ADTN Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2022 Q3	Sep 11, 2022	Bernzott Capital Advisors – US Small Cap	8.5%	8.5%	ADTN, BV, CHRD, EHC, HCI, KN, SRC, TCBI, VNOM, WSC	-			View
2023 Q2	Jul 18, 2023	Bernzott Capital Advisors – US Small Cap	8.5%	8.5%	ADTN, APG, ATSG, COOP, EHC, ENOV, GDEN, LPRO, PLXS, WKC	financials, healthcare, Quality, small caps, technology, value	The portfolio focuses on small cap value investing with a significant valuation discount to large cap persisting. Quality factors were under pressure during the quarter with stocks having characteristics the manager finds unattractive performing well. The manager seeks high quality companies that can compound returns over long periods while proving resilient in downturns.	PLXS COOP ENOV FWRD. GDEN LPRO APG EHC	View
2023 Q4	Jan 30, 2024	Bernzott Capital Advisors – US Small Cap	8.5%	8.5%	ADTN, APG, ECPG, GVA, HALO, HCI, JRVR, NNN, PTEN, SP, SRC	energy, financials, infrastructure, Quality, real estate, small caps, value	Small caps led the market rally in Q4 with 14.0% returns, outperforming large caps. Despite the rally, small caps trade at over a 3-turn discount to large caps, which the manager believes should narrow over time. The broadening out of market returns should benefit small caps, as historically when large cap returns broaden, small caps tend to outperform.	NNN COO\|CW\|DKNG\|FSS\|HALO\|ZD PTEN GVA AFM CN\|B4B GR\|BLU SJ\|COH SJ\|HCI\|KO\|KSPI\|MGROS TI\|MTN SJ\|NE\|NPK SJ\|OCE SJ\|PPI\|PRX NA\|SAHOL TI\|SES\|WINE LN	View

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

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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

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