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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | American Century Small Cap Value Fund | -0.4% | - | ACLS, AHL, CODI, DOO CN, ENOV, GMS, GPK, GTES, MRX | Balance Sheets, Mean reversion, small caps, valuation, value | The letter argues that small-cap value stocks remain deeply undervalued following years of underperformance. Management highlights balance sheet strength, pricing power, and mean reversion as key drivers of future returns. The outlook favors disciplined stock selection amid improving fundamentals. | View | |
| 2025 Q2 | Jul 20, 2025 | Brennan Asset Management | - | - | CHTR, CODI, MTRO LN, PTSB LN, TIGO | cash flow, dividends, risk management, stability, total return | The commentary emphasizes dividend-paying companies with consistent growth and financial strength. Management views dividends as a tangible component of total return and risk mitigation. The strategy favors stability over speculative growth. | View | |
| 2025 Q1 | May 1, 2025 | Brennan Asset Management | - | - | CODI, GTX, LBRDA, PTSB LN | - | View | ||
| 2025 Q3 | Oct 16, 2025 | CrossingBridge Advisors | - | - | CODI | Bankruptcy risk, Clos, high yield, Leverage, private credit | The fund warns of rising credit complacency and systemic risks from aggressive private credit structures. Case studies like First Brands bankruptcy illustrate how weak covenants and hidden leverage threaten CLOs and BDCs. CrossingBridge favors high-quality credit and special situations with asymmetric returns while avoiding yield-chasing. | CODI US FIRSTB US |
View |
| 2025 Q4 | Jan 18, 2026 | Brennan Asset Management | 0.0% | 0.0% | CODI, DCC.L, GLIBA, MTRO.L, NFLX, PTSB.IR, WBD | AI, Banking, energy, international, Media, special situations, value | Manager experimented with AI tools for presentation creation, finding initial promise but significant limitations in execution. The experience highlighted both benefits and constraints of current AI applications for routine work tasks. This reinforced skepticism about AI productivity promises and market valuations at 41x CAPE. Focus on Metro Bank's transformation into commercial and specialty mortgage bank, with MREL exit providing significant cost savings. PTSB sales process ongoing with potential strategic and private equity bidders. Both banks offer attractive risk-reward profiles despite challenging UK and Irish economic environments. DCC represents focused energy distribution opportunity following divestiture of non-core businesses. The propane distribution business offers stable, cost-plus pricing with customer captivity through tank ownership. Solar installation services provide growth opportunity in European commercial market. Warner Brothers Discovery sales process continues with Netflix bid competing against Paramount's hostile tender. The regulatory process will involve political considerations. GCI Communications rights offering completed with potential for future acquisitions as Liberty Media vehicle. Manager continues finding more attractive opportunities internationally than domestically. Portfolio holdings trade at low relative and absolute valuations despite broader market expensiveness. Focus on special situations with multiple catalysts for rerating. | DCC LN CODI WBD PTSB ID MTRO LN |
View |
| 2024 Q4 | Jan 26, 2025 | Brennan Asset Management | - | - | ARCO, CABP LN, CHTR, CODI, LILAK, MEGACPO MM, PTSB LN, TIGO | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 30, 2026 | Fund Letters | Patrick Brennan | Compass Diversified Holdings | Financials | Conglomerates | Bull | New York Stock Exchange | balance sheet, conglomerate, deleveraging, Fraud Recovery, Preferreds | View Pitch |
| Jan 8, 2026 | Substack | Triples Investing | Compass Diversified Holdings | Financials | Diversified Financial Services | Bull | New York Stock Exchange | cash flow, Compass Diversified, deconsolidation, distressed valuation, diversified holdings, financial services, fraud incident, Lugano Diamonds, Portfolio Management, RemainCo | View Pitch |
| Oct 23, 2025 | Value Investors Club | kismet | Compass Diversified Holdings | Industrials | Diversified Holding Companies | Bull | NYSE | Accounting restatement, deep value, Holdco, mispricing, Restatement recovery, turnaround, undervalued | 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. | ||||||||