GFF

GFF

GFF

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jun 30, 2025	Riverwater Sustainable Value Strategy	-	-	CIEN, COOP, ECG, EXEL, GFF, HAE, LMNR, LNTH, LOPE, LPX, MSA, NCMI, PNW, VECO	Construction, healthcare, infrastructure, Safety, small cap, technology, value	ECG benefits from exponential power demand from AI and data centers, exemplifying Jevons Paradox where efficiency gains are overwhelmed by usage growth. The company's backlog has grown over 40% driven primarily by data center and high-tech infrastructure projects.	MSA GFF ECG MSA GFF LMNR ECG	View
2024 Q1	May 22, 2024	Buckley Capital	4.8%	0.5%	CC, GFF, GSY.TO, IWG.L, NGVT	Co-working, Commercial real estate, small caps, Specialty Chemicals, value	Manager initiated position in Ingevity, a specialty chemicals company facing temporary margin pressure from high crude tall oil costs. The company is fixing these issues and should return to high historical growth rates. Also doubled position in Chemours after delayed filing created buying opportunity.		View
2024 Q1	May 15, 2024	Immersion Investment Partners	9.6%	9.6%	BELFB, CELH, GFF, PBPB	concentrated, long-term, Patient Capital, small caps, value	Fund focuses on small-cap investments with market capitalizations ranging from $30 million to $17 billion, with a median of $600 million. The strategy targets overlooked and underappreciated companies that are too small for institutional investors.		View
2023 Q4	Feb 27, 2024	Voss Value Fund	19.4%	19.2%	GFF, RCM	cyclicals, Healthcare IT, Homebuilders, Long/Short, small caps, value	Manager remains heavily positioned in small cap cyclicals including homebuilders, construction materials, and heavy construction equipment. Small caps are expected to benefit disproportionately from Fed rate cuts and money market fund outflows. Small caps trade at low percentile of historical valuations versus large caps with 24% EPS growth estimated for 2024.	BRCM AAGFF	View
2023 Q3	Oct 25, 2023	Buckley Capital	4.8%	0.5%	DNTL.TO, GFF, LNW	gaming, healthcare, Industrial, Outperformance, small caps, value	Small caps are at their most depressed levels since March 2020 pandemic bottom. The relative valuation of small cap stocks is near an all-time high with earnings positive IWN trading at 9x vs S&P at 21x. The Russell 2000 is down 30%+ from its November 2021 peak with multiple contraction of 40%+.	AAGFF DNTL.TO LNW	View
2023 Q1	Aug 5, 2023	Greystone Capital	8.0%	16.0%	BSFFF, GFF, POL, SYZLF	concentrated, Public Sector, Quality, SaaS, small caps, software, value	Manager emphasizes small companies remain cheap due to structural forces and misperceptions about risk, creating opportunities to purchase quality businesses at bargain prices. Notes small-cap bear market with Russell 2000 down 25% from peak, but historical data shows 100% positive five-year returns following negative periods.	SYZLF APOLLOHOSP.NS BSFFF AAGFF	View
2023 Q2	Jul 31, 2023	Buckley Capital	4.8%	0.5%	DNTL.TO, GFF, MRLLN, NGMS, XPOF	Acquisitions, Building Products, Fitness, gaming, small cap, Testing, value	Neogames was the fund's second largest position when acquired by Aristocrat. The iLottery business has 67% market share in North America and provides services for governments transitioning from traditional scratch cards to online lottery programs. The North American iLottery market is projected to grow at 30%+ CAGR from 2021-2027.		View
2023 Q4	May 2, 2024	Buckley Capital	4.8%	0.5%	AAPL, DNTL.TO, GFF, GSY.TO, IWG.L, XPOF	Canada, Consolidation, Franchising, Short Squeeze, small caps, value	Manager emphasizes small and mid-cap value stocks are generationally cheap relative to other asset classes. Portfolio trades at 9.6x earnings with 18% EPS growth compared to expensive large caps like Apple at 28x earnings with only 8% projected growth.		View
2022 Q4	May 2, 2023	Greystone Capital	8.0%	16.0%	APG, BSFFF, EDR SM, GFF, IDT, POL, RICK	-			View
2023 Q4	Feb 27, 2024	Voss Value Offshore Fund	7.4%	8.9%	GFF, RCM	AI, Healthcare IT, Housing, Long/Short, small caps, value	Manager maintains conviction that small cap value will outperform large caps going forward, citing low percentile historical valuations and expected 24% EPS growth in 2024 versus 11.4% for large caps. Small caps should benefit disproportionately from money market fund outflows when Fed cuts rates.	BRCM AAGFF	View
2023 Q4	Feb 2, 2024	Immersion Investment Partners	9.6%	9.6%	EDR.MC, GFF, PBPB	execution, mispricing, small caps, turnaround, value	eDreams Odigeo is transforming into the first subscription-led online travel agency with 5.1 million Prime members, generating recurring cash flow and circumventing middlemen like Google. The company delivered strong Q2 results with revenue and EBITDA up 19% and 66% respectively, showing significant margin expansion potential.	ALTG\|AREN\|CVGI\|PBPB\|QBTS\|QMCO\|SCOR\|TURN AAGFF EDR.MC	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Riverwater Sustainable Value Strategy	Griffon Corporation	Industrials	Building Products	Bull	NYSE	Building Products, Commercial Doors, Consumer products, discount, Garage Doors, innovation, market share, operating margins, Portfolio Streamlining, Value	View Pitch
Jan 8, 2026	Fund Letters	Adam Peck	Griffon Corporation	Industrials	Building Products	Bull	New York Stock Exchange	brands, Building, Doors, Homecenter, Margins	View Pitch

BSD Shareholders of GFF

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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