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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 25, 2026 | SouthernSun SMID Cap | -3.9% | 4.5% | APG, CXT, DAR, DY, EXTR, GNRC, LOB, OSK, TKR, TREX | Artificial Intelligence, Balance Sheet Strength, Capital Allocation, Intrinsic Value, SMID Cap Equities | The letter emphasizes disciplined intrinsic value investing in SMID-cap businesses amid a market increasingly dominated by artificial intelligence narratives and mega-cap concentration. Drawing parallels to the 201415 energy collapse, the managers warn that rising AI-related capital intensity, power constraints, and valuation expansion may challenge assumptions of frictionless growth, particularly as the largest stocks drive disproportionate index returns and volatility. The portfolio is positioned in niche-dominant companies with strong balance sheets, recurring revenues, and visible cash flow, seeking to compound value while avoiding overpayment for perceived certainty. | TREX TKR DY EXTR LOB OSK GNRC CXT APG DAR |
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| 2024 Q4 | Dec 31, 2024 | Conestoga Small Cap Composite | 1.7% | 9.6% | ALTR, CXT, EXPO, FOXF, KAI, NCNO, NEOG, NOVT, QTCO, ROAD, SITE, SSD, VERX, WK | - | View | ||
| 2025 Q3 | Oct 30, 2025 | SouthernSun Small Cap | - | 8.3% | BCO, CXT, DAR, MOD, SCL | active management, Capital Allocation, industrials, Recurring Revenue, Value Investing | SouthernSun emphasized patience and valuation discipline amid divergent market conditions. The letter highlighted industrial and manufacturing opportunities, active managements importance, and disciplined capital allocation across niche-dominant businesses. The fund remains focused on recurring revenue models, financial flexibility, and long-term compounding as volatility resurfaces. | CXT SCL DAR MOD BCO CXT SCL DAR MOD BCO |
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| 2025 Q3 | Oct 30, 2025 | SouthernSun SMID Cap | - | 8.7% | BCO, CXT, DAR, MOD, WSO | Artificial Intelligence, cash flow, industrials, Quality, Value Investing | The firm underscored resilience amid cyclical shifts, citing Modine Manufacturings AI datacenter cooling exposure and Brinks strong recurring revenue. While AI investment continues to expand, SouthernSun maintains its emphasis on valuation discipline and balance sheet strength. Management noted that lower-quality speculative stocks drove near-term rallies but reiterated their conviction in durable, niche-dominant companies. | CXT WSO DAR BCO MOD CXT WSO DAR BCO MOD |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2026 | Fund Letters | Michael Cook | Crane NXT Co. | Industrials | Electronic Equipment & Instruments | Bull | New York Stock Exchange | acquisition, Authentication, Free Cash Flow, Margin Resilience, Payment Innovation, Traceability | View Pitch |
| Nov 29, 2025 | Fund Letters | Michael Cook | Crane NXT Co. | Industrials | Security & Authentication Technologies | Bull | NYSE | Authentication, Digital security, M&A, Payments, recurring revenue, spin-off | View Pitch |
| Nov 29, 2025 | Fund Letters | Michael Cook | Crane NXT Co. | Industrials | Electronic Equipment & Instruments | Bull | NYSE | Authentication, Brand protection, cash flow, Ip, M&A, Margins, Payment systems, Security | View Pitch |
| Nov 28, 2025 | Fund Letters | Michael Cook | Crane NXT Co. | Industrials | Security & Authentication Technologies | Bull | NYSE | Authentication, Digital security, M&A, Payments, recurring revenue, spin-off | View Pitch |
| Nov 28, 2025 | Fund Letters | Michael Cook | Crane NXT Co. | Industrials | Electronic Equipment & Instruments | Bull | NYSE | Authentication, Brand protection, cash flow, Ip, M&A, Margins, Payment systems, Security | 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. | ||||||||