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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 4, 2025 | FPA Queens Road Small Cap Value Fund | 8.6% | 5.9% | AAP, CSGS, IDCC, IMKTA, NNI, PVH, REVG, SCHL, SFM, THS, UGI, VSH | Balance Sheets, Quality, returns, small caps, Valuation gap | The letter highlights generationally attractive valuations in small-cap equities, particularly among high-quality businesses. Management argues that balance sheet strength, earnings consistency, and returns on capital matter more than size alone. Small-cap quality stocks are viewed as mispriced relative to large caps. | NNI IMKTA |
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| 2024 Q1 | Apr 15, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | ALTM, CNXC, DECK, IDCC, JBT, MTZ, PVH, SFM, UGI, UNFI | - | View | ||
| 2025 Q1 | Mar 31, 2025 | FPA Queens Road Small Cap Value Fund | -2.5% | -2.5% | ALTM, CNO, CSWI, IDCC, MDU, OSK, PVH, REVG, SCHL, SFM, UGI, VSH | - | View | ||
| 2025 Q4 | Feb 10, 2026 | FPA Queens Road Small Cap Value Fund | -0.4% | 13.4% | AAP, CSGS, FN, IDCC, NJR, OSK, PLUS, PVH, REVG, RLI, SFBS, SFM, SNX, UGI, UPBD | insurance, Quality, small cap, technology, Utilities, value | Small caps are overlooked, disdained and cheap relative to large caps. Quality small caps are trading at significant discounts to quality large caps while historically trading at premiums. The fund sees growing opportunity set as capital withdraws from actively managed small value strategies. The fund focuses on quality companies with balance sheet strength, earnings consistency, and high returns on capital. Quality small caps have become cheap compared to large caps and the quality premium in small caps is modest versus pronounced in large caps. The fund's value-focused process leads to a portfolio designed to protect clients during market drawdowns. They identify overlooked, out of favor companies trading at attractive valuations with strong franchises in boring industries. | AAP SFBS UPBD PVH UGI IDCC FN NJR RLI SNX |
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| 2024 Q4 | Dec 31, 2024 | Riverwater Sustainable Value Strategy | - | - | ATKR, COOP, CPRI, DAR, EVR, EXEL, IDCC, MOD, NCMI | - | View | ||
| 2024 Q4 | Dec 31, 2024 | FPA Queens Road Small Cap Value Fund | 2.4% | 10.8% | CNXC, CSWI, DECK, IDCC, MSM, SCHL, SFBS, SFM, SYNA, VSH | - | View | ||
| 2025 Q3 | Nov 8, 2025 | FPA Queens Road Small Cap Value Fund | 7.5% | 13.8% | FN, IAC, IDCC, REVG, RLI, SAIC, SFM, SNX, THS, VSH | Discipline, fundamentals, Quality, returns on capital, small caps | The fund underscores its four-pillar quality disciplinebalance sheet strength, earnings consistency, returns on capital, and strong managementamid a junky rally in speculative small caps. Q3 underperformance was driven by momentum-driven, low-quality segments outperforming, yet the fund remained focused on resilient compounders. The team continues reallocating toward higher-quality names with durable long-term economics. | View | |
| 2022 Q4 | Nov 2, 2023 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AEL, FN, GIII, IDCC, NJR, OMI, RLI, SJIJ, SYNA | - | View | ||
| 2024 Q3 | Oct 30, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AAP, ALTM, AZO, CNXC, CSWI, DAR, DECK, FN, HMN, IDCC, ORLY, SFM, VSH | - | View | ||
| 2023 Q1 | Apr 14, 2023 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | DECK, FN, GIII, IDCC, NJR, OMI, RLI, SFBS, SYNA, UNFI | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Steve Scruggs | InterDigital, Inc. | Information Technology | Application Software | Bull | NASDAQ | automotive, buybacks, dividend, IoT, Licensing, margin, patents, royalties, Wireless | 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. | ||||||||