AL

AL

AL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	ValueWorks Capital	-	-	AL, AMZN, CHRD, GLW, JOBY, LNG, MSB, MU, QCOM, UNFI	AI, Bull Market, growth, rates, technology, value	Manager views AI as driving massive economic opportunities and transforming the world, similar to how technological advances have driven economic cycles over the past two hundred years. AI breakthroughs are creating the foundation for the current expansion cycle.		View
2024 Q3	Sep 30, 2024	ValueWorks Capital	-	-	AAPL, AL, AMZN, CHRD, HY, LNG, MLP, MU, QCOM, TDW	energy, growth, semiconductors, technology, value, volatility	Manager is very excited to own Micron Technology for the next upcycle despite the stock correcting from $153 to $85. Qualcomm also experienced similar price action during the quarter's volatility.	AMZN AMZN	View
2023 Q3	Sep 30, 2023	ValueWorks Capital	-	-	AAPL, AL, CHRD, GS, HY, JOBY, LNG, MU, NETI, QCOM, TDW, TSLA, TUSK, WAL	energy, liquidity, positioning, technology, value, volatility	Manager expects an energy explosion rather than transition, supplementing fossil fuels with multiple additional energy sources. Hyster-Yale is deploying industrial scale fuel cells, while Eneti and Tidewater are developing offshore wind farms. Electric vehicles may prove superior due to being quieter, cleaner, less expensive to make, and more comfortable.		View
2025 Q2	Aug 7, 2025	Invesco Small Cap Value Fund	6.5%	0.2%	AL, COHR, DAVA, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS	AI, Banking, energy, healthcare, Intrinsic Value, materials, small cap, value	The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and estimated intrinsic value was attractive, indicating potential long-term capital appreciation. Following outperformance of large-cap stocks over small-cap stocks in recent years, the managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps.	TEX SAIA	View
2024 Q2	Jul 2, 2024	TIFF	-	-	AL, AMZN, CHRD, GLW, JOBY, LNG, MSB, MU, QCOM, UNFI	AI, energy, growth, technology, value	Manager views AI as driving massive economic opportunities and transforming the world. AI breakthroughs are creating the foundation for aggressive economic expansion ahead, similar to how technological advances have driven economic cycles over the past two hundred years.		View
2025 Q2	Jun 30, 2025	ValueWorks Capital	-	-	AL, AMZN, CART, CHRD, JOBY, LNG, MLP, MSB, MU, QCOM, UNFI	energy, Portfolio Management, semiconductors, technology, value, volatility	Manager describes a herky-jerky, uncertain period with multiple 15-20% market moves in both directions. Sentiment has swung from fear to exuberance to doom and back to confidence. This volatility could be the new normal for several years as markets advance into a 25-year high.		View
2024 Q2	Jun 30, 2024	ValueWorks Capital	-	-	AAPL, AL, CDLR, CHRD, HY, LNG, MLP, MU, QCOM, RIVN, TDW, WAL-PA	AI, Energy Transition, growth, inflation, semiconductors, technology, value	The gold-rush mindset in the tech space goes well beyond AI and is fueling economic growth across the board. This provides demand for everything from data centers to electricity and is productivity-enhancing for much of the economy.		View
2023 Q2	Jun 30, 2023	TIFF	-	-	AAPL, AL, AMZN, CHRD, HY, LNG, MLP, MU, QCOM, TDW	energy, Recovery, semiconductors, technology, value, volatility	The manager is positioned for the next semiconductor upcycle through holdings like Micron Technology, which corrected significantly during the quarter but is expected to benefit from the next cycle. Qualcomm also experienced similar price volatility but remains a core holding for the semiconductor recovery.	AMZN	View
2023 Q1	Apr 3, 2023	TIFF	-	-	AAPL, AL, CDLR, CHRD, HY, LNG, MLP, MU, QCOM, RIVN, TDW, WAL-PA	energy, growth, inflation, semiconductors, technology, value	The gold-rush mindset in the tech space goes well beyond AI and is fueling economic growth across the board. This provides demand for everything from data centers to electricity and is productivity-enhancing for much of the economy.		View
2024 Q1	Apr 2, 2024	TIFF	-	-	AL, AMZN, CART, CHRD, JOBY, LNG, MLP, MSB, MU, QCOM, UNFI	energy, industrials, materials, technology, value, volatility	Manager describes extreme market volatility with multiple 15-20% moves in both directions over weeks, driven by sentiment swings from fear to exuberance to doom and back to confidence. This volatility is expected to be the new normal for several years as markets advance toward a 25-year high.		View
2025 Q1	Mar 31, 2025	ValueWorks Capital	-	-	AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI	policy, portfolio, Selection, tariffs, undervalued, value	The manager extensively discusses recent tariff policies announced by the administration, describing them as jarring, unsettling, and of historic magnitude. While acknowledging significant downside risks similar to Smoot-Hawley tariffs that helped accelerate the Great Depression, the manager also sees potential for positive outcomes if the policies successfully address the US trade deficit and lead to improved trading relationships.		View
2024 Q1	Mar 31, 2024	ValueWorks Capital	-	-	AL, CHRD, GS, HY, LNG, MLP, MU, QCOM, TDW, WAL-PA	energy, financials, industrials, materials, technology, value	Manager acknowledges the AI mania driving indexes but notes their portfolios are not overly exposed to momentum-play and AI mania. Despite this, they recognize AI as part of broader technological productivity gains that will be dramatic and long-lived.		View
2024 Q4	Dec 31, 2024	ValueWorks Capital	-	-	AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI	energy, growth, Market Cycle, Speculation, technology, value	Manager focuses on buying growth stocks at value prices, seeking securities that are mis-perceived and priced at value multiples. The strategy involves identifying potential growth investments trading at discounts to intrinsic value.		View
2025 Q3	Nov 13, 2025	VH Standard Asset Management	-	13.3%	AL, ANSS, CYBR, DAY, EA, GTLS, HES, HOUS, INFA, MRUS, MTSR, NSC, PBPB, PLYM, SKX, TECK, TURN, VRN, WBA, ZIMV	capital preservation, Deregulation, M&A, Merger Arbitrage, risk management	The manager discusses operating in a buoyant M&A environment with positive tailwinds from deregulation and favorable economic framework. The fund's strategy is compared to operating an insurance company, focusing on growing book value over the long term through merger arbitrage transactions.		View
2025 Q3	Oct 20, 2025	Invesco Small Cap Value Fund	10.0%	10.2%	AL, COHR, DAVA.L, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS	AI, energy, healthcare, Intrinsic Value, materials, small caps, Transportation, value	The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and intrinsic value estimates was attractive, indicating potential long-term capital appreciation. Following outperformance of large-caps over small-caps in recent years, managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps.		View
2023 Q3	Oct 2, 2023	TIFF	-	-	AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI	energy, growth, Speculation, technology, value	Manager describes their strategy as buying growth stocks at value prices, seeking securities that are mis-perceived and priced at value multiples. The portfolio is positioned with over 25 securities that represent potential growth investments trading at discounted valuations.		View
2025 Q3	Oct 17, 2025	Harbor Mid Cap Value Fund	4.1%	0.3%	AL, AMAT, ANSS, ARW, CBRE, CHX, COLD, CTRA, DRI, GPN, HP, ICE, MAS, MUR, RGA, RJF, RSG, SF, SMG, ST, SWKS, ULTA, WWD	aerospace, AI, Commercial real estate, fundamentals, mid cap, Quality, Trade Policy, value	Trade tensions dominated headlines with Liberation Day tariffs affecting imports from China, Europe, and Canada causing significant market volatility. Markets initially dropped 19% following tariff announcements before recovering as policy reversals and bilateral negotiations helped stabilize conditions. Long-term implications of trade policy changes remain uncertain for supply chains and corporate profitability.	WWD US	View
2023 Q4	Jan 4, 2024	TIFF	-	-	AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI	energy, portfolio, tariffs, technology, Trade Policy, uncertainty, value	The manager discusses the dramatic tariff policies announced by the administration, noting they are of historic magnitude and could lead to either positive trade relationships or harsh economic outcomes. The uncertainty around policy execution creates both upside and downside scenarios for markets.		View
2024 Q4	Jan 2, 2025	Night Watch Investment Management	-2.9%	10.3%	1126.HK, 2318.HK, AER, AL, ALLFG.AS, AMRK, ATRO, DSGR, JOE, MELE.BR, MRX.L, RELY, UAL, VAL, XFAB.PA	aerospace, catalysts, China, energy, Europe, global, Onshoring, value	Offshore energy exposure was the largest detractor in 2024, but the thesis remains unchanged. The move from oil & gas production in Western countries to offshore regions like Brazil and Western Africa creates supply/demand mismatch. Day rates for floating rigs have increased from $200k to $500k, though H2 2024 saw a pause due to shortages in subsea equipment and FPSOs.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Oct 23, 2025	Value Investors Club	singletrack	Air Lease Corp	Other	Aircraft Leasing / Specialty Finance	Bull	NYSE	Aircraft Leasing, Leasing	View Pitch

BSD Shareholders of AL

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
No investor data available.

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