BIP

BIP

BIP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Fenimore Small Cap Strategy	-4.0%	-	AVY, BIP, BOC, CDW, CIGI, CSV, CTAS, ENTG, ESI, EXPO, IEX, MCHP, MKC, NOMD, PAG, PAYX, ROP, SPSC, THG, TT, TWNK	dividends, Quality, rates, semiconductors, small caps, value	Rising interest rates weighed on the market throughout the quarter, with the Fed raising rates by 0.25% in July and signaling potential additional increases. The Fed's higher for longer stance pressured stocks and created headwinds for companies with significant debt.		View
2023 Q3	Sep 30, 2023	Fenimore Dividend Focus Strategy	-2.6%	-	AVY, BIP, BOC, CDW, CIGI, CTAS, ENTG, ESI, EXPO, IEX, MCHP, MKC, NOMD, PAG, PAYX, ROP, SPSC, THG, TT, TWNK	dividends, mid cap, Quality, rates, semiconductors, value	Rising interest rates weighed on the market in Q3, with the Fed signaling another rate increase possible before year-end. The Fed's target rate ended between 5.25% and 5.5%, the highest since 2001. Higher rates are filtering through the economy with 30-year mortgage rates well over 7%.		View
2024 Q2	Jul 8, 2024	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, ALS.TO, AMZN, APG, BEPC, BIP, BN, CCO.TO, CHD, DHR, FNV, GLEN.L, MEG.TO, OR.TO, ROP, SSL.TO, SU.TO, TSU.TO, WPM	Canada, energy, gold, inflation, infrastructure, oil, Precious Metals, value	Manager believes gold will continue rising due to global central banks being net buyers since 2014, declining US dollar reserve status with 44+ nations executing trade settlements in non-US dollars, and BRICS economies now larger than G-7. Physical gold increasingly being repatriated from Western exchanges to Eastern markets.	MEG.TO	View
2024 Q1	Apr 25, 2024	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, AEM, ALS.TO, AMZN, APG, BEPC, BIP, BN, CCO.TO, DHR, FNV, GROY, MEG.TO, OR.TO, RGLD, ROP, SSL.TO, TSU.TO, WPM	Automation, Canada, energy, gold, infrastructure, oil, Precious Metals, value	Gold jumped 7.6% during the quarter and 23.5% over the past twelve months, finishing at a new high of $2,220.37. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector through royalty companies and leading miners.	APG	View
2026 Q1	Apr 14, 2026	Fenimore Small Cap Strategy	-10.0%	-10.0%	BIP, BROS, BWIN, CBIZ, CIGI.TO, CWST, DFH, DSGX.TO, ESI, EXLS, LSTR, OSW, SPSC	AI, energy, Quality, small caps, software, value			View
2024 Q1	Mar 31, 2024	Fenimore Small Cap Strategy	6.1%	6.1%	APD, BIP, BOC, CBZ, CIGI, CTAS, DFH, EXPO, FTDR, HEI, IEX, JKHY, MCHP, MLM, NOMD, PAYX, SYK, TROW, TT, VRSK	consumer, financials, Quality, small cap, value	The FAM Small Cap Fund rose 6.06% in the first quarter, outperforming the Russell 2000 Index by 88 basis points. The fund continues to focus on small and midsize businesses that meet strict investment criteria, with outperformance attributed to strength in financial and consumer holdings.		View
2024 Q1	Mar 31, 2024	Fenimore Dividend Focus Strategy	10.3%	10.3%	APD, BIP, BOC, CBZ, CIGI, CTAS, DFH, EXPO, FTDR, HEI, IEX, JKHY, MCHP, MLM, NOMD, PAYX, SYK, TROW, TT, VRSK	dividends, healthcare, industrials, mid cap, Quality, technology, value	The fund's holdings increased their cash dividends by 8.6% on average over the past 12 months. Top dividend growers included Microchip Technology at 25.7%, Cintas Corporation at 17.4%, and Verisk Analytics at 14.7%.		View
2023 Q3	Oct 17, 2023	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, AEM, ALS.TO, AMT, AMZN, BEPC, BIP, DHR, FNV, MEG.TO, ROP, SSL.TO, SU.TO, TSU.TO, WPM	Canada, energy, gold, infrastructure, interest rates, Specialty Insurance, value	Manager maintains large positions in precious metals royalty companies including Franco-Nevada, Gold Royalty Corp., Osisko Royalties, Royal Gold, Sandstorm Gold, Wheaton Precious Metals and Agnico Eagle Mines. These companies are trading at substantial discounts to intrinsic value and are positioned to benefit from global turmoil and overindulgent governments.	TSU.TO	View
2023 Q2	Jul 19, 2023	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, AEM.TO, ALS.TO, AMT, AMZN, BEP, BIP, CSGP, DHR, FNV, LIN, MEG.TO, OR.TO, RGLD, ROP, SAND, SU.TO, TSU.TO, WPM	Currency, energy, Esg, infrastructure, Precious Metals, rates, real estate, value	The Biden administration implemented new mortgage pricing policies that penalize borrowers with high credit scores and large down payments while subsidizing those with poor credit. This woke policy reverses creditworthiness incentives and will likely lead to greater homeownership gaps and increased poverty, similar to previous failed housing initiatives.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	View
2023 Q4	Jan 23, 2024	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, AEM, ALS.TO, AMZN, BEPC, BIP, DHR, FNV, GOOGL, ICE, MEG.TO, OR.TO, PGR, RGLD, ROP, SAND, SU.PA, TSU.TO, WPM	Copper, Data centers, Electrical Grid, gold, infrastructure, royalties, technology, value	Franco-Nevada faced significant challenges when climate activists forced closure of Cobre Panama mine, representing 18% of NAV. Manager views this as creating attractive opportunity with potential upside if mine reopens. Continues building positions in precious metals royalty companies including Franco-Nevada, Wheaton Precious Metals, and others.	SU.PA FNV	View
2023 Q2	Jan 8, 2023	Emeth Value Capital	0.0%	6.9%	BBU, BEP, BIP, BN, DKS	Alternative Asset Managers, Brookfield, infrastructure, insurance, real estate, Renewable Energy, Value Investing	Brookfield Corporation represents a leading global alternative asset manager with over $400 billion in assets under management. The manager views the alternative investment sector as positioned for robust growth, driven by increasing institutional allocations and the democratization of alternatives reaching retail investors. Brookfield's acquisition of Oaktree and strong franchises in renewables and infrastructure position it well for continued expansion.	ABBN SW	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Sep 16, 2025	Short Thesis	DF Research	Brookfield Infrastructure Part	Utilities	Multi-Utilities & Infrastructure	Bear	NYSE	Complexity, leverage, Rates, utilities	View Pitch
Sep 16, 2025	Short Thesis	DF Research	Brookfield Infrastructure Part	Utilities	Multi-Utilities & Infrastructure	Bear	NYSE	Distribution, FX, infrastructure, leverage, utilities	View Pitch
Aug 13, 2025	Seeking Alpha	On the Pulse	Brookfield Infrastructure Partners L.P.	Utilities	Utilities - Diversified	Bull	NYSE	—	View Pitch

BSD Shareholders of BIP

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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