Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 30th June 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 15% | 20% | 19% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 15% | 20% | 19% |
Long Cast Advisers delivered 20% net returns in Q2 2026 and 19% year-to-date, bringing cumulative returns since November 2015 inception to 343% net (15% CAGR), ahead of small-cap and micro-cap benchmarks. The concentrated portfolio generated returns with minimal exposure to AI, hyperscalers, or other passive-fund themes. Top contributors included PDEX, where the manager quantified substantial EPS upside from Zimmer's mBos robotic surgery system commercialization; PESI, benefiting from expanding Hanford nuclear waste processing with potential for significant volume growth; and MTRX, expected to report record profitability. The manager added to NRC, the newest investment showing strong backlog growth and professional management transition, and to QRHC after negative comps were lapped. A small chemical turnaround position was initiated but not sized larger given manufacturing culture challenges and constrained opportunity. With top five positions representing 62% of assets, the manager emphasizes patience and research intensity while navigating rising rates, geopolitical tensions, and energy constraints through non-consensus positioning without leverage.
Long Cast Advisers pursues concentrated, patient investing in well-researched small- and micro-cap companies, targeting 15% annualized returns through deep fundamental analysis rather than exposure to passive-fund themes.
The manager expects MTRX and RSSS earnings in late August or September to prove better than market expectations, with MTRX likely achieving record profitability. The tone is patient and selective, emphasizing the need to survive and build a durable business rather than chase short-term performance. The manager remains committed to long-term, research-intensive investing in small and micro-cap companies.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 31 2026 | 2026 Q2 | MTRX, NRC, PDEX, PESI, QRHC, RSSS | Concentration, Microcap, Orthopedics, small caps, Specialty Chemicals, value, Waste management |
PDEX NRC PESI |
Long Cast delivered 20% quarterly returns through concentrated micro-cap investing, avoiding AI hype. Top position PDEX offers exceptional upside from Zimmer's robotic surgery launch. PESI benefits from expanding nuclear waste processing. Manager added to NRC amid strong backlog growth and professional management transition. Portfolio remains concentrated at 62% in top five names, positioned defensively without leverage amid rising rates and geopolitical risk. |
| May 1 2026 | 2026 Q1 | CCRN, CRAWA, ENVX, MAMA, MPTI, MTRX, NRC, PDEX, PESI, QHRC, RELL, RSSS, ZBH | Concentration, Construction, healthcare, management, small caps, value |
MTRX PDEX MAMA RSSS |
Small-cap specialist delivered flat Q1 returns but maintains 13% CAGR since 2015 through concentrated positions in exceptional management teams. Key holdings MTRX, PDEX, and MAMA offer compelling value with strong operational improvements. Manager views AI disruption as opportunity for adaptive companies rather than existential threat. |
| Jan 24 2026 | 2025 Q4 | CCRD, CCRN, EEFT, LSYN, MAMA, MTRX, NRC, PDEX, PESI, QRHC, RELL, RSSS | healthcare, Owner-Operator, small caps, Staffing, value |
CCRN NRC MTRX RSSS |
Long Cast delivered flat 2025 returns despite strong Q4, maintaining concentrated small-cap strategy that has generated 14% annualized returns since inception. New healthcare investments in CCRN and NRC reflect value approach targeting companies with strong balance sheets and operational turnaround potential. Manager remains committed to patient capital deployment in well-researched micro and small-cap opportunities. |
| Nov 24 2025 | 2025 Q3 | MAMA, MTRX, PDEX, PESI, QRHC, RSSS | concentrated, healthcare, Manufacturing, Publishing, small caps, value |
PDEX MTRX RSSS PESI QRHC |
Long Cast delivered 4% net returns in 3Q25 but trails indices year-to-date despite 14% CAGR since inception. The concentrated small-cap value strategy focuses on niche companies with capable management, holding 10% cash amid uncertainty. Key holdings PDEX and RSSS offer compelling value at depressed prices with catalysts ahead, while avoiding speculative index components. |
| Aug 27 2025 | 2025 Q2 | CCRD, EEFT, MAMA, MTRX, PDEX, PESI, QRHC, RELL, RSSS | Cash, Demand Destruction, Microcaps, payments, small caps, Trade Policy, Valuations |
CCRD QRHC CCRD EEFT QRHC |
LCA posted 19% quarterly gains led by CCRD's acquisition, but maintains defensive 10% cash position amid expected demand destruction from trade policies and federal workforce cuts. Manager likes prospects for concentrated holdings MTRX and RSSS but sees market vulnerabilities despite new highs. Continues patient small cap strategy while building cash hedge against policy-driven economic weakness. |
| Jun 5 2025 | 2025 Q1 | CCRD, GOOG, META, MTRX, PDEX, PESI, QRHC, RSSS | Concentration, Long Term, Outperformance, Price Discovery, small caps, value |
CCRD PDEX RSSS MTRX QRHC PESI |
Long Cast delivered 39% returns in 2024, significantly outperforming small cap indices through concentrated investing in undervalued small companies. The manager believes declining analyst coverage creates pricing inefficiencies in small caps. Key holdings include CoreCard, Pro-Dex, and Matrix Services. Portfolio positioned for continued outperformance through patient, long-term value investing approach. |
| Jan 24 2025 | 2024 Q4 | CCRD, MTRX, PDEX, PESI, QRHC, RSSS | Concentration, Industrial, Microcap, Price Discovery, small caps, value |
CCRD PDEX RSSS MTRX QRHC PESI |
Long Cast delivered 39% returns in 2024 through concentrated small cap investing, with top-five positions comprising 70% of assets. Manager exploits market inefficiencies from shrinking analyst coverage, evidenced by delayed price discovery in holdings like CoreCard. Portfolio remains patient and concentrated, adding to existing positions rather than new names while targeting five-year doubles. |
| Oct 25 2024 | 2024 Q3 | AAPL, BANC, CCRD, ENVX, GS, JPM, MTRX, PDEX, PESI, QRHC, SNES | Concentration, Medical Devices, payments, small caps, value |
PDEX CCRD |
Long Cast delivered 6% quarterly returns through concentrated small-cap investing, targeting five-year doubles with 15% position sizes. Medical device manufacturer PDEX contributed meaningfully after capacity expansion. Payment processor CCRD extended its Goldman Sachs agreement through 2030 despite consumer credit headwinds. The manager maintains patient, long-term focus on bottom-up selection over macro predictions. |
| Aug 6 2024 | 2024 Q2 | CCRD, ENVX, MAMA, MTRX, PESI, RELL, RSSS, SOTK | Concentration, Construction, Research, small caps, value |
MTRX RSSS |
Long Cast Advisers posted 1% Q2 returns in their concentrated small-cap strategy, bringing YTD to 10%. The fund maintains focus on under-owned companies with compounding potential. MTRX shows turnaround signs with record backlog while RSSS benefits from strategic acquisitions. No new positions added as existing holdings offer superior IRRs. Top five holdings comprise 68% of portfolio. |
| May 7 2024 | 2024 Q1 | CCRD, CCRN, CTEK, DAIO, ENVX, LRCX, MTRX, PESI, PSSR, QRHC, RELL, RSSS, SNES | concentrated, Cyclical, Fundamental Analysis, small caps, Turnarounds, value | - | Small-cap value manager returned 9% in 1Q24 through concentrated fundamental analysis. Added to top holdings MTRX and CCRD despite near-term headwinds. Portfolio positioned for semiconductor recovery and CCRD earnings inflection. Manager evolved strategy from seeking great companies to identifying stocks capable of doubling in five years through operational change anticipation. |
| Feb 13 2024 | 2023 Q4 | CCRD, DAIO, MAMA, MTRX, PDEX, QHRC, RELL, RSSS, SOTK | Concentration, Manufacturing, Medical Devices, small caps, value |
PDEX SOTK |
Long Cast delivered strong 3Q23 performance with 8% returns, outpacing small cap benchmarks. The concentrated small cap fund focuses on high corporate IQ companies like medical device manufacturer PDEX and specialty equipment maker SOTK, both expanding capacity and backlogs. Rising rates create near-term headwinds but present sourcing opportunities for patient capital. |
| Oct 31 2023 | 2023 Q3 | AIM, CCRD, DAIO, MAMA, MTRX, PDEX, QHRC, RELL, RSSS, SANW, SNES, SOTK | Concentration, Manufacturing, Medical Devices, Quality, small caps, value |
PDEX SOTK |
Long Cast delivered strong Q3 performance with 8% returns, focusing on small, customer-centric companies with smart management teams. The fund maintains a concentrated approach, recently harvesting losses and holding higher cash due to geopolitical tensions. Key holdings PDEX and SOTK are expanding capacity for anticipated 2024 growth, while rising rates create opportunities in discounted small caps. |
| Jun 30 2023 | 2023 Q2 | CCRD, DAIO, ENVX, MMMB, MTRX, PESI, RELL, SIFY | Concentration, small caps, value | - | Long Cast Advisers targets five-year doubles in small-cap stocks, exploiting market inefficiencies through concentrated fundamental research. The fund has delivered 13.6% annualized returns since 2015, significantly outperforming small-cap benchmarks. With 49% in top-5 positions and a patient capital approach, the strategy focuses on undervalued companies capable of 15% annual growth over five-year periods. |
| Aug 5 2023 | 2023 Q1 | CCRD, CCRN, DAIO, ENVX, MTRX, PESI, SOTK, TBTC | Construction, energy, nuclear, small cap, turnaround, value |
PESI MTRX |
Small-cap value manager returned 10% in 1Q23 led by nuclear waste processor PESI up 200%. Added new position MTRX, an E&C company trading at 70% discount to pre-COVID valuation, positioned for industrial construction recovery driven by energy transition infrastructure needs. Strategy focuses on fixed-cost businesses with operating leverage at cyclical lows. |
| Jan 31 2023 | 2022 Q4 | AMPX, CCRN, ENVX, RSSS | - | - | |
| Oct 10 2022 | 2022 Q3 | CCRN | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
OrthopedicsPDEX is a top position based on the anticipated commercialization of Zimmer's mBos robotic knee surgery system. The manager quantified incremental EPS impact from consumables and effector sales, projecting $1.15 to $4.50 per share by 2028-2030 if revenue milestones are met. Zimmer is deploying significant resources behind the launch, and success could drive exceptional cash flow transformation justifying substantially higher corporate value. |
Robotics Medical Devices Surgical Consumables |
Waste ManagementPESI preannounced weak Q2 profitability but strong backlog growth driven by expanding processing at Hanford nuclear site. A potential decision to grout up to 9 million gallons of low-level tank waste by 2030 could significantly expand volumes. The manager views government support as favorable and the opportunity as large based on a recent GAO report. |
Nuclear Government Backlog Processing | |
Specialty ChemicalsThe manager initiated a small position in a chemical turnaround with sound management, strong balance sheet, and fully depreciated assets. The company operates three 50+ year old plants producing lubricants, surfactants, and coatings. However, the opportunity is constrained by low capacity utilization, cultural challenges around manufacturing excellence, and management's prior experience in sales-driven pool chemicals rather than process-driven specialty chemicals. The manager is waiting for better prices given the hill to climb and single-digit peer multiples. |
Turnaround Manufacturing Capacity Utilization | |
Small CapsLong Cast focuses exclusively on small- and micro-cap companies, taking concentrated positions with the goal of owning large percentages of fewer companies over time. The portfolio generated 20% quarterly and 19% YTD returns with little exposure to passive-fund themes like AI or hyperscalers. Top five positions represent 62% of the portfolio. The manager emphasizes patient, research-intensive investing in this segment. |
Concentration Research Patient Capital | |
AIThe manager views AI as a tool creating a wonderful environment for entrepreneurs, citing evidence of growth in business formation and sole proprietorships exceeding $10M in revenues. However, the letter criticizes the leverage-driven "Situational Awareness" fund that raised $40B to buy AI companies and short disrupted software, only to blow up on margin calls despite being up 270% YTD. The manager emphasizes that Long Cast avoids AI-related themes and operates without leverage. |
Entrepreneurship Leverage Risk Tools | |
| 2026 Q1 |
AIManager views AI as a tool that has emerged as a technological threat to information services but believes companies that learn to use AI tools and build around them should do well. Sees current market as overestimating AI's impact, comparing it to seeing everything as a nail when holding a hammer. |
Technology Innovation Disruption |
Small CapsFund focuses exclusively on small and micro-cap companies, taking concentrated positions with aim for 15% annualized returns. Manager emphasizes importance of management quality in smaller companies and believes exceptional management teams create rare and unusual value that's hard to replicate. |
Value Concentration Management | |
| 2025 Q4 |
AIAI developments from major companies are causing rapid market changes and stock price declines for quality businesses. The market is reassessing AI impacts on software companies, with concerns about reduced seat-based pricing, lower pricing power, and competition from AI-first upstarts. Manager sees potential opportunities in the software wreckage but notes uncertainty about which solutions can be easily replaced. |
Artificial Intelligence Software Disruption Valuation Competition |
SoftwareSoftware companies are experiencing significant declines as the market works to reassess AI impacts. Virtually everything software is being discarded until catalysts arise that disprove current beliefs. Manager identifies potential headwinds including fewer seats, lower pricing power, and reduced new customer bookings, but believes many software solutions won't be easily replaced by AI. |
Software SaaS Enterprise Software AI Impact Valuation | |
GLP1Manager sold Novo Nordisk after brief ownership due to disadvantageous competitive situation versus Eli Lilly. While NVO was attractive as a value play and first to market with oral GLP-1, LLY has a superior product and the advantage is likely to persist despite NVO's potential aggressive pricing approach. |
GLP-1 Pharmaceuticals Competition Diabetes Obesity | |
Home ImprovementFloor & Decor represents an attractive long-term opportunity following the Home Depot disruption model in flooring. The company has higher inventory selection and lower prices than competitors, taking market share for years. Current margins are depressed by post-COVID hangover and higher interest rates, but manager expects significant margin expansion as store base builds out and same-store sales recover. |
Retail Flooring Home Improvement Market Share Margins | |
| 2025 Q3 |
Small CapsFund focuses exclusively on small- and micro-cap companies that can grow over time, targeting 15% annualized returns. Manager emphasizes differentiated strategy versus indices which are overly represented by unprofitable, speculative companies. Portfolio concentrated in top five positions representing 60% of assets. |
Small Cap Micro Cap Concentrated Growth Niche |
Contract ManufacturingPDEX is a contract manufacturer with niche software-embedded surgical tools for driving screws without stripping. Company has long history of incremental improvement, value creation, and fewer than 4M shares outstanding with opportunistic buybacks. Trading at 8x trailing EBITDA and 50% below 52-week high. |
Manufacturing Medical Devices Surgical Tools Buybacks | |
Scientific PublishingRSSS operates in rights access to scientific literature, with legacy business licensing libraries and wrapping services around access. Company acquired Scite in 2023, which offers contextualized citation searches including whether papers are supporting, contrasting or retracted. Management building culture of growth and cash flow. |
Publishing Scientific Literature AI Curation Growth | |
| 2025 Q2 |
Small CapsManager focuses on small company investing with concentrated positions in microcaps and small caps. Portfolio includes companies like CCRD, QRHC, MTRX, and RSSS with emphasis on finding undiscovered stocks trading at cheap valuations relative to expected growth and cash flow. |
Microcaps Concentrated Undiscovered Valuation Growth |
PaymentsSignificant focus on CCRD's acquisition by Euronet Worldwide for digital payments platform capabilities. Discussion of merchant acquiring business, point of sale devices, and credit card issuing services through existing bank customer base. |
Digital payments Merchant acquiring Credit cards Processing Banking | |
Trade PolicyManager expresses concern about non-free trade policies raising input costs, dissuading trade, and creating policy uncertainty that disrupts long-term investment decisions. Views current trade policies as potential drivers of demand destruction. |
Tariffs Trade costs Policy uncertainty Demand destruction Economic impact | |
| 2025 Q1 |
Small CapsManager focuses exclusively on small company investing, seeking five-year doubles with 15% annualized returns. Portfolio concentrated in top-five positions representing 70% of holdings, with three stocks at or around 15% weightings. |
Small Cap Concentration Long Term Value Growth |
ValueInvestment approach emphasizes patient, long-term value investing in undervalued small companies. Manager believes market inattention creates opportunities in smaller stocks where analyst coverage is sparse and price discovery is inefficient. |
Undervalued Patient Capital Price Discovery Fundamental Analysis Long Term | |
| 2024 Q4 |
Small CapsManager focuses exclusively on small company investing, seeking five-year doubles with 15% annualized returns. Portfolio concentrated in top-five positions representing 70% of assets. Believes small cap managers handily beat relevant indices due to over-representation of unprofitable lottery tickets in benchmarks and sparse analyst coverage creating opportunities. |
Small Cap Concentration Value Microcap |
| 2024 Q3 |
Medical DevicesPDEX is a contract manufacturer to the medical device industry with a marquee torque limiting driver for orthopedic and maxillofacial surgeries. The company recently completed manufacturing expansion and now has capacity for $80M-$100M in sales, up from under $40M in FY21. Management is patient and thoughtful with a long-term approach. |
Medical Devices Contract Manufacturing Orthopedics Manufacturing |
PaymentsCCRD licensed issuer processing software to Goldman Sachs for the Apple Card, the most successful credit card launch in history. Despite Goldman's retreat from consumer credit, the agreement was extended through 2030 at higher rates. The company continues to enroll new clients and is paid on active monthly accounts with little incremental cost for additional accounts. |
Payments Credit Cards Fintech Processing Software | |
| 2024 Q2 |
Small CapsThe fund focuses on small and under-owned companies with long and wide opportunity pathways. The manager looks for companies that enable ample room for compounding and can withstand market conditions without terminal value destruction. The concentrated portfolio is positioned with companies that meet this profile. |
Small Cap Concentration Compounding Value |
| 2024 Q1 |
Small CapsManager focuses exclusively on small companies that are barely included in any indices, using fundamental analysis to evaluate financial statements and corporate strategies. The concentrated approach targets well-researched small companies offering compelling opportunities for high returns through long-term cash earnings analysis. |
Small Cap Fundamental Analysis Concentrated Research Value |
Semiconductor CyclePortfolio includes exposure to semiconductor capital expenditure cycles through RELL, a specialty distributor affected by cyclical slowdown in semiconductor CAPEX with LAM Research as a major customer. LAM is forecasting a rebound in spending early next year which should benefit the position over time. |
Semiconductor CAPEX Cyclical Equipment Recovery | |
| 2023 Q4 |
Contract ManufacturingPDEX operates as a contract manufacturer in the medical device space, producing battery-powered handheld drivers for surgeons. The company has doubled its manufacturing capacity and secured a large order doubling its backlog to $41M, suggesting strong growth potential for FY24. |
Medical Devices Manufacturing Healthcare Capacity Backlog |
Small CapsThe fund focuses on small company investing with a research-intensive approach. The manager notes that smaller companies are more vulnerable to rising rates due to less diversification, fewer customers, and limited financing options, creating opportunities when rates peak. |
Small Cap Research Rates Vulnerability Opportunity | |
| 2023 Q3 |
Small CapsManager focuses exclusively on small company investing with a research-intensive approach. Portfolio consists of small, customer-centric companies run by smart, humble managers who iterate towards better solutions. Small caps are currently discounted due to rising rates as they have more vulnerabilities than larger companies. |
Small Cap Microcap Research Value Creation Concentration |
Medical DevicesPDEX is a contract manufacturer in the medical device space producing battery-powered handheld drivers for surgeons. The company has doubled its manufacturing capacity and backlog, with Stryker as its largest client. The expansion positions it for potential high growth in FY24. |
Medical Devices Contract Manufacturing Surgical Equipment Healthcare | |
Contract ManufacturingBoth PDEX and SOTK represent contract manufacturing opportunities. PDEX manufactures medical devices while SOTK has transitioned from making specialty nozzles for OEMs to designing and selling complete units. Both companies are expanding manufacturing capacity to meet growing demand. |
Contract Manufacturing OEM Manufacturing Capacity Expansion | |
| 2023 Q1 |
NuclearPESI operates one of only three DOE-licensed facilities for low-level nuclear waste treatment. The company has potential to significantly expand through processing Hanford cleanup waste via grouting at their Northwest facility, with regulatory approvals received in early 2023. |
Nuclear Waste DOE Hanford Cleanup |
Energy TransitionMTRX is positioned to benefit from infrastructure needs for new energy including hydrogen, biofuels, and ammonia. The manager notes energy majors are now leading investments in carbon capture and other transition technologies rather than treating environmental regulations with antipathy. |
Hydrogen Biofuels Carbon Capture Infrastructure | |
ConstructionIndustrial construction appears poised for strong pipeline given deferred CAPEX in traditional energy and incremental North American mining needs. E&C companies like MTRX are completing COVID-era work at aggressive pricing but booking new work at historical margins. |
Industrial Construction CAPEX Mining Infrastructure |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 31, 2026 | Fund Letters | Long Cast Advisers | PDEX | Pro-Dex Inc. | Medical Instruments & Supplies | Health Care Equipment | Bull | NASDAQ | Consumables, growth, Knee Replacement, Medical devices, OEM Supplier, Orthopedics, product launch, robotics, Surgical Equipment | Login |
| Jul 31, 2026 | Fund Letters | Long Cast Advisers | NRC | National Research Corporation | Health Information Services | Health Care Technology | Bull | NASDAQ | backlog growth, Free Cash Flow, Healthcare services, Healthcare Technology, Management Transition, market consolidation, Patient Experience, SaaS, turnaround | Login |
| Jul 31, 2026 | Fund Letters | Long Cast Advisers | PESI | Perma-Fix Environmental Services | Waste Management | Environmental & Facilities Services | Bull | NASDAQ | backlog growth, environmental services, Government Contractor, Hanford, infrastructure, Nuclear Services, Remediation, waste management | Login |
| May 1, 2026 | Fund Letters | Long Cast Advisers | MTRX | Matrix Service Company | Engineering & Construction | Construction & Engineering | Bull | NASDAQ | construction, Cyclical, EBITDA, engineering, Management Change, Mining, turnaround, Value | Login |
| May 1, 2026 | Fund Letters | Long Cast Advisers | PDEX | Pro-Dex Inc | Medical Instruments & Supplies | Health Care Equipment | Bull | NASDAQ | Commercialization, growth, Management Quality, Medical devices, Orthopedic, Partnership, supply chain, Surgical Instruments | Login |
| May 1, 2026 | Fund Letters | Long Cast Advisers | MAMA | Mama's Creations Inc | Packaged Foods | Food Products | Bull | NASDAQ | capital efficiency, consumer staples, Food Products, growth, leadership, Management transformation, scale, turnaround | Login |
| May 1, 2026 | Fund Letters | Long Cast Advisers | RSSS | Research Solutions Inc | Software - Application | Interactive Media & Services | Bull | NASDAQ | Academic, acquisition target, AI, information services, innovation, research, SaaS, technology | Login |
| Jan 24, 2026 | Fund Letters | Avram Fisher | CCRN | Cross Country Healthcare, Inc. | Health Care | Health Care Services | Bull | NASDAQ | balance sheet, healthcare, Margins, Nursestaffing, turnaround | Login |
| Jan 24, 2026 | Fund Letters | Avram Fisher | NRC | NRC Health, Inc. | Health Care | Health Care Technology | Bull | NASDAQ | Deferred revenue, healthcare, Margins, Owner operator, valuation | Login |
| Jan 24, 2026 | Fund Letters | Avram Fisher | MTRX | Matrix Service Company | Industrials | Construction & Engineering | Bull | NASDAQ | backlog, engineering, infrastructure, operating leverage, turnaround | Login |
| Jan 24, 2026 | Fund Letters | Avram Fisher | RSSS | Research Solutions, Inc. | Information Technology | Software | Bull | NASDAQ | contrarian, marketshare, research, Software, Subscriptions | Login |
| Nov 24, 2025 | Fund Letters | Avram Fisher | PDEX | Pro-Dex, Inc. | Health Care | Medical Devices | Bull | NASDAQ | buybacks, Catalysts, EBITDA, Medtech, Oem, robotics, Smallcap, Surgical | Login |
| Nov 24, 2025 | Fund Letters | Avram Fisher | MTRX | Matrix Service Company | Industrials | Engineering & Construction Services | Bull | NASDAQ | construction, Cyclical, EBITDA, energy, infrastructure, rerating, turnaround | Login |
| Nov 24, 2025 | Fund Letters | Avram Fisher | RSSS | Research Solutions, Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Curation, Data, research, SaaS, Smallcap, Subscriptions | Login |
| Nov 24, 2025 | Fund Letters | Avram Fisher | PESI | Perma-Fix Environmental Services, Inc. | Industrials | Environmental & Facilities Services | Bull | NASDAQ | annuity, ESG, Government, Nuclear, Remediation, specialty, waste | Login |
| Nov 24, 2025 | Fund Letters | Avram Fisher | QRHC | Quest Resource Holding Corporation | Industrials | Environmental & Facilities Services | Bull | NASDAQ | ESG, Impairment, Recycling, services, Smallcap, turnaround, waste | Login |
| Aug 27, 2025 | Fund Letters | Avram Fisher | CCRD | CoreCard Corporation | Information Technology | Data Processing & Outsourced Services | Bull | New York Stock Exchange | acquisition, cross-selling, Fintech, Merger Arbitrage, Payments | Login |
| Aug 27, 2025 | Fund Letters | Avram Fisher | QRHC | Quest Resource Holding Corporation | Industrials | Environmental & Facilities Services | Bull | NASDAQ | Activism, cash flow, microcap, turnaround, waste management | Login |
| Aug 1, 2025 | Fund Letters | Long Cast Advisers | CCRD | CoreCard Corporation | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | acquisition target, Apple Card, Credit Card Processing, digital payments, financial technology, Fintech, Payment Platform | Login |
| Aug 1, 2025 | Fund Letters | Long Cast Advisers | EEFT | Euronet Worldwide Inc | Information Technology | Data Processing & Outsourced Services | Neutral | NASDAQ | ATM Networks, Bank Customers, Credit Card Issuing, cross-selling, founder-led, International Payments, Merchant Acquiring, payment processing | Login |
| Aug 1, 2025 | Fund Letters | Long Cast Advisers | QRHC | Quest Resource Holding Corporation | Industrials | Environmental & Facilities Services | Neutral | NASDAQ | Board Governance, cash flow generation, environmental services, Leverage Issues, Management Change, microcap, turnaround, waste management | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | CCRD | CoreCard Corporation | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | Apple Card, Contract Extension, credit card services, Data Processing, financial technology, Goldman Sachs, regulatory environment | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | PDEX | Pro-Dex Inc | Health Care | Health Care Equipment | Bull | NASDAQ | Branded Products, Gross Profit, Healthcare Equipment, manufacturing, Medical devices, Multi-year Contract, Surgical Instruments | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | RSSS | Research Solutions Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Corporate Governance, Founder Exit, Patient Capital, Research Intelligence, SaaS, Stock Overhang, value opportunity | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | MTRX | Matrix Service Company | Industrials | Construction & Engineering | Bull | NASDAQ | backlog conversion, Cash Flow Inflection, COVID Recovery, Cyclical Recovery, Engineering Construction, Long Cycle, Market Inattention | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | QRHC | Quest Resource Holding Corporation | Industrials | Environmental & Facilities Services | Neutral | NASDAQ | Customer concentration, EV Policy, Farm Recession, Industrial Headwinds, management communication, Technology Transformation, waste management | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | PESI | Perma-Fix Environmental Services Inc | Industrials | Environmental & Facilities Services | Bull | NASDAQ | Geographic Monopoly, government contracts, Hanford cleanup, Nuclear Waste, regulatory barriers, Secondary Waste, Vitrification Plant | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | CCRD | CoreCard Corporation | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | Apple Card, Contract Extension, credit card services, Data Processing, financial technology, Goldman Sachs, regulatory environment | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | PDEX | Pro-Dex Inc | Health Care | Health Care Equipment | Bull | NASDAQ | Branded Products, capacity expansion, Healthcare Equipment, manufacturing, Medical devices, Multi-year Contract, Surgical Instruments | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | RSSS | Research Solutions Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Corporate Governance, Founder Exit, Patient Capital, Research Intelligence, SaaS, Stock Overhang | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | MTRX | Matrix Service Company | Industrials | Construction & Engineering | Bull | NASDAQ | backlog conversion, cash flow generation, COVID Recovery, Cyclical Recovery, Engineering Construction, market inefficiency, operating leverage | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | QRHC | Quest Resource Holding Corporation | Industrials | Environmental & Facilities Services | Neutral | NASDAQ | Customer Additions, EV Policy, Farm Recession, Industrial Headwinds, Recycling Services, Technology Transition, waste management | Login |
| Jan 1, 2025 | Fund Letters | Long Cast Advisers | PESI | Perma-Fix Environmental Services Inc | Industrials | Environmental & Facilities Services | Bull | NASDAQ | environmental services, Geographic Advantage, government contracts, Hanford cleanup, Nuclear Waste, Regulatory Moat, Vitrification Plant | Login |
| Oct 1, 2024 | Fund Letters | Long Cast Advisers | PDEX | Pro-Dex Inc | Health Care Equipment & Services | Health Care Equipment | Bull | NASDAQ | capital-efficient, contract manufacturing, Healthcare Technology, Manufacturing Expansion, Medical Device, Orthopedic, Surgical Instruments | Login |
| Oct 1, 2024 | Fund Letters | Long Cast Advisers | CCRD | CoreCard Corporation | Software & Services | Systems Software | Bull | NYSE | Apple Card, Credit Card Technology, debt-free, Fintech, Goldman Sachs, payment processing, Share Buybacks, Software Licensing | Login |
| Aug 1, 2024 | Fund Letters | Long Cast Advisers | MTRX | Matrix Service Company | Industrials | Construction & Engineering | Bull | NASDAQ | backlog, construction, Cyclical, EBITDA, engineering, Oil & Gas, Petrochemical, seasonality, turnaround, Value | Login |
| Aug 1, 2024 | Fund Letters | Long Cast Advisers | RSSS | Research Solutions Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | Academic, B2C, Citations, M&A, Management Transition, Overhang, Reference Management, research, SaaS, Software | Login |
| Oct 1, 2023 | Fund Letters | Long Cast Advisers | PDEX | Pro-Dex Inc | Health Care Equipment & Supplies | Health Care Equipment | Bull | NASDAQ | backlog growth, contract manufacturing, healthcare, Manufacturing Expansion, Medical Device, small-cap, Surgical Instruments | Login |
| Oct 1, 2023 | Fund Letters | Long Cast Advisers | SOTK | Sono-Tek Corporation | Capital Goods | Industrial Machinery | Bull | NASDAQ | Coating Technology, Industrial Equipment, innovation, Lab to Production, Manufacturing Expansion, Self-funded growth, Spray Deposition | Login |
| Oct 1, 2023 | Fund Letters | Long Cast Advisers | PDEX | Pro-Dex Inc | Health Care Equipment & Supplies | Health Care Equipment | Bull | NASDAQ | backlog growth, contract manufacturing, healthcare, insider ownership, Manufacturing Expansion, Medical Device, Oem, Surgical Instruments, Torque Limiting | Login |
| Oct 1, 2023 | Fund Letters | Long Cast Advisers | SOTK | Sono-Tek Corporation | Machinery | Industrial Machinery | Bull | NASDAQ | Coating Systems, industrial machinery, Lab to Production, manufacturing, Real Estate Ownership, Self-funded growth, Spray Deposition, Technology Transition, Vacuum deposition | Login |
| May 1, 2023 | Fund Letters | Long Cast Advisers | PESI | Perma-Fix Environmental Services | Industrials | Environmental & Facilities Services | Bull | NASDAQ | DOE Contractor, environmental services, Fixed Assets, Hanford cleanup, Nuclear Waste, Regulatory Approval, turnaround | Login |
| May 1, 2023 | Fund Letters | Long Cast Advisers | MTRX | Matrix Service Company | Industrials | Construction & Engineering | Bull | NASDAQ | Book-to-Bill, Cyclical Recovery, energy infrastructure, Engineering Construction, Hydrocarbon Adjacent, Industrial Construction, Margin reversion | Login |
| TICKER | COMMENTARY |
|---|---|
| PDEX | In 2Q26, PDEX, PESI and MTRX were the largest contributors. The PDEX pitch offered an attempt to quantify the anticipated incremental benefits to operations if Zimmer succeeds with the mBos robot commercialization. Based on these estimates, we calculated the number of systems needed to achieve those revenues, and it triangulates to a capital sale in the range of ~$1M per machine, in line with the cost of Stryker's Mako platform. Stryker sold 860 units in its first three years, so the forecast 609 units to trigger the final CVR seems achievable. And even if the timing is wrong or our estimates imprecise, as long as the direction is right - and Zimmer is putting significant resources behind the launch - once the system launches, PDEX could experience an exceptional transformation in operating cash flow that would justify a substantially higher corporate value. This is why it remains a top position. |
| PESI | In 2Q26, PDEX, PESI and MTRX were the largest contributors. Among our other large holdings, PESI recently preannounced 2Q26 earnings indicating continued weak profitability but strong backlog growth on expanding processing at Hanford. There is potential for significantly more waste volumes if a decision is made to grout (embed in concrete) up to 9M gallons of low-level tank waste by 2030. This recent GAO report illustrates how large that opportunity could be and how favorable the government is in pursuing it. |
| MTRX | In 2Q26, PDEX, PESI and MTRX were the largest contributors. Two other large holdings, MTRX and RSSS, are on June 30 fiscal years and won't report earnings until late August or possibly September. Given their weighting, results may be impactful to the portfolio. I think in both the cases, cash earnings will prove better than market expectations, especially MTRX, which all but guided to record profitability. |
| NRC | We substantially added to NRC and exited CCRN, which was acquired, returning a solid after-tax IRR despite the unavoidable short-term treatment. On NRC, our newest investment, I discussed the company's evolution from owner / operator to professionally led management team, and the expected benefits from putting a growth focused, incentivized and entrepreneurial executive suite behind this strong and recognizable brand, in a business with strong FCF generation and in a market where the two leading competitors just merged in a PE backed $6.5B deal. Quantitative evidence that supports our optimism includes the recently announced largest contract in company history, leading to the highest 12-mos backlog in history. Deferred revs are also growing and this typically leads sales. Furthermore, management indicated that the second year of the aforementioned contract is materially larger than the first, which infers that in one year's time, 12-mos backlog could be even larger, and with capacity to do more. We continue to add opportunistically. |
| QRHC | I am patiently putting available cash to work, recently adding to QRHC, which has lapped negative revenue comps, and may benefit from stabilization in industrial manufacturing as well as new contracts announced earlier in the year. |
| RSSS | Two other large holdings, MTRX and RSSS, are on June 30 fiscal years and won't report earnings until late August or possibly September. Given their weighting, results may be impactful to the portfolio. I think in both the cases, cash earnings will prove better than market expectations, especially MTRX, which all but guided to record profitability. |
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