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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Aug 31, 2024 | Adestella Investment Management | -3.5% | 7.8% | PRKS, WSC | - | View | ||
| 2024 Q2 | Aug 26, 2024 | Voss Value Fund | -6.8% | 1.8% | PRKS | - | View | ||
| 2025 Q2 | Aug 22, 2025 | Voss Value Fund | 1.0% | -6.3% | ARE CN, CLBT, ECN CN, FIVN, GENI, PHIN, PRKS | asymmetry, Balance Sheets, contrarian, deep value, mispricing | The commentary highlights deep value opportunities in overlooked and underfollowed companies trading at significant discounts to intrinsic value. Management focuses on balance sheet strength, asset protection, and asymmetric upside potential. Volatility is viewed as a necessary condition for outsized long-term returns. | FIVN ARE CN PRKS PHIN ECN CLBT GENI |
View |
| 2025 Q2 | Aug 22, 2025 | Voss Value Offshore Fund | 0.6% | -6.8% | ARE CN, CLBT, ECN CN, FIVN, GENI, PHIN, PRKS | contrarian, deep value, International Equities, Margin Of Safety, mispricing | The letter emphasizes global deep value investing, particularly in small and mid-cap international equities. Management highlights fear-driven selloffs and structural neglect as sources of opportunity. Capital preservation and margin of safety remain central to portfolio construction. | View | |
| 2025 Q4 | Feb 4, 2026 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | AROC, BE, BTSG, COHR, DY, ESAB, ESTA, EXR, GH, HIMS, ITRI, KKR, PJT, PRKS, RBA, RMBS, VRNS, WWD | aerospace, AI, cyclicals, growth, healthcare, Onshoring, small cap, technology | The AI investment cycle accelerated notably in 2025 and is expected to continue driving the market early in 2026. Bottlenecks from power supply availability remain a key gating factor to bring new computing capacity online. Despite widespread calls that AI stocks are in bubble territory, the managers hold a balanced view and believe investor skepticism may prove supportive of a prolonged investment cycle. Healthcare remains the largest sector in the US with total expenditures reaching $5 trillion and accounting for 17.7% of GDP. The sector has been working off excesses from the COVID-19 pandemic but shows reasons for optimism including increased M&A activity and more favorable valuations. Interest in healthcare stocks could see a resurgence once investors are comfortable with policy and regulatory overhangs. Aerospace stocks have largely outperformed as production challenges at two global aircraft manufacturers have led to sustained increases in high-margin aftermarket parts and services. With manufacturers finally resolving longstanding production issues, original equipment exposed stocks could potentially outperform aftermarket-exposed stocks as aircraft production rates ramp up. Re-shoring and factory automation are expected to emerge as key themes driving broader capital spending in 2026. This represents a significant shift in manufacturing and investment patterns as companies bring operations back to the United States. | View | |
| 2025 Q3 | Dec 4, 2025 | Silver Beech Capital | - | 3.5% | DNTL, ET, FFH, FR, GFR, GSY, MHC, PLYM, PRKS, RTO, SWX, WSC | CashFlow, Discipline, fundamentals, valuation, value | Silver Beech emphasizes a disciplined value approach amid a speculative market that rewards unprofitable growth and ignores cash-flow durability. The fund argues that valuation gaps versus the S&P 500 provide a margin of safety, with opportunities created by cyclical dislocations rather than structural impairment. Value investing remains compelling as fundamentals, free cash flow, and capital returns ultimately reassert themselves. | View | |
| 2025 Q3 | Nov 25, 2025 | Voss Value Fund | 5.0% | -1.7% | CLBT, EEFT, FIVN, FLYW, PRKS, XPOF | cyclicals, dispersion, Fintech, software, value | Voss highlights extreme market bifurcation, with speculative AI-linked names soaring while quality and value factors experience severe drawdowns. The strategy focuses on mispriced cash-generative businesses suffering from sentiment-driven dislocations despite stable fundamentals. Value remains compelling as dispersion widens and revenue revision cycles eventually normalize. | CLBT FLYW PRKS XPOF EEFT CVNA |
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| 2025 Q3 | Nov 25, 2025 | Voss Value Offshore Fund | 4.9% | -2.3% | CLBT, EEFT, FIVN, FLYW, PRKS, XPOF | CashFlow, momentum, revisions, underperformance, value | Same themes as the onshore fund: severe factor divergence, mispriced durable cash-flow businesses, and opportunities created by market overreactions to decelerating revenue. The fund stresses patience as half its portfolio trades at all-time low valuations despite intact long-term theses. Value remains attractive amid extreme momentum-driven rotations and AI-induced distortions. | CLBT FLYW PRKS XPOF EEFT FIVN |
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| 2025 Q4 | Jan 20, 2026 | Greenlight Capital | 8.5% | 9.0% | AR, BHF, CNH, DECK, FLR, GPK, GPN, GRBK, HPQ, HSIC, LXS.DE, MSTU, MSTX, PRKS, SMR, SOLB.BR, SPB, TEVA, VSCO, WBD | Copper, Cyclical, gold, Hedge Fund, Long/Short, Macro, value | Gold had an exceptional year appreciating 64%. The primary driver was countries seeking to reduce dollar exposure for reserves and trade as the U.S. loses hegemonic leadership. Foreign central banks are increasing gold reserves and establishing it as an alternative to settling global trade in dollars, effectively re-monetizing gold within official government channels. Copper prices rose about 40% in 2025 driven by AI world demand for more copper while supply remains limited. Several large mines around the world experienced production shortfalls, contributing to the price appreciation. The fund focuses on building a bottom-up portfolio of equity longs that are absolutely cheap and misunderstood, paired with overvalued shorts. Many cyclical businesses faced earnings shortfalls but P/E multiples failed to expand as typically expected during cyclical downturns. | CNR SPB HSIC GPN DECK AR TEVA VSCO FLR |
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| 2024 Q2 | Aug 26, 2024 | Voss Value Offshore Fund | 7.4% | 8.9% | PRKS | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 8, 2026 | Fund Letters | Travis Cocke | United Parks & Resorts Inc. | Consumer Discretionary | Leisure Facilities | Bull | New York Stock Exchange | buybacks, Leisure, Margins, realestate, Themeparks, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | Travis Cocke | United Parks & Resorts Inc | Consumer Discretionary | Leisure Facilities | Bull | NYSE | buybacks, cashflow, Competition, EBITDA, Leisure, leverage, Pricing, Privatization, Themeparks, Tourism | View Pitch |
| Nov 28, 2025 | Fund Letters | Travis Cocke | United Parks & Resorts Inc | Consumer Discretionary | Leisure Facilities | Bull | NYSE | buybacks, cashflow, Competition, EBITDA, Leisure, leverage, Pricing, Privatization, Themeparks, Tourism | View Pitch |
| Oct 23, 2025 | Value Investors Club | regency435 | United Parks & Resorts Inc. | Consumer Discretionary | Leisure Facilities | Bull | NYSE | Amusement parks, Leisure, undervalued | 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 |
|---|---|---|---|---|---|---|---|---|
| John Khoury | Long Pond Capital | $851.2M | $31.0M | 3.65% | 855,000 | +855,000 | +100.00% | 1.5934% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.9M | 0.00% | 78,905 | +70,156 | +801.87% | 0.1470% |
| Cliff Asness | AQR Capital Management | $190.6B | $621,602 | 0.00% | 17,124 | +5,046 | +41.78% | 0.0319% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $54.0M | 0.18% | 1,486,928 | -1,005,108 | -40.33% | 2.7710% |