From Yahoo Finance: 2025-04-22 09:04:00

Merion Road Capital Management’s Q1 2025 investor letter showed a (7.8%) return for the Small Cap Fund, outperforming the Russell 2000 Index’s (9.5%) return. The decline was due to underperformance of small-cap companies. The long-only portfolio declined (8.2%) compared to the S&P 500’s (4.3%) return, primarily due to tech and industrials.

In the same letter, Merion Road highlighted Butler National Corporation (OTC:BUKS), a company that designs, manufactures, and distributes aerospace products and services. BUKS had a one-month return of -9.71% and a 52-week return of 84.44%. On April 21, 2025, BUKS stock closed at $1.55 per share with a market cap of $107.28 million.

Merion Road Capital Management praised BUKS in their Q1 2025 investor letter for corporate governance improvements and shareholder-friendly actions. BUKS executed a large buyback, reduced overhead costs, added independent directors, and declassified the board, showing a commitment to shareholder value and transparency.

Read more: Here’s Merion Road Capital’s Investment Thesis for Butler National Corp (BUKS)