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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 4, 2025 | Broyhill Asset Management | 3.7% | 6.6% | AVTR, CRL, DLTR, FI, IQV, NE, PM, SCHW, TDW, TMO, VAL | Buybacks, Concentration, dispersion, global, healthcare, small caps, value | Portfolio trades at nearly half the price of broader market while expected to deliver double-digit earnings growth. Manager sees compelling risk-adjusted returns with portfolio at attractive valuations versus 22x earnings for broader market. | IQV FI AVTR PM DLTR |
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| 2024 Q3 | Sep 30, 2024 | City Different Investments – Global Equity | 13.5% | 39.1% | AAPL, AMZN, CCJ, CEG, GLNG, GOOGL, MELI, MSFT, RYAAY, SWKS, TDW, TLN | concentrated, E-Commerce, energy, global, nuclear, value | Nuclear power is experiencing renewed demand as AI and data centers require reliable, clean electricity. Talen Energy's Susquehanna facility benefits from power price surges and partnerships like Microsoft-Constellation's Three Mile Island restart. | SWKS RYAAY MELI TLN |
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| 2024 Q3 | Sep 30, 2024 | ValueWorks Capital | - | - | AAPL, AL, AMZN, CHRD, HY, LNG, MLP, MU, QCOM, TDW | energy, growth, semiconductors, technology, value, volatility | Manager is very excited to own Micron Technology for the next upcycle despite the stock correcting from $153 to $85. Qualcomm also experienced similar price action during the quarter's volatility. | AMZN AMZN |
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| 2023 Q3 | Sep 30, 2023 | ValueWorks Capital | - | - | AAPL, AL, CHRD, GS, HY, JOBY, LNG, MU, NETI, QCOM, TDW, TSLA, TUSK, WAL | energy, liquidity, positioning, technology, value, volatility | Manager expects an energy explosion rather than transition, supplementing fossil fuels with multiple additional energy sources. Hyster-Yale is deploying industrial scale fuel cells, while Eneti and Tidewater are developing offshore wind farms. Electric vehicles may prove superior due to being quieter, cleaner, less expensive to make, and more comfortable. | View | |
| 2025 Q2 | Aug 7, 2025 | Moerus Capital Management | 15.9% | 20.2% | 0388.HK, 1200.HK, 1821.HK, BBDO, CBD, CCO, CPA, CS.TO, DC.TO, DESP, DOUG, EDELWEISS.NS, EFX.TO, FIH.TO, GGAL, TDW, TPK.L, UCG.MI, VAL, WPM | Brazil, Hong Kong, international, Offshore Drilling, Precious Metals, tariffs, value, volatility | Fund focuses on investing in depressed and unpopular businesses at attractive prices, seeking opportunities where low expectations are priced in. Manager emphasizes buying quality businesses at unusually depressed valuations when skies seem darkest. | TDW VAL TPK LN BBD |
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| 2025 Q2 | Aug 7, 2025 | Robotti Value Investors | - | - | AMC, BBBY, BLDR, DHI, GME, PHM, TDW | Buybacks, cash flow, fundamentals, private equity, public markets, value, volatility | Manager emphasizes disciplined value investing based on company fundamentals and valuation as a reliable compass for long-term success. Focuses on buying cash flows at discounted prices and trusting that fundamental value will eventually be recognized by the market. | BLDR TDW IFP CN |
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| 2025 Q2 | Jul 22, 2025 | Third Avenue Value Fund | 9.4% | 12.7% | 1418.T, 5233.T, 6856.T, 7270.T, 8283.T, BIRG.L, BMW.DE, BZU.MI, CKH.L, CMCL.L, CRE.L, DB, EZJ.L, HCC, IFP.TO, ORI, SFOR.L, TDW | Copper, diversification, Japan, Reinsurance, small caps, valuation, value | Manager emphasizes price-conscious investing approach, seeking securities at meaningful discounts to business value. Criticizes current U.S. mega-cap valuations and advocates for diversification away from expensive stocks toward undervalued opportunities. | CDRE.L CRE LN |
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| 2024 Q2 | Jul 16, 2024 | Pittenger & Anderson | - | - | AAPL, AMZN, BRK.A, DDS, GOOGL, LLYVA, META, NFLX, NKE, NVDA, PLTR, SIRI, SLB, TDW, VAL | AI, Concentration, cyclicals, energy, technology, Trump, value | Manager discusses AI hype and concentration in tech stocks, comparing current environment to dot-com bubble. Notes concerns about commoditization of AI tools and lack of clear profit models, while highlighting Amazon's successful cost-focused AI implementation in warehouses. | SIRI SLB VAL TDW NKE |
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| 2023 Q2 | Jul 10, 2023 | Tapasya Investment Fund | - | 23.1% | AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL | energy, Politics, tariffs, technology, Trade Policy, value | Trump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed calculations and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and create policy uncertainty that hinders long-term business investment. | STZ RIVN SLB AVALX TDW AMZN GOOGL |
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| 2023 Q2 | Jul 10, 2023 | Tapasya Investment Fund | - | 23.1% | AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL | energy, Politics, tariffs, technology, Trade Policy, value | Trump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed calculations and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and create policy uncertainty that hinders long-term business investment. | STZ RIVN SLB AVALX TDW AMZN GOOGL |
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| 2024 Q2 | Jul 1, 2024 | Night Watch Investment Management | -2.9% | 10.3% | ASML, ATRO, BC, CWH, DSGR, JOE, NE, NVO, TDW, VAL | aerospace, consumer, energy, Europe, Housing, Offshore Drilling, value | Valaris is the largest offshore drilling company globally, positioned to benefit from growing offshore oil demand in Brazil and Western Africa. Day rates have risen from $200k to $500k per day as the market has tightened, with the company expected to generate $1.65B in free cash flow at current rates. | VAL |
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| 2024 Q2 | Jun 30, 2024 | ValueWorks Capital | - | - | AAPL, AL, CDLR, CHRD, HY, LNG, MLP, MU, QCOM, RIVN, TDW, WAL-PA | AI, Energy Transition, growth, inflation, semiconductors, technology, value | The gold-rush mindset in the tech space goes well beyond AI and is fueling economic growth across the board. This provides demand for everything from data centers to electricity and is productivity-enhancing for much of the economy. | View | |
| 2023 Q2 | Jun 30, 2023 | City Different Investments – Global Equity | 3.6% | 16.9% | AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL | Electric Vehicles, oil, Politics, Recession, tariffs, Trade Policy, value | Trump's newly announced global tariffs package is being poorly received by markets, causing a 12% decline in five days. The tariffs are based on flawed math and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and slow economic growth. | STZ RIVN SLB AVALX TDW AMZN GOOGL |
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| 2023 Q2 | Jun 30, 2023 | TIFF | - | - | AAPL, AL, AMZN, CHRD, HY, LNG, MLP, MU, QCOM, TDW | energy, Recovery, semiconductors, technology, value, volatility | The manager is positioned for the next semiconductor upcycle through holdings like Micron Technology, which corrected significantly during the quarter but is expected to benefit from the next cycle. Qualcomm also experienced similar price volatility but remains a core holding for the semiconductor recovery. | AMZN |
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| 2023 Q2 | Jun 30, 2023 | ValueWorks Capital | - | - | AAPL, CHRD, HY, JOBY, LNG, MU, QCOM, TDW, TUSK, WAL | energy, financials, inflation, semiconductors, technology, value | Manager sees declining inflation trends driven by supply chain normalization and commodity price reversals. Oil down 30% from peak, nickel and aluminum down even more. Believes inflation could trend toward Fed targets without serious economic damage. | View | |
| 2024 Q1 | May 8, 2024 | Praetorian Capital Management | -2.3% | 4.9% | AMRK, JOE, JOY.TO, TDW, U-U.TO, VAL | Crisis Hedge, energy, inflation, Precious Metals, uranium, value | Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate towards the marginal cost of production. Sprott Physical Uranium Trust is sequestering available above-ground stockpile through ATM offerings. | JOY.TO AMRK JOE U.TO TDW VAL |
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| 2024 Q1 | May 7, 2024 | Third Avenue Value Fund | 1.2% | 0.0% | 6856.T, BIRG.L, BMW.DE, BZU.MI, C6B.SI, CAPS.TO, DB, EZJ.L, G13.SI, HBR.L, HCC, IFP.TO, LUN.TO, MBG.DE, ORI, SFOR.L, SUBC.OL, TDW, VAL | Banking, Buybacks, contrarian, Copper, dividends, Europe, value | Fund focuses on buying significantly undervalued, well-financed businesses run by honest and competent people. Manager emphasizes price-conscious, fundamental value investing approach that has become less competitive due to industry shift toward growth strategies. | HBR.L BOIG.L |
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| 2024 Q1 | May 7, 2024 | Third Avenue Small-Cap Value Fund | 8.3% | 0.0% | BATRA, ECPG, FIX, FRPH, HBB, IVT, KALU, LXU, MYRG, PRA, SEB, SPHR, TDW, UMBF, WASH | Balance Sheet, Capital Allocation, Concentration, cyclicals, small caps, special situations, value | The Russell 2000 Index peaked in November 2021 and remains more than 13% below record highs. Over the past three years, the Russell 2000 has generated negligible returns while the S&P 500 has compounded at 11.6%. The manager believes the continued outperformance by large caps is unsustainable and that intrinsic value within the small-cap market will be realized. | View | |
| 2026 Q1 | May 5, 2026 | City Different Investments – Global Equity | 3.9% | 3.9% | CCO, IHS, MELI, TDW, VAL | commodities, E-Commerce, energy, geopolitics, Global Equity, shipping, value | CCO MELI TDW |
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| 2026 Q1 | May 4, 2026 | Moerus Capital Management | 5.2% | 5.2% | AKER.OL, IPCO-TO, NATU3.SA, TDW, VAL | energy, Geopolitical, international, Offshore Drilling, oil, value, volatility | AKER.OL TDW IPCO.TO NATU3.SA VAL |
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| 2024 Q1 | May 10, 2024 | Kinsman Oak | 0.0% | 0.0% | CHDN, GLD, GOOG, NKE, TDW | AI, gold, inflation, rates, Speculation, technology | Alphabet's Gemini AI tool controversy highlighted serious cultural and bias issues that pose risks to the company's search moat. The manager believes AI competitive advantages will depend on perceived bias rather than processing power, with users gravitating toward trusted, unbiased outputs. | GOOG |
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| 2025 Q1 | Apr 9, 2025 | GDS Investments | - | - | AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL | Electric Vehicles, oil, Politics, Recession, tariffs, Trade Policy, uncertainty, value | Trump's newly announced global tariffs are being poorly received by markets, causing a 12% decline in five days. The tariffs are based on flawed math and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and slow economic growth. The implementation creates uncertainty that makes long-term business investments harder to justify. | STZ RIVN SLB VAL TDW AMZN GOOGL |
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| 2023 Q1 | Apr 3, 2023 | TIFF | - | - | AAPL, AL, CDLR, CHRD, HY, LNG, MLP, MU, QCOM, RIVN, TDW, WAL-PA | energy, growth, inflation, semiconductors, technology, value | The gold-rush mindset in the tech space goes well beyond AI and is fueling economic growth across the board. This provides demand for everything from data centers to electricity and is productivity-enhancing for much of the economy. | View | |
| 2024 Q1 | Apr 26, 2024 | Kingdom Capital Advisors | 2.5% | 15.9% | ABL, CRSXF, EVC, GENK, HBI, NLOP, PLCE, RGS, TDW, VNTRF | distressed, Media, real estate, SmallCap, turnaround, value | Manager focuses on vetting ideas most ignore rather than predicting the next big thing. Portfolio includes distressed situations like Children's Place and undervalued assets like Entravision's spectrum holdings. Emphasis on finding mispriced opportunities with significant torque potential. | EVC |
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| 2025 Q1 | Apr 24, 2025 | Praetorian Capital Management | 2.4% | 2.4% | JOE, NE, TDW, VAL | Credit Stress, Dollar, emerging markets, Energy Services, interest rates, Recession, trade war, volatility | Liberation Day triggered a trade war with rapidly changing rules that are paralyzing business planning. The manager believes this uncertainty will lead to recession and compound existing economic trends. | JOE NE TDW VAL |
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| 2026 Q1 | Apr 22, 2026 | Third Avenue Value Fund | 7.2% | 7.2% | 1 HK, 5726.T, HOG, RHI, TDW, VAL | Consolidation, energy, Geopolitical, global, Iran, Offshore, small cap, value | RHI HOG |
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| 2026 Q1 | Apr 22, 2026 | Third Avenue Small-Cap Value Fund | 7.8% | 7.8% | COMP, CPRX, ECPG, HOG, KALU, LXU, PBF, QLYS, RHI, SD, TDW, TPH, UNF | AI, cybersecurity, disruption, energy, Fertilizers, small caps, Staffing, value | View | ||
| 2026 Q1 | Apr 20, 2026 | Hosking Partners | 3.2% | 3.2% | 000660 KS, 005930 KS, 1662.T, AXP, CCO.TO, COF, DHT, GLW, HAFN.OL, III.L, INSW, JEF, LRCX, MOH.AT, MPC, MU, NE, PSK.TO, PSX, STX, SYF, TDW, UBS, VLO, WISE.L | AI, Capital Cycle, diversification, energy, Geopolitical, semiconductors | View | ||
| 2024 Q1 | Apr 2, 2024 | Guinness Global Innovators | 13.2% | 13.2% | AAPL, AMZN, CCJ, CEG, GLNG, GOOGL, MELI, MSFT, RYAAY, SWKS, TDW, TLN | E-Commerce, energy, global, nuclear, Utilities, value | Nuclear power is experiencing renewed demand as AI and data centers require reliable, clean energy. Talen Energy's Susquehanna facility benefits from power price surges and partnerships like Microsoft-Constellation restarting Three Mile Island reactor. | SWKS RYAAY MELI TLN |
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| 2025 Q1 | Apr 15, 2025 | Hosking Partners | - | - | 9435.T, AAL, AMAT, AVGO, BAB.L, BTU, COP, HAFN.OL, IMP.L, IPCO.TO, JEF, NVDA, OXY, SYF, TDW, VAL | AI, Capital Cycle, energy, Japan, regime change, semiconductors, tariffs, value | The strategy has positioned further into value territory with underweight to Magnificent Seven declining to 3% versus 19% benchmark weight. The team seeks capital-starved areas trading at steep discounts to replacement value, believing value businesses offer compelling propositions given different supply dynamics. | TDW IPC.TO IMP.JO 9435.T BAB.L |
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| 2026 Q1 | Apr 14, 2026 | Black Bear Value Partners | 13.2% | 13.2% | BLDR, FLG, FPH, PSK.TO, TDW | commodities, energy, Housing, Long/Short, private credit, Regional Banks, value | TDW PSK.TO FLG FPH BLDR TDW PSK.TO FPH |
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| 2026 Q1 | Mar 31, 2026 | Old West Investment Management | 16.0% | 16.0% | BRKR, CNQ, SSNC, SU, TDW, TMQ | AI, Copper, energy, Geopolitical, Mining, Natural Gas, Physical Infrastructure | TMQ SSNC BRKR SU TDW CNQ |
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| 2024 Q1 | Mar 31, 2024 | ValueWorks Capital | - | - | AL, CHRD, GS, HY, LNG, MLP, MU, QCOM, TDW, WAL-PA | energy, financials, industrials, materials, technology, value | Manager acknowledges the AI mania driving indexes but notes their portfolios are not overly exposed to momentum-play and AI mania. Despite this, they recognize AI as part of broader technological productivity gains that will be dramatic and long-lived. | View | |
| 2023 Q1 | Mar 31, 2023 | City Different Investments – Global Equity | 12.8% | -14.1% | AAPL, AMZN, BRK.A, DDS, GOOGL, META, NFLX, NKE, NVDA, PLTR, SIRI, SLB, TDW, VAL | AI, Concentration, Cyclical, energy, technology, Trump, value | Manager discusses AI hype and concentration in tech stocks, comparing current market to dot-com bubble. Notes concerns about commoditization of AI tools and lack of clear profit models, while highlighting Amazon's successful AI implementation for warehouse cost savings. | SIRI SLB AVALX TDW NKE |
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| 2025 Q4 | Feb 5, 2026 | Black Bear Value Partners | 0.1% | -12.6% | BLDR, FLG, HCC, PSK.TO, TDW | banks, Coal, energy, Housing, Shorts, turnaround, value | Structural shortage of housing in the USA with higher mortgage rates reducing existing home supply as homeowners are locked into low-rate mortgages. New homebuilders capturing increasing share of home sales as they can buy-down mortgages to lower rates. Significant underinvestment in metallurgical coal which is a needed input for worldwide steel consumption, particularly in Asia and India where high-grade met coal resources are limited. Minimal worldwide met coal resource development over the last 10 years could lead to tight supply when steel production improves. Significant underinvestment in natural gas, oil and thermal coal which are necessary for the world's economies to function and grow. While renewables will play an increasing role, the change will occur over decades, not years. Lack of global investment in energy development creates opportunities. Flagstar has exceptional management and board that are ahead of the game in turning their business around after balance sheet issues. Trading at significant discount to conservatively marked balance sheet compared to similar banks. While AI will have an impact on lives, we are still very early in its lifecycle. Many businesses are transforming to benefit from investor excitement with questionable business plans but intense stock promotion. Weak business fundamentals should become more apparent over time. The space has become very popular with lots of LP money chasing returns. Some sponsors have paid extremely high prices and lent on unfavorable terms. Many have also lent into the AI/data-center space to businesses with questionable futures. | LXS GR HCC FLG PSK CN TDW BLDR |
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| 2025 Q4 | Feb 3, 2026 | Robotti Value Investors | 0.0% | 0.0% | BLDR, HD, TDW | Consolidation, Cyclical, energy, gold, Homebuilders, Offshore, Recovery, value | Manager focuses on cyclical businesses emerging from prolonged downturns where consolidation has removed excess capacity and improved capital discipline. Years of underinvestment have shifted many businesses from persistent excess supply to recurring scarcity, creating structural improvements in earnings durability. Following years of underinvestment and restructuring, offshore energy services have experienced sharp supply-demand tightening. Companies like Tidewater emerged from restructuring with improved balance sheets and are positioned to benefit from consolidated fleets and restored pricing power. Building products distribution tied to homebuilders provides historical template for cyclical recovery. Following the 2009 housing collapse, capacity was rationalized and balance sheets repaired, with companies like Builders FirstSource emerging as ultimate winners despite multiple significant drawdowns. Continued rise in gold prices driven by sovereigns and institutions seeking safe allocation as the US increasingly uses dollar position as economic leverage tool. Growing demand for non-fiat monetary assets amid persistent inflation concerns and fiscal discipline challenges globally. Manager focuses on fundamental security analysis in abandoned corners of the market where scarcity of capital has driven consolidation and balance sheet repair. Gap between narrative and reality creates opportunities as entire industries are labeled permanently broken despite improving fundamentals. | TDW |
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| 2024 Q4 | Feb 15, 2025 | GDS Investments | - | - | AAPL, AMZN, BRK.A, DDS, GOOGL, LLYVA, META, NFLX, NKE, NVDA, PLTR, SIRI, SLB, TDW, VAL | AI, cyclicals, energy, inflation, technology, Trump, value | Manager discusses AI hype and concentration in tech stocks, comparing current environment to dot-com bubble. Notes concerns about commoditization of AI tools and lack of clear profit models, while highlighting Amazon's successful cost-focused AI implementation in warehouses. | SIRI SLB VAL TDW NKE SLB VAL TDW NKE |
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| 2024 Q4 | Dec 31, 2024 | Robotti Value Investors | - | - | STLT, TDW | contrarian, Industrial, Recovery, shipping, small cap, value | The fund focuses on buying normalized cash flows for less than reasonable value, investing in companies facing headwinds at various stages of recovery. They emphasize the importance of price paid for earnings potential being more important than the earnings potential itself. | STLT TDW |
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| 2023 Q4 | Dec 31, 2023 | ValueWorks Capital | - | - | AAPL, CHRD, GS, HY, LNG, MU, QCOM, TDW, TUSK, WAL | Election, energy, rates, security selection, technology, value | Manager emphasizes buying best-quality assets at best possible prices, targeting securities trading at 50-75 cents on the dollar. Portfolio results driven by security selection rather than thematic moves, with focus on fairly valued and well-positioned businesses generating cash and earnings versus story-driven equities. | View | |
| 2022 Q4 | Dec 31, 2022 | Moerus Capital Management | - | 13.3% | ARCO, BRX, DESP, EMAAR UH, GIVPY, IPCO CN, SPB, TDW, YRI SW | - | View | ||
| 2023 Q4 | Nov 30, 2023 | Moerus Capital Management | - | 16.5% | ARCO, DESP, HMSO.L, NTCO, SPB, TDW, TECK, UCG, WCM.TO, WOOD.L | Banking, Buybacks, Corporate Activity, energy, global, inflation, Latin America, value | Fund focuses on undervalued, asset-rich companies trading at discounted valuations. Manager emphasizes investing in depressed and unpopular businesses at attractive prices, avoiding mega-cap Growth stocks due to excessive price risk and stretched valuations. | View | |
| 2025 Q3 | Oct 8, 2025 | Black Bear Value Partners | -1.0% | -12.7% | BLDR, FLG, HCC, LXS.DE, TDW | Banking, Chemicals, Coal, cyclicals, energy, Homebuilding, Shorts, value | Structural housing shortage in the USA with higher mortgage rates reducing existing home supply as homeowners are locked into low-rate mortgages. Homebuilders can buy-down mortgages to lower rates and accept healthy margins. Local governments beginning to loosen red tape for home construction which should help. | HCC TDW LXS FLG BLDR |
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| 2023 Q3 | Oct 25, 2023 | Third Avenue Small-Cap Value Fund | 8.3% | 0.0% | BATRK, ECPG, FRPH, HBB, ICFI, IVT, KALU, LXU, MYRG, PRAA, SEB, TDW, UMBF, WASH | energy, Fertilizers, financials, Onshoring, real estate, small cap, value | The fund identifies near-shoring as a developing theme with attractive investment opportunities. LSB Industries benefits from U.S. near-shoring through domestic fertilizer production, reducing transportation costs and environmental impact. The manager has dedicated analytical resources to capitalize on other near-shoring opportunities. | BATRK LXU |
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| 2023 Q3 | Oct 25, 2023 | Third Avenue Value Fund | 1.2% | 0.0% | BIRG.L, BMW.DE, CS.TO, DB, EZJ.L, HCC, SUBCY, TDW, UGP, VAL | Coal, contrarian, Cyclical, distressed, energy, Offshore, value | The fund focuses on identifying companies trading at distressed valuations without actual operating or financial distress. The manager emphasizes buying companies at low multiples when earnings are temporarily depressed, creating positive asymmetry where operating performance is more likely to improve than deteriorate. | View | |
| 2023 Q3 | Oct 23, 2023 | RVK | - | - | CCJ, GLNG, MELI, RYAAY, SWKS, TDW, TLN | concentrated, E-Commerce, energy, global, nuclear, value | Talen Energy's Susquehanna nuclear facility benefited from surging power prices driven by AI and data center demand. Microsoft and Constellation Energy plan to restart Three Mile Island nuclear reactor, similar to Talen's partnership with Amazon Web Services, demonstrating the appeal of reliable, clean nuclear power. | SWKS RYAAY ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM ATLN.L |
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| 2025 Q3 | Oct 21, 2025 | Third Avenue Small-Cap Value Fund | 7.2% | - | ABAC, BATRK, BCC, BXC, COLL, CTAS, CTLP, ECPG, FRPH, HBB, HFWA, ITIC, KALU, LXU, MYRG, PB, PRA, ROG, SD, SUPN, TDW, UMBF, UNF, VSTO | Building Materials, financials, healthcare, industrials, Pharmaceuticals, small caps, technology, value | The fund focuses on buying companies trading at discounts to conservative estimates of net asset value, with shares not reflective of potential for business improvement or value creation. The investment approach emphasizes businesses well-financed and trading below intrinsic value with identifiable value creation levers. | ROG BOISE AMBC AMBC |
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| 2024 Q3 | Oct 20, 2024 | Praetorian Capital Management | -2.3% | 4.9% | AMRK, JOE, SII, TDW, U-U.TO, VAL | Concentration, Crisis, energy, Fiscal Crisis, inflation, Precious Metals, uranium, value | Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate. Sprott Physical Uranium Trust is purchasing uranium through an ATM offering, which should accelerate price realization by sequestering available above-ground stockpile. | SII JOE AMRK U.TO TDW VAL |
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| 2025 Q3 | Oct 2, 2025 | Night Watch Investment Management | 4.2% | 25.9% | 5842.T, AIR, BKD, BX, DSGR, ENDV.L, GOGO, HAYP.ST, KKR, MRX.L, NE, STX, TDW, VAL, WDC, XFAB.DE | AI, catalysts, Europe, global, Japan, private equity, small caps, value | Night Watch manages a global value strategy focused on catalyst-driven opportunities with insider ownership and unique names. The fund seeks value companies with identifiable catalysts for rerating, including industry tailwinds or company-specific events. They aim to differentiate from typical value strategies through unique portfolio holdings with little overlap to wealth management portfolios. | 5842 JP WDC US BKD US |
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| 2024 Q3 | Oct 10, 2024 | Pittenger & Anderson | - | - | AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL | energy, Politics, Recession, tariffs, technology, Trade Policy, value | Trump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed math and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and slow economic growth. The implementation creates uncertainty that makes long-term business investments harder to justify. | STZ RIVN SLB VAL TDW AMZN GOOGL |
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| 2025 Q4 | Jan 22, 2026 | Third Avenue Value Fund | 7.4% | 35.2% | 0001.HK, 2603.TW, 6951.T, 6955.T, BIRG.L, BMW.DE, BZU.MI, CMA, CS, DB, HBR.L, HCC, IFP.TO, LUN.TO, SFOR.L, SSUB.OL, SUBCY, TDW, VAL | Banking, Copper, energy, Europe, Mining, Resource Conversion, value | Fund holds significant positions in copper miners Lundin Mining and Capstone Copper, viewing copper as indispensable to modern economies with exceptional supply challenges. Manager believes copper demand growth has evolved from Chinese construction to renewables, electric transportation, and data center construction, while supply increases remain elusive due to aging mines, declining ore quality, and decade-plus timelines for new projects. Warrior Met Coal was the single largest contributor to Fund performance during the quarter, benefiting from early completion of Blue Creek metallurgical coal mine eight months ahead of schedule. The completion portends far higher coal production, much lower capital spending, and likely return to significant cash distributions to shareholders. Manager discusses the materials-intensive nature of renewable energy infrastructure, noting the irony that mining companies producing materials for solar panels, wind turbines, electrical grids, and batteries were deemed global pariahs while renewable energy companies were market darlings. The build out of data centers and electrical infrastructure has become entwined with copper consumption growth. Fund holds offshore oil and gas service providers and one upstream producer, believing more offshore spending is required to maintain current production levels. Manager notes U.S. onshore production growth has slowed significantly due to lower drilling activity, exhaustion of Tier 1 acreage, and water challenges, potentially leading to future production declines that would enhance the importance of long-life offshore production. Manager highlights a profound divergence in U.S. sanctions activity, noting recent seizure of dark fleet oil tankers, arrest of Nicolas Maduro, U.S. claim of control over Venezuela's energy industry, and sanctions on Russia's largest oil producers. This marks a departure from decades of avoiding sanctions that would impact energy flows, with gunboat diplomacy and military embargos returning. Manager emphasizes resource conversion activity including share buybacks as a key component of their investment approach for undervalued, well-financed companies. The Fund focuses on companies where management teams can create shareholder value through buybacks, recapitalizations, special dividends, asset disposals, spin-offs, acquisitions, or sale of the business. | View | |
| 2025 Q4 | Jan 16, 2026 | GDS Investments | - | - | ABNB, AMZN, CRWV, DEO, F, GE, GM, GOOGL, LEN, NVO, ORCL, RIVN, STZ, TDW, TREX, VAL, WMT, ZTS | AI, Buybacks, cyclicals, Electric Vehicles, Quality, Rotation, technology, value | AI-related infrastructure investment is beginning to unwind or recalibrate, with companies shifting from internal cash flows to debt financing. The manager expects a widening gap between pure AI infrastructure companies and those with diversified business models. Market rotation is expected away from speculative AI growth toward more traditional businesses. Share repurchases feature prominently across the portfolio as a signal of management confidence and value creation amplification. Multiple holdings have authorized significant buyback programs, including TDW ($500M), VAL ($600M ongoing), STZ ($4B), and others totaling billions in authorized repurchases. Rivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. The manager focuses on separating durable value from speculative excess, building positions in under-owned, under-valued businesses with strong balance sheets and leadership positions. The strategy involves finding high-quality businesses facing cyclical headwinds that have pushed market prices below intrinsic value. | RIVN TREX AMZN GOOG |
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| 2024 Q4 | Jan 12, 2025 | Praetorian Capital Management | -14.8% | -10.6% | AMRK, JOE, NE, SII, TDW, VAL | Concentration, energy, inflation, Offshore, real estate, value | Manager believes offshore oil will gain market share from shale as best US shale basins mature and production stagnates. Offshore equipment fleet has shrunk by half due to decade-long bear market, while demand for higher quality drillships grows. No new equipment likely to be built until dayrates reach levels where current owners earn excess profits. | View | |
| 2024 Q3 | Sep 30, 2024 | Third Avenue Small-Cap Value Fund | 8.3% | 0.0% | BATRA, ECPG, FRPH, HBB, ICFI, ITIC, KALU, LXU, MYRG, PB, PBF, PRA, SD, SSTK, TDW, TPH, UMBF, WASH | Cheapness, energy, Refiners, Regional Banks, small cap, value | Fund focuses on buying cheap companies at discounts to replacement value and cash flows, with emphasis on balance sheet-oriented approaches. Current holdings available at attractive valuations relative to fundamentals. | PBF SD |
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| 2024 Q3 | Sep 30, 2024 | Third Avenue Value Fund | 1.2% | 0.0% | 6856.T, 7270.T, BIRG, BMW.DE, BZU.MI, CKHUY, CMA, CPSCF, DB, EZJ.L, LAZ, MBG.DE, SUBCY, TDW, TM, VAL, WMC | Autos, Buybacks, global, Offshore Energy, undervaluation, value | Manager discusses the persistent valuation chasm between cheap and expensive companies in U.S. equity markets, noting that multiples assigned to the least expensive quartile actually declined from 2014-2024. The fund continues to find attractive value in several automotive industry OEMs and other sectors despite the challenging environment for value investing. | 7270.T |
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| 2024 Q3 | Sep 30, 2024 | Robotti Value Investors | - | - | BLDR, LZ, NEU, TDW | Bottom-up, Consolidation, Patience, small caps, value, Zombies | Manager focuses on finding value in discounted companies trading at 2x normalized earnings, emphasizing that valuation matters and provides margin of safety. The firm identifies businesses with demonstrable asset values and earnings potential that are ignored in public security valuations. | TDW BLDR NEU |
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| 2024 Q2 | Jul 21, 2024 | Praetorian Capital Management | -2.3% | 4.9% | AMRK, JOE, NVDA, SII, TDW, U-U.TO, VAL | commodities, energy, Inflection, Oilfield Services, Precious Metals, small caps, uranium, value | Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate. Sprott Physical Uranium Trust is purchasing uranium through an ATM offering, which should accelerate price realization by sequestering available above-ground stockpile. | SII AMRK JOE VAL TDW |
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| 2024 Q2 | Jul 19, 2024 | Third Avenue Small-Cap Value Fund | 8.3% | 0.0% | ALG, AMZN, BATRA, COLL, CSEC, ECPG, FRPH, HBB, ITIC, KALU, MYRG, NVDA, PRA, SEB, SUPN, TDW, UMBF, UNF, WASH | large cap, Outperformance, Relative Valuation, small caps, value | Small-cap stocks are trading at only 75% of large-cap valuations, an extremely unusual level of cheapness last seen during the tech bubble. The managers believe this represents a compelling opportunity for significant outperformance when the cycle turns. | View | |
| 2024 Q2 | Jul 19, 2024 | Third Avenue Value Fund | 1.2% | 0.0% | 6856.T, 7433.T, BIRG.L, BMW.DE, BZU.MI, CBG.L, CSAV.SN, CSTCF, DB, EZJ.L, HA, HBRG.L, HCC, LUMI.TO, SFOR.L, SUBCY, TDW, UGP, VAL | Balance Sheet, Banking, Financial Wherewithal, Japan, rates, value | The fund employs a balance sheet-focused value investing approach emphasizing financial wherewithal, seeking companies that can endure challenges without value-destructive activities. This approach has produced 220 basis points of outperformance relative to the MSCI World Index since inception 34 years ago. | CBG.L 7433.T |
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| 2024 Q2 | Jun 30, 2024 | Moerus Capital Management | - | 7.9% | 0388.HK, ARCO, BSBR, CWP.AX, DESP, DOUG, EXO.MI, GGAL, HMSO.L, IPCO, JEF, MEG.TO, NTCO, PCAR3.SA, SPB, STAN.L, STNG, TDW, TECK, TSGYO.IS, UCG.MI, WED.TO | Argentina, Corporate Activity, emerging markets, real estate, Turkey, value | Argentina-based investments were the largest positive contributor to performance, led by Grupo Financiero Galicia and Despegar.com. The manager built positions during extreme economic chaos including currency devaluation and 200%+ inflation, viewing this as a rare opportunity similar to the early 2000s crisis. Recent encouraging signs include deceleration in inflation and fiscal surpluses under the Milei administration. | View | |
| 2022 Q2 | Jun 30, 2022 | Third Avenue Small-Cap Value Fund | 8.3% | 0.0% | BATRA, FEPH, MSGE, TDW, WED CN | - | View | ||
| 2023 Q2 | May 31, 2023 | Moerus Capital Management | - | 2.7% | AKER.OL, AUY, CCO, CFX.TO, CMW.AX, DESP, IPCO.TO, ITUB, JEF, LATAM, NN.AS, NTCO3.SA, NTR, PCAR3.SA, SPB, STAN.L, TDW, TECK, UCG.MI, WED.TO | Banking, Buybacks, energy, growth, inflation, Latin America, technology, value | Fund focuses on investing in depressed and unpopular businesses at attractive prices, avoiding popular mega-cap Growth stocks due to excessive valuations. Manager believes valuation and fundamentals will ultimately matter more in determining investment outcomes going forward. | View | |
| 2022 Q2 | May 31, 2022 | Moerus Capital Management | - | 16.1% | ARCO, CIB, CRE LN, IDFCFB IN, IPCO CN, ITAUCL CI, STAN LN, TDW | - | View | ||
| 2023 Q2 | May 7, 2023 | Praetorian Capital Management | -2.3% | 4.9% | BNO, JOE, JOY.TO, TDW, U-U.TO, VAL, YPF | Crisis, energy, inflation, oil, uranium, value | Society will eventually settle on nuclear power as a compromise solution for baseload power generation at a time when there is a deficit of uranium production compared with growing demand. As aboveground stocks are consumed, uranium prices should appreciate towards the marginal cost of production. Sprott Physical Uranium Trust is purchasing uranium through an ATM offering, which should accelerate price realization by sequestering available above-ground stockpile when utilities need substantial purchases to re-stock. | JOY.TO JOE ATU.TO |
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| 2023 Q4 | May 1, 2024 | Aegis Value Fund | 0.0% | 3.1% | ASTL.TO, BOCH.L, CG.TO, EQX.TO, ESN.TO, HNRG, MAI.V, NGS, ORE.TO, STLC.TO, TDW, USAP | energy, gold, materials, Mining, small caps, Steel, undervalued, value | Fund held 22.4% in precious metals mining companies at year start. Gold climbed 13.1% in 2023 but mining stocks lagged. Manager believes precious metals sector remains materially undervalued with excellent cash flow yields and potential for strong returns given current gold prices. | GRNGS.ST BOCH.L USAP ASTL.TO STLC.TO ORE.TO MAI.V CG.TO EQX |
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| 2023 Q3 | Apr 10, 2023 | Apis Global Discovery Fund | 3.7% | 11.6% | AMZN, ATI, TDW | energy, global, industrials, infrastructure, Korea, small cap, technology, value | The fund is investing in electrical grid infrastructure upgrade opportunities driven by U.S. legislation including $73bn from Infrastructure Investment and Jobs Act and $369bn from Inflation Reduction Act. Focus on high-voltage transformer manufacturers benefiting from aging U.S. grid infrastructure and strong demand from utilities. | 0LST LN CHD |
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| 2025 Q1 | Mar 31, 2025 | Third Avenue Value Fund | 2.9% | 2.9% | 5285.T, 6856.T, 6951.T, 7270.T, BIRG.L, BMW.DE, CBG.L, CSCU.TO, DB, EZJ.L, G13.SI, HBR.L, HCC, ORI, SFOR.L, SUBC.OL, TDW, VAL | defense, energy, Europe, inflation, Japan, tariffs, Trade Policy, value | The manager extensively discusses the global tariff war initiated on Liberation Day (April 2, 2025), describing it as an economic mistake with lasting negative implications. He analyzes the reciprocal tariff structure, challenges of eliminating trade deficits, and the breakdown of trust and predictability affecting corporate investment decisions. | 6951.T |
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| 2025 Q1 | Mar 31, 2025 | Third Avenue Small-Cap Value Fund | -4.6% | -4.6% | ABAC, BATRA, BXC, COLL, ECPG, FPH, FRPH, HBB, ICFI, ITIC, MYRG, OCFC, PB, PRAA, SBSI, SEB, SUPN, TDW, UMBF | financials, M&A, small cap, Trade Policy, value, volatility | Fund focuses on securities available at valuations significantly below private market value with low probability of permanent capital impairment. Manager emphasizes buying businesses at significant discounts to estimated values with conservatism baked in. | BXC TIDE |
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| 2024 Q1 | Mar 31, 2024 | Apis Global Discovery Fund | 5.8% | 5.8% | ATI, CLS, TDW | Asia, defense, industrials, Korea, small caps, technology, value | Global defense spending is ramping up significantly, with countries like Germany and Japan doubling their budgets from 1% to 2% of GDP. Korea has emerged as a defense export powerhouse, filling gaps left by European suppliers who can only deliver one tank per month versus Korea's 5-10x delivery rate. The fund holds Hyundai Rotem and Poongsan Corporation to capitalize on this multi-billion dollar opportunity. | 103140.KS 068270.KS |
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| 2022 Q1 | Mar 31, 2022 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | TDW, UGP | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Third Avenue Value Fund | 1.2% | 0.0% | ASHM.L, BIRG.L, BMW.DE, BOLSAA.MX, BZU.MI, CMA, CS.TO, DB, EZJ.L, HMC.T, HMT, HTHPF, SFOR.L, SUBCY, TDW, UGPA3.SA, VAL | Banking, Buybacks, Electric Vehicles, global, interest rates, value | The Fund carried a weighted average price to earnings ratio of approximately 8.2x as of year-end, positioning in attractive businesses without relaxing criteria for balance sheet strength or liquidity. The manager highlights how cheap stocks have become even cheaper while expensive stocks experienced valuation expansion. | BOLSAA.MX BMW.DE CMA S4C.L |
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| 2023 Q4 | Jan 31, 2024 | Apis Global Discovery Fund | 3.7% | 11.6% | AMZN, ATI, TDW | energy, global, Grid, industrials, Korea, small caps, technology, value | The fund is investing in electrical grid infrastructure upgrade opportunities driven by U.S. legislation including $73bn from Infrastructure Investment and Jobs Act and $369bn from Inflation Reduction Act. Focus on high-voltage transformer manufacturers benefiting from aging U.S. grid infrastructure and strong demand from utilities. | 0LST LN CHD |
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| 2024 Q4 | Jan 28, 2025 | Third Avenue Value Fund | -9.6% | -2.5% | 6856.T, 7270.T, 7433.T, AAPL, AMZN, BIRG.L, BMW.DE, BZU.MI, CBG.L, CMA, CS.TO, DB, EZJ.L, GOOGL, HCC, HRB.L, LAZ, LUN.TO, MBG.DE, META, MSFT, NVDA, ORI, SUBCY, TDW, TSLA, UGP | Active Share, Autos, Concentration, global, small caps, value | The fund has significant exposure to traditional automakers BMW, Mercedes-Benz, and Subaru, which the manager views as extremely undervalued despite facing challenges from higher interest rates, electric vehicle transition, Chinese competition, and potential tariffs. The manager argues these companies are adapting well and trading at distressed valuations despite strong fundamentals. | 7270.T MBG.DE BMW.DE |
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| 2023 Q4 | Jan 28, 2024 | Third Avenue Small-Cap Value Fund | 8.3% | 0.0% | ALG, BATRA, COLL, ECPG, FIX, FRPH, HBB, ICFI, ITRN, KALU, LXU, MYRG, PB, PRA, SEB, SPHR, TDW, TPH, UMBF | Fed policy, interest rates, real estate, Regional Banks, small caps, value | Small-cap equities rallied late in Q4 from anticipated Fed pivot toward lower rates. Russell 2000 outperformed Russell 1000 by over 7% in December. Despite recent rally, small-caps still lagged for the year and valuations remain discounted versus large-caps. | COLL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 7, 2026 | Fund Letters | Old West Investment Management | Tidewater Inc. | Oil & Gas Equipment & Services | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Day-rates, Drilling Support, earnings surprise, international operations, Marine services, Offshore energy, Offshore support vessels, Oil Services | View Pitch |
| May 6, 2026 | Fund Letters | City Different Investments - Global Equity | Tidewater Inc | Oil & Gas Equipment & Services | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | acquisition, EBITDA multiple, Energy Services, Equity, industry consolidation, Offshore services, Supply Vessels, Tugboats | View Pitch |
| May 5, 2026 | Fund Letters | Moerus Capital Management | Tidewater | Oil & Gas Equipment & Services | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | balance sheet, consolidation, Distressed Acquisitions, Energy security, Fleet Upgrade, Marine Vessels, Offshore services | View Pitch |
| Apr 27, 2026 | Fund Letters | City Different Investments - Global Equity | Tidewater Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Capital Cycle, Cyclical, Energy Services, Marine Vessels, offshore drilling, restructuring, Value | View Pitch |
| Apr 27, 2026 | Fund Letters | Tapasya Investment Fund | Tidewater Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Capital Cycle, Competitive Advantage, Cyclical, offshore drilling, restructuring, Value | View Pitch |
| Apr 27, 2026 | Fund Letters | Tapasya Investment Fund | Tidewater Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Capital Cycle, Competitive Advantage, Cyclical, offshore drilling, restructuring, Value | View Pitch |
| Apr 27, 2026 | Fund Letters | City Different Investments - Global Equity | Tidewater Inc. | Energy | Oil & Gas Drilling | Bull | NYSE | Cyclical, Day-rates, energy, Marine services, offshore drilling, shareholder returns, Supply Constraint, Value | View Pitch |
| Apr 23, 2026 | Fund Letters | Black Bear Value Partners | Tidewater | Oil & Gas Equipment & Services | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | Brazil, Equity, Fleet Undersupply, Free Cash Flow, Marine services, Offshore energy, Offshore support vessels | View Pitch |
| Apr 17, 2026 | Fund Letters | Black Bear Value Partners | Tidewater | Oil & Gas Equipment & Services | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | Brazil, Equity, Fleet Undersupply, Free Cash Flow, Marine services, Offshore energy, Offshore support vessels | View Pitch |
| Apr 13, 2026 | Fund Letters | Robotti Value Investors | Tidewater Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Cyclical, energy, free cash flow yield, Offshore services, Oil & Gas Equipment, Share Buybacks, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Praetorian Capital Management | Tidewater | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Asset Replacement Cost, backlogs, Cyclical, Energy Services, offshore drilling, Offshore Service Vessels, Oil & Gas, OSV | View Pitch |
| Apr 13, 2026 | Fund Letters | Praetorian Capital Management | Tidewater Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Cyclical, Inflection, margin expansion, Marine services, Offshore, Oil Services, old economy, Revenue Growth | View Pitch |
| Apr 13, 2026 | Fund Letters | Praetorian Capital Management | Tidewater | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Asset-Heavy, consolidation, Cyclical Recovery, Energy Services, Marine Support, Offshore support vessels, Oil & Gas | View Pitch |
| Apr 13, 2026 | Fund Letters | Hosking Partners | Tidewater Inc | Energy | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | Industry leader, Maritime, net cash, Offshore energy, Offshore support vessels, OSV, Replacement Cost | View Pitch |
| Apr 13, 2026 | Fund Letters | Pittenger & Anderson | Tidewater Inc. | Energy | Oil & Gas Drilling | Bull | NYSE | Cyclical, Day-rates, Energy Services, Marine services, offshore drilling, shareholder returns, Supply Constraint | View Pitch |
| Apr 13, 2026 | Fund Letters | GDS Investments | Tidewater Inc. | Energy | Oil & Gas Drilling | Bull | NYSE | Capital Cycle, Cyclical, energy, Marine services, offshore drilling, restructuring, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Praetorian Capital Management | Tidewater | Energy | Oil & Gas Equipment & Services | Bull | NYSE | consolidation, Cyclical Recovery, energy, Marine Support, Offshore services, oilfield services, Vessel Fleet | View Pitch |
| Apr 13, 2026 | Fund Letters | Robotti Value Investors | Tidewater Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | asset value, Cyclical, Energy Services, Free Cash Flow, Marine Support, Offshore services, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Robotti Value Investors | Tidewater Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Contrarian Investing, Cyclical Recovery, Energy Services, Fleet Operations, Marine Support, market overreaction, Offshore services, Oil & Gas Equipment, Opportunistic Entry, Patient Capital | View Pitch |
| Apr 13, 2026 | Fund Letters | Pittenger & Anderson | Tidewater Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Balance sheet restructuring, Capital Cycle, Cyclical, Energy Services, offshore drilling, recovery, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | GDS Investments | Tidewater Inc. | Energy | Oil & Gas Drilling | Bull | NYSE | Cyclical, Day-rates, Energy Services, Marine Vessels, offshore drilling, shareholder returns, Supply Constraint | View Pitch |
| Apr 13, 2026 | Fund Letters | GDS Investments | Tidewater Inc. | Energy | Oil & Gas Drilling | Bull | NYSE | Cyclical, Day-rates, Energy Services, Marine Vessels, offshore drilling, shareholder returns, Supply Constraint | View Pitch |
| Feb 21, 2026 | Fund Letters | Bob Robotti | Tidewater Inc. | Energy | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | buybacks, consolidation, Cyclicality, Free Cash Flow, Supply | View Pitch |
| Feb 21, 2026 | Fund Letters | Adam Schwartz | Tidewater | Energy | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | buybacks, Capital Scarcity, Free Cash Flow, Offshore energy, Supply Contraction | View Pitch |
| Jan 8, 2026 | Fund Letters | Amit Wadhwaney | Tidewater Inc. | Energy | Oil & Gas Equipment & Services | Bull | New York Stock Exchange | Cyclicals, energy, Offshore, valuation, Vessels | View Pitch |
| Nov 29, 2025 | Fund Letters | Adam Schwartz | Tidewater Inc. | Energy | Oilfield Services | Bull | NYSE | buybacks, energy, leverage, Marine, Offshore, Oilfield, Supply, valuation | 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. | ||||||||