HF Best Ideas
AnalysesQuarterly LettersInsightsChartsWarren AI
All funds

1 Main Capital

Dec 2024 → Sep 2026 · 3 funds

Our archive holds 8 letters from 1 Main Capital, behind 14 investment theses and positions in 11 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

Get an email when this fund publishes its next letter

8
Letters
11
Companies
6
Moves
14
Theses

2 strategies

1 Main Capital publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

Also filed under 1 Main Capital.

What they bought and sold · 6 moves

  • New positionWildBrain Ltd
    September 2026
    “This year the Fund initiated a position in WILD, a kids’ content company that recently completed the sale of its Peanuts (Snoopy) stake to Sony for C$630 million, which took the company from 5x net levered to net cash.”
    Read the letter
  • AddedLimbach Holdings
    September 2026

    Listed in 1 Main Capital’s reported holdings.

    Read the letter
  • AddedKKR & Co
    September 2026
    “I also reinitiated an investment in KKR and more than doubled our position in LMB after their share prices fell far more than any reasonable change in my estimate of intrinsic value.”
    Read the letter
  • New positionHilton Grand Vacations
    June 2026
    “Earlier this year, the Fund initiated a position in Hilton Grand Vacations (HGV), a global timeshare company that develops, markets, sells, manages, and operates timeshare resorts primarily under the Hilton Grand Vacations brand.”
    Read the letter
  • ExitedSuperior Industries International
    June 2025
    “Our rapid exit of the position saved us an additional 1%, which would have been wiped when the company’s lenders took control in an out-of-court restructuring.”
    Read the letter
  • New positionMasterCraft Boat
    June 2025

    Listed in 1 Main Capital’s reported holdings.

    Read the letter

Companies held · 11

Every company 1 Main Capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 14

  • IWG plc
    September 2026

    IWG is the world's largest coworking company with a capital-light managed-center model, high operating leverage on recurring fees, and trades at a depressed multiple of EBITDA and FCF.

    Read the full thesis
  • Limbach Holdings, Inc.
    September 2026

    Limbach is a mission-critical MEP/HVAC contractor with a high-margin owner-direct model, now entering data centers and consolidating a fragmented industry at low multiples with aligned management.

    Read the full thesis
  • KKR & Co. Inc.
    September 2026

    KKR is a scaled alternative asset manager growing AUM and fee-related earnings, positioned to capture retail flows and industry consolidation, trading at a low multiple of forward earnings.

    Read the full thesis
  • Hilton Grand Vacations Inc.
    September 2026

    Hilton Grand Vacations generates most profit from recurring financing and management fees, and at a sub-5x free cash flow valuation can retire ~20% of shares annually while delevering.

    Read the full thesis
  • Basic-Fit N.V.
    September 2026

    Basic-Fit is the dominant low-cost European gym operator with high operating leverage, a long penetration runway, improving capital efficiency, and trades at a depressed multiple of EBITDA and FCF.

    Read the full thesis
  • WildBrain Ltd.
    September 2026

    WildBrain is a deleveraged kids' content and licensing company with a high-margin capital-light FGL segment, strong contracted production, and trades at a very low multiple of depressed EBITDA with a likely sale path.

    Read the full thesis
  • Hilton Grand Vacations
    June 2026

    Hilton Grand Vacations is a branded timeshare operator with recurring, capital-light cash flows, attractive financing economics, and a depressed valuation that could rerate as FCF compounds.

    Read the full thesis
  • DiaMedica Therapeutics
    June 2026

    DiaMedica Therapeutics is a clinical-stage biotech pursuing DM199 for stroke and preeclampsia, supported by prior KLK1 human data, a science-driven subgroup signal, and a long runway to key catalysts.

    Read the full thesis
  • International Workplace Group
    March 2026

    International Workplace Group is a flexible workspace leader expected to benefit from AI-driven demand and an asset-light model, with mid-term growth, EBITDA targets, and a compelling long-term valuation.

    Read the full thesis
  • KKR & Co
    March 2026

    KKR & Co is a diversified, scaled alternative asset manager with strong fee economics, long AUM runway, limited exposure to feared risks, and attractive valuation supported by insider buying.

    Read the full thesis
  • Limbach Holdings, Inc.
    December 2025

    Limbach Holdings is a leading building systems solutions firm benefiting from a shift to higher-margin owner-direct work, strong cash generation, accretive acquisitions, and potential for ~20% FCF per share CAGR.

    Read the full thesis
  • Radiant Logistics
    September 2025

    Radiant Logistics is an undervalued non-asset based 3PL company with a strong acquisition strategy and a robust growth potential, currently trading at a significant discount to larger peers.

    Read the full thesis

Letter archive · 8

2026

2025

2024

Get 1 Main Capital’s next letter the day it lands

We track 1 Main Capital alongside hundreds of other managers, read every letter, and pull out what they bought and sold. Warren AI reads the whole archive for you.

View plans→
Share this fund