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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 9, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ARCH, BLDR, HCC, LXU, POU CN | - | View | ||
| 2025 Q2 | Jul 10, 2025 | Black Bear Value Partners | -10.5% | -11.7% | ABG, AN, BLDR, CNR, FLG, HCC | catalysts, free cash flow, mispricing, Shorts, value | The commentary emphasizes deep value investing supported by identifiable catalysts over a multi-year horizon. Many holdings are priced for pessimistic scenarios despite strong asset bases and cash generation potential. Short positions complement longs by exploiting speculative excesses. | View | |
| 2025 Q1 | Apr 8, 2025 | Black Bear Value Partners | -1.3% | -1.3% | ABG, BLDR, CNR, FLG, HCC | - | View | ||
| 2025 Q4 | Feb 5, 2026 | Black Bear Value Partners | 0.1% | -12.6% | BLDR, FLG, HCC, LXS GR, PSK CN, TDW | Capital Investment Cycles, deep value, free cash flow, Mean reversion, Short Selling | The letter highlights a portfolio positioned for re-rating as multiple holdings near the end of capital investment cycles with permanent capital impairment viewed as remote. Black Bear emphasizes deep value opportunities in housing, energy, metallurgical coal, and foreign equities, while maintaining a substantial short book targeting speculative business models and over leveraged balance sheets. The manager expects normalized cash flows, capital returns, and mean reversion to drive significant upside as valuation meets reality. | LXS GR HCC FLG PSK CN TDW BLDR |
View |
| 2025 Q3 | Oct 8, 2025 | Black Bear Value Partners | -1.0% | -12.7% | BLDR, FLG, HCC, LXS GR, TDW | commodities, cyclicals, energy, Housing, Value Investing | The letter underscores contrarian value investing in out-of-favor sectors and companies. Cyclical pessimism and short-term earnings pressure are seen as temporary rather than structural. Recovery in fundamentals can drive meaningful re-rating over time. | HCC TDW LXS FLG BLDR |
View |
| 2024 Q3 | Oct 8, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ARCH, BLDR, CEIX, HCC, POU CN | - | View | ||
| 2024 Q3 | Oct 8, 2024 | Kingdom Capital Advisors | 2.5% | 15.9% | ECRO, GLXZ, HCC, NLOP, RRGB, SCOR, UNFI | - | View | ||
| 2023 Q2 | Oct 7, 2023 | Black Bear Value Partners | -6.7% | -1.4% | ABG, BLDR, CEIX, HCC, POU CN | - | View | ||
| 2024 Q4 | Jan 9, 2025 | Black Bear Value Partners | -7.0% | -1.0% | ABG, ARCH, BLDR, CEIX, FLG, HCC, POU CN | - | View | ||
| 2025 Q4 | Jan 30, 2026 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | FNMA, GLW, HCC, ICLTF, MODG, NVDA, PRGO, SCL, SPHR, WY | AI, Cash, Entertainment, Lumber, Portfolio Management, positioning, technology, value | 2025 marked the year of AI exploration and testing, with 2026 expected to be the year of implementation. AI will unlock efficiency but create uneven impacts across businesses, particularly those with seat-based pricing models. The manager views AI as table stakes that may dilute alpha over time as it democratizes information access. The lumber industry has been in a 3+ year downturn following COVID demand. Canadian softwood exports to the US are near Great Financial Crisis levels, with significant capacity offline. The manager believes they are at or near the beginning of a lumber price rebound as supply has come offline and inventory liquidation is ending. Sphere made significant progress with strong ticket sales for The Wizard of Oz content, selling over 1.6-1.7 million tickets. The economics are evolving as AI-driven tools reduce content production costs from $100m to potentially $10m, improving unit economics for future Spheres and enabling franchise partnerships. | View | |
| 2025 Q4 | Jan 22, 2026 | Third Avenue Value Fund | 7.4% | 35.2% | 0001.HK, 2603.TW, 6951.T, 6955.T, BIRG.L, BMW.DE, BZU.MI, CMA, CS, DB, HBR.L, HCC, IFP.TO, LUN.TO, SFOR.L, SSUB.OL, SUBCY, TDW, VAL | Banking, Copper, energy, Europe, Mining, Resource Conversion, value | Fund holds significant positions in copper miners Lundin Mining and Capstone Copper, viewing copper as indispensable to modern economies with exceptional supply challenges. Manager believes copper demand growth has evolved from Chinese construction to renewables, electric transportation, and data center construction, while supply increases remain elusive due to aging mines, declining ore quality, and decade-plus timelines for new projects. Warrior Met Coal was the single largest contributor to Fund performance during the quarter, benefiting from early completion of Blue Creek metallurgical coal mine eight months ahead of schedule. The completion portends far higher coal production, much lower capital spending, and likely return to significant cash distributions to shareholders. Manager discusses the materials-intensive nature of renewable energy infrastructure, noting the irony that mining companies producing materials for solar panels, wind turbines, electrical grids, and batteries were deemed global pariahs while renewable energy companies were market darlings. The build out of data centers and electrical infrastructure has become entwined with copper consumption growth. Fund holds offshore oil and gas service providers and one upstream producer, believing more offshore spending is required to maintain current production levels. Manager notes U.S. onshore production growth has slowed significantly due to lower drilling activity, exhaustion of Tier 1 acreage, and water challenges, potentially leading to future production declines that would enhance the importance of long-life offshore production. Manager highlights a profound divergence in U.S. sanctions activity, noting recent seizure of dark fleet oil tankers, arrest of Nicolas Maduro, U.S. claim of control over Venezuela's energy industry, and sanctions on Russia's largest oil producers. This marks a departure from decades of avoiding sanctions that would impact energy flows, with gunboat diplomacy and military embargos returning. Manager emphasizes resource conversion activity including share buybacks as a key component of their investment approach for undervalued, well-financed companies. The Fund focuses on companies where management teams can create shareholder value through buybacks, recapitalizations, special dividends, asset disposals, spin-offs, acquisitions, or sale of the business. | View | |
| 2025 Q4 | Jan 19, 2026 | Hosking Partners | 7.2% | 33.5% | 000660.KS, 005930.KS, 055550.KS, AA, AAPL, BARC.L, C, FCX, HCC, IMPUY, MSFT, MU, SBSW, STX, SYF, TIGO | AI, contrarian, emerging markets, Japan, Mining, Platinum, technology, value | The strategy maintains a contrarian value approach, betting on mean reversion after a decade of growth dominance. Valuation spreads have reached extreme levels with enterprise value to sales ratios spanning 100-fold, creating opportunities in undervalued sectors. The AI capital paradox is creating opportunities as technology leaders face increasing capital intensity. McKinsey estimates $5.2 trillion in physical asset investments by previously asset-light firms, likely compressing returns on assets and valuations. South African platinum group metals were major contributors with Impala Platinum up 243%, Sibanye Stillwater up 360%, and Northam Platinum up 298%. The metals and mining sector weighting of 12% versus 2% index exposure drove significant outperformance. The strategy maintains triple-weight exposure to Japan at 14% versus 5% index weight, betting on corporate restructuring and activist investor pressure. Over 50 holdings target companies with depressed ROA ratios capable of dramatic improvement. | View | |
| 2023 Q3 | Jun 10, 2023 | dl=0 | -6.7% | -1.4% | ABG, BLDR, CEIX, HCC, POU CN | - | View | ||
| 2023 Q3 | Apr 10, 2023 | Kingdom Capital Advisors | 2.5% | 15.9% | ABL, CKX, CSO CN, HCC, SENEA | - | View | ||
| 2023 Q1 | Mar 31, 2023 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | BIRG LN, HCC, NVDA | - | View | ||
| 2023 Q4 | Jan 24, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | AER, EAF, FPH, HCC, LL, NVDA, TSLA | - | View | ||
| 2024 Q4 | Jan 21, 2025 | Kingdom Capital Advisors | 2.1% | 18.3% | ENZ, GLXZ, HCC, MAGN, NLOP, SUP | - | View | ||
| 2023 Q4 | Jan 16, 2024 | Liberty Park Capital Management | 7.1% | 2.5% | AMWD, BELFB, CMT, GPI, HCC, INTT, KOP, LMB, TGLS, VSH | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Adam Schwartz | Warrior Met Coal | Materials | Metallurgical Coal | Bull | New York Stock Exchange | Capital Cycle, Free Cash Flow, metallurgical coal, Steel Demand, Supply Constraint | View Pitch |
| Jan 24, 2026 | Fund Letters | Matthew Fine | Warrior Met Coal, Inc. | Materials | Metallurgical Coal | Bull | New York Stock Exchange | cashflow, coal, dividends, metallurgical, Production | View Pitch |
| Nov 29, 2025 | Fund Letters | Adam Schwartz | Warrior Met Coal Inc. | Materials | Metals & Mining | Bull | NYSE | Capital-projects, cash flow, coal, energy, Mining, Steel, turnaround | View Pitch |
| Oct 23, 2025 | Value Investors Club | sck4000 | Warrior Met Coal Inc. | Materials | Steel / Metallurgical Coal | Bull | NYSE | Commodity re-rating, FCF inflection, India steel demand, Met Coal, metallurgical coal | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Alan Galecki | Warrior Met Coal | Materials | Coking Coal | Bear | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Mining The Data | Warrior Met Coal Inc. | Materials | Coking Coal | Neutral | NYSE | — | View Pitch |
| Aug 7, 2025 | Substack | Idea Hive | Warrior Met Coal | Materials | Coking Coal | Bull | NYSE | — | 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. | ||||||||