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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | May 17, 2025 | VH Standard Asset Management | - | - | ALTM, ALTR, APO, AZPN, BECN, BRDG, COF, DFS, DNB, EDR, ESGR, HCP, HEES, HHH, HRI, JNPR, JWN, K, PDCO, PLYA, RDFN, RDUS, SWTX, TURN, WBA | Capital markets, M&A, Merger Arbitrage, risk management, volatility | The manager expects M&A activity to pick up significantly, leading to increased overbids and excess returns. Current environment shows minimal overbids, quiet go-shops, and subdued optimism, but historical patterns suggest this will revert to more competitive conditions similar to the 1980s merger boom. | View | |
| 2024 Q1 | Apr 15, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AEL, AGCO, ALTM, ARW, AX, CNO, CNXC, CSGS, CSWI, DAR, DCO, DECK, ESGR, FN, GGG, GIII, JBT, LEVI, MDU | Balance Sheet, compounders, Quality, small cap, valuation, value | The fund emphasizes high-quality compounders with strong balance sheets, high returns on capital, and steady margins. Quality has been a large contributor to outperformance during market downturns. The manager prefers companies where earnings will be higher in three to five years. | View | |
| 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 | |
| 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 | ||
| 2024 Q4 | Jan 27, 2025 | VH Standard Asset Management | - | -3.9% | ALTM, ALTR, AXNX, CDMO, CTLT, ESGR, GBNY, HCP, HES, INST, IPG, JNPR, JWN, MRNS, PDCO, PTVE, RCM, SMAR, SRCL, SRDX | Antitrust, Deal Flow, M&A, Merger Arbitrage, Regulatory, Trump | The fund experienced significant losses from the CPRI transaction failure in October, with the judge ruling against the merger based on novel antitrust theories about affordable luxury handbags. Despite this setback, the manager notes 33 deals completed between October and year-end with only 4 failures, indicating continued M&A activity in the sector. | View | |
| 2024 Q2 | Jul 31, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AGCO, ALTM, ARW, AX, BAM, CNO, CNXC, CSGS, CSWI, DAR, DCO, DECK, EQC, ESGR, FN, FSTR, GGG, GIII, GPK | active management, earnings, Quality, small caps, value | The fund emphasizes quality companies with consistent earnings and high returns on capital. They analyze earnings consistency as a key quality metric, showing that quality small-cap companies trade at lower valuations than large-cap peers with similar quality characteristics. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||