| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 22.81% | 8.01% | 8.01% |
Kingdom Capital Advisors delivered strong Q1 2026 performance with an 8.01% net return, significantly outperforming major indices during a volatile quarter marked by Middle East conflicts and AI-driven software sector weakness. The fund's special situation strategy proved effective, with multiple anticipated catalysts materializing and successful exits from TSS, Energous, and SunOpta after achieving targeted returns. Key return drivers included a focus on undervalued small-cap investments in less-followed market areas, with new significant position in Alliance Entertainment following post-earnings dislocation. The physical media distributor offers attractive valuation at 6x EV/EBITDA with exclusive distribution agreements and strong insider alignment. Core holdings like UNFI continue to trade at attractive free cash flow yields above 10% with multiple earnings growth levers. Primary risks include ongoing geopolitical tensions and commodity cost pressures affecting certain holdings. The portfolio maintains balanced exposure to special situations and deep value investments, with the manager expecting continued activity given broad opportunity set relative to available capital.
Kingdom Capital Advisors employs a special situation strategy focused on undervalued small-cap investments in less-followed areas of the market, seeking to capitalize on corporate events, restructurings, and deep value opportunities while providing downside protection during volatile periods.
The manager expects to remain active in the current environment with an opportunity set that remains broader than available capital. The fund maintains a balanced portfolio of special situations and deep value investments positioned to generate attractive returns going forward.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 8 2026 | 2026 Q1 | AENT, KODK, MAGN, MLCI, NLOP, NVRI, STKL, TSSI, UNFI, WATT, WBD, WW, ZD | Distribution, Media, real estate, small caps, special situations, value |
AENT NLOP UNFI MAGN NVRI |
Kingdom Capital delivered 8.01% net returns in Q1 2026, outperforming indices during volatile conditions. Special situation strategy proved effective with successful exits from TSS, Energous, and SunOpta. New significant position in Alliance Entertainment offers attractive valuation with exclusive distribution agreements. Portfolio maintains balanced exposure to undervalued small-caps with broad opportunity set ahead. |
| Jan 7 2026 | 2025 Q4 | AIV, AKA, CRSXF, HRBR, MAGN, NLOP, NVRI, SUP, TSSI, UNFI, WW | concentrated, Liquidations, Microcap, special situations, Turnarounds, value | - | Kingdom Capital's microcap value strategy delivered 17.45% net returns despite significant adversity, outperforming Russell 2000 by 1,300+ basis points annually since inception. The concentrated portfolio combines special situations with 12-month catalysts and deeply undervalued businesses generating strong free cash flow, positioned for compelling returns as valuation gaps close. |
| Oct 9 2025 | 2025 Q3 | AIV, AKA, FGF, GCO, HRBR, MAGN, NLOP, UNFI, UNTC, VNTRF, WW | cybersecurity, Liquidations, real estate, small caps, special situations, tariffs, value |
UNFI US AIV US GCO US WW US MAGN US AKA US |
Kingdom Capital delivered 20.78% in Q3 through overlooked value opportunities and special situations. Portfolio split between asset liquidation plays with 25-100% upside potential and traditional value stocks at 10x forward earnings. Strong execution despite tariff headwinds and cyber-attacks. Focus on differentiated research in neglected companies where few analysts compete, avoiding crowded macro themes. |
| Jul 14 2025 | 2025 Q2 | AACT, AKA, CCCM, CLBR, LION, MAGN, NLOP, OACC, STRZ, SUP, TACO, UNFI, X | Microcap, real estate, SPACs, tariffs, value, volatility |
AKA UNFI MAGN NLOP SUP AKA UNFI MAGN NLOP |
Microcap specialist delivered -3.61% in Q2 amid tariff volatility and company-specific setbacks including Superior Industries customer losses and UNFI cyber-attack. Despite near-term headwinds, strategy maintains 16.37% annualized returns since inception versus 1.46% for Russell 2000. Profitable SPAC trading and NLOP asset sales provide catalysts while concentrated approach targets exceptional returns through outcome dispersion. |
| Apr 14 2025 | 2025 Q1 | AKA, CLBR, CRSXF, HCC, IPI, MAGN, NLOP, NVRI, OACC, SUP, UNFI, UNTC, VNTRF | Autos, Coal, Natural Gas, real estate, small caps, tariffs, Trade Policy, value | - | KCA outperformed benchmarks despite Corsa Coal bankruptcy, navigating tariff-driven volatility by maintaining defensive positioning in hard assets. Superior Industries faces auto tariff pressure but manager expects policy adjustments. Sold coal exposure due to China retaliation, re-entered natural gas on price strength. Higher cash levels and consolidated positions prepare for opportunities when trade uncertainty resolves. |
| Jan 21 2025 | 2024 Q4 | ENZ, GLXZ, HCC, MAGN, NLOP, NPK, RGS, SCOR, SUP, TSSI, UNFI, UNTC | AI, Coal, Concentration, defense, Distribution, small caps, turnaround, value |
NLOP UNFI SUP MAGN NPK TSSI |
Kingdom Capital Advisors' concentrated small-cap value strategy delivered 2.07% in Q4, driven by turnaround stories like United Natural Foods and defense contractor National Presto Industries. The fund targets undervalued situations trading below liquidation value, with largest holding NLOP expected to realize remaining upside in 2025. New AI and industrial positions expand the opportunity set while maintaining disciplined value approach. |
| Oct 8 2024 | 2024 Q3 | ECRO, GENK, GLXZ, GTIM, HCC, NLOP, RRGB, SCOR, SUP, UNFI, VAL | Coal, Microcap, real estate, Restaurants, small caps, value |
NLOP HCC UNFI ECRO |
Kingdom Capital returned 2.51% in Q3 focusing on neglected small caps totaling $10B market cap. Largest position NLOP executing successful liquidation while metallurgical coal investments benefit from supply constraints driving steel producers to pay premium valuations. Restaurant portfolio generates strong cash flows with Good Times at 20% yield and GEN expanding aggressively. |
| Oct 7 2022 | 2024 Q2 | ABLLW, EVC, HBI, NLOP, RGS, SUP | Debt, liquidation, Refinancing, small caps, value |
NLOP SUP |
Kingdom Capital delivered strong Q2 returns through concentrated small cap value investing, highlighted by Regis Corporation's 300% debt refinancing gain. The fund's top position NLOP continues liquidating office properties while Superior Industries offers 600% upside potential pending refinancing. Despite small cap underperformance, the strategy of buying underpriced liquidation and refinancing situations continues generating alpha. |
| Apr 26 2024 | 2024 Q1 | ABL, CRSXF, EVC, GENK, HBI, NLOP, PLCE, RGS, TDW, VNTRF | distressed, Media, real estate, SmallCap, turnaround, value | EVC | Kingdom Capital outperformed in Q1 by avoiding momentum names and focusing on ignored value opportunities. Major portfolio changes included exiting Children's Place and adding Entravision, a media company trading below the value of its spectrum assets alone. Strong performance from Net Lease Office Properties validates the liquidation thesis. Rich opportunity set enables consolidation into higher-conviction positions. |
| May 1 2024 | 2023 Q4 | ABL, ABLLW, AMRK, ARCH, CRSXF, HCC, NLOP, PLCE, SCOR, UNTC | Coal, contrarian, energy, real estate, small caps, special situations, value | NLOP | Kingdom Capital delivered 34% returns in 2023 through value investing in out-of-favor sectors. The fund rotated out of top contributors Unit Corporation and A-Mark due to deteriorating outlooks, while adding Net Lease Office Properties as a compelling spin-off opportunity. The manager maintains conviction in finding mispriced value despite elevated market levels. |
| Apr 10 2023 | 2023 Q3 | ABL, CKX, CRSXF, HCC, PLCE, SENEA, SUP, UNTC | Coal, Concentration, Patience, small caps, undervaluation, value | - | Kingdom Capital delivered 18.19% net returns in Q3 2023, outperforming Russell 2000 by over 23%, driven by coal positions benefiting from 30% metallurgical coal price surge. The concentrated small-cap value fund focuses on companies trading below intrinsic value with downside protection, maintaining 15% cash while rotating into new opportunities including Abacus Life and Warrior Met Coal. |
| Jul 24 2023 | 2023 Q2 | AMRK, ARCH, PLCE, SUP, UNTC, VHI | Buybacks, Coal, energy, Precious Metals, retail, small caps, value |
AMRK PLCE CTLP|SUPN|VC |
Kingdom Capital targets undervalued small-caps with specific catalysts. Q2 saw mixed performance with A-Mark and Unit contributing while coal positions struggled. Manager increased retail exposure via Children's Place and Superior Industries, viewing both as mispriced recovery plays. Coal sector remains attractively valued despite headwinds. Fund maintains concentrated approach seeking revaluation opportunities. |
| Apr 11 2023 | 2023 Q1 | AMRK, ARCH, DOLE, PDER, UNTC | Banking Crisis, dividends, energy, Precious Metals, small caps, value |
AMRK UNTC ARCH PDER |
Kingdom Capital's concentrated small-cap value strategy delivered 4.77% in Q1 despite banking sector volatility driving rotation away from small caps. The fund doubled down on A-Mark Precious Metals during historic bullion demand spikes and maintains energy positions generating substantial cash flows at attractive valuations, emphasizing patient capital in misunderstood, cash-generative businesses. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Special SituationsThe fund focuses on special situation investments including corporate restructurings, spin-offs, and event-driven opportunities. Multiple catalysts came to fruition during the quarter, with successful exits from TSS, Energous, and SunOpta after achieving targeted returns. The strategy provides meaningful downside protection and uncorrelated returns during volatile periods. |
Restructuring Event-driven Catalysts Spin-offs Turnarounds |
ValueThe portfolio maintains a focus on deep value investments trading at attractive valuations relative to fundamentals. Holdings like UNFI trade at attractive free cash flow yields above 10%, while Alliance Entertainment trades at approximately 6x EV/EBITDA with growth potential. The manager seeks undervalued situations in less-followed areas of the market. |
Deep value Free cash flow Undervalued Fundamentals Valuation | |
MediaAlliance Entertainment represents a significant new position focused on physical media distribution including DVDs, vinyl, and CDs. The category has evolved toward collectibles supporting renewed growth, with exclusive distribution agreements with Paramount and Amazon/MGM. Record-breaking vinyl releases from major artists like Harry Styles and BTS are driving performance. |
Physical media Vinyl Distribution Entertainment Collectibles | |
| 2025 Q4 |
MicrocapManager validates concentrated microcap value strategy despite significant adversity including bankruptcy, customer losses, and cyber-attacks. Demonstrates edge comes from exploiting inefficiency rather than avoiding volatility through active management and disciplined position sizing. |
Microcap Value Concentration Overlooked Research |
Special Situations40% of capital allocated to special situations with clear 12-month catalysts including liquidations and asset sales. NLOP and AIV expected to return substantial capital as property sales finalize, with dividends potentially exceeding entire cost basis in H1 2026. |
Liquidations Asset Sales Catalysts Dividends Real Estate | |
CybersecurityUnited Natural Foods experienced cyber-attack in June that paralyzed operations for over a week and sent stock down 25%. Manager doubled down on position after understanding scope, creating largest portfolio gains for the year. |
Cyber Attack UNFI Opportunity Conviction Recovery | |
ValuePortfolio trades at conservative multiple to forward earnings with most businesses generating significant free cash flow. Manager expects valuation gap combined with incentivized management teams creates compelling risk/reward regardless of macro conditions. |
Valuation Free Cash Flow Discount Intrinsic Value Management | |
| 2025 Q3 |
ValueThe fund focuses on overlooked companies trading at significant discounts to intrinsic value. Traditional holdings trade at about 10x estimated forward earnings versus 30x trailing twelve months earnings, with most trading below book value and less than 10x estimated cash flow. |
Undervalued Discount Book Value Cash Flow Earnings |
Commercial Real EstateThe fund has significant exposure to real estate liquidation plays including Net Lease Office Properties and Apartment Investment Management Company. These special situation investments involve companies divesting undervalued assets with expected upsides ranging from 25% to over 100%. |
Liquidation Asset Sales Dividends Properties REITs | |
Trade PolicyTariffs have significantly impacted portfolio companies, creating both challenges and opportunities. The fund experienced drawdowns from tariff vulnerability but also found opportunities in companies successfully navigating the tariff environment like Genesco. |
Tariffs Trade Flows Supply Chain China Vulnerability | |
CybersecurityUnited Natural Foods suffered a cyber-attack that paralyzed their distribution network for over 10% of the quarter, yet management exceeded sales guidance. The cyber event appears mostly covered by insurance and has strengthened customer relationships. |
Cyber Attack Insurance Distribution Recovery Resilience | |
| 2025 Q2 |
SPACsManager actively traded pre-deal SPACs in Q2, generating profitable returns from Colombier, Columbus Circle, Berto, and Oaktree positions. Currently holds Ares Acquisition Corporation set to merge with Kodiak Robotics. SPACs provided roughly 3% boost to Q2 returns and represent a proven fertile hunting ground for the strategy. |
Pre-deal Merger Arbitrage Special situations Trading |
Small CapsPortfolio focused on microcap investing with concentrated positions that magnify individual stock impacts. Manager accepts heightened volatility in pursuit of exceptional returns, noting microcap investing offers extraordinary opportunity due to large outcome dispersions rarely found in established firms. Strategy has delivered 16.37% annualized returns since inception versus 1.46% for Russell 2000. |
Microcap Concentrated Volatility Outperformance Russell 2000 | |
Trade PolicyTariff uncertainty significantly impacted portfolio performance, with 145% tariffs on China briefly enacted affecting holdings like a.k.a. Brands and Magnera Corporation. Manager actively traded to mitigate tariff impacts and notes companies are diversifying sourcing to soften future tariff effects. |
Tariffs China Sourcing Uncertainty Mitigation | |
Commercial Real EstateNet Lease Office Properties represents a significant position with company selling vacant Woodlands property and close to selling Google, JPM Dallas, and PPD buildings. Combined sales should generate more than $100M for shareholders, with manager expecting NLOP to trade near 20% aggregate cap rate after sales complete. |
Net lease Property sales Cap rates Asset value Discount | |
| 2025 Q1 |
Trade PolicyQ1 was dominated by tariff discussions as Trump's administration demonstrates more follow-through than his first term. The manager analyzes specific impacts on portfolio holdings, particularly auto tariffs affecting Superior Industries, and expects policy adjustments due to consumer cost concerns. |
Tariffs China USMCA Protectionism Auto |
AutosSuperior Industries faces acute pressure from auto tariffs, with analysis showing moving 10% of auto supply chain to US would take three years and cost over $100B. Manager expects tariff adjustments as current levies would eliminate automaker profits and raise consumer prices. |
Wheels Supply Chain Production EBITDA Leverage | |
CoalCorsa Coal bankruptcy created 3.5% headwind for the quarter. Warrior Met Coal was sold due to trade war concerns as China directly targeted US coal in retaliatory tariffs, with 99% export exposure making the position vulnerable to further escalation. |
Metallurgical Exports Bankruptcy Retaliation Blue Creek | |
Natural GasUnit Corporation was re-entered as natural gas prices increased with curve fluctuating around $4 mark. The company sold forward much of their expected gas production above $4 near March pricing peak, with drilling rigs generating hefty cash flow. |
Drilling Liquidation Oklahoma Hedging Cash Flow | |
SPACsParked cash into two SPACs (CLBR and OACC) trading near cash in trust with limited downside and attached optionality. Manager likes having cash exposure with upside potential, with Newsmax's 2,000% IPO surge serving as catalyst for space revisit. |
Cash Optionality Trust IPO Newsmax | |
Commercial Real EstateNet Lease Office Properties is marketing their best Venice Beach asset for expected $50m, enough to begin shareholder distributions. Extended JP Morgan lease in Tampa that was set to expire, extending runway of assets priced with no terminal value. |
Office Venice Beach Distributions Terminal Value Lease | |
| 2024 Q4 |
Small CapsKCA applies a concentrated approach to small cap investing, with the Russell 2000 serving as their benchmark. The manager notes that small cap stocks experienced a Trump rally in November that reversed by year-end. Since inception, small caps have returned about 7% cumulatively versus 89% for KCA. |
Russell 2000 Concentration Outperformance Benchmark Value |
ValueThe fund seeks investments trading below liquidation value with significant upside potential, as demonstrated by NLOP purchased below anticipated liquidation value. The manager focuses on finding undervalued situations like Enzo Biochem trading below cash value and Superior Industries facing temporary headwinds. |
Liquidation Value Undervalued Cash Value Discount Upside | |
Food DistributionUNFI represents a significant turnaround story in grocery distribution, with the manager expecting margin improvement from 2.5% industry standards. The business benefits from counter-cyclical dynamics as consumers trade down from restaurants during economic stress. Management is consolidating distribution centers and improving supplier agreements. |
Turnaround Margins Counter-cyclical Consolidation EBITDA | |
DefenseNational Presto Industries derives 75% of revenues from 40mm ammunition sales, with defense backlog doubling over nine months. The manager expects this backlog to convert into approximately $200 million of cash flow over three years, representing significant revenue acceleration in FY25. |
Ammunition Backlog Defense Spending Revenue Growth Cash Flow | |
AITSS Incorporated became the fund's AI investment, benefiting from Dell's demand for server racks and involvement with xAI. The company grew revenue almost 700% in the most recent quarter, though trading at 30x run-rate earnings. Data center demand represents a significant tailwind for 2025. |
Data Centers Server Racks Revenue Growth xAI Infrastructure | |
Metallurgical CoalThe fund has significantly benefited from metallurgical coal positions since launch, though experiencing extended periods of sideways trading. Warrior (HCC) exemplified this volatility, starting Q4 around $60, trading up to $75, and ending under $55, highlighting the challenge of timing these cyclical investments. |
Cyclical Volatility Timing Performance Commodity | |
| 2024 Q3 |
Metallurgical CoalPremium metallurgical coal market is undersupplied with major steel producers paying $300m+ per million tons of annual production. Japanese and Indian steel companies are aggressively acquiring coal assets at valuations exceeding current Warrior Met Coal pricing. |
Steel Mining Commodities Supply Margins |
RestaurantsInvesting across restaurant chains including Red Robin, Good Times, and GEN Restaurant Group. Good Times trades at 20% free cash flow yield while GEN is self-funding aggressive expansion to double footprint in 24 months. |
Cash Flow Expansion Profitability Yield Growth | |
Small CapsFocus on off the beaten path investments in small companies with total portfolio market cap of $10B, representing 1/300th of Nvidia or Apple. Targeting corners of the market that fail to garner attention of larger securities. |
Concentration Valuation Neglected Opportunity Focus | |
| 2024 Q2 |
Small CapsThe fund focuses on small cap stocks despite their underperformance relative to mega-cap technology stocks. The manager notes that small caps struggle to garner interest while the S&P 500 and NASDAQ continue to reach new highs. The fund eagerly awaits an investing environment where small caps experience relative strength. |
Russell 2000 Underperformance Value Concentration |
ValueThe fund employs a value-oriented stock-picking strategy, seeking underpriced opportunities. Examples include NLOP trading below liquidation value and Superior Industries offering significant upside potential at current valuations. The manager emphasizes finding situations where market cap increases represent only a fraction of underlying value creation. |
Liquidation Undervalued Margin of Safety Mispricing | |
Commercial Real EstateNet Lease Office Properties represents the fund's top position, actively liquidating their portfolio of office buildings. Sales have progressed rapidly, allowing substantial debt reduction. The manager expects regular and special distributions to be a catalyst for re-rating shares once debt is fully retired. |
Office Buildings Liquidation Debt Reduction NLOP | |
| 2024 Q1 |
ValueManager focuses on vetting ideas most ignore rather than predicting the next big thing. Portfolio includes distressed situations like Children's Place and undervalued assets like Entravision's spectrum holdings. Emphasis on finding mispriced opportunities with significant torque potential. |
Distressed Undervalued Mispriced Torque Contrarian |
MediaSignificant allocation to Entravision, a media company with TV and radio operations, digital assets, and valuable spectrum holdings. Manager sees value in legacy cash-generating media assets while awaiting spectrum monetization through future FCC auctions. |
Broadcasting Spectrum Television Radio Political | |
Commercial Real EstateInvestment in Net Lease Office Properties, which is liquidating office properties at favorable prices. Company announced four sales at higher than anticipated prices and secured lease extensions, with most valuable assets yet to be liquidated. |
Office Liquidation REIT Property Spin-off | |
| 2023 Q4 |
CoalManager holds positions in Corsa Coal and previously Arch Resources, rotating into Warrior Met Coal. Coal was both a top contributor (Warrior Met) and detractor (Corsa Coal) during the period. Manager views coal as part of their value-oriented approach to out-of-favor sectors. |
Coal Energy Commodities Value Cyclical |
ValueManager explicitly describes their approach as finding opportunities where market is mispricing values, particularly in hated sectors. They engage in dumpster diving in out-of-favor areas like office REITs and coal, seeking disconnects between market price and fundamental value. |
Value Mispricing Contrarian Fundamentals | |
Commercial Real EstateManager initiated a new position in Net Lease Office Properties (NLOP), a spin-off from W.P. Carey's office holdings. Despite avoiding office REITs throughout 2023, they found compelling value in this specific situation with 97% occupied properties and investment-grade tenants. |
Office REITs Spin-off Real Estate | |
Precious MetalsManager held and traded A-Mark Precious Metals, adding significantly in March at around $28. They exited the position due to concerns about Q2 earnings estimates being too high and expect opportunities to re-enter at lower prices. |
Gold Precious Metals Trading | |
Natural GasManager held Unit Corporation, an oil and gas producer, as their largest contributor for the full year. However, they exited due to weak commodity price outlook and forward curves for gas and oil looking unattractive, with Unit beginning 2024 unhedged. |
Natural Gas Oil Energy Commodities | |
| 2023 Q3 |
CoalQ3 returns strongly benefited from coal positions as seasonal weakness in metallurgical coal prices ended in August with indexes rising over 30% in a month. Demand for the key steelmaking component continues to increase while no significant supply response has occurred. With new mining equipment and labor in short supply, positions are poised to earn significant returns even if prices drop back to August lows. |
Metallurgical Coal Steel Mining Commodities Supply |
ValueThe fund focuses on finding companies trading well below intrinsic value with appropriate margin of safety. Examples include The Children's Place trading at only a few times normal earnings power despite maintaining expectations to earn over $5/share in the second half of 2023. The most difficult part of finding inefficiencies in public markets is having patience to see if the market will agree with your assessment. |
Undervalued Intrinsic Value Margin of Safety Inefficiencies Patience | |
Small CapsDespite small cap stocks continuing to underperform larger indices, several holdings excelled in Q3. The fund actively manages a small-cap strategy and seeks patient investors interested in this approach. Each company is evaluated for downside protection in the event of a recession. |
Russell 2000 Underperformance Downside Protection Active Management | |
| 2023 Q2 |
CoalManager expects significant outperformance among coal stocks once the broader market realizes how the global cost curve has increased. Arch Resources continues to struggle despite being expected to earn over $50 per share between 2023 and 2024 while trading at $115. Coal sector remains out of favor with stocks fluctuating on fears about China, recessions, and seasonality. |
Thermal Coal Metallurgical Coal Energy Commodities Value |
BuybacksA-Mark Precious Metals pivoted to repurchasing shares for the first time since authorization in 2018, buying at $29/share in February 2023. This establishes a floor price where the company views buybacks favorably and represents a maturing of their business plan with sufficient free cash flow for dividends, buybacks, and acquisitions. |
Capital Allocation Shareholder Returns Cash Flow Value | |
ApparelThe Children's Place was mostly left for dead after cotton and freight costs pummeled them in 2022, but these headwinds have abated. The company expects to earn around $5/share in just the second half of 2023 and trades for less than $30. Spending on children is less discretionary than other economic sectors. |
Retail Consumer Recovery Value | |
| 2023 Q1 |
GoldA-Mark Precious Metals benefits from increased demand for precious metals during market panics and banking fears. March bullion sales reached historic highs following bank failures, with peers reporting overwhelming demand. The company profits when precious metal demand outpaces supply, which has been the case for most of the last three years. |
Bullion Precious Metals Gold Silver Banking Crisis |
CoalMetallurgical coal remains essential for steel manufacturing needed for electric vehicles, solar panels, and wind turbines. Labor and equipment costs have dramatically increased since 2020, providing competitive advantages for low-cost producers like Arch Resources. The company generates exceptional cash while trading at only 2x expected cash flow. |
Metallurgical Coal Steel Mining Energy Transition Cash Flow | |
Natural GasUnit Corporation's oil and gas business is positioned to grow earnings in 2023 despite cyclical price declines. The company sold oil at $57.48 per barrel in 2022 due to hedges, versus market prices of $94.28. For 2023, less production is hedged at higher average prices, while the rig segment is expected to realize significant earnings. |
Oil Gas Hedging Drilling Energy | |
DividendsThe portfolio emphasizes companies with strong dividend policies and special distributions. Unit Corporation paid a $10 per share dividend in January with an additional $2.50 planned for Q2. Pardee Resources distributed a $20 per share special dividend in December, continuing their long-term record of returning value to shareholders. |
Special Dividends Cash Returns Shareholder Returns Income Distribution |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 24, 2023 | Fund Letters | Kingdom Capital Advisors | PLCE | The Children's Place | Consumer Discretionary | Apparel Retail | Bull | NASDAQ | Children's Apparel, defensive, Digital transformation, e-commerce, Equity, retail, turnaround | Login |
| Jul 24, 2023 | Fund Letters | Kingdom Capital Advisors | CTLP|SUPN|VC | Superior Industries | Consumer Discretionary | Auto Parts & Equipment | Bull | NYSE | Auto parts, Automotive Recovery, capital structure, cash flow, Electric Vehicles, Equity, Wheels | Login |
| Jul 24, 2023 | Fund Letters | Kingdom Capital Advisors | AMRK | A-Mark Precious Metals | Materials | Precious Metals & Minerals | Bull | NASDAQ | Banking Turmoil, Bullion, cash flow, DTC, Equity, Precious Metals, Share Buybacks | Login |
| Apr 11, 2023 | Fund Letters | Kingdom Capital Advisors | PDER | Pardee Resources | Real Estate | Specialized REITs | Bull | OTC | agriculture, asset value, cash generation, Coal Royalties, natural gas, Natural Resources, Patient Capital, Solar Credits, Special dividend, Timber | Login |
| Apr 11, 2023 | Fund Letters | Kingdom Capital Advisors | AMRK | A-Mark Precious Metals | Materials | Precious Metals & Minerals | Bull | NASDAQ | acquisition strategy, Banking Crisis, Bullion Dealer, direct-to-consumer, e-commerce, Gold, market uncertainty, Mints, Precious Metals, Silver, Value | Login |
| Apr 11, 2023 | Fund Letters | Kingdom Capital Advisors | UNTC | Unit Corporation | Energy | Oil & Gas Exploration & Production | Bull | NYSE | Contract Drilling, Cyclical, dividend, energy, Exploration & Production, hedging strategy, Oil & Gas, Share Buybacks, Value | Login |
| Apr 11, 2023 | Fund Letters | Kingdom Capital Advisors | ARCH | Arch Resources | Energy | Coal & Consumable Fuels | Bull | NYSE | cash generation, Coal Mining, contrarian, energy transition, Low-cost producer, metallurgical coal, renewable energy, steel manufacturing, Value | Login |
| Apr 8, 2026 | Fund Letters | Kingdom Capital Advisors | MAGN | Magnera Corporation | Household & Personal Products | Specialty Chemicals | Bull | New York Stock Exchange | Commodity costs, hedging strategies, industrial applications, Magnesium, materials, specialty chemicals, Value | Login |
| Apr 8, 2026 | Fund Letters | Kingdom Capital Advisors | NVRI | Enviri Corporation | Waste Management | Environmental & Facilities Services | Bull | New York Stock Exchange | Asset Divestiture, business separation, Cash-Return, Clean Earth, environmental services, Special Situation, Sum-of-parts | Login |
| Apr 8, 2026 | Fund Letters | Kingdom Capital Advisors | AENT | Alliance Entertainment | Entertainment | Distributors | Bull | NASDAQ | collectibles, Content Distribution, Distribution, DVDs, entertainment, insider ownership, physical media, Short squeeze, Special Situation, Value, Vinyl Records | Login |
| Apr 8, 2026 | Fund Letters | Kingdom Capital Advisors | NLOP | Net Lease Office Properties | REIT - Office | Office REITs | Bull | New York Stock Exchange | asset monetization, dividend income, Liquidation Play, office properties, Real Estate, REIT, Special Situation, Suburban Office | Login |
| Apr 8, 2026 | Fund Letters | Kingdom Capital Advisors | UNFI | United Natural Foods | Food Distribution | Food Distributors | Bull | New York Stock Exchange | food distribution, Free Cash Flow, margin expansion, Natural Foods, Organic Foods, share repurchases, turnaround, Value | Login |
| Oct 9, 2025 | Fund Letters | David Bastian | WW US | WW International, Inc. | Consumer Discretionary | Personal Products | Bull | NASDAQ | GLP-1, growth, healthcare, Partnerships, restructuring, Weight loss, Wellness | Login |
| Oct 9, 2025 | Fund Letters | David Bastian | MAGN US | Magnera Corp. | Materials | Metals & Mining | Bull | NYSE | energy, Industrials, Margins, Metals, recovery, restructuring, tariffs | Login |
| Oct 9, 2025 | Fund Letters | David Bastian | AKA US | a.k.a. Brands Holding Corp. | Consumer Discretionary | Apparel Retail | Bull | NYSE | Alignment, fashion, growth, Margins, retail, tariffs, valuation | Login |
| Oct 9, 2025 | Fund Letters | David Bastian | UNFI US | United Natural Foods, Inc. | Consumer Staples | Food Distributors | Bull | NYSE | cash flow, deleveraging, food distribution, Margins, recovery, resilience, valuation | Login |
| Oct 9, 2025 | Fund Letters | David Bastian | AIV US | Apartment Investment and Management Co. | Real Estate | Residential REIT | Bull | NYSE | asset sales, dividends, Liquidation, NAV, Real Estate, recovery, REIT, Value | Login |
| Oct 9, 2025 | Fund Letters | David Bastian | GCO US | Genesco Inc. | Consumer Discretionary | Apparel Retail | Bull | NYSE | Apparel, cash flow, growth, recovery, retail, turnaround, valuation | Login |
| Jul 14, 2025 | Fund Letters | David Bastian | AKA | a.k.a. Brands Holding Corp. | Consumer Discretionary | Apparel Retail | Bull | New York Stock Exchange | ecommerce, fashion, Margins, Sourcing, tariffs | Login |
| Jul 14, 2025 | Fund Letters | David Bastian | UNFI | United Natural Foods, Inc. | Consumer Staples | Food Distributors | Bull | New York Stock Exchange | cybersecurity, Distribution, guidance, Margins, turnaround | Login |
| Jul 14, 2025 | Fund Letters | Kingdom Capital Advisors | NLOP | Net Lease Office Properties | Real Estate | Office REITs | Bull | NYSE | asset sales, cap rate, Liquidation, NAV discount, Office REIT, Real Estate Monetization, Share Buyback | Login |
| Jul 14, 2025 | Fund Letters | David Bastian | MAGN | Magnera Corporation | Materials | Specialty Chemicals | Bull | New York Stock Exchange | Cyclicality, earnings, Insiders, materials, tariffs | Login |
| Jul 14, 2025 | Fund Letters | David Bastian | NLOP | Net Lease Office Properties | Real Estate | Office REITs | Bull | New York Stock Exchange | Assetsales, buybacks, Caprate, Offices, REIT | Login |
| Jul 14, 2025 | Fund Letters | Kingdom Capital Advisors | MAGN | Magnera Corporation | Materials | Steel | Bull | NYSE | Earnings Power, insider buying, market leader, put options, Steel Processing, tariff impact, Trough Valuation | Login |
| Jul 14, 2025 | Fund Letters | Kingdom Capital Advisors | SUP | Superior Industries | Consumer Discretionary | Auto Parts & Equipment | Bear | NYSE | Aluminum Wheels, Auto parts, Customer concentration, manufacturing, Oem, Reshoring, Thesis Breakdown | Login |
| Jul 14, 2025 | Fund Letters | Kingdom Capital Advisors | UNFI | United Natural Foods | Consumer Staples | Food Distributors | Bull | NYSE | business transformation, cyber insurance, cyber-attack, EBITDA guidance, food distribution, Natural Foods, turnaround | Login |
| Jul 14, 2025 | Fund Letters | Kingdom Capital Advisors | AKA | a.k.a. Brands | Consumer Discretionary | Apparel Retail | Bull | NYSE | China Sourcing, direct-to-consumer, EBITDA margins, Fashion retail, Generation Z, Nordstrom Partnership, supply chain, tariffs | Login |
| Jan 21, 2025 | Fund Letters | Kingdom Capital Advisors | UNFI | United Natural Foods | Consumer Staples | Food Distributors | Bull | NYSE | cash flow, Counter-cyclical, Distribution Centers, food distribution, grocery, margin expansion, turnaround | Login |
| Jan 21, 2025 | Fund Letters | Kingdom Capital Advisors | SUP | Superior Industries | Consumer Discretionary | Auto Parts & Equipment | Bull | NYSE | Aluminum Wheels, Auto parts, automotive, EBITDA, manufacturing, Mexico, Poland, tariffs | Login |
| Jan 21, 2025 | Fund Letters | Kingdom Capital Advisors | MAGN | Magnera Corporation | Materials | Paper Products | Bull | NYSE | deleveraging, Free Cash Flow, materials, merger, Non-wovens, spinoff, synergies, Volume Recovery | Login |
| Jan 21, 2025 | Fund Letters | Kingdom Capital Advisors | NPK | National Presto Industries | Industrials | Aerospace & Defense | Bull | NYSE | Ammunition, backlog, cash flow, Defense, Military contracts, revenue acceleration, Small Appliances | Login |
| Jan 21, 2025 | Fund Letters | Kingdom Capital Advisors | NLOP | Net Lease Office Properties | Real Estate | Office REITs | Bull | NASDAQ | Liquidation, Net Lease, office properties, Property Sales, Real Estate, REIT, Uncorrelated Returns | Login |
| Jan 21, 2025 | Fund Letters | Kingdom Capital Advisors | TSSI | TSS Incorporated | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI, data centers, DELL, infrastructure, Revenue Growth, Server Racks, technology hardware, xAI | Login |
| Oct 8, 2024 | Fund Letters | Kingdom Capital Advisors | UNFI | United Natural Foods | Consumer Staples | Food Distributors | Bull | NYSE | cash flow, consumer staples, food distribution, grocery, Margins, Organic Foods, turnaround | Login |
| Oct 8, 2024 | Fund Letters | Kingdom Capital Advisors | HCC | Warrior Met Coal | Energy | Coal & Consumable Fuels | Bull | NYSE | Coking Coal, Commodities, energy, Margins, metallurgical coal, Mining, steel industry, Supply Shortage | Login |
| Oct 8, 2024 | Fund Letters | Kingdom Capital Advisors | NLOP | Net Lease Office Properties | Real Estate | Office REITs | Bull | NASDAQ | asset sales, cap rate, dividend, Liquidation, Net Lease, office properties, Real Estate, REIT | Login |
| Oct 8, 2024 | Fund Letters | Kingdom Capital Advisors | ECRO | ECC Capital | Energy | Coal & Consumable Fuels | Bull | OTC | cash flow, Coal Mining, deep value, Shell Company, Special Situation, Terminal Value, Wyoming | Login |
| Jul 10, 2024 | Fund Letters | Kingdom Capital Advisors | NLOP | Net Lease Office Properties | Real Estate | Office REITs | Bull | NASDAQ | asset sales, debt reduction, Liquidation, Office Buildings, REIT, Special Distributions, turnaround, Value | Login |
| Jul 10, 2024 | Fund Letters | Kingdom Capital Advisors | SUP | Superior Industries | Consumer Discretionary | Auto Parts & Equipment | Bull | NYSE | Auto parts, debt refinancing, EBITDA, EV Resilient, Free Cash Flow, manufacturing, Near-shoring, turnaround, Wheels | Login |
| Apr 11, 2024 | Fund Letters | Kingdom Capital Advisors | EVC | Entravision Communications Corporation | Communication Services | Broadcasting | Bull | NYSE | Asset Divestiture, broadcasting, dividend yield, media, Political advertising, Spanish-language, spectrum assets, Sum-of-parts, Value | Login |
| Jan 5, 2024 | Fund Letters | Kingdom Capital Advisors | NLOP | Net Lease Office Properties | Real Estate | Specialized REITs | Bull | NYSE | asset liquidation, contrarian, Investment-grade tenants, Liquidation, Net Lease, Office Real Estate, REIT, spinoff, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| UNFI | Our top contributors this quarter were United Natural Foods (UNFI). We remain constructive on United Natural Foods (UNFI), following its December investor day. The stock has rebounded nearly 50% from recent lows, supported by improving sentiment and early signs of shareholder-friendly capital allocation, including share repurchases. The company continues to trade at an attractive free cash flow yield (>10%), with multiple levers for earnings growth, including margin expansion and declining interest expense. |
| WATT | Energous Corporation (WATT) and Alliance Entertainment (AENT). Energous (WATT): A historically awful consumer products business, WATT has pivoted to supply chain tracking solutions. We initiated a position when the company's market capitalization approximated its cash balance, reflecting minimal expectations for the business. As the company secured meaningful contracts (including Walmart), the stock rerated significantly, rising from our ~$8 entry to over $20 at its peak. Following a dilutive capital raise by management, we exited the position with a return exceeding 100% over approximately two months. |
| AENT | A notable addition this quarter is Alliance Entertainment (AENT), where we built a significant position following a post-earnings dislocation. Alliance distributes physical media (DVDs, vinyl, and CDs) to over 35,000 retail locations and fulfills online orders for major retailers. Strong insider alignment, with over 90% ownership by insiders and employees. Estimated run-rate EBITDA of ~$60 million, implying ~6x EV/EBITDA with growth potential. Exclusive distribution agreement with Paramount, which has significantly boosted earnings in the past year. Benefits from record-breaking March releases from Harry Styles, BTS, and Bruno Mars. |
| MAGN | Our largest detractors were Magnera Corporation (MAGN). Magnera (MAGN) has retraced gains following its late-2025 rally, with market concerns focused on rising commodity costs. However, management has reiterated guidance and emphasized hedging strategies that mitigate input cost risk. While near-term performance has been frustrating, our fundamental view remains unchanged. |
| MLCI | Mount Logan Capital, Inc. (MLCI) and WW International (WW). |
| WW | Mount Logan Capital, Inc. (MLCI) and WW International (WW). |
| TSSI | TSS, Inc. (TSSI): Following a ~50% decline due to delayed rack integration volumes (highlighted in our Q4 letter), the company's results in March confirmed a successful facility ramp. The stock doubled from its lows, and we exited the position with gains, capping our third profitable cycle in this name over the past two years. |
| STKL | SunOpta (STKL): After meeting management at the ICR Conference, we developed conviction in the company's competitive positioning in shelf-stable plant-based milk and fruit snacks. We began building a position with the expectation it could become a core holding. However, the company agreed to be acquired for $6.50 per share shortly thereafter. While we would have preferred a larger position, the investment generated a return of nearly 50% in less than one month. |
| ZD | We also generated gains in shorter-duration positions, including Ziff Davis (ZD) (driven by a business divestiture) |
| KODK | and Kodak (KODK) (supported by improving profitability and balance sheet strength). |
| NLOP | We continue to hold a large position in Net Lease Office Properties (NLOP) as the company monetizes its remaining suburban office assets. While the sale price of its largest asset (KBR) was below expectations, we believe the remaining portfolio still offers over 20% of remaining upside, with resolution likely by year-end. Notably, cumulative dividends received have already exceeded our initial cost basis. |
| NVRI | Finally, Enviri (NVRI) continues to progress toward the sale of its Clean Earth segment, which we expect will return a substantial portion of our invested capital in cash. We believe the remaining business will be well-positioned post-transaction and will provide additional updates in future letters. |
| WBD | I am optimistic Paramount's recent buyout offer for Warner Brothers (WBD) will result in Alliance securing an even larger catalogue, which could push EBITDA closer to $100m run-rate. |
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