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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 30, 2025 | Greystone Capital | 14.8% | 6.3% | APG, DR CN, KITS CN, NRP, SYZ CN | Compounding, Intrinsic Value, Patience, small caps, Valuations | The commentary focuses on small-cap equities as a long-term opportunity amid prolonged underperformance and depressed valuations. Management argues that quality small businesses continue to compound intrinsic value despite market neglect. Patience and focus are positioned as key advantages when small caps eventually regain investor attention. | DR CN KITS CN SYZ CN APG NRP |
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| 2025 Q1 | May 2, 2025 | Greystone Capital | -7.9% | -7.9% | BFIT NA, FC, LNF CN, NRP, XPOF | - | View | ||
| 2024 Q1 | Mar 31, 2024 | Apis Deep Value Fund | 10.1% | 10.1% | 103140 KS, NRP | - | View | ||
| 2023 Q3 | Oct 14, 2023 | Pernas Research | 18.0% | 17.8% | E2N GR, NRP, RELY | - | 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 |
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| 2024 Q3 | Sep 30, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AMZN, CRH, EXP, MSFT, NRP, NVDA | - | View | ||
| 2023 Q3 | Sep 30, 2023 | L1 Capital International Fund | 4.7% | 0.0% | BKNG, INTU, NRP | - | View | ||
| 2024 Q4 | Jan 20, 2025 | Greystone Capital | 0.5% | 19.2% | BELFB, DESP, IVFH, LMB, NRP, SYZ CN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | Fund Letters | Adam Wilk | Natural Resource Partners LP | Energy | Coal & Consumable Fuels | Bull | New York Stock Exchange | balance sheet, coal, Distributions, Freecashflow, royalties | View Pitch |
| Dec 6, 2025 | Fund Letters | Adam Wilk | Natural Resource Partners L.P. | Energy | Thermal Coal | Bull | NYSE | cashflow, coal, deleveraging, royalties, Supplydemand | View Pitch |
| Sep 13, 2025 | Substack | Scalpavelli | Natural Resource Partners LP | Energy | Thermal Coal | Bull | debt reduction, distribution increase, financial health, Free Cash Flow, investment opportunity, MLP, Natural Resource Partners, Natural Resources, royalty company | View Pitch | |
| Sep 12, 2025 | Substack | Scalpavelli | Natural Resources Partners LP | Energy | Thermal Coal | Bull | Coal Production, De-leveraging, Dividend Increase, Free Cash Flow, Inflation Protection, Infrastructure Revenues, MLP Tax Structure, Natural Resources, Royalty Income, Soda Ash Market | View Pitch | |
| Aug 7, 2025 | Substack | Pound the Rock Investing | Natural Resource Partners | Energy | Thermal Coal | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Substack | Pound the Rock Investing | Natural Resource Partners | Energy | Thermal Coal | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Substack | Pound the Rock Investing | Natural Resource Partners L.P. | Energy | Thermal Coal | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Substack | Pound the Rock Investing | Natural Resource Partners | Energy | Thermal Coal | Bull | NYSE | — | 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. | ||||||||