ASO

ASO

ASO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 10, 2025	Bonhoeffer Capital Management	8.7%	-	ABG, ART.JO, ARW, ASO, BLDR, TIGO, TVK.TO, VTY.L	banks, Buybacks, Consolidation, Construction, deep value, Distribution, small cap, value	Holdings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world, with distribution firms representing 49% of the portfolio.		View
2024 Q2	Jul 3, 2024	GoodHaven Capital Management	0.0%	18.9%	ARHS, ARW, ASO, BAC, BAM, BRK-B, CB, EXO.MI, GIC, GOOG, JEF, JPM, KKR, PGC, PGR, TVK.TO, VTS.TO	Concentration, financials, Long Term, mid cap, value	The fund has material exposure to financial companies including commercial banking, investment banking, asset management, and insurance. These sectors have remained undervalued over recent years due to various investor concerns but the manager sees potentially more positive tailwinds today than when first investing in this space.	BAC GOOGL TVIFF	View
2025 Q1	May 6, 2025	Lowell Capital	-	-	ASO, BOWL.L, BRC, DUR.AX, IWG.L, LNF.TO, LYTS, MACF.L, NSIT, QEPC	Canada, Cash, Defensive, Europe, free cash flow, small caps, value	Manager focuses on undervalued companies with low expectations and attractive valuations. Seeks good businesses with low valuations where market expectations are modest, believing these provide better risk-adjusted returns than growth stocks.	LNF.TO	View
2023 Q1	May 16, 2023	Voss Value Fund	1.6%	1.6%	ASO, ECN.TO, PLYA	credit, Long/Short, Regional Banks, small cap, Specialty Finance, Travel, value	PLYA benefits from a boom in consumer travel to start 2023, particularly skewed toward Mexico and budget-friendly all-inclusive resorts. Airport traffic numbers for key locations show strong passenger traffic growth compared to 2019 and 2022.	ECN.TO ASO PLYA	View
2025 Q1	Apr 9, 2025	Maple Tree Capital – Heartwood	-18.0%	-18.0%	ASO, CRWD, DNUT, EA, GRND, HIMS, LMND, LYFT, RDDT, UEC, UPST	AI, growth, nuclear, small caps, tariffs, technology, volatility	President Trump launched sweeping tariffs on countries worldwide, catching markets off guard and sparking panic. These tariffs pose serious inflationary threats and have created a lose-lose scenario for the Fed. The manager views these extreme tariffs as partly a negotiating tactic but acknowledges justified market fear.	RDDT LYFT CRWD EA UEC ASO DNUT UPST	View
2025 Q1	Apr 9, 2025	Maple Tree Capital – Jonagold	-13.6%	-13.6%	ASO, CRWD, DNUT, EA, GRDR, HIMS, LMND, LYFT, RDDT, UEC, UPST	AI, Concentration, cybersecurity, growth, nuclear, tariffs, technology, volatility	Upstart's latest AI model enhancements, including m18 and m19, set the company up well to execute in the newly unfavorable environment. Electronic Arts has consistently invested more in R&D than its peers, positioning itself to lead in the AI-driven future of gaming. Reddit holds incredibly unique and structured user-generated data, which will be extremely valuable in the AI era.	RDDT LYFT CRWD EA UEC ASO DNUT UPST	View
2025 Q3	Oct 8, 2025	Maple Tree Capital – Jonagold	-13.1%	-	ASO, CRWV, DNUT, GOOGL, GRND, HIMS, LMND, NBIS, PGR, SN, TSLA, UEC, UPST	AI, Concentration, conviction, growth, small caps, technology, volatility	The manager believes this AI-driven bull market remains in its long-term infancy, with deep capex spend by Big Tech companies signaling increased momentum. They see AI applications like Upstart and Lemonade becoming the next investment wave to build on top of infrastructure over the next 5 years.	GRND UPST	View
2025 Q3	Oct 8, 2025	Maple Tree Capital – Heartwood	40.0%	-	ASO, CRWV, DNUT, GOOGL, GRND, HIMS, LMND, NBIS, PGR, SN, TSLA, UEC, UPST	AI, Concentration, Fintech, small caps, uranium, volatility	The manager believes this AI-driven bull market remains in its long-term infancy with deep capex spend by Big Tech companies signaling increased momentum. They see AI applications like Upstart and Lemonade becoming the next investment wave to build on top of infrastructure over the next 5 years.	UPST CRWV NBIS UEC	View
2024 Q3	Oct 1, 2024	Maple Tree Capital – Heartwood	2.4%	0.0%	ADBE, ASO, CHGG, CRWD, DIS, GOOGL, GRND, HIMS, KKD, LMND, LYFT, RKLB, SMCI, SOUN, TSLA, UEC, UPST	AI, cybersecurity, growth, nuclear, Rideshare, small caps, turnaround, value	Initiated Crowdstrike after it fell ~40% following the July 19, 2024 tech outage. The manager viewed the outage as demonstrating Crowdstrike's power and moat, as the entire tech sector practically shut down. Despite fears of lawsuits and market share loss, analysts did not significantly revise earnings estimates, suggesting the impact was primarily multiple contraction.		View
2024 Q3	Oct 1, 2024	Maple Tree Capital – Jonagold	32.7%	0.0%	ADBE, ASO, CHGG, CRWD, DIS, DNUT, GOOGL, GRND, HIMS, LMND, LYFT, RKLB, SMCI, SOUN, TSLA, UEC, UPST	Fintech, growth, Rate Cuts, small caps, technology, turnaround	Jonagold strategically focuses on small-cap investments with substantial growth prospects that are temporarily out of favor due to cyclical trends or significantly misunderstood. The fund expects small caps to continue performing well as the Federal Reserve further reduces rates, with rate-sensitive securities front-loading near the end of Q3.		View
2023 Q1	May 16, 2023	Voss Value Offshore Fund	7.4%	8.9%	ASO, ECN.TO, PLYA	Banking, credit, Long/Short, retail, small cap, Travel, value	PLYA represents exposure to the all-inclusive resort recovery story, benefiting from strong consumer travel demand particularly to Mexico and budget-friendly destinations. Airport traffic data shows strong passenger growth in key locations like Los Cabos, Puerto Vallarta, Montego Bay, and Cancun compared to 2019 and 2022 levels.	ECN.TO ASO PLYA	View
2024 Q4	Mar 14, 2025	Bonhoeffer Capital Management	9.7%	-	ABG, ASO, BECN, BLDR, FFBB, NBN, TIGO, UBAB	Banking, Buybacks, Consolidation, deep value, Distribution, small cap, value	Holdings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world. Asbury Automotive exemplifies this theme with its model to grow earnings through merger and acquisition or buy back shares if acquisition targets are not available for a reasonable price.		View
2023 Q2	Feb 10, 2023	Bonhoeffer Capital Management	11.3%	0.0%	ASO, BERY, BLDR, CNSL, TMIC, VSTO	Buybacks, Construction, Distribution, Korea, LatAM, small cap, value	Holdings include car dealerships, branded capital equipment dealerships, convenience stores, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Key performance indicator is velocity or inventory turns, with the fund owning some of the highest-velocity dealerships globally. Recovery seen in markets previously hit by COVID like South Africa and Latin America.	ASO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Bonhoeffer Capital Management	Academy Sports and Outdoors, Inc.	Consumer Discretionary	Specialty Retail	Bull	NASDAQ	cash generation, economies of scale, growth, Hunting Equipment, Outdoor Recreation, retail, Southern US, Sporting goods, store expansion, Value retail	View Pitch
Apr 27, 2026	Fund Letters	Voss Value Offshore Fund	Academy Sports and Outdoors	Consumer Discretionary	Specialty Retail	Bull	NASDAQ	Distribution Centers, Free Cash Flow, Population growth, regional expansion, Southern Markets, Specialty retail, Sporting goods, store expansion, Unit economics	View Pitch
Apr 27, 2026	Fund Letters	Voss Value Fund	Academy Sports and Outdoors	Consumer Discretionary	Specialty Retail	Bull	NASDAQ	Demographics, Distribution Centers, Free Cash Flow, Geographic Expansion, retail expansion, ROIC, Southern Markets, Specialty retail, Sporting goods, Store Profitability	View Pitch
Apr 13, 2026	Fund Letters	Maple Tree Capital - Heartwood	Academy Sports & Outdoors	Consumer Discretionary	Specialty Retail	Bull	NASDAQ	same-store sales, Share Buybacks, Specialty retail, Sporting goods, tariffs, Value	View Pitch
Apr 13, 2026	Fund Letters	Maple Tree Capital - Jonagold	Academy Sports & Outdoors	Consumer Discretionary	Specialty Retail	Bull	NASDAQ	Cyclical, deep value, Post-COVID Normalization, Share Buybacks, Specialty retail, Sporting goods, tariff impact	View Pitch

BSD Shareholders of ASO

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.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: