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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"McElvaine Value Fund recovered to +3% YTD by August after a down first half, with manager Tim McElvaine shunning AI hype to double down on deeply discounted, insider-aligned 'dregs of value'."
McElvaine Value Fund reported a net decrease of 4.0% for the six months ending June 30, 2025, underperforming its benchmarks. However, performance recovered to approximately +3% YTD by mid-August. Manager Tim McElvaine cautions against the 'heat' in AI infrastructure stocks, comparing the current spending boom to historical speculative bubbles. Instead, the fund remains committed to its 'ABBA' approach—concentrating capital in cheap, low-leverage companies with heavily aligned insider ownership. The letter outlines specific positive fundamental developments for major holdings including AIMIA (15% weight), Maxim Power (13% weight), Wintaai Holdings (13% weight), and Exco Resources (8% weight).
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