LMB

LMB

LMB

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	Minot Light Capital Partners	18.1%	4.5%	ACOG, APG, ARQ, CURV, CWAN, CYRX, DERM, LAKE, LGCY, LMB, LQDT, MCW, NEOG, NPKI, OM, REAL, RXST, TDUP, TTGT, XPOF	alpha, dislocations, growth, liquidity, Microcap, small caps, value	The fund focuses exclusively on small and micro-cap companies, targeting market capitalizations well below $100mm and in some cases below $50mm and $25mm. This represents an area where the vast majority of institutional small-cap investors are either unable or unwilling to explore. The strategy seeks to capitalize on inefficiencies in the most illiquid segment of the domestic public equity markets.	CURV RXST TTGT LAKE OM LGCY TDUP OM LGCY TDUP	View
2025 Q2	Jul 21, 2025	Wasatch Micro Cap Fund	12.6%	-	LMB, PAR, PI, PNTG, VITL, WLDN	Biotechnology, growth, infrastructure, Micro-Cap, Quality, Risk Appetite, underperformance	Micro-cap stocks posted exceptionally strong returns in Q3 as investor risk appetite remained robust following the Trump administration's moderated tariff stance in April. A much-anticipated interest-rate cut late in the quarter further fed that risk appetite, creating an environment favorable for higher-risk assets.	PNTG PAR LMB VITL PI WLDN GDYN AGYS ROAD LMB	View
2025 Q1	May 20, 2025	Greenhaven Road Capital	-12.0%	-12.0%	BKTI, BUR, CLBT, DHR, HGTY, KFS, KKR, LFCR, LMB, PAR, VTY.L	Alternative Assets, Onshoring, small caps, tariffs, Trade Policy, volatility	President Trump's Liberation Day tariff policies created significant market volatility and uncertainty. The administration implemented massive tariffs overnight with erroneous methodology, changing policy approaches daily. The manager believes moderate tariffs and weaker dollar policies are more likely long-term outcomes than the reciprocal tariffs initially announced.		View
2024 Q1	May 18, 2024	Greystone Capital	8.0%	16.0%	BELFB, DR.TO, IVFH, LMB, NNBR, SYZ	Food Distribution, management, Manufacturing, small caps, turnaround, value	Specialty food distributors like IVFH serve a critical niche in the food distribution ecosystem by providing add-on offerings for broadline distributors and sourcing quality fresh foods for professional chefs. The fragmented industry provides opportunities for M&A growth, with private equity actively pursuing specialty food distribution acquisitions.	NNBR IVFH	View
2024 Q1	May 16, 2024	1 Main Capital	4.0%	11.3%	BFIT, CZR, DNTL.TO, ENZ, IWG.L, LMB	Concentration, FCF, gaming, small caps, underperformance, value	Manager discusses extreme underperformance of small caps versus large caps over the last 5 years, noting this is one of the most extreme cycles in history dating back to 1926. Small cap underperformance driven by differences in earnings growth and multiple compression, with unprofitable companies dragging down overall index performance. Manager believes this creates attractive opportunities in small and mid-cap space.	CZR	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
2025 Q1	Apr 17, 2025	Liberty Park Capital Management	-3.5%	-3.5%	AUR, BKTI, BLN, INOD, LBRT, LESL, LMB, MTN, NSSC, RGTI, SEI, SOUN, STKL, SWIM, THRY, TITN, TTEK, VSEC, WNC, XMTR	Long/Short, security, small caps, tariffs, Trade Policy	President Trump announced minimum tariffs on all imports of 10%, plus reciprocal tariffs starting at another 10% and rising above 100% for trade abusers such as China. The manager believes the worst-case scenario of universal >50% tariffs is unlikely because global trade would cease and would enter a Great Depression. Some tariffs will likely remain permanent, and the tariff announcements significantly damaged confidence and predictability.	NSSC	View
2025 Q1	Mar 31, 2025	Wasatch Micro Cap Fund	-16.6%	-16.6%	ADUS, BOW, COCO, ESQR, EZPW, GCMG, GDYN, HCI, LMB, MAMA, PNTG, WEAV, XPOF	Biotechnology, Concentration, financials, healthcare, insurance, Micro Cap, value	The Fund's overweight to the financials sector was a large contributor to performance relative to the benchmark. The Fund held several insurance companies whose stocks were higher after announcing strong operating results, including HCI Group providing homeowners insurance in Florida and Bowhead Specialty Holdings focused on casualty and professional liability insurance.	ADUS XPOF WEAV EZPW BOW HCI	View
2023 Q4	Dec 31, 2023	THB Asset Management	10.3%	10.1%	ATMU, BYON, CENX, HONE, ICHR, LMAT, LMB, MHO, PLPC, PLUS, RES, SKIN, TRNS, TTI, UFPT, UTI, XPRO	Commercial real estate, consumer, Electric Vehicles, inflation, interest rates, Micro Cap	EV adoption is slowing with companies like Ford losing $36,000 per EV sold and GM delaying production. Consumer concerns about charging infrastructure, range, and cost are limiting adoption. Investment opportunities exist in ICE-related companies as EV transition timelines extend.	ATMU	View
2023 Q3	Nov 11, 2023	1 Main Capital	4.0%	11.3%	DNTL.TO, ENZ, IWG.L, LMB, SP	Concentration, fundamentals, small caps, technology, value	Small-cap stocks continue to trade as though the economy is at peak levels and a recession is imminent. The lack of investor confidence in near-term fundamentals is leading to exacerbated moves when nonfundamental flows occur. This creates an excellent environment for good stock pickers.	ENZ ^GSPC	View
2025 Q3	Oct 8, 2025	Liberty Park Capital Management	1.1%	-1.1%	BKTI, LMB, NSSC, WHR, XMTR	AI, Bubble, Long/Short, rates, small caps, Speculation, technology	Manager notes that artificial intelligence will improve productivity going forward, but warns of speculation and bubble conditions in AI-related stocks. Many unprofitable companies are claiming AI exposure to pump their stocks similar to the dot-com bubble.		View
2025 Q3	Oct 7, 2025	1 Main Capital	6.3%	16.1%	BFIT.AS, DNTL.TO, IWG.L, KKR, LMB, MBUU, MCFT, RICK, RLGT	Capital Allocation, Concentration, cyclicals, fundamentals, Logistics, small caps, value	1MC invests in good businesses with aligned management at low multiples that have slowly de-rated but continued to execute over long periods. The fund seeks companies that have endured stagnant periods despite healthy underlying cash generation and growth, with poor investor sentiment signaling attractive entry points.	RLGT	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
2024 Q3	Oct 25, 2024	1 Main Capital	4.0%	11.3%	AAPL, BFIT, CZR, DNTL.TO, IWG.L, LMB, PRKR, QCOM	Concentration, Fed policy, Litigation, rates, small caps, value	Small cap valuations had become unusually cheap relative to their large cap counterparts. Small cap earnings are more sensitive than large caps to economic growth and interest rates. The RTY rally began early in the quarter when inflation data came in below expectations, spurring optimism that the Fed would begin to cut interest rates.	PRKR	View
2025 Q3	Oct 24, 2025	NCG Micro Cap Growth Strategy	4.6%	5.2%	ADMA, ADPT, AEHR, AMPX, AMSC, AORT, APLD, ATRO, BRCF, CCB, CDNA, EVLV, FEIM, KEST, LEU, LMB, OPRX, PAR, PGY, PI, PKE, PL, PRCH, WULF, XMTR, ZETA	AI, defense, growth, Micro Cap, nuclear, Onshoring, small cap	AI infrastructure buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. The infrastructure needed to support AI development is creating substantial near-term investment opportunities.	ATRO	View
2025 Q3	Oct 20, 2025	Wasatch Micro Cap Fund	9.5%	-	LMB, PAR, PI, PNTG, VITL, WLDN	Biotechnology, growth, healthcare, infrastructure, Microcap, Quality, Risk Appetite, Utilities	Micro-cap stocks posted exceptionally strong returns in Q3 as investor risk appetite remained robust following the Trump administration's moderated tariff stance in April. A much-anticipated interest-rate cut late in the quarter further fed that risk appetite, creating an environment favorable for higher-risk assets.	PNTG LMB VITL PI WLDN	View
2025 Q4	Jan 24, 2026	1 Main Capital	3.4%	20.1%	BFIT.AS, DNTL, IWG.L, LMB, MBUU, MCFT, PRKR, RLGT, SUP, WATR	Building Systems, concentrated, FCF, Industrial Services, small caps, value	The fund focuses on finding attractive opportunities where high quality meets low valuation, particularly in smaller, old-economy businesses that remain ignored and mispriced. Many top holdings generate double-digit FCF yields while trading at bargain multiples. The fund capitalizes on smaller companies consistently underperforming larger companies since inception, providing opportunities to acquire high-quality businesses at attractive multiples. The portfolio is concentrated in smaller, overlooked businesses.	LMB	View
2025 Q4	Jan 24, 2026	Greystone Capital	0.3%	2.8%	APG, BEL, DR.TO, FC, FOUR, KITS.TO, LMB, LNF.TO, LSPD.TO, NRP, SQ, SYZ, TOST, VYX	Buybacks, Coal, concentrated, E-Commerce, payments, small caps, value	Natural Resource Partners continues to benefit from global coal consumption reaching record highs of 8.8 billion tons in 2025. The royalty business model provides exceptional durability through various pricing environments while avoiding ongoing capital expenditures and high operating costs. KITS Eyecare represents a vertically integrated direct-to-consumer eyecare model with strong unit economics. The company has achieved product/market fit with favorable CAC/LTV ratios and continues to take share from traditional optometry and less integrated online competitors. Shift4 Payments operates as an integrated end-to-end payments business with deep industry knowledge across hospitality, restaurant, and stadium verticals. The company owns the gateway layer and full payment stack, enabling higher margins and stronger customer retention than commodity payment processors. Medical Facilities Corp has repurchased over 20% of shares outstanding through tender offers and open market purchases, reducing total shares by nearly 40% over four years. Management demonstrates disciplined capital allocation focused on maximizing per-share value.	FOUR DR CN APG KITS CN NRP	View
2023 Q2	Jul 30, 2023	Greystone Capital	8.0%	16.0%	APG, BSFFF, CURN, LMB, RICK, SYZLF	Construction, Currency Exchange, Fitness, Hospitality, small cap, value	Manager emphasizes that small cap valuations are severely dislocated from larger businesses, creating the fourth such period in decades alongside 1974 Nifty-Fifty era, Dot-com bubble, and 2020 pandemic. Growing, well-managed, cash-generating small businesses are trading at single digit multiples while being underfollowed due to current market structure and fear from 2022 hangover effects.		View
2024 Q2	Jul 27, 2024	1 Main Capital	4.0%	11.3%	BFIT, BNED, CZR, DNTL.TO, FUN, IWG.L, LMB	Concentration, Education, Opportunistic, Recapitalization, small caps, value	Manager believes small caps provide highly attractive long-term investment opportunities due to fatigue from multi-decade underperformance and increased volatility during economic uncertainty. The Fund's performance was driven by just four small cap stocks representing under one-third of the portfolio.	BNED	View
2024 Q2	Jul 26, 2024	Greystone Capital	8.0%	16.0%	APG, BELFB, LMB, MFCSF, SYZLF	Concentration, management, Quality, small caps, Trust, underperformance, value	Manager focuses exclusively on small company investing, noting that small cap underperformance has persisted while large caps dominate market returns. Believes small cap valuations have deviated notably from large companies and expects eventual outperformance when the strategy comes back into favor.	MFCSF LMB APG BELFB SYZLF	View
2024 Q2	Jul 25, 2024	Liberty Park Capital Management	7.1%	2.5%	BELFB, BLBD, BLN, CGNX, COHR, ENVX, ETD, HEES, INTT, ITI, KRNT, LMB, LWLG, NVEE, PRIM, RELL, SWIM, TGLS, THRY, WEAV	AI, Long/Short, small caps, technology, turnaround, value	The manager believes the current AI hype cycle is coming to an end as investors notice actual revenue from AI is minimal relative to enormous capital equipment investment. OpenAI forecasts only $3.4 billion in 2024 revenue while over $100 billion has been spent on data center capex in the past 12 months. The AI industry needs time to digest this massive investment.	KRNT	View
2023 Q2	Jul 23, 2023	1 Main Capital	4.0%	11.3%	BFIT, DNTL.TO, IWG.L, KKR, LMB	Concentration, Europe, Quality, small cap, value	Manager focuses on high-quality businesses trading at below-market multiples with conservative assumptions. Emphasizes companies that are cheap on normalized earnings and currently under-earning rather than over-earning to benefit from potential overextrapolation.	CLMB KKR IWG.L DNTL.TO BFIT	View
2023 Q2	Jul 19, 2023	Liberty Park Capital Management	7.1%	2.5%	BELFB, BOWL, CBT, ETWO, EXP, ITI, KRT, LBRT, LMB, LUNA, NR, NVEE, POWL, SWIM, THRY, VSEC, VSH, WEAV, YOU, ZEUS	alpha, energy, inflation, Long/Short, small caps, technology, value	The fund focuses on small-cap stocks that were severely undervalued during 2022, with many quality companies trading at single-digit P/E multiples despite strong fundamentals. The managers believe these obscure, niche small-cap companies require more time for investors to digest fundamentals and price shares to reality.	APG\|DR CN\|KITS CN\|NRP\|SYZ CN	View
2024 Q2	Jul 17, 2022	Laughing Water Capital	2.5%	11.1%	APG, CDMO, CTLP, ERIC, HALO, HGV, LFCR, LMB, NN, THRY, VTY.L, XPOF	Biotechnology, contrarian, Franchising, momentum, quantitative, small caps, value	Manager focuses on contrarian investing in businesses trading at single digit multiples of free cash flow, believing good businesses led by incentivized people will not trade at these levels forever. The strategy targets hidden corners of the market with optical, operational, or structural problems that are likely temporary.	XPOF CTLP	View
2023 Q1	Apr 13, 2023	1 Main Capital	4.0%	11.3%	DNTL.TO, LMB	Consolidation, growth, healthcare, Industrial, Quality, small cap, value	Manager emphasizes finding high quality businesses at attractive valuations, describing current portfolio as having low valuations with strong growth prospects. Views current environment as providing plentiful opportunities for exceptional forward returns despite market pessimism.	CLMB DNTL.TO	View
2023 Q4	Jan 25, 2024	Laughing Water Capital	2.5%	11.1%	ALC, APG, BVH, CDMO, DGX, ENZ, HGV, LFCR, LH, LMB, NN, RCL, THRY, VNDA, VTY.L, VZ	Buybacks, concentrated, long-term, small caps, value	Manager focuses on small and very small cap stocks despite recent underperformance. Notes that small caps have significantly underperformed large caps, with micro cap ETF returning only 8% in 2023. Believes this creates opportunity as small caps are only 4% expensive vs 20-year average while large caps are 88% expensive.	ANNX	View
2023 Q4	Jan 23, 2024	1 Main Capital	4.0%	11.3%	DNTL.TO, ENZ, IWG.L, KKR, LMB, RICK	Concentration, Quality, Roll-ups, small caps, value	Manager focuses on high-quality, well-managed businesses trading at attractive multiples that represent upside rather than downside to investment value. Emphasizes finding undervalued companies with attractive growth prospects where multiple expansion can contribute to returns alongside earnings growth.	CLMB	View
2024 Q4	Jan 20, 2025	Greystone Capital	0.5%	19.2%	APOG, BELFB, DESP, FRAN, IVFH, LMB, NRP, SYZLF	Coal, Concentration, Distribution, Patience, royalties, small caps, value	Manager emphasizes small caps and microcaps are providing an excellent opportunity set for patient investors, largely remaining attractive due to current market environment favoring largest businesses. Portfolio consists of companies mostly outside major indices with zero S&P 500 holdings and just two Russell 2000 companies.		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
2023 Q4	Jan 2, 2024	Greystone Capital	8.0%	16.0%	APG, BELFB, CURN, FC, LMB, SENEA, SYZLF, THRY	Concentration, Outperformance, SaaS, small caps, value	Manager emphasizes that small caps now make up less than 4% of the U.S. equity market due to large cap valuation expansion, creating a void where very few investors are choosing small caps to outperform. Markets in both the US and Canada are offering tremendous bargains consisting of well-managed, growing businesses that generate cash, trading at single digit multiples of cash flow.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Greystone Capital	Limbach Holdings	Industrials	Construction & Engineering	Bull	NASDAQ	Construction services, Cyclical Reduction, data centers, healthcare, HVAC, margin expansion, ODR Services, recurring revenue, Relationship-based	View Pitch
Apr 13, 2026	Fund Letters	Wasatch Micro Cap Fund	Limbach Holdings, Inc.	Industrials	Construction & Engineering	Bull	NASDAQ	Building Systems, Campus Settings, Educational, healthcare, HVAC, Industrial, Maintenance, Owner-direct	View Pitch
Jan 27, 2026	Fund Letters	Yaron Naymark	Limbach Holdings, Inc.	Industrials	Commercial & Professional Services	Bull	NASDAQ	Acquisitions, Buildingsystems, Freecashflow, infrastructure, Margins, Ownerdirect	View Pitch
Jan 8, 2026	Fund Letters	Ken Korngiebel	Limbach Holdings, Inc.	Industrials	Construction & Engineering	Bull	NASDAQ	Building Systems, HVAC, margin expansion, Owner-direct, strategic pivot, turnaround	View Pitch
Nov 29, 2025	Fund Letters	Ken Korngiebel	Limbach Holdings Inc.	Industrials	Engineering & Construction	Bull	NASDAQ	backlog, construction, growth, HVAC, infrastructure, Integration, Margins, Owner-direct, recovery	View Pitch
Sep 24, 2025	Substack	Shareholders Unite	Limbach Holdings, Inc.	Industrials	Building Products & Equipment	Bull		Acquisitions, building systems solutions, economic resilience, gross profit margins, maintenance services, Market expansion, ODR segment, Owner Direct Relationships, Revenue Growth, strategic focus	View Pitch
Sep 16, 2025	Short Thesis	Spruce Point	Limbach Holdings Inc	Industrials	Construction	Bear	NASDAQ	Accounting, Backlog risk, construction, Governance, Margins	View Pitch

BSD Shareholders of LMB

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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