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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 29, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | BBIO, BOOT, BPMC, BWX, CASH, DUOL, ICLR, INSM, MIRM, PD, ROAD, RYTM, SNY, SPT, TARS, UMBF, UTI, VYGR, WING, WIX | AI, Biotechnology, growth, nuclear, small caps, Space, technology, Trade Policy | Generative AI represents a generational potential to reshape numerous aspects of business and daily life, with a rapidly evolving technological paradigm of winners and losers. Duolingo is leveraging AI to offer enhanced language learning to consumers. | View | |
| 2025 Q2 | Jul 25, 2025 | Third Avenue Small-Cap Value Fund | 6.5% | - | ABCB, ALG, BATRK, BXC, CTLP, ECPG, FRPH, HBB, IBTX, KALU, LXU, MYR, OCFC, PB, PRA, SAGE, SBSI, SUPN, UMBF, VC | Balance Sheet, Financial Strength, M&A, Resource Conversion, small cap, value | U.S. small-cap companies present once-in-a-generation attractive opportunities relative to the broader equity market after lengthy underperformance. Higher volatility in small-caps increases probability of significant mispricing, creating opportunities for active managers. The investment universe offers particularly high volume of merger and acquisition activity with low impediments to transactions. | VC CTLP SUPN CTLP |
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| 2025 Q2 | Jul 22, 2025 | American Century Small Cap Value Fund | -0.4% | - | ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS | banks, consumer discretionary, financials, industrials, Rate Cuts, small cap, value | The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle. | View | |
| 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 | |
| 2025 Q1 | May 5, 2025 | Gator Capital Management | -0.6% | -0.6% | BARC.L, BNP.PA, FCNCA, GLE.PA, GPN, HOOD, PYPL, SLM, UMBF, VRTS | Asset Managers, financials, Regional Banks, small caps, tariffs, Trade Policy, value | The manager views recent sweeping tariff proposals as an unforced policy error and unnecessarily reckless approach. While improving America's trade positioning is legitimate, broad-based tariffs on nearly all global imports with limited warning creates unnecessary risk. The manager believes these tariffs will ultimately be short-lived based on market interpretation of events. | VRTS |
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| 2024 Q1 | May 15, 2024 | Gator Capital Management | 10.8% | 24.3% | AX, BAC, BCS, CNOB, CUB, DCOM, ESQ, FBP, FCNCA, GNW, HOOD, JXN, NYCB, OFG, OSBC, PNFP, ROOT, SLM, UMBF, WAL, WBS | Credit Risk, financials, interest rates, Regional Banks, SMID Cap, value | Manager sees selective opportunities in small-to-mid-sized regional banks despite sector headwinds. Believes stock investors are overly pessimistic about credit concerns while the real issues are interest rate risk and loan volume growth. Groups favorites into Puerto Rican banks, growth banks, and small banks with unique stories. | View | |
| 2025 Q1 | Mar 31, 2025 | AMG GW&K Small Cap Core Fund | -7.3% | -7.3% | ADC, ARQT, BWIN, CBZ, CHX, COCO, FLYW, FNA, GBCI, GMED, HALO, HLI, HMN, ICFI, INSM, INTA, ITCI, LOPE, MGY, MTSI, NWE, PAR, PATK, PPBI, PRIM, RBC, SKY, SPXC, STAG, STRL, SWTX, TNDM, UMBF, UTZ | AI, Biotechnology, energy, financials, Quality, small caps, Trade Policy | The fund discusses navigating uncertainty from tariff announcements and trade policy changes by the current U.S. Administration. The manager analyzes potential impacts on manufacturing, consumers, and trading partners, while monitoring for signs of policy moderation or negotiation. | View | |
| 2025 Q4 | Feb 3, 2026 | Gator Capital Management | 4.1% | 31.9% | BCS, BNP.PA, C, COMP, CUBI, FCNCA, GLE.PA, GPN, HOOD, HOUS, JPM, JXN, PYPL, SOHO, TD, TFSL, UMBF, VRTS | Banking, Capital markets, financials, real estate, Regional Banks, small caps, value | The fund focuses on small and mid-cap financial institutions, particularly regional banks with mutual holding company structures. TFS Financial represents a key investment in this space, offering leveraged exposure to earnings recovery through its unique MHC structure. Significant exposure to mortgage-related businesses through TFS Financial's traditional thrift model and Anywhere Real Estate's real estate services. The fund sees opportunity as the housing market recovers and interest rate environment normalizes. Strong positioning in capital markets through investment platforms like Robinhood Markets and traditional investment management firms. The fund benefited from continued product innovation and growth in retail trading platforms. | TFSL |
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| 2024 Q4 | Dec 31, 2024 | Third Avenue Small-Cap Value Fund | -4.4% | 3.3% | AMBC, BATRA, COLL, CTAS, ECPG, FPH, FRPH, ICFI, ITIC, IVT, KALU, LXU, MYRG, OCFC, PB, PBF, PRAA, SEB, SSKN, SUPN, TPH, UMBF, UNF | Buybacks, private equity, Regional Banks, Resource Conversion, small caps, value | The portfolio trades at a historically large discount to estimated net asset value, with Fund Management believing considerable potential exists for attractive absolute returns. The fund focuses on underpriced assets trading below intrinsic value. | FPH AMBC OCFC |
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| 2025 Q3 | Nov 16, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | ALNY, APP, ARGX, AXON, CASY, CCK, CHWY, DKNG, DT, EQT, EXPE, ICLR, IP, LNW, PFGC, QXO, REZI, TECH, UMBF, WSC | Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, policy, Rate Cuts, stock selection | Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam Pharmaceuticals advanced driven by accelerating uptake of its treatment for transthyretin cardiac amyloidosis. | View | |
| 2024 Q3 | Oct 30, 2024 | Gator Capital Management | 10.8% | 24.3% | AX, BXP, CBNA, COLB, CUZ, FCNCA, HOOD, JXN, PYPL, REAL, UMBF, VNO, WAL | Banking, Deposits, financials, Regional Banks, value | The fund focuses heavily on regional banking with multiple positions including First Citizens Bancshares, UMB Financial, Western Alliance Bancorp, and Columbia Banking System. The manager emphasizes the value of strong deposit franchises following the Regional Bank Crisis in March 2023. | CBNA |
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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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| 2025 Q3 | Oct 21, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | ALNY, APP, ARGX, ATS.TO, AVTR, AXON, BJ, CASY, CCK, CHWY, EMN, ICLR, IP, JLL, LNW, PFGC, QXO, RARE, TECH, UMBF | Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, Rate Cuts, stock selection, value | Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam advanced driven by accelerating uptake of its ATTR-CM treatment and raised full-year revenue guidance. | RBLX |
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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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| 2025 Q3 | Oct 19, 2025 | American Century Small Cap Value Fund | 4.7% | - | ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS | banks, consumer, financials, industrials, semiconductors, small cap, value | The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle. | View | |
| 2025 Q4 | Jan 23, 2026 | American Century Small Cap Value Fund | -1.1% | -3.3% | AMKR, ARCB, ARW, AVT, AXS, BBWI, BC, BIRK, COLB, EEFT, ENOV, EVTC, GPK, HZO, MARA, OKLO, ONB, PATK, SSB, TKR, UMBF | banks, consumer discretionary, healthcare, industrials, semiconductors, small cap, value | The fund maintains significant overweight exposure to banks, remaining constructive on the industry due to continued positive inflection in net interest income and belief that fears of an extended negative credit cycle were overstated. Many holdings still trade meaningfully below historical multiples. Overweight positioning tilted toward higher-quality, unique businesses targeting high-end consumers including global consumer brands like Brunswick and Birkenstock. Specialty retail exposure includes marine dealers and Bath & Body Works. The sector remains attractive with overweight positioning in higher-quality industrials including machinery, distribution, and commercial services. Many holdings demonstrated strong pricing power during inflationary environment and returned cash to shareholders via dividends, buybacks and debt reduction. Information technology contributed through stock selection, with strong results from Amkor Technology benefiting from AI packaging solutions and domestic chip manufacturing trends. The company is one of two in the US capable of providing large-scale advanced packaging solutions. | View | |
| 2025 Q4 | Jan 22, 2026 | Third Avenue Small-Cap Value Fund | 4.6% | 14.0% | ALG, BATRK, BXC, COLL, CTAS, ECPG, FPH, ICFI, KALU, LXU, MYRG, NYCB, OCSL, PB, PRA, SEB, SUPN, UMBF, UNF | Aluminum, Governance, Owner-Operator, Pharmaceuticals, Regional Banks, small caps, value | The Fund pursues a decidedly value-oriented investment approach, seeking to underpay for ownership of a business. The managers focus on finding rare nexuses of good people, good assets and good prices. The Fund initiated a new position in Flagstar Bank at a large discount to tangible book value. Flagstar has been undergoing transformation and has a credible path to achieve profitability more typical of a U.S. regional bank. Kaiser Aluminum led fourth quarter performance following strong quarterly financial results and progress on its multi-year investment to upgrade and expand production capacity in aerospace and packaging. Collegium Pharmaceutical generated strong performance contribution after producing record quarterly revenue and disclosing improved operating income guidance and a new share repurchase authorization. | FLG UNF ECPG COLL KALU |
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| 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 Q2 | Jul 31, 2024 | Gator Capital Management | 10.8% | 24.3% | AX, BANC, BARC.L, CG, CUBI, EWBC, FBP, FCNCA, HOOD, JXN, PNFP, PYPL, SLM, UMBF, WAL, WBS, WTFC | credit, financials, Growth Banks, Rate Cuts, Regional Banks, valuation | Regional banks rallied strongly in July due to tame inflation, prospects of more favorable regulatory environment, and better-than-expected earnings. The Fund benefited from extreme negative positioning by other investors who had been using regional bank ETF as large short position. Manager believes regional banks remain cheap compared to history with coming rate cuts driving earnings higher. | View | |
| 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 | |
| 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 Q4 | Jan 28, 2025 | Gator Capital Management | 14.2% | 41.9% | AX, BOH, C, COLB, CUZ, FCNCA, GLE.PA, HIFS, HONE, HOOD, JPM, JXN, KINS, NBN, OFG, PNFP, SLM, TCBI, UMBF, VNO | Banking, Capital markets, financials, interest rates, M&A, Regional Banks | Manager remains optimistic about regional banks in 2025, citing benefits from interest rate cuts, expected loan growth acceleration, and improved M&A environment under new administration. Regional banks are viewed as undervalued compared to historical averages and positioned to benefit from flattened yield curve and repricing of maturing loans. | GLE.PA |
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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 |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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 |
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| No investor data available. | ||||||||