PHYS

PHYS

PHYS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 9, 2024	Palm Valley Capital Management	-0.1%	4.2%	0288.HK, AAPL, AVA, CHTR, CMCSA, CRI, DISH, DOX, EQC, HOFT, KELYA, LAI.TO, MAN, NVDA, NWN, PHYS, PSLV, RGP, T, TBI	consumer, Precious Metals, small caps, Staffing, Utilities, value	Small cap valuations have normalized more than large caps since 2021 peaks, with median profitable small cap P/E at 17.5x versus 24x for large caps. The fund sees selective opportunities among struggling smaller companies trading near multi-year lows. Quality small caps have underperformed recently but historically delivered strong returns.	CRI TBI DOX RGP	View
2025 Q2	Jul 8, 2025	Palm Valley Capital Management	0.8%	1.4%	CHRD, CRI, DOX, HCSG, HTLD, KELYA, MAN, NWN, PHYS, PSLV, PZZA, RES, SEB, WHG	Cash, energy, inflation, Silver, small caps, Staffing, Trade Policy, value	Small cap stocks have not advanced in four years yet still aren't cheap, with current median P/E for profitable S&P SmallCap 600 members at 19x. The nonfinancial median P/E for profitable S&P 600 small caps is 22x, and median net margins remain well above historical levels.	PZZA RES CHRD HCSG PSLV PZZA RES CHRD HCSG	View
2022 Q2	Jul 1, 2022	Palm Valley Capital Management	-0.7%	1.2%	CRD/A, CRI, CTRA, DOX, HOFT, HTLD, MLR, NATH, NGSC, ODC, OR, PHYS, PSLV, VWTR, WHGLY	Cash, Fed, gold, inflation, Silver, small caps, Valuations, value		NATH LAS.TO HOFT ODC CRI	View
2024 Q1	Apr 19, 2024	Palm Valley Capital Management	-0.1%	4.2%	AAP, AVA, CRD-A, DOX, EQC, GENC, KELYA, LAS.TO, MLR, MSCI, NWN, PHYS, PSLV, SMCI, SSRM, TBI, WHG, WLY	AI, Bubble, Cash, Financialization, gold, small caps, Valuations, value	Small cap valuations remain elevated despite recent volatility, with median multiples still on the high side of pre-QE3 periods. The manager categorizes the small cap universe into three buckets based on quality and valuation, currently focusing on Bucket #3 cyclical or out-of-favor businesses where compensation exists for risks assumed.	NWN	View
2026 Q1	Apr 1, 2026	Palm Valley Capital Management	0.7%	0.7%	CHRD, DOX, FLO, FPI, HTLD, KELYA, LKQ, PHYS, RGP, RYN, TFX	AI, Cyclical, small cap, Staffing, undervalued, value		CHRD RYN DOX	View
2022 Q1	Apr 1, 2022	Palm Valley Capital Management	1.9%	1.9%	CRD/A, CTRA, DOX, HTLD, MLR, NGS, OR, PHYS, PLPC, PSLV, VWTR, WH	Cash, commodities, energy, Fed policy, inflation, Precious Metals, small caps, Valuations		MLR PLPC HTLD	View
2021 Q1	Apr 1, 2021	Palm Valley Capital Management	3.6%	3.6%	BCEI, CRD/A, CRI, DOX, GENC, GME, HP, PHYS, PSLV, PTVCB, PVCMX, SCHL, SLV, SSRM, SYKE, T, WHGLY	Bubble, Cash, Defensive, inflation, Precious Metals, small caps, Speculation, value		WHGLY CRI SSRM PHYS	View
2025 Q1	Mar 31, 2025	Barometer Capital Management	-	-	AAPL, AEM, ATRL.TO, AVGO, CPX.TO, CRWD, ERJ, GDX, GDXJ, GOOGL, HWM, K, KMI, MDA.TO, PHYS, TMX.TO, TPZ.TO, V, WPM, XGD.TO	Cash, Defensive, gold, inflation, Precious Metals, technology, Trade Policy, volatility	Gold and precious metals assumed leadership during Q1 2025 as investors sought safe-haven assets amid rising inflation concerns and economic uncertainty. Multiple gold positions including Agnico Eagle Mines, Wheaton Precious Metals, Kinross Gold, and Sprott Physical Gold Trust contributed significantly to portfolio performance as gold prices reached record highs.	TMX HWM ERJ AEM	View
2023 Q4	Dec 31, 2023	Appleseed Fund	0.0%	0.0%	AER, BEI.UN.TO, CF, DG, MDT, MOS, PHYS, SSNC, VFC	Diversified, Esg, global, SMID Cap, value			View
2025 Q3	Oct 7, 2025	Palm Valley Capital Management	2.4%	3.8%	AAPL, AMD, AMZN, AVA, AVGO, BRK-A, DOX, FLO, GOOGL, INTC, LKQ, META, MSFT, NVDA, PHYS, PSLV, RHI, SEB, TFX, TSLA	AI, Bull Market, Fed policy, gold, small caps, technology, Valuations	Managers question whether AI valuations are justified, noting that while AI may change the world, current leaders like Nvidia face sustainability challenges with 50%+ margins. They argue that even if AI continues and current beneficiaries remain entrenched, valuations already reflect their moats.		View
2021 Q3	Oct 1, 2021	Palm Valley Capital Management	-1.1%	3.7%	AMRK, COG, DOX, NGS, OR.TO, PHYS, PSLV, SSRM, TFPM, THS, VWTR, WHGLY	gold, inflation, Natural Gas, Precious Metals, risk management, small caps, Valuations		THS	View
2025 Q4	Jan 6, 2026	Palm Valley Capital Management	0.7%	4.5%	AMDOCS, AVA, CRI, DOM, FLO, FORR, FPI, HTLD, INGR, KELYA, LAS/A, LKQ, MAN, NWN, PHYS, PSLV, PVCMX, RES, UTZ, WHGLY	capital preservation, Cash, optionality, Patience, valuation	The letter highlights a cautious stance driven by elevated valuations, narrow market leadership, and limited margins of safety across equities. Cash is positioned as a strategic asset, preserving optionality and protecting capital while waiting for more attractive risk-reward setups. Capital preservation and patience are framed as competitive advantages late in the market cycle.	HTLD FLO INGR UTZ DOM LN	View
2024 Q4	Jan 5, 2025	Palm Valley Capital Management	-0.1%	4.2%	0288.HK, CHD, CRD-A, CRI, DOX, EL, FPI, HELE, HTLD, KELYA, LAS.TO, MAN, NVDA, NWN, PHYS, PLTR, PSLV, SEB, SSRM, STT, TBI	Cash, crypto, Cyclical, gold, small caps, Staffing, Valuations, value	Bitcoin rocketed 50% after the election to exceed $100,000, with crypto enthusiasts rejoicing at the pro-crypto stance of the incoming administration. The fund discusses various cryptocurrencies including Dogecoin with a $50 billion market cap and Tronix equal in size to major corporations, questioning the existence and value of hundreds of digital assets.	HTLD SEB KELYA	View
2021 Q4	Jan 1, 2022	Palm Valley Capital Management	0.0%	3.7%	AGI, CRD/A, CRD/B, CTRA, DOX, DRQ, HRL, NGS, ORLA.TO, PHYS, PSLV, SSRM, TFPM, THS, VWDRY, WHGLY	Cash, contrarian, Precious Metals, small caps, Valuations, value		WHGLY CRD.A DRQ AGI	View
2025 Q1	Apr 4, 2025	Palm Valley Capital Management	0.6%	0.6%	AVA, CRI, FLO, FORR, HTLD, KELYA, LAS.TO, MNRO, NWN, PHYS, PSLV, REYN, RGP, TBI, WHGLY	Cyclical, fiscal policy, gold, Government Spending, Quality, small caps, Staffing, value	Small cap equity performance has trailed large caps with fewer passive tailwinds and a drag from lower quality businesses. High quality small cap businesses remain fully valued despite the S&P SmallCap 600 being down 17% from its November 2024 record. The median profitable small cap company has an EV/EBIT multiple of 17x with elevated profits and valuations.	FLO MNRO REYN FORR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jun 15, 2026	Fund Letters	Palm Valley Capital Management	Sprott Physical Gold Trust	Other	Asset Management & Custody Banks	Bull	New York Stock Exchange	Currency debasement, Defensive Asset, Gold, inflation hedge, monetary policy, Physical bullion, Precious Metals	View Pitch
Aug 7, 2025	Seeking Alpha	Mike Zaccardi, CFA, CMT	Sprott Physical Gold Trust	Other	-	Bull	NYSEARCA	—	View Pitch

BSD Shareholders of PHYS

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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