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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Ace River Capital runs an ultra-concentrated micro-cap portfolio now consisting primarily of two holdings: Vox Royalty (gold royalties) and RCI Hospitality (licensed real estate). Despite multi-year underperformance of -49% cumulatively, the manager's conviction has increased materially in both positions, viewing them as attractive long-term compounders trading at substantial discounts to intrinsic value."
Ace River Capital returned +6.25% in H1 2026, underperforming the S&P 500 (+9.55%) and Russell 2000 (+22.57%), continuing a multi-year period of significant underperformance with cumulative returns of -49.40% since 2023. The portfolio became even more concentrated following the complete sale of MarineMax, now consisting primarily of two holdings: Vox Royalty and RCI Hospitality. The manager's conviction in both positions increased materially during the period. Vox Royalty, the Fund's largest holding, provides diversified exposure to high-quality mining assets through a royalty model without operating requirements, and is viewed as one of the most attractive long-term compounders in public markets trading at a substantial discount to intrinsic value. RCI Hospitality's thesis has strengthened as the market focuses on litigation overhang while overlooking normalized free cash flow, valuable owned real estate, and disciplined capital allocation. The manager maintains a patient, concentrated approach focused on owning fewer than five positions with structural competitive advantages, tangible assets, and scarcity value, intentionally avoiding software, finance, and insurance businesses.
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