Per an SEC filing that arrived like a passive-aggressive voicemail from the fund’s portfolio manager, Financial Sense Advisors trimmed its Whirlpool (WHR +0.19%) stake from 96,453 to 34,215 shares. That’s a 0.5% slice of its $586.7 million reportable pie. For context, that’s about the same as the annual budget of a small town-minus the fireworks.
Behold, the fund’s entire stake in Disc Medicine was sold during the third quarter of 2025, as per a filing with the Securities and Exchange Commission, dated November 14, 2025. The position, once a substantial 583,500 shares, now lies in ruins, reduced to naught, with a net loss of $30,902,160. A spectacle of financial theater, this full exit-akin to a tragic actor departing the stage mid-performance.
The position accounts for 11.19% of the fund’s 13F assets, a proportion that suggests neither triumph nor despair, but a measured curiosity. Among its top holdings:
Consider the numbers: a stock price collapsed 69% in a year, a market capitalization of $1.48 billion against a debt mountain. Once, at $50 per share, Six Flags danced with euphoria; now, it shivers in the shadow of its own ambitions. The acquisition of Cedar Fair-a Sisyphean merger-unleashed a cascade of woes: synergies delayed, costs bloated, weather unkind. The shareholders, like Dostoevsky’s Underground Man, gnash their teeth at the absurdity of misfortune.
Prime Capital, that paragon of prudence, has opened a new position in CAVA, acquiring 541,330 shares as of Sept. 30, 2025. The SEC, ever the scribe of financial sorcery, recorded this in a Nov. 13, 2025, filing. The CAVA potion now constitutes 3.9% of the fund’s U.S. equity elixir.
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?