I'm in a few small cap funds and it always amazes me how patient and under the radar they are in building positions. Though it can take a while. Often they will come in during a CR or just organize off market transactions with other major holders, like WMI have done so far.
They have $140M of funds. I guess if they buy into 30 businesses at an average of $100M MC, that would be the equivalent of $5M in each business and can even stay under the 5% threshold for many of them.
What I am curious about is whether they will be happy to maintain high cash positions as they do in some of their other funds.
WMI Price at posting:
$1.20 Sentiment: Buy Disclosure: Held
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