Overview
- In Q3 2025 the fund returned 7.46% versus 12.60% for the Russell 2000 Value Index, and year to date it rose 13.77% versus 9.04% for the benchmark.
- The fund fully exited TreeHouse Foods during the quarter after persistent operational and supply‑chain issues weighed on profitability and the stock.
- InterDigital was trimmed this year following share appreciation, with the firm noting renewed Apple and Samsung licenses and growing recurring licensing revenues.
- Vishay Intertechnology was increased during cyclical weakness as the manager highlighted exposure to electric vehicles and industrial electrification and expressed cautious optimism on its plans.
- Management cited TD SYNNEX as attractive given double‑digit billings growth in higher‑margin Advanced Solutions and roughly 12x earnings valuation, while explaining SAIC’s Q3 selloff following a 3% revenue decline and reduced fiscal estimates amid spending‑cut concerns.