Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13% | 0% | 0% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13% | 0% | 0% |
Long Cast Advisers delivered flat returns in 1Q26, matching small-cap benchmarks despite geopolitical turmoil from Iran war, inflation, and AI market dynamics. Since inception in 2015, the fund has generated 270% cumulative returns (13% CAGR) through concentrated investing in small and micro-cap companies. The strategy focuses on exceptional management teams, taking 5-15 positions targeting five-year doubles. Key holdings include MTRX, which reported its first profitable quarter with attractive 7x EV/EBITDA valuation; PDEX, positioned to benefit from Zimmer Biomet's medical device commercialization; and MAMA, which has grown book value dramatically under new leadership. The manager views AI as a useful tool rather than an existential threat, believing companies that adapt will thrive. Portfolio changes included adding to NRC and CCRN while exiting RELL and ENVX. With CCRN's acquisition closing, the fund currently holds excess cash for future deployment.
Concentrated investing in well-researched small and micro-cap companies with exceptional management teams, targeting 15% annualized returns through patient capital deployment and deep fundamental analysis.
Manager remains committed to building a durable business based on repeatable investment process and intelligent capital allocation, continuing focus on long-term, small company centric and research-intensive approach.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 1 2026 | 2026 Q1 | CCRN, CRAWA, ENVX, MAMA, MPTI, MTRX, NRC, PDEX, PESI, QHRC, RELL, RSSS, ZBH | Concentration, Construction, healthcare, management, small caps, value |
MTRX PDEX MAMA RSSS |
Small-cap specialist delivered flat Q1 returns but maintains 13% CAGR since 2015 through concentrated positions in exceptional management teams. Key holdings MTRX, PDEX, and MAMA offer compelling value with strong operational improvements. Manager views AI disruption as opportunity for adaptive companies rather than existential threat. |
| Jan 24 2026 | 2025 Q4 | CCRD, CCRN, EEFT, LSYN, MAMA, MTRX, NRC, PDEX, PESI, QRHC, RELL, RSSS | healthcare, Owner-Operator, small caps, Staffing, value |
CCRN NRC MTRX RSSS |
Long Cast delivered flat 2025 returns despite strong Q4, maintaining concentrated small-cap strategy that has generated 14% annualized returns since inception. New healthcare investments in CCRN and NRC reflect value approach targeting companies with strong balance sheets and operational turnaround potential. Manager remains committed to patient capital deployment in well-researched micro and small-cap opportunities. |
| Nov 24 2025 | 2025 Q3 | MAMA, MTRX, PDEX, PESI, QRHC, RSSS | concentrated, healthcare, Manufacturing, Publishing, small caps, value |
PDEX MTRX RSSS PESI QRHC |
Long Cast delivered 4% net returns in 3Q25 but trails indices year-to-date despite 14% CAGR since inception. The concentrated small-cap value strategy focuses on niche companies with capable management, holding 10% cash amid uncertainty. Key holdings PDEX and RSSS offer compelling value at depressed prices with catalysts ahead, while avoiding speculative index components. |
| Aug 27 2025 | 2025 Q2 | CCRD, EEFT, MAMA, MTRX, PDEX, PESI, QRHC, RELL, RSSS | Cash, Demand Destruction, Microcaps, payments, small caps, Trade Policy, Valuations |
CCRD QRHC CCRD EEFT QRHC |
LCA posted 19% quarterly gains led by CCRD's acquisition, but maintains defensive 10% cash position amid expected demand destruction from trade policies and federal workforce cuts. Manager likes prospects for concentrated holdings MTRX and RSSS but sees market vulnerabilities despite new highs. Continues patient small cap strategy while building cash hedge against policy-driven economic weakness. |
| Jun 5 2025 | 2025 Q1 | CCRD, GOOG, META, MTRX, PDEX, PESI, QRHC, RSSS | Concentration, Long Term, Outperformance, Price Discovery, small caps, value |
CCRD PDEX RSSS MTRX QRHC PESI |
Long Cast delivered 39% returns in 2024, significantly outperforming small cap indices through concentrated investing in undervalued small companies. The manager believes declining analyst coverage creates pricing inefficiencies in small caps. Key holdings include CoreCard, Pro-Dex, and Matrix Services. Portfolio positioned for continued outperformance through patient, long-term value investing approach. |
| Jan 24 2025 | 2024 Q4 | CCRD, MTRX, PDEX, PESI, QRHC, RSSS | Concentration, Industrial, Microcap, Price Discovery, small caps, value |
CCRD PDEX RSSS MTRX QRHC PESI |
Long Cast delivered 39% returns in 2024 through concentrated small cap investing, with top-five positions comprising 70% of assets. Manager exploits market inefficiencies from shrinking analyst coverage, evidenced by delayed price discovery in holdings like CoreCard. Portfolio remains patient and concentrated, adding to existing positions rather than new names while targeting five-year doubles. |
| Oct 25 2024 | 2024 Q3 | AAPL, BANC, CCRD, ENVX, GS, JPM, MTRX, PDEX, PESI, QRHC, SNES | Concentration, Medical Devices, payments, small caps, value |
PDEX CCRD |
Long Cast delivered 6% quarterly returns through concentrated small-cap investing, targeting five-year doubles with 15% position sizes. Medical device manufacturer PDEX contributed meaningfully after capacity expansion. Payment processor CCRD extended its Goldman Sachs agreement through 2030 despite consumer credit headwinds. The manager maintains patient, long-term focus on bottom-up selection over macro predictions. |
| Aug 6 2024 | 2024 Q2 | CCRD, ENVX, MAMA, MTRX, PESI, RELL, RSSS, SOTK | Concentration, Construction, Research, small caps, value |
MTRX RSSS |
Long Cast Advisers posted 1% Q2 returns in their concentrated small-cap strategy, bringing YTD to 10%. The fund maintains focus on under-owned companies with compounding potential. MTRX shows turnaround signs with record backlog while RSSS benefits from strategic acquisitions. No new positions added as existing holdings offer superior IRRs. Top five holdings comprise 68% of portfolio. |
| May 7 2024 | 2024 Q1 | CCRD, CCRN, CTEK, DAIO, ENVX, LRCX, MTRX, PESI, PSSR, QRHC, RELL, RSSS, SNES | concentrated, Cyclical, Fundamental Analysis, small caps, Turnarounds, value | - | Small-cap value manager returned 9% in 1Q24 through concentrated fundamental analysis. Added to top holdings MTRX and CCRD despite near-term headwinds. Portfolio positioned for semiconductor recovery and CCRD earnings inflection. Manager evolved strategy from seeking great companies to identifying stocks capable of doubling in five years through operational change anticipation. |
| Feb 13 2024 | 2023 Q4 | CCRD, DAIO, MAMA, MTRX, PDEX, QHRC, RELL, RSSS, SOTK | Concentration, Manufacturing, Medical Devices, small caps, value |
PDEX SOTK |
Long Cast delivered strong 3Q23 performance with 8% returns, outpacing small cap benchmarks. The concentrated small cap fund focuses on high corporate IQ companies like medical device manufacturer PDEX and specialty equipment maker SOTK, both expanding capacity and backlogs. Rising rates create near-term headwinds but present sourcing opportunities for patient capital. |
| Oct 31 2023 | 2023 Q3 | AIM, CCRD, DAIO, MAMA, MTRX, PDEX, QHRC, RELL, RSSS, SANW, SNES, SOTK | Concentration, Manufacturing, Medical Devices, Quality, small caps, value |
PDEX SOTK |
Long Cast delivered strong Q3 performance with 8% returns, focusing on small, customer-centric companies with smart management teams. The fund maintains a concentrated approach, recently harvesting losses and holding higher cash due to geopolitical tensions. Key holdings PDEX and SOTK are expanding capacity for anticipated 2024 growth, while rising rates create opportunities in discounted small caps. |
| Jun 30 2023 | 2023 Q2 | CCRD, DAIO, ENVX, MMMB, MTRX, PESI, RELL, SIFY | Concentration, small caps, value | - | Long Cast Advisers targets five-year doubles in small-cap stocks, exploiting market inefficiencies through concentrated fundamental research. The fund has delivered 13.6% annualized returns since 2015, significantly outperforming small-cap benchmarks. With 49% in top-5 positions and a patient capital approach, the strategy focuses on undervalued companies capable of 15% annual growth over five-year periods. |
| Aug 5 2023 | 2023 Q1 | CCRD, CCRN, DAIO, ENVX, MTRX, PESI, SOTK, TBTC | Construction, energy, nuclear, small cap, turnaround, value |
PESI MTRX |
Small-cap value manager returned 10% in 1Q23 led by nuclear waste processor PESI up 200%. Added new position MTRX, an E&C company trading at 70% discount to pre-COVID valuation, positioned for industrial construction recovery driven by energy transition infrastructure needs. Strategy focuses on fixed-cost businesses with operating leverage at cyclical lows. |
| Jan 31 2023 | 2022 Q4 | AMPX, CCRN, ENVX, RSSS | - | - | |
| Oct 10 2022 | 2022 Q3 | CCRN | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIManager views AI as a tool that has emerged as a technological threat to information services but believes companies that learn to use AI tools and build around them should do well. Sees current market as overestimating AI's impact, comparing it to seeing everything as a nail when holding a hammer. |
Technology Innovation Disruption |
Small CapsFund focuses exclusively on small and micro-cap companies, taking concentrated positions with aim for 15% annualized returns. Manager emphasizes importance of management quality in smaller companies and believes exceptional management teams create rare and unusual value that's hard to replicate. |
Value Concentration Management | |
| 2025 Q4 |
AIAI developments from major companies are causing rapid market changes and stock price declines for quality businesses. The market is reassessing AI impacts on software companies, with concerns about reduced seat-based pricing, lower pricing power, and competition from AI-first upstarts. Manager sees potential opportunities in the software wreckage but notes uncertainty about which solutions can be easily replaced. |
Artificial Intelligence Software Disruption Valuation Competition |
SoftwareSoftware companies are experiencing significant declines as the market works to reassess AI impacts. Virtually everything software is being discarded until catalysts arise that disprove current beliefs. Manager identifies potential headwinds including fewer seats, lower pricing power, and reduced new customer bookings, but believes many software solutions won't be easily replaced by AI. |
Software SaaS Enterprise Software AI Impact Valuation | |
GLP1Manager sold Novo Nordisk after brief ownership due to disadvantageous competitive situation versus Eli Lilly. While NVO was attractive as a value play and first to market with oral GLP-1, LLY has a superior product and the advantage is likely to persist despite NVO's potential aggressive pricing approach. |
GLP-1 Pharmaceuticals Competition Diabetes Obesity | |
Home ImprovementFloor & Decor represents an attractive long-term opportunity following the Home Depot disruption model in flooring. The company has higher inventory selection and lower prices than competitors, taking market share for years. Current margins are depressed by post-COVID hangover and higher interest rates, but manager expects significant margin expansion as store base builds out and same-store sales recover. |
Retail Flooring Home Improvement Market Share Margins | |
| 2025 Q3 |
Small CapsFund focuses exclusively on small- and micro-cap companies that can grow over time, targeting 15% annualized returns. Manager emphasizes differentiated strategy versus indices which are overly represented by unprofitable, speculative companies. Portfolio concentrated in top five positions representing 60% of assets. |
Small Cap Micro Cap Concentrated Growth Niche |
Contract ManufacturingPDEX is a contract manufacturer with niche software-embedded surgical tools for driving screws without stripping. Company has long history of incremental improvement, value creation, and fewer than 4M shares outstanding with opportunistic buybacks. Trading at 8x trailing EBITDA and 50% below 52-week high. |
Manufacturing Medical Devices Surgical Tools Buybacks | |
Scientific PublishingRSSS operates in rights access to scientific literature, with legacy business licensing libraries and wrapping services around access. Company acquired Scite in 2023, which offers contextualized citation searches including whether papers are supporting, contrasting or retracted. Management building culture of growth and cash flow. |
Publishing Scientific Literature AI Curation Growth | |
| 2025 Q2 |
Small CapsManager focuses on small company investing with concentrated positions in microcaps and small caps. Portfolio includes companies like CCRD, QRHC, MTRX, and RSSS with emphasis on finding undiscovered stocks trading at cheap valuations relative to expected growth and cash flow. |
Microcaps Concentrated Undiscovered Valuation Growth |
PaymentsSignificant focus on CCRD's acquisition by Euronet Worldwide for digital payments platform capabilities. Discussion of merchant acquiring business, point of sale devices, and credit card issuing services through existing bank customer base. |
Digital payments Merchant acquiring Credit cards Processing Banking | |
Trade PolicyManager expresses concern about non-free trade policies raising input costs, dissuading trade, and creating policy uncertainty that disrupts long-term investment decisions. Views current trade policies as potential drivers of demand destruction. |
Tariffs Trade costs Policy uncertainty Demand destruction Economic impact | |
| 2025 Q1 |
Small CapsManager focuses exclusively on small company investing, seeking five-year doubles with 15% annualized returns. Portfolio concentrated in top-five positions representing 70% of holdings, with three stocks at or around 15% weightings. |
Small Cap Concentration Long Term Value Growth |
ValueInvestment approach emphasizes patient, long-term value investing in undervalued small companies. Manager believes market inattention creates opportunities in smaller stocks where analyst coverage is sparse and price discovery is inefficient. |
Undervalued Patient Capital Price Discovery Fundamental Analysis Long Term | |
| 2024 Q4 |
Small CapsManager focuses exclusively on small company investing, seeking five-year doubles with 15% annualized returns. Portfolio concentrated in top-five positions representing 70% of assets. Believes small cap managers handily beat relevant indices due to over-representation of unprofitable lottery tickets in benchmarks and sparse analyst coverage creating opportunities. |
Small Cap Concentration Value Microcap |
| 2024 Q3 |
Medical DevicesPDEX is a contract manufacturer to the medical device industry with a marquee torque limiting driver for orthopedic and maxillofacial surgeries. The company recently completed manufacturing expansion and now has capacity for $80M-$100M in sales, up from under $40M in FY21. Management is patient and thoughtful with a long-term approach. |
Medical Devices Contract Manufacturing Orthopedics Manufacturing |
PaymentsCCRD licensed issuer processing software to Goldman Sachs for the Apple Card, the most successful credit card launch in history. Despite Goldman's retreat from consumer credit, the agreement was extended through 2030 at higher rates. The company continues to enroll new clients and is paid on active monthly accounts with little incremental cost for additional accounts. |
Payments Credit Cards Fintech Processing Software | |
| 2024 Q2 |
Small CapsThe fund focuses on small and under-owned companies with long and wide opportunity pathways. The manager looks for companies that enable ample room for compounding and can withstand market conditions without terminal value destruction. The concentrated portfolio is positioned with companies that meet this profile. |
Small Cap Concentration Compounding Value |
| 2024 Q1 |
Small CapsManager focuses exclusively on small companies that are barely included in any indices, using fundamental analysis to evaluate financial statements and corporate strategies. The concentrated approach targets well-researched small companies offering compelling opportunities for high returns through long-term cash earnings analysis. |
Small Cap Fundamental Analysis Concentrated Research Value |
Semiconductor CyclePortfolio includes exposure to semiconductor capital expenditure cycles through RELL, a specialty distributor affected by cyclical slowdown in semiconductor CAPEX with LAM Research as a major customer. LAM is forecasting a rebound in spending early next year which should benefit the position over time. |
Semiconductor CAPEX Cyclical Equipment Recovery | |
| 2023 Q4 |
Contract ManufacturingPDEX operates as a contract manufacturer in the medical device space, producing battery-powered handheld drivers for surgeons. The company has doubled its manufacturing capacity and secured a large order doubling its backlog to $41M, suggesting strong growth potential for FY24. |
Medical Devices Manufacturing Healthcare Capacity Backlog |
Small CapsThe fund focuses on small company investing with a research-intensive approach. The manager notes that smaller companies are more vulnerable to rising rates due to less diversification, fewer customers, and limited financing options, creating opportunities when rates peak. |
Small Cap Research Rates Vulnerability Opportunity | |
| 2023 Q3 |
Small CapsManager focuses exclusively on small company investing with a research-intensive approach. Portfolio consists of small, customer-centric companies run by smart, humble managers who iterate towards better solutions. Small caps are currently discounted due to rising rates as they have more vulnerabilities than larger companies. |
Small Cap Microcap Research Value Creation Concentration |
Medical DevicesPDEX is a contract manufacturer in the medical device space producing battery-powered handheld drivers for surgeons. The company has doubled its manufacturing capacity and backlog, with Stryker as its largest client. The expansion positions it for potential high growth in FY24. |
Medical Devices Contract Manufacturing Surgical Equipment Healthcare | |
Contract ManufacturingBoth PDEX and SOTK represent contract manufacturing opportunities. PDEX manufactures medical devices while SOTK has transitioned from making specialty nozzles for OEMs to designing and selling complete units. Both companies are expanding manufacturing capacity to meet growing demand. |
Contract Manufacturing OEM Manufacturing Capacity Expansion | |
| 2023 Q1 |
NuclearPESI operates one of only three DOE-licensed facilities for low-level nuclear waste treatment. The company has potential to significantly expand through processing Hanford cleanup waste via grouting at their Northwest facility, with regulatory approvals received in early 2023. |
Nuclear Waste DOE Hanford Cleanup |
Energy TransitionMTRX is positioned to benefit from infrastructure needs for new energy including hydrogen, biofuels, and ammonia. The manager notes energy majors are now leading investments in carbon capture and other transition technologies rather than treating environmental regulations with antipathy. |
Hydrogen Biofuels Carbon Capture Infrastructure | |
ConstructionIndustrial construction appears poised for strong pipeline given deferred CAPEX in traditional energy and incremental North American mining needs. E&C companies like MTRX are completing COVID-era work at aggressive pricing but booking new work at historical margins. |
Industrial Construction CAPEX Mining Infrastructure |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| May 1, 2026 | Fund Letters | Long Cast Advisers | MTRX | Matrix Service Company | Engineering & Construction | Construction & Engineering | Bull | NASDAQ | construction, Cyclical, EBITDA, engineering, Management Change, Mining, turnaround, Value | Login |
| May 1, 2026 | Fund Letters | Long Cast Advisers | PDEX | Pro-Dex Inc | Medical Instruments & Supplies | Health Care Equipment | Bull | NASDAQ | Commercialization, growth, Management Quality, Medical devices, Orthopedic, Partnership, supply chain, Surgical Instruments | Login |
| May 1, 2026 | Fund Letters | Long Cast Advisers | MAMA | Mama's Creations Inc | Packaged Foods | Food Products | Bull | NASDAQ | capital efficiency, consumer staples, Food Products, growth, leadership, Management transformation, scale, turnaround | Login |
| May 1, 2026 | Fund Letters | Long Cast Advisers | RSSS | Research Solutions Inc | Software - Application | Interactive Media & Services | Bull | NASDAQ | Academic, acquisition target, AI, information services, innovation, research, SaaS, technology | Login |
| Jan 24, 2026 | Fund Letters | Avram Fisher | RSSS | Research Solutions, Inc. | Information Technology | Software | Bull | NASDAQ | contrarian, marketshare, research, Software, Subscriptions | Login |
| Jan 24, 2026 | Fund Letters | Avram Fisher | CCRN | Cross Country Healthcare, Inc. | Health Care | Health Care Services | Bull | NASDAQ | balance sheet, healthcare, Margins, Nursestaffing, turnaround | Login |
| Jan 24, 2026 | Fund Letters | Avram Fisher | NRC | NRC Health, Inc. | Health Care | Health Care Technology | Bull | NASDAQ | Deferred revenue, healthcare, Margins, Owner operator, valuation | Login |
| Jan 24, 2026 | Fund Letters | Avram Fisher | MTRX | Matrix Service Company | Industrials | Construction & Engineering | Bull | NASDAQ | backlog, engineering, infrastructure, operating leverage, turnaround | Login |
| Nov 24, 2025 | Fund Letters | Avram Fisher | PDEX | Pro-Dex, Inc. | Health Care | Medical Devices | Bull | NASDAQ | buybacks, Catalysts, EBITDA, Medtech, Oem, robotics, Smallcap, Surgical | Login |
| Nov 24, 2025 | Fund Letters | Avram Fisher | MTRX | Matrix Service Company | Industrials | Engineering & Construction Services | Bull | NASDAQ | construction, Cyclical, EBITDA, energy, infrastructure, rerating, turnaround | Login |
| Nov 24, 2025 | Fund Letters | Avram Fisher | RSSS | Research Solutions, Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Curation, Data, research, SaaS, Smallcap, Subscriptions | Login |
| Nov 24, 2025 | Fund Letters | Avram Fisher | PESI | Perma-Fix Environmental Services, Inc. | Industrials | Environmental & Facilities Services | Bull | NASDAQ | annuity, ESG, Government, Nuclear, Remediation, specialty, waste | Login |
| Nov 24, 2025 | Fund Letters | Avram Fisher | QRHC | Quest Resource Holding Corporation | Industrials | Environmental & Facilities Services | Bull | NASDAQ | ESG, Impairment, Recycling, services, Smallcap, turnaround, waste | Login |
| Aug 27, 2025 | Fund Letters | Avram Fisher | CCRD | CoreCard Corporation | Information Technology | Data Processing & Outsourced Services | Bull | New York Stock Exchange | acquisition, cross-selling, Fintech, Merger Arbitrage, Payments | Login |
| Aug 27, 2025 | Fund Letters | Avram Fisher | QRHC | Quest Resource Holding Corporation | Industrials | Environmental & Facilities Services | Bull | NASDAQ | Activism, cash flow, microcap, turnaround, waste management | Login |
| Aug 1, 2025 | Fund Letters | Long Cast Advisers | CCRD | CoreCard Corporation | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | acquisition target, Apple Card, Credit Card Processing, digital payments, financial technology, Fintech, Payment Platform | Login |
| Aug 1, 2025 | Fund Letters | Long Cast Advisers | QRHC | Quest Resource Holding Corporation | Industrials | Environmental & Facilities Services | Neutral | NASDAQ | Board Governance, cash flow generation, environmental services, Leverage Issues, Management Change, microcap, turnaround, waste management | Login |
| Aug 1, 2025 | Fund Letters | Long Cast Advisers | EEFT | Euronet Worldwide Inc | Information Technology | Data Processing & Outsourced Services | Neutral | NASDAQ | ATM Networks, Bank Customers, Credit Card Issuing, cross-selling, founder-led, International Payments, Merchant Acquiring, payment processing | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | CCRD | CoreCard Corporation | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | Apple Card, Contract Extension, credit card services, Data Processing, financial technology, Goldman Sachs, regulatory environment | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | CCRD | CoreCard Corporation | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | Apple Card, Contract Extension, credit card services, Data Processing, financial technology, Goldman Sachs, regulatory environment | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | MTRX | Matrix Service Company | Industrials | Construction & Engineering | Bull | NASDAQ | backlog conversion, cash flow generation, COVID Recovery, Cyclical Recovery, Engineering Construction, market inefficiency, operating leverage | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | MTRX | Matrix Service Company | Industrials | Construction & Engineering | Bull | NASDAQ | backlog conversion, Cash Flow Inflection, COVID Recovery, Cyclical Recovery, Engineering Construction, Long Cycle, Market Inattention | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | QRHC | Quest Resource Holding Corporation | Industrials | Environmental & Facilities Services | Neutral | NASDAQ | Customer concentration, EV Policy, Farm Recession, Industrial Headwinds, management communication, Technology Transformation, waste management | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | PESI | Perma-Fix Environmental Services Inc | Industrials | Environmental & Facilities Services | Bull | NASDAQ | Geographic Monopoly, government contracts, Hanford cleanup, Nuclear Waste, regulatory barriers, Secondary Waste, Vitrification Plant | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | PDEX | Pro-Dex Inc | Health Care | Health Care Equipment | Bull | NASDAQ | Branded Products, Gross Profit, Healthcare Equipment, manufacturing, Medical devices, Multi-year Contract, Surgical Instruments | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | PDEX | Pro-Dex Inc | Health Care | Health Care Equipment | Bull | NASDAQ | Branded Products, capacity expansion, Healthcare Equipment, manufacturing, Medical devices, Multi-year Contract, Surgical Instruments | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | RSSS | Research Solutions Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Corporate Governance, Founder Exit, Patient Capital, Research Intelligence, SaaS, Stock Overhang, value opportunity | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | RSSS | Research Solutions Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Corporate Governance, Founder Exit, Patient Capital, Research Intelligence, SaaS, Stock Overhang | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | PESI | Perma-Fix Environmental Services Inc | Industrials | Environmental & Facilities Services | Bull | NASDAQ | environmental services, Geographic Advantage, government contracts, Hanford cleanup, Nuclear Waste, Regulatory Moat, Vitrification Plant | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | QRHC | Quest Resource Holding Corporation | Industrials | Environmental & Facilities Services | Neutral | NASDAQ | Customer Additions, EV Policy, Farm Recession, Industrial Headwinds, Recycling Services, Technology Transition, waste management | Login |
| Oct 1, 2024 | Fund Letters | Long Cast Advisers | PDEX | Pro-Dex Inc | Health Care Equipment & Services | Health Care Equipment | Bull | NASDAQ | capital-efficient, contract manufacturing, Healthcare Technology, Manufacturing Expansion, Medical Device, Orthopedic, Surgical Instruments | Login |
| Oct 1, 2024 | Fund Letters | Long Cast Advisers | CCRD | CoreCard Corporation | Software & Services | Systems Software | Bull | NYSE | Apple Card, Credit Card Technology, debt-free, Fintech, Goldman Sachs, payment processing, Share Buybacks, Software Licensing | Login |
| Aug 1, 2024 | Fund Letters | Long Cast Advisers | RSSS | Research Solutions Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Academic, B2C, Citations, M&A, Management Transition, Overhang, Reference Management, research, SaaS, Software | Login |
| Aug 1, 2024 | Fund Letters | Long Cast Advisers | MTRX | Matrix Service Company | Industrials | Construction & Engineering | Bull | NASDAQ | backlog, construction, Cyclical, EBITDA, engineering, Oil & Gas, Petrochemical, seasonality, turnaround, Value | Login |
| Oct 1, 2023 | Fund Letters | Long Cast Advisers | PDEX | Pro-Dex Inc | Health Care Equipment & Supplies | Health Care Equipment | Bull | NASDAQ | backlog growth, contract manufacturing, healthcare, Manufacturing Expansion, Medical Device, small-cap, Surgical Instruments | Login |
| Oct 1, 2023 | Fund Letters | Long Cast Advisers | PDEX | Pro-Dex Inc | Health Care Equipment & Supplies | Health Care Equipment | Bull | NASDAQ | backlog growth, contract manufacturing, healthcare, insider ownership, Manufacturing Expansion, Medical Device, Oem, Surgical Instruments, Torque Limiting | Login |
| Oct 1, 2023 | Fund Letters | Long Cast Advisers | SOTK | Sono-Tek Corporation | Capital Goods | Industrial Machinery | Bull | NASDAQ | Coating Technology, Industrial Equipment, innovation, Lab to Production, Manufacturing Expansion, Self-funded growth, Spray Deposition | Login |
| Oct 1, 2023 | Fund Letters | Long Cast Advisers | SOTK | Sono-Tek Corporation | Machinery | Industrial Machinery | Bull | NASDAQ | Coating Systems, industrial machinery, Lab to Production, manufacturing, Real Estate Ownership, Self-funded growth, Spray Deposition, Technology Transition, Vacuum deposition | Login |
| May 1, 2023 | Fund Letters | Long Cast Advisers | MTRX | Matrix Service Company | Industrials | Construction & Engineering | Bull | NASDAQ | Book-to-Bill, Cyclical Recovery, energy infrastructure, Engineering Construction, Hydrocarbon Adjacent, Industrial Construction, Margin reversion | Login |
| May 1, 2023 | Fund Letters | Long Cast Advisers | PESI | Perma-Fix Environmental Services | Industrials | Environmental & Facilities Services | Bull | NASDAQ | DOE Contractor, environmental services, Fixed Assets, Hanford cleanup, Nuclear Waste, Regulatory Approval, turnaround | Login |
| TICKER | COMMENTARY |
|---|---|
| MTRX | The company finally reported a profitable quarter and FY4Q (June year end) revenue guidance of ~$250M implies FY EBITDA could be ~$15M, which means this is trading at 7x EV / trailing EBITDA, in an environment with several tailwinds. I have urged the Board to observe what has happened at other small E&C's such as STRL, TPC and IESC when outsiders changed the culture at what were previously sleepy regional construction companies like ours. With strong profitability at hand, a newly booked mining project and changes coming in the CEO and CFO positions, there is a wide path for this to grow backlog and earnings and re-rate higher. |
| PDEX | As expected, the company completed the acquisition of a primary supplier, which could negatively impact margins in the short term but offer more substantial long-term upside. The renewed contract with customer 1 should support near term earnings and at 15x EBITDA it seems fairly valued on that alone. Zimmer Biomet's expected commercialization of Monogram's mBos system could radically accelerate value creation. PDEX is a contracted and critical supplier to the platform. If hurdles are met along the commercialization process, PDEX will realize gains on valuation rights it received in the Monogram sale. If commercialization is successful, the opportunity path would be multiples longer and wider. |
| MAMA | Under prior management, the CEO's son in law ran operations and results were mediocre. Since 2023, when the current CEO started, a well-regarded former consultant with limited experience as an operating manager, MAMA has grown tangible book value per share from $0.06 to $0.97. Under his management, even the Board is chosen with the intention of mentorship for the executive team, a superior strategy compared to other companies. This may be what exceptional looks like. MAMA has a vision of being a +$1B revenue company and management has been operating against this plan. The stock is presently trading at a high valuation on a trailing basis but assuming they achieve the target while holding margins steady (and margins would likely improve with scale) than this is outright cheap. I think it fits our paradigm of a five-year double which is why we continue to own it. |
| RSSS | Since we initially made our investment in RSSS, AI has emerged as a technological threat to the information services industry. Growth has slowed in recent quarters off of harder comps, and the question is whether this is a secular AI driven challenge or an operational issue. Deferred revenues offers evidence of an improving slope ahead, and meanwhile cash flow generation and valuation remain attractive. Within the executive ranks - and it's a pretty flat organization - are entrepreneurial and talented engineers and managers hooked on AI and innovating quickly. Furthermore, in a budget constrained academic environment, universities are trading down. Anecdotally, a friend who works at one in the intersection of scientific research, academia and law (and who for years has been barely aware of the company), is now a customer of Article Galaxy because it helps their organization lower costs. The only problem, the friend said, are the rumors that the company will be acquired. This would be music to the ears of shareholders. |
| ENVX | We sold ENVX when the guy whose charge was solving a key manufacturing process exited shortly before its supposed launch. Scaling the company's new battery architecture remains a science project and without it I don't see much sizzle on the steak. |
| RELL | RELL is a long time value darling benefitting from the AI updraft and it is reinvesting cash flow into new projects, but I sold it as a source of capital. May revisit. |
| CCRN | The latter was acquired in early May for $13.25 per share. With the deal expected to close in 3Q, I've taken our short-term gains sooner rather than later. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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