HQI

HQI

HQI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	Liberty Park Capital Management	1.4%	-2.2%	AUR, BELFB, BLN, COMP, HQI, IONQ, LAKE, LBRT, LMB, NSSC, NVEE, NWL, QBTS, QUBT, SKY, SWIM, TTEK, WHR, WNC, XMTR	consumer, Long/Short, Manufacturing, Quantum, small cap, tariffs, technology, value	Nicotine pouches are disrupting traditional tobacco products with safer alternatives that have no known carcinogens. The US market grew over 40% in Q1 2025, with nicotine pouches expected to increase from 5% of global nicotine users in 2024 to 11% in 2030. Online penetration remains low at 3% in the US versus 35% in mature markets like Sweden.	HAYPP.ST LAKE SKY NSSC XMTR	View
2025 Q2	Jul 31, 2025	Mindset Value Fund	-8.6%	-20.5%	GLASF, HQI, MSFT, NNI, NVDA, TBI	Acquisition, AI, Cannabis, Immigration, SmallCap, Staffing, value	HireQuest's franchise staffing model is viewed as superior within the staffing industry. The manager believes immigration policy tightening under Trump administration will benefit legal staffing businesses like HQI. HireQuest is pursuing acquisition of TrueBlue to replicate its successful Command Center playbook.	NNI GLASF TBI HQI NNI GLASF TBI HQI	View
2024 Q1	Apr 18, 2024	Liberty Park Capital Management	-4.1%	-4.1%	ASPN, BELFB, BLN.TO, COHR, ENS, ENVX, HEES, HQI, INTT, ITI, KRNT, LMB, LUNA, NVEE, POWL, PWFL, RELL, SWIM, TGLS, TWI	Industrial, Long/Short, small caps, technology, value	Markets rallied to start the year thanks to AI enthusiasm, with AI-related transceivers at Coherent growing over 100% quarter-over-quarter. However, AI enthusiasm has moderated as the fund moved into Q2 2024.	BLN.TO LUNA	View
2024 Q3	Oct 31, 2024	Liberty Park Capital Management	7.1%	2.5%	AUR, BLN.TO, CGNX, CLAR, CLW, ENS, ENVX, ETD, GTLS, HQI, INTT, ITI, KRNT, LMB, MEG, NVEE, SWIM, THRY, XMTR, YOU	Election, Long/Short, Manufacturing, Rate Cuts, small caps, technology	Small cap equities were prime beneficiaries of the risk-on sentiment shift following Fed rate cuts and Trump assassination attempt. The fund focuses on small cap investments with Russell 2000 benchmark and weighted average market cap of $1.4 billion for Select Opportunities portfolio.	XMTR	View
2025 Q3	Oct 24, 2025	Mindset Value Fund	10.2%	-12.4%	GLASF, GRUSF, HQI, NNI, TGT, VREOF	Cannabis, EBITDA, growth, Reform, SmallCap, value	Federal cannabis reform appears increasingly likely with President Trump discussing legalization benefits and Target beginning hemp beverage sales. Minnesota adult-use approval for existing medical providers creates significant growth opportunities. The sector remains illiquid and volatile but positioned for meaningful catalysts.	CAN GLASF VREOF CAN GLASF VREOF	View
2023 Q3	Oct 20, 2023	Liberty Park Capital Management	7.1%	2.5%	COHR, CVGI, HCC, HQI, HUBG, INTT, KRT, LBRT, LUNA, NR, POWL, TGLS, YOU	energy, Long/Short, risk management, Russell 2000, small caps, value	Manager believes small-cap public equities are as out of favor as they have ever been, with Russell 2000's 5-year annualized return at only 2% and index ~30% below 2021 highs. Views current environment as opportunity to be greedy when others are fearful, expecting small caps to outperform in periods of sustained higher inflation.	TGLS	View
2022 Q4	Oct 2, 2023	Mindset Value Fund	7.9%	70.0%	ARA MM, AYRWF, BAMM CN, GLASF, GRIN CN, HQI, VRNOF	-			View
2023 Q2	Jul 18, 2023	Mindset Value Fund	7.9%	70.0%	GRUSF, HQI	Cannabis, Convertible, growth, small caps, Staffing, value	Grown Rogue is positioned as the most efficient indoor cannabis cultivator publicly traded globally, with competitive cost advantages producing high-quality flower for under $600 per pound. The company is expanding beyond Oregon and Michigan through strategic partnerships, with growth expected to accelerate from 30% to potentially over 100% while most cannabis companies are retrenching.	GRUSF BRND/U CN\|HQI	View
2023 Q4	Jul 2, 2024	Mindset Value Fund	7.9%	70.0%	AYRWF, GDNSF, GLASF, GRUSF, HQI, MRMD	Beverages, Cannabis, Concentration, growth, small caps, value	Manager has pivoted the general value fund towards cannabis, citing it as a target-rich environment with few institutional investors. The fund owns the top performing cannabis stocks including Grown Rogue, Glass House, Goodness Growth, and AYR Wellness. Manager sees compelling valuations with companies trading at 1-2x 2025 EBITDA estimates.	MRMD AYRWF BRND/U CN\|HQI GRUSF	View
2023 Q1	Apr 28, 2023	Mindset Value Fund	7.9%	70.0%	GLASF, GRIN.TO, HQI	Acquisitions, Cannabis, Franchise, Mexico, Staffing, value	HireQuest operates a superior franchise model for staffing temporary workers, converting underperforming companies to their lean business model. The company has demonstrated accretive acquisition power and benefits from labor inflation while getting stronger during economic downturns due to their accounts receivable financing model.	GRIN.TO BRND/U CN\|HQI	View
2023 Q4	Feb 29, 2024	Artko Capital	6.9%	1.6%	ACFN, CURN, HQI, MLP, PBPB, RSSS, SHYF	activism, Concentration, fundamentals, Microcap, small caps, value	Manager focuses exclusively on small and micro-cap companies with median market cap of $182mm. Portfolio represents commitment to securities unable to be included in indices due to size or liquidity constraints. Discusses challenges of small-cap performance in current market environment.		View
2022 Q4	Feb 16, 2023	Artko Capital	6.9%	1.6%	ACFN, CURN, GAIA, HQI, NTIC, PBPB, POL, RSSS, SHYF	-			View
2023 Q4	Jan 16, 2024	Liberty Park Capital Management	7.1%	2.5%	AMWD, BELFB, BLN.TO, BLND, BXC, CMT, COHR, GPI, HAYW, HCC, HQI, INTT, ITI, KBR, KOP, KRT, LMB, TGLS, TH, VSH	Construction, industrials, Long/Short, rates, semiconductors, small caps, value	Small-cap stocks have been underperforming larger ones for the second longest stretch since the 1930s. The forward P/E for the S&P Small Cap 600 is now 13x, compared to 19x for the S&P 500 and 32x for the Magnificent 7. Historical analysis shows that after similar periods of underperformance, small caps outperformed large caps by 22.2%, 10.5%, and 9.8% annually over subsequent 1, 3, and 5-year periods.	INTT	View
2024 Q4	Jan 14, 2025	Liberty Park Capital Management	5.9%	8.6%	AIOT, BLN.TO, CGNX, GTLS, HQI, INOD, INTT, IONQ, LMB, LWLG, MOD, NVEE, SOUN, SWIM, THRY, TITN, UPWK, WHR, XMTR, YOU	AI, energy, Long/Short, Manufacturing, small caps, Staffing, Trump	Manager is significantly long small-cap equities in general, viewing them as beneficiaries of Trump presidency and rate cuts. The fund focuses on small-cap names with average market cap of $2.5 billion for longs. Performance significantly outpaced Russell 2000 in Q4.	HQI	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Mindset Value Fund	HireQuest	Industrials	Human Resource & Employment Services	Bull	NASDAQ	acquisition, cash flow, EBITDA, franchise, high margins, Immigration policy, Roll-up Strategy, Staffing, turnaround, Workers Compensation	View Pitch
Apr 13, 2026	Fund Letters	Liberty Park Capital Management	HireQuest Inc	Industrials	Human Resource & Employment Services	Bull	NASDAQ	Acquisitions, cash flow generation, Cyclical, employment services, franchise, Human Resources, small-cap, Staffing, Value	View Pitch
Jan 30, 2026	Substack	Mindset Value	HireQuest	Staffing & Employment Services	Temporary Staffing	Bull	NASDAQ Stock Market	cash flow, franchise model, HireQuest, industry recovery, market position, minimal debt, share repurchase, tax-loss selling, temporary staffing, TrueBlue acquisition	View Pitch
Jan 8, 2026	Fund Letters	Aaron Edelheit	HireQuest Inc.	Industrials	Human Resource & Employment Services	Bull	NASDAQ	acquisition, cashflow, franchise, Rollup, Staffing	View Pitch

BSD Shareholders of HQI

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: