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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 4, 2025 | FPA Queens Road Small Cap Value Fund | 8.6% | 5.9% | AAP, CSGS, IDCC, IMKTA, NNI, PVH, REVG, SCHL, SFM, THS, UGI, VSH | Balance Sheets, Quality, returns, small caps, Valuation gap | The letter highlights generationally attractive valuations in small-cap equities, particularly among high-quality businesses. Management argues that balance sheet strength, earnings consistency, and returns on capital matter more than size alone. Small-cap quality stocks are viewed as mispriced relative to large caps. | NNI IMKTA |
View |
| 2025 Q1 | Mar 31, 2025 | FPA Queens Road Small Cap Value Fund | -2.5% | -2.5% | ALTM, CNO, CSWI, IDCC, MDU, OSK, PVH, REVG, SCHL, SFM, UGI, VSH | - | View | ||
| 2024 Q4 | Dec 31, 2024 | FPA Queens Road Small Cap Value Fund | 2.4% | 10.8% | CNXC, CSWI, DECK, IDCC, MSM, SCHL, SFBS, SFM, SYNA, VSH | - | View | ||
| 2025 Q3 | Nov 8, 2025 | FPA Queens Road Small Cap Value Fund | 7.5% | 13.8% | FN, IAC, IDCC, REVG, RLI, SAIC, SFM, SNX, THS, VSH | Discipline, fundamentals, Quality, returns on capital, small caps | The fund underscores its four-pillar quality disciplinebalance sheet strength, earnings consistency, returns on capital, and strong managementamid a junky rally in speculative small caps. Q3 underperformance was driven by momentum-driven, low-quality segments outperforming, yet the fund remained focused on resilient compounders. The team continues reallocating toward higher-quality names with durable long-term economics. | View | |
| 2024 Q3 | Oct 30, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AAP, ALTM, AZO, CNXC, CSWI, DAR, DECK, FN, HMN, IDCC, ORLY, SFM, VSH | - | View | ||
| 2024 Q2 | Jul 31, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | ALTM, DAR, DECK, FN, IAC, MTZ, SFBS, SFM, SNX, VSH | - | View | ||
| 2023 Q4 | Jan 16, 2024 | Liberty Park Capital Management | 7.1% | 2.5% | AMWD, BELFB, CMT, GPI, HCC, INTT, KOP, LMB, TGLS, VSH | - | 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. | ||||||||