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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 4, 2025 | FPA Queens Road Small Cap Value Fund | 8.6% | 5.9% | AAP, ANGI, CNXC, CSGS, DAR, FN, GIII, IAC, IDCC, IMKTA, LFUS, NNI, PVH, REVG, SCHL, SFM, SYNA, THS, UGI, VSH | Passive investing, Quality, small caps, tariffs, technology, value | Small caps are generationally cheap compared to large caps, trading at the widest discount to the S&P 500 since the tech bubble 25 years ago. High-quality small companies command only a modest premium over lower-quality small companies, unlike large caps where quality commands significant premiums. | NNI IMKTA |
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| 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 Q4 | Feb 10, 2026 | FPA Queens Road Small Cap Value Fund | -0.4% | 13.4% | AAP, CSGS, FN, IDCC, NJR, OSK, PLUS, PVH, REVG, RLI, SFBS, SFM, SNX, UGI, UPBD | insurance, Quality, small cap, technology, Utilities, value | Small caps are overlooked, disdained and cheap relative to large caps. Quality small caps are trading at significant discounts to quality large caps while historically trading at premiums. The fund sees growing opportunity set as capital withdraws from actively managed small value strategies. The fund focuses on quality companies with balance sheet strength, earnings consistency, and high returns on capital. Quality small caps have become cheap compared to large caps and the quality premium in small caps is modest versus pronounced in large caps. The fund's value-focused process leads to a portfolio designed to protect clients during market drawdowns. They identify overlooked, out of favor companies trading at attractive valuations with strong franchises in boring industries. | AAP SFBS UPBD PVH UGI IDCC FN NJR RLI SNX |
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| 2024 Q4 | Dec 31, 2024 | FPA Queens Road Small Cap Value Fund | 2.4% | 10.8% | AAP, AGCO, ALTM, ARW, CNXC, CSGS, CSWI, DAR, DECK, FN, IDCC, JBTM, LEVI, LFUS, MATV, MDU, OSK, QRVO, SAIC, SCHL, SFM, SYNA, UGI, UPBD, VSH | active management, compounders, Quality, Russell 2000, small cap, value | The fund focuses on high quality compounders with strong returns on capital, consistent earnings, and prudent balance sheets. The manager emphasizes that small-cap indices are generally 'junkier' with fewer quality companies than large-cap indices, making active management essential to find quality small companies trading at reasonable valuations. | 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 |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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 |
|---|---|---|---|---|---|---|---|---|
| Israel Englander | Millennium Management LLC | $233.2B | $22.7M | 0.01% | 295,789 | +262,951 | +800.75% | 0.9989% |
| Jeremy Grantham | GMO LLC | $39.1B | $240,500 | 0.00% | 3,136 | +3,136 | +100.00% | 0.0106% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $1.6M | 0.00% | 21,124 | -30,153 | -58.80% | 0.0713% |
| Cliff Asness | AQR Capital Management | $190.6B | $3.8M | 0.00% | 50,171 | -9,039 | -15.27% | 0.1694% |
| Louis Bacon | Moore Capital Management | $6.8B | $383,450 | 0.01% | 5,000 | +5,000 | +100.00% | 0.0169% |
| George Soros | Soros Fund Management | $6.8B | $28.9M | 0.43% | 377,410 | +377,410 | +100.00% | 1.2745% |