Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -2.1% | -3.7% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -2.1% | -3.7% |
Voss Value Fund returned -2.1% in Q4 2025, underperforming benchmarks due to significant software overweight amid AI-driven market hysteria. The manager argues that while AI emergence has created broad software sell-offs, incumbents with domain expertise, proprietary data, and embedded workflows maintain structural advantages over AI-native startups. The portfolio's largest positions include Flywire, a payments-software hybrid with global infrastructure moats trading at 6x EBITDA despite strong growth, and Choice Hotels, an asset-light franchisor at historic valuation lows with multiple re-rating catalysts including international expansion and potential $700 million balance sheet cash unlock. Cellebrite offers compelling AI use cases in digital forensics with significant barriers to entry, while PAR Technology demonstrates incumbent advantages in competitive restaurant POS markets. Despite recent underperformance, the manager believes current positioning in defensive software companies and cyclically depressed hospitality assets offers attractive risk-adjusted returns as market leadership broadens from AI infrastructure to small-cap value.
The fund targets undervalued small-cap companies with structural competitive advantages, focusing on software incumbents with AI integration capabilities and asset-light businesses trading at distressed multiples despite strong fundamentals.
The manager expects continued market volatility around AI adoption but believes reality will land between extreme bull and bear scenarios. They remain focused on value-oriented special situations and anticipate opportunities from the current valuation disconnects, particularly in software companies with defensive moats and hotels trading at historic discounts.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 4 2026 | 2025 Q4 | CHH, CLBT, FLYW, PAR | AI, Automation, Hotels, small cap, software, technology, value | - | Voss Value underperformed in Q4 2025 due to AI-driven software sell-offs, but maintains conviction in incumbent software companies with structural moats and asset-light businesses at distressed valuations. Key positions include Flywire at 6x EBITDA despite strong growth and Choice Hotels with multiple re-rating catalysts at historic lows. |
| Nov 25 2025 | 2025 Q3 | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Buybacks, Concentration, Fintech, revenue growth, small caps, software, value |
CVNA EEFT XPOF PRKS FLYW CLBT |
Voss underperformed in Q3 due to market preference for growth over value, with quality factors down 20% year-to-date. Portfolio concentrated in deeply discounted Consumer Discretionary, Software, and FinTech names trading at historic lows despite strong cash flows and buyback programs. Manager views current positioning as asymmetric opportunity for patient capital. |
| Aug 22 2025 | 2025 Q2 | AMZN, ARE.TO, CLBT, CRM, ECN, FIVN, GENI, GOOGL, META, MSFT, NOW, PHIN, PRKS, TWLO, VRNT | AI, cybersecurity, Long/Short, nuclear, small caps, sports betting, technology, value |
GENI CLBT ECN PHIN PRKS ARE CN FIVN |
Voss Value Fund targets undervalued small caps with strong competitive positions trading at steep discounts to peers. Despite Q2 underperformance, portfolio companies like Genius Sports and Cellebrite offer 50-70% upside potential. Economic headwinds from employment weakness contrast with potential deregulation tailwinds. Small cap valuations appear attractive after decade of underperformance versus large caps. |
| Jun 4 2025 | 2025 Q1 | FLYW, SN, TSLA, WMT | consumer, innovation, Long/Short, payments, small caps, tariffs, value |
FLYW SN |
Voss Value exploits extreme market dispersion where small caps trade at recessionary valuations while mega caps reach unsustainable multiples. New positions in Flywire and SharkNinja represent quality compounders at narrative-driven discounts. The fund maintains concentrated long/short positioning to capitalize on what management views as a uniquely fertile opportunity set for alpha generation. |
| Feb 19 2025 | 2024 Q4 | AMTM, CTS.TO, EEFT, FUJHY, MBGYY, PLYA, SWI | Long/Short, M&A, small caps, special situations, undervalued, value |
EEFT MBGYY FUJHY AMTM |
Voss Value delivered 19.9% returns in 2024 through disciplined small-cap value investing, with early 2025 success in M&A situations including three acquisition wins. The concentrated portfolio targets undervalued securities amid market extremes, maintaining 85% net long exposure. Focus on special situations and valuation discipline drives uncorrelated alpha generation despite challenging market conditions. |
| Nov 26 2024 | 2024 Q3 | BWA, BYD, CAVA, LI, NIO, PHIN, RCM, TM, WMT | Auto Parts, Electric Vehicles, M&A, small caps, valuation, value | PHIN | Voss Value returned 7.6% in Q3 with concentrated small-cap positioning amid market euphoria. New core holding Phinia benefits from stalled EV adoption and competitive fuel systems dynamics. Manager sees opportunities in undervalued companies trading below private market values, expecting M&A rebound with record private equity dry powder seeking targets. |
| Aug 26 2024 | 2024 Q2 | PRKS | consumer, rates, small caps, Theme Parks, value | PRKS | Small caps are oversold and poised for outperformance as Fed cuts approach and earnings growth rebalances away from mega caps. New core position United Parks & Resorts trades at 6.8x 2025 EBITDA despite operational improvements, offering 80% upside potential. Theme park sector remains deeply discounted with compelling value proposition during economic uncertainty. |
| Jun 8 2024 | 2024 Q1 | ALTG, GENI, IMXI, PAR, RCM, RTO.L, SLCA, SWI | AI, Long/Short, M&A, small caps, sports betting, technology, value | - | Voss Value delivered 9.2% in Q1 despite small cap headwinds, maintaining concentrated exposure to undervalued names trading at distressed multiples. Portfolio includes restaurant tech, software, and special situations with significant upside potential. Manager expects M&A acceleration and fundamental recognition to drive outperformance over 12-36 months, with forward FCF yield around 11% supporting compelling risk/reward. |
| Feb 27 2024 | 2023 Q4 | GFF, RCM | - | - | |
| Nov 6 2023 | 2023 Q3 | CRH, CROX, ECN CN | - | - | |
| Aug 23 2023 | 2023 Q2 | IIIV, TYL | - | - | |
| May 16 2023 | 2023 Q1 | ASO, ECN CN, PLYA | - | - | |
| Mar 1 2023 | 2022 Q4 | ALTG | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
HotelsChoice Hotels represents asset-light, high-margin hotel franchisor trading at distressed multiples due to cyclical headwinds. Company shifting portfolio toward higher-revenue segments including Extended Stay and international expansion. Significant cash unlock potential from balance sheet optimization could enable opportunistic share buybacks at historically low valuations. |
Hospitality Franchising Extended Stay International Capital | |
Software |
||
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
ConcentrationFive companies now represent roughly 30% of the S&P 500's market cap. The top 10 exceed 40%—the highest concentration in 50 years. Nearly $340 billion flowed into U.S. deals, yet it was packed into the fewest deals of the decade, with nearly half the capital concentrated in a few dozen deals over $500 million. |
Market Capital Risk Deals Venture | |
FinTechThe fund continues its growth approach to investing in financial and financial-related companies, including payment businesses, financial exchanges, and data providers that enable financial transactions. The common denominator across all holdings is the use of technology and data to better serve customers and grow at above-average rates. |
Payments Digital Banking Financial Technology Data Analytics Financial Software | |
FitnessPeloton transitioning from pure fitness equipment platform to broader health span platform targeting $7 trillion wellness market versus $6 billion home exercise market. Company launching AI-powered products and cross-training equipment while raising subscription prices and improving financial metrics. |
Wellness Subscription Equipment Health Platform | |
Software |
||
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q2 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
CybersecurityCybersecurity companies are using AI in core algorithms to better identify anomalies and block malicious traffic. CrowdStrike is seeing reacceleration in growth with new Falcon Flex offering, while Netskope continues gaining SASE market share with strong competitive win rates. |
Security AI Detection Enterprise Cloud Protection | |
NuclearPosition in Uranium Energy as the largest licensed uranium miner in the U.S., positioned to benefit from renewed focus on nuclear power as long-term energy solution and U.S. efforts to strengthen domestic nuclear fuel supply chains for national security. |
Uranium Mining Nuclear Power Energy Security Domestic Supply National Security | |
Small CapsSmall caps getting strong start in 2026 supported by easing monetary conditions and constructive fiscal backdrop. Small caps more sensitive to economic cyclicality which is overdue for expansion. Expected to grow at better pace than large caps in 2026 after long period of underperformance. |
Value Growth Cyclical Monetary Policy Fiscal Policy | |
Sports Betting |
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ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q1 |
Consumer Electronics |
|
ETFsThe fund's strategy focuses on closed-end funds rather than ETFs, but operates in the broader fund ecosystem. They compare performance against closed-end fund indices and utilize various fund structures in their investment approach. |
Closed-End Funds Fund Discounts Fund Selection Alternative Structures | |
PaymentsWise represents the most asymmetric investment in the portfolio, taking market share from legacy correspondent banking through cheaper, faster, and more transparent infrastructure. The company is evolving from a remittance app into a global financial services platform with three reinforcing routes to market: Consumer, Business and Platform. |
Cross-border Fintech Infrastructure Platform SME | |
Small CapsSmall caps getting strong start in 2026 supported by easing monetary conditions and constructive fiscal backdrop. Small caps more sensitive to economic cyclicality which is overdue for expansion. Expected to grow at better pace than large caps in 2026 after long period of underperformance. |
Value Growth Cyclical Monetary Policy Fiscal Policy | |
Trade PolicyRecent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. |
Tariffs International Growth Cooperation Impact | |
| 2024 Q4 |
Biopharma M&AM&A activity has been accelerating, with notable deals including Cidara Therapeutics acquired by Merck for $9.2 billion and Penumbra acquired by Boston Scientific for $14.5 billion. Large pharmaceutical companies will lose patent protection on products generating $400 billion of sales over the next eight years. |
Acquisitions Patent Cliff Consolidation |
Small CapsSmall caps getting strong start in 2026 supported by easing monetary conditions and constructive fiscal backdrop. Small caps more sensitive to economic cyclicality which is overdue for expansion. Expected to grow at better pace than large caps in 2026 after long period of underperformance. |
Value Growth Cyclical Monetary Policy Fiscal Policy | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2024 Q3 |
Auto Parts |
|
Electric VehiclesRivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. |
Autonomy Manufacturing Technology Partnerships Scale | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2024 Q2 |
RatesFederal Reserve resumed rate-cutting cycle with first cut since December 2024, signaling resumption of easing. Expected three cuts of 25bps between now and first quarter 2026 as Fed responds to signs of weakness in US labor market. |
Fed Monetary Policy Labor Market Easing Liquidity |
Small CapsSmall caps getting strong start in 2026 supported by easing monetary conditions and constructive fiscal backdrop. Small caps more sensitive to economic cyclicality which is overdue for expansion. Expected to grow at better pace than large caps in 2026 after long period of underperformance. |
Value Growth Cyclical Monetary Policy Fiscal Policy | |
Theme Parks |
||
| 2024 Q1 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
Small CapsSmall caps getting strong start in 2026 supported by easing monetary conditions and constructive fiscal backdrop. Small caps more sensitive to economic cyclicality which is overdue for expansion. Expected to grow at better pace than large caps in 2026 after long period of underperformance. |
Value Growth Cyclical Monetary Policy Fiscal Policy | |
Sports Betting |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 6, 2026 | — | Pratik Kodial | CVNA | Carvana Co. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | 19413, 21288, 21334, 21539, 36660 | Login |
| Nov 25, 2025 | Fund Letters | Travis Cocke | EEFT | Euronet Worldwide Inc | Information Technology | Systems Software | Bull | NASDAQ | ATMs, buybacks, Catalysts, Fintech, guidance, Margins, Networks, Payments, Remittances, valuation | Login |
| Nov 25, 2025 | Fund Letters | Travis Cocke | XPOF | Xponential Fitness Inc | Consumer Discretionary | Leisure Facilities | Bull | NYSE | cashflow, Comps, EBITDA, Fitness, Franchising, Leisure, Maturation, Privateequity, Refinancing, valuation | Login |
| Nov 25, 2025 | Fund Letters | Travis Cocke | PRKS | United Parks & Resorts Inc | Consumer Discretionary | Leisure Facilities | Bull | NYSE | buybacks, cashflow, Competition, EBITDA, Leisure, leverage, Pricing, Privatization, Themeparks, Tourism | Login |
| Nov 25, 2025 | Fund Letters | Travis Cocke | FLYW | Flywire Corp | Information Technology | Systems Software | Bull | NASDAQ | B2b, Education, growth, healthcare, Margins, Payments, Software, takeover, Travel, valuation | Login |
| Nov 25, 2025 | Fund Letters | Travis Cocke | CLBT | Cellebrite DI Ltd | Information Technology | Systems Software | Bull | NASDAQ | Activism, cashflow, cybersecurity, Forensics, growth, Intelligence, M&A, Margins, Platforms, Software | Login |
| Aug 22, 2025 | Fund Letters | Travis Cocke | GENI | Genius Sports Limited | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | advertising, AI, Margins, media, rights, Sportsdata, valuation | Login |
| Aug 22, 2025 | Fund Letters | Travis Cocke | CLBT | Cellebrite DI Ltd. | Information Technology | Application Software | Bull | NASDAQ | cashflow, Digitalforensics, Government, Margins, Recurring, Security, Software | Login |
| Aug 22, 2025 | Fund Letters | Travis Cocke | ECN | ECN Capital Corp. | Financials | Consumer Finance | Bull | Toronto Stock Exchange | Catalysts, Finance, Housing, Lending, Margins, Servicing, valuation | Login |
| Aug 22, 2025 | Fund Letters | Travis Cocke | PHIN | Phinia Inc. | Consumer Discretionary | Automotive Parts | Bull | New York Stock Exchange | aftermarket, automotive, buybacks, cashflow, Cyclicality, valuation | Login |
| Aug 22, 2025 | Fund Letters | Travis Cocke | PRKS | United Parks & Resorts Inc. | Consumer Discretionary | Leisure Facilities | Bull | New York Stock Exchange | buybacks, Leisure, Margins, realestate, Themeparks, valuation | Login |
| Aug 22, 2025 | Fund Letters | Travis Cocke | ARE CN | Aecon Group Inc. | Industrials | Construction & Engineering | Bull | Toronto Stock Exchange | construction, infrastructure, Nuclear, Smrs, utilities, valuation | Login |
| Aug 22, 2025 | Fund Letters | Travis Cocke | FIVN | Five9, Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Automation, Contactcenter, Margins, Software, valuation | Login |
| Jun 4, 2025 | Fund Letters | Voss Value Fund | FLYW | Flywire Corporation | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Australia, Canada, Cross Border Payments, education technology, Equity, Fintech, growth, healthcare, SaaS, Travel, turnaround, UK | Login |
| Jun 4, 2025 | Fund Letters | Voss Value Fund | SN | SharkNinja Operating LLC | Consumer Discretionary | Household Appliances | Bull | NYSE | Brand, Brazil, Consumer Appliances, direct-to-consumer, Equity, france, Germany, growth, innovation, international expansion, Mexico, Social Media Marketing, tariffs | Login |
| Feb 19, 2025 | Fund Letters | Voss Value Fund | EEFT | Euronet Worldwide Inc | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | ATM, Cross-Border, Fintech, money transfer, Payments, turnaround, Value | Login |
| Feb 19, 2025 | Fund Letters | Voss Value Fund | MBGYY | Mercedes-Benz Group AG | Consumer Discretionary | Automobile Manufacturers | Bull | OTC | automotive, Autonomous, capital return, Europe, Luxury, technology, Value | Login |
| Feb 19, 2025 | Fund Letters | Voss Value Fund | FUJHY | Subaru Corporation | Consumer Discretionary | Automobile Manufacturers | Bull | OTC | automotive, capital return, cash-rich, defensive, Japanese, Toyota, Value | Login |
| Feb 19, 2025 | Fund Letters | Voss Value Fund | AMTM | Amentum Holdings Inc | Industrials | Research & Consulting Services | Bull | NYSE | backlog, Defense, deleveraging, Government Services, merger, spin-off, Value | Login |
| Nov 26, 2024 | Fund Letters | Voss Value Fund | PHIN | Phinia Inc | Consumer Discretionary | Auto Parts & Equipment | Bull | NASDAQ | aftermarket, Auto parts, commercial vehicles, Fuel Systems, GDI Technology, ICE, market share gains, Share Buybacks, spin-off, Value | Login |
| Aug 26, 2024 | Fund Letters | Voss Value Fund | PRKS | United Parks & Resorts | Consumer Discretionary | Leisure Facilities | Bull | NYSE | Consumer Discretionary, contrarian, entertainment, Florida, Leisure, private equity, Real Estate, theme parks, turnaround, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| CHH | CHH is an asset-light, high-margin (60%+ EBITDA margin on revenue ex-pass-through costs) hotel franchisor trading at a distressed multiple due to cyclical top-line headwinds and KPI deterioration experienced in 2025, namely U.S. RevPAR declines and lack of U.S. room growth. The market has severely punished the stock—down from $154 in early 2025 to $106 today—now pricing in structural decline fears. However, the business is still growing earnings, is highly cash-generative, and may have the ability to unlock a significant amount of cash on the balance sheet to buy back shares at these historically low levels. CHH is currently trading around the bottom 2.5% of its historical valuation range over the past ten years at 10.7x EBITDA. If the stock reverts to its 20-year median valuation of 14x forward EBITDA (which would still be a 3-6x EBITDA discount to Hyatt, Hilton, and Marriott), the stock has ~50% upside. |
| CLBT | On core long Cellebrite's digital forensics turf, there are several major barriers to entry, and the software itself could be considered the least of them. Cellebrite is a hardware-enabled software solution that has become both a verb (to "Cellebrite" a device) and a noun (create a Cellebrite report) for its users across the globe. A defensible moat for CLBT has been its exploit library. CLBT's device unlock and extraction capability requires: Zero-day and N-day exploits for iOS and Android (often acquired from the vulnerability market or developed in-house), Hardware interposers and chip-off capabilities for physically damaged devices, Bootloader exploits that survive OS updates, Maintaining extraction support across tens of thousands of device models and firmware versions. This is expensive and requires ongoing R&D. Furthermore, with increased scrutiny on software company cash flows excluding stock based comp, CLBT "stands up" on an Enterprise Value/Free Cash Flow ex-SBC multiple (13.1x '27E), such that it is now at a >60% discount to the broader market and significantly cheaper than almost any small cap industrial stock we evaluate despite having a massive net cash position (as opposed to leverage), ~20% growth (as opposed to limited/cyclical growth) and 34% FCF margins. |
| FLYW | Our largest position remains Flywire (FLYW). Operating at the intersection of payments and software, FLYW targets high-value, complex verticals—such as healthcare, education, and travel—where payments are deeply entangled with core workflows, receivables, reconciliation, and compliance. The company has dredged a formidable moat by building global payment capabilities through localized banking relationships and rails in practically every country. Because FLYW is so deeply embedded into hospital billing systems, university ERPs, and travel back-office tools, the switching costs are immense. Over 80% of FLYW's revenue comes from processing fees (FX spreads and cross-border fees) rather than software. Despite this deep entrenchment and rapid scaling, a massive valuation disconnect exists. Competitors with a fraction of FLYW's growth are being acquired at mid-to-high teens EBITDA multiples, whereas FLYW trades at just a 6x multiple on 2027 consensus EBITDA estimates. |
| PAR | Software has always been a hyper-competitive industry teeming with well-funded start-ups. Consider PAR Technology's niche in restaurant point-of-sale (POS). Despite facing over 6,000 global competitors—including countless "free" alternatives requiring no subscription—PAR consistently wins mandates from Tier-1 restaurant chains. A prime example is their newly announced deal with Papa John's, which abandoned its in-house software to migrate to PAR. This dynamic runs 180° counter to the prevailing market narrative. AI will undoubtedly turn up the heat on this already intense global competition, but it will also accelerate PAR's product velocity, broaden its capabilities, and vastly expand its TAM. Ultimately, the endgame for incumbents is unlikely to be the race to zero gross margins that so many software skeptics are predicting. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||