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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2022 Q3 | Sep 30, 2022 | SouthernSun Small Cap | -0.7% | - | BCO, BDC, CLH, DAR, DORM, EPAC, MUSA, SCL, TKR, UNVR | Balance Sheet, energy, inflation, innovation, small cap, Supply Chain, technology, value | BCO DORM DAR MUSA |
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| 2021 Q3 | Sep 30, 2021 | SouthernSun Small Cap | -3.1% | 13.7% | BCO, BDC, CCMP, DAR, EPAC, FTDR, HRC, MUSA, PII, THO, TKR, UNVR | COVID, industrials, inflation, Labor, small cap, Supply Chain, value | UNVR FTDR TKR BCO MUSA HRC |
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| 2025 Q2 | Jul 17, 2025 | SouthernSun Small Cap | 9.7% | - | AEIS, BOOT, DAR, DY, EPAC, EXTR, LPX, MSA, MUSA, OXM, SAM | Agriculture, Capital discipline, Housing, Operational Discipline, small caps, tariffs, technology, value | Tariffs have re-emerged as a significant cost driver, prompting companies to explore reshoring, leaner inventories, and domestic sourcing. Companies are developing mitigation plans including meaningful supply chain moves away from China. The impact varies significantly by company, with some facing material negative impacts while others may benefit from domestic sourcing advantages. | MSA SAM OXM DY BOOT MSA SAM DY BOOT |
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| 2025 Q1 | Apr 25, 2025 | SouthernSun Small Cap | -11.5% | -11.5% | AEIS, AGCO, AWI, BOOT, DANH, EPAC, EXTR, IEX, LOB, MOD, NGVT, OXM, PII, SAM, TKR, USPH | Manufacturing, Quality, Resilience, small caps, tariffs, value | Manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. The portfolio focuses on 20-30 fundamentally sound companies with financial backbone and market strongholds. | MOD EXTR LOB BOOT TKR EPAC |
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| 2022 Q4 | Dec 31, 2022 | SouthernSun Small Cap | 10.9% | -1.0% | AGCO, AWI, CR, DAR, DORM, EPAC, LOB, MGPI, TKR, UNVR | active management, Banking, Chemicals, Industrial, Quality, small caps, Transformation, value | LOB DAR AWI UNVR EPAC |
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| 2021 Q4 | Dec 31, 2021 | SouthernSun Small Cap | 7.8% | 22.5% | AEGN, AGCO, CCMP, DAR, DORM, DY, ENTG, EPAC, HRC, MGPI, PII, SAFM, STAY, THO, TMX, UNVR | consumer, Industrial, infrastructure, M&A, semiconductors, small cap, value | PII THO DY CCMP |
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| 2025 Q3 | Oct 30, 2025 | SouthernSun Small Cap | - | 8.3% | AEIS, BCO, CXT, DAR, DORM, EPAC, MOD, MSA, MUSA, NGVT, SCL | active management, industrials, materials, Quality, small caps, value | SouthernSun focuses exclusively on small-cap securities defined as equity securities with market capitalizations within the range of the Russell 2000 Index. The manager emphasizes that divergence in small and mid-sized market segments creates opportunities for active discovery when new entrants come to the public stage. | CXT SCL DAR MOD BCO CXT SCL DAR MOD BCO |
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| 2024 Q2 | Jul 20, 2024 | SouthernSun Small Cap | 10.6% | 13.5% | AGCO, BCO, BOOT, DAR, DY, EPAC, MGPI, MUSA, PII, USPH | Agriculture, Broadband, Energy Transition, HVAC, semiconductors, small caps, Turnarounds, value | Strong demand outlook for fiber construction in urban areas as carriers generate good returns on fiber investments. Public funding through ARPA, RDOF, and BEAD programs provides additional significant demand, with the $40 billion BEAD program being the largest federal broadband program ever in the U.S. Deployment expected to start in 2025. | USPH DAR DY BOOT |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jun 15, 2026 | Fund Letters | SouthernSun Small Cap | Enerpac Tool Group Corp | Specialty Industrial Machinery | Industrial Machinery | Bull | New York Stock Exchange | ASCEND Program, CEO transition, global leader, Hydraulic Tools, Industrial Equipment, margin expansion, Specialized Manufacturing, transformation program | View Pitch |
| Apr 13, 2026 | Fund Letters | SouthernSun Small Cap | Enerpac Tool Group Corporation | Industrials | Industrial Machinery | Bull | NYSE | high-margin, Hydraulic Equipment, industrial tools, infrastructure, M&A, organic growth, Share Buybacks | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $4.2M | 0.01% | 110,369 | -223,689 | -66.96% | 0.1884% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $1.4M | 0.00% | 35,585 | +8,175 | +29.82% | 0.0607% |
| Israel Englander | Millennium Management LLC | $233.2B | $4.9M | 0.00% | 126,969 | -56,779 | -30.90% | 0.2167% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $1.8M | 0.00% | 47,796 | +47,796 | +100.00% | 0.0816% |
| Cliff Asness | AQR Capital Management | $190.6B | $925,395 | 0.00% | 24,200 | +6,160 | +34.15% | 0.0413% |
| Mario Gabelli | GAMCO Investors | $10.4B | $5.9M | 0.06% | 155,300 | +0 | +0.00% | 0.2650% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $61.1M | 0.20% | 1,598,748 | -115,643 | -6.75% | 2.7286% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $423,254 | 0.05% | 9,435 | +2,517 | +36.38% | 0.0189% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $150.9M | 0.41% | 3,946,717 | -660,109 | -14.33% | 6.7358% |