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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | May 19, 2025 | 180 Degree Capital Corp | 4.5% | 4.5% | ACNT, AREN, AVNW, BCOV, CVGI, IVAC, LTRX, MAMA, PBPB, RFIL, SCOR, SNCR, TURN | Asset Management, Mergers, private credit, small caps, turnaround, value | Manager emphasizes 35 years as a value investor attempting to uncover great companies trading below intrinsic value. The proposed Mount Logan combination represents what they believe is a great undiscovered and undervalued company. The letter repeatedly discusses finding substantially undervalued small, publicly traded companies with turnaround potential. | View | |
| 2026 Q1 | Apr 29, 2026 | Merion Road Capital | 3.1% | 3.1% | ACNT, BUKS, FEIM, HON | aerospace, defense, industrials, small caps, Space, technology, value | FEIM BUKS HON |
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| 2026 Q1 | Apr 28, 2026 | Liberty Park Capital Management | -5.4% | -5.4% | ACNT, AESI, KRT, NEOG, SWIM, XMTR | AI, Crowding, energy, Fundamental Analysis, Long/Short, small caps | View | ||
| 2025 Q4 | Mar 1, 2026 | River Oaks Capital | - | 1.8% | ACNT, BFCC, BILD.TO, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, OMCC, RRR.UN, RWAY, SRBK, TRUX | Banking, Buybacks, Consolidation, Flooring, small cap, Specialty Chemicals, undervalued, value | River Oaks Capital focuses exclusively on small, underfollowed public companies with market caps typically under $500M. The manager believes these companies are increasingly ignored and undervalued, creating opportunities to buy wonderful businesses at extremely discounted valuations. The fund employs a value investing approach, seeking companies trading at significant discounts to fair value - often 50 cents on the dollar or less. The manager emphasizes buying wonderful businesses with strong fundamentals at excessive discounts. Share buybacks are a central theme, with the manager actively encouraging portfolio companies to repurchase shares aggressively using free cash flow, balance sheet cash, and proceeds from asset sales. This strategy allows adequate compensation until companies become properly valued. Ascent Industries represents a significant position focused on specialty chemical manufacturing. The company is transforming into a 'Chemicals-as-a-Service' model, providing customized solutions for small to mid-size customers neglected by larger players. BuildDirect operates as a physical and online professional flooring company with a long-term plan to consolidate the professional flooring industry through acquiring 75+ professional flooring centers across the U.S. | View | |
| 2025 Q4 | Jan 29, 2026 | Merion Road Capital | 8.5% | 9.2% | ACNT, AMZN, BELFA, BUKS, GOOG, JHG, MSFT | aerospace, AI, arbitrage, Chemicals, Long/Short, small cap, value | Manager maintains 22% AI exposure through GOOG, MSFT, and AMZN, though feels this is large but remains underweight relative to the S&P 500 where Magnificent Seven account for 34%. Acknowledges elevated S&P returns were concentrated among largest AI-exposed companies. Built position in Ascent Industries, a specialty chemicals company transforming from over-levered conglomerate to pure-play with pristine balance sheet. New management from Dow Chemical and turnaround experience addressing poor operations, with facilities at 50% utilization offering significant operating leverage potential. Butler National showed strong performance with EBITDA increasing from $6.5m to $8.8m, with aerospace revenue, margins, and backlog all moving up meaningfully. Company, management, and board continue buying stock despite higher share price. | ACNT BELFB JHG |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 31, 2026 | Fund Letters | Aaron Sallen | Ascent Industries Co. | Materials | Specialty Chemicals | Bull | NASDAQ | deleveraging, Margins, operating leverage, specialty chemicals, turnaround | View Pitch |
| Jan 8, 2026 | Value Investors Club | porge | Ascent Industries Co. | Information Technology | Software | Bull | NASDAQ | cloud, Digital platforms, Enterprise software, IT services, Software, technology | View Pitch |
| Oct 12, 2025 | Seeking Alpha | Seeking Alpha | Ascent Industries Co. | Steel | Bull | Ascent Industries, cash reserves, divestiture, high-margin, Munhall facility, Pricing power, share repurchases, specialty chemicals, strategic acquisitions, valuation | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||