Cedar Creek
Cedar Creek Partners
Micro-cap
Mar 2026 → Oct 2026
Our archive holds 4 letters from this strategy, behind 10 investment theses and positions in 17 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in a year · follow all of Cedar Creek for every strategy.
Performance
as of Oct 31, 2026 · net of fees · USD
- YTD+22.7%index +11.7%
- Inception · /yr+15.2%
Index: S&P 500
| YTD | Since inceptionper year | |
|---|---|---|
| Cedar Creek Partners | +22.7% | +15.2% |
| S&P 500 | +11.7% | — |
Calendar years
- 2025+29.6%index +17.8%
- 2024+5.3%index +24.9%
- 2023+20.3%index +26.2%
- 2022+8.8%index −18.2%
- 2021+38.9%index +28.6%
- 2020+21.9%index +18.5%
- 2019+34.5%index +31.2%
- 2018−24.3%index −4.6%
- 2017+11.4%index +21.7%
- 2016+10.5%index +12.0%
Disclaimer
These figures are copied from the manager’s latest letter, as of Oct 31, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
- AddedHarbor DiversifiedSep 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.
- TrimmedPD-Rx PharmaceuticalsSep 2026
Nothing has changed at PD-Rx Pharmaceuticals. It has been shrinking as a position.
- ExitedPharmChemJun 2026
With the sale of PharmChem in 2025 there is only one such holding in the fund at present.
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.
PD-Rx Pharmaceuticals has been shrinking as a position.
Queen City Investments (otc: QUCT) is a position the fund re-entered after attending their annual meeting in 2025.
Also held
- Cedar Creek Partners, LLC
- Exco Resources
- Pacific Coast Oil Trust
- Pennsylvania Warehousing and Safe Deposit Company
- Solitron Devices
- Monument Mining
- Evercel
- PHI Group
- Skyline Bankshares
- Steele Bancorp
- ENDI Corp
- River Financial Corp.
Its investment theses
- Exco ResourcesSep 2026Exco 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.
- Harbor DiversifiedSep 2026Harbor 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.
- EvercelSep 2026Evercel 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.
- Pennsylvania Warehousing and Safe Deposit CompanySep 2026Pennsylvania 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.
- Solitron DevicesSep 2026Solitron 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.
- Monument MiningSep 2026Monument 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.
- PHI GroupMar 2026PHI Group is a leading helicopter services provider that improved margins post-bankruptcy and appears undervalued versus peers.
- Steele BancorpMar 2026Steele Bancorp is a merged Pennsylvania community bank showing strong synergies, high cash earnings, and a low valuation multiple.
- Harbor DiversifiedMar 2026Harbor Diversified is a cash-rich holding after selling Air Wisconsin, trading well below estimated net cash with catalysts from strategic alternatives.
- ENDI CorpMar 2026ENDI Corp owns CrossingBridge Advisors with growing AUM, solid financials, and potential product launches supporting continued value growth.