Memo #3 (Backdated 2/17/26) - Premium Readers Received First - Trade up 50%; Portfolio Up 7.5% YTD
Short AIOT / Long IOT: The Quality Telematics Spread
The Investment
Public Equity
AIOT - Powerfleet; IOT- Samsara
Telematics / Internet-of-Things
Time horizon: 6-18 months
Conviction: Medium
Sizing: Paired L/S position (15%)
Total Portfolio - Return to Date: 7.5%
Benchmark Returns:
S&P 500 - -2.08% (9.5% Outperformance)
Dow Jones - -2.87% (10.4% Outperformance)
NASDAQ - -3.25% (10.8% Outperformance)
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