ENZ

ENZ

ENZ

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	May 16, 2024	1 Main Capital	4.0%	11.3%	BFIT, CZR, DNTL.TO, ENZ, IWG.L, LMB	Concentration, FCF, gaming, small caps, underperformance, value	Manager discusses extreme underperformance of small caps versus large caps over the last 5 years, noting this is one of the most extreme cycles in history dating back to 1926. Small cap underperformance driven by differences in earnings growth and multiple compression, with unprofitable companies dragging down overall index performance. Manager believes this creates attractive opportunities in small and mid-cap space.	CZR	View
2025 Q1	Apr 30, 2025	1 Main Capital	-3.6%	-3.6%	ARVN, BFIT.AS, CZR, DNTL.TO, ENZ, IWG.L, NVS, PFE, THRD, WATR.L	Biotechnology, Cash, Defensive, small cap, Trade Policy, value, volatility	The Fund made several new biotech investments in Q1, representing a low double-digit percentage of assets. Manager is focusing on simple assets like cash and shareholder incentives rather than deep science understanding. Examples include Arvinas with over $1 billion in cash and significant licensing agreements, and Third Harmonic Bio which announced dissolution and cash return to shareholders.	ENZ THRD ARVN	View
2024 Q4	Dec 31, 2024	Clark Street Value	-	-6.4%	ACR, ALVR, ATHA, AVTE, CKX, CMCT, EHAB, ENZ, EPIX, GRBK, HHH, HLVX, HMST, IKNA, INBX, LMNR, MREO, PARR, SEG	Biotechnology, Liquidations, M&A, real estate, special situations, spinoffs, value	Multiple SPAC-related investments including reverse merger situations where biotech companies are merging with private entities. These transactions often include special dividends, CVRs, and oversubscribed PIPEs that can create value for existing shareholders.		View
2023 Q3	Nov 11, 2023	1 Main Capital	4.0%	11.3%	DNTL.TO, ENZ, IWG.L, LMB, SP	Concentration, fundamentals, small caps, technology, value	Small-cap stocks continue to trade as though the economy is at peak levels and a recession is imminent. The lack of investor confidence in near-term fundamentals is leading to exacerbated moves when nonfundamental flows occur. This creates an excellent environment for good stock pickers.	ENZ ^GSPC	View
2023 Q3	Aug 11, 2023	Jackson Peak Capital	9.9%	0.0%	ATVI, EDR, ENZ, HAYW, LESL, NVDA, SAVE, VRT	AI, interest rates, Long/Short, Merger Arbitrage, real estate, special situations, technology	Manager remains bullish on AI tailwind but trimmed exposure during Q3 amid peak optimism. Portfolio retains exposure to names with direct operations in this AI cycle stage. Vertiv contributed significantly as it serves thermal management in rapidly constructed AI data centers.	LESL ATVI MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC	View
2023 Q4	Aug 2, 2024	Jackson Peak Capital	9.9%	0.0%	ATVI, EDR, ENZ, HAYW, LESL, NVDA, SAVE, VRT	AI, interest rates, Long/Short, Merger Arbitrage, rates, special situations, technology	Manager remains bullish on AI tailwinds but trimmed exposure during Q3 amid peak optimism and market crowding. Portfolio retains exposure to companies with direct operations in the AI cycle, particularly data center thermal management. Will look to add back other AI beneficiaries when positioning is less crowded.	EDR LESL ATVI MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC	View
2023 Q2	Jul 17, 2023	Laughing Water Capital	2.5%	11.1%	APG, CDMO, CTLT, DGX, ENZ, HGV, LFCR, LH, NVR, TACT, THRY, VTY.L	Biotech, Buybacks, Homebuilders, small caps, software, value	Manager believes small cap stocks have been left behind by a market focused on mega-cap tech and AI exposure, creating an attractive opportunity set. The fund does not own any mega-cap tech stocks and has benefited from focusing on individual small businesses with idiosyncratic problems that management teams can solve over 3-5 years.		View
2023 Q4	Jan 25, 2024	Laughing Water Capital	2.5%	11.1%	ALC, APG, BVH, CDMO, DGX, ENZ, HGV, LFCR, LH, LMB, NN, RCL, THRY, VNDA, VTY.L, VZ	Buybacks, concentrated, long-term, small caps, value	Manager focuses on small and very small cap stocks despite recent underperformance. Notes that small caps have significantly underperformed large caps, with micro cap ETF returning only 8% in 2023. Believes this creates opportunity as small caps are only 4% expensive vs 20-year average while large caps are 88% expensive.	ANNX	View
2023 Q4	Jan 23, 2024	1 Main Capital	4.0%	11.3%	DNTL.TO, ENZ, IWG.L, KKR, LMB, RICK	Concentration, Quality, Roll-ups, small caps, value	Manager focuses on high-quality, well-managed businesses trading at attractive multiples that represent upside rather than downside to investment value. Emphasizes finding undervalued companies with attractive growth prospects where multiple expansion can contribute to returns alongside earnings growth.	CLMB	View
2024 Q4	Jan 21, 2025	Kingdom Capital Advisors	2.1%	18.3%	ENZ, GLXZ, HCC, MAGN, NLOP, NPK, RGS, SCOR, SUP, TSSI, UNFI, UNTC	AI, Coal, Concentration, defense, Distribution, small caps, turnaround, value	KCA applies a concentrated approach to small cap investing, with the Russell 2000 serving as their benchmark. The manager notes that small cap stocks experienced a Trump rally in November that reversed by year-end. Since inception, small caps have returned about 7% cumulatively versus 89% for KCA.	TSSI NPK MAGN SUP UNFI NLOP	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	1 Main Capital	Enzo Biochem Inc	Health Care Equipment & Services	Life Sciences Tools & Services	Bull	NYSE	acquisition target, Activist Situation, Asset Sale, biotechnology, cash-rich, life sciences, patents, turnaround	View Pitch
Apr 13, 2026	Fund Letters	1 Main Capital	Enzo Biochem	Health Care	Life Sciences Tools & Services	Neutral	NYSE	Asset backed, book value discount, diagnostics, life sciences, Net-Net, strategic review, turnaround	View Pitch
Jan 23, 2026	Twitter / X	@ragingbullcap	Enzo Biochem, Inc.	Health Care	Life Sciences Tools & Services	Bull	OTC	cash, Couple, Els, NOLs, OTC, Valuing, Valuing Els, Worth	View Pitch

BSD Shareholders of ENZ

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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