Merion Road Capital
Our archive holds 5 letters from Merion Road Capital, behind 8 investment theses and positions in 6 companies. Every quote below is copied verbatim from the letter it came from.
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2 strategies
Merion Road Capital publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.
- Merion Road2
4 companies
- Merion Road Small Cap Fund1
Small-cap · 8 companies
YTD +20.1% (Jun 30, 2026)
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 Merion Road Capital.
What they bought and sold · 3 moves
- July 2026
“Frequency Electronics, which I bought in Q1 and discussed in my last letter, also performed well after the company announced that its year-end backlog exceeded $100mm and put out stronger than expected 3-year guidance.”
Read the letter - AddedHoneywell AerospaceJuly 2026
“I have been adding this month.”
Read the letter - AddedHoneywellJuly 2026
“I have been adding this month.”
Read the letter
Companies held · 6
Every company Merion Road Capital has disclosed a position in across our archive, with the letter that last mentioned it.
- Bel FuseJul 2026
- Butler NationalJul 2026
- Frequency ElectronicsJul 2026
- HoneywellJul 2026
- Honeywell AerospaceJul 2026
- Monarch CementJul 2026
Theses · 8
- September 2025
American Woodmark is merging with Masterbrand to capture $90mm in cost synergies, leverage strong leadership, tariff protections, and housing market recovery.
Read the full thesis - September 2025
Bel Fuse offers capital structure arbitrage through a widened Class A discount, governance catalysts, management improvements, and limited downside to parity.
Read the full thesis - September 2025
Victory Capital has grown AUM via its Amundi US acquisition with positive flows, strong cost synergies, and attractive FCF potential at a discount to peers.
Read the full thesis Kratos is a leading pure-play defense company specializing in hypersonic technologies and unmanned aircraft, known for its cost-effective and rapid product development, which positions it favorably in the growing defense market.
Read the full thesis- March 2025
Butler National Corp is an undervalued investment opportunity with improved corporate governance, diverse revenue streams from a casino and an aircraft modification business, and potential for significant shareholder returns.
Read the full thesis - December 2024
Alphabet is well-positioned for future growth with its strong business fundamentals, advancements in AI and cloud services, and potential in autonomous driving and quantum computing.
Read the full thesis - December 2024
Monarch Cement is a straightforward investment opportunity in a single cement facility with promising future margins due to recent capital investments, including a $35 million solar project.
Read the full thesis - December 2024
United Bank of Alabama is a strong investment due to its significant capital surplus, stock performance, and growth potential, projected to generate $7-$8 in normalized earnings.
Read the full thesis
Letter archive · 5
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