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Woodworth Contrarian Fund

@woodworth.fund

13 followers 9 following 64 posts

Value-oriented opportunistic contrarian hedge fund. When the market counts a company down & out we take a second look. DEEP ROOTS. STUBBORN GROWTH. OREGON BASED www.Woodworth.Fund Capital Call Podcast: www.CapitalCall.Stream

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Woodworth Contrarian Fund @woodworth.fund · 28/09/2026

$SHOE had an ugly quarter. That’s sort of the point. No long-term debt. $118M cash. 5%+ yield. 14 years of dividend growth. Trading below 60% of tangible book. Newsletter subscribers got our research Saturday. Now it’s public: www.woodworth.fund/news/steppin... #ValueInvesting #Contrarian

STEPPING INTO VALUE WITH SHOE STATION (NASDAQ:SHOE) — Woodworth Contrarian Fund

Shoe Station (NASDAQ: SHOE) is trading at a deep discount despite a debt-free balance sheet, strong liquidity, a growing dividend, and improving inventory strategy. We break down why the market’s near...

Woodworth Contrarian Fund @woodworth.fund · 10/09/2026

$WVVI is celebrating an “expansion.” We see an unpermitted hospitality plan, vineyard expansion into a wine glut, and $WVVIP offered above market. Our latest: www.woodworth.fund/news/willame...

WILLAMETTE VALLEY VINEYARDS (WVVI) UPDATE: Raining on the Parade of Deception — Woodworth Contrarian Fund

Willamette Valley Vineyards is celebrating expansion. We see warning signs. An unpermitted hospitality vision, vineyard expansion into an industry glut, and preferred shares offered above market rein...

Woodworth Contrarian Fund @woodworth.fund · 25/08/2026

Kraft Heinz ($KHC) is paying investors ~7% to wait while it rebuilds. Strong free cash flow, manageable leverage, and our $34.50 fair-value target keep the thesis interesting. www.woodworth.fund/news/khc-pass-me-the-dividend #KHC #ValueInvesting #Dividends

KRAFT HEINZ (KHC): Pass me the 7% Dividend, Please — Woodworth Contrarian Fund

Kraft Heinz has been passed around a lot between institutional investors over the last few years.  The staying power of the brands is nothing to be scoffed at, and the global reach is the envy of...

Woodworth Contrarian Fund @woodworth.fund · 18/08/2026

WVVI is pitching investors on a “destination resort” not allowed under Oregon law while carrying a $534K bank overdraft and $46.9M preferred overhang. Why we believe $WVVI common is effectively a zero: woodworth.fund/news/willame...

WILLAMETTE VALLEY VINEYARDS (WVVI): The Man Behind the Curtain — Woodworth Contrarian Fund

Willamette Valley Vineyards is running out of room to maneuver. Our latest report examines WVVI’s mounting liquidity crisis, growing preferred-stock burden, RNDC-related losses, and a proposed destina...

Woodworth Contrarian Fund @woodworth.fund · 10/08/2026

A few years ago, $RAIL was producing ~zero railcars. Today it has ~45% of new industry orders. Q2: backlog +121% sequentially, FCF $11.35M, market share rising, a new parts acquisition, and the warrant overhang nearly gone. www.woodworth.fund/news/rail-st...

FREIGHTCAR AMERICA (RAIL) - STILL ON TRACK — Woodworth Contrarian Fund

FreightCar America’s turnaround is becoming harder to ignore. Q2 brought surging backlog, stronger cash flow, 45% of industry new railcar orders, a strategic acquisition, and a cleaner balance sheet t...

Woodworth Contrarian Fund @woodworth.fund · 24/06/2026

The new Millegan Memo is live. Subscribers got it yesterday; now everyone can read it. This issue: shorting hype spikes, boring Kraft Heinz, and why America’s founding balance sheet was full of IOUs. #MilleganMemo www.woodworth.fund/news/the-mil...

THE MILLEGAN MEMO: FEB-JUNE — Woodworth Contrarian Fund

At Woodworth, we like value because it usually survives the sort of adversity that exposes everything else. This month’s Memo is about exactly that: puncturing market delusions when hype gets stupid, ...

Woodworth Contrarian Fund @woodworth.fund · 05/06/2026

Don’t buy the SpaceX IPO. Not because SpaceX is a bad company. Because “biggest IPO ever” may just mean insiders, issuers, and banks picked the perfect time to sell. www.woodworth.fund/news/why-you... #SpaceX #IPO $SPCX

WHY YOU SHOULD NOT BUY THE SPACEX IPO — Woodworth Contrarian Fund

The SpaceX IPO may be pitched as the moonshot of the decade, but Wall Street’s “biggest IPO ever” script usually has a funny way of making issuers, insiders, and underwriters rich before ordinary long...

Woodworth Contrarian Fund @woodworth.fund · 27/05/2026

$WVVI’s growth story has a sour aftertaste: distributor sales up, DTC down, receivables higher, thin cash, and RNDC counterparty risk. Our latest on Willamette Valley Vineyards: www.woodworth.fund/news/willamette-valley-vineyards-wvvi-sour-grapes #WVVI #SmallCaps

WILLAMETTE VALLEY VINEYARDS (WVVI): SOUR GRAPES, STRESSED DISTRIBUTOR — Woodworth Contrarian Fund

Willamette Valley Vineyards’ latest East Coast distribution reshuffle was presented as a growth initiative, but distributor RNDC’s ongoing collapse makes WVVI look materially riskier than management’s...

Woodworth Contrarian Fund @woodworth.fund · 12/05/2026

$KHC is not suddenly a glamour stock. Good. The quarter showed intact cash flow, a protected dividend, better share trends, and less breakup theater. Berkshire’s exit is the headline. The halted split may be the strategy. www.woodworth.fund/news/less-drama-more-ketchup

KRAFT HEINZ (KHC): LESS DRAMA MORE KETCHUP — Woodworth Contrarian Fund

Kraft Heinz is not a glamour story - and that may be the point. The latest quarter showed a business still generating strong free cash flow, protecting a 6%+ dividend, improving share trends, and redi...

Woodworth Contrarian Fund @woodworth.fund · 06/05/2026

$MGPI looked ugly after earnings, but the headline loss was largely non-cash. Management reaffirmed 2026 EBITDA + FCF guidance, tangible book value keeps rising, and the stock trades near book. Full review: www.woodworth.fund/news/mgpi-distilled-down-to-value

MGPI: Distilled Down to Value - Post-Earnings Review — Woodworth Contrarian Fund

MGP Ingredients’ latest quarter looked ugly on the surface, but the headline loss was driven largely by non-cash write-downs rather than a collapse in cash earnings. With management reaffirming 2026 E...

Woodworth Contrarian Fund @woodworth.fund · 29/01/2026

AdvanSix ($ASIX) looks like classic liquidation pricing: ~0.54x book, ~3.9% dividend, and a $100–$120M 45Q tax-credit catalyst starting 2026/27 that feels ignored. Full piece: www.woodworth.fund/news/the-chemistry-of-mispricing-asix #ValueInvesting #ASIX

THE CHEMISTRY OF MISPRICING: WHY ADVANSIX (ASIX) IS A "DOLLAR FOR 50 CENTS" — Woodworth Contrarian Fund

When the market counts a company down and out, we take a second look. AdvanSix Inc. (NYSE: ASIX) is currently trading as if it were going out of business, having shed over 44% of its value in the last...

Woodworth Contrarian Fund @woodworth.fund · 22/01/2026

MEI is the kind of “transforming” auto supplier everyone ignores in an EV slowdown. That’s why it’s interesting. ~$7.50 stock vs tangible book ~$7.83 + a $7.10 floor + positive FCF guidance www.woodworth.fund/news/methode-electronics-mei-a-short-circuit-or-just-a-blown-fuse #MEI #ValueInvesting

METHODE ELECTRONICS (MEI): A Short Circuit or Just a Blown Fuse? — Woodworth Contrarian Fund

If you want to clear a room at a cocktail party in 2026, tell them you’re excited about an auto-parts supplier undergoing a "transformation" during an EV slowdown. If you want to clear the room even f...

Woodworth Contrarian Fund @woodworth.fund · 13/01/2026

SFH “institution ban” sounds great until it cuts supply. December Millegan Memo: housing scapegoats vs renters/supply, Tequila Crisis FX lesson, $BMBL rebound + shorts, Coos Bay port automation+rail, keep quarterlies ($STLA), WORM Oregon tape, BLS trust→vol. www.woodworth.fund/news/the-mil...

THE MILLEGAN MEMO: POST-DECEMBER 2025 — Woodworth Contrarian Fund

December served up the full Woodworth sampler platter: Oregon’s market “scoreboard” gave us a mid-month sugar high and a month-end reality check, a 90s peso hangover reminded everyone that “internatio...

Woodworth Contrarian Fund @woodworth.fund · 31/12/2025

Bumble ($BMBL) got swiped left, but the turnaround story is getting interesting: cost cuts, founder back, margins up. Full piece: www.woodworth.fund/news/swiped-... #BMBL #Turnaround #ValueInvesting #ContrarianInvesting

SWIPED LEFT BY WALL STREET: THE BMBL REBOUND TRADE — Woodworth Contrarian Fund

Bumble looks like another “dead app” stock at first glance—revenue rolling over, consensus price targets drifting down, and big tech funds ghosting it like a bad first date. Under the hood, it is a tu...

Woodworth Contrarian Fund @woodworth.fund · 17/12/2025

New: our first Seeking Alpha piece is live. $MGPI is priced like it's broken, but we think it's just a cyclical brown-goods hangover (and the balance sheet can take the punch). Read: www.woodworth.fund/news/mgp-ing... #MGPI #ValueInvesting

MGP Ingredients Is Not Broken It’s Just Hungover: A Short Piece for Seeking Alpha — Woodworth Contrarian Fund

This will be our first full article published in Seeking Alpha - take a look here and please vote at the bottom of the Seeking Alpha article that our analysis was compelling! We were impressed w...

Woodworth Contrarian Fund @woodworth.fund · 10/12/2025

The new Millegan Memo is live. We debut the WORM index for #Oregon names, revisit the 1973 oil shock, dig into MGPI’s whiskey glut, homebuilder margin compression, and why AI’s real ally is natural gas. As of 12/9, WORM closed at 3,408.71. www.woodworth.fund/news/the-mil... #OregonInvesting #WORM

THE MILLEGAN MEMO: POST-NOVEMBER 2025 — Woodworth Contrarian Fund

This month we revisit the original oil panic, the whiskey glut nobody noticed, homebuilders’ disappearing margins, and the only friend AI data centers really have - natural gas. In other words: 1970s ...

Woodworth Contrarian Fund @woodworth.fund · 06/12/2025

Whiskey isn’t dead — it’s over-inventoried. We think $MGPI is primed for a comeback as the brown-goods glut clears. Full in-depth research article from Woodworth: www.woodworth.fund/news/mgp-ing... #MGPI #valueinvesting #whiskey #ContrarianInvesting #WoodworthFund

THE KINGDOM OF BROWN GOODS: WHY MGPI IS BEING CRUSHED BY INVENTORY & PRIMED FOR RESURRECTION — Woodworth Contrarian Fund

MGPI looks like another dead whiskey stock — down 75% in two years, trading at a “liquidation” multiple, and tossed in the penalty box for an inventory glut the market assumes will never clear. Under ...

Woodworth Contrarian Fund @woodworth.fund · 19/11/2025

Good wine, bad stock? 🍷 A shuttered #WVVI tasting room in McMinnville led us back to the 10-Q. Bank overdrafts, thin volume, heavy preferreds, and a brutal wine market. www.woodworth.fund/news/willamette-valley-vineyards-wvvi-not-so-great-value #WillametteValleyVineyards #Oregon #wineindustry

WILLAMETTE VALLEY VINEYARDS (WVVI): Not-So-Great Value — Woodworth Contrarian Fund

As an Oregon-based hedge fund, we often get the opportunity to more closely investigate local companies that are otherwise too small to register on most firms’ radars.  Willamette Valley Vineyard...

Woodworth Contrarian Fund @woodworth.fund · 14/11/2025

New Millegan Memo is up. We look past October’s noise to: • Helen of Troy’s reset • A hometown winery we’re avoiding • Stellantis at “broken” pricing • A preview of the Woodworth Oregon Index Read: www.woodworth.fund/news/the-mil...

THE MILLEGAN MEMO: POST-OCTOBER 2025 — Woodworth Contrarian Fund

This month’s Millegan Memo runs from Oregon dirt to Old Europe’s bond markets. On the company side, we walk through Helen of Troy’s “take your medicine” quarter, a local vineyard flagship that looks m...

Woodworth Contrarian Fund @woodworth.fund · 27/10/2025

🧐 New article on Helen of Troy #HELE Despite a large non-cash impairment, HELE remains adjusted-profitable, has resilient brands (OXO, Hydro Flask, Revlon appliances) and trades at historically low multiples. The market has over-reacted www.woodworth.fund/news/helen-o... #ValueInvesting #Contrarian

HELEN OF TROY (HELE): Reset Creates Opportunity — Woodworth Contrarian Fund

We at the Woodworth Contrarian Fund specialize in finding buying opportunities when the market is selling. This means buying early and selling early - if you wait for the last drop of blood, they’re a...

Woodworth Contrarian Fund @woodworth.fund · 06/10/2025

Helen of Troy (HELE) looks like $70 of assets for $26. In 1871, wheat speculators lost to 567 train cars. Now, the yield curve is back upright—but warning lights stay on. Sept #MilleganMemo went out Sat for subscribers Subscribe at the bottom of the article #HelenOfTroy #YieldCurve #ValueInvesting

THE MILLEGAN MEMO: SEPTEMBER 2025 — Woodworth Contrarian Fund

Helen of Troy (HELE) is cheap, wheat commodity corners collapse in 1871, the Woodworth Fund releases its Q3 Newsletter, and the yield curve flips back. Different centuries, same story: the market alwa...

Woodworth Contrarian Fund @woodworth.fund · 17/09/2025

Kohl’s isn’t dead. Nvidia isn’t invincible. The economy isn’t hot (but it isn’t cold). That’s the latest Millegan Memo. Get it in your inbox before everyone else → www.woodworth.fund/news/the-mil... (or read the delayed version now 👀) #KSS #NVDA #AVGO #BLS #economicdata #investment #hedgefund

THE MILLEGAN MEMO: POST-AUGUST 2025 — Woodworth Contrarian Fund

Kohl’s keeps cashing checks while analysts call it a meme, Nvidia finds out it’s not the only chip in town, and the jobs market cools just enough to make everyone equally nervous. This issue sees earn...

Woodworth Contrarian Fund @woodworth.fund · 16/09/2025

SHOULD PUBLIC COMPANIES STOP REPORTING QUARTERLY EARNINGS? It seems that time and time again - the Trump administration proposes removing the requirement for public companies to report quarterly, instead favoring the European/Chinese standard of reports every 6 months. (1/4)

Woodworth Contrarian Fund @woodworth.fund · 12/08/2025

Is that insider information? Should congress be allowed to trade stocks? 🤔📈 NEW EP #16 of the #CapitalCallPodcast with the #MilleganBrothers out earlier this morning on #Spotify #YouTube & #ApplePodcasts www.CapitalCall.Stream #financepodcast #stockmarket #insidertrading #economics #congress

Woodworth Contrarian Fund @woodworth.fund · 30/07/2025

You hate to agree with anyone on #reddit about #Kohls 👀📈 NEXT EPISODE #15 of The #CapitalCallPodcast with the Millegan Brothers dropped yesterday morning! Subscribe to our mailing list, #Spotify #YouTube and #Applepodcasts below www.CapitalCall.Stream

Woodworth Contrarian Fund @woodworth.fund · 16/07/2025

The #Fed is Confused, the Market’s Delusional, & We’re Buying - New Ep #14 of the Capital Call out yesterday on #Spotify #YouTube & #ApplePodcasts - sign up below to get it first: www.CapitalCall.Stream #milleganbrothers #finance #podcast #bolsonaro #Brazil #economy #portugese #soybeans #tariffs

Woodworth Contrarian Fund @woodworth.fund · 02/07/2025

June's Millegan Memo is out. If you were on the list, it showed up in your inbox yesterday. This month: – Core inflation overshoots (again) – Nike surprises with earnings (Wall Street shrugs, stock jumps) – US Dollar drops 📩 Join the list before the next one: www.woodworth.fund/news/the-mil...

THE MILLEGAN MEMO: JUNE 2025 — Woodworth Contrarian Fund

Your pockets are inflating (a little bit more than expected), Nike bounces on bad news, and the US Dollar made records (not necessarily good ones). - Managing Partners Drew Millegan & Quinn M...

Woodworth Contrarian Fund @woodworth.fund · 01/07/2025

#Nike bounced on bad news? This & more on the latest episode #13 of The Capital Call with the Millegan Brothers - new release every Monday on #Spotify #applepodcasts & #youtube . . www.CapitalCall.Stream . . #podcast #finance #stockmarket #NKE #earnings #shoes #economy

Woodworth Contrarian Fund @woodworth.fund · 23/06/2025

Live with the Woodworth Contrarian Fund Founders: Exclusive Webinar on Investing this Friday, June 27th @ 12 PM ET / 9 AM PT Register now, while seats are available: cornell.zoom.us/meeting/regi...

Woodworth Contrarian Fund @woodworth.fund · 19/06/2025

We’re excited to share that Quinn Millegan, Co-Managing Partner of Woodworth Contrarian Fund, will be speaking tomorrow at the Oregon Startup Conference, hosted at George Fox University in #newbergoregon tomorrow, June 20th @ 11:00 a.m. Details below: www.woodworth.fund/news/2025-or...

Woodworth Contrarian Fund @woodworth.fund · 10/06/2025

#Stellantis might be the best bang for your buck - this & more on episode 10 of the Capital Call with the Millegan Brothers #Podcast out now on #Spotify #YouTube & #applepodcasts . . . #economy #finance #cars #stla #dodge #jeep #ram #Maserati #fiat #Peugeot #stockmarket #valueinvesting

Woodworth Contrarian Fund @woodworth.fund · 02/06/2025

The May Millegan Memo is out now: The #US love-hate relationship w/ #tariffs & market certainty, #Abercrombie & Fitch is worth trying on (but it might not fit), and international #trade (s)melt down. If you subscribed to our email list, you saw this on Friday! www.woodworth.fund/news/the-mil...

THE MILLEGAN MEMO: MAY 2025 — Woodworth Contrarian Fund

The US love-hate relationship with tariffs and market certainty, Abercrombie & Fitch is worth trying on (but it might not fit), and international trade (s)melt down. - Managing Partners Drew Mil...

Woodworth Contrarian Fund @woodworth.fund · 27/05/2025

BYD outcompeting Tesla??? 😱 Ep 8 of the Capital Call #podcast out now on #spotify #youtube #applepodcasts www.CapitalCall.Stream #economy #finance #Tesla #BYD #electric #cars #electriccar #Europe #elonmusk #China #manufacturing

Woodworth Contrarian Fund @woodworth.fund · 19/05/2025

What is the gold-plated water cooler effect? Episode 7 of the Capital Call with the Millegan Brothers out now! With special guest Dr. Nicholas Woo and his input as an Army Doc! #economics #finance #podcast #army #Healthcare #monopoly #Spotify #youtube www.CapitalCall.Stream

Woodworth Contrarian Fund @woodworth.fund · 13/05/2025

#Wallstreet can resurrect companies from the dead ☠️ this & more on the Capital Call #podcast Ep 6 with the Millegan Brothers out now on #Spotify & #YouTube www.CapitalCall.Stream #finance #stockmarket #shortsqueeze #economy

Woodworth Contrarian Fund @woodworth.fund · 05/05/2025

What do falling #oil prices, orbital battleships, and lab-grown mammoth meat have in common? Apparently, episode 5 of the Capital Call #podcast with the Millegan Brothers out now on #spotify & #youtube #economy #opec www.CapitalCall.Stream

Woodworth Contrarian Fund @woodworth.fund · 29/04/2025

April's Millegan Memo is out now! If you were subscribed to our email list - you saw this yesterday. The Capital Call #Podcast & #Stellantis (formerly Fiat-Chrysler) and Moderna’s current value propositions in the market. #STLA #mRNA #economy #stockmarket www.woodworth.fund/news/the-mil...

THE MILLEGAN MEMO: APRIL 2025 — Woodworth Contrarian Fund

Your new Monday commute podcast - The Capital Call: with the Millegan Brothers and we explore Stellantis (formerly Fiat-Chrysler) and Moderna’s current value propositions in the market. - Managing P...

Woodworth Contrarian Fund @woodworth.fund · 22/04/2025

Oh to be an Italian broker getting in fistfights on the trading floor... Episode #3 of The Capital Call: with The Millegan Brothers out now! Available on #Spotify & #Youtube #finance #economy #podcast #funny

Woodworth Contrarian Fund @woodworth.fund · 14/04/2025

Episode #2 of The Capital Call: with The Millegan Brothers out now on Spotify, YouTube & more. CapitalCall.Stream #finance #investing #podcast #tariffs #micronesia #stockmarket #currency www.woodworth.fund/news/capital-call-2

Woodworth Contrarian Fund @woodworth.fund · 07/04/2025

Tariffs, tantrums, and $6 trillion in vanishing value—what better time for the first-ever Capital Call? On this so-called “Liberation Day,” investors were liberated mostly from their gains. www.woodworth.fund/news/launchi... #contrarian #finance

MARKET MOVES: LAUNCHING THE CAPITAL CALL PODCAST — Woodworth Contrarian Fund

Tariffs, tantrums, and $6 trillion in vanishing value—what better time for the first-ever Capital Call? On this so-called “Liberation Day,” investors were liberated mostly from their gains. Quinn and...

Woodworth Contrarian Fund @woodworth.fund · 31/03/2025

MARCH 2025 MILLEGAN MEMO: SMOKE, FIRE, AND STOCKS ON SALE - OUR FAVORITE KIND OF MONDAY. #Volatility is back and it’s provided more buying opportunities than capital - we highlighted #RAIL and #KSS www.woodworth.fund/news/the-mil... #contrarian #valueinvesting

THE MILLEGAN MEMO: MARCH 2025 — Woodworth Contrarian Fund

Volatility is back and it’s provided more buying opportunities than capital - we highlighted RAIL and KSS which have interesting stories and are at even more interesting price levels with some insight...

Woodworth Contrarian Fund @woodworth.fund · 28/02/2025

Hot off the press - February 2025's Millegan Memo: Intel’s potential breakup has them poised for exciting times, Stellantis earnings show strong balance sheet, & yield curve partly inverts as recession fears loom. www.woodworth.fund/news/the-mil... #valueinvesting #contrarian #economicdata #intel

THE MILLEGAN MEMO: FEBRUARY 2025 — Woodworth Contrarian Fund

Intel’s potential breakup has the company poised for exciting times, Stellantis earnings show a strong balance sheet, and the yield curve partly inverts as recession fears loom. - Managing Partners D...

Woodworth Contrarian Fund @woodworth.fund · 30/01/2025

January 2025's edition of the Millegan Memo: How stock pickers outperform the market, the Woodworth Contrarian Fund’s Q4 Newsletter, & the State of Greenland www.woodworth.fund/news/the-mil... #valueinvesting #contrarian #Greenland

THE MILLEGAN MEMO: JANUARY 2025 — Woodworth Contrarian Fund

How stock pickers outperform the market, the Woodworth Contrarian Fund’s Q4 Newsletter, and the State of Greenland - Managing Partners Drew Millegan & Quinn Millegan

Woodworth Contrarian Fund @woodworth.fund · 13/12/2024

Another edition of The Millegan Memo hot off the press. Black Friday, an alternative measure of inflation, & Quinn calls in on Jim Cramer's Lightning Round on his @cnbc.com show #MadMoney. Happy Holidays and Happy Friday the 13th. www.woodworth.fund/news/the-mil...

THE MILLEGAN MEMO: DECEMBER 2024 — Woodworth Contrarian Fund

Brought to you by The Woodworth Contrarian Fund. Black Friday, an alternative measure of inflation, and Quinn calls in on Jim Cramer’s Lightning Round on his CNBC show Mad Money. Happy Holidays and Ha...

Woodworth Contrarian Fund @woodworth.fund · 21/11/2024

November 11 - Tariffs, The Election, & whether or not you can be a better investor by knowing the future. We have a few bite sized pieces on interesting topics that caught our eye as we look forward. We call it the Millegan Memo: www.woodworth.fund/news/the-eco...

THE MILLEGAN MEMO: NOVEMBER 2024 — Woodworth Contrarian Fund

Tariffs, The Election, and whether or not you can be a better investor by knowing the future. We decided to do something a little bit different this month. We have a few bite sized pieces on interesti...