DSGR

DSGR

DSGR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 1, 2024	Night Watch Investment Management	-2.9%	10.3%	ASML, ATRO, BC, CWH, DSGR, JOE, NE, NVO, TDW, VAL	aerospace, consumer, energy, Europe, Housing, Offshore Drilling, value	Valaris is the largest offshore drilling company globally, positioned to benefit from growing offshore oil demand in Brazil and Western Africa. Day rates have risen from $200k to $500k per day as the market has tightened, with the company expected to generate $1.65B in free cash flow at current rates.	VAL	View
2025 Q1	Apr 2, 2025	Night Watch Investment Management	-2.1%	-2.1%	1405.HK, AIR, ALLFG.AS, BDL, COOP, DKNG, DSGR, HAYPP.ST, MXNS.L, UAL, XFAB.DE	catalysts, diversification, global, small cap, value	Night Watch manages a global value strategy focused on companies with identifiable catalysts for rerating, insider ownership, and unique names that differentiate from typical wealth management portfolios. The fund seeks value companies trading at reasonable valuations with improving businesses and good management teams.	1405.HK	View
2024 Q1	Apr 15, 2024	Alphyn Capital Management	8.9%	13.5%	AMZN, CCOI, CHTR, CIRA.L, DSGR, ESAB, EXO.MI, FFH.TO, KFS, KKR, LBRDK, OCSL, RACE, STLA	Complexity, Holding Companies, insurance, long-term, private equity, Spin-Offs, value	Manager focuses on identifying undervalued companies whose potential isn't fully recognized by the market, seeking quality companies with high returns on capital. The strategy involves finding opportunities with disproportionate odds to payoff ratios, requiring conviction not shared by most market participants.		View
2023 Q3	Oct 21, 2023	Merion Road Capital	5.4%	11.2%	AMZN, DSGR, GOOGL, KLG, NOW, SUM, WHG	Construction Materials, Consumer Staples, infrastructure, small cap, spinoffs, value	The manager expects construction materials companies to benefit from recently passed infrastructure bills that have yet to truly hit the market. The majority of aggregates and cement products serve public construction needs, positioning the industry to capitalize on government infrastructure investment.	KLG DSGR SUM	View
2025 Q3	Oct 2, 2025	Night Watch Investment Management	4.2%	25.9%	5842.T, AIR, BKD, BX, DSGR, ENDV.L, GOGO, HAYP.ST, KKR, MRX.L, NE, STX, TDW, VAL, WDC, XFAB.DE	AI, catalysts, Europe, global, Japan, private equity, small caps, value	Night Watch manages a global value strategy focused on catalyst-driven opportunities with insider ownership and unique names. The fund seeks value companies with identifiable catalysts for rerating, including industry tailwinds or company-specific events. They aim to differentiate from typical value strategies through unique portfolio holdings with little overlap to wealth management portfolios.	5842 JP WDC US BKD US	View
2024 Q3	Oct 1, 2024	Night Watch Investment Management	-2.9%	10.3%	1126.HK, 2318.HK, ATRO, BC, BLDR, DSGR, JOE, LEG, SEG, VAL, XFAB.PA	Automotive, catalysts, energy, global, Offshore, semiconductors, value	X-FAB is positioned to benefit from the expected bottoming of the semiconductor cycle after 4-6 quarters of downturn. Order intake has turned sharply higher since Q1 with book-to-bill of 1.2x in both quarters. The automotive sector is expected to return to growth in Q4 with industrial and medical recovering during 2025.	XFAB.PA	View
2025 Q4	Jan 5, 2026	Night Watch Investment Management	-	-	ALLFG, DAVA, DSGR, HAYPP, MRX, WDC	catalysts, global, insider ownership, Rerating, value	The update highlights a global value strategy centered on identifiable catalysts, insider ownership, and unique holdings with limited benchmark overlap. Geographic and sector diversification complements an emphasis on reratings driven by earnings inflection, corporate actions, and industry recovery. Value investing is positioned as most effective when paired with patience, research depth, and catalyst discipline.	DAVA MRX	View
2024 Q4	Jan 2, 2025	Night Watch Investment Management	-2.9%	10.3%	1126.HK, 2318.HK, AER, AL, ALLFG.AS, AMRK, ATRO, DSGR, JOE, MELE.BR, MRX.L, RELY, UAL, VAL, XFAB.PA	aerospace, catalysts, China, energy, Europe, global, Onshoring, value	Offshore energy exposure was the largest detractor in 2024, but the thesis remains unchanged. The move from oil & gas production in Western countries to offshore regions like Brazil and Western Africa creates supply/demand mismatch. Day rates for floating rigs have increased from $200k to $500k, though H2 2024 saw a pause due to shortages in subsea equipment and FPSOs.		View
2024 Q4	Jan 11, 2025	Alphyn Capital Management	2.6%	16.9%	AHT.L, AMZN, DSGR, EXO.MI, FFH.TO, GDX, GOOGL, KKR, MRO.L, PRX.AS	AI, compounders, E-Commerce, insurance, private equity, Quality, technology, value	AI is emerging as a valuable growth driver across portfolio companies rather than a disruptive threat. Amazon's AI initiatives are producing multibillion-dollar revenues and growing at triple the rate of AWS at a similar stage. Google's AI tools like Lens and Circle to Search are driving user engagement, while ads within AI-generated search overviews are proving effective.		View
2023 Q2	Jul 15, 2023	Merion Road Capital	5.4%	11.2%	CIR, DSGR, EDR, TKO	Distribution, Entertainment, Industrial, M&A, small caps, value	Manager invested in Endeavor Group Holdings which owns UFC and is merging with WWE to form TKO Group Holdings. Believes live sports value will continue to grow and sees early innings for UFC growth with potential for improved WWE monetization.	DSGR EDR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Merion Road Capital	Distribution Solutions Group	Industrials	Trading Companies & Distributors	Bull	NASDAQ	customer retention, Distribution, earnings growth, Industrial, management guidance, operating leverage, Scalable Business, value-added services	View Pitch
Apr 28, 2026	Fund Letters	Merion Road Capital	Distribution Solutions Group	Industrials	Trading Companies & Distributors	Bull	NASDAQ	Aerospace, Defense, Distribution, Electronic Components, Industrial, M&A, MRO, platform company, recurring revenue, Specialty Distribution, Test Equipment	View Pitch

BSD Shareholders of DSGR

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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