BDC

BDC

BDC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	May 17, 2024	SouthernSun SMID Cap	8.8%	13.9%	AWI, BDC, BOOT, BR, DAR, DY, MGPI, SAM, THO, USPH	Concentration, long-term, Quality, small cap, SMID Cap, value	Fiber construction demand remains bright with private equity investment and public funding through ARPA, RDOF, and BEAD programs. The $40 billion BEAD program is expected to begin deployments in 2025, providing multi-year tailwinds. With only 43% of US homes passed with fiber, there is a long runway for penetration.	SAM MGPI BOOT DY	View
2024 Q1	May 17, 2024	SouthernSun Small Cap	10.6%	13.5%	AWI, BDC, BOOT, DAR, DY, LOB, MBUU, MGPI, SAM, USPH	long-term, retail, small cap, SMID Cap, Spirits, Telecommunications, value	Fiber construction demand remains bright with private equity investment and public funding through ARPA, RDOF, and BEAD programs. The $40 billion BEAD program is expected to begin deployments in 2025, providing multi-year tailwinds. Only 43% of US homes are passed with fiber, indicating a long runway for penetration.	MGPI MBUU BOOT DY	View
2026 Q1	Apr 30, 2026	Cullen Small Cap Value Equity	-2.0%	-2.0%	AVNT, BBSI, BDC, CROX, DOUG, FBIN, GLDD, HIW, HUN, LDI, NMRK, PFSI, POR, TREE, UA, VAC	energy, Geopolitical, Quality, rates, real estate, small caps, value		FBIN BDC BBSI	View
2025 Q1	Apr 25, 2025	SouthernSun SMID Cap	-8.8%	-8.8%	AEIS, AGCO, AWI, BDC, BOOT, BR, DHR, GNRC, IEX, MOD, PII, SAM, TKR, USPH, WSO	fundamentals, Quality, Resilience, small caps, SMID Cap, tariffs, Trade Policy, value	The manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. They see this as a shift from a sugar high to a carnivore diet - stripped of fluff and rooted in what's healthy and enduring.	MOD PII USPH BOOT WSO BR	View
2025 Q1	Mar 31, 2025	Aristotle Small/Mid Cap Equity	-6.2%	-6.2%	ACIW, ADC, AER, AGI, ASGN, BDC, CHE, CIEN, CII, DBI, DY, HURN, ITRI, MMSI, MTSI, NDAQ, ONB, RRC, VVV, WWW	Consulting, gold, healthcare, Regional Banks, semiconductors, small caps, technology, value	The fund maintains exposure to semiconductor companies like MACOM Technology Solutions despite sector weakness during the quarter. The manager believes in meaningful exposure to growing demand from data center and 5G end-market applications, with recent acquisitions expected to drive additional shareholder value.		View
2025 Q3	Oct 16, 2025	Riverwater Micro Opportunities Strategy	-	-	ABEO, ALLT, ARIS, AVBC, AVD, BDC, CCB, DCTH, IRMD, MAMA, MEC, NPKI, TILE, UROY, UTL	AI, Banking, healthcare, Microcap, nuclear, Quality, uranium, value	Nuclear power gained momentum as a clean energy solution for AI data centers, with uranium prices strengthening into the high $70s low $80s per pound range. The manager maintains long-standing conviction that nuclear energy will play a critical role in meeting exponential growth in power demands from artificial intelligence infrastructure.	AVD ALLT AVBC DCTH UROY	View
2025 Q3	Oct 16, 2025	Riverwater Partners Small Cap Strategy	-	-	ATRC, BDC, BOW, CROX, DGII, HAE, IDCC, IRDM, LOPE, MMSI, MOD, PFS, PLMR, PLPC, TGLS, UEC, VECO, VSTS, WOR	AI, Energy Transition, IoT, Quality, small caps, uranium, Utilities, value	The portfolio benefits from exposure to AI infrastructure through holdings like Modine Manufacturing, which provides thermal management solutions for data centers supporting AI workloads. The manager views AI as driving a multi-year investment cycle with exponential growth in AI-related infrastructure spending.	PLPC BDC DGII PFS WOR MOD UEC	View
2024 Q3	Sep 30, 2024	Aristotle Small Cap Equity Fund	7.3%	9.4%	ACHC, ACIW, AER, ASC, BDC, BWIN, CHCT, DY, FIBK, HURN, ITRI, LUMN, MDVL, MMSI, MRCY, MTSI, NVRI, PETQ, PTEN	financials, healthcare, rates, small caps, technology, value	The fund focuses exclusively on small-cap investments with valuations remaining attractive relative to large caps. Small caps trade at 16.7x P/E versus 25.8x for large caps, near multi-decade lows. The manager believes small caps are better positioned to benefit from reshoring, M&A activity, and infrastructure spending.		View
2024 Q3	Sep 30, 2024	SouthernSun Small Cap	10.6%	13.5%	AGCO, BDC, BOOT, DORM, LOB, LPX, NGVT, SAM, SCL, USPH	Agriculture, AI, infrastructure, Onshoring, Resilience, small cap, technology, value	Global infrastructure market expected to grow at 7.2% CAGR from 2024-2030, driven by public and private sector investments in modernization and sustainability. Geopolitical shifts encouraging re-shoring, onshoring, and near-shoring require substantial infrastructure investment. Governments worldwide seek to bolster economic resilience through infrastructure spending.	NGVT USPH BOOT LPX	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
2023 Q4	Feb 20, 2024	SouthernSun Small Cap	10.6%	13.5%	AWI, BDC, BOOT, DY, LOB, LPX, MGPI, PII, SAM, SCL	Banking, Elections, infrastructure, Onshoring, small cap, Telecommunications, value	Companies continued 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 expected to aggressively evaluate and adjust their strategies to ensure competitive advantages.	SAM BBDC4.SA ABDY.L ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM	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
2024 Q4	Jan 23, 2025	Polen Capital – U.S. Small Company Growth	4.7%	3.8%	AIT, ALRM, AMN, BDC, BROS, CWAN, EEFT, FN, GSHD, HLI, IBP, NSIT, NVEE, OPCH, PCTY, RMBS, RVLV, SITE, TREX, WRBY, WSC	AI, growth, Quality, small cap, technology, value	The market was dominated by crowded AI trades and high beta AI-adjacent growth companies that outperformed significantly. While Polen did not own these lower-quality AI stocks, they believe their portfolio is well-positioned to benefit from Gen AI-driven transformation in a more sustainable, long-term manner.	BDC FN TREX WSC BROS RVLV WRBY	View
2023 Q4	Jan 18, 2024	Rewey Asset Management	9.8%	18.5%	ARIS, BDC, CADE	Fed policy, rates, Regional Banks, small cap, value, water	Small and mid-cap value outperformed in Q4 2023 rally, with Russell 2500 Value gaining 6.81% in final weeks versus S&P 500's 2.78%. Manager believes value sector was oversold and sees continued appreciation potential as investors rotate from concentrated large-cap growth.	ARIS	View
2023 Q4	Jan 13, 2024	Aristotle Small Cap Equity Fund	7.3%	9.4%	BDC, CHRS, CUBI, NOG, OII, SP	energy, financials, rates, small caps, technology, value	Manager believes small cap underperformance may be ending as valuations remain near multi-decade lows relative to large caps. Expected earnings and sales growth improvements for small caps in 2024 could outpace large caps, providing fundamental support.	ENOG.L BBDC4.SA OII CUBI ^GSPC	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 24, 2026	Fund Letters	Cullen Small Cap Value Equity	Belden Inc.	Communication Equipment	Electronic Components	Bull	New York Stock Exchange	connectivity solutions, data infrastructure, Industrial automation, margin expansion, Mission Critical Applications, Networking, portfolio transformation	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - U.S. Small Company Growth	Belden	Information Technology	Communications Equipment	Bull	NYSE	broadband, Communications Equipment, data centers, Industrial automation, Networking, recurring revenue, Solutions Transformation	View Pitch
Nov 29, 2025	Fund Letters	Adam Peck	Belden Inc.	Information Technology	Communications Equipment	Bull	NYSE	AI, Automation, Connectivity, infrastructure, Networking, Software	View Pitch

BSD Shareholders of BDC

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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