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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q1 | Apr 29, 2026 | Merion Road Capital | 3.1% | 3.1% | ACNT, BUKS, FEIM, HON | aerospace, defense, industrials, small caps, Space, technology, value | FEIM BUKS HON |
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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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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 30, 2026 | Fund Letters | Merion Road Capital | Butler National Corporation | Aerospace & Defense | Aerospace & Defense | Bull | Aerospace, Casino Divestiture, Defense, growth, index inclusion, margin expansion, small-cap, uplisting | View Pitch | |
| Mar 16, 2026 | Substack | Toff Cap Monday Monitor | Butler National | Aerospace | Aerospace & Defense | Bull | Aerospace, Butler National, growth prospects, industry trends, insider buying, investment opportunity, market presence, 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. | ||||||||