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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | ValueWorks Capital | - | - | AL, AMZN, CHRD, GLW, JOBY, LNG, MSB, MU, QCOM, UNFI | AI, Bull Market, growth, rates, technology, value | Manager views AI as driving massive economic opportunities and transforming the world, similar to how technological advances have driven economic cycles over the past two hundred years. AI breakthroughs are creating the foundation for the current expansion cycle. | View | |
| 2024 Q2 | Jul 2, 2024 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | GCI, GTN, NBR, NYT, UNFI | Active Share, Concentration, deep value, Energy Services, Food Distribution, Media, small caps, value | Manager focuses on neglected and under-followed parts of the marketplace where market expectations remain extremely low, seeking wide price-to-value gaps. The lowest valuation subset of the market has earnings yields multiples higher than the most expensive securities. Portfolio holdings trade at near 2x cash flow, price to sales less than 0.2x, and normalized earnings and free cash flow yields greater than 30%. | View | |
| 2024 Q2 | Jul 2, 2024 | TIFF | - | - | AL, AMZN, CHRD, GLW, JOBY, LNG, MSB, MU, QCOM, UNFI | AI, energy, growth, technology, value | Manager views AI as driving massive economic opportunities and transforming the world. AI breakthroughs are creating the foundation for aggressive economic expansion ahead, similar to how technological advances have driven economic cycles over the past two hundred years. | View | |
| 2025 Q2 | Jul 14, 2025 | Kingdom Capital Advisors | - | -10.7% | AACT, AKA, CCCM, CLBR, LION, MAGN, NLOP, OACC, STRZ, SUP, TACO, UNFI, X | Microcap, real estate, SPACs, tariffs, value, volatility | Manager actively traded pre-deal SPACs in Q2, generating profitable returns from Colombier, Columbus Circle, Berto, and Oaktree positions. Currently holds Ares Acquisition Corporation set to merge with Kodiak Robotics. SPACs provided roughly 3% boost to Q2 returns and represent a proven fertile hunting ground for the strategy. | NLOP MAGN UNFI AKA SUP NLOP MAGN UNFI AKA |
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| 2025 Q2 | Jun 30, 2025 | ValueWorks Capital | - | - | AL, AMZN, CART, CHRD, JOBY, LNG, MLP, MSB, MU, QCOM, UNFI | energy, Portfolio Management, semiconductors, technology, value, volatility | Manager describes a herky-jerky, uncertain period with multiple 15-20% market moves in both directions. Sentiment has swung from fear to exuberance to doom and back to confidence. This volatility could be the new normal for several years as markets advance into a 25-year high. | View | |
| 2026 Q1 | Apr 8, 2026 | Kingdom Capital Advisors | 8.0% | 8.0% | AENT, KODK, MAGN, MLCI, NLOP, NVRI, STKL, TSSI, UNFI, WATT, WBD, WW, ZD | Distribution, Media, real estate, small caps, special situations, value | NVRI MAGN UNFI NLOP AENT |
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| 2024 Q1 | Apr 2, 2024 | TIFF | - | - | AL, AMZN, CART, CHRD, JOBY, LNG, MLP, MSB, MU, QCOM, UNFI | energy, industrials, materials, technology, value, volatility | Manager describes extreme market volatility with multiple 15-20% moves in both directions over weeks, driven by sentiment swings from fear to exuberance to doom and back to confidence. This volatility is expected to be the new normal for several years as markets advance toward a 25-year high. | View | |
| 2025 Q1 | Mar 31, 2025 | ValueWorks Capital | - | - | AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI | policy, portfolio, Selection, tariffs, undervalued, value | The manager extensively discusses recent tariff policies announced by the administration, describing them as jarring, unsettling, and of historic magnitude. While acknowledging significant downside risks similar to Smoot-Hawley tariffs that helped accelerate the Great Depression, the manager also sees potential for positive outcomes if the policies successfully address the US trade deficit and lead to improved trading relationships. | View | |
| 2024 Q4 | Dec 31, 2024 | ValueWorks Capital | - | - | AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI | energy, growth, Market Cycle, Speculation, technology, value | Manager focuses on buying growth stocks at value prices, seeking securities that are mis-perceived and priced at value multiples. The strategy involves identifying potential growth investments trading at discounts to intrinsic value. | View | |
| 2025 Q3 | Oct 9, 2025 | Kingdom Capital Advisors | 20.8% | 7.9% | AIV, AKA, FGF, GCO, HRBR, MAGN, NLOP, UNFI, UNTC, VNTRF, WW | cybersecurity, Liquidations, real estate, small caps, special situations, tariffs, value | The fund focuses on overlooked companies trading at significant discounts to intrinsic value. Traditional holdings trade at about 10x estimated forward earnings versus 30x trailing twelve months earnings, with most trading below book value and less than 10x estimated cash flow. | AKA US MAGN US WW US GCO US AIV US UNFI US |
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| 2024 Q3 | Oct 8, 2024 | Kingdom Capital Advisors | 2.5% | 15.9% | ECRO, GENK, GLXZ, GTIM, HCC, NLOP, RRGB, SCOR, SUP, UNFI, VAL | Coal, Microcap, real estate, Restaurants, small caps, value | Premium metallurgical coal market is undersupplied with major steel producers paying $300m+ per million tons of annual production. Japanese and Indian steel companies are aggressively acquiring coal assets at valuations exceeding current Warrior Met Coal pricing. | ECRO UNFI HCC NLOP |
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| 2023 Q3 | Oct 2, 2023 | TIFF | - | - | AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI | energy, growth, Speculation, technology, value | Manager describes their strategy as buying growth stocks at value prices, seeking securities that are mis-perceived and priced at value multiples. The portfolio is positioned with over 25 securities that represent potential growth investments trading at discounted valuations. | View | |
| 2024 Q3 | Oct 10, 2024 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | GCI, NBR, QUAD, UNFI | Concentration, energy, Media, rates, small caps, valuation, value | Manager emphasizes wide valuation spreads between expensive and cheap stocks, with the least expensive decile trading at significant discounts with attractive 15% earnings yields. Current market concentration and valuation levels mirror 1999-2000 period, suggesting potential for value outperformance as spreads narrow over time. | QUAD NBR UNFI GCI |
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| 2025 Q4 | Jan 7, 2026 | Kingdom Capital Advisors | 8.9% | 17.5% | AIV, AKA, CRSXF, HRBR, MAGN, NLOP, NVRI, SUP, TSSI, UNFI, WW | concentrated, Liquidations, Microcap, special situations, Turnarounds, value | Kingdom Capital focuses on overlooked microcap companies trading at significant discounts to intrinsic value. The portfolio includes businesses like UNFI trading below 4x EV/EBITDA and generating substantial free cash flow, demonstrating the manager's value-oriented approach. The fund specializes in microcap investing with a concentrated, research-intensive approach. Despite significant challenges including bankruptcies and customer losses, the strategy delivered strong returns by exploiting inefficiencies in overlooked areas of the market. 2025 tested the fund's thesis severely with a bankruptcy, major customer losses, and cyber-attacks, yet delivered 17.45% net returns. The manager emphasizes that edge comes from exploiting inefficiency rather than avoiding adversity, demonstrating portfolio resilience through active management. | View | |
| 2023 Q4 | Jan 4, 2024 | TIFF | - | - | AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI | energy, portfolio, tariffs, technology, Trade Policy, uncertainty, value | The manager discusses the dramatic tariff policies announced by the administration, noting they are of historic magnitude and could lead to either positive trade relationships or harsh economic outcomes. The uncertainty around policy execution creates both upside and downside scenarios for markets. | View | |
| 2025 Q4 | Jan 16, 2026 | Far View Capital Management | -7.0% | -9.7% | CRTA.L, THG.L, THRY, TRST.L, UNFI, WEW.DE | E-Commerce, Europe, SaaS, small caps, technology, value | Portfolio includes Westwing AG, a European online home-goods retailer that was the largest contributor in H2 2025. Also invested in Ingenuity PLC, an e-commerce enablement operation providing technology, fulfillment, and marketing services to consumer brands including Nestle, Coca-Cola, P&G, and L'Oreal. Invested in Cirata PLC, a UK-listed data migration software specialist, and previously held Thryv Holdings which offered a SaaS business within a legacy Yellow Pages wrapper. The Thryv thesis broke when seasoned net revenue retention fell 900 bps to 94%, exposing higher churn and delayed product development. | THRY TRST LN CRTA LN WEW GR |
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| 2023 Q3 | Sep 30, 2023 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AEL, CNXC, DAR, DECK, FN, GIII, HNI, IAC, IDCC, LTHM, MTZ, SFBS, SFM, SNX, UGI, UNFI | long-term, Margin Of Safety, Quality, small caps, value | The fund focuses on acquiring quality companies at reasonable prices with a margin of safety. Current valuations, competitive positions, and experienced management teams give confidence that holdings will be worth more in three to five years than today. | View | |
| 2023 Q2 | Aug 22, 2023 | First Eagle Investments | 0.0% | 0.0% | CCL, CNC, MERC, PRAA, SPLS, UNFI | Corporate Bonds, credit, distressed, Federal Reserve, fixed income, high yield, interest rates | The fund highlights increasing distressed exchanges as a forward indicator of trouble, with over $50 billion in bonds and loans defaulting or engaging in distressed exchanges year-to-date. They expect this trend to continue in what they anticipate to be a fairly extended default cycle given high levels of corporate debt and leverage. | View | |
| 2025 Q1 | Apr 14, 2025 | Kingdom Capital Advisors | -7.1% | -7.1% | AKA, CLBR, CRSXF, HCC, IPI, MAGN, NLOP, NVRI, OACC, SUP, UNFI, UNTC, VNTRF | Autos, Coal, Natural Gas, real estate, small caps, tariffs, Trade Policy, value | Q1 was dominated by tariff discussions as Trump's administration demonstrates more follow-through than his first term. The manager analyzes specific impacts on portfolio holdings, particularly auto tariffs affecting Superior Industries, and expects policy adjustments due to consumer cost concerns. | View | |
| 2025 Q1 | Apr 14, 2025 | Miller Value Partners Deep Value Strategies | -12.8% | -12.8% | DOOR, GCI, GTN, JELD, NBR, NYT, OC, QUAD, UNFI | Media, opportunity, small caps, uncertainty, value, volatility | Manager emphasizes deep value investing approach, highlighting that lower valuation securities continue to have lower representation in passive indexes and are under-owned. Portfolio holdings are trading at historically attractive valuations with average less than 1.5x cash flow, price to sales less than 0.2x and normalized earnings and free cash flow greater than 30%. | JELD NBR GCI GTN |
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| 2023 Q1 | Apr 14, 2023 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | DECK, FN, GIII, IDCC, NJR, OMI, RLI, SFBS, SYNA, UNFI | - | View | ||
| 2023 Q4 | Jan 31, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AX, CHD, CNCR, DECK, DLG, FN, GIII, HMN, IDCC, MSTX, PVH, SFBS, TGHS, UNFI, VSHY | Cash, Margin Of Safety, Quality, small caps, value | The fund focuses on acquiring quality companies at reasonable prices with a margin of safety. Current valuations, competitive positions, and experienced management teams at the fund's holdings give confidence they will be worth more in three to five years than today. | View | |
| 2024 Q4 | Jan 21, 2025 | Kingdom Capital Advisors | 2.1% | 18.3% | ENZ, GLXZ, HCC, MAGN, NLOP, NPK, RGS, SCOR, SUP, TSSI, UNFI, UNTC | AI, Coal, Concentration, defense, Distribution, small caps, turnaround, value | KCA applies a concentrated approach to small cap investing, with the Russell 2000 serving as their benchmark. The manager notes that small cap stocks experienced a Trump rally in November that reversed by year-end. Since inception, small caps have returned about 7% cumulatively versus 89% for KCA. | TSSI NPK MAGN SUP UNFI NLOP |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Kingdom Capital Advisors | United Natural Foods | Consumer Staples | Food Distributors | Bull | NYSE | business transformation, cyber insurance, cyber-attack, EBITDA guidance, food distribution, Natural Foods, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Kingdom Capital Advisors | United Natural Foods | Consumer Staples | Food Distributors | Bull | NYSE | cash flow, consumer staples, food distribution, grocery, Margins, Organic Foods, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Kingdom Capital Advisors | United Natural Foods | Consumer Staples | Food Distributors | Bull | NYSE | cash flow, Counter-cyclical, Distribution Centers, food distribution, grocery, margin expansion, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | United Natural Foods Inc | Consumer Staples | Food Distributors | Bull | NYSE | food distribution, Natural Foods, operational efficiency, Six Sigma, transformation, turnaround, Value | View Pitch |
| Apr 9, 2026 | Fund Letters | Kingdom Capital Advisors | United Natural Foods | Food Distribution | Food Distributors | Bull | New York Stock Exchange | food distribution, Free Cash Flow, margin expansion, Natural Foods, Organic Foods, share repurchases, turnaround, Value | View Pitch |
| Jan 8, 2026 | Fund Letters | David Bastian | United Natural Foods, Inc. | Consumer Staples | Food Distributors | Bull | New York Stock Exchange | cybersecurity, Distribution, guidance, Margins, turnaround | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Forward Analytics | United Natural Foods, Inc. | Consumer Staples | Food Distribution | Bear | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Blake Winiecki | United Natural Foods, Inc. | Consumer Staples | Food Distribution | 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 |
|---|---|---|---|---|---|---|---|---|
| Anthony Bozza | Lakewood Capital Management | $1.5B | $18.5M | 1.23% | 550,000 | +550,000 | +100.00% | 0.7823% |
| Bill Miller | Miller Value Fund | $283.8M | $425,084 | 0.15% | 12,625 | -60,820 | -82.81% | 0.0180% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $390,572 | 0.00% | 11,600 | -35,400 | -75.32% | 0.0165% |
| Ray Dalio | Bridgewater Associates | $27.4B | $770,269 | 0.00% | 22,877 | +3,236 | +16.48% | 0.0325% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $210,673 | 0.00% | 6,257 | -9,609 | -60.56% | 0.0089% |
| Israel Englander | Millennium Management LLC | $233.2B | $13.4M | 0.01% | 398,946 | +359,541 | +912.42% | 0.5674% |
| Cliff Asness | AQR Capital Management | $190.6B | $4.4M | 0.00% | 131,560 | +27,376 | +26.28% | 0.1871% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $2,660 | 0.00% | 79 | +79 | +100.00% | 0.0001% |