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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Jun 16, 2025 | Cove Street Capital Small Cap Value Fund | - | - | AAP, ANGI, ATRO, CMP, ECVT, IIIV | defense, Fed policy, small caps, tariffs, Trade Policy, value | Manager expresses strong criticism of current tariff policies, viewing them as economically harmful and creating business uncertainty. Cites GM CFO noting companies cannot spend billions whipsawing business back and forth due to tariff uncertainty, leading to economic halt. | View | |
| 2025 Q3 | Nov 8, 2025 | Cullen Small Cap Value Equity | 14.2% | 5.6% | AVNT, CROX, ECVT, HUN, KWR, STR, UA, UIS, VAC | financials, Mortgage, rates, real estate, Regional Banks, small caps, value | Small-cap equities delivered exceptional performance with Russell 2000 gaining 12.4% and Russell 2000 Value advancing 12.6%, outpacing large caps. The rally was fueled by Fed rate cuts, economic resilience, and renewed risk appetite. Small caps entered the quarter trading at multi-decade lows relative to large caps, providing valuation support and asymmetrical upside as earnings recover. | View | |
| 2023 Q3 | Oct 10, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AMSWA, ANGI, CCF, CNX, CVLT, DLHC, ECVT, HCCI, HNRG, IAC, LFCR, MGM, SSP, VMD, VSAT | Concentration, cybersecurity, energy, healthcare, Media, small caps, value | The fund focuses on concentrated investments in specific companies at specific values, seeking to capitalize on opportunities in small cap equities that are less affected by market fads. The manager emphasizes finding good businesses that grow with CEOs who understand value per share math. | AMSWA DLHC SSP IAC VSAT |
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| 2022 Q3 | Sep 30, 2022 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AZZ, CARG, CMP, ECVT, GBLI, HCCI, LGF/A, VSAT, WSTG | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AAP, AVD, CLMB, CLVT, CMP, ECVT, IAC, KBR, LFCR, LGF.B, NEU, RDVT, RSSS, SIX, SSP, SXI, VSAT | Auto Parts, Concentration, Data Services, small cap, turnaround, value | Manager emphasizes tremendous specific opportunities in undervalued small cap stocks where the spring is very tightly coiled between intrinsic value estimates and current prices. Portfolio concentrated in best ideas with stocks trading at significant discounts to estimated intrinsic value. | RDVT CLVT AAP KBR VSAT CMP SSP |
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| 2022 Q1 | Apr 30, 2022 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AZZ, CFX, ECVT, SCWX | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, ECVT, GLDD, GMED, HNRG, LFCR, LGF/B, NUVA, SSP, TIGO, VMD | - | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||