CCSI

CCSI

CCSI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 2, 2025	Summers Value Fund	-1.8%	-12.8%	ADMA, CCSI, DERM, ELMD, INSP, LGND, OTCM, SPOK, VSTS, ZIMV	Biotech, healthcare, Pharmaceuticals, small caps, underperformance, value	The fund holds multiple pharmaceutical positions including Ligand Pharmaceuticals, ADMA Biologics, and Journey Medical. Healthcare sector sentiment remains weak amid uncertainty from new administration proposals to curb drug pricing and cut Medicare/Medicaid reimbursement. The fund initiated two short positions in pharmaceutical companies where sales expectations are believed to be too high.	DERM DERM	View
2025 Q2	Aug 2, 2025	Meridian Small Cap Growth Fund	6.9%	-	ALIT, AXGN, CARG, CCSI, FSS, KEX, MIR, NTIC, PACK, RELY, SPT, TPB, VNOM	energy, growth, healthcare, nuclear, Quality, Resilience, small caps	The fund focuses exclusively on small-cap growth companies, with the Russell 2000 Growth Index as its benchmark. Small caps returned 8.5% in the quarter, recovering 24.0% from April lows, with growth stocks outperforming value stocks significantly.	NPKI TPB MIR VNOM AXGN RANP VNOM AXGN PACK	View
2025 Q1	Apr 30, 2025	Summers Value Fund	-11.2%	-11.2%	ADMA, CCSI, ELMD, INDV, LQDA, SPOK, VSTS, ZIMV	Biotechnology, Defensive, healthcare, small caps, value	The Fund focuses on relatively defensive healthcare companies that have historically served as a safe harbor during market uncertainty. Recent selloff in healthcare stocks following FDA leadership changes and concerns over drug approvals is viewed as overdone. Portfolio consists of companies with predictable businesses and strong cash flow generation.	CCSI	View
2024 Q4	Feb 10, 2025	Meridian Small Cap Growth Fund	2.8%	11.7%	AGS, ALIT, ANGI, BYRN, CARG, CCSI, MIR, RBA, SMAR, STNE, TMDX, TPB, WAY	growth, healthcare, nuclear, Quality, risk management, small caps, technology	Mirion Technologies operates in industries with strong secular trends tied to rising demand for nuclear power, including AI-related data center energy needs. The company provides critical technologies for the nuclear power sector with recurring revenues.	ANGI SRI TMDX BYRN TPB MRAD	View
2024 Q4	Dec 31, 2024	Summers Value Fund	-	27.4%	AAPL, AMZN, CCSI, ELMD, GOOGL, INDV, ISRG, LFCR, META, MODV, MSFT, NVDA, OTCM, PINC, SPOK, UFPT, UTMD, VSTS, ZBH, ZIMV	healthcare, Long/Short, Medical Devices, small caps, value	Manager believes small-cap stocks are well-positioned to outperform relative to large-cap stocks going forward, driven by lower valuations, poor sentiment, and an expected uptick in M&A under the new administration. Small-cap stocks continued a multi-year trend of underperformance in 2024.	ZIMV INDV UFPT ELMD	View
2023 Q4	Dec 31, 2023	Meridian Small Cap Growth Fund	6.2%	0.0%	ALIT, CARG, CCCC, CCSI, EVRI, HDSN, MATX, MIR, QDEL, RBA, SKIN, SONX, TPB	Biotechnology, gaming, growth, healthcare, small cap, technology, value	The fund holds C4 Therapeutics, a biotechnology firm specializing in protein degradation therapies for cancer treatment. The company has three treatments in early-stage clinical trials targeting multiple cancers and announced a formal agreement with Merck for co-development. Positive clinical readout on a leading compound provided encouraging signals for therapeutic efficacy.	CCCC CARG MRAD	View
2025 Q3	Nov 8, 2025	Summers Value Fund	20.4%	4.9%	ADMA, CCSI, DERM, ELMD, INSP, LGND, LQDA, QURE, SPOK, SPRY, UFPT, ZIMV	Biotechnology, healthcare, innovation, M&A, Pharmaceuticals, Regulatory, small cap, value	The fund has increased portfolio exposure to biopharma stocks following years of underperformance, believing they are poised for outperformance. The manager is optimistic about the innovation cycle and recognizes that large-cap companies will pay sizeable premiums to acquire attractive pipelines with large sales opportunities.		View
2025 Q3	Oct 24, 2025	Meridian Small Cap Growth Fund	4.2%	-	ALIT, ALKT, AMPL, CARG, CCSI, CERT, KEX, RELY, SPT, TPB, VCYT, VNOM, ZENA	AI, growth, healthcare, industrials, Quality, small caps, technology, Valuations	The fund sees signs of exuberance and speculative behavior in AI infrastructure ecosystem, particularly in technology and industrial sectors. Many companies are trading at historically elevated valuations despite being potential one-time beneficiaries of the AI investment cycle. The fund remains disciplined and avoids high-momentum AI names lacking meaningful revenues or profitability.	CCSI ZENAS TPB KEX SPT ALIT ZD HALO MDGL ALGN SPT CCSI KEX SPT	View
2024 Q4	Jan 30, 2025	Summers Value Partners	-	27.4%	AAPL, AMZN, CCSI, ELMD, GOOGL, INDV, ISRG, LFCR, META, MODV, MSFT, NVDA, OTCM, PINC, SPOK, UFPT, UTMD, VSTS, ZBH, ZIMV	Concentration, healthcare, Long/Short, Medical Devices, small caps, value	Manager believes small-cap stocks are well-positioned to outperform relative to large-cap stocks going forward, driven by lower valuations, poor sentiment, and an expected uptick in M&A under the new administration. Small-cap stocks furthered a multi-year trend of underperformance in 2024, although the indexes closed positive in absolute terms.	ZIMV INDV UFPT ELMD	View
2025 Q4	Jan 21, 2026	Meridian Small Cap Growth Fund	0.9%	0.0%	ALKT, AMPL, AXGN, CCSI, CDNA, CERT, GPCR, KEX, RELY, TPB, VCYT, VNOM, ZNAS	Biotechnology, growth, healthcare, Quality, small caps, technology, value	Healthcare was the portfolio's largest allocation and top-performing sector for the quarter. The manager continues to view the sector as undervalued relative to long-term fundamentals, noting it has lagged the broader market over the last four years. Multiple biotech holdings contributed positively, including Structure Therapeutics with promising obesity therapy trials, Axogen with peripheral nerve regeneration technology, and Zenas BioPharma with autoimmune disease treatments in Phase 3 trials. The fund emphasizes investing in high-quality businesses with recurring revenue, sustainable competitive advantages, strong balance sheets, and clear visibility into sustainable earnings growth. This quality bias created a modest headwind during the quarter as lower-quality stocks outperformed.	ZBIO AXGN GPCR RELY CERT CCSI EXAS TNDM GMED RELY DOCS CERT	View
2025 Q4	Jan 12, 2026	Summers Value Fund	1.7%	6.7%	CCSI, DPLO, ELMD, ENDP, NVO	concentrated, healthcare, long-term, small caps, special situations, value	Fund focuses exclusively on healthcare sector with concentrated portfolio of small-cap companies. Investment approach targets special situations within healthcare including spin-offs, asset sales, business model pivots, and new product launches. Portfolio includes pharmaceutical, medical device, biotechnology, and healthcare IT companies. Fund employs fundamental value-oriented approach with focus on margin of safety and intrinsic value calculations. Seeks companies trading at discounts to long-term intrinsic value using cash flow yield or asset value methodologies. Emphasizes downside protection relative to estimate of intrinsic value. Concentrated portfolio of small-cap companies with limited sell-side coverage and institutional ownership. Invests where most institutional managers cannot or will not participate, allowing for asymmetric return potential. 44% of Russell 2000 stocks have zero Wall Street coverage, creating mispriced opportunities.	CCSI	View
2025 Q4	Jan 12, 2026	Summers Value Fund	1.7%	6.7%	CCSI, DPLO, ELMD, ENDP, NVO	concentrated, healthcare, long-term, small caps, special situations, value	Fund focuses exclusively on healthcare sector with concentrated portfolio of small-cap companies. Investment approach targets special situations within healthcare including spin-offs, asset sales, business model pivots, and new product launches. Portfolio includes pharmaceutical, medical device, biotechnology, and healthcare IT companies. Fund employs fundamental value-oriented approach with focus on margin of safety and intrinsic value calculations. Seeks companies trading at discounts to long-term intrinsic value using cash flow yield or asset value methodologies. Emphasizes downside protection relative to estimate of intrinsic value. Concentrated portfolio of small-cap companies with limited sell-side coverage and institutional ownership. Invests where most institutional managers cannot or will not participate, allowing for asymmetric return potential. 44% of Russell 2000 stocks have zero Wall Street coverage, creating mispriced opportunities.		View
2023 Q1	Mar 31, 2023	Meridian Growth Fund	6.8%	0.0%	ACVA, ARVN, CCCC, CCSI, FTDR, ST	-			View
2023 Q1	Mar 31, 2023	Meridian Small Cap Growth Fund	6.2%	0.0%	ACVA, ALBO, CCSI, FTDR, HDSN, PMVP	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Summers Value Fund	Consensus Cloud Solutions	Information Technology	Application Software	Bull	NASDAQ	AI, cloud services, debt reduction, Digital transformation, Fax Technology, Free Cash Flow, Healthcare IT, SaaS, Share Buybacks, Value	View Pitch
Jan 27, 2026	Fund Letters	Andrew Summers	Consensus Cloud Solutions Inc.	Information Technology	Application Software	Bull	NASDAQ	buybacks, deleveraging, Healthcareit, rerating, spin-off	View Pitch
Jan 24, 2026	Fund Letters	Chad Meade	Consensus Cloud Solutions, Inc.	Information Technology	Application Software	Bear	NASDAQ	cashflow, Cloudsoftware, Healthcareit, Recurringrevenue, valuation	View Pitch
Nov 29, 2025	Fund Letters	Chad Meade	Consensus Cloud Solutions Inc.	Information Technology	Software	Bull	NASDAQ	acquisition, FCF, healthcare, Margins, recurring revenue, Software, turnaround, valuation	View Pitch
Nov 29, 2025	Fund Letters	Chad Meade	Consensus Cloud Solutions Inc.	Information Technology	Software	Bull	NASDAQ	acquisition, FCF, healthcare, Margins, recurring revenue, Software, turnaround, valuation	View Pitch

BSD Shareholders of CCSI

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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