Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, FPA Queens Road Small Cap Value Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"FPA Queens Road Small Cap Value Fund delivered 27% YTD returns through Q2 2026, outperforming its benchmark by 400 basis points. Technology holdings drove performance with component manufacturers and distributors up 100%+ on cyclical recovery and data center exposure."
The FPA Queens Road Small Cap Value Fund returned 19.76% in Q2 2026 versus 17.19% for the Russell 2000 Value Index, bringing YTD returns to 27.02% versus 22.99% for the benchmark. Outperformance was driven by exceptionally strong returns in technology holdings, particularly component manufacturers and distributors (Arrow, Vishay, Littelfuse) that benefited from cyclical recovery and incremental data center sales, with stocks up roughly 100% or more. TD Synnex's data center business Hyve is growing billings at nearly 100% annually and contributing approximately $700 million in operating earnings. The managers have aggressively trimmed technology positions as valuations expanded, reallocating proceeds into more attractively valued opportunities. New positions include Vontier (gas station equipment), Bank of N.T. Butterfield (Caribbean banking), and Unitil (New England utility). The fund added significantly to JBT Marel and UGI Corp. The managers emphasize their holdings were long-term positions acquired through bottom-up fundamental analysis rather than chasing the AI trade, and they continue to avoid beaten-down SaaS companies due to wide outcome ranges from AI disruption despite lower valuations.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
