Alta Fox Capital Management Portfolio in 2026: Top Holdings & Recent Changes
Welcome to the Value Sense Blog, your resource for insights on the stock market! At Value Sense, we focus on intrinsic value tools and offer stock ideas with undervalued companies. Dive into our research products and learn more about our unique approach at valuesense.io
Explore diverse stock ideas covering technology, healthcare, and commodities sectors. Our insights are crafted to help investors spot opportunities in undervalued growth stocks, enhancing potential returns. Visit us to see evaluations and in-depth market research.
Alta Fox Capital Management continues to demonstrate disciplined value investing through strategic portfolio repositioning. Their Q4 2025 portfolio reveals a highly concentrated approach with $464.8 million deployed across just 13 positions—down from 20 in the prior period—reflecting a deliberate focus on high-conviction opportunities. Under the leadership of fund manager Connor Haley, Alta Fox has engineered a portfolio where the top 10 holdings represent 93.6% of total assets, signaling an unwavering commitment to concentrated bets on undervalued businesses with significant operational improvement potential.
Portfolio Overview: Concentrated Conviction in Selective Value
Portfolio Highlights (Q4 2025): - Market Value: $464.8M - Top 10 Holdings: 93.6% - Portfolio Size: 13 positions (-7 from prior quarter) - Average Holding Period: 4 quarters - Turnover: 69.2%
Alta Fox's Q4 2025 positioning demonstrates a portfolio in active transition. The 35% reduction in position count—from 20 to 13 holdings—combined with a 69.2% turnover rate, signals aggressive pruning of lower-conviction ideas in favor of deeper commitments to core themes. This consolidation strategy is particularly notable given the firm's portfolio's 4-quarter average holding period, suggesting that when Alta Fox commits capital, it typically maintains positions through multiple reporting cycles.
The concentration metrics reveal a portfolio structure where conviction translates directly into position sizing. With 93.6% of assets in the top 10 holdings, Alta Fox operates with minimal diversification—a strategy that works only when the manager possesses genuine insight into the businesses being held. This level of concentration suggests Connor Haley and his team have identified specific catalysts or operational improvements they believe will unlock value in these selected companies over the medium term.
Top Holdings Analysis: Where Alta Fox is Placing Its Bets
The portfolio is anchored by NCR Atleos Corporation at 16.0%, though Alta Fox reduced this position by 1.18%, suggesting a modest profit-taking or rebalancing move. Daktronics, Inc. 15.9% received a more significant 15.74% reduction, indicating a potential shift in conviction or achievement of valuation targets. The most dramatic move comes with XPEL, Inc., which surged to 15.5% of the portfolio with a staggering 2,392.94% addition—a massive new position that signals Alta Fox has identified a compelling opportunity in the automotive protection film and paint protection market.
CarGurus, Inc. 10.5% received a 15.91% boost, reflecting increased conviction in the automotive marketplace platform. BrightSpring Health Services, Inc. 10.0% saw a substantial 168.72% addition, making it one of the quarter's most aggressive builds. This healthcare services position suggests Alta Fox sees significant operational improvement or valuation upside in the senior living and healthcare services sector. Resideo Technologies, Inc. 9.6% represents a new buy, indicating fresh conviction in the connected home and security solutions space.
Rounding out the core positions, TriMas Corporation 4.3% received a 67.60% addition, Fair Isaac Corporation 4.3% saw an 8.45% reduction, Amazon.com, Inc. 4.1% remained unchanged, and Ares Management Corporation 3.5% received a 26.81% addition. Additionally, FIGS, Inc. 2.1% experienced a modest 3.71% reduction, suggesting selective trimming of smaller positions.
What the Portfolio Reveals About Alta Fox's Strategy
The Q4 2025 portfolio composition reveals several strategic themes that define Alta Fox's investment approach:
Operational Turnaround Focus: The concentration in companies like Daktronics, NCR Atleos, and Resideo suggests Alta Fox targets businesses with clear operational improvement opportunities. These aren't high-growth technology plays but rather established companies trading at discounts to intrinsic value due to temporary headwinds or market neglect.
Selective Sector Exposure: The portfolio spans automotive (XPEL, CarGurus), healthcare services (BrightSpring), industrial/specialty manufacturing (TriMas), and financial services (Fair Isaac, Ares Management). This diversification across sectors while maintaining concentrated positions suggests Alta Fox identifies value opportunities wherever they emerge rather than adhering to sector-specific mandates.
Activist Positioning: The significant position sizes and concentrated nature of the portfolio suggest Alta Fox may be positioning for potential activist engagement or at minimum maintaining sufficient scale to influence corporate decision-making. This is particularly relevant for smaller-cap positions like Daktronics and XPEL.
Valuation Discipline: The willingness to reduce positions in NCR Atleos and Daktronics despite their top-two rankings suggests Alta Fox maintains strict valuation discipline, trimming when prices approach fair value rather than holding indefinitely.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| NCR Atleos Corporation (NATL) | $74.3M | 16.0% | Reduce 1.18% |
| Daktronics, Inc. (DAKT) | $73.8M | 15.9% | Reduce 15.74% |
| XPEL, Inc. (XPEL) | $72.0M | 15.5% | Add 2,392.94% |
| CarGurus, Inc. (CARG) | $48.8M | 10.5% | Add 15.91% |
| BrightSpring Health Services (BTSG) | $46.3M | 10.0% | Add 168.72% |
| Resideo Technologies, Inc. (REZI) | $44.5M | 9.6% | Buy |
| TriMas Corporation (TRS) | $20.0M | 4.3% | Add 67.60% |
| Fair Isaac Corporation (FICO) | $20.0M | 4.3% | Reduce 8.45% |
| Amazon.com, Inc. (AMZN) | $19.2M | 4.1% | No change |
| Ares Management Corporation (ARES) | $16.3M | 3.5% | Add 26.81% |
The concentration analysis reveals a portfolio structure that would be considered extreme by traditional diversification standards. The top three positions—NATL, DAKT, and XPEL—represent 47.4% of total portfolio value, while the top five positions account for 67.9%. This level of concentration requires exceptional conviction and deep fundamental analysis. The fact that Alta Fox has reduced its position count from 20 to 13 while maintaining this concentration level suggests the firm is doubling down on its highest-conviction ideas rather than spreading capital more broadly.
The dramatic XPEL addition 2,392.94% deserves particular attention. This isn't a gradual accumulation but rather a decisive commitment to a specific thesis. The automotive protection film market has experienced significant growth, and XPEL's market leadership position combined with potential operational improvements may have triggered Alta Fox's aggressive positioning. Similarly, the 168.72% addition to BrightSpring suggests the fund identified a significant valuation opportunity in healthcare services, potentially driven by operational improvements or market dislocations.
Most investors waste time on the wrong metrics. We've spent 10,000+ hours perfecting our value investing engine to find what actually matters.
Want to see what we'll uncover next - before everyone else does?
Find Hidden Gems First!
Investment Lessons from Alta Fox's Approach
Alta Fox's Q4 2025 portfolio demonstrates several investment principles that distinguish successful value investors:
Conviction Requires Concentration: Alta Fox doesn't hedge its bets across dozens of positions. When the team identifies a compelling opportunity, they size the position accordingly. The XPEL position exemplifies this—rather than taking a small exploratory stake, Alta Fox committed meaningful capital, suggesting deep conviction in the thesis.
Operational Improvement Beats Growth: The portfolio emphasizes companies with clear operational improvement catalysts rather than high-growth narratives. This approach typically offers better risk-adjusted returns because improvements are often underappreciated by the market while growth expectations are frequently overpriced.
Valuation Discipline Trumps Loyalty: The willingness to reduce DAKT and NATL despite their top rankings shows that Alta Fox maintains strict valuation discipline. When positions reach fair value, the firm trims rather than holding indefinitely, freeing capital for new opportunities.
Sector Agnosticism Enables Flexibility: By maintaining positions across diverse sectors—automotive, healthcare, industrial, financial services—Alta Fox avoids sector-specific biases and can deploy capital wherever value emerges. This flexibility is particularly valuable in volatile markets where opportunities shift rapidly.
Position Sizing Reflects Conviction: The dramatic differences in position sizes (from 16.0% down to 3.5%) reflect Alta Fox's conviction hierarchy. The largest positions represent the highest-conviction ideas, while smaller positions may represent either emerging opportunities or positions being trimmed toward exit.
Looking Ahead: What Comes Next?
Alta Fox's Q4 2025 positioning sets up several potential scenarios for 2026. The aggressive XPEL addition suggests the fund expects significant appreciation or operational improvements in the automotive protection space. The BrightSpring build indicates conviction in healthcare services recovery or operational turnaround. The new Resideo position suggests emerging conviction in the smart home and security solutions market.
With 93.6% of assets in the top 10 holdings, Alta Fox has limited dry powder for new positions, suggesting the fund is either near full deployment or maintaining flexibility for opportunistic additions. The 69.2% turnover rate indicates the fund remains active in rebalancing and adjusting positions, so investors should expect continued portfolio evolution as valuations shift and catalysts develop.
The reduction in position count from 20 to 13 suggests Alta Fox may continue pruning lower-conviction ideas, potentially creating additional capital for deployment into higher-conviction opportunities. This disciplined approach to portfolio construction—fewer, larger, higher-conviction positions—typically outperforms more diversified approaches during periods of market dislocation when value opportunities become more pronounced.
FAQ About Alta Fox Capital's Portfolio
Q: Why did Alta Fox make such a massive addition to XPEL?
A: The 2,392.94% addition to XPEL suggests Alta Fox identified a compelling valuation opportunity combined with operational improvement potential in the automotive protection film market. XPEL's market leadership position and growth trajectory may have triggered the aggressive positioning. This type of dramatic addition typically reflects a high-conviction thesis where the fund believes the market has significantly undervalued the business.
Q: What does the 69.2% turnover rate tell us about Alta Fox's strategy?
A: A 69.2% turnover rate indicates Alta Fox actively manages its portfolio rather than maintaining static positions. The fund regularly rebalances, trims positions that reach valuation targets, and adds to positions where conviction increases. This active management approach is consistent with value investing that emphasizes valuation discipline and opportunistic rebalancing.
Q: How concentrated is too concentrated?
A: With 93.6% of assets in the top 10 holdings, Alta Fox operates at extreme concentration levels. This strategy works only when the manager possesses genuine insight into the businesses and maintains strict valuation discipline. For most investors, this level of concentration would be inappropriate, but for skilled value investors with deep research capabilities, concentration can enhance returns by ensuring capital flows to the highest-conviction ideas.
Q: Why did Alta Fox reduce Daktronics despite it being the #2 holding?
A: The 15.74% reduction in Daktronics likely reflects valuation discipline rather than loss of conviction. As positions appreciate and approach fair value, skilled value investors trim to lock in gains and redeploy capital to more attractively valued opportunities. This disciplined approach prevents the common mistake of holding winners too long and watching them become overvalued.
Q: How can I track Alta Fox's portfolio changes?
A: ValueSense provides comprehensive tracking of Alta Fox's 13F filings, allowing you to monitor position changes, new additions, and reductions in real-time. By visiting Alta Fox's superinvestor page, you can access detailed holdings data, historical position tracking, and comparative analysis. Remember that 13F filings are reported with a 45-day lag, so current positions may differ slightly from the most recent filing.
Q: What sectors does Alta Fox focus on?
A: Rather than adhering to specific sector mandates, Alta Fox identifies value opportunities across diverse sectors including automotive, healthcare services, industrial manufacturing, financial services, and technology. This sector-agnostic approach enables the fund to deploy capital wherever compelling valuations and operational improvement opportunities emerge, rather than being constrained by predetermined sector allocations.
Explore More Investment Opportunities
For investors seeking undervalued companies with high fundamental quality, our analytics team provides curated stock lists:
📌 50 Undervalued Stocks (Best overall value plays for 2026)
📌 50 Undervalued Dividend Stocks (For income-focused investors)
📌 50 Undervalued Growth Stocks (High-growth potential with strong fundamentals)
🔍 Check out these stocks on the Value Sense platform for free!