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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 26, 2024 | Kingdom Capital Advisors | 2.5% | 15.9% | EVC | - | View | ||
| 2025 Q4 | Jan 27, 2026 | Gate City Capital | 2.7% | 15.4% | 1211.SR, ALCO, APP, BTU, DSP, EVC, HTLD, IPI, JAKK, MOS, TTD, XOM | Agriculture, energy, Media, Precious Metals, real estate, small caps, value | Gold and silver prices have continued their meteoric rise as large investors including central banks seek alternatives to U.S. Treasuries to preserve wealth. Silver prices rose nearly 150% in 2025, with both gold and silver reaching record highs. The inability of mining companies to increase production to meet elevated demand has led to soaring prices. The fund holds significant positions in fertilizer companies including Mosaic and Intrepid Potash. Mosaic is a market leading producer of potash and phosphate fertilizers in North America and the largest producer in Brazil. Intrepid produces potash from three U.S. solution mines and also mines Trio fertilizer, with potential for market share gains after competitor exits. Peabody Energy was the fund's top contributor in 2025, benefiting from strengthened domestic thermal coal prices as data center build-out strains the U.S. power grid. Metallurgical coal prices have increased substantially after a soft contracting season. Peabody's low-cost Centurion mine in Australia is ramping up production. Entravision was the fund's top performer in Q4, owning 49 television stations and 44 radio stations targeting Hispanic audiences. The company also operates a rapidly growing Advertising Technology & Services segment through Smadex subsidiary. Deregulation in broadcast television and radio should encourage industry consolidation. Alico continues as the fund's largest position, owning nearly 50,000 acres in Florida previously devoted to citrus farming. The company is undergoing strategic transformation, converting 75% of citrus acres to other agricultural purposes and 25% to higher and better use opportunities including residential and commercial developments. Heartland Express contributed positively as the extended three-year slowdown in U.S. trucking market shows signs of abating. Supply of available trucks has decreased as orders for new equipment have fallen sharply, while stricter enforcement of Commercial Drivers Licenses has decreased available drivers. Demand rose in holiday season with spot rates reaching multi-year highs. | ALCO JAKK IPI MOS HTLD BTU EVC |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 16, 2026 | Substack | Uzo Capital | Entravision | Advertising Technology | Programmatic Advertising | Bull | New York Stock Exchange | adtech, AI model improvements, CEO incentives, dividends, growth stock, programmatic advertising, shareholder returns, Spectrum monetization, spin-off, US market penetration | View Pitch |
| Feb 4, 2026 | Fund Letters | Michael Melby | Entravision Communications Corporation | Communication Services | Broadcasting | Bull | New York Stock Exchange | adtech, advertising, Elections, Hispanic, valuation | View Pitch |
| Jan 26, 2026 | Substack | The Mikrokap | Entravision Communications Corporation | Media | Broadcasting | Bull | New York Stock Exchange | adtech, broadcasting, capital allocation, enterprise value, Entravision, growth driver, Michael Christenson, shareholder alignment, Smadex, Spanish-language media | View Pitch |
| Jan 8, 2026 | Substack | The Mikrokap | None | Technology | AdTech | Bull | AdTech growth, competitive position, digital advertising, focused strategy, market share, profitability, revenue acceleration, segment split, stock revaluation, technological advancements | View Pitch | |
| Nov 6, 2025 | Substack | The Mikrokap | Entravision | Communication Services | Advertising Agencies | Bull | adtech, cash flow, divestitures, EBIT growth, Entravision, investment opportunity, market undervaluation, media company, Revenue Growth, Smadex | 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 |
|---|---|---|---|---|---|---|---|---|
| Israel Englander | Millennium Management LLC | $233.2B | $317,668 | 0.00% | 108,419 | -65,587 | -37.69% | 0.1208% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $640,527 | 0.00% | 218,610 | +4,033 | +1.88% | 0.2436% |
| Cliff Asness | AQR Capital Management | $190.6B | $59,964 | 0.00% | 20,465 | +1,450 | +7.63% | 0.0228% |
| Mario Gabelli | GAMCO Investors | $10.4B | $1.8M | 0.02% | 601,000 | +13,226 | +2.25% | 0.6698% |