Palm Valley Capital Management has released its third-quarter 2026 investor letter for the Palm Valley Capital Fund. The fund gained 1.61% during the quarter, outperforming the S&P SmallCap 600 Index, which declined 7.93%, and the Morningstar Small Cap Total Return Index, which fell 5.60%. Treasury bills accounted for 75.5% of the fund’s assets at quarter-end, while its equity holdings returned 4.8%.
The letter examines a market in which small-cap stocks lagged their larger peers even as the S&P 500 approached its highs. The managers draw parallels between sharp stock-price swings in a rising market and conditions during the technology bubble. They also question whether policies aimed at preserving today’s wealth come at the expense of future prosperity, arguing that rising asset prices deepen economic disparities while shifting financial burdens to future generations. Citing federal debt exceeding $40 trillion, the managers frame the debate around how wealth and obligations are distributed across generations, alongside the familiar divide between rich and poor.
ManpowerGroup Inc. (NYSE:MAN) is a global recruitment and workforce services company operating through its Manpower, Experis, and Talent Solutions brands. It provides temporary and permanent staffing, specialized professional recruitment, workforce consulting, employee training, and outsourced talent management services. On October 29, 2026, its shares closed at $45.49, a decrease of 0.57% from the previous session, with a market capitalization of approximately $2.12 billion.
Here’s what Palm Valley Capital Management has to say about ManpowerGroup Inc. (NYSE:MAN) :
“During the quarter, the three positions contributing the most to the Fund’s return were Kelly Services (ticker: KELYA), ManpowerGroup (ticker: MAN), and Amdocs (ticker: DOX). Kelly and Manpower shares were bid on a developing recovery in the staffing sector, which has experienced improved volumes in 2026 for the first time in several years. Manpower’s constant currency growth in Q2 was +6%, supported by strong U.S. demand. Kelly’s second quarter results improved significantly sequentially and exceeded guidance.”
ManpowerGroup Inc. (NYSE: MAN) reported on October 15, 2026, that third-quarter revenue increased 4% year over year to $4.8 billion, while net earnings rose to $34.1 million from $18.0 million. Adjusted diluted earnings reached $1.01 per share, supported by improving staffing demand and cost-control initiatives. The company also announced that Becky Frankiewicz will become CEO on January 1, 2027, with Jonas Prising transitioning to executive chair.
YOU MUST READ THIS: 10 Best Stocks to Buy for the Next 20 Years
Disclosure: No material interests to disclose. This article was originally published on Global Market Bulletin.
