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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Cedar Creek Partners closed out a highly successful 2025 with a 29.6% return, driven by deeply discounted microcaps and expert market plays trading at just 7.1x estimated forward earnings."
Cedar Creek Partners delivered a strong 2025 return of 29.6% net of fees, outperforming the S&P 500 (17.8%) and Russell Microcap (23.0%). At year-end, the fund's holdings traded at an incredibly cheap average valuation of 7.1x forward earnings and 0.9x price-to-book. Key events in Q4 included successful forced exits of Propel Media (500%+ return over 28 months) and First IC. The manager deployed capital into Exco Resources, which has seen massive natural gas production increases, and expanded holdings in PHI Group. Solitron Devices reported a record backlog of $27.4 million, signaling strong upcoming operational earnings. Lastly, the fund continues to accumulate a basket of community banks, now representing 20% of the portfolio.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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