BOOT

BOOT

BOOT

Market Cap: $5.94B

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 29, 2025	ClearBridge Investments Small Cap Growth Strategy	-	-	BOOT, BWXT, CASH, RYTM, UTI, VOYG, WING	growth, market breadth, scalability, small caps, valuation	The fund discusses improving conditions for small-cap growth as market breadth expands and risk appetite normalizes. Management emphasizes companies with scalable business models and strong competitive positions. Small caps are viewed as offering asymmetric upside from depressed valuations.		View
2025 Q2	Jul 27, 2025	Carillon Eagle Small Cap Growth Fund	-	-	AEI, ARIS, ATI, BOOT, BRBR, CLBT, MMSI, SHAK, VNOM, WWD	earnings growth, Recovery, selectivity, small caps, volatility	The commentary emphasizes small-cap recovery potential supported by improving earnings visibility. Management highlights selectivity amid policy and rate uncertainty. Small-cap growth is viewed as attractive for long-term investors.	MMSI BRBR CLBT VNOM ARIS BOOT AVAV ATI WWD SHAK	View
2025 Q2	Jul 17, 2025	SouthernSun Small Cap	9.7%	-	BOOT, DY, MSA, OXM, SAM	Capital Allocation, Discipline, Margins, Resilience, small caps	The commentary stresses operational and capital discipline among small-cap companies navigating tariffs, inflation, and uneven demand. Management highlights cost control, margin stewardship, and balance-sheet strength as differentiators in a sluggish macro environment. Technology adoption is framed as a productivity enabler rather than a speculative driver.	MSA SAM DY BOOT	View
2025 Q2	Jul 17, 2025	SouthernSun SMID Cap	10.3%	-	APG, BOOT, MSA, SAM, WSO	Capital discipline, cash flow, operations, Resilience, SMID Caps	The letter focuses on resilient SMID-cap businesses adapting to macro uncertainty through pricing discipline, operational efficiency, and prudent capital allocation. Management emphasizes aftermarket revenue, service models, and recurring cash flows as stabilizers. Volatility is framed as manageable for companies with strong execution and balance sheets.	MSA SAM WSO BOOT APG	View
2024 Q1	May 17, 2024	SouthernSun SMID Cap	8.8%	13.9%	BOOT, DY, MGPI, SAM	-			View
2024 Q1	May 17, 2024	SouthernSun Small Cap	10.6%	13.5%	BOOT, DY, MBUU, MGPI	-			View
2025 Q1	Apr 25, 2025	SouthernSun Small Cap	-11.5%	-11.5%	BOOT, EPAC, EXTR, LOB, MOD, PII, TKR	-			View
2025 Q1	Apr 25, 2025	SouthernSun SMID Cap	-8.8%	-8.8%	BOOT, BR, MOD, PII, USPH, WSO	-			View
2024 Q1	Apr 15, 2024	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ASND, BJ, BOOT, EME, ESAB, FLYW, FROG, KRYS, MTDR, ONTO, PRA, RAPT, SMAR, SWAV, VCTR, VERX, WING, WNS	-			View
2025 Q1	Mar 31, 2025	TimesSquare Capital Management U.S. Small Cap Growth Strategy	-9.6%	-9.6%	ACVA, ADUS, AZEK, BFAM, BJ, BOOT, CBLL, CHEF, CWST, DAWN, ERJ, FORM, FROG, FRPT, HLNE, INR, INSM, ITCI, KTOS, MGY, MVBF, PAY, PI, RRX, SLNO, TTEK, VERX, VRNA, VVV, WHD	-			View
2025 Q4	Feb 3, 2026	Baird Small/Mid Cap Growth Equity Fund	1.2%	-8.5%	ABT, AFRM, BOOT, BRBR, BROS, BURL, BWXT, CASY, CHDN, COCO, CRDO, CW, DKNG, DT, ELF, EME, EXAS, FOUR, GKOS, KTB, LII, MASI, MNDY, MTSI, PEN, PODD, RGEN, RKLB, TARS, TWLO, ULS, VERX, WAY, WSO	AI, defense, growth, healthcare, mid cap, semiconductors, small cap, technology	The extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. MACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. Healthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. The team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. EMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework.		View
2025 Q4	Feb 25, 2026	SouthernSun Small Cap	2.6%	5.4%	AEIS, BOOT, CSW, CXT, DAR, DORM, DY, EXTR, KAI, LPX, TKR, USPH	AI, energy, fundamentals, risk, small caps, valuation, value	Manager draws extensive parallels between today's AI-driven market environment and the 2014-15 oil collapse, warning that AI has become a macroeconomic assumption embedded in capital expenditure plans and valuation models. AI infrastructure faces energy constraints with data centers becoming massive electricity consumers, while rising power costs and grid limitations challenge assumptions of frictionless scalability. Markets may be conflating transformational potential with near-term certainty, creating valuation risk similar to past cycles. Energy plays a central role in the manager's analysis, both as a historical lesson from 2014-15 oil collapse and as a current constraint on AI infrastructure. Data centers have become massive electricity consumers with economics highly sensitive to power pricing and grid reliability. Rising electricity prices in data-center-heavy regions and utility challenges in expanding capacity create physical constraints that complicate AI scalability assumptions. The portfolio focuses on small-cap businesses that are performing well fundamentally with strong balance sheets, resilient cash flows, and improved competitive positions. The manager emphasizes owning businesses that can compound value over time rather than speculation, though acknowledges markets don't always reward fundamentals on a linear schedule. Portfolio positioning reflects discipline in finding mispriced companies relative to long-term intrinsic value.	TKR DY DORM KAI CSW DAR AEIS	View
2025 Q4	Feb 25, 2026	SouthernSun SMID Cap	-3.9%	4.5%	APG, BOOT, CXT, DAR, DY, EXTR, FND, GNRC, LOB, MUSA, OSK, TKR, TREX, WSO	AI, energy, infrastructure, Late-cycle, SMID Cap, valuation, value	Artificial intelligence occupies a central role in shaping market expectations and has become a macroeconomic assumption embedded in capital expenditure plans and valuation models. The manager draws parallels between today's AI environment and the 2014-15 oil collapse, noting that AI infrastructure is profoundly energy-intensive and faces physical constraints including rising electricity prices and grid capacity challenges. Energy plays a critical role in AI infrastructure economics, with data centers becoming major electricity consumers. Rising power costs compress margins while grid constraints and regulatory scrutiny influence deployment timelines. The manager emphasizes that unlike software-driven growth, AI compute cannot be scaled independently of physical energy reality. Many AI-exposed companies trade at multiples assuming near-flawless execution, creating valuation risk despite current profitability. The manager notes that when confidence is high, markets forgive delays and cost overruns, but when confidence wanes, these factors can catalyze abrupt repricing. Late-cycle environments show conviction persisting even as marginal buyers grow cautious.	TREX TKR DY EXTR LOB OSK GNRC CXT APG DAR	View
2024 Q4	Dec 31, 2024	Wasatch Small Cap Growth Strategy	1.7%	15.2%	BOOT, BRBR, PACS, PCTY, ROAD, TMDX	-			View
2025 Q4	Jan 23, 2026	Bell Global Emerging Companies Fund	-1.8%	-5.9%	3064.T, 6146.T, AMS.MC, AUTO.L, BJ, BOOT, CHKP, CNM, COR, CPG.L, DB1.DE, GWW, LPLA, MSCI, ODFL, PCTY, SCI, TSCO, TTC, TTI.HK, VEEV, WKL.AS	global, industrials, Quality, SMID Cap, technology, value	The fund follows a Quality at a Reasonable Price (QARP) approach, focusing on consistently high returning companies with durable growth characteristics. 2025 was challenging for this style as markets favored momentum and sentiment-driven narratives over fundamentals, but the team believes quality investing will reassert itself as markets become more earnings driven. The fund invests in global small and mid cap equities with 30-60 holdings, maintaining benchmark agnostic positioning. The portfolio targets companies with market capitalizations in the SMID cap range, seeking to outperform the MSCI World SMID Cap Index over rolling three-year periods. The fund emphasizes valuation discipline as part of its QARP approach, seeking quality companies at reasonable prices. Many high-quality businesses in the portfolio are trading at compelling valuations, with the portfolio's weighted upside potential sitting at the upper end of historical ranges based on conservative assumptions.	VEEV AUTO LN COR TSCO CNM TTC 3064 JP 6146 JP CPG LN LPLA GWW ODFL	View
2025 Q4	Jan 23, 2026	Bell Global Equities Fund	-1.5%	0.0%	3064.T, 6098.T, 8697.T, AAPL, ACN, AMZN, AUTO.L, AVGO, BOOT, GOOGL, GWW, JPM, LPLA, META, MSFT, NVDA, ODFL, SAP.DE, SNPS, TSCO, V	financials, Global Equities, industrials, QARP, Quality, technology	Bell maintains a Quality at a Reasonable Price (QARP) approach despite challenging performance in 2025. The team believes quality investing periods of underperformance often create compelling opportunities to lean in as fundamentals ultimately reassert themselves and valuations matter again. The portfolio benefits from sustained demand from AI-driven data centre investment, with technology companies like NVIDIA representing significant holdings. AI infrastructure continues to drive performance across multiple portfolio positions.	JKHY LPLA GWW TSCO ODFL	View
2025 Q4	Jan 21, 2026	TimesSquare Capital Management U.S. Small Cap Growth Strategy	3.5%	5.9%	ABVX.PA, AXGN, BOOT, CBLL, CWST, FROG, LGCE, MTSI, NAMS, NSKE, OLLI, SLNO, STVN, TTEK, UEC, WRBY	Biotechnology, consumer, energy, growth, healthcare, industrials, small caps, technology	The fund holds multiple biotech positions including Abivax SA for ulcerative colitis treatment, NewAmsterdam Pharma for cholesterol inhibitors, and Axogen for peripheral nerve regeneration. Strong clinical trial results and FDA approvals are driving performance, with Abivax rising 58% on acquisition speculation. Focus on value-oriented retailers, franchise models, and premium brands including Boot Barn for western wear, Warby Parker for eyewear, and Ollie's Bargain Outlet for closeouts. Consumer behavior shifts toward lower-priced inventory are impacting performance, with mixed results across positions. Investment in cybersecurity companies like Netskope and JFrog, with JFrog being the portfolio's strongest performer rising 32% due to increased security demand following NPM supply chain attacks. Security add-on products are seeing significant pipeline growth. Position in Uranium Energy as the largest licensed uranium miner in the U.S., positioned to benefit from renewed focus on nuclear power as long-term energy solution and U.S. efforts to strengthen domestic nuclear fuel supply chains for national security. Holdings include Ceribell for portable EEG technology and Stevanato Group for pharmaceutical packaging. Ceribell surged 91% after FDA clearance for neonatal applications, while Stevanato faced conservative guidance despite beating expectations.	FROG AXGN UEC OLLI WRBY BOOT	View
2024 Q3	Sep 30, 2024	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	BJ, BOOT, CERT, CWAN, FORM, LOAR, MODG, MTDR, MYRG, OS, PCVX, WH, WHD	-			View
2024 Q3	Sep 30, 2024	SouthernSun SMID Cap	8.8%	13.9%	APG, BOOT, GNRC, IDXX, LPX, NGVT, USPH	-			View
2024 Q3	Sep 30, 2024	SouthernSun Small Cap	10.6%	13.5%	BOOT, LPX, NGVT, USPH	-			View
2024 Q2	Jul 20, 2024	SouthernSun SMID Cap	8.8%	13.9%	BOOT, DAR, DY, USPH	-			View
2024 Q2	Jul 20, 2024	SouthernSun Small Cap	10.6%	13.5%	BOOT, DAR, DY, USPH	-			View
2024 Q2	Jun 30, 2024	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ADUS, ATRC, AZEK, BJ, BOOT, CERT, DRVN, ESAB, EWCZ, HLNE, HXL, IAC, MAX, MRUS, MVBF, NSA, RRX, SILK, SVV, TMCI, TTEK, VCTR, WRBY, WSC	-			View
2024 Q2	Jun 30, 2024	abrdn U.S. Small Cap Equity Fund	-7.5%	-3.2%	ATKR, BOOT, CORT	-			View
2024 Q2	Jun 30, 2024	Wasatch Small Cap Growth Strategy	-	-	ADUS, BOOT, FIVE, NVMI, RPD, SITE, SPT, TMDX	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 24, 2026	Fund Letters	Grant R. Babyak	Boot Barn Holdings, Inc.	Consumer Discretionary	Specialty Retail	Bull	New York Stock Exchange	Margins, retail, Storegrowth, valuation, Westernwear	View Pitch
Jan 8, 2026	Fund Letters	Michael Cook	Boot Barn Holdings, Inc.	Consumer Discretionary	Apparel Retail	Bull	New York Stock Exchange	Apparel, Balance_Sheet, Margins, retail, Storegrowth	View Pitch
Jan 8, 2026	Fund Letters	Michael Cook	Boot Barn Holdings, Inc.	Consumer Discretionary	Specialty Stores	Bull	New York Stock Exchange	Balancesheet, consumer, expansion, Margins, retail, Samestoresales, specialty	View Pitch
Dec 5, 2025	Fund Letters	Eric Mintz	Boot Barn Holdings, Inc.	Consumer Discretionary	Specialty Stores	Bull	NYSE	Apparel, Brand, retail, Store growth, tariffs	View Pitch
Sep 16, 2025	Short Thesis	Spruce Point	Boot Barn Holdings Inc	Consumer Discretionary	Apparel Retail	Bear	NYSE	Apparel, Cyclical, expansion, Margins, retail	View Pitch
Aug 7, 2025	Seeking Alpha	TimesSquare Capital Management	Boot Barn Holdings Inc.	Consumer Discretionary	Apparel Retail	Bull	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Hawkinvest	Boot Barn	Consumer Discretionary	Apparel Retail	Bear	NYSE	—	View Pitch

BSD Shareholders of BOOT

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
Paul Tudor Jones	Tudor Investment Corp	$53.4B	$11.8M	0.02%	66,771	-8,663	-11.48%	0.1983%
Lee Ainslie	Maverick Capital	$9.3B	$3.8M	0.04%	21,432	+14,277	+199.54%	0.0637%
Ray Dalio	Bridgewater Associates	$27.4B	$1.4M	0.01%	8,041	+1,499	+22.91%	0.0239%
Dmitry Balyasny	Balyasny Asset Management	$76.6B	$53.3M	0.07%	301,777	-169,415	-35.95%	0.8962%
Israel Englander	Millennium Management LLC	$233.2B	$423,528	0.00%	2,400	-2,100	-46.67%	0.0071%
Terrence Murphy	Clearbridge Investments	$124.9B	$26.4M	0.02%	149,466	+611	+0.41%	0.4439%
Cliff Asness	AQR Capital Management	$190.6B	$3.5M	0.00%	20,073	+6,244	+45.15%	0.0596%

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