Merion Road Capital

What they bought and sold · 3 moves

• AddedFrequency Electronics

  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 Aerospace

  July 2026

  “I have been adding this month.”

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• AddedHoneywell

  July 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

• American Woodmark

  September 2025

  American Woodmark is merging with Masterbrand to capture $90mm in cost synergies, leverage strong leadership, tariff protections, and housing market recovery.

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• Bel Fuse

  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→
• Victory Capital

  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 Defense & Security Solutions, Inc.

  June 2025

  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.

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• Butler National Corp

  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.

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• Alphabet

  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.

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• Monarch Cement

  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.

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• United Bank of Alabama

  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.

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Letter archive · 5

Funds · 3

• Merion Road2
• Merion Road Capital2
• Merion Road Small Cap Fund1