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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 9, 2024 | Alluvium Global Fund | 0.0% | 0.0% | CGSBF, CRAWA, GTX, GUZOF, HMM/A CN, MCB LN, MRC, NLOP, PX, SHOT SS, TLNE | - | View | ||
| 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 Q1 | May 13, 2025 | McIntyre Partnerships | -17.1% | -17.1% | GTX, MDRX, SHC | - | View | ||
| 2025 Q1 | May 1, 2025 | Brennan Asset Management | - | - | CODI, GTX, LBRDA, PTSB LN | - | View | ||
| 2024 Q4 | Feb 3, 2025 | McIntyre Partnerships | -5.6% | 0.0% | GTX, SHC, STHO | - | 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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| 2023 Q3 | Oct 30, 2023 | Silver Ring Value Partners | 0.0% | 0.0% | ALFAA MM, GTX | - | View | ||
| 2022 Q3 | Oct 10, 2022 | Alluvial Capital Management | 4.8% | 15.7% | BFC, CBOBA, GTX, HRBR, JOB, PX, UBAB, UD IM | - | View | ||
| 2023 Q2 | Oct 8, 2023 | McIntyre Partnerships | 14.7% | 6.0% | GTX, SHC | - | View | ||
| 2025 Q4 | Jan 6, 2026 | Frank Value Fund | 0.0% | 12.3% | GTX, MSFT | Buybacks, cash flow, Consumer Staples, fundamentals, mid cap, value | Manager emphasizes investing based on cash flows rather than relying on expensive valuations. Contrasts undervalued holdings like Garrett Motion with 14% FCF yield against Microsoft's 2% yield. History shows extreme valuations are unsustainable and always suffer painful declines long-term. Seven holdings are actively repurchasing more than 5% of shares outstanding annually. Low valuations enable holdings to repurchase much more stock, accelerating sleepy consumer staples companies into double-digit earnings growers. Fund's dividend yield is 2%, double the S&P 500. | View | |
| 2025 Q4 | Jan 21, 2026 | Harbor Mid Cap Value Fund | 4.1% | 16.0% | AMKR, BK, CFG, COIN, EA, ENS, EXPE, FOXA, GM, GTX, HIW, HLF, HOG, HOOD, HPQ, JAZZ, KR, NEU, OC, PHM, PLAB, PVH, SNDK, STT, TXT, WBD, WDC | Buybacks, consumer discretionary, dividends, financials, mid cap, technology, value | The fund maintains its disciplined value investment approach, seeking high-quality, profitable companies that generate cash, pay dividends, and repurchase shares. Mid- and small-cap value stocks continue to trade at attractive multiples despite strong relative performance. AI-driven demand for storage led to strong earnings and increases in revenue growth and margins for technology holdings. AI-related technology stocks may appear priced to perfection, but the fund continues to identify opportunities among mid-cap value stocks. The fund seeks companies that repurchase shares, viewing aggressive stock buybacks positively. Several holdings including General Motors, Garrett Motion, and EnerSys have been aggressively buying back stock. | AMKR EA ENS GTX |
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| 2025 Q4 | Jan 14, 2026 | Apis Flagship Fund | 10.0% | 55.1% | 012450.KS, 086280.KS, 103140.KS, AI, CELC, GTX, QURE | Asia, defense, global, healthcare, Memory, Mining, small caps, technology | Defense exposure continued from 2024 but evolved toward smaller companies with niche intellectual property. Korean defense holdings including Hyundai Rotem, Poongsan, and Hanwha Aerospace were among top contributors for the year, collectively adding over 11% to annual performance despite some Q4 weakness attributed to technical pause. New theme emerged in 2025 with exposure to memory within the semiconductor complex. Memory semiconductor companies were notable source of strength, contributing more than 5% to Q4 returns, led by Japan-based Kioxia Holdings which was highlighted in Q3 letter. Mining and mining equipment emerged as new theme in 2025. Represents bombed out cyclical exposure where valuations remain cheap and expectations modest, yet early signs of demand are emerging supported by fiscal stimulus programs. European building materials represents another area of bombed out cyclical exposure beyond mining where exposure was added. Valuations remain cheap and expectations modest with early signs of demand emerging supported by fiscal stimulus programs. Resolution to Ukraine war could further enhance long-term growth outlook. | AI QURE CELC |
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| 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 Q1 | Apr 5, 2023 | Silver Ring Value Partners | 0.0% | 0.0% | AIM CN, GTX, OI | - | View | ||
| 2024 Q4 | Jan 24, 2025 | Alluvial Capital Management | - | 16.4% | CBL, CRAWA, GTX, MCB LN, NLOP, TITC BB, UBAB, ZEG LN | - | View | ||
| 2023 Q4 | Jan 24, 2024 | McIntyre Partnerships | 14.7% | 6.0% | GTX, MSGE, SHC, SPHR | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | Fund Letters | Dave Waters | Garrett Motion Inc. | Consumer Discretionary | Auto Parts | Bull | NASDAQ | Auto parts, buybacks, capital allocation, Ev-Transition, Free Cash Flow | View Pitch |
| Jan 24, 2026 | Fund Letters | Josef Lakonishok | Garrett Motion Inc. | Consumer Discretionary | Auto Parts | Bull | NASDAQ | Auto parts, buybacks, cashflow, Momentum, Turbochargers | View Pitch |
| Jan 9, 2026 | Fund Letters | Brian Frank | Garrett Motion Inc. | Consumer Discretionary | Auto Parts & Equipment | Bull | NASDAQ | cashflow, deleveraging, Meanreversion, Shareholder_Yield, valuation | View Pitch |
| Oct 24, 2025 | Value Investors Club | cnm3d | Garrett Motion Inc. | Consumer Discretionary | Auto Components | Bull | NASDAQ | Auto suppliers, buybacks, duopoly, undervaluation | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Given Mahlangu | Garrett Motion Inc. | Consumer Discretionary | Auto Parts | Bull | NASDAQ | — | 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. | ||||||||