Hedge

On October 17, 2025, hedge fund TB Alternative Assets Ltd. disclosed a new position in Strategy (MSTR 2.12%), formerly known as MicroStrategy, acquiring 126,000 shares for an estimated $40.6 million.

IMAGE SOURCE: GETTY IMAGES.

What happened

According to a filing with the Securities and Exchange Commission dated October 17, 2025, TB Alternative Assets Ltd. disclosed a new position in Strategy during the third quarter ended September 30, 2025. The fund reported owning 126,000 shares worth $40.6 million. The purchase corresponds to an estimated $40.6 million transaction value, calculated using average prices for the reporting period ended September 30, 2025.

What else to know

This new position represents 6.1% of TB Alternative Assets Ltd.’s reportable U.S. equity AUM as of September 30, 2025.

TB Alternative Assets’ top holdings after the filing are:

• META: $76.97 million (11.5% of AUM) as of September 30, 2025
• GOOG: $58.56 million (8.8% of AUM) as of September 30, 2025
• INTC: $51.26 million (7.7% of AUM) as of September 30, 2025
• PDD: $45.72 million (6.8% of AUM) as of September 30, 2025
• MSTR: $40.60 million (6.1% of AUM) as of September 30, 2025

As of October 16, 2025, shares were priced at $283.84, up 34.3% over the past year and outperforming the S&P 500 by 32.8 percentage points during the same period.

Company Overview

Company Snapshot

Strategy provides enterprise analytics solutions, enabling organizations to derive insights from data at scale. The company leverages its robust software platform and specialized services to address complex business intelligence needs for large enterprises.

Strategy offers enterprise analytics software, including a software platform with features such as hyperintelligence, data visualization, reporting, and mobile analytics.

The company generates revenue primarily through software licensing, support services, consulting, and education offerings for enterprise clients. It serves a diversified customer base across industries such as retail, finance, technology, healthcare, and the public sector.

Foolish take

Hedge fund TB Alternative Assets’ investment in Strategy shares is noteworthy for a few reasons. The buy represents an initial position in the stock. Moreover, the hedge fund went big with the purchase, putting Strategy shares into its top five holdings. Lastly, those top holdings are dominated by tech stocks, and although Strategy began as a data analytics software platform, it’s now more of a cryptocurrency play.

Strategy became the first publicly-traded company to buy Bitcoin as part of its capital allocation strategy back in 2020. Since then, it has transformed into “the world’s first and largest Bitcoin Treasury Company,” according to Strategy.

As of July 29, the company holds 3% of all Bitcoin in existence. This brought its Q2 total assets to $64.8 billion with $64.4 billion of that in digital assets. As a result, Strategy’s fortunes rise and fall with the value of the cryptocurrency rather than its software products.

So far, the gamble has paid off. As Bitcoin’s value has risen, so has Strategy’s stock. And now, the company is leveraging its cryptocurrency holdings to offer various Bitcoin-related investment vehicles.

TB Alternative Assets may have found this new direction for the former MicroStrategy a compelling case for investing in the stock. If you’re seeking exposure to Bitcoin, Strategy offers a unique take, and with the stock down from its 52-week high of $543 reached last November, now may be a good time to buy.

Glossary

13F AUM: The total market value of U.S. equity securities reported by an institutional investment manager in quarterly SEC filings.
Position: The amount of a particular security or asset held by an investor or fund.
Stake: The ownership interest or share held in a company by an investor or fund.
Holding: A security or asset owned by an investor or fund, often listed in portfolio disclosures.
Outperforming: Achieving a higher return compared to a specific benchmark or index over a given period.
Enterprise analytics: Software and tools that help organizations analyze large-scale data to support business decision-making.
Business intelligence: Technologies and strategies used to analyze business data and support better decision-making.
Software licensing: The practice of granting customers the right to use software under specific terms and conditions.
Support services: Assistance provided to customers for software maintenance, troubleshooting, and technical issues.
Consulting: Professional advisory services that help organizations implement and optimize software or business processes.
TTM: The 12-month period ending with the most recent quarterly report.
Reportable U.S. equity AUM: The portion of assets under management invested in U.S. stocks that must be disclosed in regulatory filings.

A WIDOW is set to sue a utilities station operator after her husband was electrocuted while pruning hedges.

Gardener Blair Campbell, 35, was carrying out work on an ivy-covered bush when he accidentally came into contact with a substation wire in October 2022.

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The dad-of-two was airlifted to hospital following the horror but tragically died shortly after.

An inquest at Cheshire Coroner’s Court found that Blair from electrocution.

The victim’s widow, Tina, says she is yet to receive any apology from SP Energy Networks – part of Scottish Power – who operated the station.

She now says she will sue the company to get damages for her husband’s death.

Tina, who lives in Mobberley with her two children, said she had received no apology or compensation from Scottish Power.

She said: “There was not a lot we could do prior to the inquest. Because of the complexity of the case and involvement by HSE and the police that delayed things and we had to wait two years for the inquest.

“My solicitors have been in touch since the inquest with Scottish Power sending paperwork, but basically there has been silence.

“As a result my solicitors have had to put the matter back into the courts.

“I believe that Scottish Power now has 28 days to respond after they were put on notice of our intentions.

“If that fails we will have to apply for a court date, which is unlikely to be before autumn next year. This would drag it out for another 12 months.

“The inquest was over three days with a jury and the conclusion was that they (the power company) ‘more than likely contributed to the death of Blair’ due to the lack of maintenance.”

The inquest was told Blair ran firm, Blue Kiwi Gardens and Maintenance, after moving to the UK from New Zealand to be with Tina.

On October 3, 2022, he had gone to work to prune the hedge when he suffered the fatal shock.

Thick ivy on the bush had covered warning signs about the substation – meaning Blair was unaware of the danger underneath.

The court was told that before Blair’s death, numerous reports had been made about a need to remove the ivy that were not acted on.

SP Energy Networks, which maintains the substation, has now made changes to its health and safety policy.

Bill Ackman is one of the most closely followed investment managers on Wall Street. His Pershing Square Capital Management hedge fund holds just a handful of high-conviction positions, and he typically holds those positions for the long run.

Ackman is often forthcoming with the biggest moves in his portfolio. He’ll usually disclose new trades through his social media accounts or monthly updates to his hedge fund investors. But Pershing Square’s quarterly 13F filing with the Securities and Exchange Commission (SEC) can provide a full accounting of the hedge fund’s portfolio of publicly traded U.S. stocks.

Ackman made a couple of big moves last quarter, and now holds roughly 58% of the portfolio in just three companies.

Image source: Getty Images.

1. Uber (20.6%)

Ackman made a massive investment in Uber Technologies (UBER -2.28%) at the start of 2025, accumulating 30.3 million shares for Pershing Square. That immediately made the stock the hedge fund’s largest position, and it’s only grown bigger since. Uber shares are up 57% so far in 2025 as of this writing.

Uber continues to see strong adoption for both its mobility and delivery service. Total users climbed to 180 million last quarter, up 15% year over year, and it saw a 2% increase in trips per user. Delivery gross bookings climbed 20% year over year and produced strong EBITDA margin expansion. As a result, the company saw adjusted EBITDA growth of 35% year over year.

But the threat of autonomous vehicles is weighing on Uber stock. Ackman believes self-driving cars will benefit Uber in the long run, as it operates the network required for connecting vehicles with riders. That kind of network effect is hard to replicate, giving Uber a competitive advantage and a significant stake in the autonomous vehicle industry. To that end, the company has already partnered with 20 different companies, including AV leader Alphabet‘s (GOOG 0.56%) (GOOGL 0.63%) Waymo.

Shares of Uber currently trade for about 1.2 times its gross bookings over the past year. But with expectations for growth in the high teens, that puts it down closer to a 1 multiple. That’s historically been a good price to pay for the stock. In more traditional valuation metrics, its stock price is 3.9 times forward revenue expectations. Its enterprise value of $206 billion as of this writing is less than 24 times 2025 adjusted EBITDA expectations. Even after its strong performance in 2025, Uber shares still look about fairly valued.

2. Brookfield Corp (19.7%)

Ackman built a position in diversified asset manager Brookfield Corporation (BN -0.08%) over the last five quarters, adding to it each quarter since Pershing Square’s initial purchase in the second quarter of 2024. As a result, the stock is now the hedge fund’s second-largest position.

Brookfield saw its distributable earnings excluding carried interest and gains from selling investments climb 13% on a per-share basis last quarter. The company expects to produce distributable earnings growth of 21% per year from 2024 through 2029.

A huge growth driver for Brookfield is its Wealth Solutions segment, which grew total insurance assets to $135 billion as of the end of June. Its annualized earnings are now $1.7 billion.

The business is growing quickly. Just two years ago, insurance assets totaled $45 billion. Management expects the growth to continue with assets topping $300 billion by 2029. At that point, the segment will be the conglomerate’s largest contributor to distributable earnings.

Management is using its free cash flow to buy back shares and invest in new assets. This could further increase distributable earnings per share above its guidance for 21% organic growth over the next few years. Shares currently trade for less than 20 times management’s expectations for 2025 distributable earnings, offering compelling value for investors.

3. Alphabet (17.9%)

Ackman first bought shares of Alphabet in early 2023, shortly after the release of OpenAI’s ChatGPT. While many saw the growth of generative AI as a major threat to Alphabet’s Google, Ackman thought the market overreacted, offering a bargain price for the stock. While he trimmed the position a bit in 2024, he’s added back to it over the first two quarters of 2025, preferring the Class A shares (which come with voting rights).

Alphabet has produced strong financial results in 2025. Its core advertising business climbed 10% year over year last quarter, with particularly strong results from Google Search (up 12%). That speaks to the company’s efforts to incorporate generative AI into its search business with features like AI Overviews and Google Lens. The former has increased engagement and user satisfaction, according to management, while the latter lends itself to high-value product searches.

Alphabet has seen tremendous results in its Google Cloud business, which supplies compute power to AI developers. Sales increased 32% year over year, with operating margin expanding to 22% for the business. Overall, Google Cloud accounted for 43% of the total increase in Alphabet’s operating earnings last quarter, despite its relatively small size compared to the Search business.

That said, the company faces potential regulatory challenges to its business. The Department of Justice has ruled that it operates an illegal monopoly. The company is awaiting a ruling on required remedies, which could include divesting its Chrome browser or a ban on contracts positioning Google as the default search engine in other browsers.

As a result, Alphabet shares trade for less than 21 times forward earnings expectations. That’s the lowest multiple among the “Magnificent Seven” stocks and a great price for one of the leading AI companies in the world.

In a high-stakes gamble, Wall Street hedge funds are offering to buy claims that insurers may have against Southern California Edison if the utility is found liable for causing the devastating Eaton fire in Altadena.

The solicitations are legal, but have alarmed California state officials — who loathe the idea of investors profiting from a disaster that claimed 18 lives and destroyed more than 9,400 homes and other structures.

“I think everyone in this room looks at a catastrophe, like what happened in Southern California, and our natural instincts are to say, ‘What can we do to help?’” Tom Welsh, the chief executive of the California Earthquake Authority, which manages the state’s wildfire fund, said at a recent public meeting. “There are other actors in the environment who look at that situation in Southern California and ask instead, “What can I do to profit?’”

The investors are aiming to buy so-called subrogation claims from insurance companies. These are claims that insurers would file against Edison seeking reimbursement for the money they paid to their policyholders for fire damages if it’s determined the utility’s equipment triggered the wildfire that began Jan. 7.

For the insurers, selling the claims — even at a steep discount — allows them to get at least some reimbursement for the money they’ve paid out. For the hedge funds buying the claims, it’s a gamble that could pay big if Edison is found liable and they can cash in those claims for much more than they paid.

More than $17 billion in insurance claims for the Eaton and Palisades fires has been paid out so far, according to the California Department of Insurance.

State officials say California has a stake in the trading of fire-related subrogation claims, which was previously reported by Bloomberg, because of the potential effect on the state’s wildfire fund.

That fund, which currently has about $21 billion, would be used to cover most of the costs of damage claims should Edison be found liable for starting the Eaton blaze. While the cause is still under investigation, a leading theory is that a decommissioned transmission line in Eaton Canyon was reenergized and sparked the blaze, Edison has said.

The wildfire fund is managed by a state board called the Catastrophe Response Council. At its last meeting in May, Welsh told the board that solicitations from New York brokers and investment firms began landing in his email inbox in March.

Ronald Ryder at Oppenheimer & Co., a New York investment firm, told Welsh in an email on April 15 that his company was currently trading the subrogation claims. Ryder wrote that there had already been 10 transactions worth more than $1 billion in recovery rights for the Eaton fire as well as the Palisades fire in Pacific Palisades, where the city of Los Angeles faces potential liability.

In another email, Ryder told Welsh that investors were bidding 47 cents on the dollar for the claims related to the Eaton fire. For the Palisades fire, the bidding was 5 cents on the dollar, Ryder wrote.

Welsh warned the council that “speculative investors” might hold onto the Eaton claims and “really try to get outsized profits by demanding settlements from Edison of 75, 80, 85 cents on the dollar.”

If that were to happen, the wildfire fund could pay out “hundreds of millions, if not billions of dollars” more than if the claims were settled directly by the insurers, he said.

“That would really, very negatively impact the durability of the wildfire fund,” Welsh said.

Oppenheimer declined to comment, and Ryder didn’t respond to messages.

Under a 2019 state law, the state wildfire fund would be expected to reimburse Edison for most of the insurers’ payments to policyholders if its electrical equipment is found to have started the Eaton fire. The Palisades fire, which occurred in territory serviced by the L.A. Department of Water and Power, isn’t covered by the state fund.

California lawmakers created the wildfire fund in 2019 to protect the state’s three biggest for-profit utilities — Edison, Pacific Gas & Electric and San Diego Gas & Electric — from bankruptcy if their equipment sparks catastrophic wildfires.

The possibility of large settlements paid out by the wildfire fund has led to dozens of lawsuits against Edison, even before the cause of the fire has been determined.

If found responsible for the fire, Edison would negotiate settlements with the insurers, as well as with homeowners and others who have filed lawsuits, saying they’ve been harmed. The utility would then ask the state wildfire fund to cover those amounts.

If the insurers have sold their claims, however, the investors who bought them would reap the returns. Attorneys who handle the complex transactions would also get a cut and “generally take a very high percentage off the top,” Paul Rosenstiel, a catastrophe council member, said at last month’s meeting.

Already, Gov. Gavin Newsom and other state leaders are worried that the $21-billion wildfire fund could be depleted by damage claims from the Eaton fire.

Welsh recounted how a hedge fund had profited in 2019 by buying insurers’ subrogation claims against PG&E after its transmission line was found to have started the 2018 Camp fire that killed 85 people and destroyed much of the town of Paradise. Bloomberg reported at the time that hedge fund Baupost Group made a profit of hundreds of millions of dollars by buying the claims at 35 cents on the dollar and later getting a settlement valued at much more.

To stop hedge funds from profiting on the claims, Welsh said, the earthquake authority is now considering changing its claim administration procedures to make the settlements less lucrative for those investors.

One possible change being discussed, according to authority staff, would require a utility that ignited a wildfire to prioritize settling the claims of victims and insurers who have not sold their subrogation rights before those claims owned by hedge funds.