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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AEL, AGCO, ALTM, ARW, AX, CNO, CNXC, CSGS, CSWI, DAR, DCO, DECK, ESGR, FN, GGG, GIII, JBT, LEVI, MDU | Balance Sheet, compounders, Quality, small cap, valuation, value | The fund emphasizes high-quality compounders with strong balance sheets, high returns on capital, and steady margins. Quality has been a large contributor to outperformance during market downturns. The manager prefers companies where earnings will be higher in three to five years. | View | |
| 2025 Q1 | Mar 31, 2025 | FPA Queens Road Small Cap Value Fund | -2.5% | -2.5% | AAP, ARW, AX, BAM, CNO, CNXC, CSWI, IDCC, LFUS, MDU, NJR, OSK, PVH, REVG, SCHL, SFM, SYNA, UGI, UPBD, VSH | consumer, Electronics, Quality, small caps, tariffs, Utilities, value | Manager emphasizes that small-caps are extremely cheap relative to large-caps but warns of the relative junkiness of small-cap indices. Quality small companies are still expensive but becoming more attractive from a valuation perspective as the market declines. | View | |
| 2025 Q1 | Mar 31, 2025 | Pzena Global Small Cap Focused Value Strategy | -4.4% | -4.4% | 3401.T, 6481.T, ADNT, BIRG.L, CNO, CNXC, DAN, GCO, NVST | Cyclical, financials, global, small caps, tariffs, underperformance, value | Small cap stocks globally continued to underperform large-cap peers, widening the valuation gap between cohorts. The period remained particularly challenging for small caps, with US small caps declining markedly while non-US small caps were largely flat. Tariffs and economic impact drove weak sentiment particularly for small cap companies. | View | |
| 2024 Q3 | Sep 30, 2024 | Hotchkis & Wiley Mid-Cap Value Fund | 6.0% | 6.2% | ADNT, APA, CNO, ERIC, FFIV, KOS | energy, financials, mid cap, rates, technology, Utilities, value | The fund focuses on identifying undervalued assets with attractive valuations relative to expected earnings. The Russell Midcap Value Index outperformed growth during the quarter and trades at a more attractive forward P/E ratio of 16.2x compared to the broader Russell 1000 Index at 20.8x. The investment strategy centers on identifying businesses with durable balance sheets, sustainable return on equity, stable free cash flow, and attractive valuations. | ADNT APA KOS CNO ERIC FFIV |
View |
| 2024 Q2 | Jul 31, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AGCO, ALTM, ARW, AX, BAM, CNO, CNXC, CSGS, CSWI, DAR, DCO, DECK, EQC, ESGR, FN, FSTR, GGG, GIII, GPK | active management, earnings, Quality, small caps, value | The fund emphasizes quality companies with consistent earnings and high returns on capital. They analyze earnings consistency as a key quality metric, showing that quality small-cap companies trade at lower valuations than large-cap peers with similar quality characteristics. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Mid-Cap Value Fund | CNO Financial Group | Financials | Life & Health Insurance | Bull | NYSE | analyst upgrades, Distribution, Guidance Raise, life insurance, lower middle market, Underserved Market | 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. | ||||||||