BOC

BOC

BOC

Market Cap: $0.39B

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
2025 Q2	Aug 28, 2025	River Oaks Capital	-	0.9%	BCIC, BFCC, BILD.V, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, OMCC, RRR.UN, SRBK, TRUX	Buybacks, Capital Allocation, management, Niche, Quality, small caps, value	River Oaks Capital focuses exclusively on small, underfollowed public companies with market caps ranging from $40m to $460m. The fund seeks wonderful businesses in small, niche industries that are remote islands too time-consuming for major players to conquer, allowing dominant companies to generate above average returns for decades.	IVFH BILD CN	View
2023 Q2	Jun 30, 2023	Fenimore Small Cap Strategy	6.1%	-	BOC, CASS, CBZ, CHH, CIGI, CSV, DFH, EXLS, HST, LSTR, NOMD, PAG, PNFP, SITE, SPSC, SSB, TRRSF	AI, Quality, Recession, small caps, technology, value	Fenimore emphasizes their focus on high-quality equities with strong financials, stable earnings growth, competitive advantages, solid management, and consistent returns. They believe this approach will preserve and create the most value over longer time periods despite short-term underperformance.		View
2023 Q2	Jun 30, 2023	Fenimore Dividend Focus Strategy	4.7%	-	BOC, CASS, CBZ, CIGI, CSV, DFH, ENTG, EXLS, G, IEX, NOMD, PNFP, SITE, SPSC, SSB, STE, THG, VMC, VRSK, WSO	AI, dividends, industrials, mid cap, Quality, technology, value	Fenimore emphasizes investing in quality stocks with strong financials, stable earnings growth, competitive advantages, solid management, and consistent returns. They believe quality names are the most effective way to protect and grow wealth over the long term, even if they don't beat benchmarks every quarter.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	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 Q1	Mar 31, 2023	Fenimore Small Cap Strategy	6.0%	6.0%	BOC, CHH, DFH, FND, FTDR, NVEI.TO, PAYA, PNFP, TSU.TO	Banking, consumer, Quality, small caps, technology	The fund focuses on small-cap quality stocks, which outperformed during the quarter. The Russell 2000 Growth Index gained 6.22% while the Russell 2000 Value Index declined by -0.66%. Quality stocks outperformed during the quarter, and the manager believes that the highest quality businesses should generate the best investment results over longer time periods.		View
2023 Q1	Mar 31, 2023	Fenimore Dividend Focus Strategy	4.6%	4.6%	ADI, AJG, APD, BOC, CHH, DFH, ENTG, FHB, FND, FTDR, G, JKHY, MCHP, NVEI.TO, PAYA, PNFP, SYK, TROW, TSU.TO, ZBRA	Banking, dividends, mid cap, Quality, technology, value	The fund focuses on dividend-paying companies with 11 of 27 holdings increasing dividends in 2023 with an average growth rate of 11.3%. Microchip Technology led with a 41.5% quarterly dividend increase year-over-year.		View
2025 Q4	Mar 1, 2026	River Oaks Capital	-	1.8%	ACNT, BFCC, BILD.TO, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, OMCC, RRR.UN, RWAY, SRBK, TRUX	Banking, Buybacks, Consolidation, Flooring, small cap, Specialty Chemicals, undervalued, value	River Oaks Capital focuses exclusively on small, underfollowed public companies with market caps typically under $500M. The manager believes these companies are increasingly ignored and undervalued, creating opportunities to buy wonderful businesses at extremely discounted valuations. The fund employs a value investing approach, seeking companies trading at significant discounts to fair value - often 50 cents on the dollar or less. The manager emphasizes buying wonderful businesses with strong fundamentals at excessive discounts. Share buybacks are a central theme, with the manager actively encouraging portfolio companies to repurchase shares aggressively using free cash flow, balance sheet cash, and proceeds from asset sales. This strategy allows adequate compensation until companies become properly valued. Ascent Industries represents a significant position focused on specialty chemical manufacturing. The company is transforming into a 'Chemicals-as-a-Service' model, providing customized solutions for small to mid-size customers neglected by larger players. BuildDirect operates as a physical and online professional flooring company with a long-term plan to consolidate the professional flooring industry through acquiring 75+ professional flooring centers across the U.S.		View
2024 Q4	Feb 10, 2025	River Oaks Capital	-	23.9%	BFCC, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, LRFC, MFBP, MSVB, OMCC, RRR.UN, SKYH, TRUX	Broadband, Buybacks, Capital Allocation, Community Banks, Micro Cap, small caps, underfollowed, value	River Oaks Capital focuses exclusively on investing in underfollowed micro cap and small cap companies with market capitalizations under $1 billion. The manager emphasizes that small public companies are inefficiently priced and remain undiscovered for many years due to the shift towards passive investing. The fund's strategy involves finding wonderful businesses trading at significant discounts to fair value in this neglected market segment.	IVFH	View
2023 Q4	Dec 31, 2023	Fenimore Small Cap Strategy	12.8%	20.1%	BIPC, BOC, BROS, CBZ, CHE, CHH, CIGI, CSV, DFH, EXLS, EXPO, HGTY, LSTR, NOMD, PNFP, SITE, SSB, TRRSF	consumer, financials, Quality, small cap, value	Fenimore maintains exclusive focus on high-quality businesses with strong balance sheets, ample cash for reinvestment or dividends, competitive advantages, and capable management. The fund's underperformance versus benchmark was attributed to being underweight in lower-quality firms that rallied on positive inflation news.		View
2023 Q4	Dec 31, 2023	Fenimore Dividend Focus Strategy	10.8%	19.7%	A, APD, BOC, CBZ, CHH, CIGI, CSV, CTAS, DFH, ENTG, FAST, G, MCHP, MKC, MLM, PAYX, STE, TROW, TT, VRSK	AI, dividends, mid cap, Quality, value	The fund's holdings increased their cash dividends by 9.5% over the past 12 months, well ahead of inflation. Every holding increased its dividend except for one, with top increases from Microchip Technology (33.8%), Cintas Corporation (17.4%), and Fastenal Company (12.9%).		View
2023 Q4	Dec 31, 2023	Fenimore Value Strategy	11.3%	16.1%	A, APD, BIPC, BOC, BROS, CBZ, CDW, CHH, CIGI, CSV, DFH, ENTG, EXPO, G, MKC, MKL, MLM, NOMD, PAYX, ROST, STE, TROW, TRRSF, TT, VRSK, WAT	dividends, financials, materials, mid cap, Quality, value	Fenimore invests exclusively in companies with durable value, including strong balance sheets, ample cash to reinvest in growth or pay dividends, strong competitive advantages, and capable, ethical management. The firm emphasizes high-quality businesses over short-term performers.		View
2024 Q2	Aug 20, 2024	River Oaks Capital	0.0%	5.1%	BEBE, BFCC, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, GLXZ, HAYPP, LEGH, LRFC, MFBP, NICK, PRKA, RRR.UN, TRUX	Buybacks, Community Banks, Micro Cap, small caps, underfollowed, value	River Oaks owns multiple community banks including Citizens Bank, Truxton Bank, and Bankfirst. These banks benefit from ECIP capital and are executing strategic acquisitions and share buybacks. Citizens Bank has $90m+ cash for acquisitions while trading at 5 P/E ratio.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Ironvine Capital Partners	Boston Omaha Corporation	Media & Entertainment	Advertising	Bull	NASDAQ	Aviation Infrastructure, Fiber broadband, high-ROIC, holding company, Outdoor Advertising, regulatory barriers, Subprime Auto Lending, supply constraints	View Pitch

BSD Shareholders of BOC

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
Dmitry Balyasny	Balyasny Asset Management	$76.6B	$243,182	0.00%	19,659	+19,659	+100.00%	0.0629%
Israel Englander	Millennium Management LLC	$233.2B	$508,419	0.00%	41,101	+21,556	+110.29%	0.1316%
David Siegel & John Overdeck	Two Sigma Investments	$67.5B	$1.4M	0.00%	110,512	+14,287	+14.85%	0.3538%

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