DAR

DAR

DAR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 10, 2024	Aristotle Atlantic Core Equity Strategy	3.1%	21.7%	ABT, ACN, APH, BSX, DAR, GOOG, MCHP, NSC, NVDA, TFX	-			View
2024 Q2	Jul 10, 2024	Aristotle Core Equity Fund	2.9%	21.3%	ABT, ACN, APH, BSX, DAR, GOOG, MCHP, NSC, NVDA, TFX	-			View
2024 Q1	Apr 15, 2024	Aristotle Core Equity Fund	2.9%	21.3%	AAPL, DAR, NVDA, ZTS	-			View
2024 Q1	Apr 15, 2024	Aristotle Atlantic Core Equity Strategy	3.1%	21.7%	AAPL, DAR, NVDA, ZTS	-			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
2024 Q4	Dec 31, 2024	Riverwater Sustainable Value Strategy	-	-	ATKR, COOP, CPRI, DAR, EVR, EXEL, IDCC, MOD, NCMI	-			View
2025 Q3	Nov 16, 2025	Aristotle Atlantic Core Equity Strategy	7.1%	15.1%	ADPT, AR, BDX, BKR, CEG, DAR, DXCM, HAL, NOW, ORCL	earnings, policy, tariffs, technology, Trade	The letter highlights tariff-driven volatility as a defining macro theme influencing U.S. growth, trade flows and sector earnings. Policy uncertainty has created dispersion across industries, while resilient corporate earningsparticularly in technologydemonstrate adaptability amid shifting trade dynamics. The manager emphasizes investing in companies with structural growth tailwinds, strong balance sheets and product-driven cycles that can endure policy shocks.	BDX BKR CEG DXCM ADPT ORCL AR DAR	View
2025 Q3	Oct 30, 2025	SouthernSun Small Cap	-	8.3%	BCO, CXT, DAR, MOD, SCL	active management, Capital Allocation, industrials, Recurring Revenue, Value Investing	SouthernSun emphasized patience and valuation discipline amid divergent market conditions. The letter highlighted industrial and manufacturing opportunities, active managements importance, and disciplined capital allocation across niche-dominant businesses. The fund remains focused on recurring revenue models, financial flexibility, and long-term compounding as volatility resurfaces.	CXT SCL DAR MOD BCO CXT SCL DAR MOD BCO	View
2025 Q3	Oct 30, 2025	SouthernSun SMID Cap	-	8.7%	BCO, CXT, DAR, MOD, WSO	Artificial Intelligence, cash flow, industrials, Quality, Value Investing	The firm underscored resilience amid cyclical shifts, citing Modine Manufacturings AI datacenter cooling exposure and Brinks strong recurring revenue. While AI investment continues to expand, SouthernSun maintains its emphasis on valuation discipline and balance sheet strength. Management noted that lower-quality speculative stocks drove near-term rallies but reiterated their conviction in durable, niche-dominant companies.	CXT WSO DAR BCO MOD CXT WSO DAR BCO MOD	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
2025 Q4	Jan 30, 2026	BBH Select Series – Mid Cap Fund	-3.9%	-5.6%	ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA	AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value	AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations.	GWRE FOUR KEYS DAR	View
2023 Q3	Sep 30, 2023	SouthernSun Small Cap	10.6%	13.5%	DAR, DY, MUSA, SAM	-			View
2023 Q3	Sep 30, 2023	SouthernSun SMID Cap	8.8%	13.9%	DAR, DY, MUSA, SAM	-			View
2022 Q3	Sep 30, 2022	Aristotle Core Equity Fund	2.9%	21.3%	BALL, CMCSA, CTLT, DAR, HAL	-			View
2024 Q2	Jul 31, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	ALTM, DAR, DECK, FN, IAC, MTZ, SFBS, SFM, SNX, VSH	-			View
2024 Q2	Jul 20, 2024	SouthernSun SMID Cap	8.8%	13.9%	BOOT, DAR, DY, USPH	-			View
2024 Q2	Jul 20, 2024	SouthernSun Small Cap	10.6%	13.5%	BOOT, DAR, DY, USPH	-			View
2024 Q1	May 4, 2024	AMG Yacktman Fund	7.5%	7.5%	BOL FP, CNQ, DAR, EAF, EMBC, FANG, K, UHAL	-			View
2023 Q1	Apr 30, 2023	SouthernSun SMID Cap	8.8%	13.9%	BCO, CLH, CR, DAR, LPX, WRK, WSO	-			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	Darling Ingredients Inc.	Industrials	Agricultural Products & Services	Bull	New York Stock Exchange	cash flow, Cyclical Recovery, Margin Inflection, regulatory support, Renewable diesel, vertical integration	View Pitch
Feb 27, 2026	Fund Letters	Michael Cook	Darling Ingredients Inc.	Consumer Staples	Food Products	Bull	New York Stock Exchange	cash flow, Cyclical Recovery, Regulation, Renewable diesel, Sustainability, vertical integration	View Pitch
Feb 4, 2026	Fund Letters	Tim Harris	Darling Ingredients Inc.	Consumer Staples	Agricultural Products	Bull	New York Stock Exchange	Animal-Byproducts, Free Cash Flow, Rendering, Renewable diesel, Sustainability	View Pitch
Nov 29, 2025	Fund Letters	Michael Cook	Darling Ingredients Inc.	Consumer Staples	Renewable Fuels & Specialty Chemicals	Bear	NYSE	Feedstock, Food waste, Free Cash Flow, Margin recovery, Regulation, Renewable fuels	View Pitch
Nov 29, 2025	Fund Letters	Michael Cook	Darling Ingredients Inc.	Consumer Staples	Renewable Fuels	Bull	NYSE	cash flow, Feedstock, Fuels, Margin recovery, Regulatory, renewables, vertical integration	View Pitch
Nov 29, 2025	Fund Letters	Owen Fitzpatrick, Thomas Hynes, Jr, Brendan O’Neill	Darling Ingredients Inc.	Consumer Staples	Packaged Foods & Ingredients	Bear	NYSE	Biofuels, Margins, Regulation, Renewable diesel, Sentiment	View Pitch
Nov 28, 2025	Fund Letters	Michael Cook	Darling Ingredients Inc.	Consumer Staples	Renewable Fuels & Specialty Chemicals	Bear	NYSE	Feedstock, Food waste, Free Cash Flow, Margin recovery, Regulation, Renewable fuels	View Pitch
Nov 28, 2025	Fund Letters	Michael Cook	Darling Ingredients Inc.	Consumer Staples	Renewable Fuels	Bull	NYSE	cash flow, Feedstock, Fuels, Margin recovery, Regulatory, renewables, vertical integration	View Pitch

BSD Shareholders of DAR

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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