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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"1 Main Capital Partners delivered a strong 20.1% net return in 2025 and continues to find compelling value in mispriced small-caps like Limbach Holdings (LMB), where profitable ODR business model transitions are driving robust cash flow growth."
1 Main Capital Partners returned 3.4% in Q4 2025 and 20.1% net for the full year 2025, outperforming both the S&P 500 and Russell 2000. Key winners for the year included IWG, BFIT, and DNTL (which was acquired by GTCR). The fund's top five holdings (BFIT, IWG, LMB, RLGT, and the ski/wake basket of MCFT/MBUU) represent ~65% of capital. The manager added significantly to Limbach Holdings (LMB) in Q4, citing its high-margin business model transition and potential for a 20% FCF/share CAGR. Looking forward, the manager remains optimistic about finding undervalued, cash-generative small-caps while steering clear of richly-valued mega-caps.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: 1 Main Capital Partners delivered a strong 20.1% net return in 2025 and continues to find compelling value in mispriced small-caps like Limbach Holdings (LMB), where profitable ODR...
Growth Outlook
Market outlook remains above average conviction: 1 Main Capital Partners delivered a strong 20.1% net return in 2025 and continues to find compelling value in mispriced small-caps like Limbach Holdings (LMB), where profitable ODR...
Risk Appetite
Risk appetite posture is above average conviction: 1 Main Capital Partners delivered a strong 20.1% net return in 2025 and continues to find compelling value in mispriced small-caps like Limbach Holdings (LMB), where profitable ODR...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. 1 Main Capital Partners delivered a strong 20.1% net return in 2025 and continues to find compelling value in mispriced small-caps like Limbach Holdings (LMB), where profitable ODR...
Forward Guidance
Forward guidance signal: 1 Main Capital Partners delivered a strong 20.1% net return in 2025 and continues to find compelling value in mispriced small-caps like Limbach Holdings (LMB), where profitable ODR...
Language Signal
Tone analysis indicates above average conviction language: 1 Main Capital Partners delivered a strong 20.1% net return in 2025 and continues to find compelling value in mispriced small-caps like Limbach Holdings (LMB), where profitable ODR...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. 1 Main Capital Partners delivered a strong 20.1% net return in 2025 and continues to find compelling value in mispriced small-caps like Limbach Holdings (LMB), where profitable ODR...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. 1 Main Capital Partners delivered a strong 20.1% net return in 2025 and continues to find compelling value in mispriced small-caps like Limbach Holdings (LMB), where profitable ODR...
Time Horizon
Investment time horizon reflects a high conviction orientation. 1 Main Capital Partners delivered a strong 20.1% net return in 2025 and continues to find compelling value in mispriced small-caps like Limbach Holdings (LMB), where profitable ODR...
