2 managers · $84M totalData: SEC EDGAR 13F · 2026Q2
Manager holders · last 5 qtrsⓘ
2
2025Q2 – 2026Q2 · -3 QoQ
Total position
$84M
Combined value across tracked managers
Net move this quarter
↓ Trimming
Weighted by holders' share change
HolderQ actionValue% of port.Style
Horizon KineticsⓘAdd+5%$63M0.71%Contrarian / Real assets
MarathonTrim-20.78%$21M0.85%Capital cycle / Contrarian value
What managers sayⓘ
2026-08-28The Capital Cycle (Marathon)NeutralExchange Trade (August 2026)Detail →
2026-07-31Scottish American Investment Company / SAINTS (Baillie Gifford)BearScottish American Investment Company Interim Financial Report - June 2026Detail →
2026-07-01Scottish American Investment Company / SAINTS (Baillie Gifford)NeutralSAINTS Valuation - 31 May 2026Detail →
2026-06-30The Capital Cycle (Marathon)BullPassive’s Massive AI Gamble (June 2026)Detail →
2025-07-23Colossus (Invest Like the Best / Business Breakdowns)BullCME Group: The House Always Wins - [Business Breakdowns, EP.224]Detail →
2021-12-22Colossus (Invest Like the Best / Business Breakdowns)NeutralLondon Stock Exchange Group - [Business Breakdowns, EP. 40]Detail →
Earnings Callsⓘ
Q2 FY2025April 22, 2026
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CME Q2 2025 results beat expectations, primarily driven by surging global risk hedging demand, with all six asset classes achieving year-over-year growth.
Key data: Average daily volume of 30.2 million contracts, up 16% year-over-year; adjusted EPS of $2.96, up 16% year-over-year; adjusted operating margin of 71%, a record high.
Business progress: Retail trader additions exceeded 90,000, up 56% year-over-year; renewed exclusive index license with Nasdaq for 10 years through 2039; crypto business average daily volume of nearly 260,000 contracts, up over 130% year-over-year.
Guidance and outlook: Management lowered its full-year adjusted operating expense guidance by $15 million to $1.635 billion, reflecting cloud migration cost optimization and reduced professional services spending. Management remains optimistic about second-half demand but emphasizes that specific volumes are difficult to predict.
Risk/highlight signals: Management tone was positive, emphasizing that the "risk appetite rising" environment continues, but no negative signals were mentioned.