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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 17, 2024 | SouthernSun SMID Cap | 8.8% | 13.9% | AWI, BDC, BOOT, BR, DAR, DY, MGPI, SAM, THO, USPH | Concentration, long-term, Quality, small cap, SMID Cap, value | Fiber construction demand remains bright with private equity investment and public funding through ARPA, RDOF, and BEAD programs. The $40 billion BEAD program is expected to begin deployments in 2025, providing multi-year tailwinds. With only 43% of US homes passed with fiber, there is a long runway for penetration. | SAM MGPI BOOT DY |
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| 2024 Q1 | May 17, 2024 | SouthernSun Small Cap | 10.6% | 13.5% | AWI, BDC, BOOT, DAR, DY, LOB, MBUU, MGPI, SAM, USPH | long-term, retail, small cap, SMID Cap, Spirits, Telecommunications, value | Fiber construction demand remains bright with private equity investment and public funding through ARPA, RDOF, and BEAD programs. The $40 billion BEAD program is expected to begin deployments in 2025, providing multi-year tailwinds. Only 43% of US homes are passed with fiber, indicating a long runway for penetration. | MGPI MBUU BOOT DY |
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| 2025 Q1 | Apr 25, 2025 | SouthernSun Small Cap | -11.5% | -11.5% | AEIS, AGCO, AWI, BOOT, DANH, EPAC, EXTR, IEX, LOB, MOD, NGVT, OXM, PII, SAM, TKR, USPH | Manufacturing, Quality, Resilience, small caps, tariffs, value | Manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. The portfolio focuses on 20-30 fundamentally sound companies with financial backbone and market strongholds. | MOD EXTR LOB BOOT TKR EPAC |
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| 2025 Q1 | Apr 25, 2025 | SouthernSun SMID Cap | -8.8% | -8.8% | AEIS, AGCO, AWI, BDC, BOOT, BR, DHR, GNRC, IEX, MOD, PII, SAM, TKR, USPH, WSO | fundamentals, Quality, Resilience, small caps, SMID Cap, tariffs, Trade Policy, value | The manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. They see this as a shift from a sugar high to a carnivore diet - stripped of fluff and rooted in what's healthy and enduring. | MOD PII USPH BOOT WSO BR |
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| 2024 Q1 | Apr 15, 2024 | Conestoga Micro Cap Composite | 7.6% | 3.3% | BWMN, DGII, HLMN, NVEE, PHR, PLMR, PLOW, QTWO, ROAD, SMLR, SSTI, TCYSF, TKNO, TRNS, USPH, VCEL, WLDN | growth, healthcare, industrials, infrastructure, Micro Cap, technology | The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness. | View | |
| 2025 Q4 | 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 |
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| 2024 Q4 | Dec 31, 2024 | SouthernSun Small Cap | -7.7% | 4.7% | AEIS, AWI, BCO, DORM, LOB, MGPI, NGVT, OXM, PII, SAM, TKR, USPH | Cyclical, Patience, positioning, Research, small cap, value | Dorman Products represents a leading position in automotive aftermarket parts with unique first-to-aftermarket capabilities. The company has invested heavily in developing proprietary software to break down OE part codes and create matching functionality for complex electronic components. | View | |
| 2024 Q4 | Dec 31, 2024 | SouthernSun SMID Cap | -6.2% | 11.1% | APG, AWI, BCO, BR, DY, MGPI, PII, SEIC, TKR, USPH | Balance Sheet, Cyclical, management, Patience, Research, SMID Cap, value | The U.S. presidential election outcome led to market anticipation of policy shifts towards tax extensions and deregulation, viewed as pro-growth. However, potential new trade policies, particularly tariffs, introduced elements of uncertainty that the firm closely monitored. Global trade adjustments, particularly with major economies like China, continue to shape investment decisions. | BCO MGPI AWI SEIC |
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| 2023 Q4 | Dec 31, 2023 | Conestoga Micro Cap Composite | 7.6% | 3.3% | DGII, HLMN, IIIV, IRMD, MLAB, NVEE, OLO, PHR, PL, PLOW, PRO, QTWO, ROAD, SLP, SMLR, SSTI, TCYSF, TRNS, USPH, VCEL | Biotech, growth, healthcare, industrials, Microcap, technology, underperformance | The biotechnology and pharmaceuticals industries significantly outperformed the broader market during Q4, creating headwinds for the portfolio due to its large underweight to these areas. The manager notes these are typically unprofitable businesses with zero or insignificant earnings and negative cash flows that benefit from lower interest rates. | View | |
| 2024 Q3 | Oct 23, 2024 | Conestoga Micro Cap Composite | 7.6% | 3.3% | BLFS, BWMN, COCO, DGII, ERII, HLMN, IRMD, MAMA, MEG, OLO, PHR, PLMR, PRO, QTWO, ROAD, SLP, TCYSF, THBRF, TKNO, TRNS, USPH, VCEL, WLDN | growth, healthcare, industrials, Microcap, technology, volatility | The Health Care sector was the largest contributor to relative returns with positions in Alpha Teknova, BioLife Solutions, and iRadimed leading the way. TKNO surged 253% after reporting solid results and calling out an improving biotech funding environment and better customer order activity. However, concerns persist about spending patterns within the biotech and pharmaceutical industry. | 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% | AGCO, BDC, BOOT, DORM, LOB, LPX, NGVT, SAM, SCL, USPH | Agriculture, AI, infrastructure, Onshoring, Resilience, small cap, technology, value | Global infrastructure market expected to grow at 7.2% CAGR from 2024-2030, driven by public and private sector investments in modernization and sustainability. Geopolitical shifts encouraging re-shoring, onshoring, and near-shoring require substantial infrastructure investment. Governments worldwide seek to bolster economic resilience through infrastructure spending. | NGVT USPH BOOT LPX |
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| 2023 Q3 | Sep 30, 2023 | Conestoga Micro Cap Composite | 7.6% | 3.3% | BLFS, DGII, DH, HLMN, IIIV, MODN, NSTG, NVEE, PHR, PLMR, PRO, QTWO, ROAD, SLP, THBRF, TKNO, TRNS, USPH, VCEL, WLDN | Biotechnology, growth, healthcare, infrastructure, Micro Cap, small cap, software | The bioprocessing industry continues to be negatively impacted by inventory destocking and elongated sales cycles. Companies like BioLife Solutions and Repligen faced challenges from inventory overhang and longer purchase-approval timeframes. Despite near-term headwinds, the longer-term prospects for bioprocessing tools remain bright. | View | |
| 2023 Q3 | Sep 30, 2023 | SouthernSun Small Cap | 10.6% | 13.5% | BCO, BDC, DAR, DY, LOB, MUSA, SAM, SCL, TKR, USPH | consumer, energy, financials, industrials, infrastructure, small cap, value | Darling Ingredients is building Sustainable Aviation Fuel capacity expected online in Q4 2024, with further SAF expansion being evaluated as growth and incentives provide significant margin expansion and return on investment. The company is the largest publicly traded company turning edible by-products and food waste into sustainable products and a leading producer of renewable energy. | ALDAR.AD ABDY.L AER|AWI|MUSA|NEU|SAIA|WTM SAM |
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| 2023 Q3 | Sep 30, 2023 | SouthernSun SMID Cap | 8.8% | 13.9% | BCO, BDC, BR, DAR, DY, LPX, MUSA, SAM, TKR, USPH | Biofuels, Convenience Stores, self-help, SMID Cap, Telecommunications, value | Murphy USA benefits from its position as a low-cost, high-volume fuel retailer with advantaged locations on Walmart outparcels. The company continues to grow same-store sales and sees opportunities for new store additions while maintaining capital discipline through share repurchases. | ALDAR.AD ABDY.L AER|AWI|MUSA|NEU|SAIA|WTM SAM |
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| 2024 Q2 | Jul 20, 2024 | SouthernSun SMID Cap | 8.8% | 13.9% | AGCO, BCO, BOOT, DAR, DY, MUSA, PII, TREX, USPH, VMI | fundamentals, long-term, Patience, Research, small cap, SMID Cap, value | Strong demand outlook for fiber construction in urban areas as carriers generate good returns on fiber investments. Public funding through ARPA, RDOF, and BEAD programs provides additional significant demand, with the $40 billion BEAD program being the largest federal broadband program ever in the U.S. Deployment expected to start in 2025. | USPH DAR DY BOOT |
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| 2024 Q2 | Jul 20, 2024 | SouthernSun Small Cap | 10.6% | 13.5% | AGCO, BCO, BOOT, DAR, DY, EPAC, MGPI, MUSA, PII, USPH | Agriculture, Broadband, Energy Transition, HVAC, semiconductors, small caps, Turnarounds, value | Strong demand outlook for fiber construction in urban areas as carriers generate good returns on fiber investments. Public funding through ARPA, RDOF, and BEAD programs provides additional significant demand, with the $40 billion BEAD program being the largest federal broadband program ever in the U.S. Deployment expected to start in 2025. | USPH DAR DY BOOT |
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| 2023 Q2 | Jun 30, 2023 | Conestoga Micro Cap Composite | 7.6% | 3.3% | CYRX, DGII, HCAT, IIIV, MEG, MLAB, MODN, NSTG, NVEE, OLO, PL, PRO, ROAD, SSTI, THBRF, TRNS, USPH, VCEL | Biotech, defense, growth, healthcare, industrials, infrastructure, Micro Cap, technology | The portfolio faced challenges in biotech holdings with inventory destocking headwinds prevalent across the industry. Companies like CryoPort and NanoString experienced pressure from the challenging funding environment and weakened biotech demand, though some recovery is expected in 2024. | View | |
| 2023 Q2 | Feb 8, 2023 | SouthernSun SMID Cap | 8.8% | 13.9% | AGCO, DY, IEX, MGPI, MUSA, NGVT, SAM, THO, TREX, UNVR, USPH, WRK | Chemicals, concentrated, healthcare, SMID Cap, Spirits, Telecommunications, value | Fiber penetration has significant runway with only 43% of US homes passed by high-speed fiber cable. Government funding through ARPA, RDOF, and BEAD programs is making previously uneconomical rural and low-income areas viable for fiber deployment. Industry capacity remains tight with strong demand from smaller customers. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | SouthernSun SMID Cap | U.S. Physical Therapy, Inc. | Health Care | Health Care Services | Bull | NYSE | competitive moat, Healthcare services, Industrial Injury Prevention, market consolidation, Medicare Reimbursement, Physical Therapy, wage inflation | View Pitch |
| Apr 13, 2026 | Fund Letters | SouthernSun SMID Cap | U.S. Physical Therapy, Inc | Health Care | Health Care Services | Bull | NYSE | Bolt-on Acquisitions, Commercial Insurance, Healthcare services, Industrial Injury Prevention, Medicare Reimbursement, Outpatient Clinics, Physical Therapy | View Pitch |
| Apr 13, 2026 | Fund Letters | SouthernSun Small Cap | U.S. Physical Therapy, Inc | Health Care | Health Care Services | Bull | NYSE | Bolt-on Acquisitions, Commercial Insurance, Healthcare services, Industrial Injury Prevention, Medicare Reimbursement, National Operator, Physical Therapy | View Pitch |
| Apr 13, 2026 | Fund Letters | SouthernSun Small Cap | U.S. Physical Therapy, Inc. | Health Care | Health Care Services | Bull | NYSE | Acquisitions, Commercial Payers, Fragmented Industry, Healthcare services, Industrial Injury Prevention, Labor Costs, Medicare Reimbursement, Physical Therapy | 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 |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $30.1M | 0.03% | 385,189 | +262,163 | +213.10% | 2.2943% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $783,789 | 0.00% | 10,037 | -39 | -0.39% | 0.0598% |
| Israel Englander | Millennium Management LLC | $233.2B | $1.5M | 0.00% | 19,467 | +16,602 | +579.48% | 0.1160% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $2.0M | 0.00% | 25,026 | -35,241 | -58.47% | 0.1491% |
| Cliff Asness | AQR Capital Management | $190.6B | $837,442 | 0.00% | 10,724 | -2,510 | -18.97% | 0.0639% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $94.7M | 0.25% | 1,212,260 | -141,097 | -10.43% | 7.2206% |