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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 24, 2025 | Arquitos Capital Management | 13.1% | 28.8% | ENDI, LQDA | Intrinsic Value, narratives, Patience, uncertainty, volatility | The letter frames uncertainty as a source of opportunity, highlighting narrative-driven volatility that disconnects prices from intrinsic value. Case studies emphasize patience through legal, regulatory, and sentiment-driven noise. Long-term returns are attributed to disciplined conviction amid discomfort. | ENDI LQDA |
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| 2025 Q2 | Jul 23, 2025 | Cedar Creek Partners | 5.8% | 15.1% | ENDI, IQV, MCBS, PCHM, PHIG, PROM, SLRC, SODI | Balance Sheets, Intrinsic Value, Mean reversion, Patience, value | The letter emphasizes disciplined value investing focused on businesses trading below intrinsic value due to temporary dislocations or neglect. The manager highlights patience, balance sheet strength, and downside protection as critical in a market dominated by momentum and macro noise. Cedar Creek argues that normalized earnings power and mean reversion provide attractive long-term return potential. | ENDI PROM |
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| 2024 Q1 | May 20, 2024 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, ENDI, PCHM, PROM, ROYTL, SODI | - | View | ||
| 2024 Q4 | Feb 10, 2025 | Cedar Creek Partners | 0.4% | 5.2% | CZBS, ENDI, EVRC, PCHM, PDER, PROM, ROYTL, SODI, WCRS | - | View | ||
| 2024 Q3 | Oct 23, 2024 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, ENDI, PCHM, PROM, ROYTL, SODI | - | View | ||
| 2025 Q3 | Oct 21, 2025 | Cedar Creek Partners | 9.9% | 26.5% | CZBS, ENDI, MCBS, PCHM, PHIG, PROM, SLBK, SODI | banks, defense, Micro Caps, Small business, value | Cedar Creek gained 9.9% with strong returns from microcap holdings and expert-market stocks. The manager highlights deep value opportunities in community banks trading at low multiples and in defense supplier Solitron Devices amid increased military demand. The fund remains concentrated in undervalued, cash-generative niche firms. | PHIG ENDI SODI PHIG ENDI SODI |
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| 2025 Q3 | Oct 20, 2025 | Arquitos Capital Management | 29.6% | 66.8% | ENDI, FNCH, LQDA | Biotechnology, FDA, healthcare, Litigation, small caps | Arquitos continues to focus on small-cap special situations, emphasizing patient, long-term investments in undervalued companies like Liquidia and Finch Therapeutics. The fund highlights FDA approval for Yutrepia and ongoing IP litigation as key near-term catalysts. Manager remains optimistic about value realization from concentrated holdings in healthcare and asset management. | FNCH ENDI LQDA |
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| 2024 Q3 | Oct 20, 2024 | Arquitos Capital Management | -15.5% | 4.5% | ENDI, LFCR, LQDA | - | View | ||
| 2025 Q4 | Jan 22, 2026 | Arquitos Capital Management | 0.0% | 0.0% | ENDI, FNCH, LQDA, MRK, UTHR | Biotechnology, Concentration, Patents, SmallCap, special situations, value | Portfolio concentrated in biotech companies including Liquidia Corporation with successful drug launch capturing 25% market share, Finch Therapeutics with patent litigation victory, and focus on companies with unique drug delivery technologies and patent protection. Merck identified as logical buyer for Liquidia given their ownership of complementary drug Winrevair and active M&A strategy. Combination therapy potential creates strategic value for potential acquirers. | FNCH ENDI LQDA |
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| 2025 Q4 | Jan 21, 2026 | Cedar Creek Partners | 2.4% | 29.6% | ENDI, MCBS, SLBK, SODI, SPY | Community Banks, defense, Expert Market, Microcap, Natural Gas, OTC, value | Manager added major position in Exco Resources, an independent oil and gas company focused on onshore US shale development with 90% natural gas production. Production increased significantly from 22 Bcfe in March to 36 Bcfe in September 2025, with capex budget increasing from $185 million in 2025 to $430 million in 2026. At current two-year strip pricing of $3.75 per mcf, Exco could generate substantial cash flows. Fund allocated 20% to community banks trading at attractive valuations below six times earnings. Manager believes these modestly growing banks should trade at higher valuations and would be attractive acquisition candidates. ECIP banks are expected to screen better once they can repurchase outstanding preferred stock at deep discounts. Solitron Devices, where the manager serves as CEO, saw material uptick in defense orders beginning November 2024. Large orders included HIMARS components from L3Harris and AMRAAM components from RTX, with November 2025 bookings reaching highest ever at $13.9 million. Backlog exceeded $27 million, positioning for improved revenue and earnings. | SLBK ENDI SODI EXCE FLFG PHIG MCBS |
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| 2024 Q2 | Jul 30, 2024 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, ENDI, FIEB, LNF CN, MFBP, PCHM, PROM, ROYTL, SODI | - | View | ||
| 2025 Q1 | Apr 22, 2025 | JDP Capital | -2.0% | -2.0% | CZR, ENDI, RDFN, SPOT | - | View | ||
| 2025 Q1 | Apr 15, 2025 | Cedar Creek Partners | 8.7% | 8.7% | CZBS, ENDI, EVRC, FIEB, IQV, MCBS, PCHM, PDRX, PROM, SLBK, SLRC, SODI, WCRS | - | View | ||
| 2024 Q4 | Jan 28, 2025 | JDP Capital | 10.4% | 47.9% | CZR, ENDI, ROKU, SPOT, TSLA | - | View | ||
| 2024 Q4 | Jan 26, 2025 | Arquitos Capital Management | - | 29.6% | ENDI, FNCH, LQDA, NTPIF | - | View | ||
| 2023 Q4 | Jan 18, 2024 | Arquitos Capital Management | -15.5% | 4.5% | ENDI, LFCR, LQDA, NTPIF, VTY LN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 24, 2026 | Fund Letters | Steven L. Kiel | ENDI Corp. | Financials | Asset Management | Bull | NASDAQ | Assetmanagement, AUM, EBITDA, rerating, valuation | View Pitch |
| Jan 24, 2026 | Fund Letters | Tim Eriksen | ENDI Corp. | Financials | Asset Management & Custody Banks | Bull | Dubai Financial Market | Accounting, AUM, EBITDA, Fixedincome, Margins | View Pitch |
| Dec 5, 2025 | Fund Letters | Tim Eriksen | ENDI Corp. | Financials | Asset Management & Custody Banks | Bull | asset management, AUM growth, cash flow, Margins, valuation | View Pitch | |
| Dec 3, 2025 | Fund Letters | Steven L. Kiel | ENDI Corp. | Financials | Asset Management | Bull | Dubai Financial Market | Assetmanagement, AUM, cashflow, discount, growth, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Steven L. Kiel | ENDI Corp | Financials | Asset Management | Bull | Dubai Financial Market | AUM, capital allocation, downside protection, EBITDA, Holdco, Liquidity, undervaluation | View Pitch |
| Nov 29, 2025 | Fund Letters | Tim Eriksen | ENDI Corp. | Financials | Asset Management & Custody Banks | Bull | asset management, AUM, fixed income, Liquidity, Margins, valuation | View Pitch | |
| Nov 28, 2025 | Fund Letters | Tim Eriksen | ENDI Corp. | Financials | Asset Management & Custody Banks | Bull | asset management, AUM, fixed income, Liquidity, Margins, valuation | 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. | ||||||||