Palm Valley Capital Management, an investment management firm, has released the “Palm Valley Capital Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the fourth quarter, Palm Valley Capital Fund appreciated 0.66% compared to a 1.70% gain for the S&P SmallCap 600 and a 3.12% rise in the Morningstar Small Cap Total Return Index. At the beginning of the quarter, the Fund allocated 74.1% to Treasury bills and increased to 76.3% by the end of the quarter. The equity holdings of the Fund rose by 1.12% over the past three months (excluding the effects of fund operating expenses). The performance of equities was positively influenced by the investments in precious metals, particularly as silver has been the Fund’s largest allocation for the past few years. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its fourth-quarter 2025 investor letter, Palm Valley Capital Fund highlighted stocks such as Ingredion Incorporated (NYSE:INGR). Ingredion Incorporated (NYSE:INGR) is a food and beverage ingredients manufacturer. The one-month return for Ingredion Incorporated (NYSE:INGR) was 3.89%, and its shares lost 16.81% over the last 52 weeks. On January 5, 2026, Ingredion Incorporated (NYSE:INGR) stock closed at $110.41 per share, with a market capitalization of $7.086 billion.
Palm Valley Capital Fund stated the following regarding Ingredion Incorporated (NYSE:INGR) in its fourth quarter 2025 investor letter:
“During the fourth quarter, we bought three new positions: Domino’s Pizza Group plc (ticker: DOM LN), Utz Brands (ticker: UTZ), and Ingredion Incorporated (NYSE:INGR). As has been the case for several years, our initial weightings in new names have been fairly modest because most of them were just reaching our minimum required discount.
