FUN

FUN

FUN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 3, 2025	Cove Street Capital Small Cap Value Fund	-	-	FUN, VSAT	Credit markets, liquidity, Speculation, valuation, value	The letter discusses late-cycle speculative behavior across equities, crypto, and credit markets driven by liquidity and policy expectations. Management contrasts this environment with disciplined value investing focused on cash flows and balance sheets. Speculation is viewed as cyclical and a source of future opportunity when excesses unwind.	VSAT FUN	View
2025 Q1	May 14, 2025	Broyhill Asset Management	2.8%	2.8%	7974 JP, AVTR, BAX, DLTR, FUN, PM, UBER	-			View
2025 Q4	Feb 12, 2026	Broyhill Asset Management	0.0%	0.0%	AVTR, BAX, DLTR, FI, FUN, IQV, PM, RKT.L, TMO, WOSG.L	AI, Concentration, defensives, Europe, fundamentals, momentum, Speculation, value	The AI capital cycle has created extreme market concentration and speculative momentum, with AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. The manager views this as a bubble similar to historical infrastructure buildouts like railroads and electricity, where early investors suffered catastrophic losses while benefits ultimately accrued to users rather than producers. Current AI capex spending approaches 2.1% of GDP, nearing levels that coincided with previous market peaks. Value stocks are trading at some of the widest discounts on record, with the portfolio positioned in businesses trading at substantial discounts to normalized earnings power. The manager believes this disconnect reflects pessimism and exhaustion rather than permanent impairment, creating an extremely promising starting point for long-term outperformance as fundamentals reassert themselves. Momentum has been the single defining force across equity markets, with performance increasingly driven by narratives rather than fundamentals. The current cycle has been one for the record books, with the two years leading up to 2025 being the second strongest on record for momentum after the dot-com era. The manager expects mean reversion to eventually favor value strategies. Global defensive sectors have fallen to their lowest weighting since 2000, trading at discounts to both the market and their own histories amid deteriorating sentiment and unusually high short interest. These sectors offer significant upside potential and provide defense, as companies selling basic necessities tend to shine when the rest of the market is in trouble.	RKT LN WOSG LN FUN AVTR FISV DLTR IQV PM	View
2025 Q4	Jan 14, 2026	13D Activist Fund	0.4%	3.1%	1944.T, 9501.T, 9531.T, EBCOY, FUN, ITGR, KAEPY, WEX	activism, Japan, semiconductors, small caps, Utilities, value	Shareholder activism continues to grow with 152 campaigns in North America in 2025, a 20.6% increase from 2024. The strategy has evolved from stigmatized to accepted and now necessary as passive investing increases. Non-activist managers are resorting to activism to realize intrinsic value as fewer investors buy and sell based on fundamentals. Japan presents significant opportunities with 76 new activist campaigns in 2025 and 154 live campaigns currently. Japanese companies offer value creation through margin expansion, enhanced capital returns, and improved corporate governance. The fund made its first investments in Japan with Ebara Corporation and Kansai Electric Power Company. Ebara Corporation is a semiconductor capital equipment powerhouse contributing one-third of revenue and over half of operating income. The company forms a duopoly in chemical mechanical planarization with Applied Materials, with AI semiconductors demanding greater CMP intensity offering clear growth runway. Kansai Electric Power Company is Japan's second-largest electric utility and top nuclear power operator with 48% of electrical output from nuclear. The company has favorable characteristics but trades at 0.75x price-to-book with opportunities for improved dividend payouts, capital efficiency, and asset sales.	WEX FUN ITGR 9503 JP 6361 JP	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Christopher R. Pavese	Six Flags Entertainment Corporation	Consumer Discretionary	Leisure Facilities	Bear	New York Stock Exchange	Attendance, Discretionary, Integration, leverage, turnaround	View Pitch
Jan 27, 2026	Fund Letters	Ken Squire	Six Flags Entertainment Corporation	Consumer Discretionary	Leisure Facilities	Bull	New York Stock Exchange	Activism, Leisure, Operations, Real Estate, turnaround	View Pitch
Dec 5, 2025	Fund Letters	Jeffrey Bronchick	Six Flags Entertainment Corporation	Consumer Discretionary	Leisure Facilities	Bull	NYSE	Attendance, cashflow, Integration, Themeparks, valuation	View Pitch
Oct 27, 2025	Substack	Toff Cap Monday Monitor	Six Flags Entertainment Corporation	Consumer Discretionary	Leisure	Bull		activist campaign, Amusement parks, board changes, enterprise value, FUN REIT, real estate spin-off, shareholder value, Six Flags, strategic alternatives, value creation	View Pitch
Oct 21, 2025	Value Investors Club	Motherlode	Six Flags Entertainment Corp (post-merger with Cedar Fair)	Consumer Discretionary	Amusement Parks	Bull	NYSE	Amusement parks, EBITDA growth, turnaround	View Pitch
Aug 8, 2025	Seeking Alpha	Penguin Value Investing	Six Flags Entertainment Corporation	Consumer Discretionary	Leisure	Bull	NYSE	—	View Pitch

BSD Shareholders of FUN

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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