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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Apr 25, 2025 | SouthernSun SMID Cap | -8.8% | -8.8% | BOOT, BR, MOD, PII, USPH, WSO | - | View | ||
| Q4 2025 | Feb 25, 2026 | SouthernSun Small Cap | 2.6% | 5.4% | AEIS, BOOT, CSW, CXT, DAR, DORM, DY, EXTR, KAI, LPX, TKR, USPH | AI, energy, fundamentals, risk, small caps, valuation, value | Manager draws extensive parallels between today's AI-driven market environment and the 2014-15 oil collapse, warning that AI has become a macroeconomic assumption embedded in capital expenditure plans and valuation models. AI infrastructure faces energy constraints with data centers becoming massive electricity consumers, while rising power costs and grid limitations challenge assumptions of frictionless scalability. Markets may be conflating transformational potential with near-term certainty, creating valuation risk similar to past cycles. Energy plays a central role in the manager's analysis, both as a historical lesson from 2014-15 oil collapse and as a current constraint on AI infrastructure. Data centers have become massive electricity consumers with economics highly sensitive to power pricing and grid reliability. Rising electricity prices in data-center-heavy regions and utility challenges in expanding capacity create physical constraints that complicate AI scalability assumptions. The portfolio focuses on small-cap businesses that are performing well fundamentally with strong balance sheets, resilient cash flows, and improved competitive positions. The manager emphasizes owning businesses that can compound value over time rather than speculation, though acknowledges markets don't always reward fundamentals on a linear schedule. Portfolio positioning reflects discipline in finding mispriced companies relative to long-term intrinsic value. | TKR DY DORM KAI CSW DAR AEIS |
View |
| 2024 Q3 | Oct 23, 2024 | Conestoga Micro Cap Composite | 7.6% | 3.3% | BWMN, COCO, ERII, MAMA, MEG, PRO, QTWO, ROAD, SLP, TKNO, USPH, WLDN | - | View | ||
| 2024 Q3 | Sep 30, 2024 | SouthernSun SMID Cap | 8.8% | 13.9% | APG, BOOT, GNRC, IDXX, LPX, NGVT, USPH | - | View | ||
| 2024 Q3 | Sep 30, 2024 | SouthernSun Small Cap | 10.6% | 13.5% | BOOT, LPX, NGVT, USPH | - | View | ||
| 2024 Q2 | Jul 20, 2024 | SouthernSun SMID Cap | 8.8% | 13.9% | BOOT, DAR, DY, USPH | - | View | ||
| 2024 Q2 | Jul 20, 2024 | SouthernSun Small Cap | 10.6% | 13.5% | BOOT, DAR, DY, USPH | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Conestoga Micro Cap Composite | 7.6% | 3.3% | CYRX, DGII, HCAT, MEG, MLAB, NSTG, OLO, PL, ROAD, SSTI, USPH, VCEL | - | View | ||
| 2023 Q1 | May 23, 2023 | Conestoga Micro Cap Composite | 7.6% | 3.3% | CYRX, MEG, MODN, NVEE, OLO, SSTI, TBRD CN, TKNO, TRNS, USPH | - | View | ||
| 2023 Q2 | Feb 8, 2023 | SouthernSun SMID Cap | 8.8% | 13.9% | DY, MGPI, NGVT, TREX, UNVR, USPH, WRK | - | View |
| 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||