EXP

EXP

EXP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 22, 2025	Baron Real Estate Fund	3.6%	-3.5%	ABNB, AMT, BAM, BN, BXP, CHDN, CSGP, EQIX, EXP, GDS, IRT, PLD, WYNN	Balance Sheets, interest rates, real estate, REITs, rents	The commentary discusses public real estate equities amid higher interest rates and uneven property fundamentals. Management focuses on high-quality REITs with strong balance sheets, embedded rent growth, and long-term demand drivers such as logistics and residential housing. Valuation dispersion is creating selective opportunities despite near-term macro headwinds.		View
2025 Q2	Jul 19, 2025	Appalaches Capital	7.4%	6.9%	ASML, EXP, LRCX	barriers to entry, durability, Pricing Power, ROIC, Scarcity	The commentary emphasizes businesses with durable barriers to entry, pricing power, and high returns on invested capital. Examples include railroads, semiconductors, and cement producers benefiting from regulation, scarcity, and supply constraints. Barriers are framed as the foundation of long-term compounding.	ASML US LRCX US EXP US	View
2024 Q2	Jul 10, 2024	L1 Capital International Fund	4.7%	0.0%	AER, AMZN, CRH, DHR, EXP, MA, NVDA	-			View
2025 Q4	Feb 12, 2026	Bretton Fund	1.4%	11.6%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	AI, Banking, consumer, financials, Housing, technology, value	The fund views the overall market as fairly elevated but not in bubble territory regarding AI, though some parts of the AI craze appear bubble-like. Alphabet's AI chatbot Gemini exceeded expectations and was on par with leading AI models, contributing significantly to performance. The managers are comfortable missing out on highly speculative AI investments while focusing on long-term value. Banks had a strong year due to increased lending, reduced regulation, and moderately high interest rates. American Express cardholders continue spending with high payment rates, while the Platinum Card remains desirable despite competition. Credit and banking environment remained strong throughout the period. Off-price retailers TJX and Ross returned to form after struggling during post-Covid inflation, with strong stock performance. AutoZone faced challenges navigating tariff impacts on earnings, though the consolidated auto parts retail market historically passes through price increases. Consumer spending patterns showed resilience in certain segments. Housing investments had a weak year as high interest rates and hopes for lower rates left potential buyers on the sidelines. Home builders initially held up well when rates first rose in 2022, but continued high rates eventually impacted demand. The managers expect pent-up housing demand to eventually drive performance once the market unfreezes.	RVTY GOOG UNH	View
2024 Q4	Dec 31, 2024	L1 Capital International Fund	11.4%	29.0%	BKNG, EXP, GPK, HCA, MSFT, NVDA, UNH	-			View
2024 Q3	Oct 24, 2024	Bretton Fund	10.0%	0.0%	EXP, PGR	-			View
2025 Q3	Oct 20, 2025	L1 Capital International Fund	2.6%	-	EXP, HCA, NVDA, WEIR LN	Artificial Intelligence, Global Equities, Quality Investing, semiconductors, software	The fund examines whether AI is a sustainable productivity revolution or speculative bubble, noting parallels to the dot-com era. Managers favor high-quality global leaders like Nvidia, TSMC, and Intuit that integrate AI across operations with strong balance sheets. The portfolio balances exposure across technology, payments, and industrials while trimming cyclical risk.		View
2025 Q3	Oct 14, 2025	Madison Small Cap Fund	-1.6%	-6.6%	CIEN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL	aerospace, Artificial Intelligence, Construction, industrials, small caps	The fund underperformed amid speculative excess and AI-driven momentum but reaffirms its focus on quality small caps. It highlights opportunities in industrial and aerospace companies like Hexcel and Eagle Materials, citing cyclical recovery potential. The managers reject AI hype as overblown and maintain discipline on valuation and fundamentals.	CRL EXP HXL	View
2025 Q4	Jan 20, 2026	Appalaches Capital	1.7%	16.5%	ACGL, ASML, AZO, EXP, GOOGL, PGR, PM, VMC	alpha, Concentration, large cap, long-term, Patience, Quality, value	The manager emphasizes investing in companies with steep competitive advantages and durable value propositions. Portfolio construction focuses on 12-15 concentrated investments in unique, independent businesses with barriers to entry that protect economic profitability for decades. Earning acceptable returns requires buying at acceptable prices, which requires patience. The manager focuses on finding quality companies that are undervalued at specific points in time, rebalancing toward those with more attractive prices when discounts appear.	ASML GOOG	View
2024 Q3	Sep 30, 2024	L1 Capital International Fund	4.7%	0.0%	AMZN, CRH, EXP, MSFT, NRP, NVDA	-			View
2024 Q2	Jul 24, 2024	Bretton Fund	10.0%	0.0%	EXP	-			View
2023 Q2	Jul 23, 2023	L1 Capital International Fund	4.7%	0.0%	AMD, CRH, EXP, IDG GR, MIN AU, MSFT, UNH	-			View
2023 Q2	Jul 19, 2023	Liberty Park Capital Management	7.1%	2.5%	BELFB, BOWL, ETWO, EXP, ITI, LUNA, NR, POWL, WEAV, YOU	-			View
2025 Q1	Apr 14, 2025	L1 Capital International Fund	0.1%	0.1%	EXP, GOOG, HCA, VIE FP	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 18, 2026	Substack	Special Situation Investing	Eagle Materials	Materials	Construction Materials	Bull	New York Stock Exchange	Competitive Advantage, construction materials, Eagle Materials, economic cycles, Free Cash Flow, insider purchase, Low-cost producer, market position, operational efficiency, strategic acquisitions	View Pitch
Jan 8, 2026	Fund Letters	David Steinthal	Eagle Materials Inc.	Materials	Construction Materials	Bull	New York Stock Exchange	construction materials, housing cycle, infrastructure, Low-cost producer, valuation	View Pitch
Nov 29, 2025	Fund Letters	Faraz Farzam	Eagle Materials Inc.	Materials	Construction Materials	Bull	NYSE	buybacks, construction, Cost advantage, Housing, materials, recovery, ROIC	View Pitch

BSD Shareholders of EXP

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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