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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 2, 2025 | Silver Beech Capital | 3.7% | 6.6% | CTRI, DNTL.TO, ET, FFH.TO, FR, GFR.TO, GSY.TO, MHC, PRKS, RTO, SWX, WSC | insurance, Regulated, small caps, undervalued, Utilities, value | Southwest Gas Holdings represents a pure-play regulated utility opportunity with multiple catalysts including deconsolidation from Centuri, deleveraging, understated rate base growth of 8-12% CAGR, and improving regulatory frameworks in Arizona and Nevada that will address regulatory lag. | FFH.TO SWX FFH CN SWX |
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| 2025 Q3 | Dec 4, 2025 | Silver Beech Capital | - | 3.5% | DNTL.TO, ET, FFH, FR, GFR.TO, GSY.TO, MHC, PLYM, PRKS, RTO, SWX, WSC | Canada, Consolidation, Cyclical, Industrial, small caps, value | Silver Beech's portfolio trades at over a 50% discount to the S&P 500's price-earnings ratio while possessing similar projected earnings-per-share growth and returns-on-capital. The fund focuses on finding disconnects between price and value, as demonstrated with WillScot trading at a 13% free cash flow yield despite being a dominant industrial services franchise. | View | |
| 2025 Q3 | Oct 27, 2025 | 13D Activist Fund | 8.9% | 2.7% | ABG, ALV, APD, BILL, EXEL, KVUE, MIDD, MRCY, PENN, PFGC, PSO.L, QRVO, RIOT, SWX, TRIP, TWLO, VSAT, VSTS, WK, YETI | activism, M&A, SMID Cap, technology, value | Activist activity and success have been flourishing with the Universal Proxy Card increasing campaign success rates from 73% to 88%. The fund expects significant alpha generation from activists like Jeff Smith, Scott Ferguson and Dan Loeb as markets rotate into value investing. | WK VSAT TRIP PFGC |
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| 2024 Q2 | Jul 19, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | AMZN, BABA, GLW, GOOGL, META, MSFT, NVDA, PRGO, QCOM, SWX | AI, China, healthcare, SMID Cap, technology, value | AI rally broadened beyond obvious players with Qualcomm gaining recognition for mobile AI capabilities and Corning benefiting from optical connectivity for Generative AI. While AI use cases appear endless, ROI on spending remains unclear, creating uncertainty about the duration of the ongoing capex boom. | PRGO BABA GLW QCOM |
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| 2024 Q4 | Jan 13, 2025 | 13D Activist Fund | 0.8% | 1.7% | ALV, APD, AZTA, BBWI, ENV, EXEL, FTR, HR, JHG, LW, MDU, MRCY, NSIT, PSO, RIOT, RPD, SWX, THS, TWLO, VSTS | activism, Bitcoin, Corporate Governance, Data centers, M&A, Proxy Fights, SMID Cap, value | 2024 was a record year for shareholder activism with 128 new initiations in North America. Success rates continue to soar with activists achieving 96% success rate in 2023 and 86% in 2024 versus high 60s historically. Shareholder activism is becoming more mainstream with 40 non-activists launching new campaigns in 2024. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Silver Beech Capital | Southwest Gas Holdings | Utilities | Gas Utilities | Bull | NYSE | deconsolidation, deleveraging, Equity, infrastructure, natural gas, Pure-Play, rate base growth, regulated utility, Regulatory Reform, Sum-of-parts, utilities, value unlock | View Pitch |
| Jan 8, 2026 | Fund Letters | James Hollier | Southwest Gas Holdings, Inc. | Utilities | Gas Utilities | Bull | New York Stock Exchange | activist involvement, deleveraging, Pure-Play, rate base growth, Regulatory Lag, spinoff, utilities | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Lucas Martins | Southwest Gas Holdings, Inc. | Utilities | Utilities - Regulated Gas | Neutral | NYSE | — | 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. | ||||||||