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Palm Valley Capital Fund

Investment Objective

The Palm Valley Capital Fund seeks to achieve long-term total return. 

Principal Investment Strategies

  • The Fund primarily invests in a portfolio of small capitalization common stocks.  The Fund considers small-cap companies to be those that, at the time of investment, have a market capitalization of less than $10 billion.

  • Under normal circumstances, the Fund will hold common stocks
    of fewer than 40 different companies.

  • The Adviser to the Fund is Palm Valley Capital Management.  The
    Adviser narrows down its investable universe by primarily focusing on those small-cap companies that it believes are more likely to grow consistently, have long operating histories, are profitable and have historically generated positive free cash flow, and possess strong balance sheets.

  • Once the Adviser has identified companies meeting its
    quantitative and qualitative criteria, it seeks to purchase high-quality businesses that it believes to be trading below fair value
    and are less likely to experience a permanent loss in value.

  • The Adviser uses the discounted cash flow (“DCF”) valuation
    model as its primary valuation methodology.

  • To manage risk, the Adviser uses a flexible and opportunistic
    approach to the Fund's cash position.
      The Fund may hold a
    significant position in cash or cash equivalents for an extended
    period of time.

Fund Facts as of December 31, 2022

Ticker Symbol


Share Class


Minimum Investment


Fund Inception


Portfolio Managers


Eric Cinnamond, CFA

27 years industry experience

BBA Stetson University

MBA University of Florida


Jayme Wiggins, CFA

18 years industry experience

BBA Stetson University

MBA Columbia Business School


Free Cash Flow: Cash from operating activities minus capital expenditures.  

Discounted Free Cash Flow (DCF): A valuation method used to estimate the value of an investment based on its future free cash flows.  DCF determines the present value of expected future free cash flows using a discount rate, or required return.  

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