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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Aug 31, 2024 | Adestella Investment Management | -3.5% | 7.8% | PRKS, WSC | - | View | ||
| 2024 Q1 | May 30, 2024 | Silver Beech Capital | 0.0% | 22.3% | C, CROX, DNTL, WSC | - | View | ||
| 2024 Q4 | Mar 10, 2025 | Turtle Creek Fund Test | -2.7% | - | ABG, AHT LN, ASO, BLDR, DOO CN, FFBB, KNSL, TIGO, UBAB, WSC | - | View | ||
| 2025 Q3 | Dec 4, 2025 | Silver Beech Capital | - | 3.5% | DNTL, ET, FFH, FR, GFR, GSY, MHC, PLYM, PRKS, RTO, SWX, WSC | CashFlow, Discipline, fundamentals, valuation, value | Silver Beech emphasizes a disciplined value approach amid a speculative market that rewards unprofitable growth and ignores cash-flow durability. The fund argues that valuation gaps versus the S&P 500 provide a margin of safety, with opportunities created by cyclical dislocations rather than structural impairment. Value investing remains compelling as fundamentals, free cash flow, and capital returns ultimately reassert themselves. | View | |
| 2024 Q4 | Dec 31, 2024 | Madison Small Cap Fund | 4.0% | 22.2% | AMN, FROG, GOGO, KN, MEDP, VFC, WSC | - | View | ||
| 2024 Q3 | Nov 27, 2024 | Silver Beech Capital | 0.0% | 22.3% | BN, WSC | - | View | ||
| 2025 Q3 | Oct 31, 2025 | Turtle Creek Fund Test | 0.4% | - | AHT, BFH, KNSL, SCI, WSC | Active Share, earnings growth, Mid Cap Equities, North America, Portfolio Upgrade | Quality: The portfolio has been upgraded toward market leaders, best-run operators, and durable niche businesses, raising average business quality. Valuation: Despite higher growth prospects, holdings trade near ~10x earnings with returns driven by earnings, not multiple expansion. Midcaps: Management highlights better prospective returns outside the S&P 500s elevated multiples, favoring mid-cap exposures. | CTAS KNSL WSC CTAS KNSL WSC |
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| 2022 Q3 | Oct 25, 2022 | Madison Small Cap Fund | 6.3% | 17.2% | BRP, OMI, TCBI, WSC | - | View | ||
| 2025 Q4 | Jan 30, 2026 | BBH Select Series – Mid Cap Fund | -3.9% | -5.6% | ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA | AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value | AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations. | GWRE FOUR KEYS DAR |
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| 2025 Q4 | Jan 26, 2026 | Cambiar SMID Fund | 1.6% | 0.0% | ACVA, ALGN, BOKF, COO, EEFT, FNF, GOOGL, JBHT, LAZ, MAS, NVDA, WFC, WSC | AI, Credit Stress, financials, healthcare, Quality, small caps, value | The market has priced in a near-flawless AI future for years, but sentiment is shifting as investors become more scrutinizing. Only two of the Mag7 outperformed in 2025, and the market is now more discerning about how AI investments will translate into financial returns. Increased debt financing for AI capex creates vulnerability to credit tightening. The fourth quarter saw a reversal in the growth versus value trade, with traditional value sectors like Healthcare and Financials performing well while Mag7 largely lagged. The fund's quality bias and valuation sensitivity were out of step with a market prioritizing higher-beta momentum stocks. Value stocks offer attractive return potential going forward. Small cap stocks trailed larger cap counterparts for the year despite posting respectable 12.8% gains. Companies with negative income outperformed by wide margins in 2025, creating challenges for quality-focused strategies. The market environment paralleled 2021's speculative period with little regard for valuation or earnings. Corporate bankruptcies spiked in 2025, highlighting growing financial pressure amid elevated borrowing costs. Middle and lower income consumers are increasingly stretched with high credit card balances and subprime auto loan delinquencies at highest levels since 2008. Rising unemployment likely to amplify these pressures. | COO |
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| 2022 Q3 | Sep 11, 2022 | Bernzott Capital Advisors – US Small Cap | 8.5% | 8.5% | ADTN, BV, CHRD, EHC, HCI, KN, SRC, TCBI, VNOM, WSC | - | View | ||
| 2024 Q2 | Jun 30, 2024 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ADUS, ATRC, AZEK, BJ, BOOT, CERT, DRVN, ESAB, EWCZ, HLNE, HXL, IAC, MAX, MRUS, MVBF, NSA, RRX, SILK, SVV, TMCI, TTEK, VCTR, WRBY, WSC | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Bernzott Capital Advisors – US Small Cap | 8.5% | 8.5% | ADTN, ATSG, BV, GVA, HALO, HCI, HLMN, PTEN, SRCL, TA, TCBI, WSC | - | View | ||
| 2022 Q3 | Feb 11, 2022 | ClearBridge Mid Cap Growth Strategy | 0.0% | 0.0% | AVLR, AZPN, CMG, ETSY, PCTY, TFX, WSC | - | View | ||
| 2024 Q4 | Jan 23, 2025 | Polen Capital – U.S. Small Company Growth | 4.7% | 3.8% | ALRM, AMN, BDC, BROS, EEFT, FN, NSIT, NVEE, OPCH, RVLV, TREX, WRBY, WSC | - | View | ||
| 2024 Q4 | Jan 23, 2025 | Polen Capital – U.S. SMID Company Growth | 2.7% | 1.4% | ALRM, BAH, BLD, BROS, BSY, EEFT, ENTG, FF0 GR, GSHD, HLNE, NSIT, PSTG, RMBS, RVLV, TYL, WRBY, WSC | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | Cameron McKendry | WillScot Mobile Mini Holdings Corp. | Industrials | Commercial Services & Supplies | Bull | NASDAQ | consolidation, construction, efficiency, FCF, M&A, Modular, Pricing power, Rental, Storage | View Pitch |
| Nov 29, 2025 | Fund Letters | Cameron McKendry | WillScot Mobile Mini Holdings Corp. | Industrials | Commercial Services & Supplies | Bull | NASDAQ | consolidation, construction, efficiency, FCF, M&A, Modular, Pricing power, Rental, Storage | View Pitch |
| Sep 16, 2025 | Short Thesis | DF Research | WillScot Holdings Corp | Industrials | Construction & Engineering (Modular Buildings) | Bear | NASDAQ | construction, Cyclicality, leverage, Modular, Rentals | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||