Monthly Research · U.S. Small Cap · Special Situations

The filing said
something.
We noticed.

Every month, Snowball Research reviews 7,000+ SEC filings, 80+ fund letters, and every activist 13D to find U.S. companies under $5B where something just changed — and most people haven't noticed yet.

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7,000+
8-K filings reviewed per month
80+
Fund letters read per month
3+ yrs
Monthly publishing track record
$5B
Max market cap we cover
Monthly Research · March 2026 · Issue #38
Latest Report.
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8-K Categories
Management changes
44
Board appointments
31
Strategic alternatives
22
Debt repayments
19
Divestments
17
Capital structure
14
Red flags
12
Buybacks
9
Inflection points
8
Activist 13Ds
WEX Inc · CVGI · Teradata · Power REIT · E.W. Scripps · Veris Residential · Mawson Infrastructure · BlackLine · Reservoir Media · Orion Properties · Lionsgate · Lands' End · Health Catalyst · NN Inc · Magnachip · Alta Equipment
+38 more · Members only
Fund Letters
Liberty Park · Merion Road · Maran Capital · Alluvial Capital · Tourlite Capital · Riverwater Partners · Heartland Small Cap · Long Cast Advisers · Invesco Small Cap · Madison Small Cap · Conestoga Capital · Clark Street Value · Night Watch · Palm Valley
+66 more · Members only
↓ Members Only
March 2026 · Issue #38 · 17 ideas
01
Activist · Multiple Growth Drivers
Fox Factory Holdings
Engine Capital secures board seats and Transformation Committee; CapEx dropping below 1% in 2026; FCF becomes explicit #1 priority
FOXFCons. Disc. · $680M
Members
02
Bear Thesis Rebuttal
Wix.com
Arguments against the bear thesis — why "AI kills Wix" misreads who Wix's customers actually are
WIXInfo Tech · $5.4B
Members
03
Management Change · New CEO
Vestis Corp
Newly appointed CEO is a former COO of UPS; significant operational and strategic changes underway
VSTSIndustrials · $1.1B
Members
04
Value Investor · New Stake
Crocs
Li Lu, a famous value investor funded by Charlie Munger, initiated stake in Q4 2025; trading at a high free cash flow yield
CROXCons. Disc. · $3.2B
Members
05
Board Change · Hidden Asset
Kelly Services
Major board change after Hunt Companies acquires majority of Class B stake; while AI fears dominate the narrative, Kelly's most valuable business remains hidden in plain sight
KELYAIndustrials · $420M
Members
06
Acadia Healthcare
ACHCHealthcare · $2.8B
Members
07
Zevia
ZVIACons. Staples · $180M
Members
08
AngioDynamics
ANGOHealthcare · $310M
Members
09
Laureate Education
LAUREducation · $2.1B
Members
10
Ascent Industries
ACNTIndustrials · $95M
Members
11
RF Industries
RFILTechnology · $42M
Members
12
Theravance Biopharma
TBPHHealthcare · $620M
Members
13
Xeris Biopharma
XERSHealthcare · $210M
Members
14
Driven Brands
DRVNCons. Disc. · $1.8B
Members
15
Wrap Technologies
WRAPIndustrials · $78M
Members
16
RealReal
REALCons. Disc. · $340M
Members
17
New SEC Rules — Insider Data
Special
Members

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Portfolio Manager · AUM: $200M+

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About Snowball Research

There's a universe of U.S. companies under $5B doing strange, strategic, or quietly significant things.

Some are falling apart. Some are fixing things. Some just filed an 8-K that made us raise an eyebrow. We don't track everything. Just what might turn into something.

We don't write 40-page reports on individual stocks or pretend to predict the next ten-bagger. We're not here to give you buy/sell calls. We're here to sharpen your idea funnel. No banking ties, no IR gigs, no "collaborations." Just us, being nosy.

Stock Reports — Semi-detailed writeups on companies going through something: strategic shifts, new leadership, unusual 13D/13F activity, restructurings, or just strange behaviour worth looking into.
Risk Alerts — NT filings, restatements, debt amendments, replacing three CFOs in a year. When filings get weird, we tell you.
Weekly Situational Summary — A curated scan of 13Ds, fund letters, asset sales, and companies waving the "strategic alternatives" flag.

This isn't full coverage. It's selective attention. If that sounds useful, we're probably for you.

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