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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 28, 2025 | River Oaks Capital | - | 0.9% | BCIC, BFCC, BILD.V, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, OMCC, RRR.UN, SRBK, TRUX | Buybacks, Capital Allocation, management, Niche, Quality, small caps, value | River Oaks Capital focuses exclusively on small, underfollowed public companies with market caps ranging from $40m to $460m. The fund seeks wonderful businesses in small, niche industries that are remote islands too time-consuming for major players to conquer, allowing dominant companies to generate above average returns for decades. | IVFH BILD CN |
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| 2024 Q1 | May 20, 2024 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, ENDI, IQV, PCHM, PDRX, PROM, ROYTL, SKAS, SODI | Asset Management, Banking, energy, Microcap, OTC, value | Cedar Creek focuses primarily on microcap stocks and over-the-counter stocks, with fund holdings trading at attractive valuations of 7.9 times estimated forward earnings. The manager notes that smaller companies lagged in Q1 with Russell 2000 up 5.2% and Russell MicroCap up 4.7%, while Cedar Creek's microcap focus delivered 2.4% returns. | ENDI |
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| 2025 Q4 | Mar 1, 2026 | River Oaks Capital | - | 1.8% | ACNT, BFCC, BILD.TO, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, OMCC, RRR.UN, RWAY, SRBK, TRUX | Banking, Buybacks, Consolidation, Flooring, small cap, Specialty Chemicals, undervalued, value | River Oaks Capital focuses exclusively on small, underfollowed public companies with market caps typically under $500M. The manager believes these companies are increasingly ignored and undervalued, creating opportunities to buy wonderful businesses at extremely discounted valuations. The fund employs a value investing approach, seeking companies trading at significant discounts to fair value - often 50 cents on the dollar or less. The manager emphasizes buying wonderful businesses with strong fundamentals at excessive discounts. Share buybacks are a central theme, with the manager actively encouraging portfolio companies to repurchase shares aggressively using free cash flow, balance sheet cash, and proceeds from asset sales. This strategy allows adequate compensation until companies become properly valued. Ascent Industries represents a significant position focused on specialty chemical manufacturing. The company is transforming into a 'Chemicals-as-a-Service' model, providing customized solutions for small to mid-size customers neglected by larger players. BuildDirect operates as a physical and online professional flooring company with a long-term plan to consolidate the professional flooring industry through acquiring 75+ professional flooring centers across the U.S. | View | |
| 2024 Q4 | Feb 10, 2025 | River Oaks Capital | - | 23.9% | BFCC, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, LRFC, MFBP, MSVB, OMCC, RRR.UN, SKYH, TRUX | Broadband, Buybacks, Capital Allocation, Community Banks, Micro Cap, small caps, underfollowed, value | River Oaks Capital focuses exclusively on investing in underfollowed micro cap and small cap companies with market capitalizations under $1 billion. The manager emphasizes that small public companies are inefficiently priced and remain undiscovered for many years due to the shift towards passive investing. The fund's strategy involves finding wonderful businesses trading at significant discounts to fair value in this neglected market segment. | IVFH |
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| 2025 Q3 | Dec 23, 2025 | Bonhoeffer Capital Management | 1.3% | - | ABG, BLDR, CZBS, FERREYCORP, FFBC, FFH.TO, FTT.TO, LOTTE, MRZTY, MSBC, NBN, OTOEL.AT, TVK.TO, UBAB | Acquisitions, banks, Consolidation, Distribution, Float, insurance, ROE, value | Holdings in car dealerships, branded capital equipment dealerships and building product distributors comprise 52% of portfolio. Focus on highest velocity distributors globally with strong inventory turns. Includes Builders First Source, Asbury Automotive, Ferreycorp, Terravest and Autohellas. | View | |
| 2024 Q3 | Nov 6, 2024 | Fairlight Alpha Fund | -13.0% | 14.1% | ALLOG.PA, CZBS, MCB.TO, MMY.V, SRB.L | commodities, global, gold, Mining, small caps, value | Gold has risen 134% over eight years with acceleration in the last two. Junior gold miners have underreacted to this price appreciation, creating significant opportunities. The manager views gold miners as having call option-like characteristics with theoretically unlimited upside as gold prices rise. | ALLOG.PA SRB.L MMY.V MCB.TO |
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| 2024 Q3 | Oct 23, 2024 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, ENDI, FIEB, IQV, PCHM, PDRX, PROM, ROYTL, SODI | concentrated, Expert Market, Microcap, OTC, value | Fund holdings trading at 8 times estimated forward earnings and 6.5 times earnings net of cash, with weighted price-to-book of 1.3. Manager emphasizes finding undervalued securities through concentrated portfolio approach versus broad index holdings. | View | |
| 2025 Q3 | Oct 21, 2025 | Cedar Creek Partners | 9.9% | 26.5% | CZBS, ENDI, FIEB, MCBS, PCHM, PDRX, PHIG, PROM, ROYTL, RTX, SLBK, SODI | Community Banks, defense, Expert Market, Microcap, OTC, small caps, undervalued, value | The fund is particularly attracted to smaller community banks trading at 5-6 times forward earnings estimates. These banks are similar to Skyline Bankshares, featuring growing earnings and extremely low valuations. The manager sees significant value in this sector with banks trading at under six times earnings despite strong fundamentals. | PHIG ENDI SODI PHIG ENDI SODI |
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| 2022 Q3 | Oct 20, 2022 | Cedar Creek Partners | -0.1% | 4.8% | BFCC, BMTX, CZBS, FSWA, HRBR, MFBP, PDRX, RBCN, ROYTL | - | View | ||
| 2024 Q2 | Aug 20, 2024 | River Oaks Capital | 0.0% | 5.1% | BEBE, BFCC, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, GLXZ, HAYPP, LEGH, LRFC, MFBP, NICK, PRKA, RRR.UN, TRUX | Buybacks, Community Banks, Micro Cap, small caps, underfollowed, value | River Oaks owns multiple community banks including Citizens Bank, Truxton Bank, and Bankfirst. These banks benefit from ECIP capital and are executing strategic acquisitions and share buybacks. Citizens Bank has $90m+ cash for acquisitions while trading at 5 P/E ratio. | View | |
| 2024 Q2 | Jul 30, 2024 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, ENDI, FIEB, IQV, LNF.TO, MFBP, PCHM, PDRX, PROM, ROYTL, SODI | Community Banks, Expert Market, Microcap, OTC, value | The fund holds multiple community bank positions including First IC Corporation, Citizens Bancshares, and exited M&F Bancorp. These banks offer attractive valuations with strong fundamentals, though management quality varies significantly across holdings. | CZBS ROYTL PROM PCHM ENDI FIEB |
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| 2023 Q2 | Jul 21, 2023 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, FIEB, IQV, MFBP, PDRX, PROM, ROYTL, SODI | Banking, Expert Market, M&A, Microcap, value | Manager holds multiple community bank positions including Citizens Bancshares and M&F Bancorp, both recipients of Emergency Capital Investment Program funds. These banks trade at attractive valuations with potential for earnings growth through strategic acquisitions or organic expansion. | PROM |
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| 2023 Q1 | Apr 25, 2023 | Cedar Creek Partners | -0.1% | 4.8% | BMTX, CZBS, MFBP, PDRX, ROYTL, SODI, TMUS | Community Banks, concentrated, Expert Market, Microcap, value | Fund holds multiple community bank positions including Citizens Bancshares and M&F Bancorp, both recipients of Emergency Capital Investment Program funds. These banks are trading at attractive multiples with potential for earnings growth through acquisitions or organic expansion. | View | |
| 2023 Q1 | Apr 16, 2023 | Fairlight Alpha Fund | -13.0% | 14.1% | CZBS, MFBP, OPRA | Asia, Banking, Crisis, global, technology, value | Manager holds ECIP community banks MFBP and CZBS, which received preferred capital and additional funding through the CDFI program. While these banks have appreciated significantly and are viewed as good long-term investments, the manager has reduced exposure due to increasing competition for deposits and pressure on net interest margins from rising rates. | OPRA |
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| 2023 Q4 | Jan 27, 2024 | Fairlight Alpha Fund | -13.0% | 14.1% | CZBS, MCB.TO, MFBP | Automation, Community Banks, growth, small caps, technology, value | ECIP banks like Citizens Bancshares and M&F Bancorp are leveraging preferred stock as AT1 capital to double their balance sheets. These banks are priced around 5x earnings despite having growth ahead and extremely high capital adequacy levels, with CZBS reporting 19% CET1 ratio. | MCB.TO MFBP CZBS |
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| 2023 Q4 | Jan 23, 2024 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, HRBR, IQV, PCHM, PDRX, PROM, ROYTL, SKAS, SODI, UBAB, UNTC | Banking, Concentration, Microcap, OTC, undervalued, value | Fund holdings trading at 7.9 times forward earnings and 6.4 times earnings net of cash, with weighted price to book of 1.7. Manager emphasizes purchasing undervalued securities at attractive multiples with strong balance sheets and cash positions. | SKAS UBAB CZBS PDRX SODI PROM |
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| 2022 Q4 | Jan 20, 2023 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, MFBP, MGAG, PDRX, ROYTL, SODI | - | View | ||
| 2022 Q4 | Jan 16, 2023 | Fairlight Alpha Fund | -13.0% | 14.1% | CZBS, MFBP, OPRA | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Cedar Creek Partners | Citizens Bancshares | Financials | Banks | Bull | OTC | Atlanta, banking, capital return, community bank, dividend yield, ECIP Capital, Share Buybacks, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Fairlight Alpha Fund | Citizens Bancshares | Financials | Regional Banks | Bull | NASDAQ | AT1 Capital, banking, Capital Treatment, CDFI, community banking, ECIP, financials, MDI, regional bank | View Pitch |
| Apr 13, 2026 | Fund Letters | Cedar Creek Partners | Citizens Bancshares | Financials | Regional Banks | Bull | OTC | Atlanta, community bank, ECIP Capital, Overcapitalized, regional banks, Share Buybacks, shareholder-friendly, Value | 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. | ||||||||