Investment Strategy

United States – October 31, 2026 -- BlackBird Financial returned 15.7% net of fees in the first half of 2026, beating the S&P 500's 10.2% (dividends included) by 5.5 percentage points, according to a July 30 letter to partners from Judah Spinner, CFA. All figures are as of June 30, 2026.

Builders FirstSource becomes the fund's largest holding after a market-cap slide to $7.1 billion

Builders FirstSource shares fell sharply after the fund's 2025 annual letter, as weakness in the housing market cut the company's market capitalization from $12.2 billion to $7.1 billion at its May low. Spinner added aggressively, using capital from new partners and funds reallocated from several smaller investments.

He said he did not know where the bottom was, but the fund was buying a strong business at a substantial discount to intrinsic value. He considers the risk of permanent capital impairment over a multiyear holding period exceptionally low.

[SOURCE_CITY] – October 31, 2026 -- BlackBird Financial limits its portfolio to fewer than ten holdings, a concentration policy that founder Judah Spinner traces to Warren Buffett's capital allocation approach.

Graham's margin of safety sets the entry price at BlackBird

Spinner first encountered Benjamin Graham's writings on stock selection and fundamental analysis at age twelve, when he began reading The Wall Street Journal. Graham's central idea is that stock prices can diverge sharply from underlying business value, which creates openings for disciplined investors.

Spinner applies Graham's "margin of safety" to every position, which must trade well below intrinsic value. The cushion is meant to absorb analytical errors and unexpected developments.

United States – October 31, 2026 -- BlackBird Financial LP returned 62.2% in 2025 with a portfolio of fewer than ten holdings, against a 17.9% gain for the S&P 500, according to the firm's account of its investment approach.

Spinner holds fewer than ten stocks under a 'punchcard' model

Founder and Chief Investment Officer Judah Spinner calls the strategy the "punchcard approach." It borrows from Warren Buffett's metaphor of an investor limited to twenty investments over a lifetime. Each holding is a researched thesis on the structural dynamics of a whole industry, not a single stock pick.

Spinner's investments in offshore support vessels and building materials distribution followed months of study. The work covered the competitive landscape, supply-side constraints and long-term demand drivers.

United States – October 31, 2026 -- Judah Spinner's BlackBird Financial has built a significant ownership position in Fiserv, Inc., a company that generated more than $5 billion in adjusted net income over the past twelve months and carries a market capitalization of around $33 billion.

BlackBird is a hedge fund modeled on the Buffett Partnership of the 1950s. The announcement did not state the size of the stake. Spinner said the fund looked past Fiserv's short-term difficulties and focused on its long-term position.

BlackBird rules out activism and backs CEO Mike Lyons

Spinner said BlackBird will not pursue an activist role and fully supports management. "Our intention is to be long-term partners," he said.

He expects the next couple of years to be hard for Fiserv under new CEO Mike Lyons. Spinner said Lyons's decisions today will build a stronger, more resilient business over the next decade.

Jay, Oklahoma – October 29, 2026 -- America's Outdoor Adventure Park, relaunched from a shuttered off-road park, reached $6 million in revenue in 2026 and is midway through a $30 million build, according to founder and CEO Lorenzo Ayres, who has launched LorenzoAyres.com to document his investing and operating approach.

Ayres turned a revenue-less park into a $6 million resort operation

In 2025, Ayres acquired MidAmerica Outdoors, a shuttered off-road park in Jay with no meaningful revenue and amenities in disrepair. The park generated $1.5 million in its first year under his ownership. After he repositioned it as an all-inclusive resort, revenue reached $6 million in 2026. Ayres expects the operating business to finish the year above that figure.

Organic video content from the park has drawn more than 250 million views, reached more than 100 million people, and built an audience of nearly 1 million followers across platforms.

Dallas – October 17, 2026 -- The NXG Cushing® Midstream Energy Fund (NYSE: SRV) will become The NXG Cushing® Energy Infrastructure Fund effective October 17, 2026, after its Board of Trustees approved a new name and a broader 80% investment policy.

The ticker symbol SRV and the CUSIP 231631300 for the Fund's common shares will not change.

New York – October 08, 2026 -- Bluerock Private Real Estate Fund (NYSE: BPRE) will pay a cash distribution of $0.1371 per share for October 2026, representing an annualized market distribution rate of approximately 12.9% based on its $12.80 closing price on October 08, 2026.

Shareholders of record by October 21 qualify for the payout

The distribution translates to a 7.3% rate on net asset value and an annualized tax-equivalent rate of 20.1%, calculated using a 37% maximum federal tax rate, the 3.8% Medicare surtax, and a 5% average state tax assumption. The fund has announced four distribution increases since its December 2025 NYSE listing.

New York – – October 08, 2026 -- Andover Properties and Heitman have formed joint ventures to acquire and operate a portfolio of more than 106 self-storage properties spanning 16 U.S. states, combining value-add and core-plus investment strategies.

Andover and Heitman target expansion across U.S. self-storage markets

The two firms plan to grow the portfolio further across additional markets nationwide, betting that current pricing allows acquisition of high-quality assets at discounted valuations.

New York – October 08, 2026 -- Synera Funds has launched the Synera Funds Takumi+ ETF (Ticker: SMTJ) on NYSE Arca, an actively-managed vehicle combining fundamental Japanese equity selection with a systematic futures overlay.

Three firms combine expertise to build a hybrid Japan-equity ETF

Sumitomo Mitsui Trust Asset Management Americas, Inc. serves as Model Sub-Adviser, contributing SuMi TRUST's fundamental Japanese equity research. Millburn Ridgefield LLC acts as Investment Adviser, overseeing the full portfolio and managing a systematic futures overlay built on more than 55 years of managed futures experience. Twin Oak ETF Company organized the fund and handles operations and distribution.

Chicago – October 07, 2026 -- Harris | Oakmark has launched the Oakmark U.S. Concentrated ETF (OAKL), a new active exchange-traded fund built on the firm's value investment philosophy.

OAKL joins three existing active ETFs under the Harris | Oakmark brand

The fund expands the firm's active ETF suite alongside the Morningstar Gold Medalist-rated Oakmark U.S. Large Cap ETF (OAKM), Oakmark International Large Cap ETF (OAKI) and Oakmark Global Large Cap ETF (OAKG). All four combine value-investing research with ETF structural features including transparency, intra-day liquidity and tax efficiency.