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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 10, 2025 | Askeladden Capital Partners, LP | - | - | A LOT, AGIH, BELFA, FC, FTLF, GO | Artificial Intelligence, edge, productivity, research efficiency, technology | The letter focuses on artificial intelligence as a transformational productivity tool reshaping the investment process. Management argues AI creates a structural edge by expanding research depth and speed without replacing human judgment. The outlook sees AI adoption as a durable competitive advantage. | ALOT FC FTLF BELFB GO |
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| 2024 Q1 | May 14, 2024 | Alluvial Capital Management | 4.8% | 15.7% | FRAGUAB MM, FTLF, GTX, GUZOF, HMM/A CN, MCB LN, MRC, NLOP, SHOT SS, TLNE | - | View | ||
| 2025 Q4 | Mar 1, 2026 | River Oaks Capital | - | 1.8% | ACNT, BFCC, BILD.TO, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, OMCC, RRR.UN, RWAY, SRBK, TRUX | Banking, Buybacks, Consolidation, Flooring, small cap, Specialty Chemicals, undervalued, value | River Oaks Capital focuses exclusively on small, underfollowed public companies with market caps typically under $500M. The manager believes these companies are increasingly ignored and undervalued, creating opportunities to buy wonderful businesses at extremely discounted valuations. The fund employs a value investing approach, seeking companies trading at significant discounts to fair value - often 50 cents on the dollar or less. The manager emphasizes buying wonderful businesses with strong fundamentals at excessive discounts. Share buybacks are a central theme, with the manager actively encouraging portfolio companies to repurchase shares aggressively using free cash flow, balance sheet cash, and proceeds from asset sales. This strategy allows adequate compensation until companies become properly valued. Ascent Industries represents a significant position focused on specialty chemical manufacturing. The company is transforming into a 'Chemicals-as-a-Service' model, providing customized solutions for small to mid-size customers neglected by larger players. BuildDirect operates as a physical and online professional flooring company with a long-term plan to consolidate the professional flooring industry through acquiring 75+ professional flooring centers across the U.S. | View | |
| 2025 Q4 | Feb 2, 2026 | Alluvial Capital Management | 0.0% | 41.2% | CRAW, EAC, FTLF, GTX, IFOS, MBR.L, MDR, NLOP, SLVM, TLN | Buybacks, dividends, Europe, industrials, materials, small caps, Telecommunications, value | The fund earned returns from boring companies in defensive industries using plain vanilla value investing principles while ignoring the market's shiny objects. The portfolio represents a collection of good quality, deeply undervalued companies trading at significant discounts to intrinsic value. Multiple portfolio companies executed aggressive share repurchase programs including Zegona with €200 million reserved for buybacks, Garrett Motion repurchasing 9% of shares, and McBride implementing an aggressive share repurchase plan. These capital return programs drove significant stock price appreciation. Several holdings initiated or resumed dividend payments as part of capital return strategies. Garrett Motion initiated a dividend and committed to returning 75% of free cash flow to shareholders, while McBride reinitiated its dividend alongside share buybacks. The fund initiated a position in Itafos, a phosphate fertilizer producer, based on structural undersupply dynamics. American phosphate production has declined by more than half since 1980, Florida reserves are dwindling, and China is reducing exports to ensure domestic availability for agriculture and lithium battery production. The fund purchased Sylvamo Corp, a manufacturer of uncoated freesheet paper, facing short-term headwinds from expiring supply agreements and weak European demand. Industry supply reduction from mill conversions and closures should support pricing recovery as the company invests in South Carolina capacity expansion. Net Lease Office Properties continues its liquidation process with multiple property sales and large distributions to shareholders. While recent sale prices have been underwhelming, the current share price represents a large discount to remaining property values with liquidation expected to complete by end of 2026. | MCDIF SLVM NLOP MCB LN GTX CRAWA ZEG LN |
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| 2024 Q4 | Feb 10, 2025 | Smoak Capital Management | - | 32.4% | AZEUS SP, FILA IM, FTLF, QEPC | - | View | ||
| 2024 Q4 | Feb 10, 2025 | River Oaks Capital | - | 23.9% | BFCC, BOC, CRMT, CZBS, DR CN, FTLF, IVFH, RRR-U CN, TRUX | - | View | ||
| 2024 Q3 | Oct 29, 2024 | Alluvial Capital Management | 4.8% | 15.7% | BAHNB SS, FTLF, MCB LN, NLOP, TLN, ZEG LN | - | View | ||
| 2023 Q3 | Oct 24, 2023 | Alluvial Capital Management | 4.8% | 15.7% | FTLF, HMM/A CN, LGT/B CN, MCEM, NAVIGOST SS, PX, SENEA, TLNE, WHLR | - | View | ||
| 2025 Q3 | Oct 22, 2025 | Alluvial Capital Management | 15.5% | 33.6% | CBL, FTLF, MCB LN, NLOP, NWLM, PHIL, PKST, UD IM, ZEG LN | Europe, infrastructure, real assets, small caps, value | Alluvial returned 15.5% in Q3, led by Zegonas asset monetization and strong performance in European small caps. The fund focuses on cash-generative niche companies like FitLife and McBride while emphasizing discounted valuations in UK and European equities. Managers see opportunity in underfollowed real asset operators and Expert Market securities trading below intrinsic value. | CBL NLOP MCB LN FTLF ZEG LN CBL NLOP MCB LN FTLF ZEG LN |
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| 2022 Q4 | Oct 1, 2023 | Alluvial Capital Management | 4.8% | 15.7% | 6KF GR, FTLF, GTXAP, JOB, PX, RVIC, SUMXF, UD IM | - | View | ||
| 2024 Q2 | Aug 20, 2024 | River Oaks Capital | 0.0% | 5.1% | BEBE, BFCC, BOC, CRMT, CZBS, DR CN, FTLF, GFP CN, GLXZ, LRFC, NICK, RRR-U CN, TRUX | - | View | ||
| 2024 Q2 | Jul 30, 2024 | Smoak Capital Management | 0.0% | 24.0% | AZEUS SP, FTLF, LNF CN | - | View | ||
| 2025 Q1 | Apr 21, 2025 | Alluvial Capital Management | 6.5% | 6.5% | CBL, FTLF, GTX, MCB LN, MNCL IN, NLOP, TCJ GR, ZEG LN | - | View | ||
| 2023 Q4 | Jan 28, 2024 | Smoak Capital Management | 0.0% | 24.0% | CITZ, FTLF, GWOX, HMM/A CN, XPEL | - | View | ||
| 2023 Q4 | Jan 25, 2024 | Alluvial Capital Management | 4.8% | 15.7% | BFCC, CRAWA, FTLF, LICT, MRC, NLOP, SENEA, UBAB | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 3, 2025 | Fund Letters | Samir Patel | FitLife Brands, Inc. | Consumer Staples | Personal Products | Bull | NASDAQ | Asset_light, Distressed_ma, High_margin, Integration, Nutritional_supplements | View Pitch |
| Nov 29, 2025 | Fund Letters | Dave Waters | FitLife Brands | Consumer Staples | Personal Products | Bull | NASDAQ | acquisition, brand portfolio, consolidation, Distribution, Execution, Free Cash Flow, Roll-up | View Pitch |
| Nov 29, 2025 | Fund Letters | Dave Waters | FitLife Brands | Consumer Staples | Personal Products | Bull | NASDAQ | acquisition, brand portfolio, consolidation, Distribution, Execution, Free Cash Flow, Roll-up | View Pitch |
| Oct 15, 2025 | Value Investors Club | starfox02 | FitLife Brands Inc. | Consumer Staples | Nutritional Supplements | Bull | NASDAQ | Amazon, capital allocation, compounder, Free Cash Flow, GNC, high-ROIC, Irwin Naturals, M&A, MusclePharm, supplements | 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. | ||||||||