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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
| 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 |
| 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. | ||||||||