AAP

AAP

AAP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 4, 2025	FPA Queens Road Small Cap Value Fund	8.6%	5.9%	AAP, CSGS, IDCC, IMKTA, NNI, PVH, REVG, SCHL, SFM, THS, UGI, VSH	Balance Sheets, Quality, returns, small caps, Valuation gap	The letter highlights generationally attractive valuations in small-cap equities, particularly among high-quality businesses. Management argues that balance sheet strength, earnings consistency, and returns on capital matter more than size alone. Small-cap quality stocks are viewed as mispriced relative to large caps.	NNI IMKTA	View
2025 Q2	Aug 25, 2025	Pzena Global Small Cap Focused Value strategy	7.6%	2.9%	AAP, AKE FP	fundamentals, Inefficiency, neglect, re-rating, small caps	The commentary highlights global small-cap stocks as an under-researched and inefficient segment where investor neglect creates mispricing. Management stresses fundamental normalization and balance sheet repair as key return drivers. The outlook favors patient capital as liquidity and sentiment recover.		View
2025 Q2	Jul 22, 2025	Curreen Capital	14.1%	8.7%	AAP, CACC, ENR GR, FTDR, FTRE, GETB LN, HAVAS NA, TRUEB SS, VFC	contrarian, mispricing, Patience, Return on Capital, Turnarounds	The letter describes an ugly duckling strategy focused on temporarily impaired businesses with durable long-term economics. Management argues that operational setbacks and industry slowdowns create mispriced opportunities for patient investors. The outlook is optimistic as normalized earnings and returns on capital re-emerge.	VFC ENR GR GETB LN FTDR FTRE CACC AAP	View
2024 Q1	May 3, 2024	Curreen Capital	0.9%	1.9%	0SEA LN, AAP, ADV, CACC, FTDR, GETB LN, LNK AU, NILB SS, VFC	-			View
2024 Q1	May 15, 2024	Third Point Partners	3.9%	14.0%	AAP, GOOG, LSEG LN, TSMC, VST	-			View
2024 Q1	Apr 19, 2024	Palm Valley Capital Management	-0.1%	4.2%	AAP, CRD/A, GENC, MLR, NWN, SMCI, SSRM, TBI	-			View
Q4 2025	Mar 1, 2026	iMGP Small Company Fund	1.3%	0.0%	AAP, AMKR, APPF, MANH, NVDA, PRM, RBC, UAMY	AI, Biotech, defense, growth, healthcare, Quality, small caps, technology	AI remained a significant driver throughout 2025, with AI-related stocks recovering after initial volatility from Chinese competitor DeepSeek and becoming the dominant theme again in late 2025. The market saw broadening beyond AI with materials performing well, but AI continues to be a desired area driving investment decisions. Biotech companies rallied over 25% in the fourth quarter, driven by a series of high-profile biotech acquisitions by large pharma buyers. The managers generally avoid biotech stocks due to their highly binary nature, though they participate through investments in companies that sell products and services to biotech customers. Defense spending themes emerged through specific investments like Antimony Corporation, which won a $245 million five-year sole source contract to rebuild the U.S. antimony supply for military use, taking advantage of export restrictions from China. RBC Bearings' Aerospace and Defense business was particularly strong.		View
2025 Q4	Feb 10, 2026	FPA Queens Road Small Cap Value Fund	-0.4%	13.4%	AAP, CSGS, FN, IDCC, NJR, OSK, PLUS, PVH, REVG, RLI, SFBS, SFM, SNX, UGI, UPBD	insurance, Quality, small cap, technology, Utilities, value	Small caps are overlooked, disdained and cheap relative to large caps. Quality small caps are trading at significant discounts to quality large caps while historically trading at premiums. The fund sees growing opportunity set as capital withdraws from actively managed small value strategies. The fund focuses on quality companies with balance sheet strength, earnings consistency, and high returns on capital. Quality small caps have become cheap compared to large caps and the quality premium in small caps is modest versus pronounced in large caps. The fund's value-focused process leads to a portfolio designed to protect clients during market drawdowns. They identify overlooked, out of favor companies trading at attractive valuations with strong franchises in boring industries.	AAP SFBS UPBD PVH UGI IDCC FN NJR RLI SNX	View
2023 Q4	Dec 31, 2023	Latitude Global Fund	-	-	AAP, AI FP, AZO, DEO, GOOG, MCK, SONY, TSCO, WEC	ConsumerStaples, emergingmarkets, EnergyTransition, financials, OilGas	ConsumerStaples: The fund is heavily invested in global consumer staples such as Tesco, Unilever, Diageo, Imperial Brands, Heineken and Coca-Cola, where underlying earnings growth remains solid but valuations are at multi-decade lows versus the market, setting up a prospective re-rating as emerging-market demand and easing input costs drive margins higher. Energy: The portfolio owns both utilities like WEC Energy and integrated oil majors such as Shell, seeing long runways from the energy transition, infrastructure upgrades, AI-driven data-centre power demand and disciplined capital returns via buybacks funded by high free cash flow at mid-cycle oil prices. Financials: Core positions in JPMorgan, Visa, Goldman Sachs and Bank of America are viewed as structural winners that benefit from inflation-linked fee bases and post-crisis consolidation as weaker competitors exit, enabling durable ad valorem earnings growth.		View
2024 Q3	Oct 30, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AAN, AAP, ALTM, AZO, CNXC, CSWI, DAR, DECK, FN, HMN, IDCC, ORLY, SFM, VSH	-			View
2025 Q3	Oct 24, 2025	Pzena Global Small Cap Focused Value strategy	10.7%	13.9%	1910 HK, AAP, HAS LN, OEC, RCO FP, REZI	consumer, cyclicals, small caps, tariffs, value	Pzenas global small-cap portfolio outperformed its benchmark, led by Resideo, Advance Auto Parts, and Steelcase. The fund added positions in Samsonite, Rémy Cointreau, and Sensata, emphasizing undervalued cyclical and consumer franchises resilient to tariff pressures. Management sees opportunities in economically sensitive sectors with discounted valuations.	SNSA 1910 HK CNXN ORION HAS SCS AAP RESI	View
2025 Q3	Oct 24, 2025	Curreen Capital	9.0%	18.5%	AAP, CACC, EHAB, ENR GR, FTDR, FTRE, GETB LN, KTB, PLX FP, THNC CN, VFC	cash flow, Health Care, small caps, turnaround, value	The fund gained 9%, focusing on smaller turnaround and value situations like Kontoor Brands and Fortrea. Managers emphasize disciplined capital allocation, strong cash generation, and improving healthcare fundamentals despite regulatory headwinds. The portfolio reflects bottom-up conviction in underappreciated growth and restructuring stories.	FTRE THNC CN GETB GB KTB ENH FTRE THNC CN GETB GB KTB ENH	View
2024 Q3	Oct 24, 2024	Curreen Capital	0.9%	1.9%	AAP, ADV, PLX FP	-			View
2025 Q3	Oct 20, 2025	Sands Capital Select Growth Fund	6.3%	22.1%	AAP, AVGO, DXCM, GOOG, ICE, NFLX, NOW, NVDA, ORCL, RBLX, TEAM, TSM	Artificial Intelligence, Cloud infrastructure, E-Commerce, semiconductors, software	AI-driven capital spending and infrastructure buildouts dominated the portfolios focus, with holdings in NVIDIA, Broadcom, and Oracle leading performance. Managers increased exposure to cloud and software platforms poised for monetization of AI capabilities. Consumer internet and e-commerce holdings like Roblox and Amazon provided diversification amid cyclical volatility.		View
2022 Q3	Oct 17, 2022	Heartland Mid Cap Value Fund	8.2%	9.7%	AAP, CEG, SWKS, TCBI	-			View
2025 Q4	Jan 29, 2026	Pzena Global Small Cap Focused Value strategy	-1.0%	12.8%	240810.KS, 9065.T, AAP, ADNT, BIRG.L, BPE.MI, MRC, NOKBF, RCO.PA, REZI, SCS, ST, TEP.PA, TPK.L, UMI.BR, UNI.MC, WGO	consumer discretionary, financials, global, small cap, underperformance, valuation, value	The portfolio remains attractively valued and is currently among the most inexpensive across the geographies and market cap ranges managed by Pzena. Small-cap stocks remain particularly depressed relative to larger companies. Small-cap stocks remain particularly depressed relative to larger companies, with the portfolio's relative performance being challenged. U.S. small caps modestly underperformed large caps during the quarter.	WGO KNX	View
2025 Q4	Jan 29, 2026	Curreen Capital	10.5%	31.0%	AAP, DND.TO, ENR.DE, FTDR, FTRE, GETB.L, TRUE-B.ST, VFC	energy, healthcare, small caps, spinoffs, Turnarounds, value	Curreen Capital has been particularly successful with spinoff investments since launch, with 2025's three biggest winners all being spinoffs. The manager views ugly duckling spinoffs as the best investment opportunities when they combine good businesses, capable management, and attractive pricing. The fund focuses on 'ugly ducklings' - good businesses run by capable managers bought at attractive prices with upside-to-downside ratios of at least 5:1. They target companies earning above 20% after-tax returns on capital over time. Siemens Energy benefited from the end of decade-long stagnation in global electricity demand, driven by deferred infrastructure maintenance, continued electrification, and rapid rise of AI spurring a new demand cycle.	AAP FTRE FTDR GETB LN ENG GR VFC	View
2024 Q2	Jun 30, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AAP, CLVT, CMP, KBR, LFCR, LGF/B, NEU, NVDA, RDVT, SIX, SSP, SXI, VSAT	-			View
2024 Q2	Jun 27, 2024	Asheville Capital Management	19.9%	6.9%	0RI1 LN, AAP, AZO	-			View
2023 Q2	Jun 7, 2023	Palm Valley Capital Management	-0.1%	4.2%	0OO GR, 288 HK, AAP, CRD/A, CRD/B, META, PSLV, TBI	-			View
2023 Q3	May 10, 2023	Palm Valley Capital Management	-0.1%	4.2%	AAP, AVA, CRD/A, EQC, FPI, LAS/A CN, MLR, SSRM, TBI	-			View
2025 Q1	Apr 24, 2025	Curreen Capital	-4.7%	-4.7%	AAP, CACC, EHAB, ENR GR, FTDR, GETB LN, HAVAS NA, NILB SS, VFC	-			View
2023 Q1	Mar 31, 2023	Meridian Hedged Equity Fund	6.2%	0.0%	AAP, AAPL, LEVI, LMACU, SBH, USB	-			View
2024 Q4	Jan 17, 2025	Curreen Capital	5.7%	7.7%	AAP, CACC, EHAB, ENR GR, GETB LN, JXN, KAMBI SS, NILB SS, VFC	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Steve Scruggs	Advance Auto Parts, Inc.	Consumer Discretionary	Automotive Retail	Bull	New York Stock Exchange	aftermarket, Competition, Distribution, Execution, Inventory, Margins, merchandising, restructuring, turnaround	View Pitch
Jan 31, 2026	Fund Letters	Christian Ryther	Advance Auto Parts, Inc.	Consumer Discretionary	Automotive Retail	Bull	New York Stock Exchange	Auto_Parts, Comps, supply chain, turnaround, valuation	View Pitch
Jan 8, 2026	Value Investors Club	Woodrow	Advance Auto Parts, Inc.	Consumer Discretionary	Specialty Retail	Bull	New York Stock Exchange	Branding, Consumer products, e-commerce, Marketing, merchandising, retail	View Pitch
Dec 5, 2025	Fund Letters	Christian Ryther	Advance Auto Parts, Inc.	Consumer Discretionary	Specialty Stores	Bull	NYSE	automotive, Margins, ROIC, turnaround, valuation	View Pitch
Nov 29, 2025	Fund Letters	Evan D. Fox	Advance Auto Parts	Consumer Discretionary	Specialty Retail	Bull	NYSE	Auto parts, Cost control, debt, Liquidity, Margins, profitability, restructuring, turnaround	View Pitch

BSD Shareholders of AAP

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
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