TBI

TBI

TBI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 9, 2024	Palm Valley Capital Management	-0.1%	4.2%	0288.HK, AAPL, AVA, CHTR, CMCSA, CRI, DISH, DOX, EQC, HOFT, KELYA, LAI.TO, MAN, NVDA, NWN, PHYS, PSLV, RGP, T, TBI	consumer, Precious Metals, small caps, Staffing, Utilities, value	Small cap valuations have normalized more than large caps since 2021 peaks, with median profitable small cap P/E at 17.5x versus 24x for large caps. The fund sees selective opportunities among struggling smaller companies trading near multi-year lows. Quality small caps have underperformed recently but historically delivered strong returns.	CRI TBI DOX RGP	View
2025 Q2	Jul 31, 2025	Mindset Value Fund	-8.6%	-20.5%	GLASF, HQI, MSFT, NNI, NVDA, TBI	Acquisition, AI, Cannabis, Immigration, SmallCap, Staffing, value	HireQuest's franchise staffing model is viewed as superior within the staffing industry. The manager believes immigration policy tightening under Trump administration will benefit legal staffing businesses like HQI. HireQuest is pursuing acquisition of TrueBlue to replicate its successful Command Center playbook.	NNI GLASF TBI HQI NNI GLASF TBI HQI	View
2024 Q1	Apr 19, 2024	Palm Valley Capital Management	-0.1%	4.2%	AAP, AVA, CRD-A, DOX, EQC, GENC, KELYA, LAS.TO, MLR, MSCI, NWN, PHYS, PSLV, SMCI, SSRM, TBI, WHG, WLY	AI, Bubble, Cash, Financialization, gold, small caps, Valuations, value	Small cap valuations remain elevated despite recent volatility, with median multiples still on the high side of pre-QE3 periods. The manager categorizes the small cap universe into three buckets based on quality and valuation, currently focusing on Bucket #3 cyclical or out-of-favor businesses where compensation exists for risks assumed.	NWN	View
2024 Q3	Oct 1, 2024	Palm Valley Capital Management	-0.1%	4.2%	DOX, EQC, HELE, LAS.TO, NATH, RGP, TBI, WHGLY, WLY	Commercial real estate, Fed policy, rates, small caps, Staffing, value	The commercial real estate market faces a menacing backdrop with property valuations for office sector down 40% and multifamily suffering. Many lenders reluctant to foreclose hoping for recovery. Small banks may not be properly recognizing expected loan losses on distressed CRE assets despite significantly lower valuations.	HELE WHGLY DOX LAS.TO RGP TBI	View
2024 Q4	Jan 5, 2025	Palm Valley Capital Management	-0.1%	4.2%	0288.HK, CHD, CRD-A, CRI, DOX, EL, FPI, HELE, HTLD, KELYA, LAS.TO, MAN, NVDA, NWN, PHYS, PLTR, PSLV, SEB, SSRM, STT, TBI	Cash, crypto, Cyclical, gold, small caps, Staffing, Valuations, value	Bitcoin rocketed 50% after the election to exceed $100,000, with crypto enthusiasts rejoicing at the pro-crypto stance of the incoming administration. The fund discusses various cryptocurrencies including Dogecoin with a $50 billion market cap and Tronix equal in size to major corporations, questioning the existence and value of hundreds of digital assets.	HTLD SEB KELYA	View
2023 Q2	Jun 7, 2023	Palm Valley Capital Management	-0.1%	4.2%	AAP, CRD-A, CRD-B, LAS.TO, NGS, ODC, PSLV, SSRM, TBI, WHGLY	AI, Banking, Buybacks, credit, Recession, small cap, value	Manager views AI as potentially transformative but warns against investing in the current hype cycle. Compares AI boom to past bubbles like Cisco during the internet explosion, noting that revolutionary technology doesn't guarantee profitable investments. Believes progress will come in small steps rather than giant leaps.	LAS.TO BHARATBIJ.NS AAP	View
2023 Q3	May 10, 2023	Palm Valley Capital Management	-0.1%	4.2%	AAP, AVA, CRD-A, CRD-B, EQC, FPI, LAS-A.TO, MLR, SSRM, TBI	Banking, Cash, credit, interest rates, real estate, small caps, valuation	Higher interest rates are like water that freezes in an overleveraged economy and splits it apart. The 10-year Treasury yield has risen to 4.6% from below 2.0% in 2019, yet equity valuations remain elevated with the S&P 500 trading at 21x P/E. The fund sees rates as a major structural headwind that will eventually force valuation adjustments.	SSRM EQC FPI ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM BHARATBIJ.NS AAP CRD.A LAS/A CN\|MLR\|MNRO\|NGS\|WHGLY\|WLY LAS.TO	View
2025 Q1	Apr 4, 2025	Palm Valley Capital Management	0.6%	0.6%	AVA, CRI, FLO, FORR, HTLD, KELYA, LAS.TO, MNRO, NWN, PHYS, PSLV, REYN, RGP, TBI, WHGLY	Cyclical, fiscal policy, gold, Government Spending, Quality, small caps, Staffing, value	Small cap equity performance has trailed large caps with fewer passive tailwinds and a drag from lower quality businesses. High quality small cap businesses remain fully valued despite the S&P SmallCap 600 being down 17% from its November 2024 record. The median profitable small cap company has an EV/EBIT multiple of 17x with elevated profits and valuations.	FLO MNRO REYN FORR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Palm Valley Capital Management	TrueBlue	Commercial & Professional Services	Human Resource & Employment Services	Bull	NYSE	blue-collar staffing, contrarian, cost structure, Cycle Low, Cyclical, debt-free, Liquidity, operating leverage, tangible book value, Value	View Pitch
Apr 13, 2026	Fund Letters	Mindset Value Fund	TrueBlue	Industrials	Human Resource & Employment Services	Bull	NYSE	acquisition target, Cash Cow, EBITDA, Franchise Conversion, Merger Arbitrage, Staffing, takeover, vertically integrated	View Pitch
Apr 13, 2026	Fund Letters	Palm Valley Capital Management	TrueBlue	Industrials	Human Resource & Employment Services	Bear	NYSE	Blue-collar, Cost Reduction, Industrial, operating losses, Staffing, Temporary Labor, Value trap	View Pitch
Jan 16, 2026	Value Investors Club	issambres839	TrueBlue, Inc.	Industrials	Human Resource & Employment Services	Bull	New York Stock Exchange	Activist squeeze, Franchise model transplant, SG&A guillotine, Forced sale optionality.	View Pitch
Jan 8, 2026	Fund Letters	Aaron Edelheit	TrueBlue Inc.	Industrials	Human Resource & Employment Services	Bull	New York Stock Exchange	acquisition, franchise, Staffing, synergies, turnaround	View Pitch

BSD Shareholders of TBI

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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