Microcap Deep Value 13F Survey: Ten Small Fund Managers and the Fifty Stocks They Actually Own

A position-by-position thesis review of ten small- and microcap deep-value 13F filers — what they own, why they own it, and what their letters actually say. Featured managers: Bob Robotti, Steven Kiel, Harris “Kuppy” Kupperman, Travis Cocke, Scott Miller, the Kahan brothers, Jeff Bronchick, Richard Greenberg, William Dezellem, and Christopher Towle.

The 13F tells you what someone owns. It does not tell you why. Most of the time the why sits in an investor letter, a podcast, a presentation, or — in the worst case — only in the manager’s head. The exercise below is to take ten institutional managers in the small- and micro-cap deep-value corner of the market — nine of whom file 13Fs and one (Arquitos) below the threshold — look at their top five holdings, and reconstruct the thesis for each of the fifty resulting positions from the manager’s own words wherever those words exist.

What you end up with is something more interesting than a list of stocks. You see the shape of how each manager thinks. Robotti is doing the same capital-cycle work on offshore vessels and nitrogen plants that he was doing forty years ago. Kuppy will not own anything that needs GDP to go up. Cove Street is willing to sit on Viasat for six years because the management team knows what the fiber is worth. Towle holds a basket of refiners on the same logic he held a basket of refiners a decade ago. Donald Smith owns gold miners and an aircraft lessor and a long-term care insurer because they all trade below tangible book.

These are not the people with nine names in common. They are doing primary research on businesses most allocators have never heard of, and they are content to look stupid for years at a time while they wait for the work to pay.

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1. Robotti & Company — Bob Robotti

13F market value (Q4 2025): ~$557M · Filings: View on 13f.info

Robotti has been doing the same thing since 1983: capital-cycle investing in unloved industrials, energy services, and financials. The Q4 2025 letter frames the entire portfolio around what Rüdiger Dornbusch called the asymmetry of timing — “things take longer to happen than you think they will, and then they happen faster than you thought they could.”

• $TDW Tidewater — ~26.8% of the portfolio. Largest position. Robotti has been in the offshore vessel space for four decades and describes OSV demand as a “first derivative of the price of oil.” The Q4 2025 letter on $TDW is the cleanest piece of capital-cycle writing you will read this year: “In recent years, we experienced this firsthand during the rapid repricing in the offshore energy sector, when stocks such as Tidewater Inc. moved from deeply discounted levels to reflecting a large portion of expected earnings growth in a matter of months. The rapidity of the move surprised many, but the groundwork had been laid by years of underinvestment and consolidation… The extended downturn permanently removed a meaningful portion of global supply… With consolidated fleets, restored capital discipline, and replacement costs far above asset values, pricing power returned to a sector long characterized by extreme cyclicality.” Tidewater earned $4.41 per share in Q4 2025, beating consensus by 458%, and guided 2026 EBITDA of approximately $550M. The stock crossed $80 in early March 2026 after sitting in the teens just two years prior.

• $BLDR Builders FirstSource — ~7.9%. Largest U.S. supplier of building products to professional homebuilders, with around 595 locations in 43 states and a presence in 48 of the top 50 MSAs. Mid-teens EBITDA margins through 2024, an active buyback program, and a serial-consolidation model that gives it operating leverage on every additional housing start. Robotti’s Q4 2025 letter calls out housing as one of the sectors with “misunderstood fundamentals, better economics, and narratives that lag behind actual market conditions.”

• $FPH Five Point Holdings — ~7.0%. California master-planned community developer with assets at Newhall Ranch (Valencia), Great Park Neighborhoods (Irvine), and Candlestick/Hunters Point in San Francisco. The Q3 2025 financials showed the Great Park Venture distributing $517M year-to-date, of which FPH received $194M. The current strategy is to rezone certain commercial parcels at Great Park to residential. Land that has been sitting in California entitlement hell for decades, finally throwing off real cash.

• $LXU LSB Industries — ~5.1%. Nitrogen fertilizer producer, with plants in Pryor (OK) and El Dorado (AR). Classic Robotti cyclical: commodity producer with replacement-cost economics that look very different from book value. The thesis is the standard capital-cycle setup — nitrogen capacity got built, prices crashed, marginal capacity gets shut, prices recover, the survivor with intact plants earns through the cycle.

• $JEF Jefferies Financial Group — ~3.7%. The exception in market-cap terms — JEF is a mid-cap investment bank — but it has been a long-held Robotti position for over a decade.

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2. Arquitos Capital — Steven Kiel

AUM: ~$140M concentrated · Note: Below 13F threshold; position data from investor letters.

Arquitos returned 82% net in 2025 across its flagship and Epicus funds. Kiel writes long, plain-language letters about every position. The portfolio is the most concentrated on the list — five positions can be more than 90% of capital, and the Epicus fund has been more than 40% in a single name.

• $LQDA Liquidia Therapeutics — largest 2025 contributor. Specialty pharma whose lead product, Yutrepia, is an inhaled dry-powder treprostinil for pulmonary arterial hypertension and PH associated with interstitial lung disease. PDUFA was May 24, 2025; the FDA approval came through and triggered a multi-bagger move. Textbook Arquitos: years of legal overhang from a United Therapeutics patent fight, a known regulatory catalyst, and a payoff structure where the claims either resolved or the product launched and the stock re-rated. Both happened.

• $FNCH Finch Therapeutics — ~43% of the Epicus fund. Post-trial special situation. Microbiome-therapeutics company whose pipeline failed but whose balance sheet has cash and a litigation claim against a former partner. Kiel’s letter described a minimum equity value of $25 per share against an average cost basis under $6.

• $NTPIY Nam Tai Property — ~12% of Epicus. BVI-domiciled holding company that owns industrial real estate in Shenzhen and Wuxi. Kiel built the position around 60 cents in 2022, when the stock was effectively orphaned by a governance dispute, a delayed audit, and the Chinese property crackdown. Restated financials released in early 2025 cleaned up the balance sheet; the company has been selling properties and returning capital. Currently around $4.30 with a NAV gap that continues to close.

• $ENDI ENDI Corporation — diversified holdings. Small holding company in which Arquitos owns a controlling stake. The asset-management subsidiary has been growing AUM rapidly; the rest of the structure exists to acquire small businesses.

• $WED.V Westaim Corporation — Canadian holdco. Built around insurance underwriting and asset management. Skyward Specialty was the prior crown jewel; the current structure centers on Arena Investors, a credit manager with roughly $4B AUM, which is in the process of being separated. A long-held Kiel position with multi-year duration.

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3. Praetorian Capital — Harris “Kuppy” Kupperman

13F market value (Q4 2025): ~$206M · Total fund AUM: ~$292M · Filings: View on 13f.info

Kuppy’s framing is unique among 13F filers. He calls the current market a series of intentional government policy choices and runs the portfolio around what he calls the croupier trade: “We own the ecosystems of the bubbles (brokers, exchanges, intermediaries, and back-office settlements).”

• $SII Sprott Inc. (NYSE/TSX). Dual-listed Toronto-headquartered asset manager focused on precious metals and critical minerals. From the Q3 2025 letter: “Sprott is a play on asset aggregation and appreciation in precious metals, uranium and other commodities.” A levered play on AUM growth in the physical commodity ETFs (PHYS, PSLV, URNM, CEF) — every dollar of gold/silver appreciation flows directly to management fees. The only Kuppy top-five name the market has actually “discovered,” and a major 2025 contributor.

• $JOE St. Joe Company — 15.7% as of Q3 2025. The recurring Kuppy favorite. Florida Panhandle land developer with roughly 167,000 acres around Bay County. From the Q3 2025 letter: “St. Joe is a play on the Wealth Effect trickling down to the increasingly mobile 1% refugees of large cities… Every convulsion of urban chaos or tax-the-rich scheming will launch JOE shares higher. JOE isn’t just land; it’s leverage on civilization fatigue.” Market cap was $4.06B at the February 2026 close ($70.18), with the stock up 47% over the prior year.

• $MRX Marex Group. UK-listed commodities broker that consolidates mid-market clearing and trading. From the Q1 2026 letter: “Marex continues to take market share from bulge bracket firms who are unable to offer competitive levels of services to mid-market firms.” Kuppy expects MRX to earn “more like $6 a share in 2027” against $4.12 in 2025 (revenues grew 27% in 2025 with a 27.6% ROE). At 20x earnings, that maps to a $120 fair value against a quarter-end price of $44.58.

• $XP XP Inc. Brazilian retail brokerage and financial services platform. Inside the croupier trade — same logic, different geography. Emerging markets exposure that benefits if/when capital rotates back from US tech.

• $MPC Marathon Petroleum. US refiner, the one large-cap. From the Q1 2026 letter: “the portfolio is long inflation beneficiaries, volatility, trading volumes, and disruption, with refiners and Marex as core holdings.” Refining is the canonical capacity-constrained business in an inflationary regime.

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4. Voss Capital — Travis Cocke

13F market value (Q4 2025): ~$2.08B · Filings: View on 13f.info

Voss is the largest fund on the list and runs a more traditional small-cap value approach: concentrated long book, short book of overvalued names, occasional activism. The Q4 2025 13F shows a $TSLA put position as the largest single line (a hedge); the top five long positions below exclude it.

• $FLYW Flywire Corporation — largest long position. Cross-border payments platform with strong network effects in international education tuition payments. From the Q4 2025 letter: “Our largest position remains Flywire (FLYW).” Voss’s Q1 2025 letter introduced the position as a “high-quality business with durable competitive advantages trading at a temporary discount due to narrative-driven selling.”

• $PAR PAR Technology. Restaurant point-of-sale and back-office software (Brink, Punchh loyalty, Data Central, Stuzo). Also a top-five holding at Greenhaven Road — unusual cross-fund overlap in microcap deep value. The Papa John’s enterprise win (~3,200 locations) validated the bundle.

• $CLBT Cellebrite DI. Israeli digital-forensics company whose software is, in the words of the Q4 2025 letter, “a hardware-enabled software solution that has become both a verb (to Cellebrite a device)” in law enforcement. Voss on the valuation: “CLBT ‘stands up’ on an Enterprise Value/Free Cash Flow ex-SBC multiple (13.1x ‘27E), such that it is now at a >60% discount to the broader market and significantly cheaper than almost any small cap industrial stock we evaluate despite having a massive net cash position, ~20% growth and 34% FCF margins.”

• $GFF Griffon Corporation. Industrial holding company. Two businesses: Clopay (garage doors) and AMES (consumer lawn and garden). Clopay is the better one — a duopoly with Wayne Dalton, attached to a chronically underbuilt housing market — and Voss historically values GFF on a sum-of-the-parts where Clopay alone is worth most of the enterprise value. Voss’s anchor holding since 2021.

• $GENI Genius Sports. Sports data and betting infrastructure — fifth-largest long as of Q4 2025. Official data partnerships with the NFL, NCAA, EPL, and other leagues, monetized through sportsbook data feeds and stadium/broadcaster tech. A more diversified way to play sports gambling than $DKNG. Voss also disclosed an activism position in $EEFT Euronet Worldwide in Q1 2026 (open letter to the board on March 4, 2026), but EEFT is not in the top five per the most recent filed 13F.

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5. Greenhaven Road Capital — Scott Miller

13F market value (Q4 2025): ~$594M · Filings: View on 13f.info

Greenhaven Road is run by Scott Miller, who writes the longest investor letters in this entire group and treats each position like a research note. Miller has explicitly stated the top five include PAR, Cellebrite, KKR, Lifecore, and Hagerty. The largest 13F line item is a long Treasury ETF position used for portfolio construction, not a top-five thesis.

• $PAR PAR Technology. Restaurant POS and back-office software. Miller’s Q4 2025 letter describes how PAR won the Papa John’s enterprise contract covering roughly 3,200 locations. The bundle of POS plus Punchh loyalty plus Data Central operations is starting to look like a true vertical SaaS rollup. PAR was down YTD through Q3 2025 — one of several core holdings that dragged on relative performance — but Miller has continued to hold.

• $CLBT Cellebrite DI. Same digital-forensics name Voss owns at the top of its book. Greenhaven’s framing leans on the moat plus an attractive valuation on FCF ex-SBC. The Q4 2025 letter places CLBT as one of the names “covered in the Bamboo Trees or Other Shoe Not Dropping sections” — a position where the manager believes the negative narrative is overdone and the business is fundamentally compounding.

• $KKR KKR & Co. The lone mega-cap in the Greenhaven Road top five. Straightforward asset-management compounder economics — fee-related earnings grow with AUM, performance fees are pure operating leverage, and roughly 42% of the AUM base is locked into the insurance balance sheet via Global Atlantic.

• $LFCR Lifecore Biomedical. Specialty contract pharmaceutical manufacturer that fills and finishes injectables. Came out of a corporate-governance and financial-statement disaster with a new CEO, Paul Josephs (ex-Mylan biz dev). The thesis: (a) recent GLP-1 customer wins, (b) two multinational technology-transfer agreements signed in late 2025, (c) a contractual minimum step-up with Alcon in 2027 that re-rates the revenue base, and (d) capacity utilization that should drive volumes to roughly double by end of 2026.

• $HGTY Hagerty — appreciated 36% in 2025. Specialty insurer for classic and collector cars. From the Q3 2025 letter: “I think HGTY earnings can 5X and share price compound at very attractive rates… Insiders own nearly 86% of the company, which has a large base of recurring revenue with over 90% of policies renewing, pricing tailwinds, and a lot of operating leverage.” The State Farm partnership is finally onboarding policies after years of delays — over one million policies expected over the next couple of years. Miller also wrote a long thesis on $KFS Kingsway Financial in Q1 2025 and the stock returned 80%+ during 2025, but KFS is not currently a top-five position by weight.

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6. North Peak Capital — Jeremy & Michael Kahan

13F market value (Q4 2025): ~$1.2B · Filings: View on 13f.info

The Kahan brothers run a concentrated long-biased fund whose top five Q4 2025 long positions include both microcaps and large-caps — the value test is the criterion, not market cap. The 13F’s largest single line item is an $RSP (S&P 500 Equal Weight) put as a portfolio hedge; the top five below are the largest long equity positions.

• $HGV Hilton Grand Vacations — ~19.7% of portfolio. As of mid-2025, North Peak owned approximately 6.5% of HGV, making them one of the top three institutional holders (alongside Apollo at ~28.7% and Hill Path at ~7%). HGV is the timeshare operator that has integrated Diamond Resorts (2021) and Bluegreen Vacations (2024) into the Hilton-branded vacation ownership platform. The thesis is the standard timeshare unlock: the underlying owned inventory and finance receivables are worth more than the market is pricing, cost synergies have not yet flowed through margins, and recurring fee streams from existing members are stable.

• $CVNA Carvana — ~14%. Online used-car retailer. The outlier in market cap and arguably in style — CVNA went from near-bankruptcy in 2022 to a multi-bagger and back to elevated valuations. The North Peak thesis is unit-economics-driven: gross profit per unit has expanded materially, the ADESA acquisition gives them physical reconditioning capacity, and operating leverage on incremental volume is significant. Not deep value in any traditional sense.

• $PEGA Pegasystems — ~12%. Enterprise software for workflow automation and customer engagement. Pega “achieved Rule of 40” status in 2025 (ACV growth plus FCF margin exceeded 40%) and used $469.6M of cash in March 2025 to fully repay its 0.75% convertible notes without issuing new debt. The thesis is that the subscription transition is complete, cash conversion is now visible, and AI decisioning capabilities will drive incremental growth.

• $SCHW Charles Schwab — ~10%. The other large cap. A bet on rate normalization, deposit re-pricing, and the long-term consolidation of US wealth management.

• $HAE Haemonetics — ~7.5%, increased materially in Q4 2025. Medical-device company in blood and plasma collection plus a growing hospital business in interventional technologies (Vascade vascular closure). The thesis is a transition story: as plasma-collection volumes normalize post-COVID and the hospital portfolio scales, EBITDA margins should structurally expand while regulatory moats in the plasma supply chain are durable. Calling North Peak “microcap deep value” requires some asterisks.

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7. Cove Street Capital — Jeff Bronchick

13F market value (Q3 2025): ~$77M · Filings: View on 13f.info

Cove Street writes the most entertaining letters in the value universe. Bronchick has a particular voice — equal parts contrarian, exasperated, and self-aware — that produces lines like “we still own a LOT of Viasat and are happy to chat with whomever wants that update.” The portfolio reflects a willingness to hold names for many years through extended drawdowns.

• $AVD American Vanguard — 10.49%, largest position. From the Q4 2023 letter (still the cleanest written articulation): “American Vanguard is a smaller player in the Agricultural Chemical space that has succeeded in picking off under-loved and sun-setting product lines from the giants of the industry and applying the focus and resources necessary to extract value that was simply ‘not worth it’ for its former owners.” 2025 was brutal — Q1 sales fell 14%, the stock dropped to roughly $4.02 by mid-December with a $114M market cap — but the underlying playbook (deleverage, rationalize SKUs, return to margin) remains. The turnaround is ongoing.

• $RSSS Research Solutions — 6.51%. Microcap vertical SaaS for academic and corporate research workflows. Article Galaxy (cloud article-procurement), Scite (AI-powered citation analysis), and Article Galaxy Scholar (academic library supplement) form the product suite; more than 70% of top pharmaceutical companies use Article Galaxy. ARR was $21.3M as of Q1 fiscal 2026 (21% growth), the company has hit positive net income and adjusted EBITDA. A real microcap (~$80M market cap) with a real moat in compliant scientific-content access.

• $FUN Six Flags Entertainment — 6.07%. Combined regional theme-park operator (Six Flags merged with Cedar Fair in 2024). From the Q3 2025 letter: “The work in recent weeks in Six Flags is oddly reminiscent of the world in 1999 when efforts were focused in ‘insurance and food’ as the natural antidotes to the dot-com craziness… I ‘feel’ a whiff of that pattern today.” A CEO transition and an operational reset post-merger.

• $VSAT Viasat — 4.55%. The Cove Street position with the longest tenure on this list. From a 2022 letter: “The market sees SpaceX launching satellites and Starlink offering high download/upload speeds to its very small number of users and thus concludes that Viasat is toast.” The Cove Street counter is that satellite broadband is not a winner-take-all market, that Viasat’s geostationary capacity serves enterprise and government markets where Starlink does not compete on the same axis, and that the mobile/aviation business is structurally attached to long-term carrier contracts. The Q3 2025 letter notes “$45 is a first stop for us.”

• $ECVT Ecovyst — 3.59%. Specialty catalysts and services — silica catalysts, refinery services, regeneration. Smaller, more obscure version of the catalyst-and-specialty-chemicals playbook. Spun out of PQ Group; trades at a low multiple of EBITDA with niche end-market exposure including plastics, fuels, and emissions catalysts.

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8. Donald Smith & Co. — Richard Greenberg & Jon Hartsel

13F market value (Q4 2025): ~$5.34B · Filings: View on 13f.info

Donald G. Smith founded the firm in 1980 after befriending Benjamin Graham at UCLA Law School and conducting a study on low P/E strategies under Graham. The process is the most explicitly Graham-style on the list: bottom-up, out-of-favor companies trading in the bottom decile of price-to-tangible book value. Donald Smith died in 2019; the firm continues with the same process, now led by Richard Greenberg (CEO/Co-CIO) and Jon Hartsel (Co-CIO/Director of Research). AUM is by far the largest on the list and the names skew larger as a result.

• $AER AerCap Holdings — 8.30%, largest position. The world’s largest aircraft lessor, with a fleet of nearly 4,000 aircraft, engines, and helicopters. Inherited a substantial book of older-vintage aircraft from the GECAS acquisition in 2021. The thesis: AER trades at a small premium to book despite (a) a chronic shortage of new aircraft from Boeing and Airbus, (b) lease rates climbing back to pre-COVID highs, (c) the runoff of the legacy GECAS book at gains to book, and (d) substantial buyback execution.

• $IAG IAMGOLD — 6.06%. Mid-tier gold miner with the Côté Gold project in Ontario ramping into commercial production. The thesis is that Côté is a multi-decade, low-cost asset that the market has been slow to price as proven, that Westwood and Essakane continue to throw off cash, and that the all-in sustaining cost will move materially lower as Côté reaches design throughput.

• $EGO Eldorado Gold — 4.95%. Mid-tier producer with operations in Greece, Türkiye, and Canada. The major catalyst is the Skouries project in northern Greece — a copper-gold operation that has been in development for over a decade and is now nearing production. Skouries is the kind of asset the rest of the market treats as a permitting risk; Donald Smith treats it as an optionality whose existence is being given away.

• $GNW Genworth Financial — 4.02%. US long-term care insurer and former parent of Enact (mortgage insurance), in which it still owns the majority stake. The thesis: GNW trades at a fraction of the value of its Enact stake plus the runoff value of the legacy LTC book, with the Genworth-China stake representing additional optionality.

• $JXN Jackson Financial — 3.90%, new position. Variable annuity carrier spun out of Prudential plc in 2021. Trades at a fraction of statutory book and at low single-digit P/E. The thesis is the standard mispricing of variable-annuity carriers: the hedging program protects the equity from tail risk, the in-force block throws off massive distributable cash, and management is returning capital through buybacks at well below book. Filed as a new position in Q4 2025.

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9. Tieton Capital — William Dezellem

13F market value (Q4 2025): ~$292M · Filings: View on 13f.info

Tieton, based in Yakima, Washington, runs a smallcap value strategy with longer-than-average holding periods. The Q4 2025 13F shows a portfolio of small banks, specialty finance, specialty insurance, and microcap technology — almost no overlap with anyone else on this list.

• $CUBI Customers Bancorp. Pennsylvania commercial bank that pivoted hard into digital-asset banking infrastructure (Customers Bank Instant Token settlement system, CBIT). Most banks that touched crypto in 2022-2023 either folded ($SI Silvergate, $SBNY Signature) or retrenched; Customers kept building. The thesis combines (a) a traditional commercial bank trading at a modest premium to tangible book, (b) a deposit franchise that uniquely services digital-asset firms, and (c) the optionality if CBIT or similar real-time settlement networks scale.

• $ENVA Enova International. Online consumer and small-business lender (NetCredit, OnDeck, Headway, CashNet). Subprime-adjacent unsecured installment loans. Enova has been compounding book value materially through the cycle with disciplined underwriting; the Tieton thesis is that the market keeps giving it a “payday lender” multiple when the unit economics look more like a fintech.

• $ACIC American Coastal Insurance. Florida specialty insurer focused on commercial residential — apartments, condos, HOAs. The major national carriers retrenched after the 2022 hurricane season, and ACIC has been writing into the void with appropriate risk pricing.

• $GEOS Geospace Technologies. Seismic survey equipment manufacturer that has pivoted toward border surveillance and unattended ground-sensor systems for federal customers. The historical seismic business was never going to make GEOS valuable on its own; the surveillance pivot is the story. Microcap, microcap, microcap — exactly the kind of name the Russell 2000 indexers do not own enough to move and the large funds will not look at.

• $AVNW Aviat Networks. Microwave backhaul radio manufacturer with growing exposure to defense and tactical communications. Bought NEC’s microwave business in 2023, giving it scale in a fragmented industry. The thesis blends the boring (telecom backhaul replacement cycle, FCC 6 GHz buildout) with the optional (defense procurement at higher margins). Tieton’s portfolio holds GEOS and AVNW as a pair.

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10. Towle & Co. — Christopher Towle

13F market value (Q3 2025): ~$396M · Total firm AUM: ~$609M · Filings: View on 13f.info

Towle was founded in 1981 by J. Ellwood “Woody” Towle, a former Brown Group corporate-development executive who left M&A to run his own money in the bottom decile of the US equity market. His son Christopher joined in 1994 and is now CEO; the father-and-son partnership remains the operating model. The strategy: 18-36 month holding periods, long-only, no leverage, no foreign currency, no derivatives. The Q3 2025 13F (most recent) looks like a textbook value portfolio — refiners, consumer cyclicals, real estate services, a wholesaler.

• $PARR Par Pacific Holdings — ~4.9%, largest 13F position. Refining, logistics, and retail operator with refineries in Hawaii, Wyoming, and Washington — geographies where competitors cannot easily backfill. The Hawaii refinery is the only one on Oahu, which gives Par a structurally protected position in jet fuel and gasoline for the islands. Plus an interest in Laramie Energy (Piceance Basin gas), retail c-stores, and a midstream/storage business. Towle trimmed by ~17% in Q3 2025 — likely scaling on strength as refining margins expanded.

• $DK Delek US Holdings — ~4.4%. Refining and retail — refineries in Texas (Tyler, El Dorado, Big Spring) and Louisiana, plus a sizable retail c-store network and a stake in Delek Logistics Partners. The thesis is sum-of-the-parts plus refining margin recovery; the c-store business and the MLP stake alone are arguably worth most of the enterprise value.

• $DINO HF Sinclair — ~3.5%. Independent refiner with assets across the Mid-Continent and West (Kansas, Oklahoma, New Mexico, Wyoming, Washington, Utah), the Sinclair retail brand at 1,700+ stations, renewable diesel capacity, and a midstream/lubricants segment. Q3 2025 reported a 78% increase in adjusted refinery gross margin per produced barrel sold versus Q3 2024. Investment-grade balance sheet and a buyback program that consumes a meaningful portion of free cash flow.

• $UNFI United Natural Foods — ~3.5%. Largest US natural and organic foods wholesaler, with Whole Foods as a major customer under a long-term distribution contract. Perennial deep-value name — distribution, low margins, leverage, periodic operational hiccups — that periodically rerates when the issues clear. The thesis: contract economics with Whole Foods are stable, the SuperValu integration is largely complete, and the business throws off cash that gets used to deleverage.

• $HOUS Anywhere Real Estate — ~3.2%. Parent of Coldwell Banker, Century 21, Sotheby’s International Realty, Better Homes and Gardens, and ERA. The largest residential brokerage franchisor in the US. A bottom-of-the-cycle bet on housing transaction volumes — existing home sales have been at their lowest level since 1995 — combined with the recurring revenue of franchise fees and the cost reductions Ryan Schneider’s management team has been executing.

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What you see when you look at all fifty together

A few patterns are worth noting.

First, the capital-cycle hand is everywhere. Robotti on offshore vessels and nitrogen, Towle on refiners, Donald Smith on aircraft leasing and gold miners, Kuppy on Marex and refiners and Sprott — these are all variations of the same trade. Find an industry that overbuilt, watch the marginal capacity get shut, wait for pricing power to return to the survivors with intact balance sheets. The specific commodities differ; the framework does not.

Second, microcap quality compounders show up in unexpected places. Hagerty (Greenhaven Road), Cellebrite (Voss and Greenhaven Road), Research Solutions (Cove Street), Kingsway (Greenhaven Road), Liquidia (Arquitos) — these are not classic deep value. They are high-quality businesses being given to deep-value managers because the broader market has not yet figured out how to value them. The work is in noticing the gap.

Third, there is cross-fund overlap, but very little of it. $PAR is held by both Voss and Greenhaven Road. $CLBT is held by both Voss and Greenhaven Road. $TDW is held by both Robotti and (historically) others. That is essentially it. Among fifty positions across ten managers, the duplication is in the low single digits — the opposite of what you see in any large-cap hedge fund 13F survey, where the same nine names appear over and over.

Fourth, and most usefully, every position on this list comes with a thesis. There are no closet-indexed names. There is no “we bought it because everyone else was buying it.” For each of these fifty stocks, there is an investor letter, a presentation, or a podcast where the manager explains, often in painful detail, what the asset is worth and why the market is mispricing it. That is the entire difference between the “professional herding” the original tweet was complaining about and what these ten managers are doing for a living.

You can disagree with any of the theses. Some of them will be wrong. A few of them probably already are. But the work is real, and the work is what the job is.