BXC

BXC

BXC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 25, 2025	Third Avenue Small-Cap Value Fund	6.5%	-	ABCB, ALG, BATRK, BXC, CTLP, ECPG, FRPH, HBB, IBTX, KALU, LXU, MYR, OCFC, PB, PRA, SAGE, SBSI, SUPN, UMBF, VC	Balance Sheet, Financial Strength, M&A, Resource Conversion, small cap, value	U.S. small-cap companies present once-in-a-generation attractive opportunities relative to the broader equity market after lengthy underperformance. Higher volatility in small-caps increases probability of significant mispricing, creating opportunities for active managers. The investment universe offers particularly high volume of merger and acquisition activity with low impediments to transactions.	VC CTLP SUPN CTLP	View
2025 Q3	Oct 21, 2025	Third Avenue Small-Cap Value Fund	7.2%	-	ABAC, BATRK, BCC, BXC, COLL, CTAS, CTLP, ECPG, FRPH, HBB, HFWA, ITIC, KALU, LXU, MYRG, PB, PRA, ROG, SD, SUPN, TDW, UMBF, UNF, VSTO	Building Materials, financials, healthcare, industrials, Pharmaceuticals, small caps, technology, value	The fund focuses on buying companies trading at discounts to conservative estimates of net asset value, with shares not reflective of potential for business improvement or value creation. The investment approach emphasizes businesses well-financed and trading below intrinsic value with identifiable value creation levers.	ROG BOISE AMBC AMBC	View
2025 Q4	Jan 22, 2026	Third Avenue Small-Cap Value Fund	4.6%	14.0%	ALG, BATRK, BXC, COLL, CTAS, ECPG, FPH, ICFI, KALU, LXU, MYRG, NYCB, OCSL, PB, PRA, SEB, SUPN, UMBF, UNF	Aluminum, Governance, Owner-Operator, Pharmaceuticals, Regional Banks, small caps, value	The Fund pursues a decidedly value-oriented investment approach, seeking to underpay for ownership of a business. The managers focus on finding rare nexuses of good people, good assets and good prices. The Fund initiated a new position in Flagstar Bank at a large discount to tangible book value. Flagstar has been undergoing transformation and has a credible path to achieve profitability more typical of a U.S. regional bank. Kaiser Aluminum led fourth quarter performance following strong quarterly financial results and progress on its multi-year investment to upgrade and expand production capacity in aerospace and packaging. Collegium Pharmaceutical generated strong performance contribution after producing record quarterly revenue and disclosing improved operating income guidance and a new share repurchase authorization.	FLG UNF ECPG COLL KALU	View
2025 Q1	Mar 31, 2025	Third Avenue Small-Cap Value Fund	-4.6%	-4.6%	ABAC, BATRA, BXC, COLL, ECPG, FPH, FRPH, HBB, ICFI, ITIC, MYRG, OCFC, PB, PRAA, SBSI, SEB, SUPN, TDW, UMBF	financials, M&A, small cap, Trade Policy, value, volatility	Fund focuses on securities available at valuations significantly below private market value with low probability of permanent capital impairment. Manager emphasizes buying businesses at significant discounts to estimated values with conservatism baked in.	BXC TIDE	View
2023 Q4	Jan 22, 2024	Choice Equities Capital Management	-1.8%	5.5%	BXC, CROX, MGNI, OEC, PAR, SHAK, STGW, WCC	Building Products, Buybacks, Restaurants, small caps, technology, value	Manager focuses on low multiple stocks of quality businesses at discounted valuations. Despite challenging backdrop in 2023, continues to believe this approach offers best chance of outperforming over sustained periods.	IPAR BXC	View
2023 Q4	Jan 16, 2024	Liberty Park Capital Management	7.1%	2.5%	AMWD, BELFB, BLN.TO, BLND, BXC, CMT, COHR, GPI, HAYW, HCC, HQI, INTT, ITI, KBR, KOP, KRT, LMB, TGLS, TH, VSH	Construction, industrials, Long/Short, rates, semiconductors, small caps, value	Small-cap stocks have been underperforming larger ones for the second longest stretch since the 1930s. The forward P/E for the S&P Small Cap 600 is now 13x, compared to 19x for the S&P 500 and 32x for the Magnificent 7. Historical analysis shows that after similar periods of underperformance, small caps outperformed large caps by 22.2%, 10.5%, and 9.8% annually over subsequent 1, 3, and 5-year periods.	INTT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Choice Equities Capital Management	Bluelinx Holdings, Inc.	Materials	Building Products	Bull	NYSE	balance sheet, Building Products, Distributor, EBITDA, Engineered Wood, Housing, Lumber, margin expansion, Millwork, Share Buybacks, Specialty Products, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Third Avenue Small-Cap Value Fund	BlueLinx Holdings Inc.	Industrials	Trading Companies & Distributors	Bull	NYSE	Building Products, construction, Distribution, Housing, M&A Target, net cash, Operational Leverage, private equity	View Pitch

BSD Shareholders of BXC

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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