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Cedar Creek

Dec 2024 → Oct 2026 · Publishes monthly · 3 funds

Our archive holds 12 letters from Cedar Creek, behind 14 investment theses and positions in 30 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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12
Letters
30
Companies
12
Moves
14
Theses

2 strategies

Cedar Creek 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 Cedar Creek.

What they bought and sold · 12 moves

  • AddedHarbor Diversified
    September 2026
    “The fund was able to accumulate a large position at an average cost of $1.50 per share and has kept buying throughout the year as the price rose.”
    Read the letter
  • TrimmedPD-Rx Pharmaceuticals
    September 2026
    “Nothing has changed at PD-Rx Pharmaceuticals. It has been shrinking as a position.”
    Read the letter
  • ExitedFirst IC Corporation
    July 2026
    “Closed December 2025.”
    Read the letter
  • ExitedTSR Inc.
    July 2026
    “TSR was sold in June 2024.”
    Read the letter
  • ExitedTSR Inc.
    June 2026
    “TSR was sold in June 2024.”
    Read the letter
  • ExitedPharmChem Inc.
    June 2026
    “Sale closed ~August 31, 2025.”
    Read the letter
  • ExitedPharmChem
    June 2026
    “With the sale of PharmChem in 2025 there is only one such holding in the fund at present.”
    Read the letter
  • AddedHarbor Diversified
    June 2026
    “We began accumulating shares of Harbor Diversified after its December 18, 2025, announcement that the company was selling its Air Wisconsin subsidiary and all related aircraft in three separate deals for aggregate consideration of $113 million.”
    Read the letter
  • TrimmedPD-Rx Pharmaceuticals
    June 2026
    “PD-Rx Pharmaceuticals has been shrinking as a position.”
    Read the letter
  • AddedExco Resources
    June 2026
    “We purchased for $17.83 per share in late 2025,”
    Read the letter
  • ExitedFirst IC Corporation
    June 2026
    “In 2025 they were acquired by MetroCity Bankshares (MCBS) in a cash and stock deal valuing First IC at ~$23.00 per share.”
    Read the letter
  • New positionQueen City Investments
    June 2026
    “Queen City Investments (otc: QUCT) is a position the fund re-entered after attending their annual meeting in 2025.”
    Read the letter

Companies held · 30

Every company Cedar Creek has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 14

  • Exco Resources
    September 2026

    Exco Resources is an onshore natural gas producer that the manager sees as very cheap versus earnings and PV-10, with additional upside from reserve development and a potential sale.

    Read the full thesis
  • Harbor Diversified
    September 2026

    Harbor Diversified is being valued as a cash-rich special situation after selling Air Wisconsin, with expected cash per share well above the trading price and potential catalysts from filings, acquisitions, or a tender/split.

    Read the full thesis
  • Evercel
    September 2026

    Evercel is a very small, potentially undervalued holding whose worth is tied to its ZAGG stake, which could be worth materially more than the current share price implies.

    Read the full thesis
  • Pennsylvania Warehousing and Safe Deposit Company
    September 2026

    Pennsylvania Warehousing and Safe Deposit Company is a deeply illiquid asset-rich holding that the manager views as attractive at roughly half of book value for a low-risk 9-12% return profile.

    Read the full thesis
  • Solitron Devices
    September 2026

    Solitron Devices is a defense/aerospace supplier with rising backlog, strategic review interest, and improved multi-year program visibility that could support higher revenue and value.

    Read the full thesis
  • Monument Mining
    September 2026

    Monument Mining is a cheap junior gold producer with a low-cost operating mine, excess cash, potential mine-life extension, and additional upside from Australian assets and royalties.

    Read the full thesis
  • Exco Resources
    June 2026

    Exco Resources is a natural gas E&P company with low valuation, modest debt, and significant upside to a sale value.

    Read the full thesis
  • PHI Group
    March 2026

    PHI Group is a leading helicopter services provider that improved margins post-bankruptcy and appears undervalued versus peers.

    Read the full thesis
  • Steele Bancorp
    March 2026

    Steele Bancorp is a merged Pennsylvania community bank showing strong synergies, high cash earnings, and a low valuation multiple.

    Read the full thesis
  • Harbor Diversified
    March 2026

    Harbor Diversified is a cash-rich holding after selling Air Wisconsin, trading well below estimated net cash with catalysts from strategic alternatives.

    Read the full thesis
  • ENDI Corp
    March 2026

    ENDI Corp owns CrossingBridge Advisors with growing AUM, solid financials, and potential product launches supporting continued value growth.

    Read the full thesis
  • ENDI Corp
    December 2025

    ENDI Corp is an asset management platform with strong AUM growth, high adjusted margins, solid cash and EBITDA, and accounting noise that understates underlying economics.

    Read the full thesis

Letter archive · 12

2026

2025

2024

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