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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 29, 2025 | The London Company SMID Cap | -0.8% | -7.3% | AER, AWI, CNNE, MUSA, NEU, SAIA, SGI, WTM, ZBRA | Air Travel, Freight, Quality, SMID Cap, tariffs, Trade Policy, value | Elevated uncertainty exists with high likelihood of greater tariffs being announced in weeks ahead. Volatility surged in early April following new U.S. tariff announcements aimed at reshaping global trade. The effect of tariffs on both inflation and the broader economy could change Fed monetary policy plans. | AER AWI NEU |
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| 2025 Q2 | Jul 20, 2025 | The London Company Small Cap | 2.4% | -4.9% | ACIW, AWI, CABO, GTES, IPAR, MATX, NEU, SGI, WTM | Quality, small cap, tariffs, Trade Policy, value, volatility | The manager emphasizes their focus on high-Quality, low-Volatility orientation as a defensive strategy. They believe their reliance on high Quality factors has proven to be a strategy that can lose battles along the way but tends to win the war over time, positioning them well for an environment of elevated policy risks and fragile global growth. | IPAR MATX WTM ACIW GTES AWI NEU ACIW AWI NEU GTES |
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| 2025 Q2 | Jul 20, 2025 | The London Company Small-Mid Cap | -0.8% | -7.3% | AER, AWI, CNNE, MUSA, NEU, SAIA, SGI, WTM, ZBRA | Freight, Logistics, Quality, SMID Cap, tariffs, Trade Policy, volatility | The manager emphasizes their high-Quality, low-Volatility orientation as positioning them well for an environment of elevated policy risks and fragile global growth. They focus on company quality, sustainable returns on capital, and resilience across economic scenarios. | AWI NEU |
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| 2024 Q1 | May 7, 2024 | The London Company Small-Mid Cap | 2.0% | 4.8% | AWI, CABO, CHDN, DAVA, DECK, LANC, TREX, TTC | Balance Sheets, cash flow, Quality, rates, SMID Cap, value | The portfolio's Quality orientation continued to stand out down the market cap spectrum where earnings weakness was more pervasive. Strong balance sheets of companies—many with net cash—remained a significant advantage in this high rate environment. The manager sees greater opportunity for quality operators with durable cash flow generation, strong balance sheets and attractive shareholder yields in the years ahead. | TTC CABO CHDN DAVA LANC AWI DECK |
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| 2024 Q1 | May 17, 2024 | SouthernSun SMID Cap | 8.8% | 13.9% | AWI, BDC, BOOT, BR, DAR, DY, MGPI, SAM, THO, USPH | Concentration, long-term, Quality, small cap, SMID Cap, value | Fiber construction demand remains bright with private equity investment and public funding through ARPA, RDOF, and BEAD programs. The $40 billion BEAD program is expected to begin deployments in 2025, providing multi-year tailwinds. With only 43% of US homes passed with fiber, there is a long runway for penetration. | SAM MGPI BOOT DY |
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| 2024 Q1 | May 17, 2024 | SouthernSun Small Cap | 10.6% | 13.5% | AWI, BDC, BOOT, DAR, DY, LOB, MBUU, MGPI, SAM, USPH | long-term, retail, small cap, SMID Cap, Spirits, Telecommunications, value | Fiber construction demand remains bright with private equity investment and public funding through ARPA, RDOF, and BEAD programs. The $40 billion BEAD program is expected to begin deployments in 2025, providing multi-year tailwinds. Only 43% of US homes are passed with fiber, indicating a long runway for penetration. | MGPI MBUU BOOT DY |
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| 2024 Q1 | May 13, 2024 | The London Company SMID Cap | 9.2% | 9.2% | AWI, CABO, CHDN, DAVA, DECK, LANC, TREX, TTC | AI, Balance Sheets, Quality, rates, SMID Cap, technology, value | The portfolio's Quality orientation continued to stand out down the market cap spectrum where earnings weakness was more pervasive. Company fundamentals continued to drive price, and the strong balance sheets of companies—many with net cash—remained a significant advantage in this high rate environment. | TTC CABO CHDN DAVA LANC AWI DECK |
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| 2024 Q1 | May 13, 2024 | The London Company Small Cap | 7.0% | 8.9% | AWI, CABO, CERT, DOOR, MATX, MBUU, QLYS, TPX, VNT | AI, industrials, Quality, rates, small caps, technology, value | The portfolio's Quality orientation continued to stand out in the small cap space where earnings weakness was more pervasive. Strong balance sheets of portfolio companies, many with net cash, remained a significant advantage in the high rate environment. The manager seeks profitable, financially stable companies that consistently generate free cash flow and high returns on unleveraged operating capital. | CERT QLYS CABO AWI VNT |
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| 2025 Q1 | Apr 25, 2025 | SouthernSun Small Cap | -11.5% | -11.5% | AEIS, AGCO, AWI, BOOT, DANH, EPAC, EXTR, IEX, LOB, MOD, NGVT, OXM, PII, SAM, TKR, USPH | Manufacturing, Quality, Resilience, small caps, tariffs, value | Manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. The portfolio focuses on 20-30 fundamentally sound companies with financial backbone and market strongholds. | MOD EXTR LOB BOOT TKR EPAC |
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| 2025 Q1 | Apr 25, 2025 | SouthernSun SMID Cap | -8.8% | -8.8% | AEIS, AGCO, AWI, BDC, BOOT, BR, DHR, GNRC, IEX, MOD, PII, SAM, TKR, USPH, WSO | fundamentals, Quality, Resilience, small caps, SMID Cap, tariffs, Trade Policy, value | The manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. They see this as a shift from a sugar high to a carnivore diet - stripped of fluff and rooted in what's healthy and enduring. | MOD PII USPH BOOT WSO BR |
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| 2026 Q1 | Apr 13, 2026 | The London Company SMID Cap | -3.6% | -3.6% | ACIW, AWI, AXTA, CCC, CHDN, COO, ENTG, ESI, MUSA, QLYS, TREX, WAT | cybersecurity, energy, Geopolitical, Quality, semiconductors, SMID Cap, value | ACIW CCC COO AWI CHDN QLYS ESI MUSA ENTG |
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| 2024 Q4 | Dec 31, 2024 | SouthernSun Small Cap | -7.7% | 4.7% | AEIS, AWI, BCO, DORM, LOB, MGPI, NGVT, OXM, PII, SAM, TKR, USPH | Cyclical, Patience, positioning, Research, small cap, value | Dorman Products represents a leading position in automotive aftermarket parts with unique first-to-aftermarket capabilities. The company has invested heavily in developing proprietary software to break down OE part codes and create matching functionality for complex electronic components. | View | |
| 2024 Q4 | Dec 31, 2024 | SouthernSun SMID Cap | -6.2% | 11.1% | APG, AWI, BCO, BR, DY, MGPI, PII, SEIC, TKR, USPH | Balance Sheet, Cyclical, management, Patience, Research, SMID Cap, value | The U.S. presidential election outcome led to market anticipation of policy shifts towards tax extensions and deregulation, viewed as pro-growth. However, potential new trade policies, particularly tariffs, introduced elements of uncertainty that the firm closely monitored. Global trade adjustments, particularly with major economies like China, continue to shape investment decisions. | BCO MGPI AWI SEIC |
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| 2023 Q3 | Oct 31, 2023 | The London Company Small Cap | 7.0% | 8.9% | AWI, CABO, ENOV, LANC, NEU, NGVT, QLYS, TPX | Buybacks, dividends, Quality, small caps, technology, value | The portfolio emphasizes companies with sustainably high returns on capital and lower leverage ratios. The Quality tilt aided relative performance as numerous unprofitable companies in the Russell 2000 significantly underperformed. The companies generate sustainably high returns on capital with low leverage ratios at reasonable valuations. | NGVT ELANCO ENOV QLYS TPX |
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| 2025 Q3 | Oct 28, 2025 | The London Company SMID Cap | 0.8% | -6.6% | ACIW, AWI, BR, CWST, DECK, JKHY, NEU, REYN, SGI, WAT | AI, Fed, growth, Quality, small cap, SMID Cap, value, volatility | The portfolio maintains a Quality-at-a-Reasonable-Price discipline focused on companies with durable advantages, strong balance sheets, and steady free cash flow. Quality factors have been headwinds during the high beta rally but historically regain leadership when fundamentals reassert themselves. | DECK ACIW JKHY CWST WAT NEU SGI AWI DECK ACIW JKHY CWST WAT NEU SGI AWI |
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| 2025 Q3 | Oct 28, 2025 | The London Company Small Cap | 1.6% | -3.3% | AWI, GHC, HAE, IPAR, NGVT, WTM | Fed, industrials, materials, Quality, rates, small caps, value | The portfolio maintains a high Quality, low Volatility positioning that has been out of favor since April but historically regains leadership when fundamentals reassert themselves. Quality factors were headwinds during the high beta rally as markets rewarded speculation over stability. | GHC NGVT AWI |
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| 2025 Q3 | Oct 28, 2025 | The London Company Small-Mid Cap | 0.8% | -6.6% | ACIW, AWI, BR, CWST, DECK, JKHY, NEU, REYN, SGI, WAT | Fed Cuts, high beta, Quality, SMID Cap, value, volatility | The manager emphasizes their Quality-at-a-Reasonable-Price discipline, noting that quality factors were headwinds during the high beta rally but historically regain leadership when fundamentals reassert themselves. They remain confident in holdings with durable advantages, strong balance sheets, and steady free cash flow. | View | |
| 2024 Q3 | Oct 2, 2024 | The London Company Small-Mid Cap | 2.0% | 4.8% | AWI, ENTG, LW, WAT, WTM, ZBRA | Balance Sheet, Quality, rates, small caps, value | The London Company emphasizes balance sheet strength and quality factors as core investment criteria. Their focus on quality became a temporary headwind during Q3 as lower-quality, highly leveraged companies outperformed due to rate relief expectations. The firm believes balance sheet strength will become a differentiator as corporate debt maturities approach. | WTM LW ENTG AWI ZBRA WAT |
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| 2024 Q3 | Oct 15, 2024 | Recurve Capital | - | - | AMZN, AWI, BC, CCOI, CVNA, NCLH, RCL, RH, V, W | Concentration, disruption, growth, long-term, Process, Psychology | Carvana represents one of the best disruptive growth stories in the market, disrupting the used auto industry with powerful flywheel effects and operating leverage from future growth. The company has no serious risk of competitive disruption on the horizon and is actually the disruptor in its industry. Despite being up significantly, the manager remains exuberantly positive about its future returns and risk/reward profile. | CCOI CVNA |
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| 2023 Q3 | Oct 15, 2023 | Madison Small Cap Fund | 6.3% | 17.2% | AWI, AXS, BBCP, CC, CSL, EHC, ENTG, FROG, GOGO, HAYW, MGNI, MODN, NEWR, OLLI, OLN, OSW, PRMW, PTC, RADI, SUM, WSC | interest rates, Quality, Recession, Russell 2000, small caps, value | Fund focuses exclusively on small cap investments with historically low valuations relative to large caps providing significant opportunity. Managers believe small caps continue to lag large caps but see this as creating attractive entry points. | HAYW FROG OLLI MDLZ MGNI GOGO |
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| 2024 Q4 | Jan 7, 2025 | The London Company Small Cap | 2.3% | 11.4% | ACIW, AUB, AWI, EPRT, LSTR, MATX, MC, RVLV, TPX, WTM | concentrated, downside protection, Quality, small caps, value | The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 13.5% pre-tax ROC versus 6.2% for the Russell 2000 and lower leverage at 1.5x net debt/EBITDA versus 3.8x for the benchmark. | View | |
| 2024 Q4 | Jan 7, 2025 | The London Company Small-Mid Cap | 1.7% | 6.5% | AER, AWI, BR, CHDN, DECK, ENTG, MUSA, POST, WAT, WTM | concentrated, downside protection, Quality, SMID Cap, value | The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 16.7% pre-tax ROC versus 8.4% for the Russell 2500 and lower leverage at 2.1x net debt/EBITDA versus 3.4x for the benchmark. | View | |
| 2025 Q4 | Jan 21, 2026 | The London Company Small Cap | 2.5% | -1.0% | AWI, CCC, CERT, DV, GTES, HAE, NEU, RVLV, WTM | Disciplined, Outperformance, Quality, Russell 2000, small caps, stock selection, value | The Small Cap portfolio outperformed the Russell 2000 Index in Q4, finishing 2025 on a high note with strong stock selection. The high beta rally that drove much of the index's 2025 gains showed signs of exhaustion in Q4, creating opportunities for disciplined stock pickers focused on quality companies. Value factors were the primary driver of returns during the quarter, led by stocks trading at lower prices relative to sales and book value. The portfolio's focus on companies trading at significant discounts to intrinsic value aligned well with this market environment. Quality factors were headwinds during the quarter, though the portfolio maintains its tilt toward profitable, financially stable companies that consistently generate free cash flow and high returns on unleveraged operating capital. This positioning is expected to provide resilience through shifting market regimes. | DV CCC GTES CERT NEU HAE |
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| 2024 Q2 | Jul 19, 2024 | Recurve Capital | - | - | AMZN, AWI, CCOI, CVNA, NCLH, RH, TV, W, WMS | AI, Concentration, Furniture, small caps, Telecom, Used Autos, value, volatility | Manager views AI as a speculative, capital-intensive paradigm shift similar to the internet boom, requiring massive upfront investments without clear mass adoption or revenue models. Compares it to Field of Dreams investing where companies spend as if outcomes are foregone conclusions. Expects competitive dynamics to lead to value leaking to customers rather than generating monopolistic returns. | View | |
| 2024 Q1 | Apr 25, 2024 | Recurve Capital | - | - | AMT, AWI, CCOI, CVNA, SIRI | Concentration, Cruises, E-Commerce, growth, technology, value | Carvana is positioned as the market-leading pure-play e-commerce used auto retailer with only 1% market share in a large stable market. The company has significant future growth ahead with under-utilized fixed infrastructure that can leverage and grow into with additional labor. Carvana has embedded advantages across multiple dimensions because of its large-scale vertical production and logistics infrastructure. | CCOI AWI CVNA |
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| 2025 Q1 | Mar 31, 2025 | Madison Mid Cap Fund | -4.2% | -4.2% | ACGL, ANET, AWI, BF.B, BRO, CSL, DLTR, EXPD, IT, KNSL, LBRDA, MCHP, MKSI, PCAR, ROST, TDY, THO, TREX, WAT, WRB | industrials, insurance, mid cap, semiconductors, technology, value | Three insurance companies topped the contributor list during the quarter. Industry fundamentals remain sound with defensive demand profiles and limited tariff exposure. Brown & Brown benefits from strong organic growth and margin expansion, while Arch Capital and W.R. Berkley showed solid premium growth and better-than-expected reserve development. | TREX KNSL |
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| 2023 Q4 | Feb 20, 2024 | SouthernSun Small Cap | 10.6% | 13.5% | AWI, BDC, BOOT, DY, LOB, LPX, MGPI, PII, SAM, SCL | Banking, Elections, infrastructure, Onshoring, small cap, Telecommunications, value | Companies continued to adapt to security of supply, labor, and technology adoption issues through on-shoring, re-shoring, and near-shoring strategies. With escalation of armed regional conflicts impacting shipping and supply chains, companies are expected to aggressively evaluate and adjust their strategies to ensure competitive advantages. | SAM BBDC4.SA ABDY.L ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM |
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| 2023 Q4 | Feb 15, 2024 | SouthernSun SMID Cap | 8.8% | 13.9% | AWI, BCO, BDC, BOOT, BR, DY, FND, LPX, MGPI, PII, SAM | Construction, consumer, industrials, Onshoring, SMID Cap, Telecommunications, value | Companies continue to adapt to security of supply, labor, and technology adoption issues through on-shoring, re-shoring, and near-shoring strategies. With escalation of armed regional conflicts impacting shipping and supply chains, companies are aggressively evaluating and adjusting their strategies to ensure competitive advantages. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO SAM BBDC4.SA AER|AWI|MUSA|NEU|SAIA|WTM ABDY.L |
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| 2023 Q4 | Jan 23, 2024 | The London Company Small Cap | 7.0% | 8.9% | AUB, AWI, CABO, DOOR, LIVN, MUSA, PLUS, QLYS, RVLV, TPX, WTM | Banking, industrials, Quality, small cap, technology, value | The portfolio maintains a positive tilt toward Quality factors, focusing on companies with sustainably high returns on capital and balance sheet strength. This Quality-orientation provided relative advantage for the full year despite being a headwind in Q4. | RVLV PLUS |
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| 2024 Q4 | Jan 16, 2025 | Recurve Capital | - | - | AMZN, AWI, BC.MI, CCOI, CVNA, NCLH, RCL, RH, W | disruption, E-Commerce, growth, Luxury, Recovery, technology, Travel, value | Carvana is disrupting auto retailing with 1% market share in a fragmented market where the largest player has 2% share. The company offers superior retail experience and delivery services compared to 40,000 independent dealers. Wayfair is building a disruptive platform in home furnishings, bringing global suppliers to retail customers through its marketplace model with verticalized logistics capabilities. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 29, 2026 | Fund Letters | The London Company SMID Cap | Armstrong World Industries, Inc. | Building Products & Equipment | Building Products | Bull | New York Stock Exchange | backlog, Building Products, Commercial Construction, end markets, growth initiatives, market position, Pricing power | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Small Cap | Armstrong World Industries, Inc. | Industrials | Building Products | Bull | NYSE | Acquisitions, Building Products, Exclusivity Agreements, market leadership, Moats, Pricing power, Warranties | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company SMID Cap | Armstrong World Industries Inc | Industrials | Building Products | Bull | NYSE | Building Products, capital allocation, construction, Earnings Resiliency, Industrials, Pricing power, recurring revenue, Remodel | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Small Cap | Armstrong World Industries | Materials | Building Products | Bull | NYSE | Annuity-like Revenue, Building Products, capital allocation, Earnings Resiliency, Equity, Pricing power, Remodel Business | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Small-Mid Cap | Armstrong World Industries Inc | Materials | Building Products | Bull | NYSE | Annuity-like Revenue, Building Products, capital allocation, Earnings Resiliency, materials, Pricing power, Remodel Business | View Pitch |
| Apr 13, 2026 | Fund Letters | Recurve Capital | Armstrong World Industries Inc. | Industrials | Building Products | Neutral | NYSE | Building Products, Ceiling Systems, duopoly, Fair value, margin expansion, portfolio rebalancing, Pricing power, valuation multiple | View Pitch |
| Apr 13, 2026 | Fund Letters | SouthernSun SMID Cap | Armstrong World Industries, Inc. | Materials | Building Products | Bull | NYSE | Building Products, capital allocation, energy efficiency, market leader, Pricing power, product innovation, strategic acquisitions | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Small-Mid Cap | Armstrong World Industries, Inc. | Materials | Building Products | Bull | NYSE | Building Products, Ceiling Tiles, Competitive Moats, construction, Distributor Contracts, market leadership, Renovation | View Pitch |
| Jan 8, 2026 | Fund Letters | Brian Campbell | Armstrong World Industries, Inc. | Industrials | Building Products | Bull | New York Stock Exchange | Acquisitions, Building Products, Margins, Moat, Pricing | View Pitch |
| Jan 8, 2026 | Fund Letters | Brian Campbell | Armstrong World Industries, Inc. | Industrials | Building Products | Bull | New York Stock Exchange | Acquisitions, Building Products, Margins, Moat, Pricing | View Pitch |
| Jan 8, 2026 | Fund Letters | Brian Campbell | Armstrong World Industries, Inc. | Industrials | Building Products | Bull | New York Stock Exchange | Acquisitions, Building Products, Margins, Moat, Pricing | View Pitch |
| Nov 29, 2025 | Fund Letters | Brian Campbell | Armstrong World Industries Inc. | Industrials | Building Products | Bull | NYSE | Building materials, cash flow, construction, growth, oligopoly, Pricing power | View Pitch |
| Nov 29, 2025 | Fund Letters | Brian Campbell | Armstrong World Industries | Industrials | Building Products | Bull | NYSE | Building, construction, Demand, leadership, Margins, Pricing, Renovation | View Pitch |
| Nov 29, 2025 | Fund Letters | Brian Campbell | Armstrong World Industries Inc. | Industrials | Building Products | Bull | NYSE | Building materials, cash flow, construction, growth, oligopoly, Pricing power | 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. | ||||||||