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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 2, 2025 | Summers Value Fund | -1.8% | -12.8% | ADMA, CCSI, DERM, ELMD, INSP, LGND, OTCM, SPOK, VSTS, ZIMV | Biotech, healthcare, Pharmaceuticals, small caps, underperformance, value | The fund holds multiple pharmaceutical positions including Ligand Pharmaceuticals, ADMA Biologics, and Journey Medical. Healthcare sector sentiment remains weak amid uncertainty from new administration proposals to curb drug pricing and cut Medicare/Medicaid reimbursement. The fund initiated two short positions in pharmaceutical companies where sales expectations are believed to be too high. | DERM DERM |
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| 2025 Q1 | Apr 30, 2025 | Summers Value Fund | -11.2% | -11.2% | ADMA, CCSI, ELMD, INDV, LQDA, SPOK, VSTS, ZIMV | Biotechnology, Defensive, healthcare, small caps, value | The Fund focuses on relatively defensive healthcare companies that have historically served as a safe harbor during market uncertainty. Recent selloff in healthcare stocks following FDA leadership changes and concerns over drug approvals is viewed as overdone. Portfolio consists of companies with predictable businesses and strong cash flow generation. | CCSI |
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| 2023 Q4 | Feb 27, 2024 | Summers Value Fund | - | 16.1% | ELMD, FRPT, INSP, ISDR, LFCR, MODV, OTCM, PINC, SPOK, UFPT, UTMD, VRTV, ZIMV | Biotechnology, dividends, healthcare, Long/Short, Medical Devices, small caps, value | The fund has significant exposure to medical device companies including UFP Technologies (linked to da Vinci surgical robot growth), Inspire Medical (sleep apnea devices), and Zimvie (spine and dental). The manager sees strong growth potential in surgical robotics and sleep apnea treatment markets. | ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN |
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| 2024 Q4 | Dec 31, 2024 | Summers Value Fund | - | 27.4% | AAPL, AMZN, CCSI, ELMD, GOOGL, INDV, ISRG, LFCR, META, MODV, MSFT, NVDA, OTCM, PINC, SPOK, UFPT, UTMD, VSTS, ZBH, ZIMV | healthcare, Long/Short, Medical Devices, small caps, value | Manager believes small-cap stocks are well-positioned to outperform relative to large-cap stocks going forward, driven by lower valuations, poor sentiment, and an expected uptick in M&A under the new administration. Small-cap stocks continued a multi-year trend of underperformance in 2024. | ZIMV INDV UFPT ELMD |
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| 2025 Q3 | Nov 8, 2025 | Summers Value Fund | 20.4% | 4.9% | ADMA, CCSI, DERM, ELMD, INSP, LGND, LQDA, QURE, SPOK, SPRY, UFPT, ZIMV | Biotechnology, healthcare, innovation, M&A, Pharmaceuticals, Regulatory, small cap, value | The fund has increased portfolio exposure to biopharma stocks following years of underperformance, believing they are poised for outperformance. The manager is optimistic about the innovation cycle and recognizes that large-cap companies will pay sizeable premiums to acquire attractive pipelines with large sales opportunities. | View | |
| 2024 Q4 | Jan 30, 2025 | Summers Value Partners | - | 27.4% | AAPL, AMZN, CCSI, ELMD, GOOGL, INDV, ISRG, LFCR, META, MODV, MSFT, NVDA, OTCM, PINC, SPOK, UFPT, UTMD, VSTS, ZBH, ZIMV | Concentration, healthcare, Long/Short, Medical Devices, small caps, value | Manager believes small-cap stocks are well-positioned to outperform relative to large-cap stocks going forward, driven by lower valuations, poor sentiment, and an expected uptick in M&A under the new administration. Small-cap stocks furthered a multi-year trend of underperformance in 2024, although the indexes closed positive in absolute terms. | ZIMV INDV UFPT ELMD |
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| 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. | ||||||||