FBIN

FBIN

FBIN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	May 7, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AMG, BIO, CNX, DHER.DE, EQT, EXOR.MI, FBIN, FDX, FFH.TO, FIS, GLB.L, H, IAC, K, LYV, MLCO, PRX.AS, PVH, TIGO, WBD	Buybacks, global, Logistics, Media, Natural Gas, technology, value	Multiple portfolio companies are executing substantial share repurchase programs. CNX Resources continues share repurchase at a double-digit annualized pace, FedEx repurchased substantial stock with 6% annualized pace and authorized another $5 billion program, and FIS is using proceeds from asset sales to repurchase 10% of the company.	WBD FIS FDX CNX	View
2026 Q1	Apr 16, 2026	Longleaf Partners Fund	-4.5%	-4.5%	AVTR, CNH, DIS, EXOR.MI, FBIN, FDX, LPX, MAT, PYPL, RYN	Agriculture, Buybacks, Logistics, private credit, Timberland, value			View
2024 Q1	Apr 15, 2024	FMI International Equity	-7.4%	2.7%	4403.T, 6841.T, ACGL, ATR, BECN, BRK.B, CSL, DCI, FBIN, GTES, MU, NVT, PHG, RHI, SAFRY, SCHW, SMIN.L, SN.L, SONY, SSD, WEIR.L	Construction, discount, international, Quality, small caps, Valuations, value	FMI emphasizes investing in advantaged companies trading at discounts to intrinsic value for temporary reasons. All portfolios trade at sizeable discounts to core benchmarks while owning well-run, durable businesses. The firm targets companies with attractive risk/reward profiles through full cycles.	WEIR.L SCHW GTES	View
2026 Q1	Apr 13, 2026	Distillate Capital Small/Mid Cap Quality & Value	5.9%	5.9%	APA, BTU, CF, CHRD, CSL, DINO, EPAM, FBIN, HRB, ICLR, MATX, OVV, PTEN, SNX, TNET, UAN, VYX	energy, fundamentals, Quality, rebalancing, small caps, value			View
2023 Q1	Mar 31, 2023	Fenimore Value Strategy	2.7%	2.7%	ADI, APH, BKI, FBIN, FIS, ICE, MBC, MCHP, MTB, PNFP, ROST, TROW, ZBRA	Banking, financials, mid cap, semiconductors, technology, value	Technology stocks, particularly semiconductors, benefited from expectations of Fed rate cuts and capital flows into the sector. Microchip Technology and Analog Devices were top performers, with ADI beating earnings expectations and providing strong 2023 guidance.		View
2025 Q3	Nov 30, 2025	Bell Global Emerging Companies Fund	-	-	3064.T, 3769.T, 6146.T, ATD.TO, AUTO.L, BR, CHKP, CLH, COR, DB1.DE, DXCM, FBIN, JKHY, KEYS, MONC.MI, MSCI, PCTY, RMV.L, SCI, VEEV, WOLW.L	AI, Fintech, global, healthcare, payments, Quality, SMID Cap, technology	Several portfolio holdings faced pressure from perceived AI disruption risk throughout the year. The manager believes market fears are significantly overstated for many businesses and has added to positions as valuations became compelling. Where serious disruption concerns developed, positions were exited, such as Gartner due to structural threats to its business model from AI-driven competition.	AUTO LN 3769 JP JKHY	View
2024 Q3	Oct 30, 2024	FPA Crescent Fund	3.7%	12.8%	ADI, AMZN, AON, AVGO, C, CHTR, CMCSA, FBIN, GOOGL, HLF, HOLN.SW, IFF, JDEP.AS, JEF, KMX, META, RI.PA, SATS, TEL, VYX	Diversified, global, Long/Short, Opportunistic, risk management, value	JDE Peet's stock has declined over the past twelve months despite largely stable earnings. Record-high coffee bean prices and headwinds from the company's Russia business have led investors to view the glass as half-empty. The fund is hopeful that new management will prove up to the task of making entrepreneurial and cost-efficient investments to reinvigorate growth and put JDE Peets in a position to benefit from its position as the world's second-largest consumer coffee company.		View
2023 Q3	Oct 21, 2023	FMI All Cap Equity	-1.8%	11.2%	005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN, SYY, VVV, ZION	China, Concentration, defensives, Europe, small caps, value	FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with U.S. Small Caps and European valuations at significant discounts.	CCEP SYY VVV	View
2023 Q3	Oct 21, 2023	FMI International Equity	-7.4%	2.7%	005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION	China, Concentration, defensives, international, small caps, value	FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading at historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to benchmarks while investing in above-average businesses with strong balance sheets.	CCEP SYY VVV	View
2023 Q3	Oct 21, 2023	FMI Large Cap Equity	-4.0%	10.5%	005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION	Concentration, defensives, Quality, small caps, value	FMI emphasizes value investing opportunities as global value stocks trade near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to core benchmarks while investing in above-average businesses with strong balance sheets.	CCEP SYY VVV	View
2023 Q3	Oct 21, 2023	FMI Small Cap Equity	-0.8%	10.7%	005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION	China, Concentration, defensives, inflation, rates, small caps, valuation, value	FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm expects any reversion to the mean should result in brighter days for value-oriented investors, with attractive relative values outside mega-cap companies.	CCEP SYY VVV	View
2025 Q4	Jan 23, 2026	Baron Real Estate Fund	-1.4%	4.9%	AMH, AMT, BX, CSGP, DHI, FBIN, GDS, GMG.AX, H, HLT, IRM, JLL, PLD, RKT, SKY, TMHC, TREX, VNO, VTR, WELL	Commercial, Data centers, Housing, Industrial, real estate, REITs, Travel	Fund invests in leading commercial real estate services companies CBRE, JLL, and Cushman & Wakefield that benefit from outsourcing trends, institutionalization of commercial real estate, and market share opportunities in a fragmented industry. These companies are expected to generate 15%+ annual earnings growth as commercial real estate sales and leasing activity rebounds. Multi-year setup for data centers is as strong as ever with expanding demand from cloud computing, IT outsourcing, and AI workloads from Magnificent 7 companies. New supply is constrained due to elevated construction costs and power constraints while rents are rising. Fund owns Equinix, Digital Realty Trust, GDS Holdings, and Goodman as multi-year beneficiaries. Travel companies benefit from favorable shift in consumer preferences away from goods spending to prioritizing travel experiences. Fund owns best-in-class hotel companies Hilton and Hyatt which should continue benefiting from these secular trends including flexible work arrangements allowing more travel and cyclically depressed business activity creating opportunities. Despite near-term housing market challenges from affordability issues and buyer/seller strikes, there is structural underinvestment in housing relative to demographic needs. US builds same number of homes today as 1960 despite 160 million more people. Fund sees long-term bullish opportunity in companies like Toll Brothers and Champion Homes as housing market rebounds. Industrial real estate benefits from multi-year demand drivers including e-commerce growth, last mile infrastructure needs, onshoring trends, and shift from just-in-time to just-in-case inventory management. AI's physical manifestation through robotics and automation will require more industrial facilities. Fund owns Prologis, EastGroup Properties, and Terreno Realty.	IRM VTR WELL FBIN SKY CSGP H PLD JLL	View
2024 Q3	Sep 30, 2024	Oakmark Fund- International Small Cap	7.4%	0.0%	APA, AXP, CBRE, CSCO, FBIN, FI, GOOGL, GPC, MCO, MRK, SCHW	financials, industrials, large cap, Pharmaceuticals, real estate, value	The fund continues to find attractive investment opportunities amid an unusually wide spread between high P/E and low P/E stocks. They focus on companies trading at sizeable P/E discounts to peers and the broader market, viewing these as attractive entry points.	MRK GPC	View
2024 Q3	Sep 30, 2024	FMI Small Cap Equity	-0.8%	10.7%	ARMK, BJ, CSL, FBIN, FN, G, HLI, HSIC, NSIT, NVDA, PLXS, SKX, SSD	consumer, industrials, Quality, small caps, technology, value		FN ARMK	View
2024 Q2	Jun 30, 2024	FMI Small Cap Equity	-0.8%	10.7%	BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL	AI, healthcare, Japan, Quality, small caps, Speculation, value	The manager expresses skepticism about the AI bubble, noting that Nvidia's rapid growth and high margins will attract competition from customers. They warn of speculative fervor around AI with over $180 billion in data center spending but only $3.4 billion in OpenAI revenue. The cost to run generative AI queries is extremely high due to power requirements.	RYAAY DGX HSIC	View
2024 Q2	Jun 30, 2024	FMI Large Cap Equity	-4.0%	10.5%	BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL	AI, growth, healthcare, Japan, Quality, small caps, technology, value	The manager expresses skepticism about the AI bubble, noting that Nvidia briefly became the world's most valuable company worth $3.3 trillion. They highlight that $180 billion is being spent annually on AI data centers with only $3.4 billion in revenue from OpenAI, requiring $600 billion in annual revenue to justify current spending levels. The high cost of running generative AI queries due to substantial power requirements may eventually impact revenue and profit models.	RYAAY DGX HSIC	View
2023 Q1	Mar 31, 2023	FMI International Equity	-7.4%	2.7%	BJ, BKNG, BMEB.PA, CSL, DG, FBIN, GOOGL, HOWG.L, NSIT, PLXS, PRI, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION	Banking, growth, Housing, international, Quality, Travel, value	The firm discusses the global banking crisis including failures of Silicon Valley Bank, Signature Bank, and Silvergate Capital, along with Credit Suisse's rescue. They maintain positions in Zions Bancorporation and Charles Schwab despite volatility, believing both have sticky deposit bases and conservative balance sheets. The crisis highlights banking sector fragility and will likely lead to lower profitability and multiples going forward.	BKNG AEO\|ASH\|ASUR\|AZZ\|DCO\|FA\|FBIN\|GHM\|LEU\|NSP\|RRR\|UTZ AAPL\|MSFT\|NFLX\|NVDA\|UNH SCHW ZBRA	View
2023 Q1	Mar 31, 2023	FMI Large Cap Equity	-4.0%	10.5%	BJ, BKNG, BME.L, CSL, DG, FBIN, GOOGL, HWDN.L, INSG, PLXS, PRI, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION	Banking, Housing, international, Quality, technology, value	The banking crisis highlighted the fragility of the sector, with three bank failures including Silicon Valley Bank. FMI maintains selective exposure to high-quality banks with sticky deposit bases like Zions and Schwab, viewing recent declines as overly punitive and adding to positions.	BKNG AEO\|ASH\|ASUR\|AZZ\|DCO\|FA\|FBIN\|GHM\|LEU\|NSP\|RRR\|UTZ AAPL\|MSFT\|NFLX\|NVDA\|UNH SCHW ZBRA	View
2023 Q1	Mar 31, 2023	FMI Small Cap Equity	-0.8%	10.7%	BJ, BKNG, BME.L, CSL, D05.SI, DG, FBIN, GOOGL, HWDN.L, LLOY.L, NSIT, PLXS, PRI, ROG.SW, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION	Banking, contrarian, Crisis, Housing, international, Quality, value	The firm discusses the global banking crisis of Q1 2023, including failures of Silicon Valley Bank, Signature Bank, and Silvergate Capital. They maintain selective exposure to banks with sticky deposit bases like Zions and Schwab, viewing recent declines as overly punitive given their conservative balance sheets and quality management teams.	BKNG AEO\|ASH\|ASUR\|AZZ\|DCO\|FA\|FBIN\|GHM\|LEU\|NSP\|RRR\|UTZ AAPL\|MSFT\|NFLX\|NVDA\|UNH SCHW ZBRA	View
2023 Q4	Jan 24, 2024	McIntyre Partnerships	14.7%	6.0%	ALGN, FBIN, FOR, GTX, MBC, MSGE, OSW, SAFE, SHC, SPHR, STHO, TPHS, UMG.AS, WMG, ZWS	Concentration, Event Driven, Litigation, small caps, turnaround, value	Manager discusses significant slowdown in battery electric vehicle growth and believes the stronger for longer tail of internal combustion engines and hybrid powertrains has materially increased in value. The slowdown in BEV is heading on a collision course with GTX's valuation and proper capital allocation.	GTX SHC	View
2024 Q4	Jan 16, 2025	Longleaf Partners Fund	-1.3%	8.8%	ACI, AMG, BIO, CNX, DINO, EXO, FBIN, FDX, FFH, FIS, IAC, K, LBRDK, LYV, MAT, MGM, PYPL, RTX, WBD, WMG	Buybacks, energy, Media, Natural Gas, payments, technology, value	Fund operates with high-60s% price-to-value ratio and 10x price/earnings power multiple, dramatically different than the market. Manager emphasizes appraisal-driven research and fundamental analysis to identify undervalued opportunities.		View
2024 Q4	Jan 16, 2025	Longleaf Partners Global Fund	-6.7%	10.5%	0700.HK, 4613.T, AC.PA, ACI, AMG, BIO, CFR.SW, CMCSA, CNX, ENT.L, ERF.PA, EXO.MI, FBIN, FDX, FFH.TO, FIS, H, HFC, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, RKT.L, TCOM, TIGO, WBD, WMG	Buybacks, global, inflation, Media, Natural Gas, Spin-Offs, Trump, value	Fund trades at low-60s% price-to-value ratio with sub-10x price/earnings power multiple, dramatically different than the market. Manager emphasizes fundamental, appraisal-driven research and finding mispriced value outside of the US at the moment.		View
2023 Q4	Jan 2, 2024	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	BRBR, CIVI, CTRA, CUBE, ERII, FBIN, FHN, FIBK, GDDY, HBI, LOB, NSP, NVST, RRR, SXT, WBS, WCC, WNS	energy, financials, mid cap, real estate, Regional Banks, small cap, technology, value	Regional banks performed well in Q4 as investors interpreted Fed signals as indicating an end to rate hikes and potential pivot to cuts in 2024. The fund initiated a position in First Horizon Corporation, capitalizing on the failed merger with Toronto Dominion, and holds Live Oak Bancshares and Webster Financial which both contributed positively to performance.		View
2023 Q4	Jan 2, 2024	Diamond Hill Mid Cap	8.3%	13.3%	BRBR, BWA, CIEN, CTRA, CUBE, FBIN, GDDY, HBI, NSP, NVST, PH, RRR, ST, VFC, WBS, WCC	Automotive, energy, financials, industrials, mid cap, real estate, technology, value	Real estate was the top performing sector in Q4, rising 17% alongside growing consensus that the Federal Reserve is done raising rates. REITs broadly rallied as long-term interest rates rapidly declined. Self-storage REIT CubeSmart benefited as storage rents showed signs of bottoming.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 28, 2026	Fund Letters	Jeffrey Kolitch	Fortune Brands Innovations Inc.	Industrials	Building Products	Bull	New York Stock Exchange	brands, Building Products, housing cycle, Margins, Pricing power	View Pitch
Dec 5, 2025	Fund Letters	Chris Welch	Fortune Brands Innovations, Inc.	Industrials	Building Products	Bull	NYSE	brands, Housing, innovation, Pricing, Remodeling	View Pitch

BSD Shareholders of FBIN

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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