter. The post-transaction holding, a modest 6.7 million shares, was valued at a tidy $160.7 million as of September 30. One might imagine the fund’s directors, in their opulent boardroom, murmuring about the need for a little diversification.
Both funds orbit the same financial galaxy, yet QQQ’s trajectory follows the tech-slinging NASDAQ-100, whereas VOO cruises the broader S&P 500. It’s the difference between building a campfire with a single matchstick (QQQ) and igniting a controlled burn across a forest of diversified timber (VOO).
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months.