CXT

CXT

CXT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jun 30, 2024	Orbis Global Equity	-	-	AAPL, AMZN, CXT, GOOGL, KO, META, MSFT, NVDA, TSLA, WFC	Advertising, AI, Buybacks, large cap, technology, value	Google has successfully embedded AI into its search generative experience, with search engagement up, profit margins up, and cost to serve AI queries down 80%. The company has strong AI engineering talent, access to cutting-edge chips, and vast data sets for training models.	GOOGL	View
2025 Q4	Feb 25, 2026	SouthernSun Small Cap	2.6%	5.4%	AEIS, BOOT, CSW, CXT, DAR, DORM, DY, EXTR, KAI, LPX, TKR, USPH	AI, energy, fundamentals, risk, small caps, valuation, value	Manager draws extensive parallels between today's AI-driven market environment and the 2014-15 oil collapse, warning that AI has become a macroeconomic assumption embedded in capital expenditure plans and valuation models. AI infrastructure faces energy constraints with data centers becoming massive electricity consumers, while rising power costs and grid limitations challenge assumptions of frictionless scalability. Markets may be conflating transformational potential with near-term certainty, creating valuation risk similar to past cycles. Energy plays a central role in the manager's analysis, both as a historical lesson from 2014-15 oil collapse and as a current constraint on AI infrastructure. Data centers have become massive electricity consumers with economics highly sensitive to power pricing and grid reliability. Rising electricity prices in data-center-heavy regions and utility challenges in expanding capacity create physical constraints that complicate AI scalability assumptions. The portfolio focuses on small-cap businesses that are performing well fundamentally with strong balance sheets, resilient cash flows, and improved competitive positions. The manager emphasizes owning businesses that can compound value over time rather than speculation, though acknowledges markets don't always reward fundamentals on a linear schedule. Portfolio positioning reflects discipline in finding mispriced companies relative to long-term intrinsic value.	TKR DY DORM KAI CSW DAR AEIS	View
2025 Q4	Feb 25, 2026	SouthernSun SMID Cap	-3.9%	4.5%	APG, BOOT, CXT, DAR, DY, EXTR, FND, GNRC, LOB, MUSA, OSK, TKR, TREX, WSO	AI, energy, infrastructure, Late-cycle, SMID Cap, valuation, value	Artificial intelligence occupies a central role in shaping market expectations and has become a macroeconomic assumption embedded in capital expenditure plans and valuation models. The manager draws parallels between today's AI environment and the 2014-15 oil collapse, noting that AI infrastructure is profoundly energy-intensive and faces physical constraints including rising electricity prices and grid capacity challenges. Energy plays a critical role in AI infrastructure economics, with data centers becoming major electricity consumers. Rising power costs compress margins while grid constraints and regulatory scrutiny influence deployment timelines. The manager emphasizes that unlike software-driven growth, AI compute cannot be scaled independently of physical energy reality. Many AI-exposed companies trade at multiples assuming near-flawless execution, creating valuation risk despite current profitability. The manager notes that when confidence is high, markets forgive delays and cost overruns, but when confidence wanes, these factors can catalyze abrupt repricing. Late-cycle environments show conviction persisting even as marginal buyers grow cautious.	TREX TKR DY EXTR LOB OSK GNRC CXT APG DAR	View
2025 Q3	Oct 30, 2025	SouthernSun Small Cap	-	8.3%	AEIS, BCO, CXT, DAR, DORM, EPAC, MOD, MSA, MUSA, NGVT, SCL	active management, industrials, materials, Quality, small caps, value	SouthernSun focuses exclusively on small-cap securities defined as equity securities with market capitalizations within the range of the Russell 2000 Index. The manager emphasizes that divergence in small and mid-sized market segments creates opportunities for active discovery when new entrants come to the public stage.	CXT SCL DAR MOD BCO CXT SCL DAR MOD BCO	View
2025 Q3	Oct 30, 2025	SouthernSun SMID Cap	-	8.7%	BCO, CXT, DAR, FND, GNRC, MOD, MUSA, NGVT, SEIC, VMI, WSO	active management, fundamentals, Quality, SMID Cap, Stewardship, value	SouthernSun emphasizes the enduring value of active management in an increasingly passive world, arguing that active investing restores balance by engaging directly with management, questioning assumptions, and allocating capital purposefully rather than automatically. They view active management as essential stewardship that combines analytical rigor with human judgment.	CXT WSO DAR BCO MOD CXT WSO DAR BCO MOD	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 27, 2026	Fund Letters	Michael Cook	Crane NXT Co.	Industrials	Electronic Equipment & Instruments	Bull	New York Stock Exchange	acquisition, Authentication, Free Cash Flow, Margin Resilience, Payment Innovation, Traceability	View Pitch
Nov 29, 2025	Fund Letters	Michael Cook	Crane NXT Co.	Industrials	Security & Authentication Technologies	Bull	NYSE	Authentication, Digital security, M&A, Payments, recurring revenue, spin-off	View Pitch
Nov 29, 2025	Fund Letters	Michael Cook	Crane NXT Co.	Industrials	Electronic Equipment & Instruments	Bull	NYSE	Authentication, Brand protection, cash flow, Ip, M&A, Margins, Payment systems, Security	View Pitch
Nov 28, 2025	Fund Letters	Michael Cook	Crane NXT Co.	Industrials	Security & Authentication Technologies	Bull	NYSE	Authentication, Digital security, M&A, Payments, recurring revenue, spin-off	View Pitch
Nov 28, 2025	Fund Letters	Michael Cook	Crane NXT Co.	Industrials	Electronic Equipment & Instruments	Bull	NYSE	Authentication, Brand protection, cash flow, Ip, M&A, Margins, Payment systems, Security	View Pitch

BSD Shareholders of CXT

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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