| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 4.74% | -5.38% | -5.38% |
Liberty Park Fund declined 5.38% in Q1 2026 versus Russell 2000's 0.89% gain, with shorts detracting 7.91% while longs contributed 1.55%. The manager attributes underperformance to market crowding from retail flows, AI-powered stock pickers, and passive indexing creating feedback loops that diminish fundamental analysis. Energy positions like Atlas Energy Solutions benefited from Iran conflict disrupting Strait of Hormuz traffic. The fund maintains a bearish view on AI infrastructure, arguing hyperscalers' $600+ billion combined 2026 capex exceeds operating profits and creates unsustainable dynamics. GPU clusters' short useful lives create massive depreciation drags, requiring $1.5-2T in incremental AI revenue by 2027 to sustain returns. The manager expects violent unwinding of current crowding similar to historical patterns, with potential catalysts including OpenAI revenue misses, IPO waves, or Gulf capital withdrawal. Despite near-term headwinds, they maintain conviction in their contrarian positioning against market euphoria while seeking undervalued small-cap opportunities.
Liberty Park maintains a contrarian stance against market crowding and AI infrastructure euphoria while positioning in undervalued small-cap opportunities with fundamental merit.
The manager expects the current market crowding to unwind violently as it has historically. They anticipate the AI infrastructure industry will face a reckoning similar to prior infrastructure supercycles, with multiple potential catalysts for re-rating including OpenAI revenue misses, IPO waves, or withdrawal of Gulf capital.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 28 2026 | 2026 Q1 | ACNT, AESI, KRT, NEOG, SWIM, XMTR | AI, Crowding, energy, Fundamental Analysis, Long/Short, small caps | - | Liberty Park declined 5.38% in Q1 as market crowding from AI-powered flows overwhelmed fundamental analysis. The fund maintains bearish AI infrastructure shorts despite underperformance, arguing hyperscaler capex exceeds profits and creates unsustainable dynamics requiring impossible revenue growth. Energy positions benefited from Iran conflict. Manager expects violent unwinding of current market crowding. |
| Jan 21 2026 | 2025 Q4 | ARQ, BELFB, LAKE, MEC, THRY, XMTR | AI, Bubble, fundamentals, Long/Short, Market Excess, small cap, technology, value |
BELFB MEC XMTR ARQ THRY |
Liberty Park Fund declined 7.36% in Q4 2025, maintaining contrarian positioning against the AI bubble. Despite trillions in AI spending, revenue generation remains minimal, creating unsustainable valuations reminiscent of dot-com excess. With Fed rate cuts nearing neutral, the manager expects inevitable market reset favoring fundamental analysis over speculation, positioning portfolios accordingly. |
| Oct 8 2025 | 2025 Q3 | BKTI, LMB, NSSC, WHR, XMTR | AI, Bubble, Long/Short, rates, small caps, Speculation, technology | - | Liberty Park underperformed in Q3 as speculative AI bubble pressured short book despite strong long performance. Manager sees dangerous speculation in profitless tech names trading at insane valuations but maintains disciplined positioning in real economy longs versus hype shorts. Rate cuts help fundamentals but inflate bubbles. |
| Jul 9 2025 | 2025 Q2 | AUR, BELFB, BLN, COMP, HQI, IONQ, LAKE, LBRT, LMB, NSSC, NVEE, NWL, QBTS, QUBT, SKY, SWIM, TTEK, WHR, WNC, XMTR | consumer, Long/Short, Manufacturing, Quantum, small cap, tariffs, technology, value |
XMTR NSSC SKY LAKE HAYPP.ST |
Liberty Park underperformed in Q2 as tariff volatility hurt some longs while speculative shorts surged. Core holding HAYPP Group dominates online nicotine pouch distribution with strong competitive moats and trades at attractive 8x 2028 EBITDA. Management expects tariff headwinds to resolve in Q3 and sees potential Fed cuts as positive catalysts while maintaining long bias. |
| Apr 17 2025 | 2025 Q1 | AUR, BKTI, BLN, INOD, LBRT, LESL, LMB, MTN, NSSC, RGTI, SEI, SOUN, STKL, SWIM, THRY, TITN, TTEK, VSEC, WNC, XMTR | Long/Short, security, small caps, tariffs, Trade Policy | NSSC | Liberty Park outperformed the Russell 2000 by nearly 600 basis points in Q1 2025 despite Trump's tariff announcements creating market volatility. Strong short alpha offset long position declines while the domestic-focused portfolio positions for trade policy benefits. Core holding Napco Security capitalizes on cellular radio transition with 90% margin recurring revenue. Manager expects brighter outlook ahead. |
| Jan 14 2025 | 2024 Q4 | AIOT, BLN.TO, CGNX, GTLS, HQI, INOD, INTT, IONQ, LMB, LWLG, MOD, NVEE, SOUN, SWIM, THRY, TITN, UPWK, WHR, XMTR, YOU | AI, energy, Long/Short, Manufacturing, small caps, Staffing, Trump | HQI | Liberty Park Fund capitalized on Trump election victory with concentrated small-cap positioning, delivering 5.90% versus 0.33% Russell 2000 returns. Fund remains bullish on domestic manufacturers and small-caps benefiting from Trump policies while shorting AI bubble names. Core thesis centers on franchise-based staffing model HireQuest trading at significant discount to peers. |
| Oct 31 2024 | 2024 Q3 | AUR, BLN.TO, CGNX, CLAR, CLW, ENS, ENVX, ETD, GTLS, HQI, INTT, ITI, KRNT, LMB, MEG, NVEE, SWIM, THRY, XMTR, YOU | Election, Long/Short, Manufacturing, Rate Cuts, small caps, technology | XMTR | Liberty Park Fund delivered 7.11% net returns in Q3 through long/short small cap strategy, benefiting from Fed rate cuts driving risk-on sentiment. Strong performance from SWIM and KRNT offset by short detraction. Manager reducing net exposure to zero ahead of election uncertainty while maintaining conviction in digital marketplace leader Xometry and other core holdings through Select Opportunities vehicle. |
| Jul 25 2024 | 2024 Q2 | BELFB, BLBD, BLN, CGNX, COHR, ENVX, ETD, HEES, INTT, ITI, KRNT, LMB, LWLG, NVEE, PRIM, RELL, SWIM, TGLS, THRY, WEAV | AI, Long/Short, small caps, technology, turnaround, value | KRNT | Liberty Park Fund outperformed during Q2's market decline through effective short positioning and risk management. The manager believes the AI bubble is deflating and expects continued rotation from mega-cap to small-cap stocks following mid-July's paradigm shift. They are extremely bullish on small caps, holding concentrated positions in undervalued names like turnaround candidate Kornit Digital. |
| Apr 18 2024 | 2024 Q1 | ASPN, BELFB, BLN.TO, COHR, ENS, ENVX, HEES, HQI, INTT, ITI, KRNT, LMB, LUNA, NVEE, POWL, PWFL, RELL, SWIM, TGLS, TWI | Industrial, Long/Short, small caps, technology, value |
LUNA BLN.TO |
Liberty Park's long/short small-cap fund declined 4.06% in Q1 primarily due to Luna Innovations' accounting issues, which the manager views as an overreaction. The fund maintains conviction in small-cap opportunities despite large-cap dominance, expecting Fed easing and eventual rotation to favor their strategy. Recent risk management upgrades are improving relative performance as markets struggle. |
| Jan 16 2024 | 2023 Q4 | AMWD, BELFB, BLN.TO, BLND, BXC, CMT, COHR, GPI, HAYW, HCC, HQI, INTT, ITI, KBR, KOP, KRT, LMB, TGLS, TH, VSH | Construction, industrials, Long/Short, rates, semiconductors, small caps, value | INTT | Liberty Park underperformed in Q4 as shorts rallied with rate-sensitive stocks, but the manager sees compelling opportunity in small caps trading at 13x P/E versus 19x for large caps. Historical data suggests 20%+ annual outperformance potential following similar underperformance periods. The fund maintains concentrated positioning while implementing volatility controls, expecting market strength as economic conditions improve through 2024. |
| Oct 20 2023 | 2023 Q3 | COHR, CVGI, HCC, HQI, HUBG, INTT, KRT, LBRT, LUNA, NR, POWL, TGLS, YOU | energy, Long/Short, risk management, Russell 2000, small caps, value | TGLS | Liberty Park outperformed Russell 2000 in Q3 through defensive positioning and short book contribution. Manager sees compelling small-cap opportunity with index delivering only 2% five-year returns and trading 30% below peaks. Despite macro headwinds including inflation and geopolitical risks, fund positioned to capitalize on small-cap undervaluation while implementing new risk management systems to reduce volatility. |
| Jul 19 2023 | 2023 Q2 | BELFB, BOWL, CBT, ETWO, EXP, ITI, KRT, LBRT, LMB, LUNA, NR, NVEE, POWL, SWIM, THRY, VSEC, VSH, WEAV, YOU, ZEUS | alpha, energy, inflation, Long/Short, small caps, technology, value | APG|DR CN|KITS CN|NRP|SYZ CN | Liberty Park delivered 14.60% Q2 returns by capitalizing on undervalued small-cap opportunities from 2022's market volatility. The fund maintains strong conviction in quality companies trading at single-digit multiples while expressing caution on macro conditions, expecting Fed hawkishness and inflation re-acceleration to pressure markets despite their positive outlook on specific holdings. |
| Apr 18 2023 | 2023 Q1 | ALTR, ATI, HEES, INTT, ITI, KRNT, LBRT, LSTR, LUNA, THRY, TITN, TWI, ZEUS | Banking Crisis, infrastructure, Long/Short, small cap, technology, value | HITI | Liberty Park Fund outperformed with 7.45% returns in Q1 2023 through successful long/short stock selection, particularly in semiconductor and AI-related names. However, managers are increasingly defensive due to banking system stress and bankruptcy risks, planning to keep net exposure below 30% while focusing on high-quality small-cap opportunities with idiosyncratic growth drivers. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIThe manager views AI infrastructure as an unsustainable supply-side explosion driven by hyperscaler competition rather than ROI fundamentals. They expect a structural collapse in capital returns as GPU clusters have short useful lives and massive depreciation. The industry needs $1.5-2T in incremental AI revenue by 2027 to sustain returns, which they view as unlikely given AI's trajectory toward commodity pricing. |
Infrastructure Hyperscalers Capex GPU |
EnergyOil-related positions performed well during the quarter as conflict with Iran brought Strait of Hormuz traffic to a standstill, benefiting energy infrastructure companies like Atlas Energy Solutions. The geopolitical tensions created favorable conditions for energy investments. |
Oil Geopolitical Infrastructure | |
IranThe conflict with Iran significantly impacted markets during the quarter, creating both opportunities in energy through oil price increases and challenges for other sectors through increased raw material costs and interest rates. The manager views this as a key driver of portfolio performance. |
Geopolitical Conflict Oil | |
| 2025 Q4 |
AfricaFund 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 that valuations remain attractive despite strong performance, with no multiple expansion driving returns. |
Frontier Markets Emerging Markets Equities Value Growth |
LiquidityManager provides detailed analysis of liquidity challenges in African frontier markets, noting structural factors including foreign investor participation, local retail involvement, and institutional buy-and-hold behavior. Acknowledges liquidity constraints but theorizes that bull market conditions should improve trading volumes and market participation. |
Market Structure Trading Institutional Foreign Investment | |
Capital MarketsDiscussion of African capital market development including recent IPO activity in Nigeria, privatization efforts in Kenya, and proliferation of new investment products in Tanzania. Manager notes structural tailwinds from growing pension savings pools and young demographics providing future equity demand. |
IPOs Privatization Market Development Demographics | |
| 2025 Q3 |
AIManager notes that artificial intelligence will improve productivity going forward, but warns of speculation and bubble conditions in AI-related stocks. Many unprofitable companies are claiming AI exposure to pump their stocks similar to the dot-com bubble. |
Artificial Intelligence Productivity Speculation Bubble Technology |
RatesFederal Reserve resumed interest rate cuts with inflation under control and unemployment rising. The cuts will help the economy in coming months but also served to inflate a bubble in speculative stocks. |
Federal Reserve Interest Rates Monetary Policy Economic Stimulus | |
Small CapsManager emphasizes that small-cap markets offer significant inefficiencies for discerning investors. The fund focuses on small-cap opportunities with the Russell 2000 as benchmark, though performance has lagged due to market irrationality favoring speculative names. |
Russell 2000 Market Inefficiencies Small Cap Investing Alpha Generation | |
| 2025 Q2 |
NicotineNicotine pouches are disrupting traditional tobacco products with safer alternatives that have no known carcinogens. The US market grew over 40% in Q1 2025, with nicotine pouches expected to increase from 5% of global nicotine users in 2024 to 11% in 2030. Online penetration remains low at 3% in the US versus 35% in mature markets like Sweden. |
Tobacco E-commerce Consumer Products Health Disruption |
TariffsTrump announced new tariffs on Liberation Day but delayed implementation in mid-April, causing brief market panic followed by recovery. Tariff uncertainty affected companies like XMTR and LAKE, with some benefiting from supply chain disruption while others faced timing delays in orders. The tariff war has been more bark than bite. |
Trade Policy Supply Chain Geopolitical Manufacturing Uncertainty | |
Quantum ComputingQuantum computing stocks surged following tariff delay but face inevitable scrutiny as profits are unlikely to materialize in the next several years, if ever. These speculative growth stocks experienced significant volatility with companies like QBTS, IONQ, and QUBT posting extreme returns. |
Technology Speculation Growth Volatility Emerging Tech | |
| 2025 Q1 |
Trade PolicyPresident Trump announced minimum tariffs on all imports of 10%, plus reciprocal tariffs starting at another 10% and rising above 100% for trade abusers such as China. The manager believes the worst-case scenario of universal >50% tariffs is unlikely because global trade would cease and would enter a Great Depression. Some tariffs will likely remain permanent, and the tariff announcements significantly damaged confidence and predictability. |
Tariffs Trade China Imports Economic |
CybersecurityNapco Security Technologies represents a core long position focused on security solutions including alarms, locks, and access control systems. The company is benefiting from a technological transition away from copper telephone lines to cellular-enabled security radios, with StarLink radios generating consistent monthly recurring revenue with 90% gross margins. The services segment has grown at a 34% CAGR since 2019. |
Security Alarms Cellular Recurring Technology | |
Small CapsThe fund focuses on small-cap investments with the Russell 2000 down more than 16% YTD. The manager believes the bad news is mostly behind them and the picture will be meaningfully brighter a year from now. The portfolio is positioned as domestic-focused as it ever has been to benefit from potential tariff impacts on international competitors. |
Russell Domestic Positioning Valuation Opportunity | |
| 2024 Q4 |
Small CapsManager is significantly long small-cap equities in general, viewing them as beneficiaries of Trump presidency and rate cuts. The fund focuses on small-cap names with average market cap of $2.5 billion for longs. Performance significantly outpaced Russell 2000 in Q4. |
Russell 2000 Small Cap Outperformance Trump Rate Cuts |
StaffingCore position in HireQuest represents franchise-based staffing model that manager believes is superior to traditional staffing companies. Model provides higher margins, better returns on capital, and less operational risk through franchise structure. |
HireQuest Franchise Model Temporary Workers Employment Margins | |
AIManager built baskets of bubble shorts in AI-related names including quantum computing and story stocks. Believes AI capabilities will reduce demand for human data entry services. Shorts include IONQ, SoundHound AI, and Innodata despite painful performance. |
Quantum Computing Data Entry Bubble Shorts Speculation Technology | |
EnergyExpects Trump administration to dramatically increase investment in energy infrastructure after Biden paused LNG project approvals. Chart Industries rallied on Trump election victory due to energy infrastructure expectations. |
LNG Energy Infrastructure Trump Department of Energy Natural Gas | |
| 2024 Q3 |
Small CapsSmall cap equities were prime beneficiaries of the risk-on sentiment shift following Fed rate cuts and Trump assassination attempt. The fund focuses on small cap investments with Russell 2000 benchmark and weighted average market cap of $1.4 billion for Select Opportunities portfolio. |
Russell 2000 Risk-on Beneficiary Market cap Sentiment |
E-commerceXometry operates an online marketplace for custom-manufactured parts connecting 60,000 buyers with 3,500 suppliers. The platform enables quick sourcing and price comparison versus traditional negotiation with individual suppliers, representing substantial growth potential in the $200 billion custom parts market. |
Marketplace Digital platform Custom manufacturing Suppliers Growth potential | |
| 2024 Q2 |
AIThe manager believes the current AI hype cycle is coming to an end as investors notice actual revenue from AI is minimal relative to enormous capital equipment investment. OpenAI forecasts only $3.4 billion in 2024 revenue while over $100 billion has been spent on data center capex in the past 12 months. The AI industry needs time to digest this massive investment. |
Data Centers Capital Equipment Revenue Investment Hype |
Small CapsThe manager is as bullish on small caps as they have ever been following a significant rotation out of mega-cap stocks into small caps during July 11-18. They believe this market paradigm shift was long overdue and the rotation toward small and away from large has just begun. |
Russell 2000 Rotation Outperformance Paradigm Shift Mega Cap | |
| 2024 Q1 |
AIMarkets rallied to start the year thanks to AI enthusiasm, with AI-related transceivers at Coherent growing over 100% quarter-over-quarter. However, AI enthusiasm has moderated as the fund moved into Q2 2024. |
Data Centers Transceivers Technology Growth |
Small CapsThe fund focuses on small-cap investing with the Russell 2000 as benchmark. They note the disparity between small-cap and large-cap performance, comparing current conditions to the 1960s-1970s Nifty Fifty era when large caps eventually faltered and small caps took the lead for a decade. |
Russell 2000 Value Outperformance Cycles | |
Industrial SafetyBlackline Safety represents a core position in gas detection and safety monitoring systems. The company's connected G7 gas detector offers superior safety features compared to legacy products, allowing for automatic emergency response and facility evacuations when workers are incapacitated. |
Gas Detection Connected Devices Emergency Response Technology | |
| 2023 Q4 |
Small CapsSmall-cap stocks have been underperforming larger ones for the second longest stretch since the 1930s. The forward P/E for the S&P Small Cap 600 is now 13x, compared to 19x for the S&P 500 and 32x for the Magnificent 7. Historical analysis shows that after similar periods of underperformance, small caps outperformed large caps by 22.2%, 10.5%, and 9.8% annually over subsequent 1, 3, and 5-year periods. |
Small Caps Valuation Outperformance Russell 2000 |
RatesInterest-rate sensitive stocks were the best performers in Q4 after the Federal Reserve hinted at rate cuts in 2024. Housing/construction names and high-valuation-multiple names rallied significantly. The counterforces of a slower economy but lower interest rate outlook leave the manager somewhat neutral on the market in the near term. |
Interest Rates Fed Rate Cuts Housing | |
SemiconductorsInTest Corp, which manufactures semiconductor test equipment, experienced a slowdown due to normalization after post-pandemic double ordering. The company is diversifying into other end markets including aerospace, defense, and automotive to reduce cyclicality and provide more stable cash flows. |
Semiconductors Test Equipment Cyclicality Diversification | |
| 2023 Q3 |
Small CapsManager believes small-cap public equities are as out of favor as they have ever been, with Russell 2000's 5-year annualized return at only 2% and index ~30% below 2021 highs. Views current environment as opportunity to be greedy when others are fearful, expecting small caps to outperform in periods of sustained higher inflation. |
Russell 2000 Undervalued Outperformance Inflation Liquidity Premium |
EnergyEnergy company valuations remain near all-time lows despite resilient demand. Portfolio includes positions in Liberty Energy, Newpark Resources, and energy-related names that benefited from higher energy prices and inventory draws. |
Oil Prices Valuations Energy Services Crude Inventory Oilfield Services | |
Risk ManagementFund has begun using new risk-management system/software made by PortX to eliminate unwanted factor tilts and materially reduce portfolio volatility without affecting returns. Manager pleased with early results from this initiative. |
Factor Tilts Volatility Portfolio Risk Software Risk Control | |
| 2023 Q2 |
Small CapsThe fund focuses on small-cap stocks that were severely undervalued during 2022, with many quality companies trading at single-digit P/E multiples despite strong fundamentals. The managers believe these obscure, niche small-cap companies require more time for investors to digest fundamentals and price shares to reality. |
Small Cap Value Undervalued Fundamentals Niche |
ValueThe fund identified significant value opportunities during market volatility, with some of the best companies in the world trading at single-digit P/E multiples and others priced for bankruptcy despite having years of cash and clear paths to profitability. The managers generated alpha through stock selection on undervalued positions. |
Value Undervalued Alpha Stock Selection Fundamentals | |
InflationThe managers express concern that inflation may re-accelerate in coming months, citing rising commodity prices and speculative tech stock behavior as inconsistent with a disinflationary environment. They believe the Fed will remain hawkish-for-longer with 2-3 more rate hikes possible in the next 6-9 months. |
Inflation Fed Rate Hikes Commodity Prices Hawkish | |
Energy TransitionThrough their position in Newpark Resources, the fund is exposed to the power transmission market driving growth in composite mat demand. The industrial segment benefits from high-single-digit growth expected from power transmission infrastructure buildout over the next decade. |
Power Transmission Infrastructure Industrial Growth Composite | |
| 2023 Q1 |
Credit StressThe manager expresses concern about banking system stress following Silicon Valley Bank's failure and expects more bankruptcies among unprofitable tech companies and banks with underwater loan portfolios. They worry about contagion risk and disorderly unwinds as stuff starts to break. |
Banking Bankruptcies Contagion SVB Credit |
SemiconductorsThe fund holds positions in semiconductor-related companies including inTEST Corporation which manufactures induction heating solutions for silicon carbide crystals. INTT performed well during the quarter, rising along with other silicon carbide industry peers after beating earnings expectations. |
Silicon Carbide SiC Semiconductors Equipment | |
AIAltair Engineering benefited from the recovery in technology stocks, especially companies associated with artificial intelligence. The company reported better-than-expected earnings and guidance during the quarter. |
Technology Software Engineering | |
Infrastructure SpendingThe Infrastructure Investment and Jobs Act will funnel approximately $600 billion over the next 10 years to transportation improvements, including data collection, analytics, and smart communications. This benefits companies like Iteris which has already been awarded its first contract from the new funding. |
Transportation Smart Traffic Government Spending |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 21, 2026 | Fund Letters | Charles P. Murphy | MEC | Mayville Engineering Company | Industrials | Metal Fabrication | Bull | New York Stock Exchange | Acquisitions, datacenters, infrastructure, Margins, Metalfabrication | Login |
| Jan 21, 2026 | Fund Letters | Charles P. Murphy | XMTR | Xometry, Inc. | Industrials | Industrial Distribution | Bull | NASDAQ | growth, manufacturing, marketplace, Networkeffects, platform | Login |
| Jan 21, 2026 | Fund Letters | Charles P. Murphy | ARQ | Arq, Inc. | Industrials | Environmental Services | Bear | NASDAQ | Capacity, Carbon, Delays, Executionrisk, guidance | Login |
| Jan 21, 2026 | Fund Letters | Charles P. Murphy | THRY | Thryv Holdings, Inc. | Information Technology | Application Software | Bear | NASDAQ | Competition, growth, Retention, SaaS, SMB | Login |
| Jan 21, 2026 | Fund Letters | Charles P. Murphy | BELFB | Bel Fuse Inc. Class B | Information Technology | Electronic Components | Bull | NASDAQ | Aerospace, Components, Defense, Networking, Operatingleverage | Login |
| Jul 9, 2025 | Fund Letters | Charles P. Murphy | XMTR | Xometry, Inc. | Industrials | Industrial Distribution | Neutral | NASDAQ | manufacturing, marketplace, Operatingleverage, Reshoring, Supplychain | Login |
| Jul 9, 2025 | Fund Letters | Charles P. Murphy | NSSC | Napco Security Technologies, Inc. | Industrials | Security Systems | Bull | NASDAQ | Margins, Recurringrevenue, Security, services, tariffs | Login |
| Jul 9, 2025 | Fund Letters | Charles P. Murphy | SKY | Skyline Champion Corporation | Industrials | Building Products | Bull | New York Stock Exchange | affordability, Cyclicality, Housing, manufacturing, Margins | Login |
| Jul 9, 2025 | Fund Letters | Charles P. Murphy | LAKE | Lakeland Industries, Inc. | Industrials | Safety Equipment | Bull | NASDAQ | emergingmarkets, Ordertiming, Protectiveequipment, recovery, tariffs | Login |
| Jul 9, 2025 | Fund Letters | Liberty Park Capital Management | HAYPP.ST | HAYPP Group AB | Consumer Staples | Tobacco | Bull | Nasdaq Stockholm | consumer staples, e-commerce, Europe, growth, Nicotine pouches, Online Distribution, Organic Search, Regulatory Moat, Tobacco Alternatives, US market | Login |
| Apr 17, 2025 | Fund Letters | Liberty Park Capital Management | NSSC | Napco Security Technologies, Inc | Technology Hardware & Equipment | Electronic Equipment, Instruments & Components | Bull | NASDAQ | Access Control, Cellular Radios, Fire alarms, Fortress Balance Sheet, High Margin Services, POTS Replacement, recurring revenue, Retrofit Demand, Security Systems, Technology Transition | Login |
| Jan 14, 2025 | Fund Letters | Liberty Park Capital Management | HQI | HireQuest Inc | Industrials | Human Resource & Employment Services | Bull | NASDAQ | Acquisitions, cash flow generation, Cyclical, employment services, franchise, Human Resources, small-cap, Staffing, Value | Login |
| Oct 31, 2024 | Fund Letters | Liberty Park Capital Management | XMTR | Xometry Inc | Information Technology | Internet Services & Infrastructure | Bull | NASDAQ | 3D printing, Aerospace, AI-powered, B2b, CNC Machining, Custom Parts, government contracts, manufacturing, marketplace, network effects, SaaS, Two-sided Platform | Login |
| Jul 25, 2024 | Fund Letters | Liberty Park Capital Management | KRNT | Kornit Digital Ltd | Technology Hardware & Equipment | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | apparel industry, Digital printing, Israeli Technology, recurring revenue, subscription model, Textile Manufacturing, turnaround, Value | Login |
| Apr 18, 2024 | Fund Letters | Liberty Park Capital Management | LUNA | Luna Innovations Inc | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Accounting Issues, CEO transition, Fiber Optic Sensing, Intellectual Property, technology, turnaround, Value | Login |
| Apr 18, 2024 | Fund Letters | Liberty Park Capital Management | BLN.TO | Blackline Safety Corp | Industrials | Electronic Equipment, Instruments & Components | Bull | TSX | Canada, connected devices, Gas Detection, growth, Industrial Safety, IoT, market share gains, recurring revenue, Safety Monitoring | Login |
| Jan 16, 2024 | Fund Letters | Liberty Park Capital Management | INTT | InTest Corp | Information Technology | Electronic Equipment, Instruments & Components | Bull | NASDAQ | Acquisitions, diversification, Industrial, operating leverage, Semiconductor, small-cap, Test Equipment, turnaround, Value | Login |
| Jul 19, 2023 | Fund Letters | Liberty Park Capital Management | APG|DR CN|KITS CN|NRP|SYZ CN | Newpark Resources | Energy | Oil & Gas Equipment & Services | Bull | NYSE | business transformation, Composite Materials, Energy Services, Industrial Equipment, Industrials, market share gains, multiple expansion, Power Transmission, Specialty rental, working capital | Login |
| Apr 18, 2023 | Fund Letters | Liberty Park Capital Management | HITI | Iteris, Inc | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | government contracts, growth, infrastructure, SaaS, Sensors, small-cap, Smart Traffic Systems, technology hardware, Transportation, turnaround | Login |
| Oct 20, 2023 | Fund Letters | Liberty Park Capital Management | TGLS | Tecnoglass Inc | Materials | Building Products | Bull | NASDAQ | Building Products, Colombia, Commercial, Cost advantage, Glass, Inflation Reduction Act, Manufacturer, market share, Peer Valuation, Residential, tax credits, Value, vertical integration, Windows | Login |
| TICKER | COMMENTARY |
|---|---|
| AESI | AESI shares rallied during the quarter with oil prices as the conflict with Iran brought Strait of Hormuz traffic to a standstill. |
| NEOG | NEOG shares rose after the first earnings with new management showed significant process on improving margins and deleveraging. |
| KRT | KRT earnings showed sales accelerated from record levels and guidance indicated that margins should improve as pricing changes and supply chain diversification begin to offset the impact from tariffs. |
| XMTR | XMTR reported its best quarter as a public company demonstrating accelerating revenue growth and margin expansion. However, the company reported earnings the day after a widely-circulated Substack detailed a doomsday scenario that questioned if Al agents weaken the durability of network effects. |
| SWIM | SWIM reported better-than-expected fourth quarter results and issued guidance above expectations. The war in Iran, however, has increased raw material prices and interest rates, sending SWIM shares lower. |
| ACNT | ACNT gave back recent gains after reporting results for its seasonally weak fourth quarter. |
| 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 | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
