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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jul 24, 2023 | Kingdom Capital Advisors | 2.7% | 7.6% | AMRK, ARCH, PLCE, SUP, UNTC, VHI | Buybacks, Coal, energy, Precious Metals, retail, small caps, value | Manager expects significant outperformance among coal stocks once the broader market realizes how the global cost curve has increased. Arch Resources continues to struggle despite being expected to earn over $50 per share between 2023 and 2024 while trading at $115. Coal sector remains out of favor with stocks fluctuating on fears about China, recessions, and seasonality. | CTLP|SUPN|VC PLCE AMRK |
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| 2025 Q2 | Jul 14, 2025 | Kingdom Capital Advisors | - | -10.7% | AACT, AKA, CCCM, CLBR, LION, MAGN, NLOP, OACC, STRZ, SUP, TACO, UNFI, X | Microcap, real estate, SPACs, tariffs, value, volatility | Manager actively traded pre-deal SPACs in Q2, generating profitable returns from Colombier, Columbus Circle, Berto, and Oaktree positions. Currently holds Ares Acquisition Corporation set to merge with Kodiak Robotics. SPACs provided roughly 3% boost to Q2 returns and represent a proven fertile hunting ground for the strategy. | NLOP MAGN UNFI AKA SUP NLOP MAGN UNFI AKA |
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| 2024 Q3 | Oct 8, 2024 | Kingdom Capital Advisors | 2.5% | 15.9% | ECRO, GENK, GLXZ, GTIM, HCC, NLOP, RRGB, SCOR, SUP, UNFI, VAL | Coal, Microcap, real estate, Restaurants, small caps, value | Premium metallurgical coal market is undersupplied with major steel producers paying $300m+ per million tons of annual production. Japanese and Indian steel companies are aggressively acquiring coal assets at valuations exceeding current Warrior Met Coal pricing. | ECRO UNFI HCC NLOP |
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| 2023 Q3 | Oct 14, 2023 | Pernas Research | 18.0% | 17.8% | ABL, CKX, CRSXF, HCC, PLCE, SENEA, SUP, UNTC | Coal, Concentration, Outperformance, small caps, value | Q3 returns strongly benefited from coal positions as seasonal weakness in metallurgical coal prices ended in August with indexes rising over 30% in a month. Demand for the key steelmaking component continues to increase while no significant supply response has occurred due to new mining equipment and labor shortages. | View | |
| 2024 Q2 | Oct 7, 2022 | Kingdom Capital Advisors | 2.5% | 15.9% | ABLLW, EVC, HBI, NLOP, RGS, SUP | Debt, liquidation, Refinancing, small caps, value | The fund focuses on small cap stocks despite their underperformance relative to mega-cap technology stocks. The manager notes that small caps struggle to garner interest while the S&P 500 and NASDAQ continue to reach new highs. The fund eagerly awaits an investing environment where small caps experience relative strength. | SUP NLOP |
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| 2025 Q4 | Jan 7, 2026 | Kingdom Capital Advisors | 8.9% | 17.5% | AIV, AKA, CRSXF, HRBR, MAGN, NLOP, NVRI, SUP, TSSI, UNFI, WW | concentrated, Liquidations, Microcap, special situations, Turnarounds, value | Kingdom Capital focuses on overlooked microcap companies trading at significant discounts to intrinsic value. The portfolio includes businesses like UNFI trading below 4x EV/EBITDA and generating substantial free cash flow, demonstrating the manager's value-oriented approach. The fund specializes in microcap investing with a concentrated, research-intensive approach. Despite significant challenges including bankruptcies and customer losses, the strategy delivered strong returns by exploiting inefficiencies in overlooked areas of the market. 2025 tested the fund's thesis severely with a bankruptcy, major customer losses, and cyber-attacks, yet delivered 17.45% net returns. The manager emphasizes that edge comes from exploiting inefficiency rather than avoiding adversity, demonstrating portfolio resilience through active management. | View | |
| 2025 Q4 | Jan 24, 2026 | 1 Main Capital | 3.4% | 20.1% | BFIT.AS, DNTL, IWG.L, LMB, MBUU, MCFT, PRKR, RLGT, SUP, WATR | Building Systems, concentrated, FCF, Industrial Services, small caps, value | The fund focuses on finding attractive opportunities where high quality meets low valuation, particularly in smaller, old-economy businesses that remain ignored and mispriced. Many top holdings generate double-digit FCF yields while trading at bargain multiples. The fund capitalizes on smaller companies consistently underperforming larger companies since inception, providing opportunities to acquire high-quality businesses at attractive multiples. The portfolio is concentrated in smaller, overlooked businesses. | LMB |
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| 2025 Q1 | Apr 14, 2025 | Kingdom Capital Advisors | -7.1% | -7.1% | AKA, CLBR, CRSXF, HCC, IPI, MAGN, NLOP, NVRI, OACC, SUP, UNFI, UNTC, VNTRF | Autos, Coal, Natural Gas, real estate, small caps, tariffs, Trade Policy, value | Q1 was dominated by tariff discussions as Trump's administration demonstrates more follow-through than his first term. The manager analyzes specific impacts on portfolio holdings, particularly auto tariffs affecting Superior Industries, and expects policy adjustments due to consumer cost concerns. | View | |
| 2023 Q3 | Apr 10, 2023 | Kingdom Capital Advisors | 2.5% | 15.9% | ABL, CKX, CRSXF, HCC, PLCE, SENEA, SUP, UNTC | Coal, Concentration, Patience, small caps, undervaluation, value | Q3 returns strongly benefited from coal positions as seasonal weakness in metallurgical coal prices ended in August with indexes rising over 30% in a month. Demand for the key steelmaking component continues to increase while no significant supply response has occurred. With new mining equipment and labor in short supply, positions are poised to earn significant returns even if prices drop back to August lows. | View | |
| 2024 Q4 | Jan 21, 2025 | Kingdom Capital Advisors | 2.1% | 18.3% | ENZ, GLXZ, HCC, MAGN, NLOP, NPK, RGS, SCOR, SUP, TSSI, UNFI, UNTC | AI, Coal, Concentration, defense, Distribution, small caps, turnaround, value | KCA applies a concentrated approach to small cap investing, with the Russell 2000 serving as their benchmark. The manager notes that small cap stocks experienced a Trump rally in November that reversed by year-end. Since inception, small caps have returned about 7% cumulatively versus 89% for KCA. | TSSI NPK MAGN SUP UNFI NLOP |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Kingdom Capital Advisors | Superior Industries | Consumer Discretionary | Auto Parts & Equipment | Bull | NYSE | Auto parts, debt refinancing, EBITDA, EV Resilient, Free Cash Flow, manufacturing, Near-shoring, turnaround, Wheels | View Pitch |
| Apr 13, 2026 | Fund Letters | Kingdom Capital Advisors | Superior Industries | Consumer Discretionary | Auto Parts & Equipment | Bear | NYSE | Aluminum Wheels, Auto parts, Customer concentration, manufacturing, Oem, Reshoring, Thesis Breakdown | View Pitch |
| Apr 13, 2026 | Fund Letters | Kingdom Capital Advisors | Superior Industries | Consumer Discretionary | Auto Parts & Equipment | Bull | NYSE | Aluminum Wheels, Auto parts, automotive, EBITDA, manufacturing, Mexico, Poland, tariffs | 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. | ||||||||