ICFI

ICFI

ICFI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 15, 2024	Riverwater Sustainable Value Strategy	-0.6%	7.9%	ATKR, AZZ, CROX, HDSN, ICFI, IRDM, LECO, LMNR, LPX, MOD, NYCB, PLXS, QCOM, TALO, WAL	AI, Data centers, Electrical, Energy Transition, industrials, Quality, small caps, value	Small-caps continued what appears to be a new bull market since hitting bottom last October. Small-caps still have significant ground to cover, having last peaked in 2021, while large-caps have continued to hit record highs. The manager believes they're in the 9th inning of large-cap outperformance and the next five and ten-year outlook for small versus large appears highly enticing.	ATKR	View
2025 Q1	Mar 31, 2025	AMG GW&K Small Cap Core Fund	-7.3%	-7.3%	ADC, ARQT, BWIN, CBZ, CHX, COCO, FLYW, FNA, GBCI, GMED, HALO, HLI, HMN, ICFI, INSM, INTA, ITCI, LOPE, MGY, MTSI, NWE, PAR, PATK, PPBI, PRIM, RBC, SKY, SPXC, STAG, STRL, SWTX, TNDM, UMBF, UTZ	AI, Biotechnology, energy, financials, Quality, small caps, Trade Policy	The fund discusses navigating uncertainty from tariff announcements and trade policy changes by the current U.S. Administration. The manager analyzes potential impacts on manufacturing, consumers, and trading partners, while monitoring for signs of policy moderation or negotiation.		View
2024 Q4	Dec 31, 2024	Third Avenue Small-Cap Value Fund	-4.4%	3.3%	AMBC, BATRA, COLL, CTAS, ECPG, FPH, FRPH, ICFI, ITIC, IVT, KALU, LXU, MYRG, OCFC, PB, PBF, PRAA, SEB, SSKN, SUPN, TPH, UMBF, UNF	Buybacks, private equity, Regional Banks, Resource Conversion, small caps, value	The portfolio trades at a historically large discount to estimated net asset value, with Fund Management believing considerable potential exists for attractive absolute returns. The fund focuses on underpriced assets trading below intrinsic value.	FPH AMBC OCFC	View
2024 Q4	Dec 31, 2024	Wasatch Long/Short Alpha Fund	-8.3%	7.2%	ACHC, ENSG, FND, GWRE, HLNE, HQY, ICFI, IONQ, KAI, MORN, NSA, PCTY, RBC, ROP	Beta, Defensive, Long/Short, Mid Caps, risk management, small caps	The Fund has shorted stocks of special purpose acquisition companies because their business models are speculative and their paths to steady compounded earnings growth remain unclear. These stocks experienced sharp gains during the risk-on environment of the quarter.	IONQ ACHC FND ICFI HQY PCTY	View
2023 Q4	Dec 31, 2023	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ASND, ATGE, ATRC, AZEK, BJ, ESAB, FLYW, FORM, FROG, HLNE, ICFI, PRA, RAPT, SWAV, VC, WING, WK, WNS, ZWS	Automation, cybersecurity, financials, growth, healthcare, industrials, small cap, technology	Cybersecurity remains a top priority for companies, propelled by recent well-publicized cyberattacks at MGM Resorts, Caesars Entertainment, and Clorox. New SEC disclosure rules on cyber risks took effect in December 2023. Channel checks indicate that IT budgets will continue growing, with cybersecurity becoming an increasing percentage.		View
2023 Q3	Oct 25, 2023	Third Avenue Small-Cap Value Fund	8.3%	0.0%	BATRK, ECPG, FRPH, HBB, ICFI, IVT, KALU, LXU, MYRG, PRAA, SEB, TDW, UMBF, WASH	energy, Fertilizers, financials, Onshoring, real estate, small cap, value	The fund identifies near-shoring as a developing theme with attractive investment opportunities. LSB Industries benefits from U.S. near-shoring through domestic fertilizer production, reducing transportation costs and environmental impact. The manager has dedicated analytical resources to capitalize on other near-shoring opportunities.	BATRK LXU	View
2022 Q4	Oct 2, 2023	Headwaters Capital Management, LLC	8.8%	21.4%	CABO, FICO, ICFI, NOTV	-			View
2025 Q4	Jan 22, 2026	Third Avenue Small-Cap Value Fund	4.6%	14.0%	ALG, BATRK, BXC, COLL, CTAS, ECPG, FPH, ICFI, KALU, LXU, MYRG, NYCB, OCSL, PB, PRA, SEB, SUPN, UMBF, UNF	Aluminum, Governance, Owner-Operator, Pharmaceuticals, Regional Banks, small caps, value	The Fund pursues a decidedly value-oriented investment approach, seeking to underpay for ownership of a business. The managers focus on finding rare nexuses of good people, good assets and good prices. The Fund initiated a new position in Flagstar Bank at a large discount to tangible book value. Flagstar has been undergoing transformation and has a credible path to achieve profitability more typical of a U.S. regional bank. Kaiser Aluminum led fourth quarter performance following strong quarterly financial results and progress on its multi-year investment to upgrade and expand production capacity in aerospace and packaging. Collegium Pharmaceutical generated strong performance contribution after producing record quarterly revenue and disclosing improved operating income guidance and a new share repurchase authorization.	FLG UNF ECPG COLL KALU	View
2024 Q3	Sep 30, 2024	Third Avenue Small-Cap Value Fund	8.3%	0.0%	BATRA, ECPG, FRPH, HBB, ICFI, ITIC, KALU, LXU, MYRG, PB, PBF, PRA, SD, SSTK, TDW, TPH, UMBF, WASH	Cheapness, energy, Refiners, Regional Banks, small cap, value	Fund focuses on buying cheap companies at discounts to replacement value and cash flows, with emphasis on balance sheet-oriented approaches. Current holdings available at attractive valuations relative to fundamentals.	PBF SD	View
2025 Q1	Mar 31, 2025	Third Avenue Small-Cap Value Fund	-4.6%	-4.6%	ABAC, BATRA, BXC, COLL, ECPG, FPH, FRPH, HBB, ICFI, ITIC, MYRG, OCFC, PB, PRAA, SBSI, SEB, SUPN, TDW, UMBF	financials, M&A, small cap, Trade Policy, value, volatility	Fund focuses on securities available at valuations significantly below private market value with low probability of permanent capital impairment. Manager emphasizes buying businesses at significant discounts to estimated values with conservatism baked in.	BXC TIDE	View
2023 Q4	Jan 28, 2024	Third Avenue Small-Cap Value Fund	8.3%	0.0%	ALG, BATRA, COLL, ECPG, FIX, FRPH, HBB, ICFI, ITRN, KALU, LXU, MYRG, PB, PRA, SEB, SPHR, TDW, TPH, UMBF	Fed policy, interest rates, real estate, Regional Banks, small caps, value	Small-cap equities rallied late in Q4 from anticipated Fed pivot toward lower rates. Russell 2000 outperformed Russell 1000 by over 7% in December. Despite recent rally, small-caps still lagged for the year and valuations remain discounted versus large-caps.	COLL	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Wasatch Long/Short Alpha Fund	ICF International, Inc.	Commercial & Professional Services	Research & Consulting Services	Bull	NASDAQ	contrarian, Government Consulting, Government Contractor, Outsourcing, Policy Consulting, professional services, Technology Consulting	View Pitch
Aug 7, 2025	Seeking Alpha	Pedro Goulart	ICF International	Industrials	Consulting Services	Neutral	NASDAQ	—	View Pitch

BSD Shareholders of ICFI

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: