| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.8% | -11.5% | -11.5% |
Voss Value Fund returned -11.5% in Q1 2026 versus +0.9% for Russell 2000, underperforming in a market dominated by AI-driven momentum where semiconductors reached 16.9% of US market cap. The fund initiated a significant position in Sempra Energy, viewing it as a sum-of-parts opportunity where Oncor's 17% rate base growth and $47.5 billion capital plan is masked by California utility exposure. Manager sees potential 17% IRR through 2028 spin-off catalyst. Activist engagements at PAR, EEFT, and XPOF yielded operational improvements including board representation, analyst days, and strategic reviews. The manager criticizes current market regime where viral memes and momentum replace fundamental research, with AI capex surge creating uncertain ROI despite collapsed free cash flows. Software sector remains ostracized despite improving fundamentals. Portfolio maintains 183% gross exposure with concentrated top 10 longs at 75% weight, positioned for value unlock through corporate actions rather than momentum participation.
Value-oriented special situations anchored by corporate action driven catalysts and shareholder activism can generate alpha in momentum-dominated markets through concentrated positions in mispriced assets with clear restructuring or operational improvement catalysts.
Manager expects continued market regime dominated by momentum and concentration, with value opportunities emerging in ostracized sectors like software. Anticipates Sempra restructuring and spin-off catalyst by late 2028, targeting 17% IRR. Remains focused on activist-driven value unlocking given challenging momentum-driven environment.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 28 2026 | 2026 Q1 | AAPL, EEFT, GOOGL, PAR, SRE, XPOF | activism, AI, Long/Short, momentum, semiconductors, Texas, Utilities, value | SRE | Voss underperformed in Q1 as AI momentum dominated markets, but initiated major Sempra Energy position targeting 17% IRR through utility restructuring catalyst. Activist campaigns at PAR, EEFT, and XPOF driving operational improvements. Manager sees widespread mispricings in software and value stocks as market chases semiconductor exposure at bubble-like valuations. |
| Mar 4 2026 | 2025 Q4 | CHH, CLBT, FLYW, PAR | AI, Franchising, Hotels, small cap, software, technology, value | - | Voss Value underperformed in Q4 2025 due to software overweight amid AI hysteria, but maintains conviction that incumbents with domain expertise will successfully integrate AI capabilities. Key holdings include undervalued software companies PAR, Cellebrite, and Flywire, plus new hotel franchisor Choice Hotels at historically low valuations with significant re-rating catalysts including potential major cash unlock. |
| Nov 25 2025 | 2025 Q3 | CLBT, EEFT, FIVN, FLYW, NVDA, PLNT, PRKS, XPOF | AI, Fintech, growth, small caps, software, technology, value |
FIVN EEFT XPOF PRKS FLYW CLBT |
Voss Value Fund's concentrated small-cap value strategy underperformed in Q3 as AI speculation drove extreme market polarization. Portfolio companies like Five9, Flywire, and Xponential Fitness trade at historically low valuations despite strong fundamentals. The manager views current market dynamics as unsustainable, positioning for rotation back to value when AI investment bubble deflates and fundamentals reassert dominance. |
| Aug 22 2025 | 2025 Q2 | AMZN, ARE.TO, CLBT, CRM, ECN, FIVN, GENI, GOOGL, META, MSFT, NOW, PHIN, PRKS | AI, Concentration, Long/Short, nuclear, small caps, technology, undervalued, value | - | Voss Value posted 1.0% in Q2 amid historic small-cap underperformance, maintaining conviction in undervalued individual names like Genius Sports and Five9 despite broader market froth. Employment data shows concerning stall speed while AI capex spending creates uncertainty. Portfolio positioned defensively with significant shorts while targeting companies with strategic value and M&A potential. |
| Jun 4 2025 | 2025 Q1 | FLYW, SN, TSLA, WMT | consumer, ETFs, innovation, Long/Short, payments, small caps, tariffs, value |
FLYW SN |
Voss outperformed in Q1 despite negative returns, capitalizing on extreme small cap dislocation. New positions in Flywire and expanded SharkNinja holdings reflect opportunistic accumulation of quality compounders at discounted valuations. Record small cap outflows and mega cap euphoria have created unprecedented dispersion, positioning the fund for potential outperformance when narratives inevitably shift toward fundamentally sound, undervalued businesses. |
| Feb 19 2025 | 2024 Q4 | AMTM, CTS.TO, EEFT, FUJHY, J, MBGYY, PLYA, SWI, TM, TSLA | buyouts, Long/Short, M&A, small caps, special situations, value |
EEFT MBGYY FUJHY AMTM |
Voss Value delivered 19.2% returns in 2024 by exploiting extreme valuation disparities through small cap M&A focus. Three successful takeouts (SolarWinds, Converge Tech, Playa Hotels) validate the strategy of targeting undervalued companies in special situations. With pent-up deal demand and several more acquisition candidates in the portfolio, the fund is positioned to capitalize on continued M&A activity while market valuations remain stretched. |
| Nov 26 2024 | 2024 Q3 | BWA, BYD, CAVA, LI, NIO, PHIN, RCM, TM, WMT | Auto Parts, Electric Vehicles, Long/Short, market inefficiency, small caps, value | PHIN | Voss Value delivered 7.4% net returns in Q3 through concentrated long/short positioning focused on undervalued small caps. The fund's new core position in auto parts supplier Phinia capitalizes on slowing EV adoption and competitive dynamics favoring ICE technology. Despite elevated market valuations and speculative excess, the manager maintains conviction in finding alpha through disciplined value investing. |
| Aug 26 2024 | 2024 Q2 | PRKS | consumer, Entertainment, Rate Cuts, small caps, Theme Parks, value | PRKS | Small caps are oversold and overly macro-sensitive, creating opportunities as Fed cuts approach. Initiated PRKS at 6.8x EBITDA versus historical double-digit multiples, targeting 80% upside. Theme parks offer defensive characteristics with improving margins under activist ownership. Expect balanced performance as mega cap tech slows and small caps inflect higher on positive earnings revisions. |
| Jun 8 2024 | 2024 Q1 | ALTG, GENI, IMXI, PAR, RCM, RTO.L, SLCA, SWI | Long/Short, M&A, small caps, special situations, technology, value | - | Voss Value delivered 9.0% returns in Q1 while maintaining concentrated exposure to undervalued small caps. Despite continued underperformance versus mega cap tech, the manager sees attractive risk-reward with 11% forward FCF yield and multiple potential M&A targets. Key positions include PAR Technology and SolarWinds, both trading at significant discounts to fair value estimates. |
| Feb 27 2024 | 2023 Q4 | GFF, RCM | AI, Healthcare IT, Housing, Long/Short, small caps, value |
AAGFF BRCM |
Voss Value outperformed in Q4 with strong small cap value positioning. Manager maintains conviction in small cap outperformance despite recent correction, citing attractive valuations and faster earnings growth. Portfolio focused on housing-related cyclicals and contrarian healthcare IT play R1 RCM. Multiple catalysts including Fed cuts, M&A acceleration, and housing shortage dynamics support optimistic outlook for patient value investors. |
| Jun 11 2023 | 2023 Q3 | AAPL, CRH, CROX, ECN.TO, NVDA, SKY, TSLA | Aggregates, Construction, Homebuilders, infrastructure, materials, small caps, value | - | Small caps are experiencing historic bear market with Russell 2000 down 33% from peak, creating exceptional opportunity as asset class has been higher 99% of time over 6-year periods. Portfolio positioned in credit-sensitive stocks at 6x earnings with free cash flow yield three times risk-free rate. New large CRH position benefits from infrastructure spending and NYSE relisting catalyst. |
| Aug 23 2023 | 2023 Q2 | IIIV, TYL | Fintech, growth, payments, small caps, software, technology, value | IIIV | Voss Value outperformed small-cap benchmarks in Q2 despite extreme value underperformance headwinds. The fund initiated i3 Verticals, a FinTech company transitioning to software with attractive valuations following sector selloffs. With portfolio free cash flow yields over 12.5% and economic conditions normalizing, the manager sees strong positioning for alpha generation through fundamental stock picking. |
| May 16 2023 | 2023 Q1 | ASO, ECN.TO, PLYA | Banking, credit, Long/Short, retail, small cap, Travel, value |
PLYA ASO ECN.TO |
Small-cap value fund underperformed in Q1 due to extreme style rotation but maintains strong portfolio fundamentals with 15% FCF yield. Key holdings include travel recovery play PLYA, expanding retailer ASO, and specialty finance company ECN in strategic review. Positioned for outperformance as factor headwinds fade and M&A activity rebounds in second half 2023. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIManager describes AI as driving extreme market concentration and momentum, with semiconductor exposure at 100th percentile historically. Notes AI capex surge has collapsed free cash flow at mega-cap tech companies, with ROI on hundreds of billions spent still to be determined. Views AI as creating viral memes and intellectual conformity replacing individual research. |
Semiconductors Capex Momentum Concentration |
MomentumMomentum factor up ~40% YTD versus Quality down -30%. Manager notes momentum factor's recent performance broke records set 26-27 years ago at internet bubble peak. Describes current regime where viral memes, pure momentum, and extreme concentration dictate market returns for extended horizons. |
Factor Bubble Concentration Volatility | |
SemiconductorsSemiconductor space has assumed 16.9% of total US market cap, up from 6.8% three years ago. Active manager semiconductor exposure is at 100th percentile historically. Manager flags emerging risk of Chinese memory supply hitting US market as potential supply-side concern. |
Market Cap China Memory Supply | |
UtilitiesManager initiated significant position in Sempra Energy, viewing it as opportunity to unlock value through simplification. Highlights Oncor's 17% annual rate base growth and $47.5 billion capital plan over five years. Sees transmission assets as highest quality in industry with strong regulatory visibility. |
Rate Base Transmission Texas Growth | |
Energy TransitionDiscusses unprecedented secular tailwinds from Permian Basin electrification and significant upgrade to Texas transmission infrastructure. Notes over 70% of Oncor's capital plan focused on transmission projects growing at ~22% CAGR, faster than six of seven 'Mag-7' stocks. |
Transmission Electrification Infrastructure Texas | |
ValueValue factor down -8.35% YTD while momentum surged. Manager describes potential dislocations where unlevered growth businesses with recurring revenue trade at discount to levered, low-growth cyclicals. Sees widespread mispricings in software due to sector-wide viral fears. |
Dislocation Software Mispricing Discount | |
| 2025 Q4 |
AIAI emergence has created market hysteria and broad software sell-offs despite limited real-world adoption. The manager views AI as accelerating vendor concentration, with dominant vertical software platforms positioned to thrive by integrating AI into mission-critical systems. Early adopters of productive technologies historically capture more benefits than infrastructure providers. |
Artificial Intelligence Software Automation Technology |
SoftwareSoftware sector treated as monolith awaiting AI disruption, creating significant overweight drag on performance. Manager believes incumbents with engineering talent and proprietary data have structural advantages to successfully reinvent themselves for an agentic world. Market incorrectly pricing software companies despite their defensive moats. |
Enterprise Software SaaS Technology Vertical Software | |
ValueFund experienced broadening out of returns and leadership shift to small cap value industries, but was unable to capitalize due to software overweight. Traditional value industrial exposure outperformed but was outweighed by software positioning. Market showing renewed enthusiasm for oldest industries like materials and tools. |
Small Cap Value Investing Industrial Materials | |
HotelsChoice Hotels represents asset-light, high-margin hotel franchisor trading at distressed multiple due to cyclical headwinds. Company shifting portfolio toward higher revenue segments like Extended Stay and international markets. Trading at historic discount with multiple paths to re-rating including potential M&A preparation. |
Hospitality Franchising Real Estate Travel | |
| 2025 Q3 |
AIAI investment has surged by ~$300B since 2023, contributing over 1% to US GDP. However, enterprise AI adoption is slowing rather than accelerating, with Goldman Sachs data showing adoption creeping from 9.3% in Q2 to just 9.9%. The circularity of recent AI investment announcements and unprecedented scale of vendor financing raise serious questions about sustainability. |
Data Centers Enterprise Software Semiconductors Cloud Automation |
ValueThe quality and value factors have declined roughly 20% year-to-date, creating meaningful headwinds for the investment style. Half of the portfolio is currently trading at or near all-time low valuations, which offers an attractive forward setup as the market remains fixated on growth deceleration. |
Small Caps Quality Buybacks Earnings | |
SoftwareSoftware companies, particularly smaller ones, are deemed secular losers by the market despite the manager's belief that incumbent platforms hold distinct advantages over point solution startups. The Software factor has suffered net revenue revisions of -5% to -7%, resulting in some of its worst relative underperformance on record. |
SaaS Enterprise Software CRM Cloud | |
FinTechThe portfolio's concentration in FinTech has weighed heavily on performance this year. Companies like Euronet Worldwide and Flywire represent significant positions, with Flywire showing strong fundamentals despite stock price languishing, and the UK business growing ~40% despite restrictions. |
Payments Digital Payments Financial Services | |
| 2025 Q2 |
AIManager discusses AI as both opportunity and threat across portfolio companies. Notes massive AI capex spending by mega-cap tech companies ($351B in 2025 to $512B in 2027) while expressing skepticism about returns. Views AI as creating narrative challenges for companies like Five9 where AI is perceived as existential threat to contact center software, but sees this as creating investment opportunity. |
Artificial Intelligence Capex Infrastructure Automation Contact Centers |
Small CapsManager highlights extreme small-cap underperformance with 6.6% annualized returns over 10 years trailing large companies by 7.3%, the widest gap since 1935. Notes record small-cap outflows despite normal valuations for profitable companies. Sees this as creating opportunity in undervalued small-cap names. |
Russell 2000 Valuation Outflows Underperformance Opportunity | |
ValueManager emphasizes valuation discipline as compass for investment decisions. Highlights extreme valuation disparities across markets with individual stocks materially undervalued while broader indices marked by froth. Focuses on companies trading at significant discounts to intrinsic value and peers. |
Valuation Discipline Undervalued Intrinsic Value Discount | |
NuclearManager discusses Aecon Group's nuclear business showing 70% revenue growth over 18 months, building first grid-scale Small Modular Reactor in North America. Notes market not ascribing proper value to nuclear assets despite enthusiasm for other nuclear stocks up hundreds of percent this year. |
SMR Nuclear Power Infrastructure Energy Valuation | |
| 2025 Q1 |
Small CapsSmall caps are priced for recession while mega caps trade at lofty multiples, creating a uniquely fertile opportunity set for long/short equity. YTD fund flows out of small caps have smashed all previous records, causing capital to be siphoned out mercilessly. This dichotomy creates compelling value opportunities in quality small cap names. |
Russell 2000 Value Dispersion Flows Opportunity |
ETFsThe market is increasingly dominated by ETF flows and meme-ification, where retail money is beta chasing and driving indexes up in the near term. ETF flows create a steady gush of inflows into large caps while small caps face record outflows, contributing to market dispersion and creating opportunities for active managers. |
Flows Beta Passive Retail Dispersion | |
PaymentsFlywire represents a capital-light cross-border payments and software platform trading at a significant discount despite structural advantages in education, travel, and healthcare verticals. The company is successfully diversifying beyond international student payments into higher-value software contracts with better recurring revenue characteristics. |
Cross-border FinTech Software Education Healthcare | |
Consumer ElectronicsSharkNinja is viewed as a secularly growing category leader with unique innovation capabilities, brand equity, and global expansion potential. The company routinely generates consumer phenomena and creates new categories, with strong direct-to-consumer growth potential and international expansion opportunities in early stages. |
Innovation Brand DTC International Categories | |
Trade PolicyTariffs have dominated headlines but companies like SharkNinja have been preparing for years, with 90% of US-bound production manufactured outside China by Q2 2025. The administration is expected to implement more growth-positive policies in the back half of the year after front-loading growth-negative policies early in the term. |
Tariffs China Manufacturing Supply Chain Policy | |
| 2024 Q4 |
M&AThe fund's main theme for 2025 focuses on small cap M&A and special situations after two years of dismal deal flow. Three quick wins from acquisitions occurred year-to-date: SWI, CTS CN, and PLYA. The manager expects several additional portfolio companies to be acquired as the year progresses. |
Special Situations Buyouts Private Equity Takeovers Deal Flow |
ValueThe fund identifies extreme valuation contradictions where the cheapest quartile of stocks is cheaper now than in 2014 while the most expensive quartile is much more expensive. This creates a superb stock picking backdrop with long/short equity opportunities born from these extreme contradictions. |
Valuation Discipline Contrarian Undervalued Mispriced Stock Picking | |
Small CapsSmall caps continue to underperform despite the manager's focus on this segment. The fund maintains concentration in small cap names trading at significant discounts to peers and private market valuations, particularly in special situations and M&A candidates. |
Russell 2000 Underperformance Alpha Factor | |
| 2024 Q3 |
Auto PartsPhinia represents a compelling opportunity as an ICE auto parts supplier benefiting from EV adoption slowdown and competitive withdrawals. The company's Gasoline Direct Injection technology and aftermarket business provide defensive characteristics with growth potential from market share gains. |
ICE GDI Aftermarket Fuel Systems Market Share |
Electric VehiclesEV penetration has flatlined in the US and China while declining in Europe, creating opportunities for ICE-focused suppliers. Consumer surveys show growing disinterest in BEVs, leading to substantial discounts and inventory issues for manufacturers. |
BEV Penetration Consumer Demand Inventory Discounts | |
ValueMarket inefficiency has increased with 50% of equity assets passively indexed and minimal value-sensitive capital allocation. Many small cap stocks trade below private market value while momentum stocks lack downside support based on valuation. |
Passive Indexing Private Market Value Momentum Inefficiency Selectivity | |
| 2024 Q2 |
Theme ParksManager initiated a new core long position in United Parks & Resorts (PRKS), viewing theme park operators as deeply out of favor despite positive fundamentals. PRKS offers a differentiated experience focused on animal content and educational shows, with strong defensive characteristics during economic downturns. The company has improved EBITDA margins from 29.2% to 41.3% under Hill Path Capital's leadership. |
Theme Parks Entertainment Travel Consumer Discretionary Defensive |
Small CapsSmall caps are currently driven by economic variables like economic surprises, USD, treasury yields, and credit spreads to an exaggerated degree compared to pre-2020. Manager believes any lessening of this macro dependency will give small caps significant room to run, especially as mega cap tech earnings growth slows while the rest of the market inflects higher. |
Small Caps Value Macro Sensitivity Relative Performance | |
| 2024 Q1 |
Small CapsManager maintains concentrated exposure to cheap small caps despite underperformance relative to mega cap tech. Small caps are more exposed to interest rates and have not found sustained propulsion, but with rate stability expected M&A activity to increase from multi-decade lows. |
Small Cap Valuations M&A Interest Rates Underperformance |
AICloud infrastructure and data center capex boom driven by AI dreams as companies scramble to figure out how to use AI to save or make money. If companies cannot figure out how to make or save tens of billions from AI capex soon, current levels seem unsustainable. |
Data Centers Cloud Infrastructure Capex Technology Investment | |
Sports BettingGenius Sports positioned to benefit from increased sports betting legalization and growth of in-game betting in the US. In-game betting comprises 25-30% of US football bets versus 80%+ in mature UK soccer market, with higher take rates for GENI. |
Sports Data In-Game Betting Legalization Take Rates NFL | |
BuybacksIntermex has found buyback religion, purchasing over $80 million in last twelve months and signaling ongoing $20-25 million per quarter. Company can compound EPS at 20%+ driven by sustainable buyback policy as diluted shares drop from 39 million to 33 million. |
Share Repurchases EPS Growth Capital Allocation Share Count Returns | |
| 2023 Q4 |
Small CapsManager maintains conviction that small cap value will outperform large caps going forward, citing low percentile historical valuations and expected 24% EPS growth in 2024 versus 11.4% for large caps. Small caps should benefit disproportionately from money market fund outflows when Fed cuts rates. |
Russell 2000 Value Outperformance Valuations |
HousingOngoing shortage of affordable US housing inventory with 40-year lows in transaction velocity due to mortgage rate lock-in effects. Housing starts have lagged household formations for 10 years, with favorable demographics as 4.2 million Americans turned 33 last year versus 3 million in 2008. |
Homebuilders Construction Demographics Inventory | |
Healthcare ITNew core position in R1 RCM, a leader in outsourced revenue cycle management with only 30% market penetration. Company offers substantial savings through regional labor arbitrage and automation technology, with AI and machine learning initiatives to drive further efficiency. |
Revenue Cycle Automation Hospital Efficiency | |
AIR1 RCM is utilizing machine learning and AI to automate processes and drive efficiency economics shared with customers. The company announced collaboration with Microsoft to improve billing coding productivity and has technology-oriented leadership focused on margin enhancement opportunities. |
Machine Learning Automation Healthcare Productivity | |
| 2023 Q3 |
Small CapsSmall cap stocks are experiencing their 3rd worst bear market by duration and 4th worst by magnitude in 40+ years, with the Russell 2000 down 33% from peak. The manager believes this creates exceptional opportunity as small caps have historically been higher 99% of the time over rolling 6-year periods. Current valuations at 12x P/E excluding negative earners represent significant discount to historical levels. |
Russell 2000 Valuations Bear Market Duration Opportunity |
Infrastructure SpendingThe Infrastructure Investment and Jobs Act (IIJA), CHIPS Act, and Inflation Reduction Act represent unprecedented government spending programs totaling over $1.2 trillion. Highway funding alone increases 50% above baseline, benefiting companies like CRH which is the #1 road paver. Manufacturing onshoring has led to $200B+ in announced mega projects through 2030. |
IIJA CHIPS Highway Onshoring Mega Projects | |
HomebuildersNew homebuilders are thriving despite higher rates due to mortgage lock-in effects keeping existing home inventory at all-time lows. Builders can buy-down mortgage rates for prospects while new single-family starts need to rise 15% just to reach historical averages. The solution to housing shortage remains building more supply. |
Mortgage Inventory Starts Supply Lock-in | |
AggregatesAggregates businesses operate as local oligopolies or monopolies due to high transportation costs relative to product value. CRH has the largest mineral reserves in North America at 19B tons, more than competitors Martin Marietta and Vulcan Materials. Pricing has only declined in 3 of the last 52 years. |
Oligopoly Transportation Reserves Pricing Local | |
| 2023 Q2 |
FinTechFinTech stocks are noticeably out of favor on Wall Street, especially post-SIVB bank failure and financial sector scare, with many hitting 10-year or all-time lows. The fund sees this as creating attractive relative valuations and opportunities in the space. |
Payments Software Valuations Banking SaaS |
ValueThe fund emphasizes value investing principles with their long portfolio having a weighted average free cash flow yield of over 12.5%, more than 8% greater than the 10-year treasury yield. They believe their stocks have effectively wrung out a lot of risks and have strong valuation support. |
Free Cash Flow Yield Discount Fundamentals Support | |
| 2023 Q1 |
TravelPLYA represents exposure to the all-inclusive resort recovery story, benefiting from strong consumer travel demand particularly to Mexico and budget-friendly destinations. Airport traffic data shows strong passenger growth in key locations like Los Cabos, Puerto Vallarta, Montego Bay, and Cancun compared to 2019 and 2022 levels. |
Hotels Resorts Mexico Recovery Tourism |
Sporting GoodsASO is positioned in fast-growing southern and southeastern markets with a plan to reach $10 billion revenue by 2027. The company's expansion strategy includes 120-140 new store openings while maintaining profitability across all locations, even in states where they operate single stores. |
Retail Expansion South Growth Stores | |
Specialty FinanceECN Capital operates loan origination platforms in manufactured housing and RV/Marine industries, generating revenue from origination and servicing fees with non-recourse credit risk. The company has initiated a strategic review process with Goldman Sachs following unsolicited inbound interest. |
Lending Origination Manufacturing Strategic Review | |
Credit StressThe fund is closely monitoring bank lending conditions through SLOOS data, noting that 46% of bankers are tightening credit standards which historically precedes loan declines. Regional bank lending has slowed from double-digit growth to flat post-Silicon Valley Bank failure. |
Banking Lending SLOOS Regional Tightening |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| May 28, 2026 | Fund Letters | Voss Value Offshore Fund | SRE | Sempra Energy | Other | Multi-Utilities | Bull | - | California, Corporate Restructuring, Distribution, Electric, infrastructure, natural gas, rate base growth, Regulated, spin-off, Texas, Transmission, utilities, value unlock | Login |
| Nov 25, 2025 | Fund Letters | Travis Cocke | FIVN | Five9 Inc | Information Technology | Systems Software | Bull | NASDAQ | Activism, AI, buybacks, cloud, Communications, consolidation, Margins, Software, Subscriptions, valuation | Login |
| Nov 25, 2025 | Fund Letters | Travis Cocke | EEFT | Euronet Worldwide Inc | Information Technology | Systems Software | Bull | NASDAQ | ATMs, buybacks, Catalysts, Fintech, guidance, Margins, Networks, Payments, Remittances, valuation | Login |
| Nov 25, 2025 | Fund Letters | Travis Cocke | XPOF | Xponential Fitness Inc | Consumer Discretionary | Leisure Facilities | Bull | NYSE | cashflow, Comps, EBITDA, Fitness, Franchising, Leisure, Maturation, Privateequity, Refinancing, valuation | Login |
| Nov 25, 2025 | Fund Letters | Travis Cocke | PRKS | United Parks & Resorts Inc | Consumer Discretionary | Leisure Facilities | Bull | NYSE | buybacks, cashflow, Competition, EBITDA, Leisure, leverage, Pricing, Privatization, Themeparks, Tourism | Login |
| Nov 25, 2025 | Fund Letters | Travis Cocke | FLYW | Flywire Corp | Information Technology | Systems Software | Bull | NASDAQ | B2b, Education, growth, healthcare, Margins, Payments, Software, takeover, Travel, valuation | Login |
| Nov 25, 2025 | Fund Letters | Travis Cocke | CLBT | Cellebrite DI Ltd | Information Technology | Systems Software | Bull | NASDAQ | Activism, cashflow, cybersecurity, Forensics, growth, Intelligence, M&A, Margins, Platforms, Software | Login |
| Jun 4, 2025 | Fund Letters | Voss Value Offshore Fund | SN | SharkNinja Operating LLC | Consumer Discretionary | Household Appliances | Bull | NYSE | Brazil, Consumer Appliances, direct-to-consumer, france, Germany, growth, index inclusion, innovation, international expansion, Mexico, Social Media Marketing, tariffs | Login |
| Jun 4, 2025 | Fund Letters | Voss Value Offshore Fund | FLYW | Flywire Corporation | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Australia, Canada, Cross Border Payments, education technology, Fintech, Healthcare Payments, SaaS, Travel Payments, turnaround, UK, Value | Login |
| Feb 19, 2025 | Fund Letters | Voss Value Offshore Fund | AMTM | Amentum Holdings Inc | Industrials | Research & Consulting Services | Bull | NYSE | backlog, Cost-plus Contracts, Defense Contractor, deleveraging, Government Services, multiple expansion, spin-off, Value | Login |
| Feb 19, 2025 | Fund Letters | Voss Value Offshore Fund | EEFT | Euronet Worldwide Inc | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | ATM, Cross Border Payments, Fintech, money transfer, Payments, regulatory catalyst, Take Rate Expansion, turnaround, Value | Login |
| Feb 19, 2025 | Fund Letters | Voss Value Offshore Fund | MBGYY | Mercedes-Benz Group AG | Consumer Discretionary | Automobile Manufacturers | Bull | OTC | autonomous vehicles, capital return, defensive, dividend yield, Luxury Automotive, Share Buybacks, Technology leader, Value | Login |
| Feb 19, 2025 | Fund Letters | Voss Value Offshore Fund | FUJHY | Subaru Corporation | Consumer Discretionary | Automobile Manufacturers | Bull | OTC | acquisition target, capital return, EV Strategy, Free Cash Flow, Japanese Auto, net cash, Toyota Partnership, Value | Login |
| Nov 26, 2024 | Fund Letters | Voss Value Offshore Fund | PHIN | Phinia Inc | Consumer Discretionary | Auto Parts & Equipment | Bull | NASDAQ | aftermarket, Auto parts, commercial vehicles, Fuel Systems, Gasoline Direct Injection, ICE, market share gains, Share Buybacks, spin-off, Value | Login |
| Aug 26, 2024 | Fund Letters | Voss Value Offshore Fund | PRKS | United Parks & Resorts | Consumer Discretionary | Leisure Facilities | Bull | NYSE | Animal Shows, Consumer Discretionary, EBITDA Margin Expansion, Leisure, private equity, Real Estate, Regional Entertainment, Share Buybacks, strategic alternatives, theme parks, turnaround, Value | Login |
| Feb 27, 2024 | Fund Letters | Voss Value Offshore Fund | AAGFF | Griffon Corp. | Industrials | Building Products | Bull | NYSE | Activist Investment, Building Products, capital allocation, EBITDA margins, Garage Doors, multiple expansion, Share Buybacks, special dividends | Login |
| Feb 27, 2024 | Fund Letters | Voss Value Offshore Fund | BRCM | R1 RCM Inc. | Health Care | Health Care Technology | Bull | NASDAQ | Artificial Intelligence, Cloudmed Integration, Contrarian Investment, Healthcare IT, Hospital Outsourcing, machine learning, network effects, Revenue Cycle Management | Login |
| Aug 23, 2023 | Fund Letters | Voss Value Offshore Fund | IIIV | i3 Verticals, Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Fintech, healthcare, M&A, Payments, public sector, recurring revenue, SaaS, Software, turnaround, Value | Login |
| May 16, 2023 | Fund Letters | Voss Value Offshore Fund | PLYA | Playa Hotels and Resorts | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bull | NASDAQ | All-Inclusive Resorts, asset sales, Caribbean, COVID Recovery, hospitality, Mexico, Share Buybacks, travel demand, turnaround | Login |
| May 16, 2023 | Fund Letters | Voss Value Offshore Fund | ASO | Academy Sports and Outdoors | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Distribution Centers, Free Cash Flow, Population growth, regional expansion, Southern Markets, Specialty retail, Sporting goods, store expansion, Unit economics | Login |
| May 16, 2023 | Fund Letters | Voss Value Offshore Fund | ECN.TO | ECN Capital | Financials | Consumer Finance | Bull | Toronto Stock Exchange | asset-light, Canada, Goldman Sachs, Inventory Financing, loan origination, Manufactured housing, Non-Recourse, RV Marine, Specialty finance, strategic review | Login |
| TICKER | COMMENTARY |
|---|---|
| SRE | Voss has accumulated a significant position in Sempra Energy (NYSE: SRE). SRE is a utilities conglomerate that we believe has the opportunity to unlock significant value through simplification. Sempra's current public structure, dominated by two California utilities that contribute more than half of earnings, masks the rapidly compounding intrinsic value of the fastest growing and largest transmission & distribution (T&D) utility in North America: Oncor Electric in Texas. SRE trades at a 17.8x NTM P/E multiple, which is in-line with lower-growth regulated peers. This consolidated valuation fails to account for the dramatically divergent paths of Sempra's assets. |
| PAR | After much private engagement, on March 4th we sent public letters to the boards of PAR, EEFT, and XPOF. Since that time, each company has taken action to address our key concerns. PAR has subsequently added Voss analyst Jon Hook as a Board Observer and issued formal quarterly guidance for the first time. We have recently added to our position as we expect the company's growth could accelerate while simultaneously hitting a major inflection point in profitability and cash flow. |
| EEFT | At EEFT, we called attention to the lack of investor transparency and urgency on investor relations. EEFT subsequently held its first Analyst Day in over a decade, highlighting how they are an integrated international FinTech platform with sustainable growth in several new digital businesses. |
| XPOF | At XPOF we called for a full strategic review to address the significant valuation gap between the public market value of the stock and our estimate of the private market value of just one of its core brands, Club Pilates. The company subsequently jettisoned some board members, amended their change of control provisions (set bonuses for executives in the event of a sale, thus aligning interests), and hired an investment bank to explore a full range of alternatives—we view all of these as promising developments. |
| AAPL | Free cash flow of the mega cap tech stocks (outside of AAPL) has utterly collapsed as they have compulsively tapped the plus sign on their AI capex treadmill. |
| GOOGL | Free cash flow of the mega cap tech stocks (outside of AAPL) has utterly collapsed as they have compulsively tapped the plus sign on their AI capex treadmill (e.g., GOOGL trades at >300x EV/2027E FCF). |
| 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 | |||
