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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q2 | Aug 1, 2026 | Voya MI Dynamic Small Cap Fund | - | - | BE, EXTR, FLS, MWA, TROX, TTMI | AI, Data centers, earnings, semiconductors, small caps, technology, US | View | ||
| 2026 Q2 | Jul 20, 2026 | SouthernSun SMID Cap | 12.3% | 18.0% | BCO, BR, CXT, DAR, EXTR, GNRC, LOB, SAM, USPH, VMI | AI, Bottom-up Research, Concentration risk, Data centers, industrials, SMID Cap, value | BR DAR GNRC EXTR |
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| 2026 Q2 | Jul 20, 2026 | SouthernSun Small Cap | 10.6% | 16.2% | BCO, BOOT, CXT, DAR, DORM, EXTR, LOB, SAM, THO, USPH | AI, Bottom-up Research, consumer discretionary, industrials, Renewable Energy, small caps, tariffs, value | SAM DAR DORM EXTR |
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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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| 2026 Q2 | Jul 15, 2026 | Madison Small Cap Fund | 12.7% | 12.9% | BDC, CNM, CSL, CVLT, EHC, EXTR, HAYW, HQY, INDI, KN, MAIR, OPCH, OSW, POWI, SHAK, SMG, SMPL, TCBI, WK | AI, healthcare, industrials, semiconductors, small caps, software, value | MAIR BDC EXTR INDI OPCH OSW SMPL SHAK |
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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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| 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 |
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| 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jul 22, 2026 | Fund Letters | SouthernSun Small Cap | Extreme Networks, Inc. | Communication Equipment | Communications Equipment | Bull | NASDAQ | AI-driven platform, Cloud networking, Communications Equipment, EMEA Growth, Enterprise software, recurring revenue, SaaS, subscription model, Wi-Fi 7 | View Pitch |
| Jul 22, 2026 | Fund Letters | SouthernSun SMID Cap | Extreme Networks, Inc. | Communication Equipment | Communications Equipment | Bull | NASDAQ | Cloud networking, Communications Equipment, Enterprise software, growth, network infrastructure, recurring revenue, SaaS, subscription model, technology, Wi-Fi 7 | View Pitch |
| Jul 17, 2026 | Fund Letters | Madison Small Cap Fund | Extreme Networks, Inc. | Communication Equipment | Communications Equipment | Bull | NASDAQ | AI infrastructure, Cloud-Managed, Communications Equipment, Enterprise Networking, growth, market share gains, Software-Defined Networking, switching costs, Wi-Fi 7 | View Pitch |
| May 25, 2026 | Substack | Voss Capital | Extreme Networks | Technology | Networking Equipment | Bull | Nasdaq Stock Market | backlog, Extreme Networks, ExtremeCloud IQ, Free Cash Flow, growth drivers, market share, networking equipment, SaaS revenue, SD-WAN, valuation | View Pitch |
| Apr 13, 2026 | Fund Letters | SouthernSun Small Cap | Extreme Networks, Inc. | Information Technology | Communications Equipment | Bull | NASDAQ | cloud services, Distributed Networks, IoT, Managed Service Providers, networking equipment, recurring revenue, WiFi 6E, WiFi 7 | View Pitch |
| Feb 27, 2026 | Fund Letters | Michael Cook | Extreme Networks Inc. | Information Technology | Communications Equipment | Bull | NASDAQ | Enterprise Networking, IT Spending, market share, Product Differentiation, recurring revenue, valuation | View Pitch |
| Jan 8, 2026 | Substack | Voss Capital | Extreme Networks | Networking Equipment | Networking Equipment | Bull | NASDAQ Stock Market | backlog, Extreme Networks, ExtremeCloud IQ, Free Cash Flow, growth potential, market share, networking equipment, SaaS revenue, strategic acquisitions, valuation | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Emmanuel Onwusah | Extreme Networks, Inc. | Information Technology | Communication Equipment | Bull | NASDAQ | — | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||