The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Cedar Creek Partners returned 5.4% net in Q2 2026, bringing first-half returns to 12.6% versus 12.8% for the NASDAQ. The fund's 20-year track record shows 15.0% annualized returns net of fees. The portfolio trades at 7.3 times forward earnings and 4.2 times earnings net of cash, with weighted price-to-book of 1.0. The manager increased expert market exposure to 32.5% of assets, focusing on non-reporting companies restricted from retail trading. Four positions—Exco Resources (natural gas producer), Harbor Diversified (asset sale proceeds), PHI Group (helicopter services), and PD-Rx Pharmaceuticals—comprise 80% of expert market exposure. Community bank holdings reached 14% of assets, with top positions in Steele Bancorp, Skyline Bankshares, and River Financial Corp trading at 6-7 times earnings. Solitron Devices, where the manager serves as CEO, retained an investment banker to evaluate strategic alternatives. Cash declined from 13% to 9% as the manager deployed capital into existing positions. The fund continues to find attractive opportunities in illiquid microcap securities.
Cedar Creek Partners focuses on microcap and over-the-counter stocks trading at significant discounts to intrinsic value, with particular emphasis on expert market securities where trading restrictions create pricing inefficiencies and limited competition from retail investors.
The manager expects to continue allocating a meaningful portion of the portfolio to expert market stocks based on the belief that trading restrictions will generate satisfactory returns over time. The fund continues to find attractive uses for cash and has been patiently increasing positions in a number of companies. The manager states there is more attractive ideas than capital available.
As of Jul 29, 2026
Tim Eriksen is the founder and President of Eriksen Capital Management LLC and manages the private fund Cedar Creek Partners, established in 2006. He is a registered investment adviser representative in Washington and California with CRD number 2322255. Eriksen has an MBA from Texas A&M University and BA degrees from The Master's University. He has led several successful proxy battles resulting in board positions and serves as CEO of Solitron Devices Inc. and Chairman of PharmChem Inc.
Cedar Creek Partners applies a bottom-up value approach of looking for securities that are trading at a discount to their estimate of their intrinsic value. The fund believes excessive diversification leads to mediocre results and focuses primarily on micro and small cap equities. The ideal investment is growing its intrinsic value, has pricing power, minimal capital requirement, high margins, sales growth, and capable management. At the core of their investment philosophy is the belief that they can generate superior risk-adjusted returns by holding a more concentrated portfolio of under-valued securities.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The fund demonstrates high conviction through concentrated positioning in named holdings with explicit sizing: Exco Resources at 10%, Harbor Diversified at 8%, PHI Group at 5%, and PD-Rx at 3%. The manager provides detailed valuation analysis with specific price targets and catalysts for each major position. The willingness to hold illiquid expert market securities (32.5% of assets) and the manager's CEO role at Solitron (11% fund ownership) reflect strong conviction. However, the portfolio includes 15+ expert market names plus community banks, preventing a score above 0.85. The combination of concentration in top positions with detailed thesis work and personal capital commitment justifies a high-conviction score.
Growth Outlook
Market outlook remains low conviction: Cedar Creek delivered 6.8% in Q1 while indices fell on Middle East concerns. Portfolio trades at 7.2x forward earnings with strong positions in undervalued community banks and defe...
Risk Appetite
Risk appetite posture is moderate conviction: Cedar Creek delivered 6.8% in Q1 while indices fell on Middle East concerns. Portfolio trades at 7.2x forward earnings with strong positions in undervalued community banks and defe...
Capital Deployment
Cash declined from 13% to 9%, a reduction of 4 percentage points, indicating moderate deployment activity. The manager describes patiently increasing positions in a number of companies and states there are attractive uses for cash. However, cash at 9% remains modestly higher than preferred levels, and the deployment is characterized as patient rather than aggressive. This represents selective deployment activity but not urgent capital commitment, warranting a score in the moderate deployment range.
Forward Guidance
Forward guidance signal: Cedar Creek delivered 6.8% in Q1 while indices fell on Middle East concerns. Portfolio trades at 7.2x forward earnings with strong positions in undervalued community banks and defe...
Language Signal
The letter is dominated by opportunity language: incredibly attractive prices, attractive uses for cash, attractive acquisition candidates, attractive pricing opportunities, and fair value estimates that keep rising. The manager describes holdings trading at significant discounts to intrinsic value with specific upside targets (Exco at $22 vs $55-80 fair value, Harbor at $2.08 vs $3.50 cash). There is minimal risk language beyond brief mentions of cyber attacks and lawsuits. The net balance is meaningfully bullish in directional language.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Cedar Creek delivered 6.8% in Q1 while indices fell on Middle East concerns. Portfolio trades at 7.2x forward earnings with strong positions in undervalued community banks and defe...
Opportunity Density
The manager explicitly states the fund has more attractive ideas than capital and continues to find attractive uses for cash. The letter details multiple new positions and expanding holdings across expert market stocks and community banks. The manager describes building a basket of attractively priced community banks and patiently increasing positions in numerous companies. The language indicates a rich opportunity set in the microcap and expert market space, though selectivity is required. This reflects a broad opportunity environment within the fund's niche.
Time Horizon
The manager states the fund tries to build a portfolio with an attractive one to five year expected return and explicitly does not try to predict day-to-day movements. The focus on illiquid expert market securities and community banks as acquisition candidates implies a multi-year thesis. Specific catalysts mentioned (Harbor becoming SEC current, PHI tender, Solitron strategic alternatives, Queen City ranch sale) have 6-24 month timeframes. The 20-year track record and patient deployment language suggest comfort with longer holding periods, but the explicit one to five year framework and catalyst dependency prevent a score above 0.75.
Top Conviction Themes
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