Silver Beech Capital

Investor Summary

Silver Beech Capital was founded in 2022 by experienced investment professionals James Hollier and James Kovacs. Hollier brings substantial institutional experience having managed over $2 billion in investments at TPG and Morgan Stanley, while Kovacs contributes operational expertise from leadership roles at financial technology companies including TruSight, Varagon Capital Partners, and LiquidX. Both founders hold economics degrees from Brown University and combine deep investment analysis with operational discipline.

Fund Strategy

Silver Beech employs a fundamental, intrinsic value-based approach to investing in publicly traded North American companies, targeting high-quality but misunderstood businesses and value-oriented special situations. Their investment philosophy is anchored in measured skepticism towards financial euphoria and recognition of the economy's delicate equilibrium, seeking durable companies available at attractive multiples of normalized cash flow that can thrive across various economic conditions.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
19.5%	-	3.5%

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Dec 4 2025	2025 Q3	DNTL, ET, FFH, FR, GFR, GSY, MHC, PLYM, PRKS, RTO, SWX, WSC	CashFlow, Discipline, fundamentals, valuation, value	-	Silver Beech emphasizes a disciplined value approach amid a speculative market that rewards unprofitable growth and ignores cash-flow durability. The fund argues that valuation gaps versus the S&P 500 provide a margin of safety, with opportunities created by cyclical dislocations rather than structural impairment. Value investing remains compelling as fundamentals, free cash flow, and capital returns ultimately reassert themselves.
Sep 2 2025	2025 Q2	FFH CN, SWX	Balance Sheets, cash flow, catalysts, skepticism, undervaluation	SWX FFH CN	The letter emphasizes investing in deeply undervalued companies trading at large discounts to normalized cash flows. Management stresses skepticism toward market euphoria, particularly around AI-driven narratives. Catalysts, balance sheet repair, and capital discipline underpin return potential.
Jun 16 2025	2025 Q1	BN, FR	-	-
Mar 26 2025	2024 Q4	RTO LN	-	-
Nov 27 2024	2024 Q3	BN, WSC	-	-
Aug 13 2024	2024 Q2	BUR	-	-
May 30 2024	2024 Q1	C, CROX, DNTL, WSC	-	-
Dec 2 2024	2023 Q4	BN, ET	-	-
Oct 30 2023	2023 Q3	C, DNTL CN, FNF	-	-
Jul 14 2023	2023 Q2	ABG, ABR, FIZN, GOOG, PLYA	-	-
Apr 19 2023	2023 Q1	ALLY, ECN CN, FSDK, GRBK, UHAL	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Dec 4 2025

2025 Q3

DNTL, ET, FFH, FR, GFR, GSY, MHC, PLYM, PRKS, RTO, SWX, WSC

CashFlow, Discipline, fundamentals, valuation, value

Silver Beech emphasizes a disciplined value approach amid a speculative market that rewards unprofitable growth and ignores cash-flow durability. The fund argues that valuation gaps versus the S&P 500 provide a margin of safety, with opportunities created by cyclical dislocations rather than structural impairment. Value investing remains compelling as fundamentals, free cash flow, and capital returns ultimately reassert themselves.

Sep 2 2025

2025 Q2

FFH CN, SWX

Balance Sheets, cash flow, catalysts, skepticism, undervaluation

SWX
FFH CN

The letter emphasizes investing in deeply undervalued companies trading at large discounts to normalized cash flows. Management stresses skepticism toward market euphoria, particularly around AI-driven narratives. Catalysts, balance sheet repair, and capital discipline underpin return potential.

Jun 16 2025

2025 Q1

BN, FR

Mar 26 2025

2024 Q4

RTO LN

Nov 27 2024

2024 Q3

BN, WSC

Aug 13 2024

2024 Q2

BUR

May 30 2024

2024 Q1

C, CROX, DNTL, WSC

Dec 2 2024

2023 Q4

BN, ET

Oct 30 2023

2023 Q3

C, DNTL CN, FNF

Jul 14 2023

2023 Q2

ABG, ABR, FIZN, GOOG, PLYA

Apr 19 2023

2023 Q1

ALLY, ECN CN, FSDK, GRBK, UHAL

QUARTER	THEMES	TAGS
2025 Q3	Value The manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals.	Undervalued Low Multiples Contrarian Opportunistic
2025 Q2	Valuation Many AI-exposed companies trade at multiples assuming near-flawless execution, creating valuation risk despite current profitability. The manager notes that when confidence is high, markets forgive delays and cost overruns, but when confidence wanes, these factors can catalyze abrupt repricing. Late-cycle environments show conviction persisting even as marginal buyers grow cautious.	AI Risk Multiples Confidence Late-cycle

QUARTER

THEMES

Value

The manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals.

Undervalued Low Multiples Contrarian Opportunistic

2025 Q2

Valuation

Many AI-exposed companies trade at multiples assuming near-flawless execution, creating valuation risk despite current profitability. The manager notes that when confidence is high, markets forgive delays and cost overruns, but when confidence wanes, these factors can catalyze abrupt repricing. Late-cycle environments show conviction persisting even as marginal buyers grow cautious.

AI Risk Multiples Confidence Late-cycle

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Sep 2, 2025	Fund Letters	James Hollier	SWX	Southwest Gas Holdings, Inc.	Utilities	Gas Utilities	Bull	New York Stock Exchange	activist involvement, deleveraging, Pure-Play, rate base growth, Regulatory Lag, spinoff, utilities	Login
Sep 2, 2025	Fund Letters	James Hollier	FFH CN	Fairfax Financial Holdings Limited	Financials	Property & Casualty Insurance	Bull	Toronto Stock Exchange	Book Value, Decentralized Management, Hard Market, Insurance Float, interest rate sensitivity, ROE	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Sep 2, 2025

Fund Letters

James Hollier

SWX

Southwest Gas Holdings, Inc.

Utilities

Gas Utilities

Bull

New York Stock Exchange

activist involvement, deleveraging, Pure-Play, rate base growth, Regulatory Lag, spinoff, utilities

Sep 2, 2025

Fund Letters

James Hollier

FFH CN

Fairfax Financial Holdings Limited

Financials

Property & Casualty Insurance

Bull

Toronto Stock Exchange

Book Value, Decentralized Management, Hard Market, Insurance Float, interest rate sensitivity, ROE

TICKER	COMMENTARY
DNTL	DNTL was one of the Fund's three largest holdings in 2025 and among the largest winners, contributing to the combined 30% gross return. DNTL was acquired by GTCR.
ET	ET now expects to be slightly below the low end of its 2025 EBITDA guidance range. The quarter saw a rotation away from natural-gas-focused stocks.
PRKS	United Parks & Resorts hurt us due to cyclical headwinds but we believe will likely recover in due course.
WSC	Security selection within Industrials comprised the biggest drag on relative performance in the year, as positions in Masco, WillScot Holdings, and ACV Auctions all incurred pullbacks of varying magnitudes (vs. a positive return for the overall sector). The resultant sell-offs in WillScot and ACV in particular create what we view to be a potentially asymmetric return opportunity for both positions – should industry conditions in their respective industries (WillScot provides modular office/storage for construction sites, ACV is a leader in wholesale car auctions) normalize as anticipated.

TICKER

COMMENTARY

DNTL

DNTL was one of the Fund's three largest holdings in 2025 and among the largest winners, contributing to the combined 30% gross return. DNTL was acquired by GTCR.

ET now expects to be slightly below the low end of its 2025 EBITDA guidance range. The quarter saw a rotation away from natural-gas-focused stocks.

PRKS

United Parks & Resorts hurt us due to cyclical headwinds but we believe will likely recover in due course.

WSC

Security selection within Industrials comprised the biggest drag on relative performance in the year, as positions in Masco, WillScot Holdings, and ACV Auctions all incurred pullbacks of varying magnitudes (vs. a positive return for the overall sector). The resultant sell-offs in WillScot and ACV in particular create what we view to be a potentially asymmetric return opportunity for both positions – should industry conditions in their respective industries (WillScot provides modular office/storage for construction sites, ACV is a leader in wholesale car auctions) normalize as anticipated.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

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

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

James Hollier

Silver Beech Capital

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th September 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Value

Valuation

Investor Pitches

Current Portfolio as of ( 30th September 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

James Hollier Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Silver Beech Capital