CNXC

CNXC

CNXC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 4, 2025	FPA Queens Road Small Cap Value Fund	8.6%	5.9%	AAP, ANGI, CNXC, CSGS, DAR, FN, GIII, IAC, IDCC, IMKTA, LFUS, NNI, PVH, REVG, SCHL, SFM, SYNA, THS, UGI, VSH	Passive investing, Quality, small caps, tariffs, technology, value	Small caps are generationally cheap compared to large caps, trading at the widest discount to the S&P 500 since the tech bubble 25 years ago. High-quality small companies command only a modest premium over lower-quality small companies, unlike large caps where quality commands significant premiums.	NNI IMKTA	View
2026 Q1	Apr 28, 2026	Pzena Global Small Cap Focused Value Strategy	-0.1%	-0.1%	AAP, BME.L, CNXC, DNOW, DOUG, EVK.DE, HAS.L, MLKN, MMI, NVST, SAMSY, SPB, TATE.L, TEP.PA	Cyclical, global, Recovery, small caps, turnaround, value			View
2024 Q1	Apr 15, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AAN, AEL, AGCO, ALTM, ARW, AX, CNO, CNXC, CSGS, CSWI, DAR, DCO, DECK, ESGR, FN, GGG, GIII, JBT, LEVI, MDU	Balance Sheet, compounders, Quality, small cap, valuation, value	The fund emphasizes high-quality compounders with strong balance sheets, high returns on capital, and steady margins. Quality has been a large contributor to outperformance during market downturns. The manager prefers companies where earnings will be higher in three to five years.		View
2026 Q1	Mar 31, 2026	FPA Queens Road Small Cap Value Fund	6.1%	6.1%	CNXC, DECK, DORM, ECG, FAF, FN, GPK, LFUS, PLUS, QRVO, REVG, RLI, SFM, SKWS, SNX, UPBD, VSEC	long-term, Quality, rebalancing, small caps, value		RLI SFM LFUS SNX FN DORM FAF	View
2025 Q1	Mar 31, 2025	FPA Queens Road Small Cap Value Fund	-2.5%	-2.5%	AAP, ARW, AX, BAM, CNO, CNXC, CSWI, IDCC, LFUS, MDU, NJR, OSK, PVH, REVG, SCHL, SFM, SYNA, UGI, UPBD, VSH	consumer, Electronics, Quality, small caps, tariffs, Utilities, value	Manager emphasizes that small-caps are extremely cheap relative to large-caps but warns of the relative junkiness of small-cap indices. Quality small companies are still expensive but becoming more attractive from a valuation perspective as the market declines.		View
2025 Q1	Mar 31, 2025	Pzena Global Small Cap Focused Value Strategy	-4.4%	-4.4%	3401.T, 6481.T, ADNT, BIRG.L, CNO, CNXC, DAN, GCO, NVST	Cyclical, financials, global, small caps, tariffs, underperformance, value	Small cap stocks globally continued to underperform large-cap peers, widening the valuation gap between cohorts. The period remained particularly challenging for small caps, with US small caps declining markedly while non-US small caps were largely flat. Tariffs and economic impact drove weak sentiment particularly for small cap companies.		View
2024 Q4	Dec 31, 2024	FPA Queens Road Small Cap Value Fund	2.4%	10.8%	AAP, AGCO, ALTM, ARW, CNXC, CSGS, CSWI, DAR, DECK, FN, IDCC, JBTM, LEVI, LFUS, MATV, MDU, OSK, QRVO, SAIC, SCHL, SFM, SYNA, UGI, UPBD, VSH	active management, compounders, Quality, Russell 2000, small cap, value	The fund focuses on high quality compounders with strong returns on capital, consistent earnings, and prudent balance sheets. The manager emphasizes that small-cap indices are generally 'junkier' with fewer quality companies than large-cap indices, making active management essential to find quality small companies trading at reasonable valuations.		View
2024 Q3	Oct 30, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AAN, AAP, ALTM, AZO, CNXC, CSWI, DAR, DECK, FN, HMN, IDCC, ORLY, SFM, VSH	-			View
2023 Q3	Sep 30, 2023	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AAN, AEL, CNXC, DAR, DECK, FN, GIII, HNI, IAC, IDCC, LTHM, MTZ, SFBS, SFM, SNX, UGI, UNFI	long-term, Margin Of Safety, Quality, small caps, value	The fund focuses on acquiring quality companies at reasonable prices with a margin of safety. Current valuations, competitive positions, and experienced management teams give confidence that holdings will be worth more in three to five years than today.		View
2024 Q2	Jul 31, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AAN, AGCO, ALTM, ARW, AX, BAM, CNO, CNXC, CSGS, CSWI, DAR, DCO, DECK, EQC, ESGR, FN, FSTR, GGG, GIII, GPK	active management, earnings, Quality, small caps, value	The fund emphasizes quality companies with consistent earnings and high returns on capital. They analyze earnings consistency as a key quality metric, showing that quality small-cap companies trade at lower valuations than large-cap peers with similar quality characteristics.		View
2023 Q1	Apr 20, 2023	Longleaf Partners Global Fund	14.8%	18.4%	0001.HK, AC.PA, AMG, CNXC, FDX, FFH.TO, GE, GLB.L, GOOGL, H, IAC, LUMN, MAT, MGM, MLCO, PVH, WBD, WMG	concentrated, discount, global, industrials, Logistics, Media, value	Fund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Manager invests with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. P/V ratio in low-60s% indicates portfolio trading below intrinsic value.	LUMN MGM FDX TIGO 0GEG LN NWBD.L	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Dec 3, 2025	Seeking Alpha	Seeking Alpha	Concentrix Corporation		Information Technology Services	Bull		Acquisitions, AI integration, Concentrix Corporation, customer experience solutions, CX BPO market, dividend yield, earnings inflection, insider buying, R&D spending, valuation	View Pitch
Oct 15, 2025	Value Investors Club	Beantown Stonks	Concentrix Corp.	Information Technology	IT Consulting & Other Services	Bull	NASDAQ	AI enablement, BPO, buybacks, customer experience, deleveraging, EV/EBITDA, FCF yield, investment grade, iX Hello, iX Hero, Webhelp	View Pitch

BSD Shareholders of CNXC

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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