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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 27, 2025 | Alluvial Capital Management | 8.5% | 15.6% | CBL, CUC, FITB, GTX, MCB.L, MCEM, NEWP.MI, NLOP, PKST, SENEA, SRC.L, TLN, WISH, ZEGN.L | energy, Europe, Food, real estate, small caps, special situations, value | Talen Energy announced a major agreement with Amazon to provide 1,920 megawatts of nuclear power to Amazon datacenters through 2042, providing highly valuable long-term earnings stream. The company is shifting from merchant power production toward providing clean energy to datacenters on long-term contracts, with investors valuing shares more like a quasi-regulated utility. | WISH CBL PKST NLOP SRC LN SENEA MCB LN ZEG LN TLNE |
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| 2025 Q2 | Jul 15, 2025 | Merion Road Capital | 3.9% | -4.2% | BELFB, KTOS, MCEM, UBAB, WISH | Cash Shells, defense, small caps, SPACs, value | First-time investment in pure-play defense company Kratos, which develops hypersonic technologies and unmanned aircraft with emphasis on speed and cost efficiency. The company won its first prime contract with the $1.45bn MACH-TB 2.0 program and has direct exposure to key growth areas in defense spending including hypersonics and drones. | KTOS KTOS |
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| 2025 Q1 | May 7, 2025 | Tactile Fund | - | 0.7% | 4681.T, 9722.T, CORR.LS, CWK.L, FCG, GRUMAB.MX, LIF.TO, MCEM, NWC.TO, SAN.MI, SKIS-B.ST, SRC.L, VPK.AS | Agriculture, global, infrastructure, Long Term, Luxury, Physical Assets, small cap | The manager believes agricultural productivity will continue increasing globally, with most value accruing to owners of productive land and processing assets. Between 1948 and 2017, American farm output nearly tripled despite using less land and labor. Higher-yielding acreage will command higher rents while processing facilities benefit from greater throughput. | FUM IM ADN CN CNRD |
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| 2025 Q4 | Feb 19, 2026 | Tactile Fund | 4.5% | 20.5% | AER, CWK.L, FCG.NZ, GOOGL, GRUMAB.MX, HII, JUNGN.SW, LAMR, MATX, MCEM, META | Agriculture, AI, global, inflation, infrastructure, Luxury, Physical Assets, value | Holdings like Ricegrowers Ltd and Fonterra Shareholders Fund powered higher as rice and milk prices remained healthy and demand grew. Fonterra struck an agreement to sell its consumer-facing businesses to dairy powerhouse Lactalis. As the world's middle class grows, consumers will demand both more and better-quality foods and ingredients. Swiss Alpine Railways investors took notice of strong earnings from Jungfraubahn AG and BVZ Holding AG, each of which owns a collection of impossible to duplicate transportation and tourism infrastructure in the Alps. American shipbuilders benefit from higher spending on vessels and naval systems for national security reasons. There is a growing realization that artificial intelligence can reproduce the functions of a meaningful portion of the software offered by today's dominant software companies at a small fraction of the cost. Software franchises may eventually turn out to be just another commodity. AI capabilities will only improve. Tactile Fund owns shares in multiple European companies with extensive real estate holdings in exclusive locations. These are owned for their trophy assets that will grow in value with time, though this could mean waiting for their share prices to move. | GRUMAB MM BWEL GMEXICOB MM HII FSF NZ |
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| 2023 Q3 | Oct 24, 2023 | Alluvial Capital Management | 4.8% | 15.7% | FTLF, HMM.TO, LGT.B.TO, MCEM, PX, SENEA, TLN | Data centers, interest rates, nuclear, small caps, special situations, value | Talen Energy owns the Susquehanna Steam Electric Station, a two-unit nuclear power plant with 2.5 gigawatts of capacity. The Inflation Reduction Act provides supports and subsidies for nuclear power production, creating a de-risked business model for Talen. Nuclear plants could be desirable assets for larger regulated utilities looking to expand their renewables fleets. | SENEA HMM.TO ATLN.L MCEM |
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| 2025 Q1 | Apr 21, 2025 | Alluvial Capital Management | 6.5% | 6.5% | AAPL, CBL, CUWI, FTLF, GOOG, GTX, MCEM, SENEA, TLN | international, materials, real estate, small caps, Trade Policy, value | The fund continues to execute well in deeply discounted real estate across struggling sectors including office properties and malls. Net Lease Office Properties is marketing buildings for sale including the Binoculars Building leased to Google through 2030, while Peakstone Realty is diversifying into industrial properties. CBL properties is improving its mall portfolio by selling marginal assets and reinvesting in stronger properties. | NLOP MCB.L ZEG.L |
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| 2024 Q4 | Jan 31, 2025 | Merion Road Capital | 5.5% | 17.4% | AMZN, BELFB, CLH, CRH, GOOG, IBKR, MCEM, UBAB, VCTR | Banking, Buybacks, Cement, defense, small caps, technology, value | Manager holds two cement positions - Clean Harbors and Monarch Cement. Clean Harbors benefits from structural improvements to specialty waste sector with multi-year runway for organic growth and margin expansion. Monarch Cement offers opportunity to own fantastic asset at reasonable price due to illiquidity and dual shareholder structure. | BELFB MCEM UBAB GOOG VCTR CLH |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Alluvial Capital Management | Monarch Cement Company | Materials | Construction Materials | Bull | NASDAQ | Cement, Cyclical, debt-free, dividend, family-controlled, infrastructure, materials, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Merion Road Capital | Monarch Cement | Materials | Construction Materials | Bull | OTC | capital investment, Cement, construction materials, Dual Structure, illiquid, Kansas, margin expansion, Solar Project | View Pitch |
| Sep 12, 2025 | Substack | Winter Gems | Monarch Cement | Basic Materials | Building Materials | Bull | construction materials, debt-free, financial stability, growth potential, infrastructure spending, market position, Monarch Cement, ready-mix operations | 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. | ||||||||