FC

FC

FC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 10, 2025	Askeladden Capital Partners	-	-	BELFB, FC, FTLF, GO, KFY, LGIH, SFM, TFM	AI, Automation, Grocers, productivity, Research, small caps, value	AI has increased productivity by 5-10x, transforming the investment process through custom software development, mass information analysis, and automated writing. The manager believes AI provides a substantial competitive advantage and is restructuring all core tools to be AI-first.	FTLF GO ALOT FC FTLF BELFB GO	View
2025 Q1	May 2, 2025	Greystone Capital	-7.9%	-7.9%	BELFB, FC, KITS.TO, LNF.TO, NRP, XPOF	E-Commerce, Optical, Quality, small caps, tariffs, Trade Policy, value, volatility	Tariff measures announced against global trade partners created geopolitical and recession fears, driving market volatility. The inconsistency and unpredictable messaging around new trade rules creates planning difficulties for businesses. Portfolio companies have varying direct exposure to tariffs, with Natural Resource Partners, Leon's Furniture, and Bel Fuse being the only holdings with direct tariff exposure.	KITS.TO BELFA LNF.TO NRP	View
2022 Q4	Mar 28, 2023	Adestella Investment Management	11.4%	-14.7%	DASH, DKNG, FC, OTLY, SNOW	-			View
2025 Q4	Jan 24, 2026	Greystone Capital	0.3%	2.8%	APG, BEL, DR.TO, FC, FOUR, KITS.TO, LMB, LNF.TO, LSPD.TO, NRP, SQ, SYZ, TOST, VYX	Buybacks, Coal, concentrated, E-Commerce, payments, small caps, value	Natural Resource Partners continues to benefit from global coal consumption reaching record highs of 8.8 billion tons in 2025. The royalty business model provides exceptional durability through various pricing environments while avoiding ongoing capital expenditures and high operating costs. KITS Eyecare represents a vertically integrated direct-to-consumer eyecare model with strong unit economics. The company has achieved product/market fit with favorable CAC/LTV ratios and continues to take share from traditional optometry and less integrated online competitors. Shift4 Payments operates as an integrated end-to-end payments business with deep industry knowledge across hospitality, restaurant, and stadium verticals. The company owns the gateway layer and full payment stack, enabling higher margins and stronger customer retention than commodity payment processors. Medical Facilities Corp has repurchased over 20% of shares outstanding through tender offers and open market purchases, reducing total shares by nearly 40% over four years. Management demonstrates disciplined capital allocation focused on maximizing per-share value.	FOUR DR CN APG KITS CN NRP	View
2023 Q1	Apr 18, 2023	Tourlite Capital Management	4.5%	13.8%	FC, FTAI, GLOP, VRRM	-			View
2023 Q4	Jan 26, 2024	Tourlite Capital Management	4.5%	13.8%	APG, ESPR, FC, FIP, FTAI, IMVT, KD, LTCH, PRM, PRVB, ROIV, SAN.PA	Aviation, Biotechnology, Event Driven, Long/Short, small caps, special situations	Fund initiated significant position in Roivant Sciences, a biotech company specializing in consolidating promising drug patents. Thesis based on cash value from asset sales, Immunovant stake, and pipeline upside potential. Also held Provention Bio which was acquired by Sanofi following FDA approval.	AFCG ROIV LTCH BKD FIP ESPR APG FTAI	View
2023 Q2	Jan 7, 2023	Immersion Investment Partners	9.6%	9.6%	BFIT.AS, FC, IDT, MPAA, PBPB	Auto Aftermarket, Fitness, Restaurants, small caps, special situations, turnaround, value	Small caps are at their largest relative discount to large caps since the dot-com bubble. The five years following the dot-com bubble produced some of the best returns in the history of public small cap investing. Investors have decided that all small cap stocks are risky regardless of prospective earnings/cash flow generation, quality of management, and cheap valuations.		View
2023 Q4	Jan 2, 2024	Greystone Capital	8.0%	16.0%	APG, BELFB, CURN, FC, LMB, SENEA, SYZLF, THRY	Concentration, Outperformance, SaaS, small caps, value	Manager emphasizes that small caps now make up less than 4% of the U.S. equity market due to large cap valuation expansion, creating a void where very few investors are choosing small caps to outperform. Markets in both the US and Canada are offering tremendous bargains consisting of well-managed, growing businesses that generate cash, trading at single digit multiples of cash flow.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Dec 3, 2025	Fund Letters	Samir Patel	Franklin Covey Co.	Health Care	Education Services	Bull	NYSE	Asset_light, Free_cash_flow, Human_capital, Recurring_revenue, Subscription	View Pitch
Aug 13, 2025	Seeking Alpha	Grassroots Trading	Franklin Covey Co.	Health Care	Education & Training Services	Bull	NYSE	—	View Pitch

BSD Shareholders of FC

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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