AVA

AVA

AVA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 9, 2024	Palm Valley Capital Management	-0.1%	4.2%	0288.HK, AAPL, AVA, CHTR, CMCSA, CRI, DISH, DOX, EQC, HOFT, KELYA, LAI.TO, MAN, NVDA, NWN, PHYS, PSLV, RGP, T, TBI	consumer, Precious Metals, small caps, Staffing, Utilities, value	Small cap valuations have normalized more than large caps since 2021 peaks, with median profitable small cap P/E at 17.5x versus 24x for large caps. The fund sees selective opportunities among struggling smaller companies trading near multi-year lows. Quality small caps have underperformed recently but historically delivered strong returns.	CRI TBI DOX RGP	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	View
2025 Q3	Oct 7, 2025	Palm Valley Capital Management	2.4%	3.8%	AAPL, AMD, AMZN, AVA, AVGO, BRK-A, DOX, FLO, GOOGL, INTC, LKQ, META, MSFT, NVDA, PHYS, PSLV, RHI, SEB, TFX, TSLA	AI, Bull Market, Fed policy, gold, small caps, technology, Valuations	Managers question whether AI valuations are justified, noting that while AI may change the world, current leaders like Nvidia face sustainability challenges with 50%+ margins. They argue that even if AI continues and current beneficiaries remain entrenched, valuations already reflect their moats.		View
2025 Q4	Jan 6, 2026	Palm Valley Capital Management	0.7%	4.5%	AMDOCS, AVA, CRI, DOM, FLO, FORR, FPI, HTLD, INGR, KELYA, LAS/A, LKQ, MAN, NWN, PHYS, PSLV, PVCMX, RES, UTZ, WHGLY	capital preservation, Cash, optionality, Patience, valuation	The letter highlights a cautious stance driven by elevated valuations, narrow market leadership, and limited margins of safety across equities. Cash is positioned as a strategic asset, preserving optionality and protecting capital while waiting for more attractive risk-reward setups. Capital preservation and patience are framed as competitive advantages late in the market cycle.	HTLD FLO INGR UTZ DOM LN	View
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	View
2025 Q1	Apr 4, 2025	Palm Valley Capital Management	0.6%	0.6%	AVA, CRI, FLO, FORR, HTLD, KELYA, LAS.TO, MNRO, NWN, PHYS, PSLV, REYN, RGP, TBI, WHGLY	Cyclical, fiscal policy, gold, Government Spending, Quality, small caps, Staffing, value	Small cap equity performance has trailed large caps with fewer passive tailwinds and a drag from lower quality businesses. High quality small cap businesses remain fully valued despite the S&P SmallCap 600 being down 17% from its November 2024 record. The median profitable small cap company has an EV/EBIT multiple of 17x with elevated profits and valuations.	FLO MNRO REYN FORR	View
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	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of AVA

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

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.

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