AREN Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Jun 13, 2024	180 Degree Capital Corp	0.0%	0.0%	AREN, LTRX, PBPB, QBTS, QMCO, SCOR, SNCR	activism, Microcap, rates, small caps, value	Manager argues that 5% Fed funds rates are historically normal and small cap stocks have performed well in such environments. The Russell Microcap Index remains down 30% from its all-time high despite broader market recovery. Historical data shows small caps performed positively in 15 out of 21 years when Fed funds rates were above 4.9%.	SCOR AREN LTRX QMCO SNCR PBPB	View
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
2022 Q3	Dec 31, 2022	180 Degree Capital Corp	0.0%	0.0%	ALTG, AREN, CVGI, PBPB, QBTS, QMCO, SCOR	-			View
2023 Q1	Dec 6, 2023	180 Degree Capital Corp	0.0%	0.0%	ALTG, AREN, IVAC, PBPB, QBTS, SNCR	activism, Banking, Concentration, Fed, inflation, Microcap, Turnarounds, value	Manager focuses exclusively on microcap stocks through concentrated portfolio of 7-10 positions. Believes microcap market is filled with inefficiencies and asymmetric risk/reward characteristics that allow for outsized returns when stock picking is correct. Views current environment as providing opportunities to invest in well-run businesses with significant upside.	ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN IVAC SNCR ALTG ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN	View
2023 Q3	Sep 30, 2023	180 Degree Capital Corp	0.0%	0.0%	ALTG, AREN, CVGI, PBPB, QBTS, QMCO, SCOR	activism, Bear Market, Concentration, inflation, mispricing, Recession, small caps, value	Manager emphasizes concentrated value investing using Graham and Dodd approach enhanced with constructive activism. Believes market is inefficient and many holdings are dramatically misvalued, trading at historically low valuations despite operational improvements. Cites David Einhorn's observation about enormous number of dramatically misvalued companies.	ALTG ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN	View
2022 Q2	Jun 30, 2022	180 Degree Capital Corp	0.0%	0.0%	2AS GR, ALTG, AREN, ELA, PBPB, QMCO, SCOR, SNCR	-			View
2022 Q1	Mar 31, 2022	180 Degree Capital Corp	0.0%	0.0%	2AS GR, ALTG, AREN, LTRX, PBPB, QMCO, SCOR, SNCR	-			View
2022 Q4	Feb 24, 2023	180 Degree Capital Corp	0.0%	0.0%	ALTG, AREN, CVGI, PBPB, QBTS, SCOR, SNCR	-			View
2023 Q4	Feb 20, 2024	180 Degree Capital Corp	0.0%	0.0%	AREN, PBPB, SCOR, SNCR	activism, Media, Microcap, small caps, technology, value	Manager emphasizes microcap companies are historically inexpensive and undervalued relative to larger companies. Russell Microcap Index underperformed NASDAQ 100 by over 4600 basis points in 2023. Small-cap valuations are highly attractive versus large-cap based on EV/EBIT metrics.	ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN SNCR ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN	View

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 5, 2026	Substack	Shareholders Unite	Arena Group	Media	Publishing	Bull		Arena Group, asset-light commerce, direct retail integration, Encore ad platform, flexible cost model, growth potential, Publishing, ShopHQ e-commerce, valuation	View Pitch
Apr 13, 2026	Fund Letters	180 Degree Capital Corp	The Arena Group Holdings, Inc.	Communication Services	Interactive Media & Services	Bear	NYSE American	Communication Services, digital media, Equity, Governance, Interactive Media, Legal Issues, merger, Sports Illustrated, US	View Pitch

BSD Shareholders of AREN

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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Letters With This Ticker

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