| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.1% | - | - |
River Oaks Capital's H1 2026 letter addresses the fund's most challenging period since inception, with since-inception annualized returns declining from well above benchmarks to modestly below at 10.1%. The underperformance stems primarily from lack of exposure to AI-related valuation gains, as investors rotated capital out of the fund's non-AI holdings despite 12 of 15 portfolio companies posting year-over-year earnings growth. Manager Whit Huguley outlines two key lessons learned: separating management quality assessment from industry economics judgment, and the critical importance of creating catalysts rather than waiting for fair value recognition in small, underfollowed markets with eroding price discovery. The manager has become more directly involved with portfolio companies, encouraging aggressive buybacks while several holdings trade near 50% of fair value. New positions include FFB Bank, a California community bank with payment processing business trading at 1.4x book value but offering 8-9% free cash flow yield, and Ascent Industries, a specialty chemical manufacturer operating at 45% capacity with 12-15% annual buybacks positioning it as an acquisition target. The manager views current valuations as attractive opportunities for patient, long-term investors.
River Oaks Capital invests with a long-term, owner's mindset in 10-15 small, underfollowed wonderful businesses that dominate niche industries, are run by A+ capital allocators with insider ownership, and trade at significant discounts to fair value (often 50% or less). The manager actively works with portfolio companies to create their own catalysts through aggressive buybacks, M&A, or other value-realization strategies, rather than waiting passively to be discovered in markets with eroding price discovery.
Manager expects to restore fund performance to the level achieved in its first five and a half years through two key actions: separating management quality from industry economics assessment with enhanced margin of safety requirements, and becoming more directly involved with portfolio companies to create catalysts for value realization. Despite disappointing share price performance over the past six to twelve months due to lack of AI exposure and capital rotation, the majority of holdings have grown earnings over the same period, creating what the manager views as an attractive opportunity to add to positions with a long-term perspective. Manager emphasizes that companies which stop waiting to be discovered and instead build toward one of four value-creation strategies are most likely to reward patient shareholders.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Aug 29 2026 | 2026 Q2 | ACNT, BFCC, FFBB, RWAY, TRUX | Buybacks, Capital Allocation, Community Banks, Microcap, Niche Markets, small caps, Specialty Chemicals, value |
FFBB ACNT |
River Oaks Capital experienced its most challenging period since inception, underperforming benchmarks due to zero AI exposure as capital rotated away from its microcap holdings. Manager Huguley is taking direct action: separating management quality from industry economics assessment, and actively working with portfolio companies to create catalysts through aggressive buybacks and value-realization strategies. With 12 of 15 holdings growing earnings while trading near 50% of fair value, the manager sees compelling long-term opportunities. |
| Mar 1 2026 | 2025 Q4 | ACNT, BFCC, BILD.TO, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, OMCC, RRR.UN, RWAY, SRBK, TRUX | Banking, Buybacks, Consolidation, Flooring, small cap, Specialty Chemicals, undervalued, value | - | River Oaks Capital invests in small, underfollowed public companies trading at steep discounts, emphasizing wonderful businesses with management teams executing clear long-term value creation strategies. The fund focuses on share buybacks as a key return driver while companies remain undervalued, targeting 8-15% annual returns through patient capital deployment in an increasingly inefficient small-cap market. |
| Aug 28 2025 | 2025 Q2 | BCIC, BFCC, BILD.V, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, OMCC, RRR.UN, SRBK, TRUX | Buybacks, Capital Allocation, management, Niche, Quality, small caps, value |
BILD CN IVFH |
River Oaks Capital targets small, underfollowed public companies combining A+ management, niche businesses, and significant valuation discounts. Recent additions include BuildDirect (professional flooring expansion) and Innovative Food Holdings (asset-light food distribution). The manager emphasizes in-person due diligence to identify exceptional CEOs and encourages share buyback programs to protect against inefficient pricing in neglected small-cap markets. |
| Feb 10 2025 | 2024 Q4 | BFCC, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, LRFC, MFBP, MSVB, OMCC, RRR.UN, SKYH, TRUX | Broadband, Buybacks, Capital Allocation, Community Banks, Micro Cap, small caps, underfollowed, value | IVFH | River Oaks Capital targets underfollowed small cap companies with A+ management teams in fragmented industries or trading at excessive discounts. The fund emphasizes owner-operator mindset, extensive due diligence, and active engagement for capital returns. Portfolio companies are executing significant buyback programs while navigating industry-specific challenges, with the manager confident in long-term value creation through superior capital allocation. |
| Aug 20 2024 | 2024 Q2 | BEBE, BFCC, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, GLXZ, HAYPP, LEGH, LRFC, MFBP, NICK, PRKA, RRR.UN, TRUX | Buybacks, Community Banks, Micro Cap, small caps, underfollowed, value | - | River Oaks Capital invests in 10-15 underfollowed micro and small cap companies trading at excessive discounts. The fund capitalizes on institutional neglect of small public companies, finding businesses at 5-10 P/E ratios with 15-25% free cash flow yields. Key themes include community banks with ECIP capital and aggressive share buyback programs by undervalued management teams. |
| Dec 31 2023 | 2023 Q4 | ALV.DE, CS.PA, GEN.MI, MC.PA | insurance, private equity, SME, software, Switzerland | - | MPD Partners operates a SME-focused private equity fund with holdings in Swiss insurance brokerage La Centrale de Prévoyance and proprietary lead generation software development. LCP faces broker retention challenges but shows positive cash flow trends. The fund emphasizes technology-driven value creation and maintains lean operations while building track record for future fund raising. |
| Jun 30 2023 | 2023 Q2 | BRK-B | AI, diversification, emerging markets, global, rates, technology, value | - | Fortress delivered strong Q3 returns through global diversification, avoiding expensive U.S. tech in favor of emerging markets and non-U.S. opportunities. AI momentum continued driving valuations higher, but the firm sees better value internationally. Fed rate cuts and Chinese policy support boosted markets. Management maintains conviction in their globally diversified approach despite recent outperformance. |
| Dec 31 2022 | 2022 Q4 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
Community BanksManager added FFB Bank as seventh largest position, a California community bank generating substantial non-interest income from payment processing. FFB trades at 1.4x book value but offers 8-9% free cash flow yield on current depressed earnings due to consent order. Manager expects earnings to revert to $25-30 million once consent order lifts, with continued growth in non-interest-bearing deposits and expansion across California. |
Community Banks Payments California Non-interest income Consent order |
Specialty ChemicalsAscent Industries operates at 45% capacity and can scale revenue from $80 million to over $130 million with minimal capex while expanding gross margins toward 35% target. CEO Bryan Kitchen is buying back 12-15% of shares annually and recently acquired Midwest Graphics for $14 million, adding APEO-free coating technology. Manager views this as creating its own catalyst toward becoming an acquisition target. |
Specialty Chemicals Capacity utilization Buybacks M&A Proprietary products | |
Small CapsManager focuses exclusively on 10-15 small, underfollowed wonderful businesses in niche industries trading at significant discounts to fair value. Portfolio consists primarily of microcap and small-cap companies with market caps ranging from $15 million to $500 million. Manager emphasizes that small, underfollowed markets have eroding price discovery, requiring companies to actively create catalysts rather than wait to be discovered. |
Small Caps MicroCap Underfollowed Niche markets Price discovery | |
AIManager notes nearly every business in portfolio has little to no exposure to AI-related valuation gains. As investors rotated capital into AI names, they funded purchases by selling shares in non-AI companies the fund owns, pressuring valuations despite 12 of 15 portfolio companies posting year-over-year earnings growth. Manager states most businesses owned appear largely insulated from AI disruption long-term, including flooring, billboards, specialty chemicals, community banks, wealth managers, fiber internet, surgical hospitals, food distribution, oil-and-gas services, vitamins, hotels, lumber, and private lenders. |
AI Valuation rotation Non-AI exposure Earnings growth Disruption risk | |
BuybacksManager actively encourages portfolio companies to repurchase shares aggressively while trading near 50% of fair value. Ascent Industries is buying back 12-15% of shares annually, FFB Bank repurchases 5-7% annually, and manager emphasizes temporary undervaluation allows management to repurchase shares opportunistically. Manager views aggressive buybacks as part of creating own catalyst for value realization. |
Buybacks Share repurchases Capital allocation Undervaluation Value creation | |
ValueManager seeks companies selling at significant discount to fair value, with several holdings currently trading near 50% of fair value. Investment approach combines wonderful businesses at fair prices with excessive discount companies trading at $0.50 or less on the dollar. Manager emphasizes margin of safety in valuations and actively works with management to close valuation gaps through buybacks, M&A, or other catalyst-creation strategies. |
Value Discount to fair value Margin of safety Excessive discount Valuation gap | |
Capital AllocationManager prioritizes A+ capital allocators and has become more directly involved with portfolio companies to ensure long-term shareholder value creation plans exist. Manager outlines four paths companies can take: grow out of being small, dominate niche and become acquisition target, divest to unlock value, or cut costs and operate like private company. Manager states sustained undervaluation serves no one and defeats core purpose of being public. |
Capital Allocation Management quality Value creation Catalyst creation Shareholder value | |
| 2025 Q4 |
AIAI has been the defining theme of market leadership in 2025, driving data center capex and benefiting semis, electrical equipment, and tech hardware. The theme reasserted dominance after NVIDIA's strong earnings in late November, though concerns about durability caused temporary rotation. |
Data Centers Semiconductors Infrastructure Capex Hardware |
ElectrificationPortfolio maintains largest absolute and relative exposure to Industrials sector representing conviction in the Electrification theme. Bloom Energy benefited from AI data center power demands, with fuel cells providing reliable onsite power for AI workloads. |
Power Grid Energy Storage Infrastructure Industrial | |
AerospacePortfolio retains conviction in the Aerospace theme alongside Electrification within the Industrials sector. Rocket Lab operates in Launch Services and Space Systems, providing rides to orbit for small satellites and manufacturing spacecraft components. |
Space Defense Launch Satellites Components | |
BiotechnologyBiotech was a standout performer during the quarter, delivering its best quarter in five years driven by improving rate environment, easing regulation enabling more M&A, and excitement around AI's promise in drug discovery efficiency. |
Drug Discovery M&A Regulation Innovation Healthcare | |
SolarFirst Solar differentiates with thin-film CdTe technology offering better performance in hot/humid/low light conditions. Trump Administration's 'One Big Beautiful Bill' has driven US demand for non-China solar products, providing additional tailwinds. |
Manufacturing Technology Policy Trade Energy | |
| 2025 Q2 |
Small CapsRiver Oaks Capital focuses exclusively on small, underfollowed public companies with market caps ranging from $40m to $460m. The fund seeks wonderful businesses in small, niche industries that are remote islands too time-consuming for major players to conquer, allowing dominant companies to generate above average returns for decades. |
Small Cap Underfollowed Niche Value Quality |
ValueThe fund emphasizes buying ownership at significant discounts to fair value, seeking companies trading at $0.50 or less on the dollar. Even wonderful companies require a margin of safety, especially in small public companies where mistakes are made at higher frequency and liquidity can be limited. |
Margin of Safety Discount Undervalued Fair Value Valuation | |
Food DistributionInnovative Food Holdings operates as a nationwide specialty food distributor using drop shipping to connect small food vendors to national broadline distributors. The asset-light business model requires virtually no working capital or inventory, making it highly scalable as the drop shipping business grows. |
Drop Shipping Specialty Food Distribution Asset Light Scalable | |
Building Materials RetailBuildDirect operates as a physical and online professional flooring company, targeting the fragmented professional buyer market. The company plans to expand from 7 to 75 professional flooring centers over the next decade, leveraging synergies between e-commerce and physical locations. |
Flooring Professional E-commerce Expansion Consolidation | |
BuybacksThe manager has taken a suggestivist approach, visiting portfolio companies to pitch implementing share buyback programs. Management teams being attentive to share price and prepared to buy back shares creates a floor for the share price and prevents dilutive situations when shares are needed as currency. |
Share Buybacks Capital Allocation Share Price Management Suggestivist | |
| 2024 Q4 |
Small CapsRiver Oaks Capital focuses exclusively on investing in underfollowed micro cap and small cap companies with market capitalizations under $1 billion. The manager emphasizes that small public companies are inefficiently priced and remain undiscovered for many years due to the shift towards passive investing. The fund's strategy involves finding wonderful businesses trading at significant discounts to fair value in this neglected market segment. |
Micro Cap Underfollowed Inefficient Passive Investing Undervalued |
ValueThe fund employs a deep value approach, seeking companies trading at excessive discounts to fair value - often $0.50 or less on the dollar. The manager emphasizes the importance of margin of safety and only invests in companies that can generate adequate returns of 10-15% per year just from free cash flow, assuming share prices never increase. This approach protects against business mistakes that are common in small public companies. |
Margin of Safety Excessive Discount Fair Value Free Cash Flow Undervalued | |
BuybacksShare buybacks are a central theme throughout the portfolio, with the manager actively engaging in 'suggestivist' investing to encourage management teams to repurchase shares. Multiple portfolio companies including Medical Facilities, Citizens Bank, and Truxton Trust have implemented significant buyback programs. The manager views buybacks as the simplest capital allocation decision for inefficiently priced small public companies. |
Share Repurchase Capital Allocation Suggestivist Accretive Management Engagement | |
Community BanksThe portfolio includes significant exposure to community banks including Citizens Bank, BankFirst, M&F Bank, and Mid-Southern Bank. These banks benefit from the ECIP program which provided favorable 2% interest rate loans that can be redeemed at 28% of face value. The manager sees these banks as generating strong returns on equity while maintaining conservative lending standards and returning capital to shareholders. |
ECIP Conservative Lending Return on Equity Capital Return Rural Banking | |
BroadbandThe fund has exposure to rural broadband through Boston Omaha Broadband and Amplex Internet (owned by Old Market Capital). These companies focus on building fiber internet to underserved rural areas where first mover advantage is critical. The manager emphasizes how small, nimble companies can execute fiber buildouts much faster than large providers in rural markets. |
Rural Fiber First Mover Infrastructure Underserved Markets Fiber Buildout | |
| 2024 Q2 |
Community BanksRiver Oaks owns multiple community banks including Citizens Bank, Truxton Bank, and Bankfirst. These banks benefit from ECIP capital and are executing strategic acquisitions and share buybacks. Citizens Bank has $90m+ cash for acquisitions while trading at 5 P/E ratio. |
ECIP Acquisitions Buybacks Deposits Lending |
ValueThe fund focuses on buying companies at excessive discounts to fair value, often at 50% or less on the dollar. Many holdings trade at 5-10 P/E ratios with strong free cash flow yields of 15-25%. |
Discount P/E Undervalued Free Cash Flow Fair Value | |
BuybacksMultiple portfolio companies are aggressively buying back shares at undervalued prices. Medical Facilities has bought back 35% of shares since 2022. Management teams are using excess cash to repurchase stock rather than make acquisitions. |
Share Repurchase Capital Allocation Undervalued Management Cash | |
Small CapsThe fund invests exclusively in micro cap and small cap companies with market caps ranging from $28m to $535m. These companies are underfollowed and ignored by institutional investors, creating opportunities for active research. |
Micro Cap Underfollowed Illiquid Research Opportunity | |
| 2023 Q4 |
InsuranceThe fund's primary holding La Centrale de Prévoyance is a Swiss insurance broker working in social security and healthcare insurance. The company maintains partnerships with major insurance companies including Groupe Mutuel, Generali, Allianz, and Axa. |
Insurance Brokers Healthcare Switzerland |
SoftwareMSCO is developing proprietary lead generation software using Big Data Analytics and machine learning algorithms to enhance marketing and sales outcomes for portfolio companies. The software is being tested with LCP and will be implemented across other investments. |
Lead Generation Machine Learning Analytics | |
| 2023 Q2 |
AIArtificial intelligence remained the dominant theme supporting global stocks this quarter. AI buildout brought excitement and higher valuations in an already expensive part of the equity market. Technology developments have played an enormous role in markets, fuelling momentum in shares of companies linked to AI. |
Technology Valuations Momentum Growth Innovation |
Emerging marketsEmerging markets stocks posted the strongest returns this quarter. Constructive trade talks, good valuations and the government's shift to supporting private enterprise lifted Chinese stocks, adding to returns in an already strong year. The Fund's core allocation to emerging equities via the Fortress Emerging Markets Fund returned 15%. |
China Trade Valuations Government Policy Returns | |
RatesA much-anticipated cut in interest rates from the U.S. Federal Reserve supported stock and bond markets. In September, the Fed lowered its target rate by 0.25%, a move widely anticipated and positively received by the market. Expectations for rate cuts were tailwinds for markets. |
Federal Reserve Monetary Policy Bond Markets Central Banks |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Aug 29, 2026 | Fund Letters | River Oaks Capital | FFBB | FFB Bank | Banks - Regional | Regional Banks | Bull | NASDAQ | California, community bank, Consent Order, insider ownership, ISO, non-interest income, payment processing, regional bank, Relationship Banking, Share Buyback, Sponsor Bank, turnaround, Value | Login |
| Aug 29, 2026 | Fund Letters | River Oaks Capital | ACNT | Ascent Industries | Chemicals | Specialty Chemicals | Bull | NASDAQ | APEO-Free Coating, Capacity utilization, Chemicals-as-a-Service, M&A, manufacturing, margin expansion, Packaging, Proprietary Formulations, Share Buyback, specialty chemicals, Trade Secrets, turnaround, Value | Login |
| Aug 28, 2025 | Fund Letters | Whit Huguley | BILD CN | BuildDirect.com Technologies Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | Toronto Stock Exchange | ecommerce, Margins, mispricing, restructuring, turnaround | Login |
| Aug 28, 2025 | Fund Letters | Whit Huguley | IVFH | Innovative Food Holdings, Inc. | Consumer Staples | Food Distributors | Bull | OTCQB | Distribution, efficiency, microcap, Specialty-Foods, turnaround | Login |
| - | Fund Letters | River Oaks Capital | IVFH | Innovative Food Holdings | Consumer Staples Distribution & Retail | Food Distributors | Bull | NASDAQ | asset-light, Broadline Distributors, Drop Shipping, Equity, Food service, niche market, Specialty food distribution, Tuck-in Acquisitions, turnaround | Login |
| TICKER | COMMENTARY |
|---|---|
| FFBB | FFB Bank is a Fresno, California-based community bank and payment processor. It is the Fund's seventh largest position, with a market capitalization of $250 million. Founded in 2005 as a single-branch community bank in Fresno, California, FFB grew modestly – roughly 5% annually – until Steve Miller became CEO in 2015. Under his leadership, book value has grown from under $25 million to over $180 million, and free cash flow to equity from approximately $3 million to $25 million, without a meaningful increase in risk profile. As larger banks retreated from California's Central Valley, small businesses (typically $5–$20 million in revenue, sometimes larger; family-owned or privately held) were left with few options for high-touch banking relationships. Steve and his team identified and filled this gap, commanding premium loan pricing in exchange for superior service. Loans have since grown from ~$360 million to ~$1.2 billion, and deposits from ~$480 million to ~$1.3 billion. Free cash flow to equity now averages ~$25 million. FFB has launched its own ISO, FFB Payments, capturing additional margin by serving both ISO and sponsor bank. In January 2025, the FDIC and California regulators issued a consent order to FFB — part of a broader wave of similar actions since 2023 — citing insufficient third-party oversight of FFB's ISO relationships. As a result, FFB reduced its sponsor bank relationships from 12 ISOs to 6, costing approximately $5 million in revenue and $100–$150 million in non-interest-bearing deposits. FFB has since invested in compliance staffing and infrastructure – the costs are already reflected in current earnings – positioning it to scale the sponsor banking business well beyond prior levels once the consent order is lifted. Steve and his team expect to have a chance to lift the consent order later this year. FFB trades at a $250 million market cap, or ~1.4x book value. On depressed current earnings (~$20 million free cash flow to equity, reflecting consent order impacts), this implies an 8–9% free cash flow yield (11–12x P/E). However, if the consent order is lifted and earnings quickly revert to $25–$30 million in free cash flow to equity (8-10x P/E), with book value and earnings continuing to compound at 10–15%+ annually, we are acquiring a best-in-class community bank at a meaningful discount to fair value. Steve and his team have grown headcount to 200 employees and invested in technology and infrastructure that have not yet been reflected in earnings. I expect continued gains in non-interest-bearing deposits, expanded lending capacity across underserved areas of California, and growth in non-interest income as FFB scales its sponsor bank and in-house ISO businesses. Downside protection is supported by one of the best management teams in the U.S. community bank industry, insider ownership (management and board own 25%+, excluding employee ESOP holdings), and an active buyback program repurchasing 5–7+% of shares annually. |
| ACNT | Ascent Industries is a specialty chemical manufacturer. It is the fifth largest position in our fund and has a $135m market cap. Ascent trades at a $135 million market cap; net of $28 million in cash, enterprise value is ~$107 million. The company operates a 'chemicals-as-a-service' model, serving as a one-stop shop for small and mid-sized customers in a fragmented niche market largely ignored by major players. CEO Bryan Kitchen, brought on in 2023, previously led a comparable turnaround from an $8 million EBITDA loss to $36 million in EBITDA over 4.5 years, and brought his prior core team with him to Ascent. Operating at just ~45% capacity, Ascent can scale revenue from ~$80 million to over $130 million with minimal capex, while gross margins expand toward their 35% target – implying $20-25 million of projected EBITDA and a natural acquisition target. Bryan and his team are buying back 12–15% of shares annually while pursuing this plan, effectively 'creating its own catalyst.' Bryan's compensation package does not vest until the stock reaches $28–29 per share, closely aligning his incentives with shareholders. Having gotten to know him well, I consider him the A+ CEO we are looking for who can dominate this niche specialty chemical market. Under Bryan and his team, the focus has shifted to 'product sales': proprietary formulations built around specific customer needs, encompassing formulation, blending, packaging, logistics, and regulatory compliance. Bryan and his team refer to the strategy as 'chemicals-as-a-service.' These sales are stickier, less cyclical, and higher margin than toll manufacturing. Organic revenue grew ~28% year-over-year to a $100 million+ run-rate. The active selling pipeline stands at ~$140 million; at a conservative 20% conversion rate, this implies ~$30 million of incremental revenue. Including the Midwest Graphics acquisition (~$11 million in pre-acquisition revenue) and its growth potential, revenue could conservatively exceed $130 million within 1–2 years. 'Product sales' currently represent ~45% of revenue and are expected to rise to 65–80% as revenue increases. Margins were 22% in Q2 2026, below the ~28% high-water mark reached in Q3 2025 – reflecting the pricing and speed concessions required to onboard recent 'product-sales' wins. Management expects $3–5 million of incremental gross margin from optimizing these contracts. Ascent repurchased $6.9 million of shares in H1 2026 (following 7–8% of shares repurchased in 2025). I expect them to continue to buyback 12–15%+ of outstanding shares annually. In May, Bryan and his team acquired Midwest Graphics for $14 million. Midwest Graphics is a specialty chemical formulator of coatings for regulated packaging, foodservice, and consumer applications, previously family-owned for roughly three decades. The deal fits nicely with Ascent's chemicals-as-a-service strategy, adding a customer-embedded, formulation-driven business that had struggled to win larger accounts as a standalone small company. Midwest's key asset is an APEO-free coating technology for paper plates — the only commercial solution of its kind, developed over 2–3 years. Pre-acquisition, Midwest generated ~$11 million in revenue at ~25% gross margin and $2 million EBITDA; a new plate-coating contract alone could conservatively double revenue, with $20 million+ of additional upside from adjacent applications. The market appears to be underappreciating the upside potential of Midwest Graphics. On a Q2 2026 run-rate basis, free cash flow to equity is modest at ~$5 million (pre-Midwest Graphics) – a ~5% yield (~20x P/E). Including Midwest Graphics and a 20% conversion of the $140 million pipeline, revenue could reach $130 million+ within roughly a year. If margin and mix targets are achieved, this implies $18–20 million of free cash flow to equity – a 16–18% yield (~6x P/E) – with capacity still available at existing facilities. Ascent's ~$28 million cash balance provides ongoing flexibility for continued buybacks (12–15% of shares annually) and further accretive M&A. Bryan and his team have positioned the company well for a potential future sale, while returning capital to shareholders in the meantime. |
| TRUX | Truxton Trust is listed in the portfolio table with a $290m market cap under 'Wonderful Business' strategy. Truxton Trust illustrates the dynamic of community banks generating substantial non-interest income – trading at up to 2x book value yet generating a 10–12%+ free cash flow yield (8–10x P/E) due to the non-interest income of its wealth management division and an A+ management team led by Tom Stumb. |
| BFCC | Bankfirst is listed in the portfolio table with a $335m market cap under 'Excessive Discount' strategy. Manager notes it is below 3% of the fund and will provide detailed write-up if ownership grows. |
| RWAY | Runway Capital is listed in the portfolio table with a $325m market cap under 'Excessive Discount' strategy. Manager notes it is below 3% of the fund and will provide detailed write-up if ownership grows. |
| 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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