Overview
Deep value at its deepest — 103 small and micro caps screened by the Acquirer's Multiple for the valuations a private buyer would pay, rebalanced quarterly.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| BMBL | Bumble Inc. | 2.1% |
| KSS | Kohl's | 1.2% |
| IDT | IDT Corp. | 1.2% |
| AEO | American Eagle Outfitters | 1.2% |
| WNC | Wabash National | 1.1% |
| PSIX | Power Solutions Intl | 1.1% |
| BLMN | Bloomin' Brands | 1.1% |
| APOG | Apogee Enterprises | 1.1% |
| IBEX | IBEX Limited | 1.1% |
| HCKT | Hackett Group | 1.1% |
Fund Details
Investment Thesis
Tobias Carlisle's acquirer's-multiple discipline applied where it works best: micro caps too small for institutions to touch, trading at takeout valuations with nobody looking. +24% as small-cap value finally re-rated, and the quarterly screen keeps recycling winners into whatever the market hates next. The strategy's edge is structural — these names are cheap because they're unresearched, not because they're broken.
Who It's For
Patient deep-value investors who want systematic micro-cap bargains — the acquirer's lens on the market's least-crowded corner.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $26.35 | -- |
| 2017 | $32.80 | +24.5% |
| 2018 | $30.07 | -8.3% |
| 2019 | $32.65 | +8.6% |
| 2020 | $27.79 | -14.9% |
| 2021 | $37.14 | +33.7% |
| 2022 | $30.19 | -18.7% |
| 2023 | $36.29 | +20.2% |
| 2024 | $34.53 | -4.9% |
| 2025 | $35.82 | +3.7% |
| Year | Yield |
|---|---|
| 2016 | 2.16% |
| 2017 | 2.16% |
| 2018 | 2.54% |
| 2019 | 3.66% |
| 2020 | 5.79% |
| 2021 | 1.50% |
| 2022 | 1.26% |
| 2023 | 1.78% |
| 2024 | 1.98% |
| 2025 | 1.88% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.02B | -- |
| 2017 | $0.02B | +0.0% |
| 2018 | $0.02B | +0.0% |
| 2019 | $0.02B | +0.0% |
| 2020 | $0.02B | +0.0% |
| 2021 | $0.03B | +50.0% |
| 2022 | $0.02B | -33.3% |
| 2023 | $0.03B | +50.0% |
| 2024 | $0.03B | +0.0% |
| 2025 | $0.03B | +0.0% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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