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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"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.
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