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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The manager re-initiated a position in MasterCraft Boat, capitalizing on small-cap market neglect and a bottoming dealer destocking cycle."
In Q2 2025, 1 Main Capital Partners (1MC) returned 13.3% net, outperforming the S&P 500 (10.9%) and Russell 2000 (8.5%). Q2 and YTD performance was driven by strong gains in core holdings International Workplace Group (+23%) and Basic-Fit (+37%), but was partially offset by a 2% permanent capital loss from exiting Superior Industries (SSUP) after it lost its largest customers. The manager outlines his framework for preferring 'layered alpha' over 'levered alpha' to avoid structural risks of broker leverage. The fund re-initiated a position in MasterCraft Boat (MCFT) on the thesis that its dealer inventory destocking cycle is bottoming and it possesses strong normalized mid-cycle earnings power. Portfolio concentration remains high, with the top five holdings accounting for 70% of total capital.
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