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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 17, 2026 | Cullen Small Cap Value Equity | -5.6% | -0.4% | CTRA, CUZ, DOUG, EFSC, HIW, HP, JBSS, LDI, NMRK, POR, SSB, TREE | earnings, energy, financials, rates, small caps, Utilities, value | Small-cap equities ended 2025 on a positive but volatile note with the Russell 2000 returning 12.8% for the year. The outlook for small-cap equities entering 2026 is increasingly constructive, particularly within value-oriented segments, with consensus expectations pointing to meaningful acceleration in small-cap earnings growth in the low-to-mid teens. Value-oriented stocks remain attractively positioned with growth stocks continuing to trade at a meaningful premium to value across most valuation measures. Historically, periods of accelerating profits have favored value leadership, particularly within smaller-cap universes. The strategy's P/E is 12.2x forward earnings versus 15.0x for the Russell 2000 Value. The Federal Reserve's shift toward monetary easing represents an important inflection point for smaller companies, which tend to be more sensitive to changes in interest rates and credit conditions. Following a 25 basis point cut in September, the Federal Reserve cut rates twice in Q4 to the current range of 3.50% to 3.75%. Lower borrowing costs should support refinancing activity, capital investment, and margin recovery. Earnings are central to the manager's optimism with consensus expectations pointing to meaningful acceleration in small-cap earnings in 2026, with growth projected in the low-to-mid teens and exceeding that of large-cap companies. This anticipated rebound reflects easier year-over-year comparisons, improving operating leverage, and broadening demand across cyclical and value-oriented sectors. | JBSS |
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| 2025 Q4 | Jan 30, 2026 | Moerus Capital Management LLC | 4.8% | 40.4% | 1200.HK, CMW.AX, DC.TO, DOUG, EXOR.MI, JEF, JSE.L, LTM, NTCO3.SA, STAN.L, TARS, TSGYO.IS, VAL, VALT.L, WED.TO | Banking, contrarian, emerging markets, international, Mining, Recovery, value, volatility | The Fund focuses on deeply discounted opportunities where overly pessimistic expectations are priced in, creating upside potential when outcomes prove merely benign. Examples include Valterra Platinum, Midland Holdings, and LATAM Airlines, all purchased when expectations were at their nadir. The manager believes there is less competition for deep value, out-of-favor opportunities due to attrition among value investors and style drift toward Growth strategies. Valterra Platinum, the world's largest producer of Platinum Group Metals, was purchased when expectations were rock-bottom due to EV adoption concerns. The platinum market entered its third consecutive year of supply deficit in 2025, with producers cutting higher-cost production and auto manufacturers walking back EV ambitions. Platinum prices surged from depressed levels, driving significant gains. LATAM Airlines Group was purchased in 2023 shortly after emerging from bankruptcy when stigma and pandemic effects repelled investors. The company had a much-improved financial profile, competitive position, and cost structure post-bankruptcy with meaningfully reduced debt and operating costs. Performance was driven by passenger volume recovery and impressive business results leading to increased profitability and share repurchases. Türkiye Sigorta was added in 2023 when general investor flight from Turkey occurred amid unorthodox economic policies and 85% inflation. The insurance environment was painful with dramatically rising claims costs, but created opportunity to invest in a high-quality business at heavily discounted prices. Performance improved as policies reset at higher prices and the Turkish Central Bank adopted orthodox monetary policy. Midland Holdings, the leading Hong Kong residential property broker, was purchased when shares had sunk to extremely depressed levels amid an ailing local residential market hurt by higher interest rates and economic issues. The company's cash made up roughly 70% of market cap at purchase, with nascent signs of improvement in the Hong Kong residential market exceeding minimal expectations. | View | |
| 2024 Q2 | Jun 30, 2024 | Moerus Capital Management LLC | - | 7.9% | 388 HK, CMW AU, DESP, DOUG, GGAL, MEG CN, TDW, TECK/B CN, TURSG TI | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| 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 |
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