BELFB

BELFB

BELFB

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 14, 2025	Atai Capital Management	32.8%	29.4%	ALNT, ALOT, BELFB, CABO, HAI.TO	activism, Concentration, Governance, small caps, value	The fund operates a concentrated Micro and Small-Cap strategy with approximately 66% of the portfolio consisting of businesses with market caps smaller than $500M. The manager notes finding the current market environment difficult for idea generation in small caps.	ALOT CABO	View
2025 Q2	Aug 10, 2025	Askeladden Capital Partners	-	-	BELFB, FC, FTLF, GO, KFY, LGIH, SFM, TFM	AI, Automation, Grocers, productivity, Research, small caps, value	AI has increased productivity by 5-10x, transforming the investment process through custom software development, mass information analysis, and automated writing. The manager believes AI provides a substantial competitive advantage and is restructuring all core tools to be AI-first.	FTLF GO ALOT FC FTLF BELFB GO	View
2025 Q2	Jul 9, 2025	Liberty Park Capital Management	1.4%	-2.2%	AUR, BELFB, BLN, COMP, HQI, IONQ, LAKE, LBRT, LMB, NSSC, NVEE, NWL, QBTS, QUBT, SKY, SWIM, TTEK, WHR, WNC, XMTR	consumer, Long/Short, Manufacturing, Quantum, small cap, tariffs, technology, value	Nicotine pouches are disrupting traditional tobacco products with safer alternatives that have no known carcinogens. The US market grew over 40% in Q1 2025, with nicotine pouches expected to increase from 5% of global nicotine users in 2024 to 11% in 2030. Online penetration remains low at 3% in the US versus 35% in mature markets like Sweden.	HAYPP.ST LAKE SKY NSSC XMTR	View
2025 Q2	Jul 15, 2025	Merion Road Capital	3.9%	-4.2%	BELFB, KTOS, MCEM, UBAB, WISH	Cash Shells, defense, small caps, SPACs, value	First-time investment in pure-play defense company Kratos, which develops hypersonic technologies and unmanned aircraft with emphasis on speed and cost efficiency. The company won its first prime contract with the $1.45bn MACH-TB 2.0 program and has direct exposure to key growth areas in defense spending including hypersonics and drones.	KTOS KTOS	View
2025 Q1	May 20, 2025	Atai Capital Management	-2.5%	-2.5%	ALOT, BELFB, CXI, EN7.ST, HAI.TO, QUIS, TPB	Concentration, Manufacturing, Quality, small caps, tariffs, Trade Policy	Manager extensively discusses tariff impacts following Liberation Day, noting 10% across-the-board tariffs with Chinese rates fluctuating from 145% to 30%. Emphasizes uncertainty around policy consistency and implementation, with businesses likely to wait out the administration rather than relocate manufacturing to the US.		View
2025 Q1	May 2, 2025	Greystone Capital	-7.9%	-7.9%	BELFB, FC, KITS.TO, LNF.TO, NRP, XPOF	E-Commerce, Optical, Quality, small caps, tariffs, Trade Policy, value, volatility	Tariff measures announced against global trade partners created geopolitical and recession fears, driving market volatility. The inconsistency and unpredictable messaging around new trade rules creates planning difficulties for businesses. Portfolio companies have varying direct exposure to tariffs, with Natural Resource Partners, Leon's Furniture, and Bel Fuse being the only holdings with direct tariff exposure.	KITS.TO BELFA LNF.TO NRP	View
2024 Q1	May 18, 2024	Greystone Capital	8.0%	16.0%	BELFB, DR.TO, IVFH, LMB, NNBR, SYZ	Food Distribution, management, Manufacturing, small caps, turnaround, value	Specialty food distributors like IVFH serve a critical niche in the food distribution ecosystem by providing add-on offerings for broadline distributors and sourcing quality fresh foods for professional chefs. The fragmented industry provides opportunities for M&A growth, with private equity actively pursuing specialty food distribution acquisitions.	NNBR IVFH	View
2024 Q1	May 15, 2024	Immersion Investment Partners	9.6%	9.6%	BELFB, CELH, GFF, PBPB	concentrated, long-term, Patient Capital, small caps, value	Fund focuses on small-cap investments with market capitalizations ranging from $30 million to $17 billion, with a median of $600 million. The strategy targets overlooked and underappreciated companies that are too small for institutional investors.		View
2024 Q1	Apr 18, 2024	Liberty Park Capital Management	-4.1%	-4.1%	ASPN, BELFB, BLN.TO, COHR, ENS, ENVX, HEES, HQI, INTT, ITI, KRNT, LMB, LUNA, NVEE, POWL, PWFL, RELL, SWIM, TGLS, TWI	Industrial, Long/Short, small caps, technology, value	Markets rallied to start the year thanks to AI enthusiasm, with AI-related transceivers at Coherent growing over 100% quarter-over-quarter. However, AI enthusiasm has moderated as the fund moved into Q2 2024.	BLN.TO LUNA	View
2025 Q4	Mar 10, 2026	Atai Capital Management	-5.0%	36.1%	BELFB, BKTI, EGAM, HAI.TO, KITW.L	Concentration, Microcap, Objectivity, Philosophy, Quality, small caps	The fund operates a concentrated Micro and Small-Cap strategy that naturally diverges from market indexes. Approximately 60% of the portfolio consists of businesses with market caps below $500M, with the top five positions accounting for ~60% of the portfolio. The manager has pivoted the portfolio more towards quality names, a shift first called out in the Q1-2025 letter. This represents an evolution in the investment approach while maintaining the core small-cap focus.		View
2024 Q4	Dec 31, 2024	Prosper Stars & Stripes	2.6%	11.7%	ALGM, BE, BELFB, BIRK, CCB, ENS, FTAI, KNF, MIR, NCNO, ORION, PACK, PKX, PRTY, RGLD, SRAD, STAA, TALEN, TEKK	healthcare, industrials, Long/Short, mid cap, small cap, technology			View
2023 Q2	Dec 7, 2023	Atai Capital Management	6.5%	4.4%	ALOT, ATVI, BELFB, CDR.WA	Electronics, gaming, industrials, small caps, value	Manager emphasizes buying companies at substantial discounts to intrinsic value, focusing on businesses trading cheaply for identifiable reasons that can be corrected. Portfolio concentrated in undervalued small-cap names with clear catalysts for value realization.	ATVI BELFB ALOT	View
2023 Q3	Nov 29, 2023	Atai Capital Management	6.5%	4.4%	ATVI, BELFB, CTG, EG7.ST	Concentration, Quality, risk management, small caps, value, volatility	Manager emphasizes purchasing shares at a discount to intrinsic values as the core investment strategy. Discusses the value arbitrage opportunity when share prices disconnect from business fundamentals, using Bel Fuse as an example where the stock experienced 100%+ volatility while fair value remained stable.		View
2023 Q3	Nov 22, 2023	Immersion Investment Partners	9.6%	9.6%	BELFB, CELH	Beverages, Components, small caps, turnaround, undervalued, value	Small cap stocks are trading at generational lows with the Russell 2000 at 12.5x P/E versus 18.1x long-term average. The fund sees this as a historic opportunity to buy well-heeled companies at depressed prices due to non-fundamental selling pressures.		View
2024 Q3	Nov 12, 2024	Atai Capital Management	6.5%	4.4%	BELFB, GOOGL, HAI.TO, META, MSFT, TPB	defense, growth, Microcap, small cap, Streaming, Video Technology	Haivision provides video networking infrastructure for live streaming, particularly through their SRT protocol which is gaining adoption over legacy protocols like RTMP. The transition from legacy to modern IP-based protocols is expected to intensify over the next 3-5 years, creating growth opportunities.	HAI.TO	View
2023 Q3	Oct 31, 2023	Greystone Capital	8.0%	16.0%	BELFB, BFIT, IDT, MFCSF, SENEA	Bear Market, Buybacks, cash flow, Microcap, small caps, value	Manager emphasizes that small-caps and micro-caps are in a bear market with the average stock in the iShares Micro-Cap ETF down 43% from 52-week highs versus 19.1% for the S&P 500. Russell 2000 valuations remain at 20-year lows relative to large caps, creating significant opportunities for patient investors.	SENEA MFCSF BELFB	View
2025 Q3	Oct 30, 2025	Greystone Capital	-3.6%	1.6%	APG, BELFB, DR.TO, IVFH, KITS, NRP, SYZLF	Concentration, fundamentals, Quality, small caps, value	Manager emphasizes disciplined value investing approach, focusing on businesses with real assets, cash flows, and clean balance sheets trading at attractive valuations. Contrasts this with market's speculative appetite and overvaluation of quality stocks at 35-55x free cash flow multiples.	IVFH SYZLF CN IVFH SYZLF CN	View
2025 Q3	Oct 28, 2025	Merion Road Capital	5.0%	0.6%	AMWD, BELFA, BELFB, KTOS, MBC, VCTR	arbitrage, Asset Management, defense, Housing, Mergers, small cap, value	Kratos benefited from Defense Secretary Pete Hegseth's announcement to ramp production and fielding of drones. The company beat Q2 earnings and management identified several large wins post quarter end that will boost Q3 bookings and provide increased confidence on 2026-2027 guidance. Additional upside lies in tactical drones currently being discussed by customers.	BELFA AMWD VCTR KTOS BELFA AMWD VCTR KTOS	View
2025 Q4	Jan 30, 2026	Immersion Investment Partners	0.0%	0.0%	BELFB, BROS, CAVA, CELH, CMG, DPZ, MAMA, PAR, RDVT, SBUX, TGT, WING	AI, Food, growth, Restaurants, small caps, tech, Valuations	The letter argues that the unwind of AI-driven mega-cap excess has created significant valuation dislocations in high-quality small-cap companies unfairly punished by broad tech multiple compression. Immersion emphasizes differentiated valuation work, variant perception, and patience in concentrated positions where fundamentals, unit economics, and long-term growth remain intact despite weak sentiment. The strategy focuses on exploiting mispricing created by narrative-driven selling, favoring businesses with durable economics, strong management, and asymmetric upside as earnings reassert themselves.	BROS MAMA PAR	View
2025 Q4	Jan 21, 2026	Liberty Park Capital Management	-7.4%	0.0%	ARQ, BELFB, LAKE, MEC, THRY, XMTR	AI, Bubble, fundamentals, Long/Short, Market Excess, small cap, technology, value	The manager believes AI holds transformative potential comparable to the internet but views the current market frenzy as echoing the dot-com bubble. Despite trillions in spending commitments, few businesses report meaningful incremental revenue from AI today, and the AI trade was priced-to-perfection by October 2025. Data center investments are viewed as part of the AI infrastructure boom that will eventually cool due to construction delays, efficiency improvements, and supply chain catchup. The manager sees this as similar to past technology booms where asset prices eventually fall as hype fades. SPACs are experiencing renewed frenzy as part of the current market environment that bears striking similarities to past market excesses, with companies without revenue or profits propelling major indices higher.	THRY ARQ XMTR MEC BELFB	View
2025 Q4	Jan 12, 2026	Blue Tower Asset Management	13.2%	53.1%	4028.T, BELFB, CGEO.L, ENVA, WCC	AI, Banking, Buybacks, Fintech, growth, international, productivity, value	Blue Tower focuses on value investing with international diversification. The manager notes that the valuation spread between cheap and expensive stocks is one of the greatest in market history, creating a favorable environment for their value-oriented approach. Enova has been aggressively repurchasing shares, reducing share count by more than 5% over 12 months and from 36.87M shares in Q3 2021 to 24.88M shares in Q3 2025. Georgia Capital also pursued aggressive share repurchases, reducing shares outstanding by 8.8% in the first nine months of 2025. The manager believes AI represents true innovation with measurable impacts on businesses and worker productivity. A Federal Reserve study found AI usage translated to roughly 1.1% aggregate productivity gains, with expectations for higher quality tools to drive further improvements. Enova represents a rapidly growing fintech company with machine learning-driven underwriting algorithms that are retrained frequently. The acquisition of Grasshopper Bank will create a more vertically integrated financial services platform with new banking and lending products.	CGEO LN ENVA	View
2024 Q2	Jul 26, 2024	Greystone Capital	8.0%	16.0%	APG, BELFB, LMB, MFCSF, SYZLF	Concentration, management, Quality, small caps, Trust, underperformance, value	Manager focuses exclusively on small company investing, noting that small cap underperformance has persisted while large caps dominate market returns. Believes small cap valuations have deviated notably from large companies and expects eventual outperformance when the strategy comes back into favor.	MFCSF LMB APG BELFB SYZLF	View
2024 Q2	Jul 25, 2024	Liberty Park Capital Management	7.1%	2.5%	BELFB, BLBD, BLN, CGNX, COHR, ENVX, ETD, HEES, INTT, ITI, KRNT, LMB, LWLG, NVEE, PRIM, RELL, SWIM, TGLS, THRY, WEAV	AI, Long/Short, small caps, technology, turnaround, value	The manager believes the current AI hype cycle is coming to an end as investors notice actual revenue from AI is minimal relative to enormous capital equipment investment. OpenAI forecasts only $3.4 billion in 2024 revenue while over $100 billion has been spent on data center capex in the past 12 months. The AI industry needs time to digest this massive investment.	KRNT	View
2023 Q2	Jul 19, 2023	Liberty Park Capital Management	7.1%	2.5%	BELFB, BOWL, CBT, ETWO, EXP, ITI, KRT, LBRT, LMB, LUNA, NR, NVEE, POWL, SWIM, THRY, VSEC, VSH, WEAV, YOU, ZEUS	alpha, energy, inflation, Long/Short, small caps, technology, value	The fund focuses on small-cap stocks that were severely undervalued during 2022, with many quality companies trading at single-digit P/E multiples despite strong fundamentals. The managers believe these obscure, niche small-cap companies require more time for investors to digest fundamentals and price shares to reality.	APG\|DR CN\|KITS CN\|NRP\|SYZ CN	View
2024 Q2	Jul 13, 2022	Blue Tower Asset Management	8.8%	0.0%	AAPL, ACDVF, AMZN, BELFB, BGEO.L, CMT, GOOGL, MASI, META, MSFT, NVDA, RGEN, TFII, TSLA	AI, Concentration, Georgia, Russia, Sanctions, small caps, value	Russian investments frozen due to escalating sanctions regime. TCS Group became further sanctioned and segregated to OFAC escrow accounts. Risk of expropriation increases as war continues.	CGEO.L	View
2024 Q4	Jan 31, 2025	Merion Road Capital	5.5%	17.4%	AMZN, BELFB, CLH, CRH, GOOG, IBKR, MCEM, UBAB, VCTR	Banking, Buybacks, Cement, defense, small caps, technology, value	Manager holds two cement positions - Clean Harbors and Monarch Cement. Clean Harbors benefits from structural improvements to specialty waste sector with multi-year runway for organic growth and margin expansion. Monarch Cement offers opportunity to own fantastic asset at reasonable price due to illiquidity and dual shareholder structure.	BELFB MCEM UBAB GOOG VCTR CLH	View
2024 Q4	Jan 20, 2025	Greystone Capital	0.5%	19.2%	APOG, BELFB, DESP, FRAN, IVFH, LMB, NRP, SYZLF	Coal, Concentration, Distribution, Patience, royalties, small caps, value	Manager emphasizes small caps and microcaps are providing an excellent opportunity set for patient investors, largely remaining attractive due to current market environment favoring largest businesses. Portfolio consists of companies mostly outside major indices with zero S&P 500 holdings and just two Russell 2000 companies.		View
2023 Q4	Jan 16, 2024	Liberty Park Capital Management	7.1%	2.5%	AMWD, BELFB, BLN.TO, BLND, BXC, CMT, COHR, GPI, HAYW, HCC, HQI, INTT, ITI, KBR, KOP, KRT, LMB, TGLS, TH, VSH	Construction, industrials, Long/Short, rates, semiconductors, small caps, value	Small-cap stocks have been underperforming larger ones for the second longest stretch since the 1930s. The forward P/E for the S&P Small Cap 600 is now 13x, compared to 19x for the S&P 500 and 32x for the Magnificent 7. Historical analysis shows that after similar periods of underperformance, small caps outperformed large caps by 22.2%, 10.5%, and 9.8% annually over subsequent 1, 3, and 5-year periods.	INTT	View
2023 Q4	Jan 16, 2024	Atai Capital Management	6.5%	4.4%	ALOT, BELFB	Cash, Concentration, EBITDA, small caps, value	Manager focuses on companies trading below intrinsic value with substantial upside potential. AstroNova trades at 5.50x normalized EBITDA with clear path to $34/share target. Emphasizes finding businesses worth more than current market price without relying on overly optimistic assumptions.	ALOT	View
2023 Q4	Jan 2, 2024	Greystone Capital	8.0%	16.0%	APG, BELFB, CURN, FC, LMB, SENEA, SYZLF, THRY	Concentration, Outperformance, SaaS, small caps, value	Manager emphasizes that small caps now make up less than 4% of the U.S. equity market due to large cap valuation expansion, creating a void where very few investors are choosing small caps to outperform. Markets in both the US and Canada are offering tremendous bargains consisting of well-managed, growing businesses that generate cash, trading at single digit multiples of cash flow.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Greystone Capital	Bel Fuse Inc.	Information Technology	Electronic Components	Bull	NASDAQ	Aerospace, Electronic Components, manufacturing, margin expansion, Mission-Critical, Telecom, turnaround, Value	View Pitch
Apr 28, 2026	Fund Letters	Atai Capital Management	Bel Fuse Inc.	Technology	Electronic Equipment, Instruments & Components	Bull	NASDAQ	Aerospace, Electric Vehicles, Electronic Components, manufacturing, margin expansion, Networking, turnaround, Value	View Pitch
Apr 13, 2026	Fund Letters	Greystone Capital	Bel Fuse	Information Technology	Electronic Components	Bull	NASDAQ	capital allocation, cash generation, Components, Cyclical Recovery, data centers, electronics, manufacturing, Share Buybacks, Space	View Pitch
Apr 13, 2026	Fund Letters	Merion Road Capital	Bel Fuse	Information Technology	Electronic Components	Bull	NASDAQ	Aerospace, cloud, cross-selling, Defense, Electronic Components, Enercon Acquisition, Israel, Networking, Sole Source	View Pitch
Jan 31, 2026	Fund Letters	Aaron Sallen	Bel Fuse Inc. Class B	Information Technology	Electronic Components	Bull	NASDAQ	arbitrage, capital structure, Dual-Class, electronics, valuation	View Pitch
Jan 24, 2026	Fund Letters	Charles P. Murphy	Bel Fuse Inc. Class B	Information Technology	Electronic Components	Bull	NASDAQ	Aerospace, Components, Defense, Networking, Operatingleverage	View Pitch
Dec 3, 2025	Fund Letters	Samir Patel	Bel Fuse Inc.	Information Technology	Electronic Components	Bear	NASDAQ	Competition, Cyclicality, Downside, earnings, Hardware, Reshoring, tariffs, valuation	View Pitch
Aug 7, 2025	Substack	Pound the Rock Investing	Bel Fuse Inc.	Information Technology	Electronic Components	Bull	NASDAQ	—	View Pitch

BSD Shareholders of BELFB

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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