CUBE

CUBE

CUBE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q4	Dec 31, 2024	Diamond Hill Mid Cap	-2.4%	10.6%	ALK, ARW, ASH, CIEN, CUBE, FCX, FWONA, ICON, INFA, JLL, LPLA, NVR, OZK, RRR, SOLV, TDY, TFX, WBS, WCC	Data centers, healthcare, Intrinsic Value, mid cap, Trade Policy, value	Trade policy uncertainty has fueled a rise in the US dollar and is roiling local politics globally. Fears and speculation around which countries will be primary tariff targets sparked market shifts in Q4. Trade uncertainty is affecting emerging markets currencies and prompting fiscal reckonings in countries like Brazil.		View
2024 Q4	Dec 31, 2024	Diamond Hill Small-Mid Cap Strategy	-0.8%	8.3%	ALGT, ARW, ASH, BOKF, CIEN, CUBE, FTRE, GTES, HII, ICLR, INFA, JLL, NVR, REXR, RRR, SOLV, TDY, TFX, WBS, WCC	financials, healthcare, industrials, real estate, small cap, technology, value	WESCO is benefiting from strong demand in its data center business, representing a key growth driver for the industrial distributor. The company's scale advantage positions it well to capture share in this expanding market.		View
2023 Q3	Oct 17, 2023	Warden Capital	0.0%	9.1%	CUBE, MAA, MAC, PLD, TGT	Cap Rates, Commercial Property, inflation, interest rates, Office, real estate, REITs, retail	The manager discusses the interplay between fundamental performance and interest rates across CRE sectors. Higher rates are impacting all sectors, but higher yielding sectors should see less impact. Quality assets are expected to revert towards replacement values over the long term.		View
2025 Q4	Jan 27, 2026	Diamond Hill Mid Cap	3.7%	13.5%	CHKP, CIEN, CIVI, CUBE, GIS, HII, LEA, POST, VRSN, WCC, WIX, WLK, ZTS	AI, defense, healthcare, industrials, materials, mid cap, technology, value	AI-related spending continued to be a primary driver in equity markets throughout 2025, with many top-performing portfolio positions benefiting from ongoing AI-spending buildout across industrials, materials and information technology. However, the managers note increased investor scrutiny around AI developments and market bubble discussions in December. Data center business growth was a significant driver for portfolio holdings, with WESCO International's data center business reaching nearly 20% of total revenue and driving better-than-expected organic growth. The theme reflects the ongoing infrastructure buildout supporting AI and cloud computing demand. Defense spending opportunities emerged through Huntington Ingalls Industries, which benefited from strong Navy shipbuilding demand, new frigate contract awards, and discussion of potential Trump-class battleship opportunities. The company showed improving execution as labor challenges eased.		View
2025 Q4	Jan 27, 2026	Diamond Hill Small-Mid Cap Strategy	1.2%	8.5%	AMH, ARE, BAH, CCS, CIEN, CUBE, GIS, GTES, HII, HLIO, IAC, LEA, PRGO, SBAC, UDR, WCC, WIX, WLK, WNS	defense, healthcare, industrials, mid cap, real estate, small cap, technology, value	The portfolio faced headwinds from AI-driven market exuberance creating momentum-driven rallies favoring lower-quality businesses. However, some holdings like Ciena benefited from hyperscaler and AI-related demand optimism. The managers express caution about AI bubble concerns emerging in December. WESCO International's data center business reached nearly 20% of total revenue and drove better-than-expected organic growth. The rapid expansion of this segment was a key contributor to the company's outperformance during the quarter. Huntington Ingalls Industries benefited from strong execution, new frigate contract awards, and discussion of a potential Trump-class battleship. Booz Allen Hamilton faced pressure from Department of Government Efficiency initiatives but remains well-positioned given differentiated technology capabilities and sustained government demand. The portfolio includes exposure to various real estate segments including self-storage (CubeSmart facing occupancy pressures), wireless tower infrastructure (SBA Communications), life sciences real estate (Alexandria Real Estate), and single-family rentals (Invitation Homes). The sector faces headwinds from higher interest rates and housing market challenges.	INVH ARE BAH SBAC CUBE GTES HII WCC CIEN ZTS HII	View
2024 Q3	Sep 30, 2024	Diamond Hill Mid Cap	8.3%	13.3%	ALGT, ASH, BOKF, CIEN, CIVI, CTRA, CUBE, DEI, HII, HUM, LANC, NVR, PH, RRX	defense, energy, industrials, interest rates, mid cap, real estate, value	Initiated position in Huntington Ingalls Industries, a critical supplier to the US Navy and provider of technology solutions to the Department of Defense. As the sole provider of aircraft carriers and one of only two suppliers of nuclear submarines, HII is well-positioned to meet Department of Defense needs for potential Pacific conflict preparation. The company has high visibility into strong demand over the next 5 to 10 years due to the long-cycle nature of its products.	HII	View
2024 Q3	Sep 30, 2024	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	ASH, BBWI, CALM, CIVI, COOP, CTRA, CUBE, DEI, FTRE, HII, HLIO, LANC, LOB, NVR, RRX, WWW	defense, energy, Homebuilders, rates, small caps, value	Huntington Ingalls Industries is positioned as a critical supplier to the US Navy and Department of Defense, with high visibility into strong demand over the next 5 to 10 years given the long-cycle nature of defense products and preparation for potential Pacific conflict.		View
2023 Q1	Mar 31, 2023	Diamond Hill Mid Cap	8.3%	13.3%	AIG, ALL, ARW, BKU, CUBE, DIS, ESAB, ESGR, FIS, FRC, NVR, OZK, RRR, SF, SIVB, SJI, WBS, WCC	Banking, financials, mid cap, rates, value	Banking sector faced significant stress with SVB and First Republic failures, driven by rapid deposit outflows and unrealized losses on securities portfolios. Manager maintains conviction in remaining regional bank holdings despite sector-wide concerns.	DFISX AAPL\|MSFT\|NFLX\|NVDA\|UNH ALL ARW CNVRG PM AEO\|ASH\|ASUR\|AZZ\|DCO\|FA\|FBIN\|GHM\|LEU\|NSP\|RRR\|UTZ CUBE ESAB WESCO	View
2023 Q1	Mar 31, 2023	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	AAP, ADM, AIG, ALGT, ALK, ALL, ARW, ASH, BHF, BKU, BOKF, BR, BRBR, BRO, BSX, BWA, CALM, CHKP, CIEN, CIVI, COOP, CTRA, CTSH, CUBE, DEI, ENOV, ERII, ESAB, ESGR, FA, FCX, FIBK, FIS, FWONA, GTES, HBI, HIG, ITGR, JLL, KEX, KMX, L, LANC, LOB, MTN, NVR, NXPI, OZK, PH, POST, PRG, RHP, RNR, RRR, RRX, RYN, SANM, SF, SRCL, SSNC, ST, UDR, UGI, VFC, WBS, WCC, WNS, WTW, WWW, WY	financials, industrials, mid cap, small cap, value			View
2023 Q4	Jan 2, 2024	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	BRBR, CIVI, CTRA, CUBE, ERII, FBIN, FHN, FIBK, GDDY, HBI, LOB, NSP, NVST, RRR, SXT, WBS, WCC, WNS	energy, financials, mid cap, real estate, Regional Banks, small cap, technology, value	Regional banks performed well in Q4 as investors interpreted Fed signals as indicating an end to rate hikes and potential pivot to cuts in 2024. The fund initiated a position in First Horizon Corporation, capitalizing on the failed merger with Toronto Dominion, and holds Live Oak Bancshares and Webster Financial which both contributed positively to performance.		View
2023 Q4	Jan 2, 2024	Diamond Hill Mid Cap	8.3%	13.3%	BRBR, BWA, CIEN, CTRA, CUBE, FBIN, GDDY, HBI, NSP, NVST, PH, RRR, ST, VFC, WBS, WCC	Automotive, energy, financials, industrials, mid cap, real estate, technology, value	Real estate was the top performing sector in Q4, rising 17% alongside growing consensus that the Federal Reserve is done raising rates. REITs broadly rallied as long-term interest rates rapidly declined. Self-storage REIT CubeSmart benefited as storage rents showed signs of bottoming.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 27, 2026	Fund Letters	Diamond Hill Mid Cap	CubeSmart	Real Estate	Specialized REITs	Bull	NYSE	defensive, Real Estate, recurring revenue, REIT, Self-storage, steady growth, Storage	View Pitch
Jan 29, 2026	Fund Letters	Chris Welch	CubeSmart	Real Estate	Self-Storage REIT	Bear	New York Stock Exchange	Housing, Occupancy, REITs, scale, Self-storage	View Pitch
Jan 25, 2026	Seeking Alpha	Seeking Alpha	CubeSmart	Real Estate	Self-Storage REIT	Bull	New York Stock Exchange	AI revolution, CubeSmart, dividend yield, growth prospects, investment opportunity, market stabilization, property portfolio, REIT, Self-storage, valuation	View Pitch

BSD Shareholders of CUBE

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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