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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 3, 2025 | Rome Capital Limited | - | - | 1910 HK, CBOX LN, GIGI, NATL, REVG, SEG MM, SOC | Compounding, durability, long-term, turnover, volatility | The letter emphasizes compounding through ownership of durable, high-return businesses over long holding periods. Management argues that minimizing turnover and avoiding reactionary decisions enhances after-tax and long-term outcomes. Volatility is viewed as noise rather than a signal to act. | 1910 HK SEG US REVG US SOC US NATL CBOX LN |
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| 2025 Q2 | Aug 4, 2025 | FPA Queens Road Small Cap Value Fund | 8.6% | 5.9% | AAP, CSGS, IDCC, IMKTA, NNI, PVH, REVG, SCHL, SFM, THS, UGI, VSH | Balance Sheets, Quality, returns, small caps, Valuation gap | The letter highlights generationally attractive valuations in small-cap equities, particularly among high-quality businesses. Management argues that balance sheet strength, earnings consistency, and returns on capital matter more than size alone. Small-cap quality stocks are viewed as mispriced relative to large caps. | NNI IMKTA |
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| 2024 Q1 | Jun 1, 2024 | Alta Fox Capital Management | 4.2% | 12.5% | DAKT, EML AU, HUMBLE SS, REVG | - | View | ||
| 2025 Q1 | Mar 31, 2025 | FPA Queens Road Small Cap Value Fund | -2.5% | -2.5% | ALTM, CNO, CSWI, IDCC, MDU, OSK, PVH, REVG, SCHL, SFM, UGI, VSH | - | View | ||
| 2025 Q4 | Feb 10, 2026 | FPA Queens Road Small Cap Value Fund | -0.4% | 13.4% | AAP, CSGS, FN, IDCC, NJR, OSK, PLUS, PVH, REVG, RLI, SFBS, SFM, SNX, UGI, UPBD | insurance, Quality, small cap, technology, Utilities, value | Small caps are overlooked, disdained and cheap relative to large caps. Quality small caps are trading at significant discounts to quality large caps while historically trading at premiums. The fund sees growing opportunity set as capital withdraws from actively managed small value strategies. The fund focuses on quality companies with balance sheet strength, earnings consistency, and high returns on capital. Quality small caps have become cheap compared to large caps and the quality premium in small caps is modest versus pronounced in large caps. The fund's value-focused process leads to a portfolio designed to protect clients during market drawdowns. They identify overlooked, out of favor companies trading at attractive valuations with strong franchises in boring industries. | AAP SFBS UPBD PVH UGI IDCC FN NJR RLI SNX |
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| 2025 Q3 | Nov 8, 2025 | FPA Queens Road Small Cap Value Fund | 7.5% | 13.8% | FN, IAC, IDCC, REVG, RLI, SAIC, SFM, SNX, THS, VSH | Discipline, fundamentals, Quality, returns on capital, small caps | The fund underscores its four-pillar quality disciplinebalance sheet strength, earnings consistency, returns on capital, and strong managementamid a junky rally in speculative small caps. Q3 underperformance was driven by momentum-driven, low-quality segments outperforming, yet the fund remained focused on resilient compounders. The team continues reallocating toward higher-quality names with durable long-term economics. | View | |
| 2024 Q3 | Nov 2, 2024 | Alta Fox Capital Management | 4.2% | 12.5% | APP, REVG | - | View | ||
| 2025 Q4 | Jan 29, 2026 | abrdn U.S. Small Cap Equity Fund | 0.5% | 8.8% | ARCB, ARQT, ATEC, ATZ.TO, AZZ, CARG, CORT, ELF, HLIO, ITGR, LRN, LZB, OSW, PI, REVG, SUPN, TRNO, VIAV | healthcare, industrials, infrastructure, Quality, small caps, technology | The fund focuses on US small-cap equities, which rose over the quarter but lagged broader US equities. The manager emphasizes higher-quality small-cap businesses that offer resilience against macroeconomic headwinds while benefiting from secular trends. The manager sees compelling opportunities from increased infrastructure investment as a secular trend. New position AZZ is positioned to benefit from grid modernization and domestic manufacturing reshoring. Reshoring of supply chains presents compelling opportunities for smaller companies. AZZ is positioned to benefit from domestic manufacturing reshoring trends, while the broader strategy targets companies that can capitalize on this shift. The fund initiated a position in AZZ, which is positioned to benefit from accelerating data-center development. This reflects the manager's view on the growth potential in data center infrastructure. | CORT |
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| 2024 Q2 | Jul 31, 2024 | Alta Fox Capital Management | 4.2% | 12.5% | HUMBLE SS, REVG | - | View | ||
| 2024 Q4 | Jan 26, 2025 | Rome Capital Limited | - | - | 1114 HK, 1910 HK, 3990 HK, CBOX LN, CPRI, EDEN FP, G2M SS, NATL, PLX FP, REVG, SEG, SN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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. | ||||||||