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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, DCO, GLDD, HNRG, LFCR, LTRPA, OUT, PKE, RDVT, SSP, TBRG, TRI, TRU, VSAT, WMT | aerospace, healthcare, Media, small caps, technology, value | Manager emphasizes seeking better businesses at reasonable prices, making rational purchase decisions from pessimistic sellers. Notes that the more Graham-style value opportunities exist, the more neglect there seems to be in the market. | RDVT TBRG PKE |
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| 2023 Q2 | Dec 7, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AAP, ALC, ANGI, AZO, DCO, DELL, GBLI, GLDD, IAC, LFCR, LTRPA, MGM, MPAA, ORLY, SCWX, SNEX, SSP, TRIP, VSAT | aerospace, Concentration, infrastructure, Media, small cap, technology, value | Manager views AI as a marketing term with unclear monetization prospects. Notes that market activity in 2023 has been driven by large tech stocks attaching themselves to the AI bandwagon, but emphasizes there is nothing remotely clear about making money in AI. | View | |
| 2023 Q3 | Oct 10, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AMSWA, ANGI, CCF, CNX, CVLT, DLHC, ECVT, HCCI, HNRG, IAC, LFCR, MGM, SSP, VMD, VSAT | Concentration, cybersecurity, energy, healthcare, Media, small caps, value | The fund focuses on concentrated investments in specific companies at specific values, seeking to capitalize on opportunities in small cap equities that are less affected by market fads. The manager emphasizes finding good businesses that grow with CEOs who understand value per share math. | AMSWA DLHC SSP IAC VSAT |
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| 2024 Q3 | Sep 30, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, GBLI, IAC, OUT, RDVT, RSSS, SSP, TIPT, VSAT | Advertising, Balance Sheet, Data Services, small caps, turnaround, value | The fund focuses on small-cap value stocks that are unloved by the market, holding positions they describe as stupid cheap with real asset support. The manager emphasizes that public small-cap equity remains an unloved asset class with few players, which has historically been a setup for future success. | RDVT CLMB OUT |
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| 2023 Q4 | Aug 1, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AVD, CJREF, CNX, DLHC, HNGR, LFCR, LTRPA, OUT, SSP, VSAT, VTS | Agriculture, concentrated, energy, Media, small cap, Travel, value | Manager holds three energy-related stocks including Hallador Energy, CNX Resources, and Vitesse Energy. Believes demand for carbon energy is stickier than many expect and sufficient alternatives are harder to produce than anticipated, creating higher and steadier profit fundamentals for domestic energy sources. | View | |
| 2024 Q2 | Jun 30, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AAP, AVD, CLMB, CLVT, CMP, ECVT, IAC, KBR, LFCR, LGF.B, NEU, RDVT, RSSS, SIX, SSP, SXI, VSAT | Auto Parts, Concentration, Data Services, small cap, turnaround, value | Manager emphasizes tremendous specific opportunities in undervalued small cap stocks where the spring is very tightly coiled between intrinsic value estimates and current prices. Portfolio concentrated in best ideas with stocks trading at significant discounts to estimated intrinsic value. | RDVT CLVT AAP KBR VSAT CMP SSP |
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| 2023 Q1 | Mar 31, 2023 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, ECVT, GLDD, GMED, HNRG, LFCR, LGF/B, NUVA, SSP, TIGO, VMD | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Cove Street Capital Small Cap Value Fund | E.W. Scripps Company | Communication Services | Broadcasting | Bull | NASDAQ | advertising, broadcasting, cash generation, Cyclical, debt reduction, media, Television, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Cove Street Capital Small Cap Value Fund | E.W. Scripps Company | Communication Services | Broadcasting | Bull | NASDAQ | Asset Sale, broadcasting, Catalyst, leverage, media, undervalued, Value | 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. | ||||||||