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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Sep 12, 2024 | Azvalor Iberia | - | 2.4% | PSLV | Concentration, Europe, long-term, Outperformance, Quality, Spain, value | Azvalor emphasizes investing in companies trading at very attractive prices for temporary reasons. The portfolios trade at FCF yields of 11.5-16% versus 4-6% for Western markets, with price-to-earnings ratios around 8x compared to 22x for the S&P 500. The firm believes these valuation discrepancies represent clear investment opportunities. | View | |
| 2024 Q2 | Sep 12, 2024 | Azvalor Internacional | - | 1.4% | EDV, NGD, PSLV, TRE.MC | Concentration, Europe, global, Long Term, Quality, value | Azvalor emphasizes investing in companies trading at attractive prices for cyclical or one-time reasons. The portfolio trades at an average FCF yield of 12%, much more attractive than the 4%-6% at which Western markets are trading. Their portfolios have a price/earnings ratio of around 8 times compared to the S&P 500's 22 times. | View | |
| 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 |
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| 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 |
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| 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 |
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| 2025 Q4 | Feb 4, 2026 | Azvalor Iberia | 0.0% | 0.0% | CNQ.TO, Gold, PSLV, TREC.MC, VIST | Concentration, Europe, global, gold, Mining, Quality, value | Azvalor focuses on finding good businesses well-managed by trustworthy teams that the market offers at attractive prices due to clouds hanging over their short-term outlook. Their portfolios trade at around a 50% discount to the broader market with significant upside potential across all funds. The firm built significant positions in gold and silver mining companies when they were largely ignored by the market and has now exited these investments entirely, crystallizing substantial capital gains from all of them as latest arrivals show signs of intoxication. | 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 | |
| 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 |
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| 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 |
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| 2023 Q2 | Jun 7, 2023 | Palm Valley Capital Management | -0.1% | 4.2% | AAP, CRD-A, CRD-B, LAS.TO, NGS, ODC, PSLV, SSRM, TBI, WHGLY | AI, Banking, Buybacks, credit, Recession, small cap, value | Manager views AI as potentially transformative but warns against investing in the current hype cycle. Compares AI boom to past bubbles like Cisco during the internet explosion, noting that revolutionary technology doesn't guarantee profitable investments. Believes progress will come in small steps rather than giant leaps. | LAS.TO BHARATBIJ.NS AAP |
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| 2023 Q1 | Apr 25, 2023 | Appleseed Fund | 0.0% | 0.0% | 005930.KS, ADS.DE, AER, ALL, ARDX, BEI.UN.TO, CCNE, CF, ITRN, MDT, MOS, MRC, PSLV, RKLY, SNV, SONY, SWK | Banking, Consumer Staples, Defensive, gold, healthcare, inflation, Recession, value | Inflation is hitting consumers hard with prices rising at mid-to-high single-digit rates since 2021, reducing purchasing power and quality of living. Consumer savings rates have fallen while credit card debt spiked to record $931 billion, forcing reliance on expensive credit for necessities. | SNV SWK MDT |
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| 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 8, 2026 | Fund Letters | Jayme Wiggins | Sprott Physical Silver Trust | Materials | Precious Metals & Minerals | Bull | New York Stock Exchange | Commodities, Hedging, inflation, Preciousmetals, Silver | 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. | ||||||||