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The monkish scribes at SEC revealed the clandestine ritual: Ashford’s sale in the third act of a drama where Ligand’s shares-once a modest flicker-now blaze an 84% rally from the depths. As of September’s last day, the fund’s holdings sat at 244,430 shares, valued at $43.3 million-a figure that glitters yet whispers of impermanence. A portfolio of 110 positions, like a deck of cards fanned out in a hall of mirrors, each reflecting the fleeting triumphs of modern finance.

The acquisition elevated Cellebrite to 3.5% of Ashford’s U.S. equity assets under management, securing its place as the fund’s fifth-largest holding. The top five now read like a ledger of obsessions: GSAT ($51.3M), Ligand ($43.3M), ODD ($34.2M), SNEX ($31.6M), and Cellebrite ($31.5M). Each name, etched into the fund’s portfolio, carried the weight of a decision made in the hush of a room where time moved like syrup and the air tasted of espresso and unresolved futures.

The arithmetic of decline is stark. Atlas shares now trade at $8.70, a 56% drop from their value one year ago. The S&P 500, meanwhile, has gained nearly 15% in the same period. The company’s third-quarter revenue fell 15% year-over-year to $259.6 million, with adjusted EBITDA plummeting from $71.1 million to $40.2 million. Free cash flow shrank to $22 million, and a $23.7 million net loss emerged where profits once stood. These figures are not mere abstractions; they represent frayed margins in a sector where efficiency determines existence.

On the 14th of November, the SEC’s electronic dossier, as meticulous and omniscient as a Nabokovian butterfly collector’s net, revealed that Vision One, with the delicacy of a literary detective, augmented its stake-an act as deliberate as Poe’s raven-by over a hundred thousand shares, elevating its holdings amidst the cryptic ledger of quarterly filings. The wallet’s echo resonated to a hefty $23.21 million, entrapped within nearly 292,000 shares-a number that dances like a rhetorical figure’s shadow in the mind’s eye.

Now, according to the official parchment filed with the SEC on November 14th (a document so thrilling it makes the average novel seem like a tax return), this particular fund now holds 4.12% of its reportable U.S. equity assets in the humble denim purveyor. It’s rather like discovering one’s favorite uncle has taken up competitive yodeling – unexpected, yet oddly charming. The stake’s value of $7.49 million sits comfortably alongside other holdings: NASDAQ-listed NTGR (11.4% of AUM) looks on approvingly, while FOXF (8.5%) and GOGO (7.1%) nod sagely from their perches.

In the quiet arithmetic of markets, numbers often sing of human ambition. TCG Crossover’s 6.2 million shares of Amylyx (AMLX +7.94%) now weigh like a poet’s final stanza against the fund’s $2 billion cosmos. This 4.2% stake-a fragile eggshell containing both promise and peril-nestles beside holdings in other celestial bodies: Antares (ABVX), Cogna (CGON), and the watchful owl of Cognition (COGT).

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.