Curreen Capital's 'Ugly Duckling' Strategy Delivers 31% Gain, Eyes VF Corp Amid Apparel Giant's Slump
Denver-based investment manager Curreen Capital capped off a stellar 2025 with a full-year return of 30.97%, according to its recently released fourth-quarter investor letter. The firm, which specializes in identifying undervalued "ugly duckling" companies—those with solid fundamentals but battered share prices—attributed its success to disciplined adherence to this strategy.
Among the holdings highlighted in the letter is apparel and footwear conglomerate VF Corporation (NYSE: VFC). The parent company of iconic brands like Vans, The North Face, and Timberland has faced significant headwinds, with its stock closing at $19.59 on January 30, 2026, representing a more than 20% decline over the preceding twelve months. Despite the slump, which has left VF with a market capitalization of approximately $7.67 billion, Curreen Capital suggests the current valuation may present a compelling risk-reward scenario for patient investors.
"VF Corp embodies the type of 'ugly duckling' we look for," the letter stated, implying the company's strong brand portfolio and management are overshadowed by temporary challenges. However, the fund also noted that VFC did not make its list of most popular hedge fund stocks, with ownership dipping slightly from 35 to 33 funds in Q3 2025. Curreen tempered its view by suggesting that certain AI stocks might currently offer a more favorable upside-to-downside ratio.
Analyst & Investor Commentary:
"Sarah Chen, Portfolio Manager at Horizon Advisors: "Curreen's thesis on VFC is a classic value play. The brand equity in their portfolio is undeniable. The question is execution—can management stabilize wholesale, reinvigorate Vans, and pay down debt? If they can, the upside from here is substantial."
"Marcus Doyle, Retail Analyst at Clearwater Research: "This is catching a falling knife. The apparel sector is structurally challenged, and VF's specific issues with operational missteps and leverage are deep-seated. Calling this an 'attractive' ratio downplays the very real risk of further erosion."
"Linda Gibson, Independent Investor: "As a long-time Vans fan, it's painful to see the stock struggle. I'm leaning towards trusting a fund like Curreen that has a proven record of finding value where others see only problems. I'm starting a small position."
"Raj Patel, Editor at 'The Contrarian Digest': "Oh, brilliant. Another fund peddling the 'undervalued' narrative on a company that's been a serial disappointer. Where was this 'ugly duckling' insight when the stock was at $90? This isn't analysis; it's hope dressed up as a strategy."
The broader context for VF Corp includes a challenging retail environment, shifting consumer preferences, and the company's own efforts to streamline operations. Curreen Capital's endorsement brings a notable voice to the debate on whether the stock's steep decline has finally priced in the bad news, setting the stage for a recovery, or if more pain lies ahead for the apparel giant.