BCO Archives

BCO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	American Century Small Cap Value Fund	-0.4%	-	ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS	banks, consumer discretionary, financials, industrials, Rate Cuts, small cap, value	The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle.		View
2026 Q1	Apr 16, 2026	Ariel Small Cap Value Strategy	0.9%	0.9%	BCO, GNRC, LFUS, LIND, MAT, NCLH	Data centers, energy, Geopolitical, inflation, small caps, Travel, value		BCO MAT NCLH LFUS LIND GNRC	View
2025 Q1	Mar 31, 2025	American Century Small Cap Value Fund	-6.3%	-6.3%	ACLS, AXS, BCO, BECN, BLBD, CHX, CRGY, EMBCF, ENOV, EVTC, FLWO, FNB, GPK, MGY, ONB, SSB, TITN, TKR, TPG, WBS	Banking, energy, industrials, materials, small caps, value	The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical multiples despite strong fundamentals.		View
2024 Q4	Dec 31, 2024	Ariel Small Cap Value Strategy	-0.8%	9.0%	AAPL, AMZN, BCO, GOOGL, LIND, META, MGPI, MHK, MSFT, NCLH, NVDA, OSW, TSLA	consumer, Cruises, fundamentals, small caps, Travel, value	The fund holds multiple travel-related companies including Norwegian Cruise Line, OneSpaWorld, and Lindblad Expeditions. These companies showed strong performance driven by robust consumer demand, healthy onboard spending, and solid pricing power in the cruise and adventure travel segments.	MHK BCO MGPI LIND OSW NCLH	View
2024 Q4	Dec 31, 2024	SouthernSun Small Cap	-7.7%	4.7%	AEIS, AWI, BCO, DORM, LOB, MGPI, NGVT, OXM, PII, SAM, TKR, USPH	Cyclical, Patience, positioning, Research, small cap, value	Dorman Products represents a leading position in automotive aftermarket parts with unique first-to-aftermarket capabilities. The company has invested heavily in developing proprietary software to break down OE part codes and create matching functionality for complex electronic components.		View
2024 Q4	Dec 31, 2024	SouthernSun SMID Cap	-6.2%	11.1%	APG, AWI, BCO, BR, DY, MGPI, PII, SEIC, TKR, USPH	Balance Sheet, Cyclical, management, Patience, Research, SMID Cap, value	The U.S. presidential election outcome led to market anticipation of policy shifts towards tax extensions and deregulation, viewed as pro-growth. However, potential new trade policies, particularly tariffs, introduced elements of uncertainty that the firm closely monitored. Global trade adjustments, particularly with major economies like China, continue to shape investment decisions.	BCO MGPI AWI SEIC	View
2025 Q3	Oct 30, 2025	SouthernSun Small Cap	-	8.3%	AEIS, BCO, CXT, DAR, DORM, EPAC, MOD, MSA, MUSA, NGVT, SCL	active management, industrials, materials, Quality, small caps, value	SouthernSun focuses exclusively on small-cap securities defined as equity securities with market capitalizations within the range of the Russell 2000 Index. The manager emphasizes that divergence in small and mid-sized market segments creates opportunities for active discovery when new entrants come to the public stage.	CXT SCL DAR MOD BCO CXT SCL DAR MOD BCO	View
2025 Q3	Oct 30, 2025	SouthernSun SMID Cap	-	8.7%	BCO, CXT, DAR, FND, GNRC, MOD, MUSA, NGVT, SEIC, VMI, WSO	active management, fundamentals, Quality, SMID Cap, Stewardship, value	SouthernSun emphasizes the enduring value of active management in an increasingly passive world, arguing that active investing restores balance by engaging directly with management, questioning assumptions, and allocating capital purposefully rather than automatically. They view active management as essential stewardship that combines analytical rigor with human judgment.	CXT WSO DAR BCO MOD CXT WSO DAR BCO MOD	View
2025 Q3	Oct 19, 2025	American Century Small Cap Value Fund	4.7%	-	ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS	banks, consumer, financials, industrials, semiconductors, small cap, value	The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle.		View
2025 Q3	Oct 15, 2025	Ariel Small Cap Value Strategy	12.7%	-	BCO, KMT, MAT, MSGE, PBH, REZI, SPHR, ZBRA	consumer, Entertainment, industrials, rates, small caps, technology, value	Small caps outperformed as capital rotated into undervalued segments of the market. Small caps are currently trading at one of the steepest discounts to large caps since the dot-com era. Consensus earnings projections suggest the Russell 2000 Index may outpace the Russell 1000 Index over the next two years.	KMT US SPHR US BCO US REZI US	View
2023 Q3	Sep 30, 2023	Ariel Small Cap Value Strategy	10.1%	0.0%	AMG, BCO, LESL, LIND, MAT, MEI, NCLH, SPHR	consumer, Entertainment, Leisure, Logistics, small caps, Travel, value	Sphere Entertainment's Las Vegas venue opened on track with costs in-line, planning 365 days of events annually including concerts, sporting events, and The Sphere Experience. Mattel benefited from the successful Barbie movie release, expected to generate over $125 million in gross billings from film royalty payments.	AMG NCLH LESL LIND BCO AMAT SPHR	View
2023 Q3	Sep 30, 2023	SouthernSun Small Cap	10.6%	13.5%	BCO, BDC, DAR, DY, LOB, MUSA, SAM, SCL, TKR, USPH	consumer, energy, financials, industrials, infrastructure, small cap, value	Darling Ingredients is building Sustainable Aviation Fuel capacity expected online in Q4 2024, with further SAF expansion being evaluated as growth and incentives provide significant margin expansion and return on investment. The company is the largest publicly traded company turning edible by-products and food waste into sustainable products and a leading producer of renewable energy.	ALDAR.AD ABDY.L AER\|AWI\|MUSA\|NEU\|SAIA\|WTM SAM	View
2023 Q3	Sep 30, 2023	SouthernSun SMID Cap	8.8%	13.9%	BCO, BDC, BR, DAR, DY, LPX, MUSA, SAM, TKR, USPH	Biofuels, Convenience Stores, self-help, SMID Cap, Telecommunications, value	Murphy USA benefits from its position as a low-cost, high-volume fuel retailer with advantaged locations on Walmart outparcels. The company continues to grow same-store sales and sees opportunities for new store additions while maintaining capital discipline through share repurchases.	ALDAR.AD ABDY.L AER\|AWI\|MUSA\|NEU\|SAIA\|WTM SAM	View
2024 Q2	Jul 31, 2024	Ariel Small Cap Value Strategy	10.1%	0.0%	BCO, CLB, HMN, LESL, MIDD, OSW, PARA, SPHR	AI, Entertainment, Logistics, Oil Services, small cap, Travel, value	The bull market was powered by investor enthusiasm for artificial intelligence themed stocks, creating a narrow momentum-driven rally. This AI focus contributed to extreme market bifurcation, with non-AI companies in the S&P 500 declining 1.2%.	PARA MIDD SPHR LESL CLB BCO OSW	View
2024 Q2	Jul 20, 2024	SouthernSun SMID Cap	8.8%	13.9%	AGCO, BCO, BOOT, DAR, DY, MUSA, PII, TREX, USPH, VMI	fundamentals, long-term, Patience, Research, small cap, SMID Cap, value	Strong demand outlook for fiber construction in urban areas as carriers generate good returns on fiber investments. Public funding through ARPA, RDOF, and BEAD programs provides additional significant demand, with the $40 billion BEAD program being the largest federal broadband program ever in the U.S. Deployment expected to start in 2025.	USPH DAR DY BOOT	View
2024 Q2	Jul 20, 2024	SouthernSun Small Cap	10.6%	13.5%	AGCO, BCO, BOOT, DAR, DY, EPAC, MGPI, MUSA, PII, USPH	Agriculture, Broadband, Energy Transition, HVAC, semiconductors, small caps, Turnarounds, value	Strong demand outlook for fiber construction in urban areas as carriers generate good returns on fiber investments. Public funding through ARPA, RDOF, and BEAD programs provides additional significant demand, with the $40 billion BEAD program being the largest federal broadband program ever in the U.S. Deployment expected to start in 2025.	USPH DAR DY BOOT	View
2023 Q1	Apr 30, 2023	SouthernSun SMID Cap	8.8%	13.9%	AGCO, BCO, BOOT, CLH, CR, DAR, LPX, MUSA, TKR, TREX, WRK, WSO	Building Products, HVAC, Industrial, M&A, packaging, SMID Cap, value	Manager initiated position in Louisiana-Pacific Corporation, a leading producer of oriented strand board and siding. The company has transformed from commodity OSB focus to value-add building solutions with superior growth profile and barriers to entry in siding business.	LPX WRK ALDAR.AD BCO WSO	View
2023 Q4	Feb 15, 2024	SouthernSun SMID Cap	8.8%	13.9%	AWI, BCO, BDC, BOOT, BR, DY, FND, LPX, MGPI, PII, SAM	Construction, consumer, industrials, Onshoring, SMID Cap, Telecommunications, value	Companies continue to adapt to security of supply, labor, and technology adoption issues through on-shoring, re-shoring, and near-shoring strategies. With escalation of armed regional conflicts impacting shipping and supply chains, companies are aggressively evaluating and adjusting their strategies to ensure competitive advantages.	ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO SAM BBDC4.SA AER\|AWI\|MUSA\|NEU\|SAIA\|WTM ABDY.L	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Ariel Small Cap Value Strategy	Brink's Company	Industrials	Commercial Services & Supplies	Bull	NYSE	ATM Services, Cash management, Digital Solutions, financial services, Logistics, Private Market Value, productivity, security services, Value	View Pitch
Apr 27, 2026	Fund Letters	SouthernSun SMID Cap	The Brink's Company	Commercial & Professional Services	Commercial Services & Supplies	Bull	NYSE	ATM Services, Cash management, Digital Solutions, Global, margin expansion, organic growth, transformation	View Pitch
Apr 23, 2026	Fund Letters	Ariel Small Cap Value Strategy	Brink's Company	Security & Protection Services	Commercial Services & Supplies	Bull	New York Stock Exchange	ATM Services, Cash management, Cost synergies, Digital Retail Solutions, EPS Accretive, growth opportunity, Logistics Services, NCR Atleos Acquisition	View Pitch
Apr 13, 2026	Fund Letters	Ariel Small Cap Value Strategy	Brink's Company	Industrials	Commercial Services & Supplies	Bull	NYSE	ATM Services, capital returns, Cash management, Digital Retail Solutions, Logistics, margin expansion, security services	View Pitch
Apr 13, 2026	Fund Letters	Ariel Small Cap Value Strategy	Brink's Company	Industrials	Commercial Services & Supplies	Bull	NYSE	ATM Services, Bull, Cash management, Digital Solutions, Logistics Services, margin expansion, Sainsbury Partnership, Technology investment	View Pitch
Apr 13, 2026	Fund Letters	SouthernSun SMID Cap	Brink's Company	Industrials	Security & Alarm Services	Bull	NYSE	Cash management, Digital Solutions, margin expansion, operational excellence, organic growth, recurring revenue, security services	View Pitch
Nov 29, 2025	Fund Letters	Michael Cook	Brink’s Company	Industrials	Security & Protection Services	Bull	NYSE	—	View Pitch
Nov 29, 2025	Fund Letters	Michael Cook	Brink’s Company	Industrials	Security & Protection Services	Bull	NYSE	buybacks, capital allocation, Cash management, growth, Outsourcing, recurring revenue, Security	View Pitch
Nov 29, 2025	Fund Letters	Bas Schreuders	Brunswick Corporation	Industrials	Recreational Marine & Engines	Bull	NYSE	aftermarket, Cyclical, Engines, Marine, recovery	View Pitch
Nov 28, 2025	Fund Letters	Michael Cook	Brink’s Company	Industrials	Security & Protection Services	Bull	NYSE	—	View Pitch
Nov 28, 2025	Fund Letters	Michael Cook	Brink’s Company	Industrials	Security & Protection Services	Bull	NYSE	buybacks, capital allocation, Cash management, growth, Outsourcing, recurring revenue, Security	View Pitch

BSD Shareholders of BCO

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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Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of BCO

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