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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 29, 2025 | The London Company SMID Cap | -0.8% | -7.3% | AER, AWI, MUSA, NEU, SAIA, WTM | Capital Allocation, earnings, Quality, risk control, valuation | The commentary reiterates a quality-first approach focused on predictable earnings, prudent capital allocation, and downside protection. Management stresses patience through volatility and selective exposure to structurally advantaged businesses. Valuation discipline remains integral to risk management. | AER AWI NEU |
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| 2025 Q2 | Jul 20, 2025 | The London Company Small Cap | 2.4% | -4.9% | ACIW, AWI, CABO, GTES, MATX, NEU, SGI, WTM | free cash flow, Quality, returns on capital, small cap, volatility | The letter emphasizes conservative small-cap investing focused on free cash flow generation and strong returns on capital. Market volatility and tariff-driven uncertainty have created dispersion and selective opportunity. Quality is viewed as a long-term advantage despite short-term performance headwinds. | ACIW AWI NEU GTES |
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| 2025 Q2 | Jul 20, 2025 | The London Company Small-Mid Cap | -0.8% | -7.3% | AER, AWI, MUSA, NEU, SAIA, WTM | Balance Sheets, Compounding, Discipline, fundamentals, Quality | The letter emphasizes investing in high-quality small- and mid-cap businesses with durable competitive advantages and strong balance sheets. Management highlights disciplined underwriting and avoidance of leverage as critical in navigating macro uncertainty. Long-term compounding is prioritized over short-term market timing. | AWI NEU |
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| 2022 Q2 | Jul 18, 2022 | Springview Capital Management | -8.4% | -7.3% | BRK/A, GOOG, MKL, WRB, WTM | - | View | ||
| 2024 Q1 | May 7, 2024 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | CNX, HOUS, OSCR, WTM | - | View | ||
| 2025 Q3 | Oct 28, 2025 | The London Company Small Cap | 1.6% | -3.3% | AWI, GHC, HAE, IPAR, NGVT, WTM | cyclicals, Housing, industrials, materials, Quality Investing | The small-cap strategy lagged the index amid speculative rallies in unprofitable stocks, but management reaffirmed confidence in balance-sheet strength and cash generation. Top contributors included Armstrong World Industries and Ingevity, supported by cyclical recovery in materials and industrials. Managers remain focused on resilient, attractively valued businesses that can compound through market cycles as housing and tariffs remain headwinds. | GHC NGVT AWI |
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| 2024 Q3 | Oct 2, 2024 | The London Company Small-Mid Cap | 2.0% | 4.8% | AWI, ENTG, LW, WAT, WTM, ZBRA | - | View | ||
| 2024 Q3 | Oct 2, 2024 | The London Company Small Cap | 7.0% | 8.9% | ACIW, CERT, PLUS, RVLV, VNT, WTM | - | View | ||
| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Small-Cap Fund | 2.0% | 6.4% | CLW, CNX, CUERVO* MM, GHC, GRUMAB MM, MAT, OSCR, PCH, RYN, TRIP, WTM | Compounding, free cash flow, Share repurchase, small caps, Value Investing | Longleafs Small-Cap Fund focuses on undervalued, high-quality small-cap franchises generating strong free cash flow. The team notes speculative excess in unprofitable small caps but remains confident in holdings such as Gruma, Becle, and White Mountains, which have multiple catalysts for value realization. Management sees substantial upside from disciplined ownership and shareholder alignment. | TRIP US MAT US WFG US CNX US |
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| 2022 Q4 | Jan 25, 2023 | Springview Capital Management | 7.2% | -4.6% | BRK/A, FFH CN, HLT, MKL, WRB, WTM | - | View | ||
| 2025 Q4 | Jan 21, 2026 | The London Company SMID Cap | 2.0% | -4.8% | AER, LW, NEU, WAT, WTM, ZBRA | industrials, mid cap, Quality, small cap, SMID Cap, value | The portfolio emphasizes companies with high and stable returns on invested capital, conservative leverage, and reasonable valuations. Quality factors were headwinds during the quarter but the manager believes the environment is becoming more conducive to fundamentals where earnings growth, dividends, and balance-sheet strength matter more than valuation multiple expansion. Value outperformed Growth across the market cap spectrum during the quarter, with Value factors being the primary driver of returns, led by stocks trading at lower prices relative to sales and book value. The manager expects a return to fundamentals where reasonable valuations become more important. | LW NEU ZBRA AER |
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| 2025 Q4 | Jan 21, 2026 | The London Company Small Cap | 2.5% | -1.0% | AWI, CCC, CERT, DV, GTES, HAE, NEU, RVLV, WTM | Disciplined, Outperformance, Quality, Russell 2000, small caps, stock selection, value | The Small Cap portfolio outperformed the Russell 2000 Index in Q4, finishing 2025 on a high note with strong stock selection. The high beta rally that drove much of the index's 2025 gains showed signs of exhaustion in Q4, creating opportunities for disciplined stock pickers focused on quality companies. Value factors were the primary driver of returns during the quarter, led by stocks trading at lower prices relative to sales and book value. The portfolio's focus on companies trading at significant discounts to intrinsic value aligned well with this market environment. Quality factors were headwinds during the quarter, though the portfolio maintains its tilt toward profitable, financially stable companies that consistently generate free cash flow and high returns on unleveraged operating capital. This positioning is expected to provide resilience through shifting market regimes. | DV CCC GTES CERT NEU HAE |
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| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Small-Cap Fund | 1.1% | 7.6% | ALX, CLW, CNX, CUERVO.MX, ESRT, GHC, GLIBA, GRUMA.MX, MAT, PCH, RYN, SAM, SHEN, TRIP, WTM | Alcohol, Media, real estate, small cap, Telecommunications, undervalued, value | Fund focuses on undervalued companies trading below intrinsic value with P/V ratios in low-60s%. Manager emphasizes buying quality companies at discounted prices when market favors unprofitable, lower quality stocks. Significant exposure to alcoholic beverage companies including Becle (tequila/whiskey manufacturer) and Boston Beer. Alcohol industry faces consumption headwinds but companies have strong brands and pricing power. Holdings in Empire State Realty and Alexander's provide exposure to New York real estate. Despite political concerns about Mayor Mamdani, on-the-ground leasing trends outpace weak stock performance. Graham Holdings diversified conglomerate includes broadcast television assets that could benefit from increased M&A activity. Kaplan education segment returning to growth after multi-year turnaround. | PK ALX ESRT CLW SAM OSCR MAT GHC GLIBA |
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| 2022 Q2 | Jun 30, 2022 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | BKEP, CMP, HNRG, INFU, LGF/B, VSAT, WTM | - | View | ||
| 2023 Q1 | Apr 20, 2023 | The London Company Small Cap | 7.0% | 8.9% | AQUA, ENOV, IAA, LIVN, MUSA, PAG, TPX, VNT, WTM | - | View | ||
| 2023 Q4 | Jan 23, 2024 | The London Company Small Cap | 7.0% | 8.9% | AUB, AWI, CABO, DOOR, QLYS, WTM | - | View | ||
| 2023 Q4 | Jan 23, 2024 | The London Company SMID Cap | 9.2% | 9.2% | CABO, DECK, HAS, MBI, TREX, WTM | - | 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. | ||||||||