Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
View |
| 2025 Q1 | May 1, 2025 | RF Capital Management | -2.4% | -2.4% | 2660 HK, SFM | - | View | ||
| 2025 Q1 | Apr 30, 2025 | Penn Davis McFarland | - | - | SFM | - | View | ||
| 2024 Q1 | Apr 15, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | ALTM, CNXC, DECK, IDCC, JBT, MTZ, PVH, SFM, UGI, UNFI | - | 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 |
View |
| 2024 Q4 | Dec 31, 2024 | FPA Queens Road Small Cap Value Fund | 2.4% | 10.8% | CNXC, CSWI, DECK, IDCC, MSM, SCHL, SFBS, SFM, SYNA, VSH | - | View | ||
| 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 | Oct 30, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AAP, ALTM, AZO, CNXC, CSWI, DAR, DECK, FN, HMN, IDCC, ORLY, SFM, VSH | - | View | ||
| 2025 Q4 | Jan 6, 2026 | Smallvalue | 6.6% | 37.7% | AVGO, NVDA, OLVI.HE, ORCL, PLTR, SFM, TSLA | AI, Beverages, Copper, Data centers, Europe, Grocers, small caps, value | Artificial intelligence was the central theme of 2025, driving stock indices and sparking debate between believers and bubble warnings. The conversation is shaped by massive capital requirements for AI infrastructure, enormous energy consumption, uncertainty over profitability, and asset depreciation risk. AI-related capital investment represents around 2% of U.S. GDP, highlighting extraordinary scale and complexity. Data centers are industrial facilities requiring copper, steel, cement, concrete, and energy. Each megawatt of capacity requires tons of copper, cooling systems, and diesel backup generators. The cloud is not ethereal—it is heavy industry. Real beneficiaries are indirect players: industrial manufacturers, component distributors, and raw material suppliers. Without copper, there is no electrification, digitalization, AI, or data centers. Each megawatt of data center capacity requires roughly 30 tons of copper; with 10,000 MW added annually, this amounts to approximately 300,000 tons—about 1% of the 30 million ton annual market. Minor supply deficits can trigger significant price volatility, reinforcing a structural, long-term bullish outlook. Sprouts Farmers Market remains a high-quality business with some of the best operating margins in its sector and continues to repurchase shares aggressively. The company has ambitious expansion plans, aiming to triple its footprint from 450 to 1,400 stores nationwide while maintaining its fresh-first mission. Olvi Oyj announced strategic acquisitions in Q1 2026, including Estonia's leading mineral water producer Värska Originaal, Bosnia's largest brewery Banjalucka Pivara, and a 51% acquisition of Brewery International. These transactions expand Olvi's non-alcoholic and alcoholic beverage portfolios, increase sales volumes, and strengthen production capabilities across the Baltics, Nordics, and Mediterranean markets. | SFM |
View |
| 2024 Q2 | Jul 31, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | ALTM, DAR, DECK, FN, IAC, MTZ, SFBS, SFM, SNX, VSH | - | View | ||
| 2023 Q4 | Feb 2, 2024 | RF Capital Management | 0.0% | 56.1% | 2660 HK, SFM | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | Fund Letters | David Pintado | Sprouts Farmers Market Inc | Consumer Staples | Food Retail | Bull | NASDAQ | buybacks, cashflow, expansion, grocery, Margins | View Pitch |
| Jan 8, 2026 | Value Investors Club | GLSV | Sprouts Farmers Market | Industrials | Commercial Services & Supplies | Bull | NASDAQ | industrial services, infrastructure, Logistics, manufacturing, Operations, Outsourcing | View Pitch |
| Dec 4, 2025 | Seeking Alpha | Seeking Alpha | Sprouts Farmers Market, Inc. | Grocery Stores | Bull | comparable sales growth, consumer trends, grocery retail, healthy eating, macro headwinds, Margin Improvement, Sprouts Farmers Market, store brand products, store expansion, value investing | View Pitch | ||
| Oct 12, 2025 | Seeking Alpha | Seeking Alpha | Sprouts Farmers Market, Inc. | Grocery Stores | Bull | buy-on-the-dip, Consumer Preferences, low-risk investment, nostalgia marketing, old country store, organic growth, Q2 2024 performance, Sprouts Farmers Market, store expansion, supermarket industry | View Pitch | ||
| Sep 9, 2025 | Seeking Alpha | Seeking Alpha | Sprouts Farmers Market, Inc. | Grocery Stores | Neutral | comparable sales growth, competitive risks, Economic conditions, grocery retail, gross margins, Sprouts Farmers Market, store brand expansion, store expansion, traffic growth, valuation | View Pitch | ||
| Aug 7, 2025 | Seeking Alpha | Daniel Jones | Sprouts Farmers Market, Inc. | Consumer Staples | Grocery Stores | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | NM Market Insights | Sprouts Farmers Market, Inc. | Consumer Staples | Grocery Stores | Neutral | NASDAQ | — | 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. | ||||||||