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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 22, 2024 | Buckley Capital | 4.8% | 0.5% | CC, GFF, GSY.TO, IWG.L, NGVT | Co-working, Commercial real estate, small caps, Specialty Chemicals, value | Manager initiated position in Ingevity, a specialty chemicals company facing temporary margin pressure from high crude tall oil costs. The company is fixing these issues and should return to high historical growth rates. Also doubled position in Chemours after delayed filing created buying opportunity. | View | |
| 2025 Q1 | Apr 25, 2025 | SouthernSun Small Cap | -11.5% | -11.5% | AEIS, AGCO, AWI, BOOT, DANH, EPAC, EXTR, IEX, LOB, MOD, NGVT, OXM, PII, SAM, TKR, USPH | Manufacturing, Quality, Resilience, small caps, tariffs, value | Manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. The portfolio focuses on 20-30 fundamentally sound companies with financial backbone and market strongholds. | MOD EXTR LOB BOOT TKR EPAC |
View |
| 2025 Q1 | Apr 15, 2024 | The London Company Small Cap | -7.1% | -7.1% | ACIW, ATKR, CNNE, DV, MC, NGVT, RVLV, THG, UNF | Defensive, Quality, Recession, small caps, tariffs, value | The portfolio maintains a defensive, lower volatility posture focused on Quality factors. Quality factors have historically posted their best relative returns during periods of decelerating growth and through recessions, typically lagging in early recovery but keeping pace during mid-cycle years. | NGVT UNF ATKR RVLV MC DV SGI THG ACIW |
View |
| 2026 Q1 | Apr 13, 2026 | The London Company Small Cap | -2.0% | -2.0% | CCC, CERT, GOLF, HAE, HWKN, MATX, MC, NGVT, RVLV, UNF | energy, Geopolitical, healthcare, industrials, Quality, small cap, value, water | HWKN |
View | |
| 2024 Q4 | Dec 31, 2024 | SouthernSun Small Cap | -7.7% | 4.7% | AEIS, AWI, BCO, DORM, LOB, MGPI, NGVT, OXM, PII, SAM, TKR, USPH | Cyclical, Patience, positioning, Research, small cap, value | Dorman Products represents a leading position in automotive aftermarket parts with unique first-to-aftermarket capabilities. The company has invested heavily in developing proprietary software to break down OE part codes and create matching functionality for complex electronic components. | View | |
| 2023 Q3 | Oct 31, 2023 | The London Company Small Cap | 7.0% | 8.9% | AWI, CABO, ENOV, LANC, NEU, NGVT, QLYS, TPX | Buybacks, dividends, Quality, small caps, technology, value | The portfolio emphasizes companies with sustainably high returns on capital and lower leverage ratios. The Quality tilt aided relative performance as numerous unprofitable companies in the Russell 2000 significantly underperformed. The companies generate sustainably high returns on capital with low leverage ratios at reasonable valuations. | NGVT ELANCO ENOV QLYS TPX |
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| 2025 Q3 | Oct 30, 2025 | SouthernSun Small Cap | - | 8.3% | AEIS, BCO, CXT, DAR, DORM, EPAC, MOD, MSA, MUSA, NGVT, SCL | active management, industrials, materials, Quality, small caps, value | SouthernSun focuses exclusively on small-cap securities defined as equity securities with market capitalizations within the range of the Russell 2000 Index. The manager emphasizes that divergence in small and mid-sized market segments creates opportunities for active discovery when new entrants come to the public stage. | CXT SCL DAR MOD BCO CXT SCL DAR MOD BCO |
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| 2025 Q3 | Oct 30, 2025 | SouthernSun SMID Cap | - | 8.7% | BCO, CXT, DAR, FND, GNRC, MOD, MUSA, NGVT, SEIC, VMI, WSO | active management, fundamentals, Quality, SMID Cap, Stewardship, value | SouthernSun emphasizes the enduring value of active management in an increasingly passive world, arguing that active investing restores balance by engaging directly with management, questioning assumptions, and allocating capital purposefully rather than automatically. They view active management as essential stewardship that combines analytical rigor with human judgment. | CXT WSO DAR BCO MOD CXT WSO DAR BCO MOD |
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| 2025 Q3 | Oct 28, 2025 | The London Company Small Cap | 1.6% | -3.3% | AWI, GHC, HAE, IPAR, NGVT, WTM | Fed, industrials, materials, Quality, rates, small caps, value | The portfolio maintains a high Quality, low Volatility positioning that has been out of favor since April but historically regains leadership when fundamentals reassert themselves. Quality factors were headwinds during the high beta rally as markets rewarded speculation over stability. | GHC NGVT AWI |
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| 2024 Q3 | Sep 30, 2024 | SouthernSun SMID Cap | 8.8% | 13.9% | APG, BOOT, GNRC, IDXX, LPX, NGVT, USPH | - | View | ||
| 2024 Q3 | Sep 30, 2024 | SouthernSun Small Cap | 10.6% | 13.5% | AGCO, BDC, BOOT, DORM, LOB, LPX, NGVT, SAM, SCL, USPH | Agriculture, AI, infrastructure, Onshoring, Resilience, small cap, technology, value | Global infrastructure market expected to grow at 7.2% CAGR from 2024-2030, driven by public and private sector investments in modernization and sustainability. Geopolitical shifts encouraging re-shoring, onshoring, and near-shoring require substantial infrastructure investment. Governments worldwide seek to bolster economic resilience through infrastructure spending. | NGVT USPH BOOT LPX |
View |
| 2023 Q2 | Feb 8, 2023 | SouthernSun SMID Cap | 8.8% | 13.9% | AGCO, DY, IEX, MGPI, MUSA, NGVT, SAM, THO, TREX, UNVR, USPH, WRK | Chemicals, concentrated, healthcare, SMID Cap, Spirits, Telecommunications, value | Fiber penetration has significant runway with only 43% of US homes passed by high-speed fiber cable. Government funding through ARPA, RDOF, and BEAD programs is making previously uneconomical rural and low-income areas viable for fiber deployment. Industry capacity remains tight with strong demand from smaller customers. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | The London Company Small Cap | Ingevity Corporation | Materials | Specialty Chemicals | Bull | NYSE | Activated-carbon, Alternative Fatty Acids, automotive, Monopoly Position, Pavement Technology, raw material costs, specialty chemicals | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Small Cap | Ingevity Corporation | Materials | Specialty Chemicals | Bull | NYSE | automotive, Emission Standards, environmental regulations, Performance Materials, specialty chemicals, Sum-of-parts | View Pitch |
| Apr 13, 2026 | Fund Letters | SouthernSun Small Cap | Ingevity Corporation | Materials | Specialty Chemicals | Neutral | NYSE | Activated-carbon, Automotive Emissions, Cost Reduction, industrial applications, Management Change, Performance Materials, restructuring, specialty chemicals | View Pitch |
| Nov 29, 2025 | Fund Letters | Brian Campbell | Ingevity Corporation | Materials | Chemicals | Bull | NYSE | Chemicals, diversification, Margins, Performance, portfolio, recovery, Sustainability | 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 |
|---|---|---|---|---|---|---|---|---|
| Ray Dalio | Bridgewater Associates | $27.4B | $2.0M | 0.01% | 33,401 | +14,022 | +72.36% | 0.0732% |
| Israel Englander | Millennium Management LLC | $233.2B | $54.6M | 0.02% | 923,077 | -266,447 | -22.40% | 2.0242% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $4.4M | 0.10% | 74,443 | -25,300 | -25.37% | 0.1632% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.7M | 0.00% | 28,377 | +6,810 | +31.58% | 0.0622% |
| Mario Gabelli | GAMCO Investors | $10.4B | $1.5M | 0.01% | 25,895 | -3,952 | -13.24% | 0.0568% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $2,663 | 0.00% | 45 | +45 | +100.00% | 0.0001% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $1.4M | 0.17% | 34,968 | -428 | -1.21% | 0.0513% |