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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 22, 2026 | Wasatch Micro Cap Fund | 1.9% | 4.8% | ADUS, AXGN, BLZE, CLMB, COCO, CSTL, ESQR, EZPW, MAMA, RDVT, SXI, TATT, VECO, VITL | Biotechnology, growth, healthcare, Microcap, profitability, Quality, underperformance | The fund focuses on high-growth, high-quality companies with differentiated business models, avoiding the low-quality market rally that dominated 2025. The managers emphasize companies with strong fundamentals gauged by cash flow and earnings, believing these will ultimately be rewarded as the market returns to favoring profitability. Healthcare sector, particularly biotechnology and pharmaceutical companies in early research and development stages, dominated benchmark returns. The fund had no exposure to this area due to focus on profitable companies, which weighed on relative performance as many biotech companies are years away from turning a profit. | CLMB CSTL MAMA AXGN |
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| 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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| 2024 Q4 | Feb 18, 2025 | Atai Capital Management | 3.1% | 7.7% | ALOT, BF, NVDA, SXI, TPB, TSLA | AI, Concentration, Microcap, small caps, valuation, value | Manager extensively discusses market valuation concerns, noting S&P 500 trades at 22x earnings with top 10 stocks at 29x earnings. Historical analysis shows when paying 20x+ earnings for S&P 500, following 10-year returns have never exceeded 5% annually since 1988. Current market concentration at 38% in top 10 stocks exceeds dot-com era levels. | ALOT |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 2, 2026 | Seeking Alpha | Seeking Alpha | Standex International Corporation | Industrial Manufacturing | Diversified Industrial | Neutral | New York Stock Exchange | Acquisitions, aerospace and defense, cautious investment, Diversified Industrial, Electronics segment, high valuation, organic growth, scientific segment, Standex International, valuation concerns | 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 |
|---|---|---|---|---|---|---|---|---|
| Cliff Asness | AQR Capital Management | $190.6B | $1.1M | 0.00% | 5,274 | +684 | +14.90% | 0.0375% |
| Mario Gabelli | GAMCO Investors | $10.4B | $16.3M | 0.16% | 75,093 | -2,804 | -3.60% | 0.5343% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $85.4M | 0.28% | 392,820 | +74,599 | +23.44% | 2.7949% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $455,443 | 0.06% | 2,822 | -200 | -6.62% | 0.0149% |