DFIN

DFIN

DFIN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	Apr 25, 2025	O’Keefe Stevens Advisory, Inc	-	-	BGC, BKRIF, BMWKY, CMP, DFIN, FPH, MBGYY, NVDA, QCOM, ROKU	Autos, Buybacks, earnings, risk management, value, volatility	The manager extensively discusses heightened market volatility, noting that earnings reactions have significantly exceeded historical norms. Stocks beating expectations outperformed by 248bps vs historical 148bps, while misses underperformed by 362bps vs historical 245bps. The implied versus realized volatility relationship has reversed since Q1 2021, with realized volatility occasionally surpassing implied volatility.	CMP MBGYY BMWKY FPH DFIN	View
2023 Q3	Nov 10, 2023	Distillate Capital Small/Mid Cap Quality & Value	0.0%	5.6%	AAPL, AMGN, AMZN, DFIN, GOOGL, HCC, HT, META, MSFT, NVDA, QCOM, TSLA	consumer spending, interest rates, Market Concentration, small caps, technology, valuation	Manager discusses AI as being in early stages despite decades of existence. Notes current valuation of NVDA implies maintaining dominant market position for foreseeable future. Acknowledges AI growth potential while expressing concern about excessive optimism in valuations.	5HT.SI AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2023 Q3	Oct 26, 2023	O’Keefe Stevens Advisory, Inc	0.0%	0.0%	AAPL, AMGN, AMZN, DFIN, GOOGL, HCC, HT, META, MSFT, NVDA, QCOM, TSLA	AI, Portfolio Management, rates, real estate, semiconductors, small caps, technology, value	Manager discusses AI as being in early stages despite decades of existence. Notes current valuation of NVDA implies maintaining dominant market position for foreseeable future. Acknowledges AI growth potential while expressing concern about excessive optimism in valuations.	5HT.SI AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2025 Q4	Jan 18, 2026	Rewey Asset Management	3.6%	13.1%	BR, CADE, DFIN, HOLX, LAKE, MEC	AI, Gdp, inflation, rates, small caps, technology, value	Manager believes small cap value sector remains attractively valued and neglected by investors. Small cap outperformance in 4Q25 viewed as early sign of portfolio rebalancing away from large-cap indices. Expects continued momentum into 2026 driven by strong GDP environment and lower Fed rates. AI adoption creating productivity gains but also sustained negative headwind for labor market as companies choose not to backfill roles. While positive for earnings through cost savings, AI-driven job weakness could force Fed to cut rates further. Large-cap tech AI valuations questioned by investors. Fed cuts of 175 bps over last 15 months expected to re-spark growth in financing-dependent cyclical industries. Weak job growth and dual mandate may force Fed to cut rates more than preferred. Lower rates viewed as positive catalyst for small cap sector. Extreme valuation differentials between large and small caps create opportunity. S&P 500 trades at 23.56x 2026 PE while Russell 2500 Value at 15.69x and Russell 2000 Value at 14.11x. Manager focuses on financially strong companies at attractive valuations with 2-3 year value creation plans.	DFIN LAKE MEC	View
2025 Q1	Mar 31, 2025	Distillate Capital Fundamental Stability & Value	-1.0%	-1.0%	BGC, BKRIF, BMWKY, CMP, DFIN, FPH, MBGYY, NVDA, QCOM, ROKU	Autos, Buybacks, earnings, real estate, value, volatility	Market volatility has significantly increased with earnings reactions exceeding historical norms. Stocks beating expectations outperformed by 248bps vs historical 148bps, while misses underperformed by 362bps vs historical 245bps. Realized volatility now occasionally surpasses implied volatility, indicating markets may be underpricing risk.	CMP MBGYY BMWKY FPH DFIN	View
2024 Q4	Jan 27, 2025	O’Keefe Stevens Advisory, Inc	-	-	AER, BGC, BKRIF, BYON, DFIN, EAF, FNMA, FNMAS, FPH, GLW, ICLTF, NVDA, QCOM, WBD	AI, Capital markets, E-Commerce, real estate, small caps, technology, value	Nvidia continues to face strong product demand that significantly outpaces supply, with competitive advantages widening through advanced GPU and data center infrastructure launches. The Blackwell GPU architecture introduced B100 and B200 data center accelerators with substantial performance gains for AI workloads, featuring enhanced tensor cores and memory bandwidth for faster AI model training and inference.	DFIN BYON	View
2023 Q4	Jan 24, 2024	O’Keefe Stevens Advisory, Inc	0.0%	0.0%	AER, AMGN, BGC, DFIN, EAF, FPH, HCC, ICLTF, LAZ, LIVE, LL, NVDA, QCOM, TSLA	AI, commodities, Concentration, Predictions, small caps, technology, value	AI became mainstream in 2023 with Nvidia appreciating over 200% as the fund's largest position. The manager notes AI's significant impact on technology sector performance despite cautious analyst commentaries.	EAF AER FPH	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Distillate Capital Fundamental Stability & Value	Donnelley Financial Solutions	Commercial & Professional Services	Commercial Printing	Bull	NYSE	Capital markets, contrarian, Earnings miss, financial technology, mispricing, recurring revenue, software solutions, Value	View Pitch
Apr 13, 2026	Fund Letters	O'Keefe Stevens Advisory, Inc	Donnelley Financial Solutions	Commercial & Professional Services	Commercial Printing	Bull	NYSE	Capital markets, Digital transformation, Earnings miss, financial services, mispricing, recurring revenue, software solutions	View Pitch
Apr 13, 2026	Fund Letters	O'Keefe Stevens Advisory, Inc	Donnelley Financial Solutions	Industrials	Commercial Services & Supplies	Bull	NYSE	B2B software, Compliance software, financial technology, IPO support, M&A services, market leader, recurring revenue, Regulatory solutions, SaaS transformation, SEC filings	View Pitch
Jan 21, 2026	Fund Letters	Chip Rewey	Donnelley Financial Solutions, Inc.	Information Technology	Financial Software	Bull	New York Stock Exchange	Capital markets, financial software, Free Cash Flow, SaaS Transition, Share Buybacks	View Pitch
Nov 27, 2025	Value Investors Club	GoBills42	Donnelley Financial Solutions	Information Technology	Data Processing & Outsourced Services	Bear	NYSE	Donnelley, DFIN, Regulatory filings, Churn, Compliance software, IPO filings,Short thesis	View Pitch

BSD Shareholders of DFIN

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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