Value Hive Podcast Q3 2025 Investor Audibles: Kingdom Capital, Hirschmann Capital, Greenlight Capital
10 snips
Nov 21, 2025 In this enlightening discussion, insights from Kingdom Capital Advisors highlight a strong Q3 recovery and strategic portfolio management. Key topics include a focus on special situations and a case study on NLOP's success. The resilience of United Natural Foods post-cyber attack is also notable, showcasing operational recovery and attractive valuation. Quick wins from GCO and FG Financial trades are celebrated, alongside a cautious take on Harvard Diversified's troubled assets. Reflection on challenges faced by KCA provides a balanced view.
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Research Edge In Overlooked Companies
- Kingdom Capital emphasizes deep, idiosyncratic research in overlooked companies rather than competing on macro or AI narratives.
- They split the portfolio ~50/50 between special situations expected to realize near-term upside and longer-term undervalued growers.
Prioritize Deep, Uncrowded Research
- Focus research where deep work creates a genuine information advantage rather than competing in crowded macro narratives.
- Allocate effort to overlooked securities where operational diligence reveals mispriced outcomes.
NLOP Turnaround Delivered Dividends
- Kingdom Capital recounts their Net Lease Office (NLOP) position that divested assets, repaid debt, and paid large dividends reducing their cost basis to near zero.
- The example illustrates how special situations can both return capital and materially de-risk a position.
