Holdings & Structure

Portfolio
Overview

A concentrated, high-conviction portfolio of 35–40 positions diversified across sectors and market capitalizations.

Portfolio Construction

Portfolio Structure

By Company Profile
75%
Core
Undervalued Equities (75%)
Special Situations / Activism (25%)
By Region
97%
USA
USA (97%)
Foreign (3%)
By Sector
35%
TMT
TMT (35%)
Construction/Infrastructure (25%)
Energy & Industrial (15%)
Business Services (15%)
Consumer Retail (10%)
By Position (Top 10 vs Rest)
60%
Rest
Rest of Portfolio (60%)
Top 10 Positions (40%)
By Market Cap
35%
$1B-$5B
<$250MM (20%)
$250MM – $500MM (20%)
$500MM – $1BN (25%)
$1BN – $5BN (35%)

Activist Engagement

Recent 13D & 13G Filings

⚙️
Chicago Rivet
NYSE: CVR
🏭
Ampco Pittsburgh
NYSE: AP
💾
GSI Technology
Nasdaq: GSIT
⚡
Babcock & Wilcox
NYSE: BW
⚖️
WW International
Nasdaq: WW
✈️
Global Crossing Airlines
OTCQB: JETBF
🍜
Noodles & Company
Nasdaq: NDLS
☀️
Heliogen
OTCQB: HLGN
✂️
Regis Corp.
Nasdaq: RGS
📡
Widepoint Corp.
NYSE: WYY
🛢️
Koil Energy Solutions
OTCQB: KLNG
🔐
T Stamp, Inc.
Nasdaq: IDAI

Case Studies

Investment Examples

Babcock & Wilcox Enterprises, Inc.
NYSE: BW — Value & Activist Investment
+1,016.5%
Total ROI
Business

BW is a 100-year-old company with expertise in power generation and grid services, with a focus on data centers and AI computing infrastructure.

Investment Thesis
  • Stock significantly undervalued trading at $0.45/share at a bankrupt valuation
  • Generating $80MM of EBITDA while reducing debt to strengthen the balance sheet
  • Business focus on power generation for data centers and AI computing
Actions & Result
  • Filed a 13D in support of management and its strategy
  • Engagement contributed to greater Wall Street focus
  • Company reduced debt and improved its balance sheet
13D Date Filed
June 6, 2025
Price at 13D
$0.79
Price 10/03/26
$14.25
ROI
+1,016.5%
Regis Corporation
Nasdaq: RGS — Activist Investment
+339%
Total ROI
Business

Regis Corporation is a leading franchisor of hair salons worldwide, with operating brands Supercuts and SmartStyle, with systemwide sales of $1.25 billion across over 4,800 locations.

Investment Thesis
  • Common stock was -98% in the past four years, and -60% in the prior six months
  • Company solidly profitable at $30MM EBITDA; common stock undervalued by 5–10x
  • Per location revenue of only $300,000 — significant room to add additional services
Actions & Result
  • Filed 13D with a letter recommending changes to increase revenue and EBITDA
  • Sought appointment of two members to a Special Committee
  • Engaged with the Company's bankers on a restructuring plan
  • Stock appreciated over 10x; company refinanced debt and improved the balance sheet
13D Date Filed
Dec 28, 2023
Price at 13D
$6.60
Exit Price
$29.00
ROI
+339%
Innodata, Inc.
Nasdaq: INOD — Value Investment
+800%
Total ROI
Business

Innodata is a global data engineering company specializing in AI data preparation, annotation, and integration services for enterprises.

Investment Thesis
  • Identified this opportunity at the early stages of AI adoption
  • Data analytics company overlooked by Wall Street
  • Products were being used for large language model training
Actions & Result
  • Engaged with management and the Board
  • Recommended strategies to increase shareholder value
  • Share prices appreciated and recognized by institutional investors
Avg Buy Price
$5.25
Exit Price
$45.00
ROI
+800%