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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Moerus Capital Management | 15.9% | 20.2% | 0388.HK, 1200.HK, 1821.HK, BBDO, CBD, CCO, CPA, CS.TO, DC.TO, DESP, DOUG, EDELWEISS.NS, EFX.TO, FIH.TO, GGAL, TDW, TPK.L, UCG.MI, VAL, WPM | Brazil, Hong Kong, international, Offshore Drilling, Precious Metals, tariffs, value, volatility | Fund focuses on investing in depressed and unpopular businesses at attractive prices, seeking opportunities where low expectations are priced in. Manager emphasizes buying quality businesses at unusually depressed valuations when skies seem darkest. | TDW VAL TPK LN BBD |
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| 2025 Q2 | Aug 27, 2025 | Cullen Small Cap Value Equity | 2.1% | -7.6% | AMZN, DENN, DOUG, GLDD, GOOGL, HIW, HP, META, MSFT, NMRK, NVDA, TEX, TREE | AI, Fed policy, real estate, small caps, tariffs, Trade Policy, value | Small caps are emerging from a prolonged earnings recession with improving fundamentals and attractive valuations. Credit spreads have normalized, volatility has fallen, and the yield curve has steepened - all historically favorable conditions for small-cap performance. The environment is becoming more favorable for active managers who focus on fundamentals as quality metrics like return on invested capital start to improve. | NMRK NMRK |
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| 2026 Q1 | Apr 28, 2026 | Pzena Global Small Cap Focused Value Strategy | -0.1% | -0.1% | AAP, BME.L, CNXC, DNOW, DOUG, EVK.DE, HAS.L, MLKN, MMI, NVST, SAMSY, SPB, TATE.L, TEP.PA | Cyclical, global, Recovery, small caps, turnaround, value | View | ||
| 2024 Q1 | Apr 15, 2024 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | DOUG, FTAI, ISRG, LANC, LEU, LOB, OEC, OZK, RRR, SMCI, TKO.TO, UFPT, WNS | materials, rates, Regional Banks, small caps, technology, value | Small cap stocks underperformed large caps in Q1, with the Russell 2000 up 5% versus Russell 1000's 10%. More than one-quarter of the Russell 2000's return came from a single stock, Super Micro Computer. The manager continues to find compelling opportunities in small caps despite challenging valuations. | View | |
| 2024 Q1 | Apr 15, 2024 | THB Asset Management | 10.3% | 10.1% | BYON, CENX, CLNE, DOUG, FIGS, HWKN, ICHR, LIDR, LMAT, LUNA, PLUS, RELL, RES, TRNS, UCTT, UFPT, UTI, VCEL, WNC | Concentration, Economy, inflation, Micro Cap, rates, regulation, Small business | Inflation remains problematic and is a top concern among Americans, affecting their financial outlook despite robust economic conditions. Some elements have rolled over but food, energy, shelter, and insurance remain elevated, impacting daily consumer lives. | WNC |
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| 2025 Q1 | Mar 31, 2025 | Cullen Small Cap Value Equity | -9.4% | -9.4% | CTRA, DOUG, GLDD, POR, TEX | AI, energy, real estate, small caps, tariffs, value | The manager emphasizes a potential longer-term resurgence in Value stocks, driven by Trump's economic agenda that could shift market leadership from Growth to Value. Value outpaced Growth in Q1 with Russell 2000 Value (-7.7%) outperforming Russell 2000 Growth (-11.1%) by 3.4%. The significant valuation discount of Value stocks relative to the broader market serves as a catalyst for stronger relative performance. | View | |
| 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 | 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 | - | 7.9% | 0388.HK, ARCO, BSBR, CWP.AX, DESP, DOUG, EXO.MI, GGAL, HMSO.L, IPCO, JEF, MEG.TO, NTCO, PCAR3.SA, SPB, STAN.L, STNG, TDW, TECK, TSGYO.IS, UCG.MI, WED.TO | Argentina, Corporate Activity, emerging markets, real estate, Turkey, value | Argentina-based investments were the largest positive contributor to performance, led by Grupo Financiero Galicia and Despegar.com. The manager built positions during extreme economic chaos including currency devaluation and 200%+ inflation, viewing this as a rare opportunity similar to the early 2000s crisis. Recent encouraging signs include deceleration in inflation and fiscal surpluses under the Milei administration. | 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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| No investor data available. | ||||||||