HTLD

HTLD

HTLD

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 8, 2025	Palm Valley Capital Management	0.8%	1.4%	CHRD, CRI, DOX, HCSG, HTLD, KELYA, MAN, NWN, PHYS, PSLV, PZZA, RES, SEB, WHG	Cash, energy, inflation, Silver, small caps, Staffing, Trade Policy, value	Small cap stocks have not advanced in four years yet still aren't cheap, with current median P/E for profitable S&P SmallCap 600 members at 19x. The nonfinancial median P/E for profitable S&P 600 small caps is 22x, and median net margins remain well above historical levels.	PZZA RES CHRD HCSG PSLV PZZA RES CHRD HCSG	View
2026 Q1	Apr 29, 2026	Minot Light Capital Partners	-2.7%	-2.7%	BOBS, FARM, HTLD, ICCC, IDXX, KIDS, LGCY, MCW, MMM, MXCT, NEOG, NRXS, OLPX, OM, OWLT, RAVE, TDUP	consumer, growth, healthcare, Micro-Cap, small caps, value, volatility		ICCC BOBS	View
2026 Q1	Apr 1, 2026	Palm Valley Capital Management	0.7%	0.7%	CHRD, DOX, FLO, FPI, HTLD, KELYA, LKQ, PHYS, RGP, RYN, TFX	AI, Cyclical, small cap, Staffing, undervalued, value		CHRD RYN DOX	View
2025 Q4	Jan 6, 2026	Palm Valley Capital Management	0.7%	4.5%	AMDOCS, AVA, CRI, DOM, FLO, FORR, FPI, HTLD, INGR, KELYA, LAS/A, LKQ, MAN, NWN, PHYS, PSLV, PVCMX, RES, UTZ, WHGLY	capital preservation, Cash, optionality, Patience, valuation	The letter highlights a cautious stance driven by elevated valuations, narrow market leadership, and limited margins of safety across equities. Cash is positioned as a strategic asset, preserving optionality and protecting capital while waiting for more attractive risk-reward setups. Capital preservation and patience are framed as competitive advantages late in the market cycle.	HTLD FLO INGR UTZ DOM LN	View
2024 Q4	Jan 5, 2025	Palm Valley Capital Management	-0.1%	4.2%	0288.HK, CHD, CRD-A, CRI, DOX, EL, FPI, HELE, HTLD, KELYA, LAS.TO, MAN, NVDA, NWN, PHYS, PLTR, PSLV, SEB, SSRM, STT, TBI	Cash, crypto, Cyclical, gold, small caps, Staffing, Valuations, value	Bitcoin rocketed 50% after the election to exceed $100,000, with crypto enthusiasts rejoicing at the pro-crypto stance of the incoming administration. The fund discusses various cryptocurrencies including Dogecoin with a $50 billion market cap and Tronix equal in size to major corporations, questioning the existence and value of hundreds of digital assets.	HTLD SEB KELYA	View
2025 Q4	Jan 27, 2026	Gate City Capital	2.7%	15.4%	1211.SR, ALCO, APP, BTU, DSP, EVC, HTLD, IPI, JAKK, MOS, TTD, XOM	Agriculture, energy, Media, Precious Metals, real estate, small caps, value	Gold and silver prices have continued their meteoric rise as large investors including central banks seek alternatives to U.S. Treasuries to preserve wealth. Silver prices rose nearly 150% in 2025, with both gold and silver reaching record highs. The inability of mining companies to increase production to meet elevated demand has led to soaring prices. The fund holds significant positions in fertilizer companies including Mosaic and Intrepid Potash. Mosaic is a market leading producer of potash and phosphate fertilizers in North America and the largest producer in Brazil. Intrepid produces potash from three U.S. solution mines and also mines Trio fertilizer, with potential for market share gains after competitor exits. Peabody Energy was the fund's top contributor in 2025, benefiting from strengthened domestic thermal coal prices as data center build-out strains the U.S. power grid. Metallurgical coal prices have increased substantially after a soft contracting season. Peabody's low-cost Centurion mine in Australia is ramping up production. Entravision was the fund's top performer in Q4, owning 49 television stations and 44 radio stations targeting Hispanic audiences. The company also operates a rapidly growing Advertising Technology & Services segment through Smadex subsidiary. Deregulation in broadcast television and radio should encourage industry consolidation. Alico continues as the fund's largest position, owning nearly 50,000 acres in Florida previously devoted to citrus farming. The company is undergoing strategic transformation, converting 75% of citrus acres to other agricultural purposes and 25% to higher and better use opportunities including residential and commercial developments. Heartland Express contributed positively as the extended three-year slowdown in U.S. trucking market shows signs of abating. Supply of available trucks has decreased as orders for new equipment have fallen sharply, while stricter enforcement of Commercial Drivers Licenses has decreased available drivers. Demand rose in holiday season with spot rates reaching multi-year highs.	ALCO JAKK IPI MOS HTLD BTU EVC	View
2025 Q1	Apr 4, 2025	Palm Valley Capital Management	0.6%	0.6%	AVA, CRI, FLO, FORR, HTLD, KELYA, LAS.TO, MNRO, NWN, PHYS, PSLV, REYN, RGP, TBI, WHGLY	Cyclical, fiscal policy, gold, Government Spending, Quality, small caps, Staffing, value	Small cap equity performance has trailed large caps with fewer passive tailwinds and a drag from lower quality businesses. High quality small cap businesses remain fully valued despite the S&P SmallCap 600 being down 17% from its November 2024 record. The median profitable small cap company has an EV/EBIT multiple of 17x with elevated profits and valuations.	FLO MNRO REYN FORR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Palm Valley Capital Management	Heartland Express	Industrials	Trucking	Bull	NASDAQ	Cyclical, deleveraging, Equity, recovery, Transportation, Trucking, Value	View Pitch
Feb 4, 2026	Fund Letters	Michael Melby	Heartland Express, Inc.	Industrials	Trucking	Bull	New York Stock Exchange	Capacity, Logistics, Rates, recovery, Trucking	View Pitch
Jan 8, 2026	Fund Letters	Jayme Wiggins	Heartland Express, Inc.	Industrials	Trucking	Bull	NASDAQ	Capacity, CapEx, deleveraging, Freight, Rates, Regulations, Trucking	View Pitch
Oct 6, 2025	Value Investors Club	militiaman	Heartland Express, Inc.	Industrials	Ground Transportation (Trucking)	—	NASDAQ	truckload, freight cycle, operating ratio, terminals, insider buying, deleveraging	View Pitch

BSD Shareholders of HTLD

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.

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