AWI

AWI

AWI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 29, 2025	The London Company SMID Cap	-0.8%	-7.3%	AER, AWI, MUSA, NEU, SAIA, WTM	Capital Allocation, earnings, Quality, risk control, valuation	The commentary reiterates a quality-first approach focused on predictable earnings, prudent capital allocation, and downside protection. Management stresses patience through volatility and selective exposure to structurally advantaged businesses. Valuation discipline remains integral to risk management.	AER AWI NEU	View
2025 Q2	Jul 20, 2025	The London Company Small Cap	2.4%	-4.9%	ACIW, AWI, CABO, GTES, MATX, NEU, SGI, WTM	free cash flow, Quality, returns on capital, small cap, volatility	The letter emphasizes conservative small-cap investing focused on free cash flow generation and strong returns on capital. Market volatility and tariff-driven uncertainty have created dispersion and selective opportunity. Quality is viewed as a long-term advantage despite short-term performance headwinds.	ACIW AWI NEU GTES	View
2025 Q2	Jul 20, 2025	The London Company Small-Mid Cap	-0.8%	-7.3%	AER, AWI, MUSA, NEU, SAIA, WTM	Balance Sheets, Compounding, Discipline, fundamentals, Quality	The letter emphasizes investing in high-quality small- and mid-cap businesses with durable competitive advantages and strong balance sheets. Management highlights disciplined underwriting and avoidance of leverage as critical in navigating macro uncertainty. Long-term compounding is prioritized over short-term market timing.	AWI NEU	View
2024 Q1	May 7, 2024	The London Company Small-Mid Cap	2.0%	4.8%	AWI, CABO, CHDN, DAVA, DECK, LANC, TREX, TTC	-			View
2024 Q1	May 13, 2024	The London Company SMID Cap	9.2%	9.2%	AWI, CABO, CHDN, DAVA, DECK, LANC	-			View
2024 Q1	May 13, 2024	The London Company Small Cap	7.0%	8.9%	AWI, CABO, CERT, DOOR, QLYS, VNT	-			View
2024 Q4	Dec 31, 2024	SouthernSun Small Cap	-7.7%	4.7%	AEIS, AWI, BCO, DORM, MGPI, OXM	-			View
2024 Q4	Dec 31, 2024	SouthernSun SMID Cap	-6.2%	11.1%	AWI, BCO, MGPI, SEIC	-			View
2025 Q3	Oct 28, 2025	The London Company SMID Cap	0.8%	-6.6%	ACIW, AWI, CWST, DECK, JKHY, NEU, REYN, SGI, WAT	Artificial Intelligence, fundamentals, interest rates, Mid Caps, Quality	The fund lagged its benchmark due to underperformance of high-quality holdings during a high-beta rally driven by AI enthusiasm and rate cuts. Management emphasized patience with quality-focused, cash-generative companies that historically regain leadership when speculation subsides. The team continues to avoid speculative growth, favoring resilient mid-cap franchises positioned for normalized rate environments.	DECK ACIW JKHY CWST WAT NEU SGI AWI DECK ACIW JKHY CWST WAT NEU SGI AWI	View
2025 Q3	Oct 28, 2025	The London Company Small Cap	1.6%	-3.3%	AWI, GHC, HAE, IPAR, NGVT, WTM	cyclicals, Housing, industrials, materials, Quality Investing	The small-cap strategy lagged the index amid speculative rallies in unprofitable stocks, but management reaffirmed confidence in balance-sheet strength and cash generation. Top contributors included Armstrong World Industries and Ingevity, supported by cyclical recovery in materials and industrials. Managers remain focused on resilient, attractively valued businesses that can compound through market cycles as housing and tariffs remain headwinds.	GHC NGVT AWI	View
2025 Q3	Oct 28, 2025	The London Company Small-Mid Cap	0.8%	-6.6%	ACIW, AWI, CWST, DECK, JKHY, NEU, REYN, SGI, WAT	Artificial Intelligence, fundamentals, interest rates, Quality, volatility	The portfolio trailed as high-beta, speculative stocks rallied on Fed easing and AI optimism, while quality-focused names lagged. Managers noted the markets shift toward volatility and speculation, which they expect to reverse as fundamentals reassert leadership. The team continues emphasizing resilient companies with strong cash flow and durable moats as valuations stretch and rate cuts support selective opportunities.		View
2024 Q3	Oct 2, 2024	The London Company Small-Mid Cap	2.0%	4.8%	AWI, ENTG, LW, WAT, WTM, ZBRA	-			View
2023 Q3	Oct 15, 2023	Madison Small Cap Fund	6.3%	17.2%	0K24 LN, AWI, BBCP, FROG, GOGO, HAYW, MGNI, NEWR, OLLI	-			View
2025 Q4	Jan 21, 2026	The London Company Small Cap	2.5%	-1.0%	AWI, CCC, CERT, DV, GTES, HAE, NEU, RVLV, WTM	Disciplined, Outperformance, Quality, Russell 2000, small caps, stock selection, value	The Small Cap portfolio outperformed the Russell 2000 Index in Q4, finishing 2025 on a high note with strong stock selection. The high beta rally that drove much of the index's 2025 gains showed signs of exhaustion in Q4, creating opportunities for disciplined stock pickers focused on quality companies. Value factors were the primary driver of returns during the quarter, led by stocks trading at lower prices relative to sales and book value. The portfolio's focus on companies trading at significant discounts to intrinsic value aligned well with this market environment. Quality factors were headwinds during the quarter, though the portfolio maintains its tilt toward profitable, financially stable companies that consistently generate free cash flow and high returns on unleveraged operating capital. This positioning is expected to provide resilience through shifting market regimes.	DV CCC GTES CERT NEU HAE	View
2024 Q1	Apr 25, 2024	Recurve Capital	-	-	AWI, CVNA	-			View
2025 Q1	Mar 31, 2025	Madison Mid Cap Fund	-4.2%	-4.2%	ACGL, AWI, BRO, KNSL, MKSI, ROST, TREX	-			View
2023 Q4	Feb 15, 2024	SouthernSun SMID Cap	8.8%	13.9%	AWI, BDC, DY, FND, SAM	-			View
2023 Q4	Jan 23, 2024	The London Company Small Cap	7.0%	8.9%	AUB, AWI, CABO, DOOR, QLYS, WTM	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 8, 2026	Fund Letters	Brian Campbell	Armstrong World Industries, Inc.	Industrials	Building Products	Bull	New York Stock Exchange	Acquisitions, Building Products, Margins, Moat, Pricing	View Pitch
Jan 8, 2026	Fund Letters	Brian Campbell	Armstrong World Industries, Inc.	Industrials	Building Products	Bull	New York Stock Exchange	Acquisitions, Building Products, Margins, Moat, Pricing	View Pitch
Jan 8, 2026	Fund Letters	Brian Campbell	Armstrong World Industries, Inc.	Industrials	Building Products	Bull	New York Stock Exchange	Acquisitions, Building Products, Margins, Moat, Pricing	View Pitch
Nov 29, 2025	Fund Letters	Brian Campbell	Armstrong World Industries Inc.	Industrials	Building Products	Bull	NYSE	Building materials, cash flow, construction, growth, oligopoly, Pricing power	View Pitch
Nov 29, 2025	Fund Letters	Brian Campbell	Armstrong World Industries	Industrials	Building Products	Bull	NYSE	Building, construction, Demand, leadership, Margins, Pricing, Renovation	View Pitch
Nov 29, 2025	Fund Letters	Brian Campbell	Armstrong World Industries Inc.	Industrials	Building Products	Bull	NYSE	Building materials, cash flow, construction, growth, oligopoly, Pricing power	View Pitch

BSD Shareholders of AWI

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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