First Quarter 2026 Commentary ↗Palm Valley Capital Fund gained 0.74% in the first quarter, trailing the S&P SmallCap 600 Index’s 3.51% return while holding 77% of assets in Treasury bills and cash equivalents. The fund argues that AI fears have mispriced Amdocs, Resources Connection and other holdings, while trimming Chord Energy, Heartland Express and Farmland Partners near estimated value.First Quarter 2026 +0.7%CHRD$8.1BDOX$6.5BFLO$1.6BFPI$437M
Fourth Quarter 2025 Commentary ↗Palm Valley Capital Fund gained 0.66% in the fourth quarter, trailing the S&P SmallCap 600's 1.70% return while holding 76.3% in Treasury bills. The fund added Domino's Pizza Group, Utz Brands and Ingredion, sold its silver trust, and argues that disfavored small caps offer selective value despite elevated market valuations.Fourth Quarter 2025 +0.7%DMPZF$1BFLO$1.6BFORR$224MHTLD$959M
Third Quarter 2025 Commentary ↗Palm Valley Capital Fund gained 2.35% in the third quarter, trailing the S&P SmallCap 600’s 9.11% return while maintaining 74.1% cash equivalents. The fund added Teleflex, Robert Half, LKQ and Avista, sold Seaboard after its rally, and argues that richly valued AI leaders and small caps leave limited margin for error.Third Quarter 2025 +2.4%AAPL$4.5TAVA$3.2BDOX$6.5BFLO$1.6B
