AYI Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q1	Mar 31, 2023	Vulcan Value Partners – Focus Plus	5.6%	18.6%	AMAT, AMZN, ARES, AYI, CNM, CRM, CW, GE, GEHC, GOOGL, IHG.L, KKR, LFUS, MSFT, SEE, SNBR, SWKS, TDG, UPS	aerospace, Hotels, infrastructure, large cap, semiconductors, small cap, technology, value	Microsoft's Azure growth decelerated during the quarter and is expected to decelerate further next quarter. The company is managing expenses to preserve margins amid headwinds. Microsoft's partnership with OpenAI and ChatGPT announcements represent a complex and rapidly developing opportunity.	ARES DEEPSEEK CNM AYI ACWI UPS IHG.L	View
2023 Q1	Mar 31, 2023	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMAT, AMZN, ARES, AYI, CNM, CRM, CW, GE, GOOGL, IHG.L, KKR, LFUS, MSFT, SEE, SWKS, TDG, UPS	aerospace, Hotels, large cap, Logistics, semiconductors, technology, value	Purchased InterContinental Hotels Group, benefiting from long-term consolidation around large hotel brands and rising global middle class travel demand. Asset-light model with 99% of profits from managed and franchised hotels provides attractive economics.	ARES DEEPSEEK CNM AYI ACWI GEHC UPS IHG	View
2023 Q1	Mar 31, 2023	Vulcan Value Partners – Small Cap	9.1%	9.4%	AYI, CNM, CW, LFUS, SEE	defense, Industrial, infrastructure, small cap, value	Curtiss-Wright benefits from elevated geopolitical risk driving urgency for global defense spending and strong shipbuilding activity. Two-thirds of its end market exposure is in aerospace and defense, with over 50% of defense revenue from sole source positions on key U.S. platforms.	ARES DEEPSEEK CNM AYI ACWI UPS IHG	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 27, 2026	Fund Letters	Vulcan Value Partners - All Cap	Acuity Brands Inc.	Industrials	Electrical Equipment	Bull	New York Stock Exchange	Building Management, Equity, Free Cash Flow, LED, Lighting, Manufacturing Scale, North America, Pricing power, share repurchases	View Pitch
Apr 27, 2026	Fund Letters	Vulcan Value Partners - Focus	Acuity Brands Inc.	Industrials	Electrical Equipment	Bull	New York Stock Exchange	Building Management, capital allocation, Distribution, Free Cash Flow, Lighting, Manufacturing Scale, market leader, North America, Pricing power, Share Buybacks	View Pitch
Apr 27, 2026	Fund Letters	Vulcan Value Partners - Focus Plus	Acuity Brands Inc.	Industrials	Electrical Equipment	Bull	New York Stock Exchange	Building Management, capital allocation, Free Cash Flow, LED Technology, Lighting, market leader, North America, Pricing power, share repurchases, Smart Buildings	View Pitch
Apr 27, 2026	Fund Letters	Vulcan Value Partners - Large Cap	Acuity Brands Inc.	Industrials	Electrical Equipment	Bull	New York Stock Exchange	Building Management, Distribution, Free Cash Flow, innovation, Lighting, North America, Pricing power, scale, share repurchases	View Pitch
Apr 27, 2026	Fund Letters	Vulcan Value Partners - Small Cap	Acuity Brands Inc.	Industrials	Electrical Equipment	Bull	New York Stock Exchange	Building Management, capital allocation, Distribution, Free Cash Flow, Lighting, Manufacturing Scale, North America, Pricing power, product innovation, share repurchases	View Pitch
Apr 13, 2026	Fund Letters	The Sound Shore Fund	Acuity Brands, Inc.	Industrials	Electrical Equipment	Bull	NYSE	Commercial Buildings, energy efficiency, Free Cash Flow, Industrial Lighting, Lighting Controls, market leader, Retrofit Solutions	View Pitch

BSD Shareholders of AYI

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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Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of AYI

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