CPAY

CPAY

CPAY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 25, 2025	Lyrical Asset Management	12.7%	11.9%	AAPL, AIZ, AMZN, CNC, CPAY, EXPE, FLEX, GOOGL, GPN, HCA, JCI, META, MSFT, NRG, NVDA, SU, TSLA, UBER, URI, WEX	growth, international, Outperformance, stock selection, valuation, value	Lyrical maintains an uncommon combination of deep value and growth, with S&P 500 forward P/E 73% higher than Lyrical's CS composite despite higher growth profile. The firm attributes outperformance to idiosyncratic stock selection in a difficult environment where only 29% of S&P 500 constituents outperformed.		View
2025 Q2	Jul 27, 2025	RS Large Cap Val Strategy	3.6%	5.2%	APH, C, CACI, CPAY, EG, ETN, FFH.TO, LKQ, ST, UNH, XOM	defense, large cap, Quality, ROIC, tariffs, technology, Trade Policy, value	The quarter was dominated by tariff-induced volatility, with markets initially selling off on Liberation Day tariff announcements before recovering on perceived softening of the administration's trade policy stance. The administration's protectionist policies have introduced significant uncertainty, overshadowing economic renaissance goals and impacting global currencies and markets.	CPAY CACI	View
2024 Q2	Jul 23, 2024	Pelican Bay Capital Management	-6.3%	0.8%	ALB, BLDR, CPAY, CPRI, CVS, EXPE, FANG, FIS, GNW, GOOG, TOLL, TPR, ULTA	Concentration, Homebuilders, Quality, retail, technology, value	The fund employs a concentrated value strategy seeking high-quality companies trading at steep discounts to intrinsic value. Portfolio companies have higher operating margins and returns on invested capital than the index while trading at 13.5x forward P/E versus 16.3x for Russell 1000 Value. The manager believes these higher-quality companies should trade at a premium to the market over time.	ULTA	View
2025 Q1	Apr 23, 2025	Pelican Bay Capital Management	-2.6%	-2.6%	BRK-A, CBOE, CME, CPAY, EXPE, GNRC, Gold, GOOGL, ON, RPRX, SLB, TOLL, ULTA, VZ	Exchanges, gold, Pharmaceuticals, Quality, value, volatility	The portfolio focuses on high-quality companies trading at steep discounts to intrinsic value, seeking wide margins of safety. The manager emphasizes identifying significant differences between market value and intrinsic value as the core investment opportunity.	RPRX	View
2024 Q1	Mar 31, 2024	Orbis Global Equity	-	-	CPAY, ELV, GOOGL, GPN, GXO, HUM, IBKR, UNH	Bottom-up, healthcare, Managed Care, US, valuation, value	MCOs benefit from aging population and increased outsourcing of Medicare and Medicaid administration. UnitedHealth and Elevance have grown earnings 15-17% annually over ten years with strong moats and growth runways. Current pessimism around political risk, Medicare Advantage cost pressure, and UnitedHealth's cyberattack creates attractive entry points.	ELV UNH	View
2024 Q4	Dec 31, 2024	Orbis Global Equity	-	-	CPAY, GXO, HWM, IBKR, MSFT, MSI, NVDA, QXO, RXO, V, XPO	aerospace, CEO, Concentration, payments, Quality, US, value	The fund focuses on investing alongside top 1% CEOs with meaningful ownership stakes who can drive extraordinary shareholder value creation. Examples include John Plant at Howmet Aerospace and Ron Clarke at Corpay, who have delivered exceptional long-term results through operational excellence and capital allocation discipline.	CPAY HWM	View
2025 Q3	Oct 20, 2025	RS Large Cap Val Strategy	4.5%	9.9%	ABBV, C, CI, CPAY, CRM, GOOGL, KDP, LKQ, TEVA, VLO	Fed, large cap, rates, Refiners, ROIC, small cap, tariffs, value	The team continues to believe that actively managed, value-oriented approaches should be well positioned going forward. They focus on companies with improving ROIC trading at discounts to intrinsic value. Small-cap value stocks showed impressive performance with a 12.6% return in Q3, representing an area where they see intriguing potential and attractive risk-reward tradeoff.	LKQ VLO LKQ VLO	View
2025 Q3	Oct 20, 2025	Pelican Bay Capital Management	7.8%	11.2%	CPAY, CVS, ELV, EOG, FANG, FIS, GOOGL, KNSL, MU, ODFL, ON, TOL, ULTA, UNH	AI, energy, gold, healthcare, insurance, technology, Trucking, value	Gold miners benefited from heightened investor excitement as bullion prices increased 17% in Q3. Barrick Mining jumped 60% and contributed 3.4% to portfolio returns. Despite strong gains, current stock prices still reflect an underlying gold price of $3,000-$3,400 per ounce, well below the current spot price of $4,300 per ounce.	ELV ODFL GOOG MU ELV ODFL MU	View
2025 Q3	Oct 2, 2025	Middle Coast Investing	-	-	AAPL, AER, AMZN, ATRO, AVGO, COF, CPAY, DALN, FCNCA, GOGO, GOOG, LULU, LYFT, MSFT, OMAB, PGR, PTLO, SCS, TRIP, TSM	AI, buyouts, insurance, semiconductors, technology, value	Manager discusses AI cautiously, experimenting with it for business operations and research but finding limited practical value so far. Views AI as creating a bubble environment similar to the internet bubble, with many participants admitting it's in a bubble phase. Invests selectively in AI-related companies but maintains natural skepticism.	AL US TFSL US BHF US HI US GOGO US CORP US	View
2025 Q3	Oct 14, 2025	Lyrical Asset Management	3.4%	15.7%	AAPL, AMP, CI, CNC, CPAY, EBAY, EXPE, FIS, FLEX, GOOGL, GPN, HCA, JCI, LKQ, MSFT, NRG, NVDA, TSLA, UBER, URI	earnings, growth, Outperformance, Performance, value	The portfolio maintains an uncommon combination of deep value and growth characteristics. The value spread between the portfolio and S&P 500 is historically wide at 80%, with portfolio trading at 12.2x-12.6x P/E versus S&P 500 at 22.7x. Despite value characteristics, portfolio EPS growth exceeds 10% annually, significantly outpacing S&P 500 growth of 6.4%.		View
2025 Q4	Jan 9, 2026	Middle Coast Investing	2.7%	16.9%	AAPL, ABM, AER, AMZN, APOG, ATKR, ATRO, AVGO, BHF, CCK, COF, CPAY, ECG, FG, GOGO, GOOG, HI, HNI, HURC, LULU, LYFT, MLKN, OMAB, PAGS, PGR, PTLO, SCHW, TRIP, WS	Bottom-up, Cash, Defensive, Office Furniture, risk management, value	Manager emphasizes bottom-up investing approach, looking for companies that will do better in years ahead when stocks are priced attractively. Seeks good companies at fair prices to protect against market struggles while avoiding missing big years. Primary goal is to avoid blowing up and survive through bad times. Uses rules like not buying whole positions at once, demanding 50% upside, watching leverage, and knowing when to double down. Maintains defensive portfolio positioning. Decade-long investment theme in office furniture companies including Kimball International, Steelcase, and HNI Corporation. Believes return to office theme hasn't played out but might be soon, with order growth showing improvement across major players.		View
2024 Q4	Jan 9, 2025	Torre Financial	2.4%	19.3%	AAPL, AMP, AMZN, CI, CNC, CPAY, EBAY, EXPE, FIS, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NVDA, TSLA, UBER, URI	earnings, growth, international, Performance, portfolio, value	Portfolio trades at significant discount to S&P 500 with value spread at historically wide 80%. Manager emphasizes uncommon combination of deep value and growth characteristics.		View
2025 Q4	Jan 6, 2026	Vltava Fund	0.0%	0.0%	CPAY	emerging markets, inflation, Institutional, Latin America, payments, technology, Travel	Latin America demonstrates how inflation destroys wealth and institutions over decades. Hyperinflationary environments force short-term defensive behavior, erode trust in institutions, and make long-term investment impossible. Even 2-4% annual inflation erodes significant purchasing power over a generation. Corpay represents a technology-driven solution for corporate payment automation and cross-border transactions. The business benefits from recurring revenue, high switching costs, and the ongoing digitization of business payment flows with strong cash generation potential. The region shows enormous natural resource wealth but persistent institutional failures that prevent capital accumulation. Recent political shifts toward market-oriented policies in several countries could create new investment opportunities if institutional improvements prove sustainable.	CPAY	View
2025 Q4	Jan 26, 2026	ClearBridge Mid Cap Growth Strategy	0.0%	0.0%	APG, ARE, ARGX, BSY, CHDN, CHWY, CMPO, CPAY, CWST, DKNG, DOCS, DT, EXPE, LNW, PFGC, PTC, RBLX, RESI, TDY, TYL, XPO	AI, dispersion, fundamentals, gaming, mid cap, real estate, stock selection, technology	AI-driven disruption concerns weighed on software businesses as investor sentiment weakened amid heightened sensitivity to earnings expectations. The market showed unusually concentrated focus on AI and its immediate beneficiaries throughout 2025, with limited investor attention for performance not tied to artificial intelligence. Gaming holdings provided positive contributions with Light & Wonder rebounding following technical selling pressure and Churchill Downs advancing as operating trends normalized. The gaming sector showed resilience despite broader market headwinds affecting other areas of the portfolio. Online travel platforms contributed positively with Expedia benefiting from improved execution in its consumer business and continued strength in its business-to-business segment. The travel sector demonstrated solid fundamentals amid the challenging market environment. Real estate was a significant source of pressure, particularly Alexandria Real Estate Equities which declined due to slowdown in biopharma research spending and excess laboratory capacity weighing on leasing demand and rental growth expectations. The position was exited due to ongoing uncertainty and dividend cut.	CPAY CWST ARE CHDN EXPE LNWO	View
2024 Q3	Sep 30, 2024	ClearBridge Investments Mid Cap Growth Strategy	0.0%	0.0%	APP, APTV, AVTR, CCK, CPAY, DKNG, ETSY, FIVE, FRSH, ICLR, PFGC, PINS, RARE, RRX, SBAC, SUI, THC, VST, VYX, WK	healthcare, industrials, interest rates, mid cap, Quality, technology, Value rotation	AppLovin represents one of the best examples of an AI beneficiary in the mid cap market, having already incorporated AI capabilities into its platform. This translates into more effective take rates on clients' mobile games and transactions, with mobile games representing only the tip of the iceberg of AppLovin's potential for its AI-enabled platform.		View
2024 Q2	Aug 23, 2024	Third Point Partners	3.9%	14.0%	AAP, AAPL, AIR.PA, AMZN, BBWI, CPAY, FERG, FITB, GOOGL, ICE, JPM, LEN, MA, MSCI, MTB, NVDA, TSLA, TSM, V, VST	credit, energy, Event-Driven, Exchanges, Mortgages, payments, technology, volatility	Companies continue to invest in AI infrastructure and look for applications to their businesses. Apple's recently announced Apple Intelligence suite of AI-enabled smartphone features will drive meaningful new demand within Apple's installed base. The emergence of an AI layer on iOS will increasingly augment consumers' own agencies with those of the iPhone's AI features.	ICE CPAY AAPL	View
2024 Q2	Jul 30, 2024	Meditation Capital	-	-	CABP.L, COST, CPAY, IBKR, PDD, SCHW, SNEX, WMT	Africa, Counter-positioning, disruption, payments, small caps, value	Focus on cross-border payments companies that save customers money through counter-positioned business models. Cab Payments exemplifies this with its direct banking network bypassing expensive correspondent banking systems, particularly for Africa-focused transfers.		View
2024 Q2	Jun 30, 2024	RS Large Cap Val Strategy	1.0%	13.9%	APH, CI, CPAY, CRM, GOOGL, GS, LKQ, PCAR, TEVA, TKO, VST	financials, healthcare, large cap, ROIC, value	The team focuses on investing in companies trading at deep discounts to intrinsic value with improving ROIC. They believe value-oriented approaches should be well positioned following years of low interest rates driving growth stock valuations higher.	CPAY TEVA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	RS Large Cap Val Strategy	Corpay Inc.	Information Technology	Data Processing & Outsourced Services	Bull	NYSE	Acquisitions, B2B payments, Cross-Border, Fleet Payments, founder-led, Management alignment, ROIC Improvement, value creation	View Pitch
Apr 13, 2026	Fund Letters	Third Point Partners	Corpay Inc.	Information Technology	Data Processing & Outsourced Services	Bull	NYSE	B2B payments, capital allocation, compounding, Ev-Transition, Fleet Management, Fuel Cards, high margins, Payments, Value	View Pitch
Apr 13, 2026	Fund Letters	RS Large Cap Val Strategy	Corpay Inc.	Information Technology	Data Processing & Outsourced Services	Bull	NYSE	Acquisitions, capital allocation, cash flow generation, Corporate-payments, Fleet Management, founder-led, Payments, ROIC	View Pitch
Apr 13, 2026	Fund Letters	Orbis Global Equity	Corpay Inc	Information Technology	Data Processing & Outsourced Services	Bull	NYSE	B2B Services, Expense Management, high margins, network effects, Owner operator, Payments, recurring revenue, value opportunity	View Pitch
Jan 28, 2026	Fund Letters	Brian Angerame	Corpay, Inc.	Financials	Transaction & Payment Processing Services	Bull	New York Stock Exchange	Automation, cashflow, Margins, Payments, recurring revenue	View Pitch
Jan 27, 2026	Fund Letters	Daniel Gladiš	Corpay Inc	Financials	Transaction & Payment Processing	Bull	New York Stock Exchange	cashflow, FX, Payments, Recurringrevenue, scale	View Pitch
Oct 15, 2025	Value Investors Club	JohnnyFinance	Corpay Inc.	Information Technology	IT Services / B2B Payments & Cross-Border FX	Bull	NYSE	B2B payments, Cross-border FX, Inflation beneficiary, Multiple rerating, Share Buybacks, Stablecoin optionality	View Pitch

BSD Shareholders of CPAY

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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