Silver Ring Value Partners

Investor Summary

Gary Mishuris, CFA, serves as Managing Partner and Chief Investment Officer, bringing extensive institutional investment experience from his tenure as Managing Director at Manulife Asset Management (2011-2016) where he led the US Focused Value strategy, and previous roles at Evergreen Investments/Wells Capital Management (2004-2010) as co-Portfolio Manager of Large Cap Value strategy. He began his career in 2001 as Equity Research Associate at Fidelity. Mishuris holds dual S.B. degrees in Computer Science and Economics from MIT and maintains active educational involvement teaching value investing at Babson's F.W. Olin Graduate School of Business while operating the Behavioral Value Investor educational platform.

Fund Strategy

Silver Ring Value Partners utilizes a concentrated intrinsic value approach in seeking to safely compound capital over the long term. The investment philosophy emphasizes five key principles: intrinsic value determination based on underlying business economics rather than short-term market pricing; margin of safety through quality assessment and conservative valuation discounts; long-term time horizon focused on capital compounding over many years; rational and disciplined execution to capitalize on market mistakes while avoiding own errors; and concentrated portfolio construction believing additional diversification increases rather than reduces risk by forcing inclusion of inferior investments.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
9.2%	-	-

Executive Summary

Silver Ring Value Partners delivered strong performance with 103.2% net returns over the last 12 months while maintaining a cautious stance in current markets. Manager Gary Mishuris made no new investments in Q1 2026, preferring to maintain high cash levels at 37% rather than compromise on quality and valuation standards. The portfolio trades at 73% of base case value excluding cash, with holdings concentrated in 10 small positions plus hedges. Mishuris emphasizes three categories of good investments: exceptionally good companies, extremely cheap securities, and event-driven situations, with the best opportunities falling into multiple categories. He has been building AI-enhanced systems to improve his investment process, including a Claude-based special situations screener. The manager expresses caution about markets that skew heavily toward greed rather than fear, noting this state has persisted longer than usual. He continues searching for bottom-up opportunities while maintaining discipline around his quality and valuation bars, systematically guarding against convincing himself that subpar investments are attractive.

Forward Outlook

Manager continues to search for bottom-up opportunities regardless of market environment but maintains caution informed by markets that skew heavily towards greed. He notes that markets can change very quickly and many investors may be affected by recency bias given years of upward market movement.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
May 13 2026	2026 Q1	JAZZ	AI, Cash, Concentration, edge, Process, Quality, special situations, value	-	Silver Ring delivered 103% net returns over 12 months while maintaining 37% cash due to scarce opportunities. Manager made no Q1 investments, preferring discipline over activity in greed-driven markets. Portfolio trades at 73% of intrinsic value with concentrated holdings. Building AI-enhanced investment process while searching for exceptionally good companies, cheap securities, or event-driven situations.
Nov 13 2024	2024 Q3	ALFAA.MX, ALPEKA.MX, BAB.L, JAZZ, LILAK, MD, QRTEA	contrarian, portfolio construction, Quality, risk management, Turnarounds, value	JAZZ MD QRTEA	Contrarian value manager maintains disciplined approach amid speculative market conditions. Portfolio trades at 59% of intrinsic value with new positions in specialty pharma and healthcare services. Emphasizes quality metrics and risk management while market sentiment reaches extreme optimism. Cash at 9% reflects selective opportunity set in overvalued environment.
Aug 20 2024	2024 Q2	ALFAA.MX, EVRI, HRL, IGT	Catalyst, Food, gaming, Intrinsic Value, Mexico, Quality, Spin-off, value	IGT ALFAA.MX	Silver Ring maintains disciplined value investing with 30% cash amid scarce opportunities. Added IGT lottery business expecting pure-play catalyst within a year. Largest position Alfa S.A.B. trades at 5x earnings with spin-off catalyst expected within two years. Portfolio at 60% of intrinsic value provides significant margin of safety while waiting for better opportunities in greed-dominated market.
May 29 2024	2024 Q1	AAPL, AMZN, BWA, CMCSA, GTX, NFLX, PHIN, WBD	Automotive, Growth Duration, Media, Process Evolution, small caps, value	PHIN WBD	Value-focused fund maintains high cash levels amid scarce opportunities, evolving process to balance traditional value with long-duration growth. Key positions in automotive aftermarket (Phinia) and media (Warner Brothers Discovery) reflect contrarian positioning in unloved sectors. Manager emphasizes discipline over external pressures while implementing systematic improvements to enhance future returns through better portfolio balance and catalyst identification.
May 2 2024	2023 Q4	AIM.TO, ALFAA.MX, GTX	Behavioral Finance, Cash Management, Concentration, Portfolio Management, Quality, value	GTX	Value manager maintains strict discipline with portfolio at 72% of intrinsic value and 29% cash. Reduced Garrett Motion after losing preferred stock protection but increased Alfa as Mexican conglomerate trades below core business value. Emphasizes patience over activity, behavioral awareness, and high quality standards while waiting for exceptional opportunities with large margins of safety.
Oct 30 2023	2023 Q3	AIM.TO, ALFAA.MX, GTX	Behavioral Finance, Conglomerates, Electric Vehicles, Portfolio Management, Turbochargers, value	GTX	Silver Ring maintains disciplined value investing with portfolio at 72% of intrinsic value and 29% cash. Holdings include turbocharger leader Garrett Motion facing EV headwinds but trading cheaply, and Mexican conglomerate Alfa simplifying into food business. Manager emphasizes behavioral discipline and high investment standards despite pressure to deploy capital, confident in long-term process execution.
Jul 17 2023	2023 Q2	OI	Margin Of Safety, Process, small caps, special situations, Temperament, value	-	Value manager acknowledges seven-year underperformance but maintains conviction in deep value process. Portfolio trades at significant discount to intrinsic value with 29% cash reflecting scarce opportunities. Focuses on smaller, out-of-favor situations while avoiding popular growth stocks. Expects superior risk-adjusted returns over full cycle despite recent struggles.
Apr 5 2023	2023 Q1	AIM.TO, GTXAP, OI	Cash Management, Convertible Preferred, Glass, Patience, Quality, value	AAOI GTXAP AIM.TO	Silver Ring maintains disciplined value approach with 28% cash, waiting for quality companies with sufficient margin of safety. Portfolio trades at 74% of intrinsic value. O-I Glass exceeding expectations while Garrett Motion loses preferred downside protection. Manager emphasizes patience over forced deployment, demonstrating mathematically how waiting for better opportunities typically outperforms rushing into mediocre investments.
Mar 2 2023	2022 Q4	FRII CN, WINE LN	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

May 13 2026

2026 Q1

JAZZ

AI, Cash, Concentration, edge, Process, Quality, special situations, value

Silver Ring delivered 103% net returns over 12 months while maintaining 37% cash due to scarce opportunities. Manager made no Q1 investments, preferring discipline over activity in greed-driven markets. Portfolio trades at 73% of intrinsic value with concentrated holdings. Building AI-enhanced investment process while searching for exceptionally good companies, cheap securities, or event-driven situations.

Nov 13 2024

2024 Q3

ALFAA.MX, ALPEKA.MX, BAB.L, JAZZ, LILAK, MD, QRTEA

contrarian, portfolio construction, Quality, risk management, Turnarounds, value

JAZZ
MD
QRTEA

Contrarian value manager maintains disciplined approach amid speculative market conditions. Portfolio trades at 59% of intrinsic value with new positions in specialty pharma and healthcare services. Emphasizes quality metrics and risk management while market sentiment reaches extreme optimism. Cash at 9% reflects selective opportunity set in overvalued environment.

Aug 20 2024

2024 Q2

ALFAA.MX, EVRI, HRL, IGT

Catalyst, Food, gaming, Intrinsic Value, Mexico, Quality, Spin-off, value

IGT
ALFAA.MX

Silver Ring maintains disciplined value investing with 30% cash amid scarce opportunities. Added IGT lottery business expecting pure-play catalyst within a year. Largest position Alfa S.A.B. trades at 5x earnings with spin-off catalyst expected within two years. Portfolio at 60% of intrinsic value provides significant margin of safety while waiting for better opportunities in greed-dominated market.

May 29 2024

2024 Q1

AAPL, AMZN, BWA, CMCSA, GTX, NFLX, PHIN, WBD

Automotive, Growth Duration, Media, Process Evolution, small caps, value

PHIN
WBD

Value-focused fund maintains high cash levels amid scarce opportunities, evolving process to balance traditional value with long-duration growth. Key positions in automotive aftermarket (Phinia) and media (Warner Brothers Discovery) reflect contrarian positioning in unloved sectors. Manager emphasizes discipline over external pressures while implementing systematic improvements to enhance future returns through better portfolio balance and catalyst identification.

May 2 2024

2023 Q4

AIM.TO, ALFAA.MX, GTX

Behavioral Finance, Cash Management, Concentration, Portfolio Management, Quality, value

GTX

Value manager maintains strict discipline with portfolio at 72% of intrinsic value and 29% cash. Reduced Garrett Motion after losing preferred stock protection but increased Alfa as Mexican conglomerate trades below core business value. Emphasizes patience over activity, behavioral awareness, and high quality standards while waiting for exceptional opportunities with large margins of safety.

Oct 30 2023

2023 Q3

AIM.TO, ALFAA.MX, GTX

Behavioral Finance, Conglomerates, Electric Vehicles, Portfolio Management, Turbochargers, value

GTX

Silver Ring maintains disciplined value investing with portfolio at 72% of intrinsic value and 29% cash. Holdings include turbocharger leader Garrett Motion facing EV headwinds but trading cheaply, and Mexican conglomerate Alfa simplifying into food business. Manager emphasizes behavioral discipline and high investment standards despite pressure to deploy capital, confident in long-term process execution.

Jul 17 2023

2023 Q2

Margin Of Safety, Process, small caps, special situations, Temperament, value

Value manager acknowledges seven-year underperformance but maintains conviction in deep value process. Portfolio trades at significant discount to intrinsic value with 29% cash reflecting scarce opportunities. Focuses on smaller, out-of-favor situations while avoiding popular growth stocks. Expects superior risk-adjusted returns over full cycle despite recent struggles.

Apr 5 2023

2023 Q1

AIM.TO, GTXAP, OI

Cash Management, Convertible Preferred, Glass, Patience, Quality, value

AAOI
GTXAP
AIM.TO

Silver Ring maintains disciplined value approach with 28% cash, waiting for quality companies with sufficient margin of safety. Portfolio trades at 74% of intrinsic value. O-I Glass exceeding expectations while Garrett Motion loses preferred downside protection. Manager emphasizes patience over forced deployment, demonstrating mathematically how waiting for better opportunities typically outperforms rushing into mediocre investments.

Mar 2 2023

2022 Q4

FRII CN, WINE LN

QUARTER	THEMES	TAGS
2026 Q1	AI Manager is building out systems with the help of AI to improve his investment process and magnify his edge. He has developed AI-based tools including a Claude-based Special Situations Screener skill to systematically generate promising special situations and automate parts of the research process without sacrificing quality.	Process Automation Research Screening Tools
	Value Manager focuses on finding exceptionally good companies, extremely cheap securities, or event-driven situations. Portfolio is trading at 73% of base case value excluding cash. He emphasizes quality assessment, underappreciated quality, and change in quality as key drivers of excess returns.	Quality Cheap Intrinsic Value Undervalued Events
	Risk Appetite Manager maintains high cash levels at 37% and describes markets as skewing heavily towards greed rather than fear. He expresses caution about current market environment and notes that good investments have been scarce, leading to no new investments in Q1.	Cash Caution Greed Fear Selectivity
2024 Q3	Value Portfolio trading at 59% of base case value excluding cash, demonstrating significant undervaluation. Manager emphasizes buying securities well below intrinsic value estimates with strong margins of safety across positions.	Undervaluation Intrinsic Value Margin of Safety Discounted Cash Flow Base Case
	Specialty Pharma New investment in Jazz Pharmaceuticals represents high uncertainty with low risk pattern. Company transitioning from Xyrem to improved Xywav drug with strong management ownership and solid balance sheet.	Sleep Franchise Drug Transition Patent Expiry Management Ownership Free Cash Flow
	Quality Portfolio construction emphasizes business quality, management quality, and balance sheet strength. Manager tracks quality quintiles across these three dimensions as key risk management metrics.	Business Quality Management Quality Balance Sheet Competitive Advantage Risk Management
2024 Q2	Value Manager emphasizes investing in genuinely attractive investments where mispricing is clear, avoiding the need to squint to see value. Portfolio trades at 60% of base case value excluding cash, with focus on businesses trading well below intrinsic value estimates.	Intrinsic Value Mispricing Undervalued DCF Base Case
	Gaming New investment in International Game Technology (IGT), a lottery operator and slot machine game designer. The lottery business has high barriers to entry, switching costs, and long-term contracts, making incumbent operators very hard to replace.	Lottery Slot Machines Barriers Contracts IGT
	Food Largest position Alfa S.A.B. owns Sigma, a branded food business focused on meats and dairy across Mexico, US, Latin America and EU. The business demonstrates resilience with strong brands and fragmented customer base in key markets like Mexico.	Branded Foods Meats Dairy Consumer Habits Sigma
2024 Q1	Value Manager emphasizes disciplined value investing based on first principles, seeking meaningful undervaluation combined with sufficient quality. Portfolio priced at 63% of base case value excluding cash, with focus on companies trading below intrinsic value estimates.	Undervaluation Intrinsic Value Quality Discipline First Principles
	Auto Parts Significant exposure to automotive suppliers through Phinia and Garrett Motion positions. Manager views these as undervalued despite secular EV transition risks, focusing on aftermarket businesses and balance sheet strength.	Automotive Aftermarket EV Transition Suppliers Consolidation
	Media Investment in Warner Brothers Discovery despite negative sentiment. Manager sees unique assets with substantial value through studio, HBO, and cable networks, viewing potential acquisition as likely catalyst.	Content Streaming Studios Cable Networks Acquisition
2023 Q4	Electric Vehicles The manager discusses the negative impact of electric vehicle adoption on Garrett Motion's turbocharger business. EVs don't need turbochargers, creating a headwind for the company's revenue growth that will likely flip from positive to negative in 3-5 years as EV penetration increases.	Electric Vehicles Turbochargers ICE Automotive Disruption
	Value The manager emphasizes strict value discipline, maintaining high standards for business quality and margin of safety. The portfolio trades at 72% of base case value and 60% excluding cash, with the manager preferring to wait for exceptional opportunities rather than compromise on criteria.	Value Investing Margin of Safety Intrinsic Value Discipline Quality
2023 Q3	Electric Vehicles The manager discusses the negative impact of electric vehicle adoption on Garrett Motion's turbocharger business. EVs don't need turbochargers, creating headwinds for the company's revenue growth in 3-5 years as EV penetration increases.	Electric Vehicles Turbochargers ICE Auto Parts Energy Transition
	Value The portfolio trades at 72% of base case value and 60% excluding cash. The manager emphasizes finding securities with large margins of safety and attractive returns, maintaining high standards for business quality despite behavioral pressures to act.	Value Margin of Safety Intrinsic Value DCF Quality
2023 Q2	Value Manager emphasizes deep value investing with large margin of safety, seeking securities trading below 60% of intrinsic value. Portfolio currently priced at 73% of base case value, with securities averaging below 60% of estimated value excluding cash.	Value Margin of Safety Intrinsic Value Undervalued Deep Discount
	Small Caps Focus on smaller, out-of-favor special situations that are particularly marked down in current market environment. These positions are contrasted with larger, popular stocks that have performed well.	Small Caps Special Situations Out of Favor Marked Down
2023 Q1	Value Manager emphasizes disciplined value investing approach, seeking large gaps between price and intrinsic value. Portfolio trading at 74% of base case value, with focus on quality companies at attractive prices rather than forcing investments.	Intrinsic Value Margin of Safety Quality Price to Value Discipline
	Glass O-I Glass consistently exceeding expectations with raised EPS guidance. Manager sees limited cyclicality, secular decline concerns overblown, and expects re-rating or private equity buyout as catalysts.	Packaging Cyclical MAGMA Technology Free Cash Flow

QUARTER

THEMES

AI

Manager is building out systems with the help of AI to improve his investment process and magnify his edge. He has developed AI-based tools including a Claude-based Special Situations Screener skill to systematically generate promising special situations and automate parts of the research process without sacrificing quality.

Process Automation Research Screening Tools

Value

Manager focuses on finding exceptionally good companies, extremely cheap securities, or event-driven situations. Portfolio is trading at 73% of base case value excluding cash. He emphasizes quality assessment, underappreciated quality, and change in quality as key drivers of excess returns.

Quality Cheap Intrinsic Value Undervalued Events

Risk Appetite

Manager maintains high cash levels at 37% and describes markets as skewing heavily towards greed rather than fear. He expresses caution about current market environment and notes that good investments have been scarce, leading to no new investments in Q1.

Cash Caution Greed Fear Selectivity

2024 Q3

Value

Portfolio trading at 59% of base case value excluding cash, demonstrating significant undervaluation. Manager emphasizes buying securities well below intrinsic value estimates with strong margins of safety across positions.

Undervaluation Intrinsic Value Margin of Safety Discounted Cash Flow Base Case

Specialty Pharma

New investment in Jazz Pharmaceuticals represents high uncertainty with low risk pattern. Company transitioning from Xyrem to improved Xywav drug with strong management ownership and solid balance sheet.

Sleep Franchise Drug Transition Patent Expiry Management Ownership Free Cash Flow

Quality

Portfolio construction emphasizes business quality, management quality, and balance sheet strength. Manager tracks quality quintiles across these three dimensions as key risk management metrics.

Business Quality Management Quality Balance Sheet Competitive Advantage Risk Management

2024 Q2

Value

Manager emphasizes investing in genuinely attractive investments where mispricing is clear, avoiding the need to squint to see value. Portfolio trades at 60% of base case value excluding cash, with focus on businesses trading well below intrinsic value estimates.

Intrinsic Value Mispricing Undervalued DCF Base Case

Gaming

New investment in International Game Technology (IGT), a lottery operator and slot machine game designer. The lottery business has high barriers to entry, switching costs, and long-term contracts, making incumbent operators very hard to replace.

Lottery Slot Machines Barriers Contracts IGT

Food

Largest position Alfa S.A.B. owns Sigma, a branded food business focused on meats and dairy across Mexico, US, Latin America and EU. The business demonstrates resilience with strong brands and fragmented customer base in key markets like Mexico.

Branded Foods Meats Dairy Consumer Habits Sigma

2024 Q1

Value

Manager emphasizes disciplined value investing based on first principles, seeking meaningful undervaluation combined with sufficient quality. Portfolio priced at 63% of base case value excluding cash, with focus on companies trading below intrinsic value estimates.

Undervaluation Intrinsic Value Quality Discipline First Principles

Auto Parts

Significant exposure to automotive suppliers through Phinia and Garrett Motion positions. Manager views these as undervalued despite secular EV transition risks, focusing on aftermarket businesses and balance sheet strength.

Automotive Aftermarket EV Transition Suppliers Consolidation

Media

Investment in Warner Brothers Discovery despite negative sentiment. Manager sees unique assets with substantial value through studio, HBO, and cable networks, viewing potential acquisition as likely catalyst.

Content Streaming Studios Cable Networks Acquisition

2023 Q4

Electric Vehicles

The manager discusses the negative impact of electric vehicle adoption on Garrett Motion's turbocharger business. EVs don't need turbochargers, creating a headwind for the company's revenue growth that will likely flip from positive to negative in 3-5 years as EV penetration increases.

Electric Vehicles Turbochargers ICE Automotive Disruption

Value

The manager emphasizes strict value discipline, maintaining high standards for business quality and margin of safety. The portfolio trades at 72% of base case value and 60% excluding cash, with the manager preferring to wait for exceptional opportunities rather than compromise on criteria.

Value Investing Margin of Safety Intrinsic Value Discipline Quality

2023 Q3

Electric Vehicles

The manager discusses the negative impact of electric vehicle adoption on Garrett Motion's turbocharger business. EVs don't need turbochargers, creating headwinds for the company's revenue growth in 3-5 years as EV penetration increases.

Electric Vehicles Turbochargers ICE Auto Parts Energy Transition

Value

The portfolio trades at 72% of base case value and 60% excluding cash. The manager emphasizes finding securities with large margins of safety and attractive returns, maintaining high standards for business quality despite behavioral pressures to act.

Value Margin of Safety Intrinsic Value DCF Quality

2023 Q2

Value

Manager emphasizes deep value investing with large margin of safety, seeking securities trading below 60% of intrinsic value. Portfolio currently priced at 73% of base case value, with securities averaging below 60% of estimated value excluding cash.

Value Margin of Safety Intrinsic Value Undervalued Deep Discount

Small Caps

Focus on smaller, out-of-favor special situations that are particularly marked down in current market environment. These positions are contrasted with larger, popular stocks that have performed well.

Small Caps Special Situations Out of Favor Marked Down

2023 Q1

Value

Manager emphasizes disciplined value investing approach, seeking large gaps between price and intrinsic value. Portfolio trading at 74% of base case value, with focus on quality companies at attractive prices rather than forcing investments.

Intrinsic Value Margin of Safety Quality Price to Value Discipline

Glass

O-I Glass consistently exceeding expectations with raised EPS guidance. Manager sees limited cyclicality, secular decline concerns overblown, and expects re-rating or private equity buyout as catalysts.

Packaging Cyclical MAGMA Technology Free Cash Flow

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Nov 13, 2024	Fund Letters	Silver Ring Value Partners	JAZZ	Jazz Pharmaceuticals	Health Care	Pharmaceuticals	Bull	NASDAQ	Biotech, Patent Transition, pipeline, Sleep Disorders, Specialty pharmaceuticals, Strong Management, undervalued, Value	Login
Nov 13, 2024	Fund Letters	Silver Ring Value Partners	QRTEA	Qurate Retail	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	asymmetric bet, call option, customer retention, Distressed, high-risk, Portfolio Hedging, turnaround, Video Commerce	Login
Nov 13, 2024	Fund Letters	Silver Ring Value Partners	MD	Pediatrix Medical Group	Health Care	Health Care Services	Bull	NYSE	Competitive Advantage, Healthcare services, Low Cyclicality, margin of safety, Medical Staffing, NICU, turnaround, Value	Login
Aug 20, 2024	Fund Letters	Silver Ring Value Partners	ALFAA.MX	Alfa S.A.B.	Consumer Staples	Packaged Foods & Meats	Bull	Mexican Stock Exchange	branded, Catalyst, Chemicals, defensive, Food, Mexico, spin-off, Value	Login
Aug 20, 2024	Fund Letters	Silver Ring Value Partners	IGT	International Game Technology	Consumer Discretionary	Casinos & Gaming	Bull	NYSE	Apollo, Catalyst, dividend, Gaming, government contracts, Lottery, Share Buybacks, spin-off	Login
May 14, 2024	Fund Letters	Silver Ring Value Partners	WBD	Warner Bros. Discovery Inc.	Communication Services	Movies & Entertainment	Bull	NASDAQ	cable networks, content library, entertainment, HBO, M&A, media, Streaming, turnaround, Value, Warner Studios	Login
May 14, 2024	Fund Letters	Silver Ring Value Partners	PHIN	Phinia Inc.	Consumer Discretionary	Automobile Components	Bull	NASDAQ	aftermarket, automotive, capital allocation, commercial vehicles, Ev-Transition, Free Cash Flow, Fuel Systems, spinoff, Value	Login
Oct 30, 2023	Fund Letters	Silver Ring Value Partners	GTX	Garrett Motion	Consumer Discretionary	Auto Components	Bull	NYSE	Auto Components, Electric Vehicles, Free Cash Flow, ICE, oligopoly, Turbochargers, Value	Login
Oct 30, 2023	Fund Letters	Silver Ring Value Partners	GTX	Garrett Motion	Consumer Discretionary	Auto Components	Neutral	NYSE	Auto Components, Automotive Suppliers, Electric Vehicles, Free Cash Flow, oligopoly, secular decline, Turbochargers, Value	Login
Oct 30, 2023	Fund Letters	Silver Ring Value Partners	-	Alfa	Consumer Staples	Food Products	Bull	Mexican Stock Exchange	Branded-foods, conglomerate, Cyclical, Food Products, Mexico, Simplification, Value	Login
Oct 30, 2023	Fund Letters	Silver Ring Value Partners	-	Alfa	Consumer Staples	Food Products	Bull	Mexican Stock Exchange	Branded-foods, Business Simplification, conglomerate, conglomerate discount, Food Products, Mexico, Petrochemicals, Value	Login
May 4, 2023	Fund Letters	Silver Ring Value Partners	AAOI	O-I Glass	Materials	Glass Products	Bull	NYSE	balance sheet improvement, Cyclical, Free Cash Flow, Glass Manufacturing, Packaging, Private Equity Target, Technology investment, Value	Login
May 4, 2023	Fund Letters	Silver Ring Value Partners	GTXAP	Garrett Motion	Consumer Discretionary	Auto Parts & Equipment	Neutral	NYSE	automotive, Bankruptcy Recovery, Convertible Preferred, downside protection, Position Sizing, Recession risk, Turbocharger	Login
May 4, 2023	Fund Letters	Silver Ring Value Partners	AIM.TO	Aimia	Industrials	Diversified Support Services	Bull	TSX	Asset Conversion, holding company, Indian Operations, Marine Industry, NOLs, Private Equity Partnership, specialty chemicals, Sum-of-parts, value investing	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Nov 13, 2024

Fund Letters

Silver Ring Value Partners

JAZZ

Jazz Pharmaceuticals

Health Care

Pharmaceuticals

Bull

NASDAQ

Biotech, Patent Transition, pipeline, Sleep Disorders, Specialty pharmaceuticals, Strong Management, undervalued, Value

Nov 13, 2024

Fund Letters

Silver Ring Value Partners

QRTEA

Qurate Retail

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

asymmetric bet, call option, customer retention, Distressed, high-risk, Portfolio Hedging, turnaround, Video Commerce

Nov 13, 2024

Fund Letters

Silver Ring Value Partners

Pediatrix Medical Group

Health Care

Health Care Services

Bull

NYSE

Competitive Advantage, Healthcare services, Low Cyclicality, margin of safety, Medical Staffing, NICU, turnaround, Value

Aug 20, 2024

Fund Letters

Silver Ring Value Partners

ALFAA.MX

Alfa S.A.B.

Consumer Staples

Packaged Foods & Meats

Bull

Mexican Stock Exchange

branded, Catalyst, Chemicals, defensive, Food, Mexico, spin-off, Value

Aug 20, 2024

Fund Letters

Silver Ring Value Partners

IGT

International Game Technology

Consumer Discretionary

Casinos & Gaming

Bull

NYSE

Apollo, Catalyst, dividend, Gaming, government contracts, Lottery, Share Buybacks, spin-off

May 14, 2024

Fund Letters

Silver Ring Value Partners

WBD

Warner Bros. Discovery Inc.

Communication Services

Movies & Entertainment

Bull

NASDAQ

cable networks, content library, entertainment, HBO, M&A, media, Streaming, turnaround, Value, Warner Studios

May 14, 2024

Fund Letters

Silver Ring Value Partners

PHIN

Phinia Inc.

Consumer Discretionary

Automobile Components

Bull

NASDAQ

aftermarket, automotive, capital allocation, commercial vehicles, Ev-Transition, Free Cash Flow, Fuel Systems, spinoff, Value

Oct 30, 2023

Fund Letters

Silver Ring Value Partners

GTX

Garrett Motion

Consumer Discretionary

Auto Components

Bull

NYSE

Auto Components, Electric Vehicles, Free Cash Flow, ICE, oligopoly, Turbochargers, Value

Oct 30, 2023

Fund Letters

Silver Ring Value Partners

GTX

Garrett Motion

Consumer Discretionary

Auto Components

Neutral

NYSE

Auto Components, Automotive Suppliers, Electric Vehicles, Free Cash Flow, oligopoly, secular decline, Turbochargers, Value

Oct 30, 2023

Fund Letters

Silver Ring Value Partners

Alfa

Consumer Staples

Food Products

Bull

Mexican Stock Exchange

Branded-foods, conglomerate, Cyclical, Food Products, Mexico, Simplification, Value

Oct 30, 2023

Fund Letters

Silver Ring Value Partners

Alfa

Consumer Staples

Food Products

Bull

Mexican Stock Exchange

Branded-foods, Business Simplification, conglomerate, conglomerate discount, Food Products, Mexico, Petrochemicals, Value

May 4, 2023

Fund Letters

Silver Ring Value Partners

AAOI

O-I Glass

Materials

Glass Products

Bull

NYSE

balance sheet improvement, Cyclical, Free Cash Flow, Glass Manufacturing, Packaging, Private Equity Target, Technology investment, Value

May 4, 2023

Fund Letters

Silver Ring Value Partners

GTXAP

Garrett Motion

Consumer Discretionary

Auto Parts & Equipment

Neutral

NYSE

automotive, Bankruptcy Recovery, Convertible Preferred, downside protection, Position Sizing, Recession risk, Turbocharger

May 4, 2023

Fund Letters

Silver Ring Value Partners

AIM.TO

Aimia

Industrials

Diversified Support Services

Bull

TSX

Asset Conversion, holding company, Indian Operations, Marine Industry, NOLs, Private Equity Partnership, specialty chemicals, Sum-of-parts, value investing

TICKER	COMMENTARY
JAZZ	JAZZ PHARMACEUTICALS is listed as the largest position with Medium position size in the portfolio holdings table.

TICKER

COMMENTARY

JAZZ

JAZZ PHARMACEUTICALS is listed as the largest position with Medium position size in the portfolio holdings table.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

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

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Value

Risk Appetite

Value

Specialty Pharma

Quality

Value

Gaming

Food

Value

Auto Parts

Media

Electric Vehicles

Value

Electric Vehicles

Value

Value

Small Caps

Value

Glass

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Gary Mishuris Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Silver Ring Value Partners