| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 19.5% | - | 3.5% |
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| 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… |
| 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… |
| 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 |
ValueThe portfolio trades at significant discounts to the broad market, with P/E ratios 40-42% below the S&P 500. The manager believes many steady-growing companies are overlooked by markets focused on AI winners, creating opportunities in businesses with lower assumed margins and productivity that could benefit from AI adoption. |
Discount Multiples Undervalued Overlooked Opportunity |
| 2025 Q2 |
ValuationU.S. equities are historically expensive by any measure and at levels typically associated with subdued future returns. The S&P 500 is trading near record multiples with just 20 stocks accounting for over 50% of the market at a 120% premium to the rest. Historical analysis shows that rich starting valuations correlate with lower longer-term returns. |
Multiples P/E FCF Premium Historical |
| 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 |
| 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 | Energy Transport is a tollbooth on the energy highway—mission-critical pipelines moving natural gas to power-hungry regions. With regulated contracts, inflation-protected cash flows, and an ~8% yield, ET offers steady income and optionality from the AI infrastructure build out. It was a mild underperformer last quarter and a drag on our performance last year. |
| 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 Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
