UNTC

UNTC

UNTC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Jul 24, 2023	Kingdom Capital Advisors	2.7%	7.6%	AMRK, ARCH, PLCE, SUP, UNTC, VHI	Buybacks, Coal, energy, Precious Metals, retail, small caps, value	Manager expects significant outperformance among coal stocks once the broader market realizes how the global cost curve has increased. Arch Resources continues to struggle despite being expected to earn over $50 per share between 2023 and 2024 while trading at $115. Coal sector remains out of favor with stocks fluctuating on fears about China, recessions, and seasonality.	CTLP\|SUPN\|VC PLCE AMRK	View
2023 Q1	Apr 11, 2023	Kingdom Capital Advisors	4.8%	4.8%	AMRK, ARCH, DOLE, PDER, UNTC	Banking Crisis, dividends, energy, Precious Metals, small caps, value	A-Mark Precious Metals benefits from increased demand for precious metals during market panics and banking fears. March bullion sales reached historic highs following bank failures, with peers reporting overwhelming demand. The company profits when precious metal demand outpaces supply, which has been the case for most of the last three years.	PDER ARCH UNTC AMRK	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	View
2023 Q3	Oct 14, 2023	Pernas Research	18.0%	17.8%	ABL, CKX, CRSXF, HCC, PLCE, SENEA, SUP, UNTC	Coal, Concentration, Outperformance, small caps, value	Q3 returns strongly benefited from coal positions as seasonal weakness in metallurgical coal prices ended in August with indexes rising over 30% in a month. Demand for the key steelmaking component continues to increase while no significant supply response has occurred due to new mining equipment and labor shortages.		View
2023 Q4	May 1, 2024	Kingdom Capital Advisors	2.5%	15.9%	ABL, ABLLW, AMRK, ARCH, CRSXF, HCC, NLOP, PLCE, SCOR, UNTC	Coal, contrarian, energy, real estate, small caps, special situations, value	Manager holds positions in Corsa Coal and previously Arch Resources, rotating into Warrior Met Coal. Coal was both a top contributor (Warrior Met) and detractor (Corsa Coal) during the period. Manager views coal as part of their value-oriented approach to out-of-favor sectors.	NLOP	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
2023 Q3	Apr 10, 2023	Kingdom Capital Advisors	2.5%	15.9%	ABL, CKX, CRSXF, HCC, PLCE, SENEA, SUP, UNTC	Coal, Concentration, Patience, small caps, undervaluation, value	Q3 returns strongly benefited from coal positions as seasonal weakness in metallurgical coal prices ended in August with indexes rising over 30% in a month. Demand for the key steelmaking component continues to increase while no significant supply response has occurred. With new mining equipment and labor in short supply, positions are poised to earn significant returns even if prices drop back to August lows.		View
2023 Q4	Jan 23, 2024	Cedar Creek Partners	-0.1%	4.8%	CZBS, HRBR, IQV, PCHM, PDRX, PROM, ROYTL, SKAS, SODI, UBAB, UNTC	Banking, Concentration, Microcap, OTC, undervalued, value	Fund holdings trading at 7.9 times forward earnings and 6.4 times earnings net of cash, with weighted price to book of 1.7. Manager emphasizes purchasing undervalued securities at attractive multiples with strong balance sheets and cash positions.	SKAS UBAB CZBS PDRX SODI PROM	View
2023 Q4	Jan 22, 2024	Merion Road Capital	5.4%	11.2%	CPRT, FERG, GOOGL, NAPA, SGA, SUM, UNTC	alpha, Attribution, dividends, small caps, special situations, value	The fund focuses exclusively on small-capitalization investments, with the Small Cap Fund increasing 11.2% in Q4 and 11.5% for the year. The manager notes that like the broader small-cap market, most returns came in December, driven by specific catalysts affecting portfolio companies.	NAPA SGA UNTC SUM	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	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Merion Road Capital	Unit Corp	Energy	Oil & Gas Exploration & Production	Bull	NYSE	capital return, commodity, energy, Oil & Gas, shareholder alignment, Special dividend, strong balance sheet, valuation	View Pitch
Apr 27, 2026	Fund Letters	Kingdom Capital Advisors	Unit Corporation	Energy	Oil & Gas Exploration & Production	Bull	NYSE	Contract Drilling, Cyclical, dividend, energy, Exploration & Production, hedging strategy, Oil & Gas, Share Buybacks, Value	View Pitch

BSD Shareholders of UNTC

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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