| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -3.9% | -3.9% |
Middle Coast Investing's Q1 2026 letter describes a market dominated by rapidly cycling memes and themes, from AI disruption fears to geopolitical tensions with Iran. The manager argues that while the volume and speed of market-moving ideas feels unprecedented, the fundamental approach of investing in quality companies at fair prices remains sound. The portfolio declined 3.9% in Q1 versus the S&P 500's 4.6% decline. Key holdings include Amazon (9.7%), Apple (5.5%), and Mexican airport operator OMAB (5.1%). The manager added positions in aerospace maintenance company Standard Aero and language learning app Duolingo while increasing stakes in travel booking giant Booking Holdings. Despite various macro headwinds including war, inflation concerns, and AI disruption fears, the strategy focuses on companies with strong balance sheets, cash generation, and adaptable management teams. The manager emphasizes playing for time, believing that quality businesses will ultimately prevail despite short-term market volatility driven by sentiment and momentum rather than fundamentals.
In a market driven by rapidly cycling memes and unprecedented volatility, the key to successful investing is playing for time by focusing on companies with strong balance sheets, cash generation capability, and management teams that can adapt to changing environments.
The manager expects continued market volatility driven by rapidly cycling memes and themes, but believes focusing on companies with strong balance sheets, cash generation, and adaptable management teams will outperform over time. The strategy is to play for time by investing in businesses that can survive difficult periods and improve their competitive positions.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 10 2026 | 2026 Q1 | BKNG, COF, DUOL, GTLB, LYFT, PGR, SARO | aerospace, AI, insurance, Memes, technology, Travel, volatility |
PGR BKNG GTLB FG SARO DUOL |
Middle Coast Investing navigated Q1 2026's meme-driven market volatility by focusing on quality companies with strong balance sheets and adaptable management. Despite AI disruption fears and geopolitical tensions, the fund added aerospace and travel positions while maintaining conviction in long-term winners. The strategy emphasizes playing for time rather than chasing market themes. |
| Jan 9 2026 | 2025 Q4 | AAPL, ABM, AER, AMZN, APOG, ATKR, ATRO, AVGO, BHF, CCK, COF, CPAY, ECG, FG, GOGO, GOOG, HI, HNI, HURC, LULU, LYFT, MLKN, OMAB, PAGS, PGR, PTLO, SCHW, TRIP, WS | Bottom-up, Cash, Defensive, Office Furniture, risk management, value | - | Middle Coast Investing delivered 16.9% returns in 2025 through disciplined bottom-up value investing but enters 2026 defensively positioned with elevated cash levels. Focus remains on attractively priced companies like office furniture plays positioned for return-to-office recovery while maintaining strict risk management to avoid blow-ups during uncertain market conditions. |
| Oct 2 2025 | 2025 Q3 | AAPL, AER, AMZN, ATRO, AVGO, COF, CPAY, DALN, FCNCA, GOGO, GOOG, LULU, LYFT, MSFT, OMAB, PGR, PTLO, SCS, TRIP, TSM | AI, buyouts, insurance, semiconductors, technology, value |
CORP US GOGO US HI US BHF US TFSL US AL US |
Middle Coast Investing outperformed in Q3 2025 driven by four portfolio buyouts, maintaining cautious AI exposure through infrastructure plays rather than speculative stocks. The value-focused manager trims overvalued positions while seeking mispriced opportunities, holding 14.6% cash with natural skepticism toward AI bubble dynamics but remaining open to selective participation in growth themes. |
| Jul 9 2025 | 2025 Q2 | AAPL, ABM, AER, AMZN, ATRO, AVGO, BOOM, COF, DECK, ECG, FCNCA, FG, HSY, LEVI, LULU, LYFT, OMAB, PGR, SCHW, SCS, SJM, TRIP, VMEO, WS | Apparel, financials, inflation, small caps, tariffs, technology, value |
LYFT DECK ABM TRIP LYFT DECK |
Middle Coast delivered solid Q2 performance while maintaining caution despite market highs. The manager focuses on boring, cheap companies that can grow in any climate, adding defensive bonds and hedges. New positions in beaten-down Lyft and Deckers reflect opportunistic value investing. Despite tariff uncertainty easing, risks from government volatility and geopolitics warrant continued defensive positioning. |
| Apr 11 2025 | 2025 Q1 | AAPL, AER, AMZN, ATKR, ATRO, AVGO, BRK.B, CCK, DALN, DFS, ECG, FCNCA, LULU, OMAB, PGR, PTLO, SCHW, SCS, SON, TRIP | aerospace, Airports, infrastructure, insurance, technology, Trade Policy, volatility |
ECG SON GOOG |
Middle Coast navigated Q1 volatility better than benchmarks by raising cash and reducing risk exposure. Trump administration's policy unpredictability drove defensive positioning while maintaining core holdings in quality companies like Progressive and Amazon. Infrastructure and aerospace themes remain attractive despite tariff headwinds. Elevated cash levels provide flexibility to capitalize on opportunities in an increasingly volatile environment. |
| Jan 8 2025 | 2024 Q4 | AAPL, ACLS, ADM, AER, AMZN, ATKR, ATRO, AVGO, BKNG, DFS, EB, FCNCA, FG, LULU, OMAB, PGR, PTLO, SCS, TRIP, TSM | Portfolio Management, Restaurants, small caps, technology, Travel, value |
PTLO TRIP |
Middle Coast Investing beat small-cap benchmarks in 2024 while building concentrated positions in technology leaders and travel companies. The manager deployed cash during Q4, adding restaurant chain Portillo's and travel platform TripAdvisor. With Amazon and Apple as top holdings representing 26% of the portfolio, the strategy balances growth themes with value opportunities across market caps. |
| Oct 4 2024 | 2024 Q3 | AAPL, ABM, ACLS, AER, AMZN, APOG, ATKR, AVGO, BKNG, BOOM, DFS, EB, FCNCA, FG, GOGO, LULU, OMAB, PGR, SCHW, VMEO | financials, industrials, insurance, small caps, technology, Transitions, value |
ATKR APOG ABM BOOM |
Middle Coast Investing lagged in Q3 as portfolio companies navigated business transitions. Progressive Insurance exemplifies successful transition management while Axcelis and Atkore face cyclical headwinds. Fed dovishness supports soft landing hopes, benefiting financial holdings. Manager added selective new positions and increased cash to 17.1%, maintaining conviction in undervalued small-caps despite near-term volatility. |
| Jul 8 2024 | 2024 Q2 | AAPL, ACLS, AER, AMZN, ARLO, ATKR, ATRO, AVGO, BKNG, DFS, FCNCA, FG, GOGO, LULU, NVDA, OMAB, PGR, SJM, TSM, VOW3.DE | Discipline, Portfolio Management, small caps, stock selection, value |
LULU ATRO SJM GOGO |
Middle Coast Investing posted 4.0% Q2 returns through disciplined value investing in quality companies at reasonable prices. The manager avoided AI momentum while adding positions in Lululemon, Astronics, and J.M. Smucker as contrarian plays. Portfolio remains concentrated in 15 core holdings with focus on 2-3 year appreciation potential rather than quarterly performance. |
| Apr 2 2024 | 2024 Q1 | AAPL, ACLS, ADM, AER, AMZN, ARLO, ATKR, AVGO, BKNG, DBX, DFS, EB, FCNCA, FG, OMAB, PGR, SNX, SPOT, VMEO, WS | Cyclical, financials, industrials, Portfolio Management, Selling, small caps, technology, value |
ADM SNX VMEO |
Middle Coast Investing returned 5.2% in Q1 2024, lagging the market while focusing on disciplined selling decisions. The manager sold Dropbox after disappointing results, held Progressive as auto repair costs stabilized, and added cyclical value plays like grain trader ADM. Cash deployment continued with levels falling to 14.7% as the value-focused strategy emphasized buying quality companies at attractive multiples. |
| Jan 3 2024 | 2023 Q4 | AAPL, ACLS, ARLO, ATKR, AVGO, BKNG, DBX, DFS, EB, FCNCA, FG, KBAL, OMAB, PGR, SCHW, SCS, SPOT, TSM, VMW, WOR, WS | Banking, industrials, semiconductors, small cap, technology, value |
ANEB FCNCA EWORK.ST OMAB DFS ACLS |
Middle Coast delivered 47% returns in 2023 by capitalizing on AI semiconductor rallies and banking crisis opportunities while maintaining 20% cash positions. The disciplined value approach benefited from market dislocations in quality companies like F&G Annuities and Axcelis Technologies. Despite strong performance, the manager remains cautiously optimistic for 2024, focusing on undervalued companies with 50% upside potential. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIManager discusses how AI and LLMs are creating market volatility and fears about disrupting various industries including software, travel, and white-collar jobs. However, the manager believes companies like Booking Holdings are actually benefiting from AI cost savings and that fears about AI replacing developers are overblown as developers are writing more code than ever. |
LLMs Software Automation Disruption Productivity |
AerospaceThe manager highlights aerospace as a winning sector due to Boeing and Airbus ramping up production to address COVID-era gaps and safety issues. There remains a years-long backlog in demand for new planes, supporting both aircraft manufacturing and maintenance businesses like Standard Aero. |
Boeing Airbus Aircraft Maintenance Backlog | |
TravelDespite various headwinds including economic fears, geopolitical events, and AI threats, travel companies like Booking Holdings continue to show strong fundamentals. The manager notes Booking is growing faster than peers, has bought back significant shares, and management believes AI companies won't compete directly in travel booking. |
Online Travel Booking Recovery Geopolitical Competition | |
Auto InsuranceProgressive faces challenges from slower customer growth and potential disruption from autonomous vehicles, but the manager believes the company's strong management team and competitive advantages position it well to adapt. The stock trades at attractive valuations despite these concerns. |
Progressive Autonomous Pricing Competition Adaptation | |
Private CreditThe manager notes market fears about private credit potentially causing the next financial crisis, particularly affecting companies like F&G Annuities & Life that have exposure to alternative investments through partnerships with firms like Blackstone. |
Alternatives Blackstone Underwriting Financial Crisis Risk | |
| 2025 Q4 |
AIManager acknowledges AI was a major driver of S&P 500 performance in 2025, with the Magnificent Seven leading tech stocks at the forefront. Only four of their top 12 performing stocks were AI-related plays, showing they benefited from AI but kept pace through other investments. |
Artificial Intelligence Technology Magnificent Seven |
ValueManager emphasizes bottom-up investing approach, reading about many companies and picking stocks that look like good values. They focus on finding companies that will do better in years ahead when stocks are priced attractively, combining good companies with fair prices. |
Bottom-up Valuation Stock Selection | |
OfficeManager has invested in office furniture companies for a decade, believing the return to office theme hasn't played out but might soon. They see order growth improving across major players and expect office renovations and return-to-office trends to drive future performance. |
Office Furniture Return to Office Commercial Real Estate | |
| 2025 Q3 |
AIManager discusses AI cautiously, experimenting with it for business operations and research but finding limited practical value so far. Views AI as creating a bubble environment similar to the internet bubble, with many participants admitting it's in a bubble phase. Invests selectively in AI-related companies but maintains natural skepticism. |
Artificial Intelligence Bubble Technology Automation Research |
BuybacksFour portfolio companies were bought out during the quarter, including Dallas News, WideOpenWest, Vimeo, and Steelcase. These buyouts provided significant portfolio boost and were a major driver of Q3 performance. Manager actively seeks merger arbitrage opportunities and companies that may be acquisition targets. |
Mergers Acquisitions Takeovers Deal Premium | |
ValueManager emphasizes finding opportunities others are not seeing properly, focusing on companies trading at attractive valuations. Mentions specific valuation metrics like P/E ratios and seeks stocks that appear cheap relative to fundamentals. Portfolio P/E of 22.5 compared to broader market. |
Valuation P/E Ratio Undervalued Cheap Fundamentals | |
| 2025 Q2 |
Trade PolicyThe Trump administration has backed off its most extreme tariff positions but tariffs remain higher than before April 2nd. The administration has expressed admiration for current tariff levels of 30% for China, varied tariffs for NAFTA partners, and at least 10% for the rest of the world. One trade deal has been reached with Vietnam entailing 20% tariffs on Vietnamese goods and 40% on third-party goods shipped through Vietnam. |
Tariffs Vietnam China NAFTA Trade |
ApparelHigher-priced fashion and apparel companies have been most directly caught up in tariff crosswinds. The uncertainty related to tariffs has at least clarified with the Vietnam trade deal, which gives clarity to the apparel industry that produces much of its goods in Vietnam. The manager believes they have seen the worst of the tariff impact for now. |
Fashion Vietnam Tariffs Manufacturing Footwear | |
InflationInflation has for the most part not spiked up, though this could change as the dollar weakens compared to countries the US imports goods from. Interest rates will likely go somewhat lower by the end of the year, which is positive for the economy and markets. Car insurance should be in a getting cheaper cycle unless used car inflation strikes due to tariffs. |
Interest Rates Dollar Insurance Autos | |
| 2025 Q1 |
VolatilityManager expects continued volatility due to Trump administration's erratic policy approach and indifference to stock market performance. Planning to be quicker about buying and selling to take advantage of volatility, with raised cash levels to navigate uncertain environment. |
Policy Trump Uncertainty Cash Trading |
Trade PolicyTariff announcements and trade policy changes are creating market disruption and affecting individual companies. Manager notes the slapdash way tariffs were calculated and expects increased costs to be passed through to customers where possible. |
Tariffs China Mexico Costs Policy | |
InfrastructureInvestment in Everus Construction Group reflects focus on power lines, pipelines, and energy infrastructure buildout. Revenue backlog grew 38% in 2024, driven by renewable energy, data centers, and grid hardening demand. |
Construction Power Grid Energy Backlog | |
InsuranceProgressive showing strong performance with 18% policy growth and combined ratio below 85. Manager sees Progressive extending its lead despite competition and climate change risks, potentially becoming top holding. |
Auto Growth Profitability Competition Climate | |
| 2024 Q4 |
TravelTravel is the manager's favorite sector to study and has paid off over the years. TripAdvisor's Viator business finally passed legacy TripAdvisor in revenue in Q3 2024, with the race between Viator's growth and legacy decline now seeming winnable. The manager views travel as offering continued opportunities. |
Online Travel Hotels Entertainment Airlines Restaurants |
RestaurantsPortillo's is a Chicago-based restaurant chain known for hot dogs and Italian beef sandwiches. The company is focused on building restaurants in the Sun Belt with impressive sales per restaurant basis. The manager sees room for growth despite valuation concerns and same-store sales challenges. |
Foodservice Food Quick Commerce Specialty Retail Consumer Finance Retail | |
TechnologyLarge technological companies have favorable characteristics that lead them to win, representing a super theme since the financial crisis. The manager acknowledges not totally missing out from this theme through positions in companies like Amazon, Apple, Broadcom, and Taiwan Semiconductor. |
Cloud AI Semiconductors Software Data Centers | |
| 2024 Q3 |
SemiconductorsAxcelis, a semiconductor equipment maker, is caught between slowing electric vehicle demand and delayed memory chip recovery. The company has gained market share and maintains a strong balance sheet despite current headwinds. Micron's recent earnings suggest memory recovery may be approaching. |
Memory Equipment Cycles Recovery EVs |
InsuranceProgressive Insurance exemplifies successful transition management, overcoming used car repair cost inflation through early price increases and growing policies faster than competitors. F&G Annuities benefits from clients seeking to lock in high annuity returns while rates remain elevated. |
Auto Insurance Pricing Annuities Rates Growth | |
FinancialsFinancial companies are positioned as big winners in a soft landing scenario. Discover is cleaning up past problems and strengthening its business. First Citizens successfully integrates Silicon Valley Bank acquisition and stands to benefit from startup funding recovery. |
Banks Integration Recovery Soft Landing Credit | |
IndustrialsAtkore faces pricing pressure as pandemic-era price increases normalize, with management uncertain about timing of the bottom. Despite lawsuit risks, infrastructure spending and data center demand provide positive momentum drivers for the PVC pipe and conduit maker. |
Infrastructure Pricing Data Centers Construction Materials | |
| 2024 Q2 |
ValueManager emphasizes buying quality companies at reasonable prices, gravitating toward cheaper, lower earnings-multiple stocks where price doesn't reflect potential value. Focus on finding stocks that will be worth more in 2-3 years than current market price suggests. |
Value Investing Quality Multiples Undervalued Price |
Small CapsPortfolio tilted toward smaller companies as they are more likely to be misunderstood and can grow faster than large companies. Manager believes biggest companies can't grow faster than the market forever and smaller names offer better opportunities. |
Small Cap Growth Misunderstood Beaten Track Contrarian | |
AIAcknowledges AI and Nvidia's strong performance but maintains discipline against chasing trends. Notes that while AI stocks are performing well, it's dangerous to chase waves as they usually crash to shore. |
Artificial Intelligence Nvidia Technology Trends Hype | |
| 2024 Q1 |
Ag TradingArchers-Daniels-Midland is one of the biggest grain traders in the world, part of the ABCD group that controls 90% of global grain trade. The company is cyclical and peaked in 2022 as the Russia invasion of Ukraine caused grain prices to go up, now closer to the bottom of a cycle. Buying a company with a strong balance sheet at less than 10x bottom earnings usually works out well. |
Grains Commodities Trading Cyclical Ukraine |
Auto PartsWorthington Steel takes raw steel and turns it into more useful products for auto makers, tractor companies, construction businesses, and electrical companies. It is also in part a commodity company, tied to the price of steel. Commodity companies and auto parts suppliers usually trade cheaply, as they are very cyclical and thus volatile in performance. |
Steel Auto Cyclical Manufacturing Commodity | |
SemiconductorsAxcelis has benefited from machine sales to companies that make chips for cars, including electric vehicles, hybrids and the electronification of the car. The company forecast no growth in revenue this year and potentially lower earnings, while sticking to its growth target for 2025. There is fear that air is going out of the electric vehicles balloon. |
Chips Electric Vehicles Equipment Automotive Growth | |
Credit CardsDiscover Financial Services agreed to merge with Capital One Financial, another major credit card issuer. The deal seems like a good match as Capital One is a founder-led upstart with a huge brand name, and Discover brings a payments network that could better compete with Visa and Mastercard. The deal might not go through due to regulatory scrutiny. |
Payments Merger Networks Regulation Competition | |
P&C InsuranceProgressive digested inflation in used car repair costs to reach its target profitability by the end of 2023. The company's first two months of 2024 suggest that used car repair costs just maybe have stabilized or dropped, making Progressive dramatically more profitable. Progressive has still been able to grow its customer base. |
Auto Insurance Inflation Profitability Growth Costs | |
| 2023 Q4 |
AIAI investment excitement boosted semiconductor holdings including Axcelis Technologies, VMWare, Broadcom, and Taiwan Semiconductor. Broadcom benefits from AI investments as a leading semiconductor company, though its stock is expensive. The AI rally in May/June was one of the violent market rallies that engenders caution. |
Semiconductors Computing Investment Rally Hype |
SemiconductorsMultiple semiconductor companies performed well, with Axcelis selling tools to help produce less sophisticated semiconductors for cars. The semiconductor cycle benefited from electric vehicle demand and new chip plant buildouts. Concerns exist about sustainability of growth after new plants are built and US-China tensions. |
Equipment Manufacturing Automotive Cycle Growth | |
Electric VehiclesElectric vehicles drove demand for Axcelis's semiconductor tools and benefited Worthington Steel through electrical grid upgrades and green energy initiatives. The EV theme supports companies building less sophisticated semiconductors used in cars and infrastructure upgrades. |
Automotive Infrastructure Grid Energy Transition | |
Regional BanksThe March regional bank crisis provided opportunities to build positions in F&G Annuities & Life and Charles Schwab. First Citizens Bank was purchased after acquiring Silicon Valley Bank assets, trading near tangible book value while earning more than typical banks at that valuation. |
Crisis Opportunity Valuation Acquisition Recovery |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 10, 2026 | Fund Letters | Middle Coast Investing | PGR | Progressive Corporation | Insurance - Property & Casualty | Property & Casualty Insurance | Bull | New York Stock Exchange | Auto Insurance, autonomous vehicles, Customer growth, Cyclical, Pricing power, Property & Casualty, Value | Login |
| Apr 10, 2026 | Fund Letters | Middle Coast Investing | BKNG | Booking Holdings | Travel Services | Internet & Direct Marketing Retail | Bull | NASDAQ | AI disruption, e-commerce, international exposure, Online Travel, Platform business, Share Buybacks, Travel Technology | Login |
| Apr 10, 2026 | Fund Letters | Middle Coast Investing | GTLB | GitLab Inc | Software - Infrastructure | Application Software | Bull | NASDAQ | AI tools, Developer Productivity, Devops, Growth Software, SaaS, Software Development, takeover target | Login |
| Apr 10, 2026 | Fund Letters | Middle Coast Investing | FG | F&G Annuities & Life | Insurance - Life | Life & Health Insurance | Bull | New York Stock Exchange | alternative investments, Annuities, Book Value, interest rate sensitivity, life insurance, Private Credit, Share Buybacks | Login |
| Apr 10, 2026 | Fund Letters | Middle Coast Investing | SARO | Standard Aero | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket services, Aircraft Maintenance, Aviation Cycle, Industrials, LEAP Engines, Value | Login |
| Apr 10, 2026 | Fund Letters | Middle Coast Investing | DUOL | Duolingo Inc | Software - Application | Interactive Media & Services | Bull | NASDAQ | AI disruption, Edtech, freemium model, gamification, Language learning, Mobile App, User growth | Login |
| Oct 2, 2025 | Fund Letters | Daniel Shvartsman | HI US | Hillenbrand Inc. | Industrials | Machinery | Bull | NYSE | buyout, dividend, Industrials, M&A, machinery, Plastics, Value | Login |
| Oct 2, 2025 | Fund Letters | Daniel Shvartsman | BHF US | Brighthouse Financial Inc. | Financials | Life Insurance | Neutral | NASDAQ | Annuities, Insurance, M&A, Risk, spin-off, valuation | Login |
| Oct 2, 2025 | Fund Letters | Daniel Shvartsman | TFSL US | TFS Financial Corp. | Financials | Banks | Bull | NASDAQ | banking, defensive, dividend, Interest rates, Mutual-structure, yield | Login |
| Oct 2, 2025 | Fund Letters | Daniel Shvartsman | AL US | Air Lease Corp. | Industrials | Aircraft Leasing | Bull | NYSE | Aircraft, arbitrage, Leasing, M&A, Short-term, Value | Login |
| Oct 2, 2025 | Fund Letters | Daniel Shvartsman | CORP US | Corpay Inc. | Other | Payments | Bull | NYSE | Acquisitions, Corporate-payments, diversification, growth, Oil-hedge, Payments, valuation | Login |
| Oct 2, 2025 | Fund Letters | Daniel Shvartsman | GOGO US | Gogo Inc. | Communication Services | Wireless Services | Bull | NASDAQ | 5G, Aviation, Competition, growth, Satellite, turnaround | Login |
| Jul 9, 2025 | Fund Letters | Daniel Shvartsman | LYFT | Lyft Inc. | Industrials | Ground Transportation | Bull | NASDAQ | cashflow, growth, mobility, Ridesharing, turnaround | Login |
| Jul 9, 2025 | Fund Letters | Daniel Shvartsman | DECK | Deckers Outdoor Corp. | Consumer Discretionary | Footwear | Bull | New York Stock Exchange | Brand, Footwear, growth, tariffs, valuation | Login |
| Jul 9, 2025 | Fund Letters | Middle Coast Investing | LYFT | Lyft Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | duopoly, growth, international expansion, new management, Ridesharing, SaaS, technology, Transportation, turnaround | Login |
| Jul 9, 2025 | Fund Letters | Daniel Shvartsman | ABM | ABM Industries Inc. | Industrials | Facilities Services | Bull | New York Stock Exchange | energy, Facilities, Microgrid, Recurring, services | Login |
| Jul 9, 2025 | Fund Letters | Daniel Shvartsman | TRIP | TripAdvisor Inc. | Communication Services | Interactive Media | Bull | NASDAQ | Activism, growth, marketplace, Travel, valuation | Login |
| Jul 9, 2025 | Fund Letters | Middle Coast Investing | DECK | Deckers Outdoor Corporation | Consumer Discretionary | Footwear | Bull | NYSE | Athletic Shoes, brand portfolio, Consumer Discretionary, Footwear, growth, Hoka, tariffs, UGG, Value, Vietnam | Login |
| Apr 11, 2025 | Fund Letters | Middle Coast Investing | ECG | Everus Construction Group | Industrials | Construction & Engineering | Bull | NASDAQ | construction, Cyclical, energy infrastructure, infrastructure, Pipelines, Power Lines, spin-off, Value | Login |
| Apr 11, 2025 | Fund Letters | Middle Coast Investing | SON | Sonoco Products | Materials | Paper Packaging | Bull | NYSE | consumer staples, debt reduction, defensive, Food Packaging, Metal, Packaging, Paper, Value | Login |
| Apr 11, 2025 | Fund Letters | Middle Coast Investing | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, autonomous vehicles, Large-cap tech, Regulatory Breakup, Search, Value, Waymo, YouTube | Login |
| Jan 8, 2025 | Fund Letters | Middle Coast Investing | PTLO | Portillo's Inc. | Consumer Discretionary | Restaurants | Bull | NASDAQ | Chicago, Fast casual, Free cash flow positive, Geographic Expansion, Private Equity Overhang, Restaurant Chain, same-store sales, Sun Belt, Value | Login |
| Jan 8, 2025 | Fund Letters | Middle Coast Investing | TRIP | TripAdvisor Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Experiences, legacy business, M&A interest, Online Travel Agency, Revenue Growth, Tours, Travel, turnaround, Viator | Login |
| Oct 4, 2024 | Fund Letters | Middle Coast Investing | ATKR | Atkore Inc. | Industrials | Building Products | Bull | NYSE | Building Products, Cyclical, data centers, Electrical Grid, infrastructure, Metal Conduits, PVC Pipes, Solar power, turnaround, Value | Login |
| Oct 4, 2024 | Fund Letters | Middle Coast Investing | BOOM | DMC Global Inc. | Energy | Energy Equipment & Services | Bull | NASDAQ | acquisition target, Building Products, Event-driven, Heat-Resistant Metals, Oil Services, Special Situation, strategic review | Login |
| Oct 4, 2024 | Fund Letters | Middle Coast Investing | APOG | Apogee Enterprises Inc. | Industrials | Building Products | Bull | NASDAQ | Acquisitions, Building Products, Commercial Buildings, Cyclical, Framing Systems, Glass, margin expansion, market consolidation, Value | Login |
| Oct 4, 2024 | Fund Letters | Middle Coast Investing | ABM | ABM Industries Incorporated | Industrials | Commercial Services & Supplies | Bull | NYSE | Airports, defensive, EV charging, Facility Management, Janitorial Services, Microgrids, steady growth, Value | Login |
| Jul 8, 2024 | Fund Letters | Middle Coast Investing | GOGO | Gogo Inc. | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | 5G Technology, Binary Outcome, Business Aviation, Galileo, In-Flight WiFi, Satellite, SpaceX Competition, Technology Rollout | Login |
| Jul 8, 2024 | Fund Letters | Middle Coast Investing | SJM | The J.M. Smucker Company | Consumer Staples | Food Products | Bull | NYSE | brand portfolio, consumer staples, debt reduction, dividend, Food Products, Free Cash Flow, GLP-1 Risk, Value | Login |
| Jul 8, 2024 | Fund Letters | Middle Coast Investing | LULU | Lululemon Athletica Inc. | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NASDAQ | Apparel, Athletic Wear, China, Europe, international expansion, Post-Pandemic, Quality, Value | Login |
| Jul 8, 2024 | Fund Letters | Middle Coast Investing | ATRO | Astronics Corporation | Industrials | Aerospace & Defense | Bull | NASDAQ | Aerospace, Aircraft Systems, Boeing, Entertainment Systems, market leader, Military, Revenue Growth, supply chain | Login |
| Apr 2, 2024 | Fund Letters | Middle Coast Investing | ADM | Archer-Daniels-Midland Company | Consumer Staples | Agricultural Products | Bull | NYSE | Accounting Issues, Agricultural Commodities, Cyclical, dividend, Grain Trading, Share Buybacks, Value | Login |
| Apr 2, 2024 | Fund Letters | Middle Coast Investing | VMEO | Vimeo, Inc. | Communication Services | Interactive Media & Services | Neutral | NASDAQ | Free cash flow positive, Growth Stagnation, M&A Arbitrage, Small Position, Special Situation, Video Streaming | Login |
| Apr 2, 2024 | Fund Letters | Middle Coast Investing | SNX | TD SYNNEX Corporation | Information Technology | Technology Distributors | Bull | NYSE | AI technology, Free Cash Flow Growth, margin expansion, PC Market Recovery, technology distribution, value-added services | Login |
| Jan 3, 2024 | Fund Letters | Middle Coast Investing | DFS | Discover Financial Services | Financials | Consumer Finance | Bull | NYSE | consumer finance, credit cards, credit quality, new CEO, Regulatory Resolution, Share Buybacks, turnaround | Login |
| Jan 3, 2024 | Fund Letters | Middle Coast Investing | ACLS | Axcelis Technologies Inc | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Automotive Semiconductors, Chip Manufacturing, Electric Vehicles, ion implantation, semiconductor equipment, Taiwan Semiconductor | Login |
| Jan 3, 2024 | Fund Letters | Middle Coast Investing | EWORK.ST | Worthington Enterprises Inc | Materials | Steel | Bull | NYSE | Building materials, Consumer products, diversification, Industrial, infrastructure, spin-off, Steel Products | Login |
| Jan 3, 2024 | Fund Letters | Middle Coast Investing | FCNCA | First Citizens BancShares Inc | Financials | Banks | Bull | NASDAQ | Asset Integration, Interest Rate Sensitive, North Carolina, regional bank, SVB Acquisition, tangible book value | Login |
| Jan 3, 2024 | Fund Letters | Middle Coast Investing | ANEB | Eventbrite Inc | Communication Services | Interactive Media & Services | Bull | NYSE | Event Management, growth, profitability inflection, SaaS, Small Venues, Ticketing Platform, turnaround | Login |
| Jan 3, 2024 | Fund Letters | Middle Coast Investing | OMAB | Grupo Aeroportuario del Centro Norte SAB de CV | Industrials | Transportation Infrastructure | Bull | NASDAQ | Concession, infrastructure, Mexican Airports, Mexico, Monopolistic Assets, Regulatory risk, Transportation | Login |
| TICKER | COMMENTARY |
|---|---|
| PGR | The stock is down 32% from its all-time high last June, for legitimate reasons. Its customer growth – policies in force (PIF) – grew much slower last year than it has for a few years. Its earnings are unsustainable, as it hasn't had to pay out as much in claims as it expected. Natural disasters, auto price inflation, or regulators demanding Progressive give back premiums or lower rates may all crimp that profitability, and meanwhile other auto insurers are doing well too, meaning more competition for new customers. |
| BKNG | Booking's share price dropped as much as 32% from its highs of last year, and 25% from the start of this year. But while that did happen, the business has shown no signs of any effect from any of these threats. It is growing faster than its peers (Expedia and AirBnB), it has bought back 27% of its shares outstanding since early 2019, and its guidance for the year ahead is quite good. |
| GTLB | Gitlab has not been a good stock since its IPO during the bubbly 2021 market. It has specifically struggled as two forces combine: the fear that use of Claude and other AI bots will render Gitlab's business – software that enables tech teams to coordinate their development processes – less necessary or reduce the number of developers using the product; and a slowdown in Gitlab's growth for idiosyncratic reasons. |
| SARO | Standard Aero is one of our three new positions, and maybe the one I am most excited about, even though for now the position is small. Those revenues have grown by an average 15% the last two years. The growth is forecast to slow this year due to an accounting change, but one which should lead to improved profitability. The shares trade for less than 15x EV/EBITDA, which is significantly cheaper than aerospace peers. |
| DUOL | The stock has become reasonably priced after soaring to ridiculous levels. The headline reason it has dropped is that, with the LLMs, people feel less of a need to learn a language. Why bother when you can just do this through your phone and your air Pods? I think this misunderstands why people learn a language – as self-development, to have fun, and because they want to actually be able to do something themselves. |
| COF | Capital One is a great company but also very sensitive to the economic cycle. Whenever there is fear in the economy, it hits this stock. We bought shares in accounts that hadn't owned Discover Financial (which COF took over a year ago) before, but we were probably early at $210-$220. |
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