HF Best Ideas
AnalysesQuarterly LettersWarren AI
All funds

Crossroads Capital

Mar 2025 → Jun 2026 · 2 funds

Our archive holds 4 letters from Crossroads Capital, behind 14 investment theses and positions in 9 companies. Every quote below is copied verbatim from the letter it came from.

Get an email when this fund publishes its next letter

Crossroads Capital’s own letters page
4
Letters
9
Companies
8
Moves
14
Theses

What they bought and sold · 8 moves

  • AddedNebius Group
    June 2026
    “On Nebius, we trimmed some of our position and wrote calls against a meaningful portion of it in June”
    Read the letter
  • AddedNintendo
    June 2026
    “In Nintendo, our largest holding, we added a little throughout the quarter as the memory cost guidance cut and price hike sent the stock to two-year lows.”
    Read the letter
  • AddedVersaBank
    June 2026
    “We also continued steady adds to FTAI and VersaBank during the quarter’s weak patches.”
    Read the letter
  • New positionTake-Two Interactive Software
    June 2026
    “We also initiated a position in Take-Two Interactive Software in June”
    Read the letter
  • AddedFTAI Aviation
    June 2026
    “We also continued steady adds to FTAI and VersaBank during the quarter’s weak patches.”
    Read the letter
  • AddedMerlin Labs
    March 2026
    “We also trimmed the long side into strength, locking in gains on a portion of the position before letting the remaining rights convert through the de-SPAC.”
    Read the letter
  • ExitedVistry
    March 2026
    “We held a small position and exited during the quarter as the final nail in the coffin (CEO Fitzgerald resigning) confirmed that this transformation has meaningfully greater uncertainty than we’d originally underwritten.”
    Read the letter
  • AddedNebius Group
    March 2026
    “We stayed true to our methodology, and with time and performance, we now hold a more aggressive position in Nebius while the business continues to fire on all cylinders.”
    Read the letter

Companies held · 9

Every company Crossroads Capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 14

  • AST SpaceMobile
    June 2026

    AST SpaceMobile is transitioning from R&D to operational scale, with FCC approval, expanding manufacturing, multiple carrier partnerships, and government contracts supporting a direct-to-device satellite network.

    Read the full thesis
  • Nebius Group
    June 2026

    Nebius Group is an AI infrastructure platform gaining scale through contracted demand, priority silicon access, and asset-light expansion, with improving economics and major long-term customer commitments.

    Read the full thesis
  • FTAI Aviation
    June 2026

    FTAI Aviation is an MRO and aerospace platform using a vertically integrated, increasingly capital-light model to compound earnings, expand into power, and benefit from strong aftermarket demand.

    Read the full thesis
  • Nebius Group
    March 2026

    Nebius Group is scaling an AI cloud platform with large AAA contracts, Nvidia support, strong financing access, and a structurally advantaged power and capacity footprint.

    Read the full thesis
  • AST SpaceMobile
    March 2026

    AST SpaceMobile is scaling from R&D to commercial operations with a large satellite buildout, strong partner and government traction, and a substantial long-term direct-to-device opportunity.

    Read the full thesis
  • FTAI Aviation
    March 2026

    FTAI Aviation is a leading CFM56 MRO platform using proprietary PMA parts and SCI to build a capital-light compounder, with additional growth optionality from FTAI Power.

    Read the full thesis
  • FTAI Aviation Ltd.
    December 2025

    FTAI Aviation Ltd. is reshaping a leading CFM56 MRO platform into a capital-light, high-margin model via proprietary PMA parts, SCI asset management, and new data-center power applications that enhance scalable unit economics.

    Read the full thesis
  • Nintendo Co., Ltd.
    December 2025

    Nintendo Co., Ltd. is a software- and IP-driven gaming platform with 90% of operating profit from software, growing high-margin recurring revenue streams, and a powerful first- and third-party pipeline that makes current hardware-margin fears a mispricing.

    Read the full thesis
  • AST SpaceMobile, Inc.
    December 2025

    AST SpaceMobile, Inc. is scaling a validated direct-to-device LEO satellite network with unique technical moats, accelerating launch capacity, blue-chip commercial and government demand, and fresh low-cost capital supporting significant long-term earnings power.

    Read the full thesis
  • Nebius Group
    December 2025

    Nebius Group is an AI-first cloud and infrastructure platform with multi-year hyperscaler contracts, secured multi-gigawatt power, and constructive financing that underpin undervalued long-term earnings potential.

    Read the full thesis
  • FTAI Aviation
    March 2025

    FTAI Aviation is a high-quality aerospace company leveraging a strategic pivot and implemented initiatives to drive robust, uncorrelated growth amid market volatility.

    Read the full thesis
  • Magnite
    March 2025

    Magnite (MGNI) is the largest independent programmatic SSP that, following strategic acquisitions and a contract with Netflix, is well-positioned to capitalize on the growing CTV advertising market, while also potentially benefiting from changes in the ad tech landscape due to Google's looming breakup.

    Read the full thesis

Letter archive · 4

2026

2025

Get Crossroads Capital’s next letter the day it lands

We track Crossroads Capital alongside hundreds of other managers, read every letter, and pull out what they bought and sold. Warren AI reads the whole archive for you.

View plans→
Share this fund