Atai Capital Management

Atai Capital's updated fund presentation through Q4-2025 is now available here: static1.squarespace.com/static/635cafa…

Atai Capital's Q4-2025 letter is now available. ataicap.com/letters Readers can join our distribution list via our website. Names Mentioned - $BELFA $BKTI $KITW.L #KITW

I first profiled the idea in our Q3-2024 Letter and had received no emails on the name from other investors (out of the norm) - been involved since July of 2024. Tbf, they definitely needed to prove themselves, and things took a bit longer than expected, but slowly then all at once as they say! $HAI $HAI.TO

Disappointing Kitwave $KITW takeout bid at £2.95/sh with implied valuation of just FY26E P/E 9.4x and EV/EBITDA 6.3x on arguably trough cycle and trough earnings. Unfortunately lowball takeouts have been common among UK AIM-listed equities in recent years. At best, we could get a somewhat higher revised bid if close to or >25% of shareholders create a stir against the deal, though it looks like this is the end of Kitwave's current chapter as a public company

Identified funds in Dallas and handed out 30-40 resumes in person during my junior year of college. I had essentially no prior experience, and my college was far from a "target school." Followed up on resumes with emails, and was extremely fortunate to get just one email back from a long/short small-cap fund, which led to a 2-year internship - learned an unbelievable amount there. The experience later helped me get a buy-side role in Florida. I sent probably 100-200 targeted, personalized emails with write-ups to different firms, to no avail. The analyst role I eventually got was surprisingly posted publicly.

For those who broke into finance the unconventional way, how did you do it?

We view the OEP offer for Kitwave as significantly undervaluing the business. We intend to vote AGAINST the current terms. In our view, the premium does not reflect the business's quality or growth profile. #KITW $KITW.L $KITW

@InvestSpecial @hkuppy Thank you Dalius!

12% annual returns (net of fees) is the "Great Divide." Most struggle to beat the S&P 500. These 20 funds consistently hit that mark and, along the way, write impeccable investor letters. The ultimate fund letters shortlist👇 1) Praetorian Capital - @hkuppy 2) Gator Capital - @gatorcapital 3) Hayden Capital - @HaydenCapital 4) Laughing Water Capital - @LaughingH20Cap 5) Fairlight Capital - @Fairlight_Cap 6) Kingdom Capital Advisors - @kingdomcapadv 7) Atai Capital - @AtaiCapital 8) Merion Road Capital - @aaronjsallen 9) LVS Advisory (Growth Fund) - @LuisVSanchez777 10) Greystone Capital - @GreystoneCap 11) VOSS Capital - @CapitalVoss 12) Alluvial Capital - @alluvialcapital 13) SRK Capital - @CaptnKirk13 14) Silver Beech - @JamesHollier24 15) Sohra Peak Partners - @JonCukierwar 16) Crossroads Capital - @CrossroadsOnX 17) Saltlight Capital - @davideborall 18) Cedar Creek Partners - @eriksen_tim 19) Rewey Asset Management 20) Greenlight Capital Selection Criterion: 12% minimum CAGR since inception. Ranking: None. The list order is randomized and does not reflect relative performance.

Great results from Haivision this quarter $HAI $HAI.TO

Night Watch finished 2025 at 23.61% net of fees. Results were helped by strong performance from $HAYPP, $ALLFG.AS, $MRX, $WDC, $AIR, $1126.HK and $BKD. nightwatchim.com/s/Q4-2025-Upda…

Potential multibagger pitch on $BKTI from @AtaiCapital - Mission-critical oligopoly with high switching costs - Exceptional operator driving a major turnaround - Realistic path to meaningful market share gains - Implied $190–$250 equity value vs ~$65 today

Q3-Letter - static1.squarespace.com/static/635cafa…

Atai Capital's Q3-2025 letter is now available. Readers can join our distribution list via our website. Names Mentioned - $BKTI $BELFB $TPB

@evantindell if anyone would like to buy any of my shares in any portfolio company at a 60% premium to market prices, all of them would be for sale... just putting that out there!

$RICK mgmt is acquiring two things with this transaction: 9.5% of the shares at an insanely overvalued price; and a slam dunk fiduciary breach class action from the other 91% of shareholders. Absolute clown move. I hope the shareholders sue them to oblivion

Not sure why they are bailing this guy out - pretty gross / insane transaction all around.

Samir is a phenomenal writer, incredibly intelligent, and a great investor. Definitely worth subscribing to - also he's a good friend of mine, so give him a follow!