Voss Capital (“Voss”) is a fundamental research-driven, bottom-up, value-oriented manager focused on underfollowed special situations. Voss manages a long/short equity fund, the Voss Value Fund (VVF), and a long-only equity fund, the Voss Value-Oriented Special Situations (VVOSS) fund. The VVOSS fund runs roughly pari passu with the long book of the Voss Value Fund.
The funds target value-oriented special situations with an emphasis on business model analysis, properly incentivized management teams, identifiable catalysts for value realization, and securities with the potential to double in value within a three-year timeframe.
The funds take relatively concentrated positions in high-conviction original ideas. The investment due diligence process prioritizes the assessment of a company’s ability to generate free cash flow, extensive scuttlebutt research, interviews with management and competitors, quality of earnings analysis, and a review of management’s track record of capital allocation. In particular, the investment team seeks to identify companies with “Voss Sauce,” defined as accelerating revenue growth and expanding margins simultaneously.
Chief Investment Officer Travis Cocke founded Voss in October 2011 and manages the funds.
Travis Cocke
Founder, GP, and CIO
Travis founded Voss in October 2011 and has over a decade of public market investment experience, including two years as a portfolio manager for a family office. Before founding Voss, he was a Portfolio Manager at Farney Management Corp. and a Generalist Research Analyst at Ascendant Advisors LLC. He also interned at the Teacher Retirement System of Texas and Omega Advisors. Travis holds a BBA in Finance from Texas A&M University.
Letters & Presentations
Active 13D Positions
Stock | Company name | Sector | % of Portfolio | Link |
PAR | PAR Technology Corp | INFORMATION TECHNOLOGY | 6.7% |
Past Activist
Health Insurance Innovations, Inc. (HIIQ)
On December 23, 2019, Voss Capital (10.4%) stated that the company’s shares were deeply undervalued, highlighting the value of its IFP business, projected to generate substantial free cash flow, and its Medicare segment, which could command a higher valuation than its peer, eHealth Inc. Voss valued the IFP business at $250 million and noted the Medicare segment could be worth multiples of the current share price. Voss increased its stake to 9.2% on March 5, 2020. On March 6, 2020, the company was renamed Benefytt Technologies, Inc., with a new NASDAQ ticker, BFYT.
American Outdoor Brands (AOUT)
On November 29, 2021, Voss Capital (4%) disclosed its stake and stated it had engaged, and plans to continue engaging, with management and the Board on opportunities to enhance shareholder value and address corporate governance matters, including Board composition.
Griffon Corporation (GFF)
In late 2021, Voss Capital (4%) criticized Griffon’s governance, nominated three board candidates, and opposed the $845M Hunter Fan acquisition, advocating for asset sales and operational improvements to unlock $45-$50 per share in value. At the February 2022 AGM, one Voss nominee was elected, and governance reforms were approved. On December 29, 2022, Voss (5%) nominated seven directors for the 2023 AGM. On January 9, 2023, Griffon appointed Voss CIO Travis W. Cocke to its Board under a cooperation agreement.
International Money Express, Inc (IMXI)
On September 5, 2024, Voss Capital (5.6%) stated its engagement with the Board and management on strategies to maximize shareholder value, including a potential sale of the company in a take-private transaction.
Comments