Signia Capital Management

Investor Summary

The firm is led by principals Richard Beaven, CFA, and Colin Kelly, CFA, who acquired majority interest (86% ownership) in September 2020. Richard Beaven brings 29+ years of investment management experience, co-founded Signia Capital in 2002, and holds a BA from the University of Kentucky and MBA from Gonzaga University, having served as President of the CFA Society of Spokane. Colin Kelly contributes 20 years of industry experience, holds a BBA from Gonzaga University, is a CFA charterholder, and serves as an adjunct finance professor at Gonzaga University. The team is supported by Lisa Martin as Chief Compliance Officer with over 35 years of experience including CFO and COO roles at multi-billion-dollar asset management firms, and Otto Odendahl as business development manager with 40 years of financial services experience including tenure at Goldman Sachs and Lehman Brothers. The firm is majority-owned by its portfolio management team with significant personal capital invested, emphasizing alignment of incentives with investors.

Fund Strategy

Signia Capital Management is built upon the belief that markets are inefficient, with inefficiencies existing more often in smaller companies, allowing fundamental investors to capitalize on those inefficiencies. The firm specializes in Small-Micro Cap Value investing, targeting companies with market capitalizations of $1 billion and below through a rigorous bottom-up research process that includes direct dialogue with management teams. The investment process assesses three key factors: valuation using metrics such as Price to Book, EV/EBITDA, and Dividend Yield; quality factors including financial strength and management assessment; and catalysts expected to improve valuations within 12-18 months. This process results in a concentrated portfolio of 25 to 35 unique investment opportunities, each with its own compelling investment catalyst. The Small-Micro Cap segment represents approximately 2% of the stock market by capitalization but includes almost half of the total number of publicly traded securities, creating ongoing compelling investment opportunities in this under-researched sector.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
28.66%	3.23%	3.23%

Executive Summary

Signia Capital Management operates two concentrated value strategies targeting small and micro-cap companies as liquid private equity alternatives. The Small-Micro Cap Value strategy focuses on companies below $2 billion market cap with a median of $577 million, while the Small Cap Value strategy targets $400 million to $8 billion companies with a $1.1 billion median. Both maintain 25-35 concentrated holdings with 3-7% maximum position sizes. The firm emphasizes fundamental value investing, targeting quality companies with strong balance sheets, typically net cash positions, and identifiable catalysts. Signia views this market segment as highly inefficient with limited institutional competition, creating significant alpha generation opportunities. The strategies have delivered strong performance since inception, with the Small-Micro Cap strategy generating 28.66% annualized net returns versus 16.54% for the Russell Microcap Value Index. The firm offers improved liquidity, transparency, and lower fees compared to traditional private equity while targeting similar return profiles through public market investments.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 28 2026	2026 Q1	-	concentrated, Performance, Private Equity Alternative, small cap, value	-	Signia operates concentrated small and micro-cap value strategies as liquid private equity alternatives, targeting undervalued companies below $8 billion market cap. With 25-35 holdings each, the strategies focus on quality companies with strong balance sheets and catalysts in an inefficient market segment, delivering 28.66% annualized returns since inception versus 16.54% benchmark returns.
Feb 8 2026	2025 Q4	AESI, GDOT, METC, TBBK	catalysts, Coal, energy, Fintech, Microcap, Natural Gas, small cap, value	METC AESI GDOT	Signia delivered 35% net returns in 2025 by capitalizing on small-cap inefficiencies through catalyst-driven investing. The team successfully traded METC's rare earth discovery, initiated positions in energy infrastructure plays like AESI, and benefited from GDOT's strategic review. With 7 new buys in the second half and a robust opportunity set, the concentrated approach continues generating significant alpha over benchmarks.
Sep 30 2025	2025 Q3	ARHS, GLDD, HLX, OPRT, ORN, POWL, SEI, TGB, TTI, URG, UROY	Copper, Data centers, energy, infrastructure, small caps, uranium, value	-	Signia Capital Management's Small-Micro Value strategy delivered 30.27% annualized returns over 5 years, ranking top 1% among US equity strategies. The firm targets mispriced small-cap securities with company-specific catalysts, focusing on copper, energy infrastructure, and datacenter power themes. Strong performance driven by disciplined value approach in inefficient small-cap markets with significant opportunity set.
Jun 30 2025	2025 Q2	ARHS, FTK, GLDD, HMST, HZO, METC, OPRT, ORN, PGNY, RRGB, SEI, TGB, TRC, VPG	AI, Bottom-up, Copper, Microcap, Robotics, small caps, value	VPG TGB VPG TGB	Signia's small-micro cap value strategy outperformed benchmarks in H1 2025, gaining 6.86% net versus negative benchmark returns. The firm capitalized on April volatility to rotate into higher-conviction positions including robotics play Vishay Precision Group and copper producer Taseko Mines. Strong four-year track record of 12.84% annualized returns demonstrates ability to harvest inefficiencies in small-cap markets despite challenging environment.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 28 2026

2026 Q1

concentrated, Performance, Private Equity Alternative, small cap, value

Signia operates concentrated small and micro-cap value strategies as liquid private equity alternatives, targeting undervalued companies below $8 billion market cap. With 25-35 holdings each, the strategies focus on quality companies with strong balance sheets and catalysts in an inefficient market segment, delivering 28.66% annualized returns since inception versus 16.54% benchmark returns.

Feb 8 2026

2025 Q4

AESI, GDOT, METC, TBBK

catalysts, Coal, energy, Fintech, Microcap, Natural Gas, small cap, value

METC
AESI
GDOT

Signia delivered 35% net returns in 2025 by capitalizing on small-cap inefficiencies through catalyst-driven investing. The team successfully traded METC's rare earth discovery, initiated positions in energy infrastructure plays like AESI, and benefited from GDOT's strategic review. With 7 new buys in the second half and a robust opportunity set, the concentrated approach continues generating significant alpha over benchmarks.

Sep 30 2025

2025 Q3

ARHS, GLDD, HLX, OPRT, ORN, POWL, SEI, TGB, TTI, URG, UROY

Copper, Data centers, energy, infrastructure, small caps, uranium, value

Signia Capital Management's Small-Micro Value strategy delivered 30.27% annualized returns over 5 years, ranking top 1% among US equity strategies. The firm targets mispriced small-cap securities with company-specific catalysts, focusing on copper, energy infrastructure, and datacenter power themes. Strong performance driven by disciplined value approach in inefficient small-cap markets with significant opportunity set.

Jun 30 2025

2025 Q2

ARHS, FTK, GLDD, HMST, HZO, METC, OPRT, ORN, PGNY, RRGB, SEI, TGB, TRC, VPG

AI, Bottom-up, Copper, Microcap, Robotics, small caps, value

VPG
TGB
VPG
TGB

Signia's small-micro cap value strategy outperformed benchmarks in H1 2025, gaining 6.86% net versus negative benchmark returns. The firm capitalized on April volatility to rotate into higher-conviction positions including robotics play Vishay Precision Group and copper producer Taseko Mines. Strong four-year track record of 12.84% annualized returns demonstrates ability to harvest inefficiencies in small-cap markets despite challenging environment.

QUARTER	THEMES	TAGS
2026 Q1	Value Signia focuses on fundamental value investing in small and micro-cap companies, targeting undervalued securities with strong balance sheets and catalysts. The firm emphasizes quality companies trading at attractive valuations with EV/EBITDA multiples of 4-6x compared to private equity at 12.3x.	Value Undervalued Fundamental Quality Balance Sheet
	Small Caps The strategy targets companies with market capitalizations below $2 billion for small-micro cap and $400 million to $8 billion for small cap. The firm views this as an inefficient asset class with limited competition and significant opportunity for alpha generation.	Small Cap Micro Cap Inefficient Alpha Opportunity
2025 Q4	Africa Fund delivered exceptional performance with 67.21% returns in 2025, significantly outperforming the 44.7% benchmark. Portfolio companies show strong fundamentals with forward PE of 6.1x, dividend yield of 8.0%, and expected EPS growth of 19.2%. Manager emphasizes this represents genuine earnings growth rather than multiple expansion.	Frontier Markets Emerging Markets Equities Value Growth
	Liquidity Manager addresses investor concerns about African frontier market liquidity, explaining structural factors affecting trading volumes. Notes that foreign investor participation, local retail and institutional involvement all impact liquidity. Observes recent improvements in Nigeria and Kenya trading volumes from low bases.	Market Structure Trading Volumes Institutional Foreign Investment
	Capital Markets Discussion of African capital market development including recent IPO activity in Nigeria and privatization efforts in Kenya. Manager notes proliferation of new investment fund products in Tanzania creating equity demand. Highlights structural tailwinds from growing pension savings pools given Africa's young demographics.	IPOs Privatization Pension Funds Demographics Market Development
2025 Q3	Copper Copper market has favorable supply/demand outlook given lack of exploration over the past decade coupled with copper's important role in the transition to a greener economy. Electric vehicles require 3 times the amount of copper compared to internal combustion engines and could add 1-2% of incremental demand in an already tight copper market.	Copper Electric Vehicles Green Economy Supply Demand Mining
	Data Centers With nearly 4 year wait time for grid power connection, mobile power generation solutions provide behind the meter power and help alleviate grid access challenges many datacenter customers are facing. Significant end market demand driving growth in this sector.	Data Centers Power Generation Grid Infrastructure Mobile Power Energy Infrastructure
	Energy Portfolio includes significant exposure to energy infrastructure and services companies, particularly those benefiting from oil & gas, petrochemical, transportation, and LNG activity. Companies are seeing strong demand and record backlogs in these areas.	Energy Infrastructure Oil Gas LNG Petrochemicals Energy Services
	Uranium Portfolio includes uranium-focused holdings as part of the energy transition and nuclear power themes, with companies positioned to benefit from uranium market dynamics.	Uranium Nuclear Energy Transition Uranium Royalties Nuclear Power
2025 Q2	Copper North American copper producer Taseko Mines delivered strong performance driven by rising copper prices and company-specific developments. The Florence mine in Arizona is expected to begin production in mid-2026, nearly doubling Taseko's copper output from 120 million pounds in 2025 to 200 million pounds by 2027. With copper prices above $5 per pound, TGB is well positioned to grow earnings and cash flow.	Copper Mining Production Cash Flow Commodities
	AI Nearly every company the firm speaks with is focused on how they can leverage AI to accelerate their business and bring down costs. The firm has been experimenting with several AI models to accelerate idea generation and modeling over the last several months. The speed and depth of these AI tools is remarkable, with more commentary expected in future quarters.	AI Technology Automation Business Acceleration Cost Reduction
	Robotics VPG sees opportunity to accelerate growth given secular tailwinds from electrification and automation across industries. VPG management highlighted the critical need for VPG sensors in surgical robots as well as industrial and general purpose robots. The most notable application would be Tesla's Optimus robot, prototyped in 2022 and targeting production in 2026, featuring human-like dexterity for replacing humans in repetitive and dangerous factory work.	Robotics Automation Sensors Manufacturing Industrial
	Small Caps Small and microcap stocks have been more or less flat over the last four years, being out of favor. Despite this challenging environment, the firm has outperformed returning 62.13% net or 12.84% annualized over four years versus -3.09% and 3.87% total return for Russell Microcap Value and Russell 2000 Value respectively. The structural inefficiencies of the small and microcap universe should allow for harvesting low to mid double digit rates of return over the medium-to-long term.	Small Caps Value Inefficiencies Outperformance Long Term

QUARTER

THEMES

Value

Signia focuses on fundamental value investing in small and micro-cap companies, targeting undervalued securities with strong balance sheets and catalysts. The firm emphasizes quality companies trading at attractive valuations with EV/EBITDA multiples of 4-6x compared to private equity at 12.3x.

Value Undervalued Fundamental Quality Balance Sheet

Small Caps

The strategy targets companies with market capitalizations below $2 billion for small-micro cap and $400 million to $8 billion for small cap. The firm views this as an inefficient asset class with limited competition and significant opportunity for alpha generation.

Small Cap Micro Cap Inefficient Alpha Opportunity

2025 Q4

Africa

Fund delivered exceptional performance with 67.21% returns in 2025, significantly outperforming the 44.7% benchmark. Portfolio companies show strong fundamentals with forward PE of 6.1x, dividend yield of 8.0%, and expected EPS growth of 19.2%. Manager emphasizes this represents genuine earnings growth rather than multiple expansion.

Frontier Markets Emerging Markets Equities Value Growth

Liquidity

Manager addresses investor concerns about African frontier market liquidity, explaining structural factors affecting trading volumes. Notes that foreign investor participation, local retail and institutional involvement all impact liquidity. Observes recent improvements in Nigeria and Kenya trading volumes from low bases.

Market Structure Trading Volumes Institutional Foreign Investment

Capital Markets

Discussion of African capital market development including recent IPO activity in Nigeria and privatization efforts in Kenya. Manager notes proliferation of new investment fund products in Tanzania creating equity demand. Highlights structural tailwinds from growing pension savings pools given Africa's young demographics.

IPOs Privatization Pension Funds Demographics Market Development

2025 Q3

Copper

Copper market has favorable supply/demand outlook given lack of exploration over the past decade coupled with copper's important role in the transition to a greener economy. Electric vehicles require 3 times the amount of copper compared to internal combustion engines and could add 1-2% of incremental demand in an already tight copper market.

Copper Electric Vehicles Green Economy Supply Demand Mining

Data Centers

With nearly 4 year wait time for grid power connection, mobile power generation solutions provide behind the meter power and help alleviate grid access challenges many datacenter customers are facing. Significant end market demand driving growth in this sector.

Data Centers Power Generation Grid Infrastructure Mobile Power Energy Infrastructure

Energy

Portfolio includes significant exposure to energy infrastructure and services companies, particularly those benefiting from oil & gas, petrochemical, transportation, and LNG activity. Companies are seeing strong demand and record backlogs in these areas.

Energy Infrastructure Oil Gas LNG Petrochemicals Energy Services

Uranium

Portfolio includes uranium-focused holdings as part of the energy transition and nuclear power themes, with companies positioned to benefit from uranium market dynamics.

Uranium Nuclear Energy Transition Uranium Royalties Nuclear Power

2025 Q2

Copper

North American copper producer Taseko Mines delivered strong performance driven by rising copper prices and company-specific developments. The Florence mine in Arizona is expected to begin production in mid-2026, nearly doubling Taseko's copper output from 120 million pounds in 2025 to 200 million pounds by 2027. With copper prices above $5 per pound, TGB is well positioned to grow earnings and cash flow.

Copper Mining Production Cash Flow Commodities

AI

Nearly every company the firm speaks with is focused on how they can leverage AI to accelerate their business and bring down costs. The firm has been experimenting with several AI models to accelerate idea generation and modeling over the last several months. The speed and depth of these AI tools is remarkable, with more commentary expected in future quarters.

AI Technology Automation Business Acceleration Cost Reduction

Robotics

VPG sees opportunity to accelerate growth given secular tailwinds from electrification and automation across industries. VPG management highlighted the critical need for VPG sensors in surgical robots as well as industrial and general purpose robots. The most notable application would be Tesla's Optimus robot, prototyped in 2022 and targeting production in 2026, featuring human-like dexterity for replacing humans in repetitive and dangerous factory work.

Robotics Automation Sensors Manufacturing Industrial

Small Caps

Small and microcap stocks have been more or less flat over the last four years, being out of favor. Despite this challenging environment, the firm has outperformed returning 62.13% net or 12.84% annualized over four years versus -3.09% and 3.87% total return for Russell Microcap Value and Russell 2000 Value respectively. The structural inefficiencies of the small and microcap universe should allow for harvesting low to mid double digit rates of return over the medium-to-long term.

Small Caps Value Inefficiencies Outperformance Long Term

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Feb 8, 2026	Fund Letters	Richard Beaven	METC	Ramaco Resources, Inc.	Materials	Steel	Bull	New York Stock Exchange	Asset Mispricing, metallurgical coal, Preliminary Economic Assessment, production growth, Rare Earths	Login
Feb 8, 2026	Fund Letters	Richard Beaven	AESI	Atlas Energy Solutions Inc.	Energy	Oil & Gas Equipment & Services	Bull	New York Stock Exchange	data centers, Distributed Power, Frac Sand, Logistics Advantage, Low-cost producer	Login
Feb 8, 2026	Fund Letters	Richard Beaven	GDOT	Green Dot Corporation	Financials	Consumer Finance	Bull	New York Stock Exchange	Banking As A Service, Interim Ceo, strategic alternatives, takeover potential, valuation arbitrage	Login
Jun 30, 2025	Fund Letters	Signia Capital Management	VPG	Vishay Precision Group	Information Technology	Electronic Equipment, Instruments & Components	Bull	NYSE	Automation, Cyclical Recovery, Electrification, Industrial Processing, Medical devices, Precision Sensors, robotics, Surgical Robots, Tesla, Transportation, Value	Login
Jun 30, 2025	Fund Letters	Signia Capital Management	TGB	Taseko Mines	Materials	Metals & Mining	Bull	NYSE American	Asset Sale, cash flow growth, Copper, Environmental Technology, ISCR, Low-cost producer, Mining, North America, production growth, Supply-Demand, Value	Login
Jun 30, 2025	Fund Letters	Richard Beaven	VPG	Vishay Precision Group, Inc.	Information Technology	Electronic Components	Bull	NYSE	Automation, Catalysts, Electrification, growth, Margins, robotics, Sensors, valuation	Login
Jun 30, 2025	Fund Letters	Richard Beaven	TGB	Taseko Mines Limited	Materials	Copper	Bull	NYSE	cashflow, Copper, expansion, leverage, Liquidity, Mining, Production, valuation	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Feb 8, 2026

Fund Letters

Richard Beaven

METC

Ramaco Resources, Inc.

Materials

Steel

Bull

New York Stock Exchange

Asset Mispricing, metallurgical coal, Preliminary Economic Assessment, production growth, Rare Earths

Feb 8, 2026

Fund Letters

Richard Beaven

AESI

Atlas Energy Solutions Inc.

Energy

Oil & Gas Equipment & Services

Bull

New York Stock Exchange

data centers, Distributed Power, Frac Sand, Logistics Advantage, Low-cost producer

Feb 8, 2026

Fund Letters

Richard Beaven

GDOT

Green Dot Corporation

Financials

Consumer Finance

Bull

New York Stock Exchange

Banking As A Service, Interim Ceo, strategic alternatives, takeover potential, valuation arbitrage

Jun 30, 2025

Fund Letters

Signia Capital Management

VPG

Vishay Precision Group

Information Technology

Electronic Equipment, Instruments & Components

Bull

NYSE

Automation, Cyclical Recovery, Electrification, Industrial Processing, Medical devices, Precision Sensors, robotics, Surgical Robots, Tesla, Transportation, Value

Jun 30, 2025

Fund Letters

Signia Capital Management

TGB

Taseko Mines

Materials

Metals & Mining

Bull

NYSE American

Asset Sale, cash flow growth, Copper, Environmental Technology, ISCR, Low-cost producer, Mining, North America, production growth, Supply-Demand, Value

Jun 30, 2025

Fund Letters

Richard Beaven

VPG

Vishay Precision Group, Inc.

Information Technology

Electronic Components

Bull

NYSE

Automation, Catalysts, Electrification, growth, Margins, robotics, Sensors, valuation

Jun 30, 2025

Fund Letters

Richard Beaven

TGB

Taseko Mines Limited

Materials

Copper

Bull

NYSE

cashflow, Copper, expansion, leverage, Liquidity, Mining, Production, valuation

TICKER	COMMENTARY
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No ticker commentary found.

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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

Value

Small Caps

Africa

Liquidity

Capital Markets

Copper

Data Centers

Energy

Uranium

Copper

AI

Robotics

Small Caps

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Richard Beaven Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Signia Capital Management