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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 16, 2024 | 1 Main Capital | 4.0% | 11.3% | BFIT, CZR, DNTL.TO, ENZ, IWG.L, LMB | Concentration, FCF, gaming, small caps, underperformance, value | Manager discusses extreme underperformance of small caps versus large caps over the last 5 years, noting this is one of the most extreme cycles in history dating back to 1926. Small cap underperformance driven by differences in earnings growth and multiple compression, with unprofitable companies dragging down overall index performance. Manager believes this creates attractive opportunities in small and mid-cap space. | CZR |
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| 2024 Q1 | May 1, 2024 | Optimist Fund | 27.8% | 49.2% | ACVA, AHT, BFIT, CIGI, CRCT, CVNA, DASH, FIGS, HFG, MNDY, OPEN, POOL, PTON, REVL, SMAR, UBER, W, XPOF | Concentration, E-Commerce, Fitness, growth, Market Leadership, technology, turnaround | The fund believes market leaders like Carvana, Wayfair, and DoorDash have won their respective online markets after competitors died or shrank dramatically during 2022. The manager sees this as similar to Amazon's dominance after the early 2000s tech bubble collapse. | ACVA UBER XPOF DASH CVNA |
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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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| 2024 Q3 | Oct 25, 2024 | 1 Main Capital | 4.0% | 11.3% | AAPL, BFIT, CZR, DNTL.TO, IWG.L, LMB, PRKR, QCOM | Concentration, Fed policy, Litigation, rates, small caps, value | Small cap valuations had become unusually cheap relative to their large cap counterparts. Small cap earnings are more sensitive than large caps to economic growth and interest rates. The RTY rally began early in the quarter when inflation data came in below expectations, spurring optimism that the Fed would begin to cut interest rates. | PRKR |
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| 2024 Q4 | Jan 3, 2025 | Van Der Mandele Arar Fund | - | - | 096350.KS, 327A.HK, AWE.L, BFIT, CFW.TO, DAC, DRAG.DE, GOOGL, IMPP, JFIN, JXN, KWE.TO, NM, ONEW, PAY.TO, STLA | AI, Mag-7, Net-Net, P/E Ratios, shipping, small caps, Valuations, value | Manager focuses extensively on value investing, holding stocks with P/E ratios under 5 while the S&P 500 trades at 30x earnings. Portfolio includes net-net stocks with more cash than market cap plus debt, and companies trading below book value with strong balance sheets. | View | |
| 2025 Q4 | Jan 27, 2026 | Buckley Capital | 2.6% | 21.4% | ALL, BFIT, DAVE, FTAI, GE, HLT, HWM, IHG.L, IWG.L, LNW, LQDA, MAR, PRTH, RR.L, RTX, SAF.PA, UTHR, VRNA, WLFC | aerospace, Europe, Fintech, gaming, Inflection, small caps, turnaround, value | Light & Wonder represents a high-quality duopoly business with Aristocrat in slot machine manufacturing and distribution globally. The company has engineered a remarkable turnaround over the last 5 years, transitioning from an overlevered business losing market share to an appropriately levered company now growing market share substantially. Basic-Fit is the dominant low-cost gym operator in Western Europe and represents the largest position. The company built a highly standardized, low-cost gym model delivering attractive price-to-value for members and high incremental returns on capital. 2026 is expected to be the inflection year as clubs opened since 2023 have reverted to pre-pandemic performance. Willis Lease Finance is a niche leader in commercial aircraft engine leasing, specializing in midlife engines. The aerospace backdrop is exceptionally strong with supply chain bottlenecks, engine reliability issues, and record order backlogs driving years of elevated demand. New engine production is effectively sold out for years. Dave is a high-growth, profitable neobank offering mobile digital banking services and small-dollar advances to customers often ignored by traditional banks. The company's Extracash product drives majority of revenues and represents a better option than payday loans or bank overdraft fees for consumers. Liquidia recently pre-announced very strong results and is expected to generate around $600-700m in sales this year and $1bn next year. The main issue continues to be lack of resolution around the patent infringement court case with competitor United Therapeutics, but the position is fully hedged. Priority Tech Holdings is exceptionally well-positioned within the financial services and payments industry, benefiting from high profitability, strong free cash flow returns, and a predictable business model. Over 90% of the company's business is either recurring or reoccurring, providing high predictability. | LQDA DAVE IWG LN LNW PRTH WLFC |
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| 2024 Q2 | Jul 27, 2024 | 1 Main Capital | 4.0% | 11.3% | BFIT, BNED, CZR, DNTL.TO, FUN, IWG.L, LMB | Concentration, Education, Opportunistic, Recapitalization, small caps, value | Manager believes small caps provide highly attractive long-term investment opportunities due to fatigue from multi-decade underperformance and increased volatility during economic uncertainty. The Fund's performance was driven by just four small cap stocks representing under one-third of the portfolio. | BNED |
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| 2024 Q2 | Jul 23, 2024 | Buckley Capital | 4.8% | 0.5% | BFIT, CC, DNTL.TO, HGV, IWG.L | Chemicals, Europe, Fitness, Russell 2000, small caps, Timeshare, Travel, value | Manager believes small caps are at their worst level relative to large caps since 2000, creating significant opportunity. Russell 2000 vs S&P 500 trading at all-time low valuation similar to 2000. Expects small caps to outperform large caps over next 5 years, similar to 2000-2004 period when Russell 2000 beat S&P 500 by 9.5% annualized. | BFIT HGV |
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| 2023 Q2 | Jul 23, 2023 | 1 Main Capital | 4.0% | 11.3% | BFIT, DNTL.TO, IWG.L, KKR, LMB | Concentration, Europe, Quality, small cap, value | Manager focuses on high-quality businesses trading at below-market multiples with conservative assumptions. Emphasizes companies that are cheap on normalized earnings and currently under-earning rather than over-earning to benefit from potential overextrapolation. | CLMB KKR IWG.L DNTL.TO BFIT |
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| 2024 Q4 | Feb 14, 2025 | 1 Main Capital | -2.8% | 8.2% | BFIT, CZR, DNTL.TO, IWG.L, WATR.L | Concentration, Flexible Office, market breadth, Passive investing, small caps, value | IWG is the global leader in flexible office space with $4 billion of system sales across 4k+ locations. The company is transitioning to a managed workspace model where landlords fund buildouts while IWG collects recurring management fees. The managed and franchised segment is expected to grow from 15% to nearly half of system sales by decade end. | SUP.TO IWG.L |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | 1 Main Capital | Basic-Fit | Consumer Discretionary | Leisure Facilities | Bull | Euronext Amsterdam | Defensive Consumer, European expansion, Low-cost fitness, market consolidation, post-COVID recovery, recurring revenue, Unit economics | View Pitch |
| Apr 13, 2026 | Fund Letters | Buckley Capital | Basic-Fit | Consumer Discretionary | Leisure Facilities | Bull | Euronext Amsterdam | Contrarian Value, demographic trends, European Fitness, Expansion Pipeline, Low-cost gyms, Management alignment, market leader, market penetration, recurring revenue, Unit economics | View Pitch |
| Oct 6, 2025 | Value Investors Club | bentley883 | Basic-Fit N.V. | Consumer Discretionary | Leisure Facilities | — | Euronext Stock Exchange | gyms, low-cost fitness, 24/7 rollout, France labor reform, clustering, cohort maturation, EBITDA rerate, procurement scale, staffless operations, Western Europe | 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. | ||||||||