ELMD

ELMD

ELMD

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 2, 2025	Summers Value Fund	-1.8%	-12.8%	ADMA, CCSI, DERM, ELMD, INSP, LGND, OTCM, SPOK, VSTS, ZIMV	Biotech, healthcare, Pharmaceuticals, small caps, underperformance, value	The fund holds multiple pharmaceutical positions including Ligand Pharmaceuticals, ADMA Biologics, and Journey Medical. Healthcare sector sentiment remains weak amid uncertainty from new administration proposals to curb drug pricing and cut Medicare/Medicaid reimbursement. The fund initiated two short positions in pharmaceutical companies where sales expectations are believed to be too high.	DERM DERM	View
2025 Q1	Apr 30, 2025	Summers Value Fund	-11.2%	-11.2%	ADMA, CCSI, ELMD, INDV, LQDA, SPOK, VSTS, ZIMV	Biotechnology, Defensive, healthcare, small caps, value	The Fund focuses on relatively defensive healthcare companies that have historically served as a safe harbor during market uncertainty. Recent selloff in healthcare stocks following FDA leadership changes and concerns over drug approvals is viewed as overdone. Portfolio consists of companies with predictable businesses and strong cash flow generation.	CCSI	View
2023 Q4	Feb 27, 2024	Summers Value Fund	-	16.1%	ELMD, FRPT, INSP, ISDR, LFCR, MODV, OTCM, PINC, SPOK, UFPT, UTMD, VRTV, ZIMV	Biotechnology, dividends, healthcare, Long/Short, Medical Devices, small caps, value	The fund has significant exposure to medical device companies including UFP Technologies (linked to da Vinci surgical robot growth), Inspire Medical (sleep apnea devices), and Zimvie (spine and dental). The manager sees strong growth potential in surgical robotics and sleep apnea treatment markets.	ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN	View
2024 Q4	Dec 31, 2024	Summers Value Fund	-	27.4%	AAPL, AMZN, CCSI, ELMD, GOOGL, INDV, ISRG, LFCR, META, MODV, MSFT, NVDA, OTCM, PINC, SPOK, UFPT, UTMD, VSTS, ZBH, ZIMV	healthcare, Long/Short, Medical Devices, small caps, value	Manager believes small-cap stocks are well-positioned to outperform relative to large-cap stocks going forward, driven by lower valuations, poor sentiment, and an expected uptick in M&A under the new administration. Small-cap stocks continued a multi-year trend of underperformance in 2024.	ZIMV INDV UFPT ELMD	View
2020 Q4	Dec 31, 2020	Summers Value Fund	-	14.7%	BASI, ELMD, MODV	-			View
2025 Q3	Nov 8, 2025	Summers Value Fund	20.4%	4.9%	ADMA, CCSI, DERM, ELMD, INSP, LGND, LQDA, QURE, SPOK, SPRY, UFPT, ZIMV	Biotechnology, healthcare, innovation, M&A, Pharmaceuticals, Regulatory, small cap, value	The fund has increased portfolio exposure to biopharma stocks following years of underperformance, believing they are poised for outperformance. The manager is optimistic about the innovation cycle and recognizes that large-cap companies will pay sizeable premiums to acquire attractive pipelines with large sales opportunities.		View
2024 Q4	Jan 30, 2025	Summers Value Partners	-	27.4%	AAPL, AMZN, CCSI, ELMD, GOOGL, INDV, ISRG, LFCR, META, MODV, MSFT, NVDA, OTCM, PINC, SPOK, UFPT, UTMD, VSTS, ZBH, ZIMV	Concentration, healthcare, Long/Short, Medical Devices, small caps, value	Manager believes small-cap stocks are well-positioned to outperform relative to large-cap stocks going forward, driven by lower valuations, poor sentiment, and an expected uptick in M&A under the new administration. Small-cap stocks furthered a multi-year trend of underperformance in 2024, although the indexes closed positive in absolute terms.	ZIMV INDV UFPT ELMD	View
2025 Q4	Jan 12, 2026	Summers Value Fund	1.7%	6.7%	CCSI, DPLO, ELMD, ENDP, NVO	concentrated, healthcare, long-term, small caps, special situations, value	Fund focuses exclusively on healthcare sector with concentrated portfolio of small-cap companies. Investment approach targets special situations within healthcare including spin-offs, asset sales, business model pivots, and new product launches. Portfolio includes pharmaceutical, medical device, biotechnology, and healthcare IT companies. Fund employs fundamental value-oriented approach with focus on margin of safety and intrinsic value calculations. Seeks companies trading at discounts to long-term intrinsic value using cash flow yield or asset value methodologies. Emphasizes downside protection relative to estimate of intrinsic value. Concentrated portfolio of small-cap companies with limited sell-side coverage and institutional ownership. Invests where most institutional managers cannot or will not participate, allowing for asymmetric return potential. 44% of Russell 2000 stocks have zero Wall Street coverage, creating mispriced opportunities.	CCSI	View
2025 Q4	Jan 12, 2026	Summers Value Fund	1.7%	6.7%	CCSI, DPLO, ELMD, ENDP, NVO	concentrated, healthcare, long-term, small caps, special situations, value	Fund focuses exclusively on healthcare sector with concentrated portfolio of small-cap companies. Investment approach targets special situations within healthcare including spin-offs, asset sales, business model pivots, and new product launches. Portfolio includes pharmaceutical, medical device, biotechnology, and healthcare IT companies. Fund employs fundamental value-oriented approach with focus on margin of safety and intrinsic value calculations. Seeks companies trading at discounts to long-term intrinsic value using cash flow yield or asset value methodologies. Emphasizes downside protection relative to estimate of intrinsic value. Concentrated portfolio of small-cap companies with limited sell-side coverage and institutional ownership. Invests where most institutional managers cannot or will not participate, allowing for asymmetric return potential. 44% of Russell 2000 stocks have zero Wall Street coverage, creating mispriced opportunities.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Summers Value Partners	Electromed	Health Care Equipment & Supplies	Health Care Equipment	Bull	NASDAQ	Bronchiectasis, growth, Healthcare Equipment, Medical devices, Respiratory Therapy, small-cap, SmartVest	View Pitch
Apr 13, 2026	Fund Letters	Summers Value Fund	Electromed	Health Care Equipment & Services	Health Care Equipment	Bull	NASDAQ	Bronchiectasis, growth, Healthcare Equipment, market share gains, Medical devices, Respiratory Therapy, SmartVest	View Pitch

BSD Shareholders of ELMD

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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