APG

APG

APG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 8, 2024	ROCKLINC Partners Fund	3.8%	12.2%	APG, MEG CN	-			View
2025 Q2	Jul 30, 2025	Greystone Capital	14.8%	6.3%	APG, DR CN, KITS CN, NRP, SYZ CN	Compounding, Intrinsic Value, Patience, small caps, Valuations	The commentary focuses on small-cap equities as a long-term opportunity amid prolonged underperformance and depressed valuations. Management argues that quality small businesses continue to compound intrinsic value despite market neglect. Patience and focus are positioned as key advantages when small caps eventually regain investor attention.	DR CN KITS CN SYZ CN APG NRP	View
2025 Q2	Jul 27, 2025	Forager International Shares Fund	17.6%	14.1%	3769 JP, 4194 CN, 4733 JP, APG, CROX, FIX, FLUT, GLEN LN, JD/ LN, MTX GR, PSI CN, TKO, WISE LN, ZETA	contrarian, fundamentals, global value, valuation gaps, volatility	The commentary highlights global value opportunities outside crowded U.S. markets, with an emphasis on idiosyncratic situations and underfollowed companies. Management stresses patience and fundamental analysis as key to exploiting valuation gaps. Market volatility is viewed as a tailwind for disciplined value investors.	ZETA APG TKO FLUT MTX GR FIX WISE LN 4194 CN 4733 JP 3769 JP PSI CN	View
2025 Q2	Jul 17, 2025	SouthernSun SMID Cap	10.3%	-	APG, BOOT, MSA, SAM, WSO	Capital discipline, cash flow, operations, Resilience, SMID Caps	The letter focuses on resilient SMID-cap businesses adapting to macro uncertainty through pricing discipline, operational efficiency, and prudent capital allocation. Management emphasizes aftermarket revenue, service models, and recurring cash flows as stabilizers. Volatility is framed as manageable for companies with strong execution and balance sheets.	MSA SAM WSO BOOT APG	View
2025 Q2	Jul 14, 2025	The Bristlemoon Global Fund	-0.3%	-	APG, CRM, HEM SS, UNH	catalysts, Concentration, risk management, tariffs, volatility	The commentary frames volatility as both a risk and an opportunity within a concentrated, long-short portfolio. Management discusses tariff-driven dislocations, defensive positioning, and redeployment into high-conviction names. Idiosyncratic catalysts are emphasized over macro forecasting.	UNH CRM APG HEM	View
2024 Q1	May 9, 2024	Tourlite Capital Management	4.5%	13.8%	APG, ESPR, FIP, FTAI, PRGO, PRPL, ROIV	-			View
2024 Q1	May 14, 2024	Maran Capital Management	1.0%	9.0%	APG, C7T GR, CLAR, SLGD, VTY LN	-			View
2024 Q1	Apr 25, 2024	ROCKLINC Partners Fund	3.8%	12.2%	APG, MEG CN	-			View
2025 Q4	Mar 6, 2026	Aristotle Core Equity Fund	3.1%	18.2%	APG, ARE, COIN, GH, GM, GTLS, ORCL, ORLY, PFGC	Artificial Intelligence, Cryptocurrency Exchanges, Data centers, Digital infrastructure, institutional adoption	The quarter highlighted the growing impact of artificial intelligence on corporate earnings and market leadership, with more than 300 S&P 500 companies referencing AI on earnings calls and technology firms delivering the strongest earnings growth during the period. Investors increasingly debated the sustainability of massive AI-related capital expenditures, particularly the financing requirements for large-scale data center infrastructure supporting model development and deployment. Portfolio activity reflected exposure to secular digital infrastructure through companies like Coinbase, where regulatory clarity and institutional adoption are expected to drive trading volumes and recurring revenue growth in the cryptocurrency ecosystem.		View
2025 Q4	Feb 25, 2026	SouthernSun SMID Cap	-3.9%	4.5%	APG, CXT, DAR, DY, EXTR, GNRC, LOB, OSK, TKR, TREX	Artificial Intelligence, Balance Sheet Strength, Capital Allocation, Intrinsic Value, SMID Cap Equities	The letter emphasizes disciplined intrinsic value investing in SMID-cap businesses amid a market increasingly dominated by artificial intelligence narratives and mega-cap concentration. Drawing parallels to the 201415 energy collapse, the managers warn that rising AI-related capital intensity, power constraints, and valuation expansion may challenge assumptions of frictionless growth, particularly as the largest stocks drive disproportionate index returns and volatility. The portfolio is positioned in niche-dominant companies with strong balance sheets, recurring revenues, and visible cash flow, seeking to compound value while avoiding overpayment for perceived certainty.	TREX TKR DY EXTR LOB OSK GNRC CXT APG DAR	View
2022 Q3	Nov 30, 2022	Greenhaven Road Capital	15.0%	12.0%	APG, APPS, CLBT, ESTC, HGTY, KKR, PAR, TDOC	-			View
2023 Q3	Oct 29, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, BUR, CLBT, KKR, PAR	-			View
2022 Q3	Oct 28, 2022	Maran Capital Management	1.0%	9.0%	APG, C7T GR, CLAR	-			View
2024 Q3	Oct 21, 2024	Tourlite Capital Management	4.5%	13.8%	ABUS, APG, FTAI, ROIV, SOC	-			View
2025 Q4	Jan 29, 2026	Maran Capital Management	-5.2%	0.0%	APG, CLAR, CTT.LS, HKHC, PCYO, TPB	concentrated, inflation, Logistics, SmallCap, Tobacco, value, water	Manager focuses on concentrated investments in companies that are typically inexpensive, well-run, with little to no leverage. Portfolio demonstrates asymmetric risk/reward profiles with limited downside and meaningful upside potential. Examples include Clarus trading at 0.35x revenue and CTT achieving 21% CAGR despite remaining cheap. Turning Point Brands represents a major success story with nicotine pouch market explosion driving dramatic growth. TPB initially guided 2025 nicotine pouch sales to $60-80 million, then raised guidance multiple times to $125-130 million. The company could generate over $5 per share in earnings this year and $6+ next year as market continues growing. Pure Cycle Corporation is a Colorado-based real estate developer and water company holding approximately 30,000 acre-feet of water rights in the Denver metro region. The company represents an inflation beneficiary holding given the long-lived, hard asset nature of its water rights and real estate assets. Correios de Portugal owns a pan-Iberian logistics business that has compounded at approximately 21% CAGR since 2019. The company achieved its 2021-2025 goal of growing EBIT at better than 15% CAGR and guided for similar growth through 2028, taking EBIT from ~€100 million to €175-195 million.	TPB PCYO HKHC CLAR	View
2025 Q4	Jan 26, 2026	ClearBridge Mid Cap Growth Strategy	0.0%	0.0%	APG, ARE, ARGX, BSY, CHDN, CHWY, CMPO, CPAY, CWST, DKNG, DOCS, DT, EXPE, LNW, PFGC, PTC, RBLX, RESI, TDY, TYL, XPO	AI, dispersion, fundamentals, gaming, mid cap, real estate, stock selection, technology	AI-driven disruption concerns weighed on software businesses as investor sentiment weakened amid heightened sensitivity to earnings expectations. The market showed unusually concentrated focus on AI and its immediate beneficiaries throughout 2025, with limited investor attention for performance not tied to artificial intelligence. Gaming holdings provided positive contributions with Light & Wonder rebounding following technical selling pressure and Churchill Downs advancing as operating trends normalized. The gaming sector showed resilience despite broader market headwinds affecting other areas of the portfolio. Online travel platforms contributed positively with Expedia benefiting from improved execution in its consumer business and continued strength in its business-to-business segment. The travel sector demonstrated solid fundamentals amid the challenging market environment. Real estate was a significant source of pressure, particularly Alexandria Real Estate Equities which declined due to slowdown in biopharma research spending and excess laboratory capacity weighing on leasing demand and rental growth expectations. The position was exited due to ongoing uncertainty and dividend cut.	CPAY CWST ARE CHDN EXPE LNWO	View
2025 Q4	Jan 24, 2026	Greystone Capital	0.3%	2.8%	APG, BEL, DR.TO, FC, FOUR, KITS.TO, LMB, LNF.TO, LSPD.TO, NRP, SQ, SYZ, TOST, VYX	Buybacks, Coal, concentrated, E-Commerce, payments, small caps, value	Natural Resource Partners continues to benefit from global coal consumption reaching record highs of 8.8 billion tons in 2025. The royalty business model provides exceptional durability through various pricing environments while avoiding ongoing capital expenditures and high operating costs. KITS Eyecare represents a vertically integrated direct-to-consumer eyecare model with strong unit economics. The company has achieved product/market fit with favorable CAC/LTV ratios and continues to take share from traditional optometry and less integrated online competitors. Shift4 Payments operates as an integrated end-to-end payments business with deep industry knowledge across hospitality, restaurant, and stadium verticals. The company owns the gateway layer and full payment stack, enabling higher margins and stronger customer retention than commodity payment processors. Medical Facilities Corp has repurchased over 20% of shares outstanding through tender offers and open market purchases, reducing total shares by nearly 40% over four years. Management demonstrates disciplined capital allocation focused on maximizing per-share value.	FOUR DR CN APG KITS CN NRP	View
2025 Q4	Jan 19, 2026	Artisan Mid Cap Fund	-0.4%	14.8%	ALAB, APG, ARGX, ASND, BKR, COHR, CVNA, DASH, INSM, LHX, MACOM, MDB, RBC, RBLX, SHOP, SPOT, TTAN, VEEV, WAT, WST	AI, Biotechnology, defense, growth, healthcare, industrials, mid cap, technology	AI-related capital spending remains an area of active debate entering 2026. The team continues to find compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves datacenter performance and efficiency. Healthcare returned as a source of market strength with the team maintaining relatively high exposure despite several years of industry headwinds. The positioning is grounded in conviction in profit cycle opportunities for biotech companies with compelling product launches. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes companies are well positioned to benefit from growing investment in next-generation missile defense and national security programs requiring advanced capabilities. Holdings exposed to datacenter and AI infrastructure spending contributed to returns. Companies benefit from continued cloud growth and rising AI demand driving rapid datacenter expansion with strong long-term growth opportunities.	IRTC FERG SNOW WAT TTAN CVNA ALAB LHX SPOT VEEV MDB RBLX INSM COHR	View
2025 Q4	Jan 15, 2026	ROCKLINC Partners Fund	0.7%	20.3%	AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO	active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value	Gold delivered one of its strongest annual performances in decades during 2025, with a 64.5% gain to $4,318 per ounce. The acceleration in Q4 underscores persistent safe-haven demand amid geopolitical tensions, central bank buying, inflation hedging, massive global debts and a favorable macro backdrop with lower real yields on fixed income securities. Silver far outpaced even gold with explosive momentum in the final quarter, delivering a colossal 147.5% gain for the year to $71.54 per ounce. This reflects gold's safe-haven spillover plus strong industrial demand from solar, electronics, EVs, and AI-related applications, chronic supply deficits, and early cycle speculative fervour. The firm's significant allocation to precious metals royalty companies was the primary driver of outperformance in 2025. Precious metals staged historic rallies as hard assets and inflation hedges dominated, providing a powerful tailwind to resource-heavy Canadian indices amid broader global uncertainty. The new Rocklinc Principled Equity Fund focuses on undervalued securities through a concentrated portfolio of 20 or fewer holdings, enabling conviction-driven investments based on deep fundamental analysis. The firm deliberately steers clear of overvalued securities trading at extreme multiples and resists purely speculative investments. Canada leads globally in active ETF adoption, with about 30% of total ETF assets under management being actively managed, compared to just 8% in the US. The firm launched the Rocklinc Principled Equity Fund ETF to tap into this booming market where investor demand and competition among providers are driving rapid growth. Sprott has successfully positioned itself at the center of the modern energy transition through its dominance in the uranium sector. The Sprott Physical Uranium Trust is now the largest holder of physical uranium in the world, effectively becoming the institutional gateway for nuclear energy exposure.	SII	View
2024 Q3	Sep 30, 2024	SouthernSun SMID Cap	8.8%	13.9%	APG, BOOT, GNRC, IDXX, LPX, NGVT, USPH	-			View
2023 Q2	Jul 31, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, APPS, BNED, BUR, CLBT, HGTY, KKR, LFCR, PAR, SPHR	-			View
2023 Q2	Jul 30, 2023	Greystone Capital	8.0%	16.0%	APG, B4F GR, CURN, LMB, RICK, SYZ CN	-			View
2023 Q2	Jul 30, 2023	Maran Capital Management	1.0%	9.0%	APG, C7T GR, CDRE, CLAR	-			View
2024 Q2	Jul 26, 2024	Greystone Capital	8.0%	16.0%	APG, BELFA, DR CN, LMB, SYZ CN	-			View
2023 Q2	Jul 18, 2023	Bernzott Capital Advisors – US Small Cap	8.5%	8.5%	APG, COOP, EHC, ENOV, GDEN, LPRO, PLXS, WKC	-			View
2023 Q2	Jul 17, 2023	Laughing Water Capital	2.5%	11.1%	APG, CDMO, HGV, LFCR, TACT, THRY, VTY LN	-			View
2024 Q2	Jul 17, 2022	Laughing Water Capital	2.5%	11.1%	APG, CDMO, CTLP, HGV, LFCR, LMB, NN, THRY, VTY LN, XPOF	-			View
2022 Q4	May 2, 2023	Greystone Capital	8.0%	16.0%	APG, BSFFF, EDR SM, GFF, IDT, POL, RICK	-			View
2023 Q1	Apr 28, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, BNED, BUR, CLBT, KKR, LFCR, PAR	-			View
2023 Q1	Mar 31, 2023	ClearBridge Investments Mid Cap Growth Strategy	0.0%	0.0%	APG, COTY, CSGP, ON, PCTY	-			View
2022 Q4	Feb 17, 2023	Tourlite Capital Management	4.5%	13.8%	APG, PACK, PRM, PRVBX, VRRM	-			View
2022 Q4	Jan 31, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, CLAR, CLBT, ESTC, KKR, MGNT, PAR, PAT GR	-			View
2022 Q4	Jan 31, 2023	Laughing Water Capital	2.5%	11.1%	AIM CN, APG, CDMO, HGV, LDE GR, THRY, VTY LN	-			View
2024 Q4	Jan 28, 2025	Maran Capital Management	6.4%	16.0%	APG, C7T GR, CLAR, HKHC, TPB, VTY LN	-			View
2023 Q4	Jan 26, 2024	Tourlite Capital Management	4.5%	13.8%	APG, ESPR, FIP, FTAI, KD, LTCH, PRM, ROIV	-			View
2023 Q4	Jan 25, 2024	Laughing Water Capital	2.5%	11.1%	APG, CDMO, ENZ, HGV, LFCR, LMB, NN, THRY, VNDA, VTY LN	-			View
2022 Q4	Jan 24, 2023	1 Main Capital	4.0%	11.3%	APG, FIGS	-			View
2023 Q2	Jan 9, 2023	Tourlite Capital Management	4.5%	13.8%	APG, FIP, FTAI, GLOP, KD, LTCH, PRM	-			View
2023 Q4	Jan 2, 2024	Greystone Capital	8.0%	16.0%	APG, BELFA, CURN, FC, LMB, SENEA, SYZ CN, THRY	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Mar 16, 2026	Substack	Kairos Research	APi Group Corporation	Industrial Services	Fire and Life Safety Services	Bull	New York Stock Exchange	APi Group, Bolt-on Acquisitions, capital allocation, EBITDA margin, Fire Safety, free cash flow conversion, inspection-first strategy, Operational Leverage, quality compounder, recurring revenue	View Pitch
Feb 27, 2026	Fund Letters	Michael Cook	APi Group Corporation	Industrials	Building Products	Bull	New York Stock Exchange	backlog, Bolt-on Acquisitions, Inspection Growth, leverage, margin expansion, recurring revenue	View Pitch
Jan 27, 2026	Fund Letters	Adam Wilk	APi Group Corporation	Industrials	Security & Alarm Services	Bull	New York Stock Exchange	cashflow, Fire Safety, infrastructure, recurring revenue, resilience	View Pitch
Jan 8, 2026	Fund Letters	George Hadjia	APi Group Corporation	Industrials	Specialty Services	Bull	New York Stock Exchange	consolidation, Inspections, Margins, Recurring, services	View Pitch
Jan 8, 2026	Fund Letters	Michael Cook	APi Group Corporation	Industrials	Specialty Services	Bull	New York Stock Exchange	Acquisitions, Inspections, Margins, Safety, services	View Pitch
Dec 6, 2025	Fund Letters	Adam Wilk	APi Group Corp.	Industrials	Engineering & Construction	Bull	NYSE	Automation, cashflow, Regulation, Safety, services	View Pitch
Dec 6, 2025	Fund Letters	Steve Johnson	APi Group Corporation	Industrials	Engineering & Construction	Bull	NYSE	cashflow, consolidation, Recurring, Safety, services	View Pitch
Aug 13, 2025	Seeking Alpha	Eleceed Capital	APi Group Corporation	Industrials	Engineering & Construction	Neutral	NYSE	—	View Pitch

BSD Shareholders of APG

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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