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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 2, 2025 | Silver Beech Capital | 3.7% | 6.6% | CTRI, DNTL.TO, ET, FFH.TO, FR, GFR.TO, GSY.TO, MHC, PRKS, RTO, SWX, WSC | insurance, Regulated, small caps, undervalued, Utilities, value | Southwest Gas Holdings represents a pure-play regulated utility opportunity with multiple catalysts including deconsolidation from Centuri, deleveraging, understated rate base growth of 8-12% CAGR, and improving regulatory frameworks in Arizona and Nevada that will address regulatory lag. | FFH.TO SWX FFH CN SWX |
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| 2025 Q1 | Jun 16, 2025 | Silver Beech Capital | -2.8% | -2.8% | BN, BUR, DNTL.TO, ET, FFH.TO, FR, GFR.TO, GSY.TO, MHC, PRKS, RTO, WSC | Logistics, REITs, small caps, tariffs, value, volatility | The logistics real estate sector has been a top-performing asset class for over a decade, driven by structural shifts including e-commerce growth and U.S. manufacturing reindustrialization. Current supply constraints from high construction costs and elevated interest rates have created a compelling investment opportunity, with new supply projected 60% below peak 2022 deliveries. | FR |
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| 2025 Q3 | Dec 4, 2025 | Silver Beech Capital | - | 3.5% | DNTL.TO, ET, FFH, FR, GFR.TO, GSY.TO, MHC, PLYM, PRKS, RTO, SWX, WSC | Canada, Consolidation, Cyclical, Industrial, small caps, value | Silver Beech's portfolio trades at over a 50% discount to the S&P 500's price-earnings ratio while possessing similar projected earnings-per-share growth and returns-on-capital. The fund focuses on finding disconnects between price and value, as demonstrated with WillScot trading at a 13% free cash flow yield despite being a dominant industrial services franchise. | View | |
| 2024 Q3 | Nov 27, 2024 | Silver Beech Capital | 0.0% | 22.3% | BN, BUR, DNTL.TO, ET, FFH, FNF, MHC, RTO, SNX, WSC | Asset Management, Concentration, Construction, private markets, small cap, Specialty Rental, value | Silver Beech focuses on constructing a portfolio of misunderstood companies at attractive prices. The fund's portfolio trades at significantly lower valuations than broader indices with a 2.1x price-to-book ratio versus 5.1x for the S&P 500. The strategy emphasizes downside-oriented investing in companies that can win in extreme market conditions. | WSC BN |
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| 2024 Q4 | Mar 26, 2025 | Silver Beech Capital | - | 23.9% | BN, BUR.L, DNTL.TO, ET, FFH.TO, GFR.TO, MHC, PRKS, RTO, WSC | Consolidation, energy, financials, real estate, Turnarounds, value | Silver Beech focuses on durable companies priced at attractive multiples of free cash flow, contrasting with the S&P 500's near-record multiples. The fund targets out-of-favor areas including real estate, finance companies, banks, insurers, and companies with misunderstood asset-rich balance sheets that feature attractive valuations conducive to strong forward returns. | RTO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||