DR-TO

DR-TO

DR-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 28, 2025	River Oaks Capital	-	0.9%	BCIC, BFCC, BILD.V, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, OMCC, RRR.UN, SRBK, TRUX	Buybacks, Capital Allocation, management, Niche, Quality, small caps, value	River Oaks Capital focuses exclusively on small, underfollowed public companies with market caps ranging from $40m to $460m. The fund seeks wonderful businesses in small, niche industries that are remote islands too time-consuming for major players to conquer, allowing dominant companies to generate above average returns for decades.	IVFH BILD CN	View
2025 Q2	Jul 30, 2025	Greystone Capital	14.8%	6.3%	APG, DR.TO, KITS.TO, NRP, SYZ.TO	Coal, E-Commerce, healthcare, Quality, small caps, software, value	Small caps remain in prolonged underperformance relative to large caps, with capital flowing to emerging markets instead. Despite conditions for outperformance being in place for years including resilient economy, cheap valuations, and decade-plus underperformance, the return profile shows fits and starts pattern. Manager believes environment will eventually shift and small caps will get their moment in the sun.	DR.TO KITS.TO SYZ.TO APG NRP DR CN KITS CN SYZ CN APG NRP	View
2024 Q1	May 18, 2024	Greystone Capital	8.0%	16.0%	BELFB, DR.TO, IVFH, LMB, NNBR, SYZ	Food Distribution, management, Manufacturing, small caps, turnaround, value	Specialty food distributors like IVFH serve a critical niche in the food distribution ecosystem by providing add-on offerings for broadline distributors and sourcing quality fresh foods for professional chefs. The fragmented industry provides opportunities for M&A growth, with private equity actively pursuing specialty food distribution acquisitions.	NNBR IVFH	View
2025 Q4	Mar 1, 2026	River Oaks Capital	-	1.8%	ACNT, BFCC, BILD.TO, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, OMCC, RRR.UN, RWAY, SRBK, TRUX	Banking, Buybacks, Consolidation, Flooring, small cap, Specialty Chemicals, undervalued, value	River Oaks Capital focuses exclusively on small, underfollowed public companies with market caps typically under $500M. The manager believes these companies are increasingly ignored and undervalued, creating opportunities to buy wonderful businesses at extremely discounted valuations. The fund employs a value investing approach, seeking companies trading at significant discounts to fair value - often 50 cents on the dollar or less. The manager emphasizes buying wonderful businesses with strong fundamentals at excessive discounts. Share buybacks are a central theme, with the manager actively encouraging portfolio companies to repurchase shares aggressively using free cash flow, balance sheet cash, and proceeds from asset sales. This strategy allows adequate compensation until companies become properly valued. Ascent Industries represents a significant position focused on specialty chemical manufacturing. The company is transforming into a 'Chemicals-as-a-Service' model, providing customized solutions for small to mid-size customers neglected by larger players. BuildDirect operates as a physical and online professional flooring company with a long-term plan to consolidate the professional flooring industry through acquiring 75+ professional flooring centers across the U.S.		View
2025 Q4	Feb 16, 2026	Smoak Capital Management	0.0%	10.9%	4441.T, DR.TO	cybersecurity, Defensive, growth, Japan, small caps, value	Manager emphasizes value-minded investing approach with preference for undervalued stocks with margin of safety. Discusses gravitating towards defensive names due to elevated market valuations and increasing efforts to find undervalued stocks with growth components. Significant focus on Japanese investments, particularly Tobila Systems which represents detailed analysis of Japanese market dynamics including customer harassment laws and regulatory changes driving business demand. Investment in Tobila Systems centers on fraud and spam call prevention technology with proprietary database providing competitive advantages in security solutions for both consumers and businesses.	DR CN 4441 JP	View
2024 Q4	Feb 10, 2025	River Oaks Capital	-	23.9%	BFCC, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, HAYPP, IVFH, LRFC, MFBP, MSVB, OMCC, RRR.UN, SKYH, TRUX	Broadband, Buybacks, Capital Allocation, Community Banks, Micro Cap, small caps, underfollowed, value	River Oaks Capital focuses exclusively on investing in underfollowed micro cap and small cap companies with market capitalizations under $1 billion. The manager emphasizes that small public companies are inefficiently priced and remain undiscovered for many years due to the shift towards passive investing. The fund's strategy involves finding wonderful businesses trading at significant discounts to fair value in this neglected market segment.	IVFH	View
2025 Q3	Oct 30, 2025	Greystone Capital	-3.6%	1.6%	APG, BELFB, DR.TO, IVFH, KITS, NRP, SYZLF	Concentration, fundamentals, Quality, small caps, value	Manager emphasizes disciplined value investing approach, focusing on businesses with real assets, cash flows, and clean balance sheets trading at attractive valuations. Contrasts this with market's speculative appetite and overvaluation of quality stocks at 35-55x free cash flow multiples.	IVFH SYZLF CN IVFH SYZLF CN	View
2025 Q4	Jan 24, 2026	Greystone Capital	0.3%	2.8%	APG, BEL, DR.TO, FC, FOUR, KITS.TO, LMB, LNF.TO, LSPD.TO, NRP, SQ, SYZ, TOST, VYX	Buybacks, Coal, concentrated, E-Commerce, payments, small caps, value	Natural Resource Partners continues to benefit from global coal consumption reaching record highs of 8.8 billion tons in 2025. The royalty business model provides exceptional durability through various pricing environments while avoiding ongoing capital expenditures and high operating costs. KITS Eyecare represents a vertically integrated direct-to-consumer eyecare model with strong unit economics. The company has achieved product/market fit with favorable CAC/LTV ratios and continues to take share from traditional optometry and less integrated online competitors. Shift4 Payments operates as an integrated end-to-end payments business with deep industry knowledge across hospitality, restaurant, and stadium verticals. The company owns the gateway layer and full payment stack, enabling higher margins and stronger customer retention than commodity payment processors. Medical Facilities Corp has repurchased over 20% of shares outstanding through tender offers and open market purchases, reducing total shares by nearly 40% over four years. Management demonstrates disciplined capital allocation focused on maximizing per-share value.	FOUR DR CN APG KITS CN NRP	View
2024 Q2	Aug 20, 2024	River Oaks Capital	0.0%	5.1%	BEBE, BFCC, BOC, CRMT, CZBS, DR.TO, FTLF, GFP, GLXZ, HAYPP, LEGH, LRFC, MFBP, NICK, PRKA, RRR.UN, TRUX	Buybacks, Community Banks, Micro Cap, small caps, underfollowed, value	River Oaks owns multiple community banks including Citizens Bank, Truxton Bank, and Bankfirst. These banks benefit from ECIP capital and are executing strategic acquisitions and share buybacks. Citizens Bank has $90m+ cash for acquisitions while trading at 5 P/E ratio.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Greystone Capital	Medical Facilities Corp	Health Care	Health Care Facilities	Bull	TSX	Acyclical, Canada, capital allocation, defensive, Free Cash Flow, healthcare, Share Buybacks, Surgical Hospitals, Value	View Pitch

BSD Shareholders of DR-TO

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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