FPA Queens Road Small Cap Value Fund Exited Its Position in Treehouse Foods (THS)

Core Insights - The FPA Queens Road Small Cap Value Fund returned 7.46% in Q3 2025, underperforming the Russell 2000 Value Index which returned 12.60% [1] - For the first three quarters of 2025, the Fund achieved a return of 13.77%, outperforming the index's return of 9.04% [1] - The Fund's investment strategy focuses on a disciplined and patient approach, expecting to outperform in down markets while trailing in speculative markets [1] Company Overview: TreeHouse Foods, Inc. (NYSE:THS) - TreeHouse Foods, Inc. is a packaged food company that manufactures and distributes private brand snacks and beverages [2] - The stock of TreeHouse Foods experienced a one-month return of 22.80%, but has lost 32.66% of its value over the past 52 weeks [2] - As of November 21, 2025, TreeHouse Foods' stock closed at $23.59 per share, with a market capitalization of $1.191 billion [2] Fund's Position on TreeHouse Foods, Inc. - The Fund noted that TreeHouse Foods struggled to find stability after acquiring ConAgra's private label business in 2016, leading to inconsistent growth and margins [3] - Ongoing supply chain and operational issues have negatively impacted TreeHouse Foods' profitability and stock price [3] - The Fund has fully exited its position in TreeHouse Foods during Q3 2025, indicating it was a relatively small investment [3] Hedge Fund Interest - TreeHouse Foods is not among the 30 most popular stocks among hedge funds, with 26 hedge fund portfolios holding the stock at the end of Q2 2025, an increase from 22 in the previous quarter [4] - While acknowledging TreeHouse Foods' potential, the Fund believes that certain AI stocks present greater upside potential and lower downside risk [4]