Thryv Holdings, Inc.

• UV Unconventional Value Year End 2025 Letter ↗ Planet remains the largest holding after a partial sale funded additions to Pagaya, Remitly, Thryv and Hims and Hers, as the manager reassesses valuation while backing its daily-scan data platform. Thryv is framed as a cash-flow mispricing tied to SaaS conversion. Remitly is backed for digital remittance share gains, scale economics and adjacent financial services. Year End 2025 PL $4.4BRELY $4.6BTHRY $52M
• UV Unconventional Value Mid Year 2025 Letter ↗ Tim Gallagher centers the portfolio on Planet Labs’ irreplaceable Earth-observation dataset, Pagaya and Upstart’s AI-led consumer-credit models, and Thryv’s print-to-SaaS transition under Joe Walsh. He reduced Spire Global after Peter Platzer left the chief executive role, backs Xometry’s scaled manufacturing marketplace, and initiated a small Remitly position amid lowered market expectations. Mid Year 2025 PGY $1.5BPL $4.4BRELY $4.6B +4

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