| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 8.20% | - |
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 6 2025 | 2025 Q2 | APPF | Balance Sheets, Compounding, Patience, Quality, volatility | - | The letter emphasizes disciplined stock selection focused on financially strong businesses capable of compounding value over time. Management highlights patience, balance sheet strength, and earnings… |
| Apr 6 2025 | 2025 Q1 | APPF, BRO, CMG, CPRT, HEI, IT | - | - | - |
| Jan 11 2025 | 2024 Q4 | APPF, BRK/A, CSGP, HEI, IT | - | - | - |
| Oct 3 2024 | 2024 Q3 | APPF, CMG CN | - | - | - |
| Jul 7 2024 | 2024 Q2 | ATD CN, EVO SS, ODFL | - | - | - |
| Apr 3 2024 | 2024 Q1 | EVO SS, NVDA | - | - | - |
| Jan 1 2024 | 2023 Q4 | - | - | - | - |
| Oct 26 2023 | 2023 Q3 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q2 |
QualityThe portfolio has shifted toward higher quality businesses with better profitability, lower leverage, and less volatile earnings. Quality stocks underperformed significantly in 2025, creating attractive entry points for value investors. The manager maintains price discipline while seeking quality companies trading at discounts to intrinsic value. |
Quality Profitability Leverage Earnings |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| APPF | AppFolio is a stealth fintech wrapped in boring property management software. Sticky SaaS base, expanding payments, AI-powered workflow automation, and a landlord class that can't function without it. The Street still values it like a mid-tier vertical SaaS, but it's morphing into the Stripe of rental cash flow. Margin expansion is baked in but it has not helped our returns. Our patience is running out and APPF will soon be a source of funds. SAS businesses are under reappraisal now do to AI |
| 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 |
|---|---|---|---|
| No industry data available | |||
