PBPB Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 19, 2025	Immersion Investment Partners	28.1%	17.1%	CELH, MAMA, PBPB, RDVT, UFPT	Food, fundamentals, growth, Microcap, small caps, value, volatility	Fresh and prepared foods in grocery stores has been a growing category, catalyzed by consumer demand for healthier, fast, and affordable food options. Grocery stores have been increasingly dedicating more food space to the category. Today, it is one of only a couple of categories that are seeing volume growth.	MAMA MAMA	View
2025 Q2	Jul 11, 2025	Heartland Value Fund	8.9%	2.7%	CAT, CVGW, PBPB, XRAY	earnings, Fed, rates, Restaurants, small caps, turnaround, value	Small cap stocks rebounded smartly in the quarter with earnings growth gaining momentum. The Federal Reserve's interest rate cuts and improving earnings for S&P 600 companies provide historical tailwinds for small stocks, though mixed economic signals create uncertainty.	XRAY CVGW PBPB XRAY PLAB KWR	View
2024 Q1	Jun 13, 2024	180 Degree Capital Corp	0.0%	0.0%	AREN, LTRX, PBPB, QBTS, QMCO, SCOR, SNCR	activism, Microcap, rates, small caps, value	Manager argues that 5% Fed funds rates are historically normal and small cap stocks have performed well in such environments. The Russell Microcap Index remains down 30% from its all-time high despite broader market recovery. Historical data shows small caps performed positively in 15 out of 21 years when Fed funds rates were above 4.9%.	SCOR AREN LTRX QMCO SNCR PBPB	View
2025 Q1	May 19, 2025	180 Degree Capital Corp	4.5%	4.5%	ACNT, AREN, AVNW, BCOV, CVGI, IVAC, LTRX, MAMA, PBPB, RFIL, SCOR, SNCR, TURN	Asset Management, Mergers, private credit, small caps, turnaround, value	Manager emphasizes 35 years as a value investor attempting to uncover great companies trading below intrinsic value. The proposed Mount Logan combination represents what they believe is a great undiscovered and undervalued company. The letter repeatedly discusses finding substantially undervalued small, publicly traded companies with turnaround potential.		View
2024 Q1	May 15, 2024	Immersion Investment Partners	9.6%	9.6%	BELFB, CELH, GFF, PBPB	concentrated, long-term, Patient Capital, small caps, value	Fund focuses on small-cap investments with market capitalizations ranging from $30 million to $17 billion, with a median of $600 million. The strategy targets overlooked and underappreciated companies that are too small for institutional investors.		View
2022 Q3	Dec 31, 2022	180 Degree Capital Corp	0.0%	0.0%	ALTG, AREN, CVGI, PBPB, QBTS, QMCO, SCOR	-			View
2023 Q1	Dec 6, 2023	180 Degree Capital Corp	0.0%	0.0%	ALTG, AREN, IVAC, PBPB, QBTS, SNCR	activism, Banking, Concentration, Fed, inflation, Microcap, Turnarounds, value	Manager focuses exclusively on microcap stocks through concentrated portfolio of 7-10 positions. Believes microcap market is filled with inefficiencies and asymmetric risk/reward characteristics that allow for outsized returns when stock picking is correct. Views current environment as providing opportunities to invest in well-run businesses with significant upside.	ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN IVAC SNCR ALTG ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN	View
2025 Q3	Nov 13, 2025	VH Standard Asset Management	-	13.3%	AL, ANSS, CYBR, DAY, EA, GTLS, HES, HOUS, INFA, MRUS, MTSR, NSC, PBPB, PLYM, SKX, TECK, TURN, VRN, WBA, ZIMV	capital preservation, Deregulation, M&A, Merger Arbitrage, risk management	The manager discusses operating in a buoyant M&A environment with positive tailwinds from deregulation and favorable economic framework. The fund's strategy is compared to operating an insurance company, focusing on growing book value over the long term through merger arbitrage transactions.		View
2025 Q3	Oct 9, 2025	Heartland Value Fund	10.0%	13.0%	CAT, CVGW, PBPB, XRAY	earnings, Fed Cuts, Restaurants, small caps, Turnarounds, value	Small cap stocks rebounded smartly in the quarter with earnings growth gaining momentum. The fund focuses on small value investing with the Russell 2000 Value Index as benchmark, emphasizing bottoms-up research and the 10 Principles of Value Investing.	XRAY CVGW PBPB	View
2025 Q3	Oct 20, 2025	Immersion Investment Partners	18.4%	38.7%	CELH, MAMA, PBPB, RDVT	Acquisitions, Beverages, Distribution, Food, growth, small caps, value	The fund focuses exclusively on smaller companies by market cap that are often less followed and less liquid. These companies create opportunities for violent outperformance when fundamentals are recognized by the market, creating a coiled spring effect where good news accumulates until it erupts violently once people take notice.	MAMA CELH MAMA CELH	View
2023 Q3	Sep 30, 2023	180 Degree Capital Corp	0.0%	0.0%	ALTG, AREN, CVGI, PBPB, QBTS, QMCO, SCOR	activism, Bear Market, Concentration, inflation, mispricing, Recession, small caps, value	Manager emphasizes concentrated value investing using Graham and Dodd approach enhanced with constructive activism. Believes market is inefficient and many holdings are dramatically misvalued, trading at historically low valuations despite operational improvements. Cites David Einhorn's observation about enormous number of dramatically misvalued companies.	ALTG ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN	View
2024 Q2	Aug 19, 2024	180 Degree Capital Corp	0.0%	0.0%	LTRX, MAMA, PBPB, SCOR, SNCR, SYNC, TST	activism, catalysts, Constructive, Microcap, small caps, value	The fund focuses exclusively on small and microcapitalization companies, highlighting the growing disconnect between large and small cap stocks and historically low valuations for small caps. The Russell 2000 and Russell Microcap indices experienced dramatic volatility during the quarter, driven primarily by ETF flows rather than fundamentals.		View
2023 Q2	Jul 20, 2023	180 Degree Capital Corp	0.0%	0.0%	CVGI, IVAC, PBPB, QBTS, SCOR, TURN	activism, Concentration, Microcap, small caps, turnaround, value	Fund focuses on substantially undervalued small, publicly traded companies with potential for significant turnarounds through constructive activism. Portfolio is highly concentrated in microcap names with catalysts expected to drive material appreciation.		View
2022 Q2	Jun 30, 2022	180 Degree Capital Corp	0.0%	0.0%	2AS GR, ALTG, AREN, ELA, PBPB, QMCO, SCOR, SNCR	-			View
2022 Q1	Mar 31, 2022	180 Degree Capital Corp	0.0%	0.0%	2AS GR, ALTG, AREN, LTRX, PBPB, QMCO, SCOR, SNCR	-			View
2023 Q4	Feb 29, 2024	Artko Capital	6.9%	1.6%	ACFN, CURN, HQI, MLP, PBPB, RSSS, SHYF	activism, Concentration, fundamentals, Microcap, small caps, value	Manager focuses exclusively on small and micro-cap companies with median market cap of $182mm. Portfolio represents commitment to securities unable to be included in indices due to size or liquidity constraints. Discusses challenges of small-cap performance in current market environment.		View
2022 Q4	Feb 24, 2023	180 Degree Capital Corp	0.0%	0.0%	ALTG, AREN, CVGI, PBPB, QBTS, SCOR, SNCR	-			View
2023 Q4	Feb 20, 2024	180 Degree Capital Corp	0.0%	0.0%	AREN, PBPB, SCOR, SNCR	activism, Media, Microcap, small caps, technology, value	Manager emphasizes microcap companies are historically inexpensive and undervalued relative to larger companies. Russell Microcap Index underperformed NASDAQ 100 by over 4600 basis points in 2023. Small-cap valuations are highly attractive versus large-cap based on EV/EBIT metrics.	ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN SNCR ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN	View
2022 Q4	Feb 16, 2023	Artko Capital	6.9%	1.6%	ACFN, CURN, GAIA, HQI, NTIC, PBPB, POL, RSSS, SHYF	-			View
2023 Q4	Feb 2, 2024	Immersion Investment Partners	9.6%	9.6%	EDR.MC, GFF, PBPB	execution, mispricing, small caps, turnaround, value	eDreams Odigeo is transforming into the first subscription-led online travel agency with 5.1 million Prime members, generating recurring cash flow and circumventing middlemen like Google. The company delivered strong Q2 results with revenue and EBITDA up 19% and 66% respectively, showing significant margin expansion potential.	ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN AAGFF EDR.MC	View
2023 Q2	Jan 7, 2023	Immersion Investment Partners	9.6%	9.6%	BFIT.AS, FC, IDT, MPAA, PBPB	Auto Aftermarket, Fitness, Restaurants, small caps, special situations, turnaround, value	Small caps are at their largest relative discount to large caps since the dot-com bubble. The five years following the dot-com bubble produced some of the best returns in the history of public small cap investing. Investors have decided that all small cap stocks are risky regardless of prospective earnings/cash flow generation, quality of management, and cheap valuations.		View

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	180 Degree Capital Corp	Potbelly Corporation	Consumer Discretionary	Restaurants	Bull	NASDAQ	Consumer Discretionary, Equity, Fast casual, Franchising, Restaurants, same-store sales, traffic growth, US	View Pitch
Apr 13, 2026	Fund Letters	Heartland Value Fund	Potbelly Corporation	Consumer Discretionary	Restaurants	Bull	NASDAQ	acquisition target, COVID-19 recovery, franchise, Management Transition, Operational Improvement, Restaurants, same-store sales growth, turnaround	View Pitch
Nov 29, 2025	Fund Letters	Will Nasgovitz	Potbelly Corporation	Consumer Discretionary	Restaurants	Bull	NASDAQ	acquisition, Franchising, leadership, Margins, Operations, same-store sales, turnaround	View Pitch
Oct 21, 2025	Value Investors Club	chewy	Potbelly Corp.	Consumer Discretionary	Fast Casual Restaurants	Bull	NASDAQ	EBITDA multiple, Fast casual, Franchises, QSR, turnaround	View Pitch
Aug 8, 2025	Seeking Alpha	Pod Investor	Potbelly Corporation	Consumer Discretionary	Restaurants	Bull	NASDAQ	—	View Pitch

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