Alta Fox Capital's Connor Haley Portfolio: Heavy Tech & Cyclical Focus

Introduction

Alta Fox Capital Management's Connor Haley portfolio, valued at over $464 million as of December 31, 2025, demonstrates a clear investment thesis heavily weighted towards specific sectors and individual holdings.

Top Holdings by Value

The portfolio's largest position by value is NCR ATLEOS CORPORATION (NATL), representing 16.0% of the total. DAKTRONICS INC (DAKT) follows closely at 15.88%, while XPEL INC (XPEL) holds a substantial 15.49%. Other significant holdings include CARGURUS INC (CARG) at 10.51%, BRIGHTSPRING HEALTH SVCS INC (BTSG) at 9.97%, and RESIDEO TECHNOLOGIES INC (REZI) at 9.57%.

High Sector Concentration

The portfolio exhibits strong concentration in the Technology sector, with NATL, DAKT, and FICO all falling within this category. Collectively, Technology holdings account for approximately 35.35% of the portfolio. Consumer Cyclical is another heavily represented sector, with XPEL, CARG, and FIGS making up about 27.14% of the portfolio. Healthcare (BTSG) and Industrials (REZI) also feature prominently, representing 9.97% and 9.57% respectively. Financial Services is the only sector with a smaller allocation, at 3.5%.

Recent Changes in Holdings

Several holdings show significant changes from the previous period. XPEL saw a massive increase in shares (2392.94%) and value, indicating strong conviction in this stock. CARGURUS also saw a substantial increase in shares (15.91%). Conversely, DAKTRONICS experienced a significant reduction in both shares (-15.74%) and percentage allocation. NCR ATLEOS (NATL) also saw a slight decrease (-1.18%). BrightSpring Health Services (BTSG) and TRIMAS CORP (TRS) showed moderate increases, while FICO experienced a moderate decrease.

Investment Strategy Analysis

Connor Haley's investment strategy appears focused on companies within the Technology and Consumer Cyclical sectors. The portfolio's structure suggests a preference for companies with strong market positions or exposure to growth areas, though the significant Consumer Cyclical allocation also points towards a belief in the resilience or growth potential of consumer-related businesses. The large allocations to specific Technology companies like NATL and DAKT indicate a concentrated approach within these sectors. The inclusion of Healthcare and Industrials diversifies the portfolio slightly, while the Financial Services holding adds another dimension. The strategy seems to involve both holding established positions (like NATL, DAKT, CARG, BTSG) and taking more significant positions in companies perceived as having strong growth potential (like XPEL).

Conclusion

In summary, Connor Haley's portfolio at the end of 2025 is characterized by significant concentration in Technology and Consumer Cyclical stocks. The strategy involves substantial allocations to key players in these sectors, with notable recent inflows into XPEL and CARG, alongside outflows from DAKT. The overall profile suggests a focus on growth and cyclical strength, balanced with some exposure to Healthcare and Industrials.