Palm Valley Capital Management
Palm Valley CM
Mid-cap
Mar 2025 → Mar 2026
Our archive holds 5 letters from this strategy, behind 8 investment theses and positions in 16 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 2 years · follow all of Palm Valley Capital Management for every strategy.
What it bought and sold
We sold our remaining position in the Sprott Physical Gold Trust (ticker: PHYS) toward the beginning of the quarter, marking our portfolio exit from precious metals.
During the quarter, we purchased Rayonier (ticker: RYN).
While we’re encouraged by the improving industry outlook, we reduced our position during the quarter as the stock neared valuation.
While we’re optimistic about Chord’s future, we trimmed our position during the quarter as the stock price approached our estimated value of its oil reserves.
Also held
Its investment theses
- Amdocs LtdMar 2026Amdocs is a telecom-focused software and services provider embedded in mission-critical systems with high switching costs and attractive valuation around 10x free cash flow.
- Flowers Foods IncMar 2026Flowers Foods is a leading bakery producer experiencing volume pressure but expected to generate strong free cash flow to support dividends and debt reduction.
- Rayonier IncMar 2026Rayonier is a large timberland REIT trading at a discount to asset value with cash flows from timber and HBU land sales and buybacks offering inflation-hedge characteristics.
- LKQ CorporationSep 2025LKQ Corporation is the largest distributor of aftermarket and recycled auto parts in the U.S. and Europe, known for its extensive distribution network and resilience in recessionary markets despite recent challenges related to declining repairable claims.
- Robert HalfSep 2025Robert Half is a profitable staffing and consulting firm that, despite facing industry challenges, remains cash-generative with zero debt and a strong dividend yield, driven by its successful Protiviti segment.
- RPC, Inc.Jun 2025RPC, Inc. is a financially strong energy service company with no debt, specializing in pumping and drilling services, poised to gain market share despite cyclical industry challenges.
- Flowers FoodsMar 2025Flowers Foods is a stable bread and bakery producer with strong free cash flow, a high dividend yield, and an improved valuation after recent stock declines.
- Reynolds Consumer ProductsMar 2025Reynolds Consumer Products is a high-quality, stable business with leading market shares in cooking, cleanup, and storage products, supported by manageable leverage and consistent demand.