CF

CF

CF

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	May 15, 2024	Appleseed Fund	0.0%	0.0%	AER, AGNC, ARDX, BEI.TO, CCJ, CF, DG, EVR, GNK, HLF, HUM, ITRN, MOS, RHHBY, SFM, VFC, WCC	Defensive, gold, healthcare, inflation, value	Gold has risen 20% over six months to new all-time highs driven by monetary debasement, emerging market demand especially from China, central bank purchases exceeding 1,000 tonnes annually, and physical gold flows shifting from West to East. The fund expects gold to outperform the S&P 500 over the next decade.	AGNC HUM	View
2025 Q1	Apr 30, 2025	Appleseed Fund	-	-	005930.KS, AER, BABA, BW.TO, CF, DG, LITE, MOS	commodities, Dollar, Foreign Equities, Geopolitical, gold, inflation, real assets, tariffs	The Trump Administration proposed raising tariffs broadly starting at 10% and reaching as high as 154% for China, bringing average tariff rates above 20% to the highest level since the 1930s. This represents a shift toward industrial policy, onshoring, and bilateral trade agreements, moving away from the free trade era.		View
2026 Q1	Apr 29, 2026	Spheria Global Opportunities Fund	-6.8%	-6.8%	CF, ITRK.L, USLM	energy, Fertilizers, global, Middle East, Quality, small cap, valuation		ITRK.L CF	View
2026 Q1	Apr 29, 2026	Cambiar SMID Fund	2.2%	2.2%	ALGN, BOKF, CF, CLX, HF, LUV, ON, PHR, SAIA, SOLV, WBS	AI, diversification, energy, Geopolitical, Quality, SMID Cap, value		PHR SOLV ON	View
2026 Q1	Apr 21, 2026	Harbor Mid Cap Value Fund	4.6%	4.6%	ANGI, APA, CF, CMC, DINO, EXPE, FLEX, FOXA, HAL, JBL, MTDR, SFD, UPWK, WDC	AI, energy, mid cap, quantitative, Rotation, small caps, value			View
2026 Q1	Apr 13, 2026	Distillate Capital Small/Mid Cap Quality & Value	5.9%	5.9%	APA, BTU, CF, CHRD, CSL, DINO, EPAM, FBIN, HRB, ICLR, MATX, OVV, PTEN, SNX, TNET, UAN, VYX	energy, fundamentals, Quality, rebalancing, small caps, value			View
2025 Q4	Mar 6, 2026	Bumbershoot Holdings	-	13.0%	CAMT, CF, CTRA, FSLR, Gold, GOOGL, HRI, IPI, KGF.L, LGND, MDGL, MU, NPKI, NTR, ORN, OSIS, OSK, VKTX, VMEO, VPG	Concentration, liquidity, Multi-Strat, Reflation, Selection, semiconductors, technology, value	AI remains a primary market driver but questions emerge about whether it will be hugely deflationary to the job market and SaaS technology ecosystem. The manager notes AI will transform the world and productivity but questions its investability and who wins. The manager expects the next reflation cycle will be substantial, with liquidity flooding the system and searching for places to flow. Money needs to be absorbed and finds its way into financial assets, durable businesses, and anything with credible narratives. Core gains were led by semiconductor-related adjacencies including Micron and Camtek. The fund remains particularly focused on key critical OS platform businesses and semiconductor-related adjacencies. Materials sector exposure to the agricultural-fertilizer industry via Intrepid Potash, Nutrien, and CF Industries was a positive contributor to results. The fund maintains exposure across the fertilizer value chain. Long-standing position in gold and copper miner Barrick Mining finally moved higher as a reflection of gains in the underlying yellow metal. The fund maintains exposure to precious metals mining. Playing on the continued theme of infrastructure spending, defense and energy sustainability, positions in Industrial and Energy sectors including Oshkosh, Coterra, OSI Systems, and Herc Holdings added positively to performance.		View
2023 Q4	Dec 31, 2023	Appleseed Fund	0.0%	0.0%	AER, BEI.UN.TO, CF, DG, MDT, MOS, PHYS, SSNC, VFC	Diversified, Esg, global, SMID Cap, value			View
2024 Q3	Nov 13, 2024	Appleseed Fund	0.0%	0.0%	AER, AGNC, ARDX, CCJ, CF, DG, DLTR, DSX, EL, GRVY, HLF, HUM, MOS, MRC, MSFT, NVDA, SFM, SNV, SRUUF, WLFC	commodities, defensives, energy, inflation, Mining, nuclear, uranium, value	The fund sees a structural supply deficit in uranium markets driven by dramatically increasing demand from nuclear energy expansion while supply growth remains inadequate. Uranium prices have increased significantly over the past 5 years but the bull market is still in early innings due to persistent supply shortfalls.	SRUUF CCJ	View
2023 Q3	Nov 10, 2023	Distillate Capital Fundamental Stability & Value	0.0%	16.0%	005930.KS, 036570.KS, 6857.T, AAP, AMGN, AMP, AN, AON, AVGO, AVY, BABA, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, MPC, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, VSCO	free cash flow, large cap, Leverage, Quality, selectivity, small cap, value	Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels.		View
2023 Q3	Nov 10, 2023	Distillate Capital International	0.0%	10.9%	036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO	free cash flow, international, Quality, risk management, selectivity, value	Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% free cash yield compared to 4.9% for the S&P 500.		View
2023 Q3	Nov 10, 2023	Distillate Capital Large Cap Value	0.0%	19.7%	036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO	Credit Stress, free cash flow, large cap, Mega Caps, risk management, selectivity, value	Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels.		View
2022 Q4	Nov 1, 2023	Alpha Wealth Funds – The Insiders Fund	0.0%	1.2%	ALB, CF, CME, CRK, ET, MOS, NSA, RKT, SD, UAL, UPLD	-			View
2023 Q3	Oct 30, 2023	Appleseed Fund	0.0%	0.0%	005930.KS, AER, ARDX, BEI-UN.TO, BOL.PA, CF, DG, FNMAS, FNMAT, GNK, HRTX, ITRN, MOS, MRC, SFM, SNV, VFC, WCC	Agriculture, Bonds, Defensive, Deficit, gold, inflation, Treasury, value	The fund believes inflation is not under control and expects it to remain persistently elevated. They view continued inflation as the politically palatable solution to reduce the U.S. debt burden and associated interest costs.	GNK WCC 0TDG LN	View
2023 Q1	Apr 25, 2023	Appleseed Fund	0.0%	0.0%	005930.KS, ADS.DE, AER, ALL, ARDX, BEI.UN.TO, CCNE, CF, ITRN, MDT, MOS, MRC, PSLV, RKLY, SNV, SONY, SWK	Banking, Consumer Staples, Defensive, gold, healthcare, inflation, Recession, value	Inflation is hitting consumers hard with prices rising at mid-to-high single-digit rates since 2021, reducing purchasing power and quality of living. Consumer savings rates have fallen while credit card debt spiked to record $931 billion, forcing reliance on expensive credit for necessities.	SNV SWK MDT	View
2024 Q4	Mar 31, 2025	Bumbershoot Holdings	-	5.7%	AGM, BOX, CAMT, CF, CTRA, FSLR, GOOGL, HERC, IPI, KEX, LGND, MDGL, MOS, NR, NTR, ORN, OSIS, VKTX, VLO, WTTR, ZM	AI, Fertilizers, healthcare, Micro Cap, small caps, technology, value	Manager extensively discusses AI investment narrative driving markets, questioning whether foundational AI layers remain investable versus application layers. Explores AI's transformational potential and market concentration around AI-related mega-cap stocks.		View
2022 Q4	Jan 31, 2023	Appleseed Fund	0.0%	0.0%	BBBY, CF, MOS	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 30, 2026	Fund Letters	Spheria Global Opportunities Fund	CF Industries	Agricultural Inputs	Fertilizers & Agricultural Chemicals	Bull	New York Stock Exchange	cash generation, commodity, Energy Complex, Fertilizer, geopolitical, manufacturing, natural gas, Nitrogen, North America, Structural Advantage	View Pitch
Apr 13, 2026	Seeking Alpha	Seeking Alpha	CF Industries Holdings Inc.	Materials	Fertilizers & Agricultural Chemicals	Bull	New York Stock Exchange	CF Industries, Cost-Advantaged Production, Fertilizer Prices, geopolitical tensions, materials sector, Morningstar, Narrow Moat, natural gas, Nitrogen Fertilizer, Supply Disruptions	View Pitch
Aug 7, 2025	Seeking Alpha	IWA Research	CF Industries	Materials	Agricultural Inputs	Bull	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Waterside Insight	CF Industries	Materials	Agricultural Inputs	Bull	NYSE	—	View Pitch

BSD Shareholders of CF

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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