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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Jun 16, 2025 | Cove Street Capital Small Cap Value Fund | - | - | AAP, ANGI, ATRO, CMP, ECVT, IIIV | defense, Fed policy, small caps, tariffs, Trade Policy, value | Manager expresses strong criticism of current tariff policies, viewing them as economically harmful and creating business uncertainty. Cites GM CFO noting companies cannot spend billions whipsawing business back and forth due to tariff uncertainty, leading to economic halt. | View | |
| 2025 Q1 | Apr 25, 2025 | O’Keefe Stevens Advisory, Inc | - | - | BGC, BKRIF, BMWKY, CMP, DFIN, FPH, MBGYY, NVDA, QCOM, ROKU | Autos, Buybacks, earnings, risk management, value, volatility | The manager extensively discusses heightened market volatility, noting that earnings reactions have significantly exceeded historical norms. Stocks beating expectations outperformed by 248bps vs historical 148bps, while misses underperformed by 362bps vs historical 245bps. The implied versus realized volatility relationship has reversed since Q1 2021, with realized volatility occasionally surpassing implied volatility. | CMP MBGYY BMWKY FPH DFIN |
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| 2024 Q1 | Apr 15, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, DCO, GLDD, HNRG, LFCR, LTRPA, OUT, PKE, RDVT, SSP, TBRG, TRI, TRU, VSAT, WMT | aerospace, healthcare, Media, small caps, technology, value | Manager emphasizes seeking better businesses at reasonable prices, making rational purchase decisions from pessimistic sellers. Notes that the more Graham-style value opportunities exist, the more neglect there seems to be in the market. | RDVT TBRG PKE |
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| 2024 Q3 | Sep 30, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, GBLI, IAC, OUT, RDVT, RSSS, SSP, TIPT, VSAT | Advertising, Balance Sheet, Data Services, small caps, turnaround, value | The fund focuses on small-cap value stocks that are unloved by the market, holding positions they describe as stupid cheap with real asset support. The manager emphasizes that public small-cap equity remains an unloved asset class with few players, which has historically been a setup for future success. | RDVT CLMB OUT |
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| 2022 Q3 | Sep 30, 2022 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AZZ, CARG, CMP, ECVT, GBLI, HCCI, LGF/A, VSAT, WSTG | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AAP, AVD, CLMB, CLVT, CMP, ECVT, IAC, KBR, LFCR, LGF.B, NEU, RDVT, RSSS, SIX, SSP, SXI, VSAT | Auto Parts, Concentration, Data Services, small cap, turnaround, value | Manager emphasizes tremendous specific opportunities in undervalued small cap stocks where the spring is very tightly coiled between intrinsic value estimates and current prices. Portfolio concentrated in best ideas with stocks trading at significant discounts to estimated intrinsic value. | RDVT CLVT AAP KBR VSAT CMP SSP |
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| 2022 Q2 | Jun 30, 2022 | Bernzott Capital Advisors – US Small Cap | 8.5% | 8.5% | CADE, CMP, HHC, QUOT, TREE, TRNO | - | View | ||
| 2022 Q2 | Jun 30, 2022 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | BKEP, CMP, HNRG, INFU, LGF/B, VSAT, WTM | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Distillate Capital Fundamental Stability & Value | -1.0% | -1.0% | BGC, BKRIF, BMWKY, CMP, DFIN, FPH, MBGYY, NVDA, QCOM, ROKU | Autos, Buybacks, earnings, real estate, value, volatility | Market volatility has significantly increased with earnings reactions exceeding historical norms. Stocks beating expectations outperformed by 248bps vs historical 148bps, while misses underperformed by 362bps vs historical 245bps. Realized volatility now occasionally surpasses implied volatility, indicating markets may be underpricing risk. | CMP MBGYY BMWKY FPH DFIN |
View |
| 2023 Q1 | Mar 31, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, ECVT, GLDD, GMED, HNRG, LFCR, LGF/B, NUVA, SSP, TIGO, VMD | - | View | ||
| 2022 Q1 | Mar 31, 2022 | Bernzott Capital Advisors – US Small Cap | 8.5% | 8.5% | CMP, HALO, HCI, HI, JBI, MP, VNOM | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Distillate Capital Fundamental Stability & Value | Compass Minerals International | Materials | Specialty Chemicals | Bull | NYSE | defensive, new management, Non-Discretionary, Normalized Earnings, Road Salt, specialty chemicals, turnaround, Weather Dependent | View Pitch |
| Apr 13, 2026 | Fund Letters | Cove Street Capital Small Cap Value Fund | Compass Minerals International Inc | Materials | Fertilizers & Agricultural Chemicals | Bull | NYSE | asset value, Fertilizer, materials, Salt, strategic interest, turnaround, Weather | View Pitch |
| Apr 13, 2026 | Fund Letters | O'Keefe Stevens Advisory, Inc | Compass Minerals International | Materials | Fertilizers & Agricultural Chemicals | Bull | NYSE | Essential Materials, infrastructure, new management, Normalized Earnings, Road Deicing, Salt, Value, Weather Dependent | View Pitch |
| Oct 24, 2025 | Value Investors Club | HTC2012 | Compass Minerals International Inc. | Materials | Chemicals | Bull | NYSE | Activism, Fertilizer, Fire retardant exit, Minerals, Salt, turnaround, value unlock | View Pitch |
| Oct 8, 2025 | Seeking Alpha | Seeking Alpha | Compass Minerals International | Other Industrial Metals & Mining | Bull | Compass Minerals International, cost-cutting, net debt, New York Stock Exchange, operational improvements, plant nutrition, Revenue Growth, sales volumes, salt production, valuation multiples | 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 |
|---|---|---|---|---|---|---|---|---|
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $289,611 | 0.00% | 14,746 | -35,486 | -70.64% | 0.0293% |
| Israel Englander | Millennium Management LLC | $233.2B | $369,900 | 0.00% | 18,834 | -503,274 | -96.39% | 0.0375% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $1.9M | 0.04% | 97,500 | -45,792 | -31.96% | 0.1939% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $702,601 | 0.00% | 35,774 | -18,302 | -33.84% | 0.0711% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.3M | 0.00% | 63,830 | +21,907 | +52.26% | 0.1269% |
| Bruce Kovner | Caxton Associates | $3.2B | $157,208 | 0.00% | 13,974 | +13,974 | +100.00% | 0.0159% |
| Rich Handler | Jefferies | $19.3B | $1.0M | 0.01% | 52,711 | +52,711 | +100.00% | 0.1048% |