Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Thematic (Sector/Industry)

<ul>
<li>The Palm Valley Capital Fund invests in small cap stocks. While our Fund is new, its underlying absolute return-based investment strategy is not. We have practiced the same strategy throughout our careers in investment management.</li>
<li>The combination of falling stock prices and attractive small cap multiples appears to present a powerful case for buying aggressively. We do not share this view.</li>
<li>Non-cash share-based compensation accounts for roughly one-third of the collective free cash flow of small caps in the S&amp;P 600 Index.</li>
<li>The current 33x median price-to-free cash flow multiple for better quality small caps (S&amp;P 600) is the highest this cycle.</li>
<li>Market volatility is important to Palm Valley’s absolute return strategy.</li>
</ul>


The Palm Valley Capital Fund invests in small cap stocks. While our Fund is new, its underlying absolute return-based investment strategy is not. We have practiced the same strategy throughout our careers in investment management.
The combination of falling stock prices and attractive small cap multiples appears to present a powerful case for buying aggressively. We do not share this view.
Non-cash share-based compensation accounts for roughly one-third of the collective free cash flow of small caps in the S&amp;P 600 Index.
The current 33x median price-to-free cash flow multiple for better quality small caps (S&amp;P 600) is the highest this cycle.
Market volatility is important to Palm Valley’s absolute return strategy.


Palm Valley Capital Fund Q3 2022 Commentary

United States

Bed Bath & Beyond Inc. operates a nationwide chain of retail stores. The Company, through its retail stores, sells a wide assortment of merchandise principally including domestics merchandise and home furnishings as well as food, giftware, health and beauty care items and infant and toddler merchandise.

Bed Bath & Beyond (BBBY US)

Palm Valley Capital Fund Q3 2022 Commentary

The Palm Valley Capital Fund invests in small cap stocks. While our Fund is new, its underlying absolute return-based investment strategy is not....

Fund Newsletters