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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 4, 2025 | FPA Queens Road Small Cap Value Fund | 8.6% | 5.9% | AAP, ANGI, CNXC, CSGS, DAR, FN, GIII, IAC, IDCC, IMKTA, LFUS, NNI, PVH, REVG, SCHL, SFM, SYNA, THS, UGI, VSH | Passive investing, Quality, small caps, tariffs, technology, value | Small caps are generationally cheap compared to large caps, trading at the widest discount to the S&P 500 since the tech bubble 25 years ago. High-quality small companies command only a modest premium over lower-quality small companies, unlike large caps where quality commands significant premiums. | NNI IMKTA |
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| 2025 Q2 | Aug 25, 2025 | Pzena Global Small Cap Focused Value Strategy | 7.6% | 2.9% | AAP, AKE.PA, DAN, HEL, HUN, JELD, LITE, RHI, TFX, TYDSF, VREX | Cyclical, global, small caps, tariffs, value, volatility | Portfolio positioned towards economically sensitive and cyclical names with attractive valuations. Manager emphasizes value opportunities created by market volatility and macro uncertainty affecting small cap stocks. | NOKBF RHI TFX ARKM.PA |
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| 2025 Q2 | Jun 30, 2025 | Rothschild & Co LongRun Equity Fund | - | - | AAP, AZO, COST, CRM, GE, IDXX, INTU, MC.PA, MSFT, ORLY, RMS.PA, TMO, UNH | AI, Auto Aftermarket, Compounding, healthcare, long-term, Quality, software | Software companies like Intuit and Microsoft increased by around 30% with the market pushing their rating higher thanks to their near impenetrable market positions which are likely to be further solidified through the use and successful monetization of artificial intelligence. Salesforce is positioned to augment its strong position further via the use of operational AI agents, such as its Agentforce initiative. | CRM ORLY |
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| 2025 Q1 | Jun 16, 2025 | Cove Street Capital Small Cap Value Fund | - | - | AAP, ANGI, ATRO, CMP, ECVT, IIIV | defense, Fed policy, small caps, tariffs, Trade Policy, value | Manager expresses strong criticism of current tariff policies, viewing them as economically harmful and creating business uncertainty. Cites GM CFO noting companies cannot spend billions whipsawing business back and forth due to tariff uncertainty, leading to economic halt. | View | |
| 2024 Q1 | May 3, 2024 | Curreen Capital | 0.9% | 1.9% | AAP, ADV, CACC, ENR.DE, FTDR, GETB.L, VFC | energy, global, retail, small caps, turnaround, value | Manager initiated position in Siemens Energy, viewing the electrical power industry as returning to growth after a decade of stagnation. Believes Siemens Energy will successfully turn around its wind business and offers attractive upside-to-downside valuation. | NILB.ST GETB.L FTDR CACC ADV AAP ENR.DE |
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| 2024 Q1 | May 15, 2024 | Third Point Partners | 3.9% | 14.0% | AAP, AAPL, AMZN, BBWI, DD, GOOGL, HUM, INTC, LSEG.L, META, MRVL, MSFT, NFLX, NVDA, PCG, TSM, VST | AI, Data centers, energy, semiconductors, technology, value | AI is a key element of the thesis for nearly half of Third Point's equity positions. The technology favors incumbents who are deploying financial and intellectual war chests to win the AI arms race. Best-run legacy companies like Microsoft and Amazon have built enormous competitive advantages and seen their growth vectors accelerate. | View | |
| 2025 Q1 | Apr 5, 2025 | Right Tail Capital | - | - | AAP, AZO, CPRT, CSU.TO, ORLY | Compounding, Concentration, long-term, Patience, Quality, value | Right Tail focuses on investing in high-quality businesses with strong fundamentals that can compound wealth over multi-year periods. The manager emphasizes owning concentrated portfolios of undervalued, high-quality businesses that have the potential to double in five years. | View | |
| 2026 Q1 | Apr 29, 2026 | Curreen Capital | -14.0% | -14.0% | AAP, ENR.DE, FTDR, FTRE, GETB.L, VFC | small cap, special situations, spinoffs, Turnarounds, value | VFC ENR.DE GETB.L FTDR FTRE AAP |
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| 2026 Q1 | Apr 28, 2026 | Pzena Global Small Cap Focused Value Strategy | -0.1% | -0.1% | AAP, BME.L, CNXC, DNOW, DOUG, EVK.DE, HAS.L, MLKN, MMI, NVST, SAMSY, SPB, TATE.L, TEP.PA | Cyclical, global, Recovery, small caps, turnaround, value | View | ||
| 2024 Q1 | Apr 19, 2024 | Palm Valley Capital Management | -0.1% | 4.2% | AAP, AVA, CRD-A, DOX, EQC, GENC, KELYA, LAS.TO, MLR, MSCI, NWN, PHYS, PSLV, SMCI, SSRM, TBI, WHG, WLY | AI, Bubble, Cash, Financialization, gold, small caps, Valuations, value | Small cap valuations remain elevated despite recent volatility, with median multiples still on the high side of pre-QE3 periods. The manager categorizes the small cap universe into three buckets based on quality and valuation, currently focusing on Bucket #3 cyclical or out-of-favor businesses where compensation exists for risks assumed. | NWN |
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| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments Large Cap Value | - | - | AAP, AVGO, BRK-B, CVS, CVX, EIX, GOOGL, LLY, MCHP, MCK, META, NOC, NVO, ORCL, ORLY, PGR, RTX, SRE, TRV, VNOM | AI, defense, energy, financials, healthcare, large cap, Utilities, value | The managers have taken advantage of expensive momentum-driven stocks to reallocate capital into areas where valuations are more reasonable yet fundamentals remain stable and defensive. The valuation gap between growth and value had reached historically extreme levels, making a reversion long overdue. | View | |
| 2025 Q1 | Mar 31, 2025 | FPA Queens Road Small Cap Value Fund | -2.5% | -2.5% | AAP, ARW, AX, BAM, CNO, CNXC, CSWI, IDCC, LFUS, MDU, NJR, OSK, PVH, REVG, SCHL, SFM, SYNA, UGI, UPBD, VSH | consumer, Electronics, Quality, small caps, tariffs, Utilities, value | Manager emphasizes that small-caps are extremely cheap relative to large-caps but warns of the relative junkiness of small-cap indices. Quality small companies are still expensive but becoming more attractive from a valuation perspective as the market declines. | View | |
| 2025 Q4 | Mar 1, 2026 | iMGP Small Company Fund | 1.3% | 0.0% | AAP, AMKR, APPF, MANH, NVDA, PRM, RBC, UAMY | AI, Biotech, defense, growth, healthcare, Quality, small caps, technology | AI remained a significant driver throughout 2025, with AI-related stocks recovering after initial volatility from Chinese competitor DeepSeek and becoming the dominant theme again in late 2025. The market saw broadening beyond AI with materials performing well, but AI continues to be a desired area driving investment decisions. Biotech companies rallied over 25% in the fourth quarter, driven by a series of high-profile biotech acquisitions by large pharma buyers. The managers generally avoid biotech stocks due to their highly binary nature, though they participate through investments in companies that sell products and services to biotech customers. Defense spending themes emerged through specific investments like Antimony Corporation, which won a $245 million five-year sole source contract to rebuild the U.S. antimony supply for military use, taking advantage of export restrictions from China. RBC Bearings' Aerospace and Defense business was particularly strong. | View | |
| 2025 Q4 | Feb 10, 2026 | FPA Queens Road Small Cap Value Fund | -0.4% | 13.4% | AAP, CSGS, FN, IDCC, NJR, OSK, PLUS, PVH, REVG, RLI, SFBS, SFM, SNX, UGI, UPBD | insurance, Quality, small cap, technology, Utilities, value | Small caps are overlooked, disdained and cheap relative to large caps. Quality small caps are trading at significant discounts to quality large caps while historically trading at premiums. The fund sees growing opportunity set as capital withdraws from actively managed small value strategies. The fund focuses on quality companies with balance sheet strength, earnings consistency, and high returns on capital. Quality small caps have become cheap compared to large caps and the quality premium in small caps is modest versus pronounced in large caps. The fund's value-focused process leads to a portfolio designed to protect clients during market drawdowns. They identify overlooked, out of favor companies trading at attractive valuations with strong franchises in boring industries. | AAP SFBS UPBD PVH UGI IDCC FN NJR RLI SNX |
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| 2024 Q4 | Dec 31, 2024 | FPA Queens Road Small Cap Value Fund | 2.4% | 10.8% | AAP, AGCO, ALTM, ARW, CNXC, CSGS, CSWI, DAR, DECK, FN, IDCC, JBTM, LEVI, LFUS, MATV, MDU, OSK, QRVO, SAIC, SCHL, SFM, SYNA, UGI, UPBD, VSH | active management, compounders, Quality, Russell 2000, small cap, value | The fund focuses on high quality compounders with strong returns on capital, consistent earnings, and prudent balance sheets. The manager emphasizes that small-cap indices are generally 'junkier' with fewer quality companies than large-cap indices, making active management essential to find quality small companies trading at reasonable valuations. | View | |
| 2023 Q4 | Dec 31, 2023 | Latitude Global Fund | - | - | AAP, AI.PA, AZO, BAC, DEO, DG.PA, EIFFAGE.PA, EQNR, GOOGL, GS, JPM, MCK, SHEL, SONY, TSCO.L, V, WEC | Buybacks, Consumer Staples, dividends, earnings, energy, global, Utilities, value | Manager holds significant allocation to consumer staples companies including Tesco, Unilever, Diageo, Imperial Brands, Heineken, and Coca-Cola. Sector trades at lowest valuation relative to market in 30 years aside from dot-com bubble. Expects earnings growth of 5-10% with potential for 20-50% valuation improvement as margins expand following input cost pressures. | View | |
| 2023 Q2 | Dec 7, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AAP, ALC, ANGI, AZO, DCO, DELL, GBLI, GLDD, IAC, LFCR, LTRPA, MGM, MPAA, ORLY, SCWX, SNEX, SSP, TRIP, VSAT | aerospace, Concentration, infrastructure, Media, small cap, technology, value | Manager views AI as a marketing term with unclear monetization prospects. Notes that market activity in 2023 has been driven by large tech stocks attaching themselves to the AI bandwagon, but emphasizes there is nothing remotely clear about making money in AI. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | 005930.KS, 036570.KS, 6857.T, AAP, AMGN, AMP, AN, AON, AVGO, AVY, BABA, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, MPC, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, VSCO | free cash flow, large cap, Leverage, Quality, selectivity, small cap, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital International | 0.0% | 10.9% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | free cash flow, international, Quality, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% free cash yield compared to 4.9% for the S&P 500. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | Credit Stress, free cash flow, large cap, Mega Caps, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2025 Q3 | Oct 6, 2025 | HalvioCapital | 12.6% | 19.3% | 4PNT.L, AAP, CACC, ENR.DE, FTDR, FTRE, GETB.L, KTB, THNC.TO, VFC | Apparel, Buybacks, healthcare, small caps, spinoffs, Turnarounds, value | Multiple portfolio companies are actively repurchasing shares, including Kontoor which has been buying back stock since its 2019 spinoff, and Credit Acceptance which is aggressively buying back its own shares despite weaker growth and profitability. | 8841 JP 9478 JP MCCK US NLOP US CPH CN |
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| 2025 Q3 | Oct 5, 2025 | Right Tail Capital | - | - | AAP, AZO, CSU.TO, ORLY | Auto Aftermarket, Compounding, Culture, Distribution, long-term, Quality | O'Reilly Auto Parts represents a compelling investment in the auto aftermarket sector, benefiting from aging car fleets, necessary product demand, and superior distribution capabilities. The company's balanced DIY/DIFM business model and cultural advantages create sustainable competitive moats that e-commerce cannot easily replicate. | ORLY |
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| 2024 Q3 | Oct 30, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AAP, ALTM, AZO, CNXC, CSWI, DAR, DECK, FN, HMN, IDCC, ORLY, SFM, VSH | - | View | ||
| 2025 Q3 | Oct 28, 2025 | Graham and Doddsville | - | - | AAON, AAP, ANET, AOS, ASTS, CVNA, DLO, FEVR.L, GOOGL, KER.PA, MELI, META, NLB.L, PGR, RKLB, TBCG.L, TSM, WISE.L, WOSG.L, XPEL | AI, emerging markets, Investment Analysis, long-term, Portfolio Management, Quality, Student Pitches, Value Investing | Multiple interviews emphasize value investing principles, with Brandes Investment Partners maintaining pure value philosophy despite 165 months of underperformance following the global financial crisis. The publication showcases various value-oriented approaches from concentrated portfolios to systematic value investing strategies. | View | |
| 2025 Q3 | Oct 24, 2025 | Pzena Global Small Cap Focused Value Strategy | 10.7% | 13.9% | 1910.HK, AAP, HNI, RCO.PA, REZI, SCS, SNV, SPB, SXT, TFX, TYRES.HE, UMI.BR | Cyclical, global, Outperformance, small caps, tariffs, value | The portfolio focuses on undervalued companies with attractive valuations, including new positions in Samsonite, Remy Cointreau, and Sensata based on compelling valuation opportunities. The strategy emphasizes economically sensitive and cyclical names where valuations remain quite attractive. | SNSA 1910 HK CNXN ORION HAS SCS AAP RESI |
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| 2025 Q3 | Oct 24, 2025 | Curreen Capital | 9.0% | 18.5% | 4IMPRINT, AAP, CACC, ENR.DE, FTDR, FTRE, GETB.L, KTB, THNC.TO, VFC | Apparel, Buybacks, healthcare, small cap, spinoffs, technology, Turnarounds, value | Multiple portfolio companies are executing turnaround strategies including Advance Auto Parts fixing its balance sheet and improving operations, Fortrea attempting to turn around after spinning out of Labcorp, and VF Corp rebuilding management and returning to growth after fixing its balance sheet. | FTRE THNC CN GETB GB KTB ENH FTRE THNC CN GETB GB KTB ENH |
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| 2024 Q3 | Oct 24, 2024 | Curreen Capital | 0.9% | 1.9% | AAP, CACC, EHAB, ENR.DE, FOUR.L, FTDR, GETB.L, NILB.ST, PLUX.PA, VFC | contrarian, Quality, small caps, spinoffs, Turnarounds, value | The fund focuses on buying quality businesses while they are temporarily out of favor in the stock market, describing their holdings as ugly ducklings that often languish for months before the market recognizes their value. The strategy involves starting small and buying more as stock prices drop to predetermined discounts. | VFC ENR.DE NILB.ST GETB.L FTDR EHAB CACC |
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| 2023 Q3 | Oct 17, 2023 | Curreen Capital | 0.9% | 1.9% | AAP, ADV, CACC, FTDR, GETB.L, NILB.ST | Cash, contrarian, discount, Opportunistic, Quality, value | Manager focuses on buying good businesses at meaningful discounts to downside valuation, requiring five-to-one upside to downside ratios. The strategy involves purchasing ugly ducklings - high quality businesses temporarily out of favor in the stock market. | GETB.L FTDR CACC ADV NILB.ST LNK.AX AAP |
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| 2022 Q3 | Oct 17, 2022 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | AAP, CEG, SWKS, TCBI | - | View | ||
| 2024 Q3 | Oct 16, 2024 | Third Point Partners | 3.9% | 14.0% | AAP, AMZN, BBWI, CNK, DHR, DSV.CO, FYBR, GOOGL, INTC, KBH, LUMN, MSFT, PCG, VST, VZ | credit, Entertainment, Event-Driven, Logistics, Mortgage, Politics, value | DSV emerged as the leading bidder for DB Schenker, creating the largest freight forwarder with significant synergy potential. The company has a proven track record of consolidating the fragmented global freight forwarding industry with industry-leading margins. Rising complexity in global supply chains benefits DSV's unique network that guarantees capacity and on-time deliveries. | CNK DSV.CO |
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| 2025 Q3 | Oct 15, 2025 | O’Keefe Stevens Advisory, Inc | - | - | 4PNT.L, AAP, CACC, ENR.DE, FTDR, FTRE, GETB.L, KTB, THNC.TO, VFC | Apparel, healthcare, small caps, spinoffs, Turnarounds, value | Multiple portfolio companies are actively repurchasing shares, including Kontoor which has been buying back stock since its 2019 spinoff, and Credit Acceptance which is aggressively buying back its own shares despite weaker growth. | View | |
| 2023 Q4 | Jan 6, 2024 | Torre Financial | 14.0% | 51.4% | AAP, AZO, COST, CRM, GE, IDXX, INTU, MC.PA, MSFT, ORLY, RMS.PA, TMO, UNH | Auto Parts, healthcare, long-term, Quality, software | Software companies like Intuit and Microsoft increased by around 30% as the market pushed their rating higher thanks to their near impenetrable market positions which are likely to be further solidified through the use and successful monetization of artificial intelligence. Salesforce is positioned to augment its strong position further via the use of operational AI agents, such as its Agentforce initiative. | CRM AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT |
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| 2025 Q4 | Jan 29, 2026 | Pzena Global Small Cap Focused Value Strategy | -1.0% | 12.8% | 240810.KS, 9065.T, AAP, ADNT, BIRG.L, BPE.MI, MRC, NOKBF, RCO.PA, REZI, SCS, ST, TEP.PA, TPK.L, UMI.BR, UNI.MC, WGO | consumer discretionary, financials, global, small cap, underperformance, valuation, value | The portfolio remains attractively valued and is currently among the most inexpensive across the geographies and market cap ranges managed by Pzena. Small-cap stocks remain particularly depressed relative to larger companies. Small-cap stocks remain particularly depressed relative to larger companies, with the portfolio's relative performance being challenged. U.S. small caps modestly underperformed large caps during the quarter. | WGO KNX |
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| 2025 Q4 | Jan 29, 2026 | Curreen Capital | 10.5% | 31.0% | AAP, DND.TO, ENR.DE, FTDR, FTRE, GETB.L, TRUE-B.ST, VFC | energy, healthcare, small caps, spinoffs, Turnarounds, value | Curreen Capital has been particularly successful with spinoff investments since launch, with 2025's three biggest winners all being spinoffs. The manager views ugly duckling spinoffs as the best investment opportunities when they combine good businesses, capable management, and attractive pricing. The fund focuses on 'ugly ducklings' - good businesses run by capable managers bought at attractive prices with upside-to-downside ratios of at least 5:1. They target companies earning above 20% after-tax returns on capital over time. Siemens Energy benefited from the end of decade-long stagnation in global electricity demand, driven by deferred infrastructure maintenance, continued electrification, and rapid rise of AI spurring a new demand cycle. | AAP FTRE FTDR GETB LN ENG GR VFC |
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| 2024 Q2 | Aug 23, 2024 | Third Point Partners | 3.9% | 14.0% | AAP, AAPL, AIR.PA, AMZN, BBWI, CPAY, FERG, FITB, GOOGL, ICE, JPM, LEN, MA, MSCI, MTB, NVDA, TSLA, TSM, V, VST | credit, energy, Event-Driven, Exchanges, Mortgages, payments, technology, volatility | Companies continue to invest in AI infrastructure and look for applications to their businesses. Apple's recently announced Apple Intelligence suite of AI-enabled smartphone features will drive meaningful new demand within Apple's installed base. The emergence of an AI layer on iOS will increasingly augment consumers' own agencies with those of the iPhone's AI features. | ICE CPAY AAPL |
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| 2023 Q2 | Jul 25, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | AAP, ALGT, ASH, CALM, CIEN, COOP, ENOV, ITGR, LEA, NVR, PRG, UGI, WCC, WNS | Banking, industrials, inflation, rates, small caps, value | The manager emphasizes their value-oriented approach, stating they invest in companies selling for less than their estimate of intrinsic value. They believe value and cyclically oriented stocks are likely to become more attractive to investors as they are well-positioned to produce abundant, consistent cash flows in the near and intermediate terms. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | Concentration, large cap, Quality, stability, valuation, value | The S&P 500 has reached extraordinary concentration levels with the top 5 stocks comprising over 24% of the index, the highest since 1980. Seven largest stocks contributed 74% of the market's H1 gains while the other 493 stocks averaged just 7% returns. This concentration creates diversification risks and exposes investors to company-specific risks. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital International | 0.0% | 10.9% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | AI, Concentration, large cap, Quality, risk management, technology, valuation, value | The letter extensively discusses valuation concerns, particularly around the largest stocks in the S&P 500. The mega-cap six stocks now trade at 40x expected free cash flow versus their historical discount to the market. The manager emphasizes that despite strong business fundamentals, rich valuations create problematic risk/reward profiles when substantial optimism is already priced in. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAP, AAPL, ABBV, AMZN, AVGO, BMY, CSCO, CVS, DHR, FTNT, GIS, GOOGL, JBL, META, MSFT, NVDA, TSLA, UNH | AI, Concentration, Mega Cap, Quality, technology, valuation, value | Manager emphasizes avoiding richly valued mega-cap stocks that are trading at 40x free cash flow while focusing on the remaining 494 S&P stocks that offer more attractive 5.1% free cash yields. The strategy targets high quality stocks at attractive valuations with a 6.9% free cash yield versus 4.5% for the overall S&P 500. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | free cash flow, Leverage, Outperformance, Quality, Russell 2000, small caps, value | Manager emphasizes avoiding expensive megacap stocks and focusing on attractively valued companies with strong fundamentals. The strategy targets stocks with high free cash flow yields while avoiding the richly valued largest stocks that are depressing overall market valuations. | View | |
| 2024 Q2 | Jun 30, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AAP, AVD, CLMB, CLVT, CMP, ECVT, IAC, KBR, LFCR, LGF.B, NEU, RDVT, RSSS, SIX, SSP, SXI, VSAT | Auto Parts, Concentration, Data Services, small cap, turnaround, value | Manager emphasizes tremendous specific opportunities in undervalued small cap stocks where the spring is very tightly coiled between intrinsic value estimates and current prices. Portfolio concentrated in best ideas with stocks trading at significant discounts to estimated intrinsic value. | RDVT CLVT AAP KBR VSAT CMP SSP |
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| 2024 Q2 | Jun 27, 2024 | Asheville Capital Management | 19.9% | 6.9% | AAP, APR, AZO, GPC, LKQ, ORLY | Auto Parts, Buybacks, Distribution, Europe, Poland, value | Auto Partner operates as a Polish distributor of aftermarket auto parts with superior value proposition of availability, speed, and service. The company has proven ability to take market share from local distributors through just-in-time delivery and comprehensive inventory. Management estimates 10% market share in Poland but only 0.5% in rest of Europe, providing significant growth runway. | APR |
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| 2023 Q2 | Jun 7, 2023 | Palm Valley Capital Management | -0.1% | 4.2% | AAP, CRD-A, CRD-B, LAS.TO, NGS, ODC, PSLV, SSRM, TBI, WHGLY | AI, Banking, Buybacks, credit, Recession, small cap, value | Manager views AI as potentially transformative but warns against investing in the current hype cycle. Compares AI boom to past bubbles like Cisco during the internet explosion, noting that revolutionary technology doesn't guarantee profitable investments. Believes progress will come in small steps rather than giant leaps. | LAS.TO BHARATBIJ.NS AAP |
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| 2023 Q3 | May 10, 2023 | Palm Valley Capital Management | -0.1% | 4.2% | AAP, AVA, CRD-A, CRD-B, EQC, FPI, LAS-A.TO, MLR, SSRM, TBI | Banking, Cash, credit, interest rates, real estate, small caps, valuation | Higher interest rates are like water that freezes in an overleveraged economy and splits it apart. The 10-year Treasury yield has risen to 4.6% from below 2.0% in 2019, yet equity valuations remain elevated with the S&P 500 trading at 21x P/E. The fund sees rates as a major structural headwind that will eventually force valuation adjustments. | SSRM EQC FPI ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM BHARATBIJ.NS AAP CRD.A LAS/A CN|MLR|MNRO|NGS|WHGLY|WLY LAS.TO |
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| 2025 Q1 | Apr 24, 2025 | Curreen Capital | -4.7% | -4.7% | AAP, CACC, EHAB, ENR.DE, FTDR, GETB.L, HAVAS.PA, NILB.ST, VFC | Europe, small caps, spinoffs, Turnarounds, value | Manager focuses heavily on recent spinoffs like Havas (spun from Vivendi in December 2024) and Enhabit (spun from Encompass Health in July 2022). Notes that in market downturns, recent spinoffs are often sold aggressively, creating attractive opportunities. | HAVAS.AS |
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| 2023 Q1 | Apr 14, 2023 | Distillate Capital International | 0.0% | 10.9% | 005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, international, Leverage, Quality, rates, selectivity, value | Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. | View | |
| 2023 Q1 | Mar 31, 2023 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAP, AAPL, ACN, AMZN, ASML, CRM, CRWD, HUBS, INTC, JCI, LLY, LSXMK, META, MSFT, NVDA, PANW, SHW, TSLA, TXG, UNH | diversification, growth, healthcare, Quality, Recession, semiconductors, technology | Positive sentiment around generative AI highlighted opportunities for Nvidia among data center and hyperscale cloud providers reliant on GPUs to empower digital transformation and new AI applications. The secular drivers in certain parts of the semiconductor industry outweigh cyclical risks. | ACN ALLY HUBS AMZN CRM ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q1 | Mar 31, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | AAP, ADM, AIG, ALGT, ALK, ALL, ARW, ASH, BHF, BKU, BOKF, BR, BRBR, BRO, BSX, BWA, CALM, CHKP, CIEN, CIVI, COOP, CTRA, CTSH, CUBE, DEI, ENOV, ERII, ESAB, ESGR, FA, FCX, FIBK, FIS, FWONA, GTES, HBI, HIG, ITGR, JLL, KEX, KMX, L, LANC, LOB, MTN, NVR, NXPI, OZK, PH, POST, PRG, RHP, RNR, RRR, RRX, RYN, SANM, SF, SRCL, SSNC, ST, UDR, UGI, VFC, WBS, WCC, WNS, WTW, WWW, WY | financials, industrials, mid cap, small cap, value | View | ||
| 2023 Q1 | Mar 31, 2023 | Meridian Hedged Equity Fund | 6.2% | 0.0% | AAP, AAPL, LEVI, LMACU, SBH, USB | - | View | ||
| 2023 Q4 | Jan 26, 2024 | Curreen Capital | 0.9% | 1.9% | AAP, ADV, CACC, CCC.L, DND.TO, EHAB, FTDR, GETB.L, KAMBI.ST, LNK.AX, NILB.ST, VFC | Cash, contrarian, Opportunistic, Quality, small caps, value | Manager follows a disciplined value strategy, buying excellent businesses at meaningful discounts to downside valuation. The fund takes advantage of market weakness to purchase quality companies trading at ridiculously low prices, with positions bought 33-65% below recent highs. | NILB.ST LNK.AX GETB.L FTDR CACC ADV |
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| 2023 Q4 | Jan 24, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, AMZN, AVGO, CSCO, CVS, GOOGL, HRL, IBM, JBLU, LRCX, META, MSFT, NVDA, OC, PG, PYPL, TSLA, WMT, WSM | Concentration, free cash flow, Leverage, Quality, selectivity, small caps, value | Manager emphasizes finding attractive valuations through selectivity, avoiding richly valued mega-cap stocks while focusing on parts of the market that offer better free cash flow yields. The strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500. | View | |
| 2024 Q4 | Jan 17, 2025 | Curreen Capital | 5.7% | 7.7% | AAP, CACC, EHAB, ENR.DE, FTDR, GETB.L, JXN, KAMBI.ST, NILB.ST, TNET, TRUE-B.ST, VFC | Automotive, healthcare, small caps, Turnarounds, undervalued, value | Manager focuses on buying good businesses at attractive prices below conservative valuation estimates. Portfolio consists of undervalued companies trading at significant discounts to intrinsic value. Strategy emphasizes attractive upside-to-downside ratios across holdings. | ENR.DE NILB.ST FTDR VFC TNET EHAB AAP GETB.L CACC |
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| 2023 Q4 | Jan 7, 2024 | Palm Valley Capital Management | -0.1% | 4.2% | AAP, AVA, CRD-A, CRD-B, CRI, DOX, KELYA, LAS.TO, MLR, MNRO, NGS, TRUE, WHGLY, WLY | Fed policy, Inequality, inflation, liquidity, small caps, value | Small caps experienced significant volatility in 2023, with a 26% surge from October lows driven by Fed pivot expectations. However, 40% of Russell 2000 constituents remain unprofitable, and median net income has stagnated for 25 years. Quality deterioration and speculative business models persist despite recent outperformance. | LAS/A CN|MLR|MNRO|NGS|WHGLY|WLY LAS/A CN|MLR|MNRO|NGS|WHGLY|WLY |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 6, 2026 | Fund Letters | Curreen Capital | Advance Auto Parts | Auto Parts | Automotive Retail | Bull | New York Stock Exchange | aftermarket, automotive, Balance sheet repair, retail, turnaround, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Curreen Capital | Advance Auto Parts | Consumer Discretionary | Automotive Retail | Bull | NYSE | Automotive Retail, contrarian, discount, Quality Business, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Palm Valley Capital Management | Advance Auto Parts | Consumer Discretionary | Automotive Retail | Bull | NYSE | Automotive Aftermarket, comparable sales, Consumer Discretionary, Operational Improvement, Real Estate Assets, turnaround, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Palm Valley Capital Management | Advance Auto Parts | Consumer Discretionary | Automotive Retail | Bull | NYSE | Aftermarket Parts, Automotive Retail, DIY, inventory normalization, Professional Channel, Recession-resistant, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Cove Street Capital Small Cap Value Fund | Advance Auto Parts Inc | Consumer Discretionary | Automotive Retail | Bull | NYSE | aftermarket, automotive, Management Change, retail, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Curreen Capital | Advance Auto Parts | Consumer Discretionary | Automotive Retail | Bull | NYSE | Automotive Aftermarket, capital efficiency, Management Change, retailer, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Curreen Capital | Advance Auto Parts | Consumer Discretionary | Automotive Retail | Bull | NYSE | Automotive Aftermarket, Balance sheet repair, Operational Improvement, retail, turnaround, Value | View Pitch |
| Feb 21, 2026 | Fund Letters | Steve Scruggs | Advance Auto Parts, Inc. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | aftermarket, Competition, Distribution, Execution, Inventory, Margins, merchandising, restructuring, turnaround | View Pitch |
| Jan 31, 2026 | Fund Letters | Christian Ryther | Advance Auto Parts, Inc. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | Auto_Parts, Comps, supply chain, turnaround, valuation | View Pitch |
| Jan 8, 2026 | Value Investors Club | Woodrow | Advance Auto Parts, Inc. | Consumer Discretionary | Specialty Retail | Bull | New York Stock Exchange | Branding, Consumer products, e-commerce, Marketing, merchandising, retail | View Pitch |
| Dec 5, 2025 | Fund Letters | Christian Ryther | Advance Auto Parts, Inc. | Consumer Discretionary | Specialty Stores | Bull | NYSE | automotive, Margins, ROIC, turnaround, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Evan D. Fox | Advance Auto Parts | Consumer Discretionary | Specialty Retail | Bull | NYSE | Auto parts, Cost control, debt, Liquidity, Margins, profitability, restructuring, turnaround | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $3.7M | 0.01% | 94,700 | -20,400 | -40.64% | 0.1118% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $5.3M | 0.01% | 135,000 | +29,500 | +27.96% | 0.1593% |
| Richard Pzena | Pzena Investment Management | $33.4B | $156.2M | 0.47% | 3,973,493 | -21,559 | -0.54% | 4.6898% |
| Ray Dalio | Bridgewater Associates | $27.4B | $1.2M | 0.00% | 29,980 | +29,980 | +100.00% | 0.0354% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.3M | 0.00% | 57,469 | -701,975 | -92.43% | 0.0678% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $4.6M | 0.01% | 118,068 | -240,960 | -67.11% | 0.1394% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.5M | 0.00% | 39,378 | +1,451 | +3.83% | 0.0465% |
| Mario Gabelli | GAMCO Investors | $10.4B | $27.0M | 0.26% | 686,657 | +178,650 | +35.17% | 0.8104% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $2,437 | 0.00% | 62 | +62 | +100.00% | 0.0001% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $1.1M | 0.13% | 28,143 | +11,697 | +71.12% | 0.0331% |
| Bob Wyckoff | Tweedy Browne CO LLC | $1.2B | $596,535 | 0.05% | 15,179 | +2,160 | +16.59% | 0.0179% |