WHGLY

WHGLY

WHGLY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2022 Q2	Jul 1, 2022	Palm Valley Capital Management	-0.7%	1.2%	CRD/A, CRI, CTRA, DOX, HOFT, HTLD, MLR, NATH, NGSC, ODC, OR, PHYS, PSLV, VWTR, WHGLY	Cash, Fed, gold, inflation, Silver, small caps, Valuations, value		NATH LAS.TO HOFT ODC CRI	View
2021 Q2	Jul 1, 2021	Palm Valley Capital Management	1.2%	4.8%	COG, CRD/A, CRD/B, CRI, DOX, EZPW, OR.TO, PTVCB, SCHL, UG, VWTR, WHGLY	Bubble, Cash, commodities, energy, inflation, Precious Metals, small caps, value		VWTR COG	View
2021 Q1	Apr 1, 2021	Palm Valley Capital Management	3.6%	3.6%	BCEI, CRD/A, CRI, DOX, GENC, GME, HP, PHYS, PSLV, PTVCB, PVCMX, SCHL, SLV, SSRM, SYKE, T, WHGLY	Bubble, Cash, Defensive, inflation, Precious Metals, small caps, Speculation, value		WHGLY CRI SSRM PHYS	View
2024 Q3	Oct 1, 2024	Palm Valley Capital Management	-0.1%	4.2%	DOX, EQC, HELE, LAS.TO, NATH, RGP, TBI, WHGLY, WLY	Commercial real estate, Fed policy, rates, small caps, Staffing, value	The commercial real estate market faces a menacing backdrop with property valuations for office sector down 40% and multifamily suffering. Many lenders reluctant to foreclose hoping for recovery. Small banks may not be properly recognizing expected loan losses on distressed CRE assets despite significantly lower valuations.	HELE WHGLY DOX LAS.TO RGP TBI	View
2021 Q3	Oct 1, 2021	Palm Valley Capital Management	-1.1%	3.7%	AMRK, COG, DOX, NGS, OR.TO, PHYS, PSLV, SSRM, TFPM, THS, VWTR, WHGLY	gold, inflation, Natural Gas, Precious Metals, risk management, small caps, Valuations		THS	View
2025 Q4	Jan 6, 2026	Palm Valley Capital Management	0.7%	4.5%	AMDOCS, AVA, CRI, DOM, FLO, FORR, FPI, HTLD, INGR, KELYA, LAS/A, LKQ, MAN, NWN, PHYS, PSLV, PVCMX, RES, UTZ, WHGLY	capital preservation, Cash, optionality, Patience, valuation	The letter highlights a cautious stance driven by elevated valuations, narrow market leadership, and limited margins of safety across equities. Cash is positioned as a strategic asset, preserving optionality and protecting capital while waiting for more attractive risk-reward setups. Capital preservation and patience are framed as competitive advantages late in the market cycle.	HTLD FLO INGR UTZ DOM LN	View
2021 Q4	Jan 1, 2022	Palm Valley Capital Management	0.0%	3.7%	AGI, CRD/A, CRD/B, CTRA, DOX, DRQ, HRL, NGS, ORLA.TO, PHYS, PSLV, SSRM, TFPM, THS, VWDRY, WHGLY	Cash, contrarian, Precious Metals, small caps, Valuations, value		WHGLY CRD.A DRQ AGI	View
2023 Q2	Jun 7, 2023	Palm Valley Capital Management	-0.1%	4.2%	AAP, CRD-A, CRD-B, LAS.TO, NGS, ODC, PSLV, SSRM, TBI, WHGLY	AI, Banking, Buybacks, credit, Recession, small cap, value	Manager views AI as potentially transformative but warns against investing in the current hype cycle. Compares AI boom to past bubbles like Cisco during the internet explosion, noting that revolutionary technology doesn't guarantee profitable investments. Believes progress will come in small steps rather than giant leaps.	LAS.TO BHARATBIJ.NS AAP	View
2025 Q1	Apr 4, 2025	Palm Valley Capital Management	0.6%	0.6%	AVA, CRI, FLO, FORR, HTLD, KELYA, LAS.TO, MNRO, NWN, PHYS, PSLV, REYN, RGP, TBI, WHGLY	Cyclical, fiscal policy, gold, Government Spending, Quality, small caps, Staffing, value	Small cap equity performance has trailed large caps with fewer passive tailwinds and a drag from lower quality businesses. High quality small cap businesses remain fully valued despite the S&P SmallCap 600 being down 17% from its November 2024 record. The median profitable small cap company has an EV/EBIT multiple of 17x with elevated profits and valuations.	FLO MNRO REYN FORR	View
2023 Q1	Mar 31, 2023	Palm Valley Capital Management	-0.1%	4.2%	CRD/A, GENC, MLR, NGS, OR, WHGLY	-			View
2023 Q4	Jan 7, 2024	Palm Valley Capital Management	-0.1%	4.2%	AAP, AVA, CRD-A, CRD-B, CRI, DOX, KELYA, LAS.TO, MLR, MNRO, NGS, TRUE, WHGLY, WLY	Fed policy, Inequality, inflation, liquidity, small caps, value	Small caps experienced significant volatility in 2023, with a 26% surge from October lows driven by Fed pivot expectations. However, 40% of Russell 2000 constituents remain unprofitable, and median net income has stagnated for 25 years. Quality deterioration and speculative business models persist despite recent outperformance.	LAS/A CN\|MLR\|MNRO\|NGS\|WHGLY\|WLY LAS/A CN\|MLR\|MNRO\|NGS\|WHGLY\|WLY	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jun 15, 2026	Fund Letters	Palm Valley Capital Management	WH Group	Packaged Foods	Packaged Foods & Meats	Bull		China, consumer staples, contrarian, Hong Kong, Packaged Foods, Pork, Smithfield, Value	View Pitch
Jun 15, 2026	Fund Letters	Palm Valley Capital Management	WH Group Limited	Packaged Foods	Packaged Foods & Meats	Bull	New York Stock Exchange	African Swine Fever, consumer staples, defensive business, Geographic Diversification, Packaged meats, Pork Producer, Value, vertical integration	View Pitch
Apr 13, 2026	Fund Letters	Palm Valley Capital Management	WH Group	Consumer Staples	Packaged Foods & Meats	Bull	OTC	Feed Costs, geopolitical risk, Operational Turnaround, Packaged meats, Pork Producer, Smithfield IPO, value unlock	View Pitch

BSD Shareholders of WHGLY

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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