Keeley Small Cap Fund on Anterix Inc.
Thesis
Anterix is the largest holder of 900 MHz spectrum licenses in the U.S. and is repurposing that spectrum for higher-value uses. Utility private networks and grid modernization provide an established use case, while satellite-to-mobile connectivity adds new optionality. A favorable FCC ruling and large spectrum transactions elsewhere highlighted the scarcity and monetary value of the company's spectrum.
“the company has been testing the viability of using its spectrum for satellite to mobile connectivity.”