CTLP

CTLP

CTLP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 3, 2025	Frank Value Fund	-	8.4%	CTLP, NRG, VST	AI, catalysts, Electricity, Independent Power Producers, mid cap, spinoffs, value	IPPs led performance reversal after tariff tantrum, with both fund holdings ranking in top S&P 500 performers YTD. NRG Energy completed transformative acquisition adding Northeast and Texas generation assets, with seller taking $2.8B in NRG stock showing confidence in electricity demand dynamics. Companies guiding strong growth driven by AI datacenter buildouts from hyperscaler technology companies.	CTLP VST NRG CTLP VST NRG	View
2025 Q2	Jul 25, 2025	Third Avenue Small-Cap Value Fund	6.5%	-	ABCB, ALG, BATRK, BXC, CTLP, ECPG, FRPH, HBB, IBTX, KALU, LXU, MYR, OCFC, PB, PRA, SAGE, SBSI, SUPN, UMBF, VC	Balance Sheet, Financial Strength, M&A, Resource Conversion, small cap, value	U.S. small-cap companies present once-in-a-generation attractive opportunities relative to the broader equity market after lengthy underperformance. Higher volatility in small-caps increases probability of significant mispricing, creating opportunities for active managers. The investment universe offers particularly high volume of merger and acquisition activity with low impediments to transactions.	VC CTLP SUPN CTLP	View
2025 Q2	Jul 21, 2025	Laughing Water Capital	13.1%	-	CDMO, CLAR, CTLP, GFL, HUBS, LFCR, NN, PAR, PLYA, SES.TO, THRY, VTY.L, WCN	Biotech, Buybacks, Canada, Oil Services, small caps, value, Waste management	SECURE Waste Infrastructure represents a transformation from cyclical oil services to recurring waste management with 80% of cash flows now recurring versus 60% previously cyclical. The company benefits from regulatory moats, geographic advantages, and stable demand from Western Canadian oil production. Management is aggressively repurchasing shares at attractive valuations.	VTY.L PAR NN LFCR SES.TO CLAR THRY VTY LN PAR NN LFCR SES CN CLAR	View
2025 Q1	Apr 24, 2025	Laughing Water Capital	-13.0%	-13.0%	CTLP, HGV, LFCR, NN, PAR, PLYA, THRY, VTY.L, XPOF	Biotechnology, Buybacks, Resilience, small caps, software, Spectrum, tariffs, value	Manager discusses Trump administration's tariff plans and their potential economic impact, noting uncertainty around implementation and suggesting much may be posturing. Believes Trump will likely declare victory on tariffs with minimal actual changes to avoid losing midterm elections.	PAR VTY.L NN LFCR CDMO XPOF	View
2025 Q3	Oct 21, 2025	Third Avenue Small-Cap Value Fund	7.2%	-	ABAC, BATRK, BCC, BXC, COLL, CTAS, CTLP, ECPG, FRPH, HBB, HFWA, ITIC, KALU, LXU, MYRG, PB, PRA, ROG, SD, SUPN, TDW, UMBF, UNF, VSTO	Building Materials, financials, healthcare, industrials, Pharmaceuticals, small caps, technology, value	The fund focuses on buying companies trading at discounts to conservative estimates of net asset value, with shares not reflective of potential for business improvement or value creation. The investment approach emphasizes businesses well-financed and trading below intrinsic value with identifiable value creation levers.	ROG BOISE AMBC AMBC	View
2024 Q2	Jul 17, 2022	Laughing Water Capital	2.5%	11.1%	APG, CDMO, CTLP, ERIC, HALO, HGV, LFCR, LMB, NN, THRY, VTY.L, XPOF	Biotechnology, contrarian, Franchising, momentum, quantitative, small caps, value	Manager focuses on contrarian investing in businesses trading at single digit multiples of free cash flow, believing good businesses led by incentivized people will not trade at these levels forever. The strategy targets hidden corners of the market with optical, operational, or structural problems that are likely temporary.	XPOF CTLP	View
2024 Q4	Jan 16, 2025	Laughing Water Capital	18.6%	39.5%	CDMO, CTLP, HUBS, LFCR, NN, PAR, THRY, TTAN, VTY.L, VZ	Biotech, Concentration, small caps, software, Spectrum, technology, value	NextNav represents a next-generation GPS and wireless spectrum investment with significant upside potential. The company is awaiting FCC approval for its petition to update 900 MHz spectrum band rules, which would enable terrestrial GPS and 5G spectrum creation. Recent valuation markers suggest the spectrum could be worth approximately $40 per share if approved.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Frank Value Fund	Cantaloupe Inc	Information Technology	Application Software	Bull	NASDAQ	All-cash Transaction, Catalyst, mid-cap, Payments, small-cap, Software, take-private, Takeover Premium, Unattended Retail	View Pitch
Apr 13, 2026	Fund Letters	Third Avenue Small-Cap Value Fund	Cantaloupe Inc.	Information Technology	Data Processing & Outsourced Services	Bull	NASDAQ	Automation, consolidation, customer retention, Micro Markets, payment processing, private equity, Resource Conversion, SaaS, Telematic Patents, Unattended Retail, Vending	View Pitch
Apr 13, 2026	Fund Letters	Laughing Water Capital	Cantaloupe Inc.	Information Technology	Application Software	Bull	NASDAQ	EBITDA growth, operating leverage, Payments, recurring revenue, Self-Service Retail, Software, Technology Solutions, Value, Vending	View Pitch
Jan 8, 2026	Fund Letters	Vic Cunningham	Cantaloupe, Inc.	Information Technology	Data Processing & Outsourced Services	Bull	NASDAQ	Automation, consolidation, Payments, premium, Privatization, Spreads, Transactions	View Pitch
Dec 6, 2025	Fund Letters	Brian Frank	Cantaloupe Inc.	Information Technology	Software - Infrastructure	Bull	NASDAQ	acquisition, Payments, Privatization, Recurringrevenue, Vending	View Pitch

BSD Shareholders of CTLP

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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