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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 27, 2025 | Alluvial Capital Management | 8.5% | 15.6% | CBL, CUC, FITB, GTX, MCB.L, MCEM, NEWP.MI, NLOP, PKST, SENEA, SRC.L, TLN, WISH, ZEGN.L | energy, Europe, Food, real estate, small caps, special situations, value | Talen Energy announced a major agreement with Amazon to provide 1,920 megawatts of nuclear power to Amazon datacenters through 2042, providing highly valuable long-term earnings stream. The company is shifting from merchant power production toward providing clean energy to datacenters on long-term contracts, with investors valuing shares more like a quasi-regulated utility. | WISH CBL PKST NLOP SRC LN SENEA MCB LN ZEG LN TLNE |
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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 31, 2024 | McIntyre Partnerships | 14.7% | 6.0% | CC, GTX, KRO, MDRX, OSW, SHC, SPHR, TROX, UMG, WMG | Concentration, Cyclical, Opportunistic, small caps, value | The fund is positioned for a cyclical recovery in the TiO2 market after a prolonged downcycle. CC's TiO2 segment EBITDA declined from $809MM in 2021 to $290MM in 2023, but peers are showing strong results with improving volumes and pricing. The manager estimates CC can earn $1.5B in 2025 EBITDA. | CC |
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| 2024 Q1 | May 29, 2024 | Silver Ring Value Partners | 0.0% | 0.0% | AAPL, AMZN, BWA, CMCSA, GTX, NFLX, PHIN, WBD | Automotive, Growth Duration, Media, Process Evolution, small caps, value | Manager emphasizes disciplined value investing based on first principles, seeking meaningful undervaluation combined with sufficient quality. Portfolio priced at 63% of base case value excluding cash, with focus on companies trading below intrinsic value estimates. | WBD PHIN |
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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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| 2025 Q1 | May 13, 2025 | McIntyre Partnerships | -17.1% | -17.1% | BWA, FTRE, GTX, HAYW, LESL, MDRX, SEG, SHC, STE, STHO, SWIM | Concentration, Healthcare Software, small caps, special situations, value | The fund focuses on concentrated special situations that are often complex, with a benchmark of Russell 2000 Value. The manager emphasizes idiosyncratic ideas with strong catalysts that should be less at the whims of macro forces over time. | MDRX |
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| 2025 Q1 | May 1, 2025 | Brennan Asset Management | - | - | AIBG.L, ARCO, BOI.L, CODI, GLV.L, GTX, LBRDA, MTRO.L, PLTR, SIRI, TIGO, TSLA | Banking, Europe, inflation, Ireland, tariffs, Trade Policy, value | Trump 2.0 administration imposed universal tariffs starting with 25% on Mexico and Canada, followed by Liberation Day with 10% universal tariffs and much higher reciprocal rates including 145%/125% on US/China trade. These tariff rates are the highest since the 1930s and have created massive market volatility and recession concerns. | PTSB.L |
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| 2026 Q1 | Apr 21, 2026 | abrdn U.S. Small Cap Equity Fund | 1.0% | 1.0% | ADMA, ATEC, ECG, GTX, KWR, MGY, MIR, PATK, QTWO, SHOO, VIAV | energy, Geopolitical, infrastructure, small caps, technology, US | View | ||
| 2024 Q4 | Feb 3, 2025 | McIntyre Partnerships | -5.6% | 0.0% | CC, GTX, HAYW, LESL, MDRX, OSW, SAFE, SEG, SHC, SPHR, STHO, SWIM | Automotive, Concentration, Cyclical, Litigation, real estate, small cap, value | Pool market at cyclical lows similar to Great Financial Crisis with pool starts at 6% of single-family home starts versus historical 11% average. Pool construction highly correlated with residential construction and R&R spending which shows early signs of recovery. | STHO GTX SHC |
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| 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 Q3 | Nov 20, 2024 | McIntyre Partnerships | 14.7% | 6.0% | CC, GTX, HHH, LESL, MDRX, OSW, SEG, SHC, SPHR, STHO | Concentration, real estate, small caps, spinoffs, value | Manager discusses SEG as a bad bank spin from Howard Hughes Holdings, where troubled assets are spun off creating indiscriminate selling and bargain valuations. The spin dynamics created selling pressure from HHH shareholders who lacked mandate for smaller companies. | SEG |
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| 2023 Q3 | Oct 30, 2023 | Silver Ring Value Partners | 0.0% | 0.0% | AIM.TO, ALFAA.MX, GTX | Behavioral Finance, Conglomerates, Electric Vehicles, Portfolio Management, Turbochargers, value | The manager discusses the negative impact of electric vehicle adoption on Garrett Motion's turbocharger business. EVs don't need turbochargers, creating headwinds for the company's revenue growth in 3-5 years as EV penetration increases. | GTX |
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| 2023 Q3 | Oct 25, 2023 | McIntyre Partnerships | 14.7% | 6.0% | GTX, MSGE, OSW, SHC, SPHR, STHO, UMG.AS, WMG | Buybacks, Concentration, Cruises, Entertainment, Music, small caps, value | OSW operates as a quasi-monopoly in cruise ship spa services with limited competition and modest cyclicality. The business has returned to profitability with ~$85MM EBITDA expected in 2023 and ~$100MM in 2024. Cruise demand has been improving throughout the year, helping OSW post its best quarter since COVID. | OSW |
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| 2025 Q3 | Oct 22, 2025 | Alluvial Capital Management | 15.5% | 33.6% | CRAWA, EACO, FLTB, GTX, MAA, RGTI, SENEA, TLN | Communications, contrarian, Europe, REITs, small caps, value | Manager emphasizes investing in companies with durable cash flows, valuable assets, and healthy balance sheets rather than speculative companies without revenue. Contrasts Rigetti Computing trading at 2,000x revenue with Mid-America Apartment Communities owning tangible apartments producing real cash flows. | CBL NLOP MCB LN FTLF ZEG LN CBL NLOP MCB LN FTLF ZEG LN |
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| 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, MSGE, SHC, SPHR, STE | Buybacks, Entertainment, GARP, healthcare, small caps, value | MSGE completed its spin-off of SPHR (Sphere Entertainment). The Sphere has gone viral with its exosphere displays, which validates the innovative business model for selling naming rights and advertisements. Manager trimmed position but retains holding. | SHC |
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| 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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| 2024 Q2 | Jul 24, 2024 | Alluvial Capital Management | 4.8% | 15.7% | CRAWA, FLFB, GTX, MCB.L, MRC, RWWI, SCCO, SENEA, SXP.TO, TLN, UBNC | Community Banks, Micro Cap, real estate, small caps, special situations, Turnarounds, value | Manager discusses the prolonged underperformance of small-cap stocks versus large-cap peers, noting small-caps have delivered total returns nearly 50% behind the S&P 500 over the last 5 years. He draws historical parallels to 1995-1999 when large-caps crushed small-caps, followed by small-cap outperformance from 2000-2004. The manager suggests questioning consensus when investors exclaim Why invest in anything else about an asset class. | SXP.TO SENEA UBNC TLN MCB.L NLOP |
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| 2023 Q4 | May 2, 2024 | Silver Ring Value Partners | 0.0% | 0.0% | AIM.TO, ALFAA.MX, GTX | Behavioral Finance, Cash Management, Concentration, Portfolio Management, Quality, value | The manager discusses the negative impact of electric vehicle adoption on Garrett Motion's turbocharger business. EVs don't need turbochargers, creating a headwind for the company's revenue growth that will likely flip from positive to negative in 3-5 years as EV penetration increases. | GTX |
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| 2023 Q1 | Apr 25, 2023 | Alluvial Capital Management | 4.8% | 15.7% | EACO, GTX, HPS.TO, PCOM, PX, SUM.TO | Banking, Canada, Liquidations, Poland, small cap, special situations, value | Small company shares remain out-of-favor compared to large companies. The gulf between securities' trading prices and intrinsic values is as large as the manager has ever observed. Despite good Q4 2022 earnings, market reaction was muted. | SKYT EACO UNI.MI AMPX HPS.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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| 2024 Q4 | Jan 24, 2025 | Alluvial Capital Management | - | 16.4% | CBL, CRAWA, CSOL, FITB, GTX, MCB.L, MRC, NLOP, SENEA, TITC.AT, TLN, UBAL, ZEGN.L | Buybacks, Cement, Commercial real estate, international, small caps, value | Manager holds Net Lease Office Properties in ongoing liquidation, CBL & Associates Properties as mall operator recovery play, and views these as expressions of long-term commercial property recovery theme. Despite office market headwinds and interest rate challenges, expects value realization through asset sales and improving sentiment. | CBL TITC.AT MCB.L ZEG.L NLOP |
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| 2023 Q4 | Jan 24, 2024 | McIntyre Partnerships | 14.7% | 6.0% | ALGN, FBIN, FOR, GTX, MBC, MSGE, OSW, SAFE, SHC, SPHR, STHO, TPHS, UMG.AS, WMG, ZWS | Concentration, Event Driven, Litigation, small caps, turnaround, value | Manager discusses significant slowdown in battery electric vehicle growth and believes the stronger for longer tail of internal combustion engines and hybrid powertrains has materially increased in value. The slowdown in BEV is heading on a collision course with GTX's valuation and proper capital allocation. | GTX SHC |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | McIntyre Partnerships | Garrett Motion Inc. | Consumer Discretionary | Auto Parts & Equipment | Bull | NASDAQ | Asymmetric Risk, Auto parts, capital allocation, Electric Vehicles, Equity, Hybrid Powertrains, Turbocharging, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Silver Ring Value Partners | Garrett Motion | Consumer Discretionary | Auto Components | Neutral | NYSE | Auto Components, Automotive Suppliers, Electric Vehicles, Free Cash Flow, oligopoly, secular decline, Turbochargers, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Silver Ring Value Partners | Garrett Motion | Consumer Discretionary | Auto Components | Bull | NYSE | Auto Components, Electric Vehicles, Free Cash Flow, ICE, oligopoly, Turbochargers, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | McIntyre Partnerships | Garrett Motion Inc. | Consumer Discretionary | Automotive Parts & Equipment | Bull | NASDAQ | Automotive Supplier, BEV Disruption, duopoly, high margins, R&D investment, Share Buybacks, Turbochargers, zero-emission vehicles | View Pitch |
| 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. | ||||||||