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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Ace River Capital | -5.3% | - | DSHK, HZO, RICK, VOXR | Concentration, Mining, real estate, small caps, value | Manager maintains concentrated focus on small and micro-cap companies with unique advantages and growth potential. Strategy emphasizes tangible assets including special purpose licensed locations, waterfront property, and mineral deposits. Market continues to ignore small-caps while rewarding large-cap tech, creating attractive opportunities. | HZO VOXR RICK HZO VOXR RICK |
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| 2025 Q2 | Aug 1, 2025 | Van Der Mandele Arar Fund | 6.2% | 8.1% | 000823.SZ, 0327.HK, 1773.HK, 6890.T, BFIT.AS, GRVY, HZO, JFIN, JXN, KEC.TO, ONEW, STLA | Cash Generation, China, deep value, Education, small caps, tariffs | Strong performance from Chinese holdings including Pax Global (+42%) and Ferrotec (+37%) following Xi's domestic consumption boost ambitions. New position in YuHua Education reflects deep value opportunity in devastated private education sector trading at 5x earnings despite regulatory overhang from potential Fifth Plenum reforms. | 1969.HK 6169 HK |
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| 2025 Q2 | Jun 30, 2025 | Signia Capital Management | 19.2% | 6.9% | ARHS, FTK, GLDD, HMST, HZO, METC, OPRT, ORN, PGNY, RRGB, SEI, TGB, TRC, VPG | AI, Bottom-up, Copper, Microcap, Robotics, small caps, value | North American copper producer Taseko Mines delivered strong performance driven by rising copper prices and company-specific developments. The Florence mine in Arizona is expected to begin production in mid-2026, nearly doubling Taseko's copper output from 120 million pounds in 2025 to 200 million pounds by 2027. With copper prices above $5 per pound, TGB is well positioned to grow earnings and cash flow. | TGB VPG TGB VPG |
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| 2025 Q1 | May 6, 2025 | Ace River Capital | -14.4% | -14.4% | DSHK, HZO, RICK, VOXR | Acquisitions, concentrated, Long Term, real estate, small caps, value | Gold prices have increased just under 40% on the year due to economic uncertainty from US tariffs and trade battles. Vox Royalty benefits from this gold price run-up and has served as a hedge against market decline. | RICK |
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| 2024 Q1 | May 3, 2024 | Ace River Capital | 2.0% | 0.0% | DSHK, HZO, RICK, VOXR | Concentration, Entertainment, Long Term, Mining, royalties, small caps, value | RCI Hospitality operates adult nightclubs functioning as local monopolies with excellent unit economics due to limited licensing. The company is expanding into gaming with two Colorado casinos under construction and has acquisition opportunities in the adult entertainment space. | RICK |
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| 2024 Q3 | Oct 23, 2024 | Ace River Capital | 2.0% | 0.0% | DSHK, HZO, RICK, VOXR | Concentration, Entertainment, Mining, real estate, small caps, value | RCI Hospitality has responded to share price weakness with aggressive share buybacks, retiring 401,093 shares (4.5% of outstanding) year-to-date. Management's capital allocation strategy includes both share repurchases and dividend increases to create shareholder value. | RICK |
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| 2023 Q3 | Oct 13, 2023 | Ace River Capital | 2.0% | 0.0% | DS, HZO, RICK | Concentration, Entertainment, Leisure, Long Term, Marine, small caps, value | The fund's largest position is RCI Hospitality, the only publicly traded owner of adult nightclubs in the US, which operates 56 clubs across 13 states plus Bombshells sports-bar restaurants. These businesses function as local monopolies with excellent unit economics due to few municipalities issuing new adult entertainment licenses. | HZO DSHK RICK |
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| 2025 Q4 | Jan 30, 2026 | Ace River Capital | -4.6% | -22.0% | DSHK, GLFE, HZO, RICK, VOXR | Concentration, gold, real estate, royalties, small caps, value | Gold prices continue to reach record highs, driven by inflation concerns, geopolitical instability, and inconsistent trade and fiscal policy. Vox Royalty's royalty-based business model provides leveraged exposure to these trends while avoiding the capital intensity and operational risks faced by traditional mining companies. Markets continue to reward a narrow group of large-cap technology companies, while small-caps remain broadly ignored. History suggests these periods of dislocation tend to create some of the best long-term opportunities. | DSHK GLFE HZO RICK VOXR |
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| 2025 Q4 | Jan 23, 2026 | American Century Small Cap Value Fund | -1.1% | -3.3% | AMKR, ARCB, ARW, AVT, AXS, BBWI, BC, BIRK, COLB, EEFT, ENOV, EVTC, GPK, HZO, MARA, OKLO, ONB, PATK, SSB, TKR, UMBF | banks, consumer discretionary, healthcare, industrials, semiconductors, small cap, value | The fund maintains significant overweight exposure to banks, remaining constructive on the industry due to continued positive inflection in net interest income and belief that fears of an extended negative credit cycle were overstated. Many holdings still trade meaningfully below historical multiples. Overweight positioning tilted toward higher-quality, unique businesses targeting high-end consumers including global consumer brands like Brunswick and Birkenstock. Specialty retail exposure includes marine dealers and Bath & Body Works. The sector remains attractive with overweight positioning in higher-quality industrials including machinery, distribution, and commercial services. Many holdings demonstrated strong pricing power during inflationary environment and returned cash to shareholders via dividends, buybacks and debt reduction. Information technology contributed through stock selection, with strong results from Amkor Technology benefiting from AI packaging solutions and domestic chip manufacturing trends. The company is one of two in the US capable of providing large-scale advanced packaging solutions. | View | |
| 2024 Q3 | Sep 30, 2024 | THB Asset Management | 10.3% | 10.1% | ALNT, BSIG, BWMN, CEG, CLMB, HONE, HWKN, HZO, IMMR, LUMN, LUNA, MSFT, MYRG, PLUS, POOL, RBBN, TRNS, UFPT, VZ, XPRO | Data centers, Energy Transition, Federal Reserve, interest rates, Micro Cap, productivity, small caps, Utilities | Green energy transition initiatives are taking place just as demand for electricity is increasing from EVs and data centers. Utilities are raising rates to fund grid upgrades for offshore wind and neighborhood electrification investments. Solutions to the challenges facing the electrical grid and power generation needs are being developed in real time, which provides investment opportunities within small and mid-size investment universes. | RBBN |
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| 2024 Q2 | Jul 15, 2024 | Ace River Capital | 2.0% | 0.0% | DSHK, HZO, RICK, VOXR | Buybacks, Casinos, Concentration, Entertainment, Mining, small caps, value | Manager discusses RCI Hospitality's withdrawal from casino applications in Colorado and plans to sell those properties, viewing this positively as the company lacks competitive advantage in casinos and should focus capital on club acquisitions. | RICK |
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| 2023 Q1 | Mar 31, 2023 | Ace River Capital | 2.0% | 0.0% | HZO, RICK | Concentration, Entertainment, Long Term, small caps, Travel, value | Manager maintains concentrated portfolio of small and micro-cap companies with unique advantages and growth potential. Strategy focuses on substantial positions in companies that meet strict criteria, typically holding no more than 5 companies at a time. Approach requires significant research and patience with long periods of minimal trading. | HZO RICK |
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| 2024 Q4 | Jan 25, 2025 | Ace River Capital | 8.8% | -14.5% | DSHK, HZO, RICK, VOXR | Concentration, Entertainment, Gold Royalties, real estate, small caps, tangible assets, value | The fund's largest position is RCI Hospitality, the only publicly traded owner of adult nightclubs in the US, which operates 57 clubs across 13 states. The company benefits from limited new licensing creating local monopolies with excellent unit economics. RICK has launched Favoritely.com, an OnlyFans-like platform that could become extremely profitable if it attracts sufficient users and entertainers. | VOXR.TO RICK |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Ace River Capital | MarineMax Inc | Consumer Discretionary | Specialty Retail | Neutral | NYSE | Boat Retail, capital allocation, Cash Multiple, high-margin, Marinas, Marine Industry, Premium Segments, Roll-up Strategy, vertical integration | View Pitch |
| Apr 27, 2026 | Fund Letters | Ace River Capital | MarineMax Inc | Consumer Discretionary | Specialty Retail | Bull | NYSE | defensive, Fragmented Industry, Higher Margin Services, Luxury Marine, Marina Development, Recession Opportunity, vertical integration, Waterfront Real Estate | View Pitch |
| Apr 13, 2026 | Fund Letters | Ace River Capital | MarineMax Inc | Consumer Discretionary | Specialty Retail | Bull | NYSE | business transformation, Cyclical Recovery, Equity, higher margins, Marina Operations, Marine Retail, recurring revenue, Service revenue | View Pitch |
| Feb 4, 2026 | Fund Letters | Nicholas D’Agnillo | MarineMax Inc. | Consumer Discretionary | Leisure Products | Bull | New York Stock Exchange | Asset backed, Cyclicality, Leisure, Marinas, Real Estate | View Pitch |
| Dec 3, 2025 | Fund Letters | Nicholas D’Agnillo | MarineMax, Inc. | Consumer Discretionary | Specialty Stores | Bull | NYSE | Cyclicality, Margins, Marinas, services, transformation | 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. | ||||||||