Palm Harbour CapitalQ3 2023 Letter ↗Palm Harbour Capital sold Avid Technology after its private-equity acquisition and exited Stora Enso over a weaker pulp outlook, while reducing C. Uyemura and Verallia after strength. It backs Telekom Austria’s tower spin-off, OCI’s fertilizer assets and Ocean Wilsons’ strategic review as routes to value realization.third quarter —OCWSFdelisted0NFS0R5R4966$2B
Palm Harbour CapitalQ4 2023 Letter ↗Palm Harbour Capital expanded its Japanese basket on expectations that exchange-led capital-allocation reforms will unlock corporate cash and improve shareholder returns. The fund exited C Uyemura, Bayer and several smaller positions, while retaining both Solvay and Syensqo after their separation and adding to OCI amid its asset-sale programme.fourth quarter —SOLB$3.2BSYENS$9.6B4966$2BBAYZF$55B
Palm Harbour CapitalLetter 2024 Q1 ↗Palm Harbour Capital purchased Piraeus Port Authority, citing its cash generation, balance sheet and capacity expansion, while selling two undisclosed positions after operational problems worsened. The portfolio case centers on discounts at Ocean Wilsons, Japanese cash-rich companies and International Games Technology, where a planned Everi merger is expected to separate the lottery business despite added execution and concession risks.first quarter —GHTI0FHOdelisted0NV00ONRdelisted
Palm Harbour CapitalLetter 2024 Q2 | 542 KB ↗Palm Harbour Capital maintained a contrarian value stance against megacap AI enthusiasm and pressed SK Kaken to improve capital allocation and investor relations. The fund introduced Piraeus Port Authority as a competitively advantaged, cash-rich port operator nearing the end of its investment programme, with scope for larger dividends.second quarter —0FHOdelisted0OIY$1.7BDLTTFdelistedGBSMFdelisted
Intrepid CapitalMutual Fund Commentary Intrepid Income Fund 2Q 2026 ↗Intrepid Income Fund maintains a short-duration, selective high-yield posture, arguing that strong issuer fundamentals and lender protections offset historically tight spreads. The fund flags private-credit redemption pressure, payment-in-kind restructurings and expensive public equities, while retaining flexibility to deploy capital during dislocations.2Q 2026 +2.4%—
Intrepid CapitalMutual Fund Commentary Intrepid Capital Fund 2Q 2026 ↗Intrepid Capital Fund favors family-controlled, cash-generative holdings as investors reassess the capital demands of artificial-intelligence infrastructure. Mark Travis questions Alphabet’s equity and debt financing and argues that SpaceX’s public offering reflects speculative demand rather than conservative portfolio criteria.2Q 2026 +6.6%GOOGL$4.2T
FEFirst Eagle InvestmentsGlobal Value Team Annual Letter ↗Global Value Team argues that market optimism underprices the risks of a failed soft landing, persistent fiscal deficits and widening geopolitical conflict. The team favors quality, durable businesses bought below estimated value, alongside gold and potentially oil as ballast, and promoted Max Belmont to portfolio manager of its Gold strategies.2023 —AAPL$4.5TAMZN$2.8TBRK.A$1.1TGOOGL$4.2T
FEFirst Eagle InvestmentsOverseas Fund Commentary ↗First Eagle Overseas Fund trimmed successful holdings and recycled capital into out-of-favor sectors and geographies as US valuations remained elevated. Gold bullion, Alibaba, Prosus, Imperial Oil and Taiwan Semiconductor were leading contributors, while the managers retained Shimano, SMC, FUCHS, Haleon and Ambev despite cyclical or demand-related setbacks.3Q 2025 +9.2%6273$28B7309$11BABEV$43BBABA$290B
Palm Harbour CapitalQ3 2024 Letter ↗Palm Harbour Capital sold Everi, PAX and Unieuro following takeover developments and deteriorating fundamentals, while building a position in M Dias Branco around operational reforms and margin recovery. The portfolio argues that OCI asset sales, IGT’s Apollo transaction and Ocean Wilson’s strategic review can unlock substantial value.third quarter —0ROFdelistedDNIYY$4.2BEVRIdelistedGBSMFdelisted
BCBireme Capital2Q22 FV Quarterly Report ↗Bireme Capital argues that persistent inflation, tighter policy and falling corporate profitability leave risk assets exposed to further declines. The portfolio retained HCA Healthcare as a core long, covered shorts in Affirm and Skillz, and remained short fuboTV, GameStop and MicroStrategy.2Q22 -1.4%AFRM$26BFUBO$1.1BGME$8.1BHCA$88B
BCBireme CapitalMay 2023 Investor Letter ↗Fundamental Value argues that a higher-rate, inflationary regime exposes fragile refinancing assumptions, especially in commercial real estate, and favors cash-generative companies with pricing power. It added Airtel Africa and community banks, retained Bollore and Meta Platforms, and shorted Sunrun over its cash burn and aggressive contract-value assumptions.first five months of 2023 +8.0%AAFRF$16BBOL$12BCGECF$392MMETA$1.4T
Polaris Capital ManagementFirst Quarter 2026 International Equity Composite Commentary ↗Polaris International Equity Composite sold Methanex after it reached its valuation target, exited Capgemini as the outsourcing thesis weakened, and initiated Ryanair after an oil-driven selloff. The portfolio favors international diversification, financial holdings that benefit from higher rates, and quality companies trading at dislocated valuations.FIRST QUARTER 2026 +5.1%MEOH$4.5BRYAAY$29BBABA$290BBABWF$26B
Polaris Capital ManagementFirst Quarter 2026 Global Equity Composite Commentary ↗Polaris Global Equity Composite benefited from energy, technology, materials and utilities as the Strait of Hormuz closure reshaped sector leadership. The portfolio exited Methanex, Sally Beauty, UnitedHealth and Capgemini, then initiated Eastman Chemical and Ryanair on valuation, cost-cutting and supply-demand catalysts.FIRST QUARTER 2026 +5.9%CAPMF$22BDNBBF$48BE$86BMEOH$4.5B
Polaris Capital ManagementSecond Quarter 2026 International Equity Composite Commentary ↗Polaris International Equity Composite bought Fujifilm Holdings, Astor Transformator Enerji and UniCredit while selling HD Hyundai Electric, SKF and Daicel after valuations or execution changed. The portfolio favored underappreciated cash-generative international businesses as AI concentration, sticky inflation and Middle East risks created valuation dislocations; Alibaba, AIA and several Chinese holdings detracted.SECOND QUARTER 2026 +12.3%AAIGF$96BBABA$290BFUJIY$24BIX$43B
FEFirst Eagle InvestmentsSmall Cap Opportunity Fund Commentary ↗First Eagle Small Cap Opportunity Fund argues that improving small-company earnings, lower borrowing costs and AI infrastructure spending could support a durable small-cap recovery. The portfolio benefited from mining, energy-efficiency and environmental-equipment holdings, while exiting Portillo’s and Tronox after weaker operating outlooks and balance-sheet concerns.3Q 2025 +13.0%AMRC$1.3BCDE$19BCECO$4.2BFIP$445M
FEFirst Eagle InvestmentsGold Fund Commentary ↗Gold Fund attributes demand for gold to monetary-policy uncertainty, fiscal pressures, geopolitical tension and central-bank purchases, while warning that a recession could interrupt the rally. The portfolio benefited from gold bullion and miners, with Newmont and Agnico Eagle reducing debt and repurchasing shares after selling Orla Mining stakes.3Q 2025 +34.3%AEM$105BNEM$131BORLA$4.7BPAAS$22B
FEFirst Eagle InvestmentsOverseas Fund Commentary ↗The Overseas Fund repositioned into international value stocks it considers attractively valued outside mega-cap benchmarks while retaining gold as a strategic hedge against fiscal and geopolitical risk. Samsung Electronics, Samsung Life, Merck, Taiwan Semiconductor and Richemont led holdings discussed, while the team maintained exposure to Shell, Imperial Oil, Alibaba and Jardine Matheson despite near-term pressures.second quarter 2026 +3.2%032830$43BBABA$290BCFRHF$136BIMO$66B
OFOakmark FundsWhy didn’t we do better when value outperformed? ↗Oakmark Fund argues that Russell Value’s advance was driven by expensive semiconductor-related growth stocks rather than the low-P/E rebound it expected. The fund added eight positions, sold energy and industrial holdings, and redeployed into software and financials, where it sees AI fears and unusually low relative valuations improving the risk-reward case.1Q 2026 -2.5%—
OFOakmark FundsThe certainty trap ↗Oakmark argues that AI investing should avoid binary forecasts and favor bonds priced for a broad range of outcomes. It favors Meta, Oracle and select single-tenant data center bonds for their resilient credit profiles and contractual protections, while avoiding highly leveraged NeoCloud issuers whose economics depend on sustained compute demand.2Q 2026 —META$1.4TORCL$414B
OFOakmark FundsWrong in the right direction ↗Oakmark retained similar weights in Samsung and ASML after revising valuations upward to reflect AI-driven demand for high-bandwidth memory and lithography equipment. It credited Samsung’s memory scale and process leadership, ASML’s EUV-tool monopoly, and Intertek’s board for accepting a private-equity offer that recognized self-help opportunities and execution risks.2Q 2026 —ASML$673BSSNLFdelistedIKTSF$12B
Greenhaven Road CapitalQ1 2019 ↗Greenhaven Road Capital built positions in PAR Technology and Digital Turbine, arguing that overlooked software and app-installation businesses can monetize recurring revenue more effectively under improved management and distribution. The fund added to SharpSpring, replaced Fiat Chrysler shares with long-dated options, and backed Chicken Soup for the Soul Entertainment’s Crackle venture.Q1 2019 —APPS$1.4BPAR$793MBOX$4.6BCSSEdelisted
Greenhaven Road CapitalQ1 2020 ↗Greenhaven Road Capital retained SharpSpring, Digital Turbine and PAR Technology despite pandemic-driven pressure, arguing that their balance sheets, management teams and competitive positions could strengthen through the disruption. The portfolio added smaller positions in Uber, Roku, Pinterest and Carvana while emphasizing liquidity, durable business models and selective opportunities created by market panic.Q1 —APPS$1.4BCSSEdelistedKKR$96BKLRdelisted
Greenhaven Road CapitalQ1 2021 ↗Greenhaven Road added to PAR Technology after its Punchh acquisition, retained conviction in Elastic’s customer monetization and KKR’s permanent-capital model, and saw RCI Hospitality become a top holding. The fund sold Twitter after rapid appreciation and is building SPAC capabilities through warrants, a specialist-manager seed investment and a Special Opportunities Fund.first quarter +14.0%APPS$1.4BESTC$8.9BKKR$96BPAR$793M
Rowan Street CapitalRowan Street 2025 Year-End Letter ↗Meta Platforms remains Rowan Street’s largest holding, with the firm retaining its stake to preserve long-term compounding despite elevated investment spending. Rowan Street maintained Shopify through valuation compression, reduced its practical exposure to The Trade Desk by not adding during its decline, and initiated Tesla as a new core holding amid pessimistic sentiment.2025 +11.1%META$1.4TSHOP$192BTSLA$1.4TTTD$6.3B
Palm Harbour CapitalQ4 2024 Letter ↗Palm Harbour Capital added Compagnie de l’Odet, a Spanish copper miner and a Korean rice-cooker maker, while exiting H&T, OVS and DNO. The portfolio argues that Odet’s convoluted Bolloré cross-holding structure materially understates its underlying assets and that simplification could unlock value, while warning that US speculation and fiscal-policy risk have raised the cost of risk.fourth quarter —FCODF$6.5B0FHOdelisted0NFSBOIVF$12B
BCBireme CapitalDecember 2023 Investor Letter ↗Fundamental Value sold Netflix, cut Meta Platforms and added Apple, Clorox, Tootsie Roll, ARM Holdings and C3.ai shorts as mega-cap and staples valuations rose. It remained long Old Republic and RCI Hospitality, arguing their earnings power is underappreciated, and initiated British American Tobacco for its low valuation and reduced-risk nicotine franchise. The portfolio expects persistent inflation and fiscal deficits to constrain the soft-landing narrative.December 2023 +21.3%BTI$123BAAPL$4.5TAI$1.6BARM$268B
BCBireme CapitalMay 2024 Investor Letter ↗Fundamental Value increased its international longs, built a more conservative US short book, and made Disney one of its largest positions on the view that its parks business and improving streaming economics are undervalued. The strategy exited painful meme-stock shorts in DJT and GameStop, shifting toward valuation shorts including Apple, Costco and Cintas.first five months of 2024 -10.9%DIS$186BARKKDJT$2.4BGME$8.1B
Greenhaven Road CapitalQ1 2022 ↗Greenhaven Road Capital added to PAR Technology and Teladoc Health while defending KKR, Elastic, and Digital Turbine as businesses whose fundamentals remain intact despite multiple compression. The fund also established a cannabis-stock basket, arguing that federal restrictions and fragmented state licensing create mispriced, cash-generative U.S. operators.first quarter -26.5%APPS$1.4BESTC$8.9BKKR$96BPAR$793M
Greenhaven Road CapitalPartners Fund Q1 ↗Greenhaven Road’s Partners Fund argues that Maran Capital’s Horizon Kinetics Holding Company stake offers overlooked exposure to royalties, mineral and water rights, exchanges and future incentive fees. The manager values HKHC’s balance-sheet investments, asset-management earnings and potential carry, while favoring concentrated managers focused outside major indices.fourth quarter +2.0%HKHC$498MMIAX$4B
Greenhaven Road CapitalMain Fund Q2 ↗Greenhaven Road Capital is reducing concentration and adding catalyst-driven positions while retaining its emphasis on differentiated research. It argues that Burford’s protein litigation, Hagerty’s insurer partnerships, Cellebrite’s Genesis rollout, Lifecore’s capacity sales and Kingsway’s search-model buildout can close gaps between market expectations and business value.Q2 2026 +11.0%BUR$955MCLBT$2.8BHGTY$4.4BANAB$1.7B
FEFirst Eagle InvestmentsGlobal Equity ETF Commentary ↗Global Equity ETF positioning favors durable, scarce assets at sensible valuations as tighter US rate expectations, elevated equity issuance and AI capital spending raise concerns over mega-cap valuations. Samsung, Alphabet, Merck, Elevance and Texas Instruments benefited from operating catalysts, while Noble, Charter, HCA, Exxon and Agnico Eagle were retained despite cyclical or operating headwinds.second quarter 2026 +5.0%0R1MAEM$105BCHTR$18BELV$86B
FEFirst Eagle InvestmentsHigh Yield Municipal Fund Commentary ↗High Yield Municipal Fund emphasized supportive municipal technicals, improving issuer fundamentals and attractive tax-equivalent yields despite uncertainty over Federal Reserve policy. The portfolio benefited from Brightline West financing progress and healthcare-credit improvements, while Brightline Florida bonds faced pressure as the rail operator sought an equity infusion to strengthen its capital structure.second quarter 2026 +4.3%—
FEFirst Eagle InvestmentsOverseas Equity ETF Commentary ↗Overseas Equity ETF emphasized Samsung Electronics, Merck KGaA, Richemont, Taiwan Semiconductor and FANUC, citing memory-chip demand, life-sciences expansion, luxury stabilization, AI semiconductor scarcity and industrial robotics. It retained conviction in Shell, Imperial Oil, Agnico Eagle, Jardine Matheson and Wheaton despite pressure from lower oil and precious-metals prices.second quarter 2026 +7.1%AEM$105BCFRHF$136BFANUF$36BIMO$66B
RGA Investment AdvisorsWorking with AI, Thinking with Discipline ↗RGA Investment Advisors formalizes AI use in research, using proprietary-call notebooks and specialized agents to accelerate screening while stress-testing assumptions. The portfolio added Celsius Holdings and Lattice Semiconductor, while Amazon is framed as an AI application-layer beneficiary and position sizing has been reduced amid greater single-stock dispersion.Q4 2025 —LSCC$17BAMZN$2.8TGOOGL$4.2TAMDC
Royce Investment PartnersRoyce Small-Cap Fund Manager Commentary ↗Royce Small-Cap Fund favored semiconductor and infrastructure suppliers including Element Solutions, Onto Innovation, MKS, Ultra Clean Holdings, and Arcosa. It exited PAR Technology, ADMA Biologics, Kyndryl Holdings, and TransMedics after deteriorating theses, while adding to Maximus on what it viewed as an attractive valuation.year-to-date period ended 6/30/26 +23.8%ACA$7.1BADMA$2.3BESI$8.8BKD$2.7B
Royce Investment PartnersRoyce Premier Fund Manager Commentary ↗Royce Premier Fund credited MKS, Littelfuse, ESCO Technologies, Onto Innovation and RBC Bearings for technology and industrial strength, while Colliers, Morningstar, Exponent, TMX Group and ESAB detracted. The managers argue that quality small caps with durable moats, cash generation and high returns on invested capital should benefit after speculative leadership gives way to fundamentals.year-to-date period ended 6/30/26 +23.5%CIGI$5.5BESE$7.4BEXPO$3.3BLFUS$10B
Royce Investment PartnersRoyce Micro-Cap Fund Manager Commentary ↗Royce Micro-Cap Fund emphasized AI-infrastructure suppliers Ichor Holdings, Ultra Clean Holdings, Applied Optoelectronics, Vishay Precision Group, and Cohu. The managers exited PAR Technology and Forward Air, added to PowerFleet and EVI Industries, and began reallocating technology winners toward undervalued staffing, software, agriculture, commercial-vehicle, and medical-technology opportunities.first half of 2026 +45.4%AAOI$11BAIOT$409MAORT$1.4BCOHU$2.8B
AIAriel InvestmentsPortfolio Manager Letter ↗Ariel Fund and Ariel Appreciation Fund maintained their valuation discipline despite AI-driven technology leadership, arguing that semiconductor and memory businesses remain cyclical and capital intensive. The managers cited Generac Holdings and Accenture as examples of technology-related investments that met their franchise and valuation standards, while adding several financial, insurance and industrial holdings and exiting lower-conviction positions.Q2 2026 —ACN$112BGNRC$12B
FEFirst Eagle InvestmentsShort Duration High Yield Municipal Fund Commentary ↗Short Duration High Yield Municipal Fund emphasized Brightline West bonds after greater trading activity, prospective federal loan financing and new construction contracts. Healthcare bonds benefited from improving hospital operations and reimbursement rates. Brightline Florida bonds faced pressure while the rail operator sought an equity infusion, despite improving ridership and revenue.second quarter 2026 +2.5%—
FEFirst Eagle InvestmentsGold Fund Commentary ↗Gold Fund Commentary attributes gold’s decline to tighter-policy expectations following the Iran war, persistent inflation and a stronger dollar, while arguing that fiscal strains, reserve diversification and geopolitical risk preserve gold’s role as a strategic hedge. The portfolio review discusses Pan American Silver’s Escobal CVRs, Peñoles’ Fresnillo stake, B2Gold’s asset sale and Goose Project disruption, and the operating strengths of Agnico Eagle and Wheaton Precious Metals.2Q 2026 -16.6%AEM$105BBTG$10BPAAS$22BWPM$72B
FEFirst Eagle InvestmentsSmall Cap Opportunity Fund Commentary ↗First Eagle Small Cap Opportunity Fund maintained strict valuation discipline after sharp gains in parts of the portfolio and redeployed profits into undervalued healthcare, consumer staples and idiosyncratic opportunities. AI infrastructure demand supported semiconductor suppliers including Vishay Intertechnology, Silicon Motion, Ultra Clean, Cohu and TTM Technologies, while energy holdings faced pressure from easing Middle East tensions.second quarter 2026 +25.5%AORT$1.4BCENX$4.2BCOHU$2.8BLXU$747M
BABroyhill Asset ManagementThe Broyhill Letter 2026.Q1 ↗Broyhill added IQVIA and Sotera Health to top holdings, arguing that regulated clinical research and sterilization infrastructure will benefit rather than be displaced by AI. The portfolio sold Ball, Kenedy Wilson, Fresenius Medical Care, Evolution and Avantor, then initiated Microsoft, Smurfit WestRock, Masco and Floor & Decor amid sharp market dispersion.first quarter -6.0%IQV$41BSHC$5.6BAVTR$9.4BBALL$17B
Greenhaven Road CapitalQ1 2023 ↗Greenhaven Road Capital argues that PAR Technology, KKR, Cellebrite and API Group have durable earnings foundations through low churn, strong balance sheets and non-discretionary demand. It adds Burford Capital, while treating Lifecore and Barnes & Noble Education as smaller special situations tied to asset sales and operational transitions.first quarter +17.0%BUR$955MAPG$18BBNED$415MCLBT$2.8B
Greenhaven Road CapitalQ1 2024 ↗Greenhaven Road Capital argues that PAR Technology’s restaurant-software expansion, Cellebrite’s digital-evidence tools, KKR’s asset-gathering model and Burford’s litigation portfolio reward patient ownership. The fund exited Sphere and added Louisiana-Pacific and Alta Group, citing their business transitions, durable service economics and capital-allocation potential.first quarter —PAR$793MANY$18MBUR$955MCLBT$2.8B
Greenhaven Road CapitalQ1 2025 ↗Kingsway Financial is presented as a new purchase built around a Search Xcelerator that backs operators acquiring small, asset-light businesses, with tax losses and experienced advisers adding optionality. Greenhaven Road added to Lifecore, Vistry and Hagerty during tariff-driven weakness, while arguing that its core holdings retain limited direct trade exposure.Q1 2025 -12.0%KFSBUR$955MCLBT$2.8BKKR$96B
Grey Owl Capital ManagementQ4 2025 ↗Grey Owl All-Season Strategy increased exposure to U.S. small-cap equities, emerging-market and global equities, precious metals, and commodities while cutting fixed income and cash. It argues that accelerating growth, disinflation, improving market breadth, and easier comparisons for cyclical businesses favor broader equity leadership beyond mega-cap technology.fourth quarter of 2025 +2.4%—
Grey Owl Capital ManagementQ1 2026 ↗Grey Owl All-Season Strategy increased fixed income and cash, trimmed gold and commodities after their advances, realized some energy gains, and concentrated global equities in Latin America and Asia. It sees accelerating growth alongside inflation and unresolved Middle East risks, retaining a balanced but cautious stance with capital available to deploy on weakness.first quarter of 2026 +1.7%—
Grey Owl Capital ManagementQ2 2026 ↗GOAS increased its weighting toward US-listed equities while retaining an all-season balance across growth and inflation exposures. It argues that stable growth, stubborn inflation and mixed market internals favor diversification over a conventional 60/40 portfolio or directional forecasts.Q2 2026 +4.2%TCAI
