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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 10, 2025 | Askeladden Capital Partners, LP | - | - | A LOT, AGIH, BELFA, FC, FTLF, GO | Artificial Intelligence, edge, productivity, research efficiency, technology | The letter focuses on artificial intelligence as a transformational productivity tool reshaping the investment process. Management argues AI creates a structural edge by expanding research depth and speed without replacing human judgment. The outlook sees AI adoption as a durable competitive advantage. | ALOT FC FTLF BELFB GO |
View |
| 2025 Q3 | Oct 28, 2025 | Merion Road Capital | 5.0% | 0.6% | AMWD, BELFA, VCTR | Corporate Governance, defense, Drones, Housing, M&A | The fund gained on strong performance from defense contractor Kratos, benefiting from rising U.S. military drone demand and improved long-term visibility. Management added exposure to housing through American Woodmarks merger with Masterbrand, expecting synergies and tariff support amid easing rates. The letter also detailed a governance-driven arbitrage in Bel Fuse, highlighting potential share class consolidation and corporate reform catalysts. | BELFA AMWD VCTR KTOS BELFA AMWD VCTR KTOS |
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| 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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| 2024 Q2 | Jul 26, 2024 | Greystone Capital | 8.0% | 16.0% | APG, BELFA, DR CN, LMB, SYZ CN | - | View | ||
| 2024 Q4 | Jan 31, 2025 | Merion Road Capital | 5.5% | 17.4% | BELFA, CLH, GOOG, MCEM, UBAB, VCTR | - | View | ||
| 2023 Q4 | Jan 2, 2024 | Greystone Capital | 8.0% | 16.0% | APG, BELFA, CURN, FC, LMB, SENEA, SYZ CN, THRY | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | Aaron Sallen | BEL Fuse Inc. | Information Technology | Electronic Components | Bull | NASDAQ | arbitrage, electronics, Governance, management, merger, restructuring, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Aaron Sallen | BEL Fuse Inc. | Information Technology | Electronic Components | Bull | NASDAQ | arbitrage, electronics, Governance, management, merger, restructuring, 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. | ||||||||