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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Tarkio Fund targets companies undergoing Lean cultural transformations at compelling valuations, focusing on struggling businesses when proven transformational leaders are brought in. Recent additions include General Electric, Modine, and Lumen Technologies, with Lumen's Kate Johnson exemplifying required leadership courage."
The Tarkio Fund focuses on companies undergoing cultural transformations toward Lean management practices, emphasizing employee empowerment and continuous improvement. The fund's strategy has evolved from acquiring proven Lean companies at attractive prices to identifying struggling businesses at compelling valuations at the very moment transformation begins, often when proven Lean leaders are brought in. Recent examples include General Electric, Modine, and Lumen Technologies, with Lumen CEO Kate Johnson exemplifying the courage and growth mindset required for successful transformation. The fund has deepened its involvement through hands-on experience with local company transformations, enabling better evaluation of public companies and building trust with leadership teams. Five new holdings identified in early-stage transformation include Azenta, International Paper, Baxter, HNI Corp, and Enovis. The manager believes this approach allows the fund to build ownership in future standout companies before broader market recognition, with Lumen remaining in early recovery stages with significant improvement potential ahead. The portfolio reflects a commitment to continuous learning and the Kaizen philosophy.
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