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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Aristotle Small Cap Equity Fund	3.3%	-	ACIW, ALIT, BHLB, CHE, CMCO, DY, FLS, GRDN, IPAR, JBGS, MNRO, MTSI, SMG, TROX, VRRM	Balance Sheets, fundamentals, Inefficiency, small caps, Valuations	The letter emphasizes disciplined small-cap investing focused on companies with durable business models, strong balance sheets, and consistent cash generation. Management highlights valuation inefficiencies in the small-cap universe driven by passive flows and investor neglect. Small caps are positioned for relative outperformance as fundamentals reassert importance over macro narratives.	CHE	View
2025 Q2	Jul 22, 2025	Aristotle Small/Mid Cap Equity	4.6%	-	ACIW, ALIT, BHLB, CHE, CMCO, DLB, DY, FTAI, IPAR, JBGS, MNRO, MTSI, PRGO, SMG, TROX, VRRM	diversification, earnings, Quality, Small/Mid Cap Caps		CHE	View
2025 Q2	Jul 17, 2025	SouthernSun Small Cap	9.7%	-	BOOT, DY, MSA, OXM, SAM	Capital Allocation, Discipline, Margins, Resilience, small caps	The commentary stresses operational and capital discipline among small-cap companies navigating tariffs, inflation, and uneven demand. Management highlights cost control, margin stewardship, and balance-sheet strength as differentiators in a sluggish macro environment. Technology adoption is framed as a productivity enabler rather than a speculative driver.	MSA SAM DY BOOT	View
2024 Q2	Jul 10, 2024	Aristotle Small Cap Equity Fund	7.3%	9.4%	ASC, AZZ, CRI, CRNC, DY, GTLS, LFUS, PWSC	-			View
2024 Q1	May 17, 2024	SouthernSun SMID Cap	8.8%	13.9%	BOOT, DY, MGPI, SAM	-			View
2024 Q1	May 17, 2024	SouthernSun Small Cap	10.6%	13.5%	BOOT, DY, MBUU, MGPI	-			View
2025 Q4	Feb 4, 2026	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	AROC, BE, BTSG, COHR, DY, ESAB, ESTA, EXR, GH, HIMS, ITRI, KKR, PJT, PRKS, RBA, RMBS, VRNS, WWD	aerospace, AI, cyclicals, growth, healthcare, Onshoring, small cap, technology	The AI investment cycle accelerated notably in 2025 and is expected to continue driving the market early in 2026. Bottlenecks from power supply availability remain a key gating factor to bring new computing capacity online. Despite widespread calls that AI stocks are in bubble territory, the managers hold a balanced view and believe investor skepticism may prove supportive of a prolonged investment cycle. Healthcare remains the largest sector in the US with total expenditures reaching $5 trillion and accounting for 17.7% of GDP. The sector has been working off excesses from the COVID-19 pandemic but shows reasons for optimism including increased M&A activity and more favorable valuations. Interest in healthcare stocks could see a resurgence once investors are comfortable with policy and regulatory overhangs. Aerospace stocks have largely outperformed as production challenges at two global aircraft manufacturers have led to sustained increases in high-margin aftermarket parts and services. With manufacturers finally resolving longstanding production issues, original equipment exposed stocks could potentially outperform aftermarket-exposed stocks as aircraft production rates ramp up. Re-shoring and factory automation are expected to emerge as key themes driving broader capital spending in 2026. This represents a significant shift in manufacturing and investment patterns as companies bring operations back to the United States.		View
2025 Q4	Feb 4, 2026	Aristotle Small/Mid Cap Equity	2.3%	3.0%	AEIS, AER, AGI, AHCO, AUB, BJ, BKU, CIEN, DY, EHC, HASI, HMN, HQY, HURN, IDA, ITRI, MTSI, NOVT, PRGO, PWP, UGI, WWW	Banking, healthcare, industrials, small cap, technology, Utilities, value	AI-related demand is driving strong performance for optical networking equipment manufacturers like Ciena, which is dominating market share for scale across data center projects in 2026. The quarter began with concerns about a potential AI capital expenditures bubble affecting market sentiment. Power grid modernization efforts are driving demand for smart metering and grid monitoring solutions. Companies like Itron are well-positioned to benefit from these infrastructure investments despite some regulatory approval delays. Continued reshoring of U.S. manufacturing is identified as a potential tailwind for small/mid-cap stocks. This trend supports domestic manufacturing capabilities and creates opportunities for industrial companies.		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
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
2023 Q2	Jul 28, 2023	Aristotle Small Cap Equity Fund	7.3%	9.4%	ADEA, CRNC, DY, GXO, ITRI, MODV, MRCY, STHO	-			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
2023 Q4	Feb 20, 2024	SouthernSun Small Cap	10.6%	13.5%	BDC, DY, LOB, SAM	-			View
2023 Q4	Feb 15, 2024	SouthernSun SMID Cap	8.8%	13.9%	AWI, BDC, DY, FND, SAM	-			View
2023 Q2	Feb 8, 2023	SouthernSun SMID Cap	8.8%	13.9%	DY, MGPI, NGVT, TREX, UNVR, USPH, WRK	-			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	Dycom Industries, Inc.	Industrials	Construction & Engineering	Bear	New York Stock Exchange	Acquisition Risk, AI Exuberance, capital allocation, data centers, Fiber Deployment, valuation expansion	View Pitch
Feb 27, 2026	Fund Letters	Michael Cook	Dycom Industries, Inc.	Industrials	Construction & Engineering	Bear	New York Stock Exchange	Acquisitions, capital allocation, Fiber, Integration, Telecom, valuation	View Pitch
Jan 8, 2026	Fund Letters	Michael Cook	Dycom Industries, Inc.	Industrials	Construction & Engineering	Bull	New York Stock Exchange	Acquisitions, backlog, Fiber, growth, infrastructure, leverage, Telecom	View Pitch
Jan 8, 2026	Value Investors Club	Coffee capital	Dycom Industries, Inc.	Industrials	Construction & Engineering	Bear	New York Stock Exchange	Construction services, engineering, Fiber networks, industrial services, Operations, telecommunications infrastructure	View Pitch
Sep 16, 2025	Short Thesis	Spruce Point	Dycom Industries Inc	Industrials	Construction & Engineering (Telecom Infrastructure)	Bear	NYSE	CapEx, Contracts, infrastructure, Margins, Telecom	View Pitch
Aug 8, 2025	Seeking Alpha	Gytis Zizys	Dycom Industries	Industrials	Engineering & Construction	Neutral	NYSE	—	View Pitch

BSD Shareholders of DY

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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