ARK Innovation ETF

• BC Bireme Capital May 2024 Investor Letter ↗ Bireme Capital added materially to Disney, arguing that its Experiences business supports much of the enterprise value while streaming profitability and rebundling create additional upside. The firm shifted its short book away from meme stocks after covering Trump Media and GameStop, and expanded long investments outside the United States, particularly in Japan. first five months of 2024 DIS $180BDJT $2.3BGME $13B +1
• BC Bireme Capital 4Q21 Quarterly Report ↗ Bireme Capital argues that inflation and eventual monetary tightening will end the speculative equity boom and favor value-conscious investors. The portfolio added a long position in Tencent Music while shorting Affirm, EV charging companies and speculative EV names, and it sees Bollore's African-operations bid as validating a much higher sum-of-the-parts value. 4Q21 TME $13BAFRM $25BARKK +4
• BC Bireme Capital 1Q22 Quarterly Report ↗ Bireme Capital warns that tightening monetary and fiscal conditions, rising real yields and weakening corporate margins could trigger an equity-market crash. It increased Netflix to a 5% position after re-underwriting its subscriber setback, retained Cogeco as its largest position, and reinvested in Facebook on valuation grounds. 1Q22 NFLX $511BCGECF $317MFB

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