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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Cedar Creek delivered 12.6% in the first half of 2026, maintaining its 20-year track record of 15% annualized returns. The microcap-focused fund increased expert market exposure to 32.5%, led by natural gas producer Exco Resources and asset-rich Harbor Diversified."
Cedar Creek Partners returned 5.4% net in Q2 2026, bringing first-half returns to 12.6% versus 12.8% for the NASDAQ. The fund's 20-year track record shows 15.0% annualized returns net of fees. The portfolio trades at 7.3 times forward earnings and 4.2 times earnings net of cash, with weighted price-to-book of 1.0. The manager increased expert market exposure to 32.5% of assets, focusing on non-reporting companies restricted from retail trading. Four positions—Exco Resources (natural gas producer), Harbor Diversified (asset sale proceeds), PHI Group (helicopter services), and PD-Rx Pharmaceuticals—comprise 80% of expert market exposure. Community bank holdings reached 14% of assets, with top positions in Steele Bancorp, Skyline Bankshares, and River Financial Corp trading at 6-7 times earnings. Solitron Devices, where the manager serves as CEO, retained an investment banker to evaluate strategic alternatives. Cash declined from 13% to 9% as the manager deployed capital into existing positions. The fund continues to find attractive opportunities in illiquid microcap securities.
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