Alta Fox Capital Management, Llc Portfolio Q2’2025: Top Holdings & Recent Changes
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Alta Fox Capital Management, Llc continues to demonstrate its distinctive approach to high-conviction, event-driven investing. Their Q2’2025 portfolio reveals a nimble strategy, with $367.9 million deployed across 19 positions—three more than last quarter—highlighting both aggressive moves in select holdings and disciplined reductions in others.
Portfolio Overview: Tactical Concentration Meets Opportunistic Rotation
Portfolio Highlights (Q2’2025): - Market Value: $367.9M - Top 10 Holdings: 86.4% - Portfolio Size: 19 +3 - Average Holding Period: 3 quarters - Turnover: 47.4%
Alta Fox’s portfolio remains highly concentrated, with the top 10 positions accounting for 86.4% of total assets. This reflects a strong conviction in select companies, while the addition of three new positions signals tactical flexibility. The average holding period of just three quarters and a turnover rate of 47.4% underscore an active approach, balancing core holdings with opportunistic trades.
The fund’s allocation strategy is evident in its willingness to make significant adjustments: large reductions in top holdings, aggressive additions to emerging bets, and selective new buys. This dynamic rotation suggests Alta Fox is both protecting gains and seeking fresh catalysts in a volatile market environment.
Top Holdings Analysis: Aggressive Reductions and Bold Additions
Alta Fox’s portfolio is anchored by outsized positions in industrial and technology names, but Q2’2025 saw several notable changes. REV Group, Inc. remains the largest holding at 20.8%, though it was reduced by 30.27%, indicating profit-taking or risk management. Daktronics, Inc. 20.4% also saw a significant 16.74% reduction, further highlighting a shift away from previously dominant bets.
Meanwhile, Alta Fox initiated a new position in NCR Atleos Corporation (11.7%, Buy), signaling confidence in the company’s transformation story. Healthcare exposure increased with a fresh buy in DexCom, Inc. (5.9%, Buy), a leader in diabetes technology.
Tech exposure remains robust, with Microsoft Corporation (5.7%, No change) and Amazon.com, Inc. (4.9%, No change) holding steady, reflecting long-term conviction in these global leaders. Digital advertising analytics play Integral Ad Science Holding Corp. saw a substantial 48.27% increase, now representing 4.1% of the portfolio.
Private equity exposure surged with a dramatic 374.13% increase in ARES MANAGEMENT CORPORATION 3.7%, while Meta Platforms, Inc. 3.3% was trimmed by 9.78%. Other notable moves include new buys in Douglas Dynamics, Inc. 2.1% and significant additions to RESOLUTE HLDGS MGMT INC 2.0% and The Joint Corp. 1.8%.
Rounding out the top positions are TriMas Corporation (5.8%, No change), a diversified industrial, and a steady allocation to Microsoft and Amazon, reflecting Alta Fox’s blend of growth and value.
What the Portfolio Reveals About Current Strategy
- Active Rotation: High turnover and short average holding period indicate a willingness to adapt quickly to changing market conditions.
- Conviction in Core Holdings: Despite reductions, the top two positions still comprise over 40% of assets, showing continued belief in their long-term prospects.
- Opportunistic Buying: Aggressive additions to ARES MANAGEMENT and Integral Ad Science suggest Alta Fox is seeking asymmetric upside in less crowded trades.
- Sector Diversity: The portfolio spans industrials, technology, healthcare, and financials, balancing cyclical exposure with secular growth.
- Risk Management: Large reductions in top holdings and selective new buys reflect a disciplined approach to managing downside risk while pursuing new opportunities.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| REV Group, Inc. | $76.4M | 20.8% | Reduce 30.27% |
| Daktronics, Inc. | $75.2M | 20.4% | Reduce 16.74% |
| NCR Atleos Corporation | $43.2M | 11.7% | Buy |
| DexCom, Inc. | $21.6M | 5.9% | Buy |
| TriMas Corporation | $21.2M | 5.8% | No change |
| Microsoft Corporation | $21.0M | 5.7% | No change |
| Amazon.com, Inc. | $18.2M | 4.9% | No change |
| Integral Ad Science Holding Corp. | $15.0M | 4.1% | Add 48.27% |
| ARES MANAGEMENT CORPORATION | $13.7M | 3.7% | Add 374.13% |
| Meta Platforms, Inc. | $12.3M | 3.3% | Reduce 9.78% |
Alta Fox’s top two holdings alone account for over 41% of the portfolio, underscoring a willingness to concentrate capital where conviction is highest. The next tier of positions, ranging from 11.7% down to 3.3%, reflects a blend of new bets and steady allocations. The table highlights the fund’s tactical adjustments, with significant reductions in legacy holdings and bold increases in emerging opportunities—a hallmark of Alta Fox’s adaptive style.
Investment Lessons from Alta Fox Capital’s Approach
- Concentrate When You Have Conviction: Alta Fox’s willingness to allocate over 20% to single positions demonstrates the power of focused investing when deep research supports the thesis.
- Active Risk Management: Regular reductions and additions show that protecting gains and managing downside risk are as important as seeking upside.
- Embrace Change: The fund’s high turnover and short holding periods reflect a readiness to pivot as new information emerges.
- Blend Growth and Value: Exposure to both established tech giants and emerging industrials illustrates the value of balancing secular growth with cyclical opportunity.
- Size Positions Dynamically: Aggressive increases in select holdings reveal a flexible approach to position sizing based on evolving conviction.
Looking Ahead: What Comes Next?
With 19 positions and a turnover rate of 47.4%, Alta Fox has ample liquidity to deploy into new ideas or further scale high-conviction bets. The recent moves suggest a watchful eye on both macro trends and company-specific catalysts. Investors should monitor for continued rotation into underappreciated growth stories, especially in technology and industrials, as well as potential profit-taking in legacy winners. Market volatility may provide further opportunities for Alta Fox to capitalize on mispricings and event-driven setups.
FAQ about Alta Fox Capital Portfolio
Q: Why did Alta Fox reduce its positions in REV Group and Daktronics so significantly?
Alta Fox likely took profits or managed risk after strong performance, reallocating capital to new opportunities such as NCR Atleos and DexCom.
Q: How concentrated is Alta Fox’s portfolio?
The top 10 holdings comprise 86.4% of assets, with the top two alone making up over 41%, reflecting a high-conviction, focused strategy.
Q: What is the average holding period for Alta Fox’s positions?
The average holding period is just three quarters, indicating a willingness to rotate positions quickly as market conditions change.
Q: Which sectors does Alta Fox favor?
The portfolio is diversified across industrials, technology, healthcare, and financials, balancing cyclical and secular growth themes.
Q: How can I track Alta Fox’s portfolio changes?
ValueSense provides real-time tracking of Alta Fox’s 13F filings and portfolio updates. Note that 13F filings have a 45-day reporting lag, so use ValueSense for the latest actionable insights.
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