Palm Valley Capital Management, an investment management firm, has released the “Palm Valley Capital Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, Palm Valley Capital Fund appreciated 2.35% compared to a 9.11% gain for the S&P SmallCap 600 and a 7.99% rise in the Morningstar Small Cap Total Return Index. At the start of the quarter, the Fund invested 73.5% in cash equivalents, increasing slightly to 74.1% by the end of the quarter. Small-cap st ...