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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 28, 2025 | River Oaks Capital | - | 0.9% | BCIC, BFCC, BILD.V, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, OMCC, RRR.UN, SRBK, TRUX | Buybacks, Capital Allocation, management, Niche, Quality, small caps, value | River Oaks Capital focuses exclusively on small, underfollowed public companies with market caps ranging from $40m to $460m. The fund seeks wonderful businesses in small, niche industries that are remote islands too time-consuming for major players to conquer, allowing dominant companies to generate above average returns for decades. | IVFH BILD CN |
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| 2025 Q2 | Aug 10, 2025 | Askeladden Capital Partners | - | - | BELFB, FC, FTLF, GO, KFY, LGIH, SFM, TFM | AI, Automation, Grocers, productivity, Research, small caps, value | AI has increased productivity by 5-10x, transforming the investment process through custom software development, mass information analysis, and automated writing. The manager believes AI provides a substantial competitive advantage and is restructuring all core tools to be AI-first. | FTLF GO ALOT FC FTLF BELFB GO |
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| 2024 Q1 | May 9, 2024 | Alluvium Global Fund | 0.0% | 0.0% | CRAWA, FRAG.MX, FTLF, GTX, HERDEZ.MX, HMM.TO, MCB.L, MRC, NLOP, SCAB.ST, SENEA, TLN | Buybacks, Europe, Hotels, Mexico, small caps, value | Scandic Hotels operates 280 hotels with 58,000 rooms in Scandinavia using a variable lease model that reduces operating leverage compared to traditional hotel companies. The company has recovered to record revenues and profits post-COVID while maintaining lower leverage than historically, yet trades below pre-COVID highs offering a double-digit free cash flow yield. | FRAGUA.MX HERDEZ.MX SCAB.ST MCB.L |
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| 2024 Q1 | May 14, 2024 | Alluvial Capital Management | 4.8% | 15.7% | CRAWA, FRAG.MX, FTLF, GTX, HERDEZ.MX, HMM.TO, MCB.L, MRC, NLOP, SCAB.ST, SENEA, TLN, UNI.MI | Buybacks, Europe, Hotels, Mexico, small caps, value | Manager focuses on undervalued opportunities across multiple holdings including McBride trading at 4.4x EBITDA, Scandic Hotels offering double-digit free cash flow yield, and Hammond Manufacturing at 6.4x earnings. Portfolio emphasizes companies trading below intrinsic value with clear catalysts for revaluation. | SCAB.ST MCB.L |
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| 2026 Q1 | Apr 28, 2026 | Alluvial Capital Management | 3.0% | 3.0% | EACO, FTLF, GMS.L, MCB.L, MDR, PKST, TALEN, ZEGN.L | Consumer Staples, distressed, energy, Geopolitical, real estate, small caps, turnaround, value | GMS.L MCD FTLF EACO |
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| 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 | River Oaks Capital | - | 23.9% | BFCC, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, LRFC, MFBP, MSVB, OMCC, RRR.UN, SKYH, TRUX | Broadband, Buybacks, Capital Allocation, Community Banks, Micro Cap, small caps, underfollowed, value | River Oaks Capital focuses exclusively on investing in underfollowed micro cap and small cap companies with market capitalizations under $1 billion. The manager emphasizes that small public companies are inefficiently priced and remain undiscovered for many years due to the shift towards passive investing. The fund's strategy involves finding wonderful businesses trading at significant discounts to fair value in this neglected market segment. | IVFH |
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| 2024 Q3 | Oct 29, 2024 | Alluvial Capital Management | 4.8% | 15.7% | BAHN.ST, CRAWA, FTLF, MCB.L, MRC, RWWI, TLN, UNID.MI, ZEG.L | Commercial real estate, Europe, international, small caps, Turnarounds, value | Manager believes commercial real estate isn't dead despite market pessimism. While future office demand may be permanently lower due to technological and demographic changes, the market is overreacting to the pace of change. Marginal buildings will be demolished or repurposed, lease rates will decline, markets will stabilize, and buildings will become financeable again. | BAHN.ST ZEG.L |
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| 2023 Q3 | Oct 24, 2023 | Alluvial Capital Management | 4.8% | 15.7% | FTLF, HMM.TO, LGT.B.TO, MCEM, PX, SENEA, TLN | Data centers, interest rates, nuclear, small caps, special situations, value | Talen Energy owns the Susquehanna Steam Electric Station, a two-unit nuclear power plant with 2.5 gigawatts of capacity. The Inflation Reduction Act provides supports and subsidies for nuclear power production, creating a de-risked business model for Talen. Nuclear plants could be desirable assets for larger regulated utilities looking to expand their renewables fleets. | SENEA HMM.TO ATLN.L MCEM |
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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.TO, FTLF, GFP, GLXZ, HAYPP, LEGH, LRFC, MFBP, NICK, PRKA, RRR.UN, TRUX | Buybacks, Community Banks, Micro Cap, small caps, underfollowed, value | River Oaks owns multiple community banks including Citizens Bank, Truxton Bank, and Bankfirst. These banks benefit from ECIP capital and are executing strategic acquisitions and share buybacks. Citizens Bank has $90m+ cash for acquisitions while trading at 5 P/E ratio. | View | |
| 2023 Q2 | Jul 15, 2023 | Alluvial Capital Management | 4.8% | 15.7% | CRAWA, EACO, FTLF, HPS.TO, LGT.TO, PREQ, PX, RWWI, SXP.TO, UNI.MI | Canada, industrials, infrastructure, Logistics, Microcap, small caps, value | Manager focuses on the smallest and least known profitable companies that are insufficiently researched, finding best opportunities in companies that remain tethered to reality beneath the several dozen companies that dominate financial media attention. The fund specializes in tiny opportunities and maintains this flexibility despite growing to $40 million in assets. | LGT.TO |
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| 2025 Q1 | Apr 21, 2025 | Alluvial Capital Management | 6.5% | 6.5% | AAPL, CBL, CUWI, FTLF, GOOG, GTX, MCEM, SENEA, TLN | international, materials, real estate, small caps, Trade Policy, value | The fund continues to execute well in deeply discounted real estate across struggling sectors including office properties and malls. Net Lease Office Properties is marketing buildings for sale including the Binoculars Building leased to Google through 2030, while Peakstone Realty is diversifying into industrial properties. CBL properties is improving its mall portfolio by selling marginal assets and reinvesting in stronger properties. | NLOP MCB.L ZEG.L |
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| 2023 Q4 | Jan 28, 2024 | Smoak Capital Management | 0.0% | 24.0% | FTLF, GWOX, HMM-A.TO | Banking, Education, Fitness, Manufacturing, small caps, value | The fund focuses on finding good businesses trading at less than 10 times earnings, with holdings like Hammond Manufacturing at 5x earnings and Goodheart-Willcox at 3x EV/FCF. The manager believes these valuations provide significant upside potential compared to highly valued market segments. | GWOX FTLF |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 29, 2026 | Fund Letters | Alluvial Capital Management | FitLife Brands Inc. | Packaged Foods | Personal Products | Neutral | NASDAQ | acquisition, Amazon, consumer staples, e-commerce, leverage, Nutritional Supplements, Sports Nutrition, turnaround | View Pitch |
| Apr 28, 2026 | Fund Letters | Alluvial Capital Management | FitLife Brands | Consumer Staples | Personal Products | Bull | OTCQB | acquisition, Bankruptcy, consumer staples, e-commerce, Nutrition, Roll-up, supplements, turnaround | View Pitch |
| Apr 28, 2026 | Fund Letters | Smoak Capital Management | FitLife Brands | Consumer Staples | Personal Products | Bull | NASDAQ | Acquisitions, Amazon, capital allocation, Distressed assets, e-commerce, EBITDA growth, Nutritional Supplements, Protein Products, turnaround, Wholesale Distribution | View Pitch |
| Apr 13, 2026 | Fund Letters | Askeladden Capital Partners | Fitlife Brands Inc | Consumer Staples | Personal Products | Bull | NASDAQ | acquisition, Bankruptcy, Distressed Purchase, Nutritional Supplements, portfolio concentration, Scale Expansion, value creation, Wellness Products | View Pitch |
| 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. | ||||||||