CRI

CRI

CRI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 9, 2024	Palm Valley Capital Management	-0.1%	4.2%	0288.HK, AAPL, AVA, CHTR, CMCSA, CRI, DISH, DOX, EQC, HOFT, KELYA, LAI.TO, MAN, NVDA, NWN, PHYS, PSLV, RGP, T, TBI	consumer, Precious Metals, small caps, Staffing, Utilities, value	Small cap valuations have normalized more than large caps since 2021 peaks, with median profitable small cap P/E at 17.5x versus 24x for large caps. The fund sees selective opportunities among struggling smaller companies trading near multi-year lows. Quality small caps have underperformed recently but historically delivered strong returns.	CRI TBI DOX RGP	View
2025 Q2	Jul 8, 2025	Palm Valley Capital Management	0.8%	1.4%	CHRD, CRI, DOX, HCSG, HTLD, KELYA, MAN, NWN, PHYS, PSLV, PZZA, RES, SEB, WHG	Cash, energy, inflation, Silver, small caps, Staffing, Trade Policy, value	Small cap stocks have not advanced in four years yet still aren't cheap, with current median P/E for profitable S&P SmallCap 600 members at 19x. The nonfinancial median P/E for profitable S&P 600 small caps is 22x, and median net margins remain well above historical levels.	PZZA RES CHRD HCSG PSLV PZZA RES CHRD HCSG	View
2024 Q2	Jul 10, 2024	Aristotle Small Cap Equity Fund	7.3%	9.4%	ASC, AZZ, CRI, CRNC, DY, GTLS, LFUS, PWSC	energy, financials, industrials, infrastructure, reshoring, small caps, technology, value	Valuations of small versus large continue to remain near multi-decade lows, which suggests a more favorable setup for small caps relative to large caps in the periods to come. Small-cap valuation relative to large cap is at multi-decade lows and any fundamentally driven repositioning is likely to benefit small caps more than larger companies. Smaller caps remain better positioned to benefit from the reshoring of U.S. manufacturing, a pickup in M&A activity, the CHIPS Act, and several infrastructure projects on the horizon.	LFUS GTLS CRI DY ASC	View
2022 Q2	Jul 1, 2022	Palm Valley Capital Management	-0.7%	1.2%	CRD/A, CRI, CTRA, DOX, HOFT, HTLD, MLR, NATH, NGSC, ODC, OR, PHYS, PSLV, VWTR, WHGLY	Cash, Fed, gold, inflation, Silver, small caps, Valuations, value		NATH LAS.TO HOFT ODC CRI	View
2021 Q2	Jul 1, 2021	Palm Valley Capital Management	1.2%	4.8%	COG, CRD/A, CRD/B, CRI, DOX, EZPW, OR.TO, PTVCB, SCHL, UG, VWTR, WHGLY	Bubble, Cash, commodities, energy, inflation, Precious Metals, small caps, value		VWTR COG	View
2021 Q1	Apr 1, 2021	Palm Valley Capital Management	3.6%	3.6%	BCEI, CRD/A, CRI, DOX, GENC, GME, HP, PHYS, PSLV, PTVCB, PVCMX, SCHL, SLV, SSRM, SYKE, T, WHGLY	Bubble, Cash, Defensive, inflation, Precious Metals, small caps, Speculation, value		WHGLY CRI SSRM PHYS	View
2025 Q3	Nov 4, 2025	Aristotle Small Cap Equity Fund	3.2%	-1.5%	AEIS, ALE, AZEK, BWIN, COLB, CRI, DLB, DY, FLWS, HAE, HGV, JHX, KN, KNX, MRCY, MTSI, OGS, PCP, PPBI, REI, SPNS, WNC	Banking, defense, healthcare, Natural Gas, semiconductors, small caps, value	Small cap equities delivered robust performance in Q3 2025, with the Russell 2000 reaching its first all-time high since November 2021. Small caps benefited from dovish Fed rhetoric, attractive relative valuations, broadening market breadth, earnings recovery, and rotation away from mega-cap stocks. Valuations remain compelling relative to large caps, with the Russell 2000 trading near multi-decade lows on a relative basis.	COLB MTSI MRCY SUPN	View
2025 Q3	Oct 14, 2025	Aristotle Small/Mid Cap Equity	2.6%	-	AEIS, AGI.TO, ALE, AZEK, CIEN, COLB, CRI, FLWS, HAE, HGV, JHX, MTSI, PNW, PPBI, PRMB, SCI, SUPN, VYX, WTRG, WWW	AI, Banking, gold, healthcare, mid cap, small cap, technology, Utilities	Artificial Intelligence driven optimism fueled risk-on sentiment as companies with AI exposure or disruptive potential saw disproportionate gains. Investors chased momentum and future earnings potential over traditional valuation metrics. Ciena benefited from AI-related demand and technological innovation in optical networking equipment.		View
2025 Q4	Jan 6, 2026	Palm Valley Capital Management	0.7%	4.5%	AMDOCS, AVA, CRI, DOM, FLO, FORR, FPI, HTLD, INGR, KELYA, LAS/A, LKQ, MAN, NWN, PHYS, PSLV, PVCMX, RES, UTZ, WHGLY	capital preservation, Cash, optionality, Patience, valuation	The letter highlights a cautious stance driven by elevated valuations, narrow market leadership, and limited margins of safety across equities. Cash is positioned as a strategic asset, preserving optionality and protecting capital while waiting for more attractive risk-reward setups. Capital preservation and patience are framed as competitive advantages late in the market cycle.	HTLD FLO INGR UTZ DOM LN	View
2024 Q4	Jan 5, 2025	Palm Valley Capital Management	-0.1%	4.2%	0288.HK, CHD, CRD-A, CRI, DOX, EL, FPI, HELE, HTLD, KELYA, LAS.TO, MAN, NVDA, NWN, PHYS, PLTR, PSLV, SEB, SSRM, STT, TBI	Cash, crypto, Cyclical, gold, small caps, Staffing, Valuations, value	Bitcoin rocketed 50% after the election to exceed $100,000, with crypto enthusiasts rejoicing at the pro-crypto stance of the incoming administration. The fund discusses various cryptocurrencies including Dogecoin with a $50 billion market cap and Tronix equal in size to major corporations, questioning the existence and value of hundreds of digital assets.	HTLD SEB KELYA	View
2020 Q4	Jan 1, 2021	Palm Valley Capital Management	5.8%	19.1%	BCEI, BHE, CFFN, CLCT, CRD/A, CRI, CSW-A.TO, DOX, HP, KELYA, NGS, OR.TO, PIC, PSI.TO, PSLV, SCHL, SKX, SP, SYKE	energy, Fed policy, inflation, Precious Metals, small cap, Valuations, value			View
2025 Q1	Apr 4, 2025	Palm Valley Capital Management	0.6%	0.6%	AVA, CRI, FLO, FORR, HTLD, KELYA, LAS.TO, MNRO, NWN, PHYS, PSLV, REYN, RGP, TBI, WHGLY	Cyclical, fiscal policy, gold, Government Spending, Quality, small caps, Staffing, value	Small cap equity performance has trailed large caps with fewer passive tailwinds and a drag from lower quality businesses. High quality small cap businesses remain fully valued despite the S&P SmallCap 600 being down 17% from its November 2024 record. The median profitable small cap company has an EV/EBIT multiple of 17x with elevated profits and valuations.	FLO MNRO REYN FORR	View
2023 Q1	Mar 31, 2023	Diamond Hill Small Cap Fund	8.5%	12.2%	BOKF, BRBR, CIVI, CRI, ESAB, FIBK, GRBK, ITGR, LOB, LYV, MYFW, OZK, RRR, SAMG, TRS, WBS, WCC	energy, financials, industrials, Regional Banks, small caps, value	Banking sector faced significant stress in Q1 with SVB and Signature Bank failures spreading liquidity fears across regional banks. The fund maintains exposure to several regional banks despite sector weakness, believing the market overreacted and that their holdings are differentiated from failed institutions.	SAMG ESAB WCC	View
2023 Q4	Jan 7, 2024	Palm Valley Capital Management	-0.1%	4.2%	AAP, AVA, CRD-A, CRD-B, CRI, DOX, KELYA, LAS.TO, MLR, MNRO, NGS, TRUE, WHGLY, WLY	Fed policy, Inequality, inflation, liquidity, small caps, value	Small caps experienced significant volatility in 2023, with a 26% surge from October lows driven by Fed pivot expectations. However, 40% of Russell 2000 constituents remain unprofitable, and median net income has stagnated for 25 years. Quality deterioration and speculative business models persist despite recent outperformance.	LAS/A CN\|MLR\|MNRO\|NGS\|WHGLY\|WLY LAS/A CN\|MLR\|MNRO\|NGS\|WHGLY\|WLY	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jun 15, 2026	Fund Letters	Palm Valley Capital Management	Carter's	Apparel Retail	Textiles, Apparel & Luxury Goods	Bull	New York Stock Exchange	Children's Apparel, Consumer Discretionary, Defensive Consumer, dividend, Free Cash Flow, Necessity Products, Share Buybacks	View Pitch
Jun 15, 2026	Fund Letters	Palm Valley Capital Management	Carter's Inc	Apparel Retail	Apparel, Accessories & Luxury Goods	Bull	New York Stock Exchange	brand portfolio, Children's Apparel, Cyclical Opportunity, Demographic Recovery, market leader, Non-Discretionary, pandemic recovery	View Pitch
Apr 13, 2026	Fund Letters	Palm Valley Capital Management	Carter's	Consumer Discretionary	Apparel, Accessories & Luxury Goods	Bull	NYSE	brand strength, Children's Apparel, Consumer Discretionary, consumer pressure, Defensive Market Position, Distribution Channels, e-commerce, Historical Longevity, market leader, retail	View Pitch
Apr 13, 2026	Fund Letters	Aristotle Small Cap Equity Fund	Carter's	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Bull	NYSE	brand strength, Children's Apparel, Consumer Discretionary, defensive, Demographics, Store Rationalization, turnaround	View Pitch

BSD Shareholders of CRI

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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