DORM

DORM

DORM

Market Cap: $3.92B

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2022 Q3	Sep 30, 2022	SouthernSun Small Cap	-0.7%	-	BCO, BDC, CLH, DAR, DORM, EPAC, MUSA, SCL, TKR, UNVR	Balance Sheet, energy, inflation, innovation, small cap, Supply Chain, technology, value		BCO DORM DAR MUSA	View
2023 Q2	Jun 30, 2023	SouthernSun Small Cap	7.7%	-	AGCO, BOOT, DAR, DORM, DY, MUSA, NGVT, SAM, SCL, THO, TSCO, UNVR, USPH	Auto Parts, Chemicals, healthcare, retail, small cap, Telecommunications, value		BOOT DORM NGVT USPH DY	View
2022 Q2	Jun 30, 2022	SouthernSun Small Cap	-7.5%	-	AGCO, COOK, CR, DAR, DORM, KOP, MGPI, MUSA, SAFM, SAM, SCL, UNVR	Balance Sheets, consumer, Industrial, inflation, Quality, small cap, value		SAM AGCO DAR DORM MGPI	View
2026 Q1	Mar 31, 2026	FPA Queens Road Small Cap Value Fund	6.1%	6.1%	CNXC, DECK, DORM, ECG, FAF, FN, GPK, LFUS, PLUS, QRVO, REVG, RLI, SFM, SKWS, SNX, UPBD, VSEC	long-term, Quality, rebalancing, small caps, value		RLI SFM LFUS SNX FN DORM FAF	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
2024 Q4	Dec 31, 2024	SouthernSun Small Cap	-7.7%	4.7%	AEIS, AWI, BCO, DORM, LOB, MGPI, NGVT, OXM, PII, SAM, TKR, USPH	Cyclical, Patience, positioning, Research, small cap, value	Dorman Products represents a leading position in automotive aftermarket parts with unique first-to-aftermarket capabilities. The company has invested heavily in developing proprietary software to break down OE part codes and create matching functionality for complex electronic components.		View
2022 Q4	Dec 31, 2022	SouthernSun Small Cap	10.9%	-1.0%	AGCO, AWI, CR, DAR, DORM, EPAC, LOB, MGPI, TKR, UNVR	active management, Banking, Chemicals, Industrial, Quality, small caps, Transformation, value		LOB DAR AWI UNVR EPAC	View
2021 Q4	Dec 31, 2021	SouthernSun Small Cap	7.8%	22.5%	AEGN, AGCO, CCMP, DAR, DORM, DY, ENTG, EPAC, HRC, MGPI, PII, SAFM, STAY, THO, TMX, UNVR	consumer, Industrial, infrastructure, M&A, semiconductors, small cap, value		PII THO DY CCMP	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
2024 Q3	Sep 30, 2024	SouthernSun Small Cap	10.6%	13.5%	AGCO, BDC, BOOT, DORM, LOB, LPX, NGVT, SAM, SCL, USPH	Agriculture, AI, infrastructure, Onshoring, Resilience, small cap, technology, value	Global infrastructure market expected to grow at 7.2% CAGR from 2024-2030, driven by public and private sector investments in modernization and sustainability. Geopolitical shifts encouraging re-shoring, onshoring, and near-shoring require substantial infrastructure investment. Governments worldwide seek to bolster economic resilience through infrastructure spending.	NGVT USPH BOOT LPX	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jun 15, 2026	Fund Letters	SouthernSun Small Cap	Dorman Products, Inc.	Auto Parts	Automotive Retail	Bull	NASDAQ	Automotive Aftermarket, Freight Costs, Heavy-Duty, Replacement Parts, Research development, SuperATV Acquisition, Vehicle Parc	View Pitch
Jun 15, 2026	Fund Letters	SouthernSun Small Cap	Dorman Products, Inc.	Auto Parts	Distributors	Bull	NASDAQ	Automotive Aftermarket, Defensive Industry, M&A Diversification, Powersports, product innovation, Replacement Parts, supply chain	View Pitch
Jun 15, 2026	Fund Letters	SouthernSun Small Cap	Dorman Products, Inc.	Auto Parts	Automotive Retail	Bull	NASDAQ	acquisition integration, Automotive Aftermarket, capital allocation, countercyclical, low leverage, Pricing power, Replacement Parts	View Pitch
May 7, 2026	Fund Letters	FPA Queens Road Small Cap Value Fund	Dorman Products	Auto Parts	Auto Components	Bull	NASDAQ	Aftermarket Auto Parts, defensive, High Returns on Capital, Non-cyclical, Quality Growth, Share Buybacks, tariff impact	View Pitch
Feb 27, 2026	Fund Letters	Michael Cook	Dorman Products, Inc.	Consumer Discretionary	Automotive Parts & Equipment	Bull	NASDAQ	aftermarket, Execution, Margins, Mix, Pricing, Vehicle Fleet	View Pitch

BSD Shareholders of DORM

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
Ray Dalio	Bridgewater Associates	$27.4B	$1.9M	0.01%	15,306	+11,190	+271.87%	0.0481%
Israel Englander	Millennium Management LLC	$233.2B	$6.2M	0.00%	50,420	-48,485	-49.02%	0.1585%
Murray Stahl	Horizon Kinetics	$7.4B	$221,742	0.00%	1,800	-1,200	-40.00%	0.0057%
Cliff Asness	AQR Capital Management	$190.6B	$701,784	0.00%	5,697	-232	-3.91%	0.0179%
Charles Mawer	Mawer Investment Management	$17.9B	$11.2M	0.06%	91,249	+91,249	+100.00%	0.2869%

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