No Street GP LP — 13F Portfolio

No Street GP LP is a New York-based private investment partnership operating as the general partner entity for No Street Capital, a hedge fund focused on equity investing with emphasis on technology and growth-oriented sectors. The firm was co-founded by Michael Rockefeller and Karl Kroeker, both of whom serve as Managing Partners and bring extensive experience from prior roles at prominent investment firms. No Street GP LP files 13F reports with the SEC under CIK #0001765774, providing quarterly transparency into its U.S. equity holdings. The firm emerged from the principals' background in technology-focused investing and fundamental equity research. Michael Rockefeller previously held positions at leading hedge funds including Woodson Capital Management, while Karl Kroeker developed investment expertise through roles at institutional asset managers. Their combined experience informs No Street Capital's approach to identifying high-conviction opportunities in the technology sector and adjacent growth industries. No Street Capital operates with a lean, partnership-oriented structure typical of emerging hedge funds founded by experienced investment professionals. The firm serves an institutional and qualified purchaser client base, with capital allocation focused on the principals' areas of demonstrated expertise. The 13F Portfolio Composition reflects the long equity holdings within what is likely a broader long-short investment strategy.

No Street Capital employs a fundamentally-driven investment approach with particular emphasis on technology and growth-oriented sectors. The firm's investment philosophy centers on deep fundamental research, proprietary analysis of industry dynamics, and identification of companies positioned to benefit from secular growth trends. This specialization reflects the founders' accumulated expertise in technology investing developed through prior institutional roles. The firm's research process emphasizes thorough understanding of business models, competitive positioning, and long-term growth trajectories. No Street Capital seeks to identify companies with durable competitive advantages, expanding addressable markets, and management teams capable of executing growth strategies. The investment approach combines bottom-up security selection with awareness of broader technology sector dynamics and thematic trends. Sector Allocation History observable through 13F filings likely reveals concentrated exposure to technology and technology-adjacent sectors, consistent with the firm's specialized focus. This sector concentration represents an intentional strategy to capitalize on the founders' expertise rather than a diversified approach spanning all market sectors. The portfolio may also include positions in consumer, healthcare, or industrial companies where technology-driven disruption creates investment opportunities. Top 10 Holdings Concentration analysis provides insight into No Street Capital's conviction weighting and portfolio construction approach. Growth-oriented hedge funds typically maintain concentrated positions in highest-conviction ideas, with meaningful allocation to companies expected to deliver above-market growth rates. This concentration approach can generate significant outperformance when positions perform but introduces position-specific risk requiring careful monitoring. LONG-SHORT FRAMEWORK As a hedge fund structure, No Street Capital likely employs long-short strategies, though only the long equity positions appear in 13F disclosures. The firm may utilize short positions to hedge market exposure, express negative views on specific companies, or generate alpha from overvalued securities. Complete understanding of portfolio positioning requires recognition that disclosed long holdings represent only a portion of the overall investment approach.

No Street GP LP represents a focused hedge fund partnership specializing in technology and growth equity investing, founded by experienced portfolio managers Michael Rockefeller and Karl Kroeker. The firm's New York base, sector-specialized approach, and hedge fund structure create a distinctive profile within the investment management landscape. The 13F filings provide visibility into the long equity component of the firm's investment strategy. Key analytical considerations include the firm's technology sector focus, growth-oriented investment style, concentrated portfolio construction, and emerging manager profile. The Sharpe Ratio derived from historical replication of disclosed holdings offers a risk-adjusted perspective on the firm's capital trajectory, enabling assessment of whether concentrated positioning has delivered commensurate returns relative to volatility incurred. Alpha Generation vs S&P 500 analysis through historical replication enables evaluation of whether No Street Capital's specialized approach has delivered differentiated returns relative to broad market exposure. For technology-focused strategies, comparison against technology sector benchmarks may provide additional analytical perspective on security selection versus sector allocation contributions to performance. Observable characteristics suggest an investment approach designed for allocators seeking technology sector exposure managed by experienced professionals with deep domain expertise. The firm's concentrated, conviction-weighted style creates potential for meaningful outperformance when positions execute successfully. Given No Street Capital's concentrated technology focus and growth orientation, how did the portfolio navigate the significant growth stock drawdown in 2022, and does the Downside Capture Ratio suggest defensive positioning or full participation in sector volatility during risk-off market environments?

No Street Capital's risk characteristics reflect its concentrated, growth-oriented investment approach with sector specialization in technology. The firm's portfolio construction—emphasizing high-conviction positions in growth companies—introduces specific risk factors including sector concentration, growth factor exposure, and individual position volatility. These risks are accepted as inherent to the strategy's return-generation approach. The Max Drawdown Depth observable through historical replication of disclosed holdings provides critical insight into downside behavior during adverse market conditions. Technology-focused growth strategies experienced significant drawdowns during the 2022 growth stock correction, and analysis of No Street Capital's portfolio behavior during such periods illuminates the firm's risk management approach and portfolio resilience. Volatility Profile analysis through simulated portfolio behavior enables assessment of return variability and risk-adjusted performance characteristics. Growth and technology-focused portfolios typically exhibit higher volatility than diversified or value-oriented strategies, reflecting the higher beta characteristics of growth equities and sector concentration effects. For investors aligned with No Street Capital's strategy, this volatility represents accepted trade-off for potential outperformance. Risk considerations specific to the firm's approach include technology sector cyclicality, valuation sensitivity of growth stocks to interest rate changes, and concentration in positions where adverse developments could meaningfully impact portfolio outcomes. The founders' deep sector expertise and focused investment mandate provide risk mitigation through superior fundamental understanding of portfolio holdings. EMERGING MANAGER PROFILE As a relatively newer hedge fund founded by experienced investment professionals, No Street Capital represents the emerging manager segment of the hedge fund industry. The firm's track record is developing, and the partnership structure allows for nimble portfolio management without the constraints facing larger, more established firms. Institutional allocators often view emerging managers as potential sources of alpha generation before asset growth impacts strategy capacity.