CCS Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 27, 2025	Diamond Hill Small-Mid Cap Strategy	5.4%	1.0%	ALK, ASH, CCS, CIVI, COOP, FCN, GNRC, GTES, ICLR, KNF, MTN, NSP, POST, RRR, RRX, TKO.TO, WCC	energy, mid cap, small cap, tariffs, technology, Trade Policy, value	President Trump's Liberation Day tariffs announcement caused market volatility in April, followed by new trade deals with UK and China. US-China agreed to cut tariffs for 90 days in May, though progress has stalled since then.	FCN WCC RRR	View
2023 Q4	Dec 31, 2023	NCG Micro Cap Growth Strategy	9.5%	10.2%	ACVA, ALKT, AUGX, CCS, CSTL, DCBO, ENFN, FWRG, PDFS, SEMR, TNDM, VCYT	Fed Pivot, growth, healthcare, Microcap, Quality, small caps, technology	Healthcare holdings drove much of the underperformance across all strategies in 2023, primarily due to investor perception that GLP-1 drug benefits will reduce medical interventions. Many healthcare companies began recovering in Q4 and the manager believes in long-term growth fundamentals.	ENFN VCYT PDFS SEMR ALKT CCCS FWRG AUGX ACVA DCBO CSTL TNDM	View
2025 Q4	Jan 27, 2026	Diamond Hill Small-Mid Cap Strategy	1.2%	8.5%	AMH, ARE, BAH, CCS, CIEN, CUBE, GIS, GTES, HII, HLIO, IAC, LEA, PRGO, SBAC, UDR, WCC, WIX, WLK, WNS	defense, healthcare, industrials, mid cap, real estate, small cap, technology, value	The portfolio faced headwinds from AI-driven market exuberance creating momentum-driven rallies favoring lower-quality businesses. However, some holdings like Ciena benefited from hyperscaler and AI-related demand optimism. The managers express caution about AI bubble concerns emerging in December. WESCO International's data center business reached nearly 20% of total revenue and drove better-than-expected organic growth. The rapid expansion of this segment was a key contributor to the company's outperformance during the quarter. Huntington Ingalls Industries benefited from strong execution, new frigate contract awards, and discussion of a potential Trump-class battleship. Booz Allen Hamilton faced pressure from Department of Government Efficiency initiatives but remains well-positioned given differentiated technology capabilities and sustained government demand. The portfolio includes exposure to various real estate segments including self-storage (CubeSmart facing occupancy pressures), wireless tower infrastructure (SBA Communications), life sciences real estate (Alexandria Real Estate), and single-family rentals (Invitation Homes). The sector faces headwinds from higher interest rates and housing market challenges.	INVH ARE BAH SBAC CUBE GTES HII WCC CIEN ZTS HII	View
2024 Q2	Jun 30, 2022	Heartland Value Fund	9.8%	13.5%	ARAY, CCS, HXL, SBCF	active management, aerospace, Homebuilders, Outperformance, Regional Banks, small caps, undervalued, value	The fund focuses on well-managed, undervalued businesses with resilient balance sheets trading at attractive valuations. The typical stock trades at just 10.5 times 2025 estimated earnings versus 19.9 for the S&P 500. The managers believe this valuation discount creates opportunities for outperformance and potential takeover activity.	CCS SBCF HXL	View

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Heartland Value Fund	Century Communities	Consumer Discretionary	Homebuilding	Bull	NYSE	Affordability Crisis, Book Value, Entry-level Buyers, homebuilder, Household Formation, Housing shortage, Millennials, Supply-Demand Imbalance	View Pitch

BSD Shareholders of CCS

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

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