PSLV

PSLV

PSLV

Letters With This Ticker

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	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
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 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
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
2020 Q4	Jan 1, 2021	Palm Valley Capital Management	5.8%	19.1%	BCEI, BHE, CFFN, CLCT, CRD/A, CRI, CSW-A.TO, DOX, HP, KELYA, NGS, OR.TO, PIC, PSI.TO, PSLV, SCHL, SKX, SP, SYKE	energy, Fed policy, inflation, Precious Metals, small cap, Valuations, value			View
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	View
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	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
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

BSD Shareholders of PSLV

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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