AMH Equity - Small‑Cap Deep Value
A Low-Profile Shareholder in Universal Electronics
We first came across Adam M. Hutt and AMH Equity (AMH) while researching the remote control manufacturer Universal Electronics (UEIC), in which AMH Equity controls 6% of the shares. This piece is part of our “Major Shareholder” portrait series - which features research on investors with the potential to influence the outcome of deep value situations.
According to 13f.info AMH Equity has a portfolio of c. $80m spread over 54 holdings. UEIC is the fifth largest holding at 4.6% of the portfolio. In UEIC, AMH is the third largest shareholder after Eric Singer / Immersion Corp (12%) and Columbia Threadneedle Investments (6.4%). Leviticus Partners, which AMH manages, has an informative webpage and a blog called “The Dinosaur”.
Over the past decades, Adam Hutt (through AMH Equity/Leviticus) has accumulated significant stakes in a myriad of small companies. From an asset-backed deep value perspective we recognize several of the names in the portfolio; Twin Disc (TWIN), Ascent Industries (ACNT), RF Industries (RF), Hurco Companies (HURC), Richardson Electronics (RELL) eHealth (EHTH), Broadwind (BWEN) and Socket Mobile (SCKT).
AMH Equity in UEIC
In 2024, UEIC disclosed that AMH had taken a stake in UEIC, filing a passive Schedule 13G indicating ownership above 5%. By early 2025 AMH held about 6% of UEIC’s shares. Hutt’s sizable holding suggests alignment with the value-unlocking efforts led by Singer. Hutt’s presence on the shareholder roster lends additional credibility to the view that UEIC’s intrinsic worth far exceeds its depressed market price.
A Veteran of Special Situations and Undervalued Stocks
Hutt (early 60s) has decades of experience in small-cap investing and special situations. He began his career in the 1980s as a securities analyst and broker, with stints at firms like Prudential Securities and Ladenburg Thalmann (where he focused on “special situation” stocks). In 1996, Hutt struck out on his own, founding AMH Equity, Ltd. and its affiliated fund Leviticus Partners LP. Operating from Great Neck, NY, Hutt has remained at the helm of this boutique hedge fund for nearly 30 years. He serves as president and sole owner of AMH.
From inception, Hutt built a track record as a patient value investor in obscure corners of the market. His fund seeks out “underfollowed companies with long operating histories, little or no analyst coverage, and low debt levels”, especially those trading at low multiples of revenue or cash flow. Hutt conducts extensive fundamental research on these under-the-radar names. The strategy is contrarian and concentrated - AMH’s top 10 holdings often make up over half of its portfolio.
In “The Dinosaur”, the firm argues that persistent money printing inflates asset prices broadly while distorting capital allocation, favoring mega-caps and passive flows at the expense of smaller, less liquid stocks. This has created an unusually wide valuation gap, particularly in small-cap industrials and infrastructure-linked businesses.
On their website, Leviticus has posted “Hutt’s 10 Commandments of investing”. They are based on a focus on companies with long operating histories where value and growth coexist, and investments based on intrinsic worth rather than the expectation of selling to someone else at a higher price. Hutt also monitors insider buying as a meaningful signal, and demands a clear risk-reward imbalance of at least 5:1 supported by a credible management execution. He points out that markets rarely reprice overlooked stocks immediately. Overall, their view is that markets repeatedly rotate back to fundamentals, and that disciplined investors willing to endure being early can be well rewarded when neglected value reasserts itself.
All in all, AMH Equity is a name that I would be happy to see on the shareholder list of deep value names in the future.
Disclaimer
This article is based solely on publicly available information, including SEC filings, 13F filings, company reports, and reputable financial data sources. AI assisted in drafting parts of this article. Check important data. It is intended for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. The author owns shares in Universal Electronics (UEIC) as part of a diversified investment portfolio. All opinions and interpretations are the author’s own at the time of publication. Readers should conduct their own due diligence before making any investment decisions.
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