GGG

GGG

GGG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Fenimore Value Strategy	-2.8%	-	AVY, BKNG, BRK-A, BRN, CDW, DG, EOG, EXLS, FIS, GGG, IEX, ITW, MKL, PGR, ROST, STRY, TROW, VMC, WAT, ZBRA	Balance Sheets, fundamentals, interest rates, mid cap, Quality, value	Fenimore emphasizes high-quality companies with strong fundamentals, attractive pricing, ethical management, straightforward business models, strong balance sheets, clear competitive advantages, ample free cash flow, and growing profits. These companies held up better during the third quarter market decline.		View
2023 Q1	May 3, 2023	Springview Capital Management	1.6%	1.6%	ATVI, FFH, GGG, HLT, MKL, SHW, V, WRB, WTM	Banking Crisis, Buybacks, Concentration, Float, insurance, value	The fund holds significant positions in property-casualty insurers including W.R. Berkley, Markel, and White Mountains. These companies experienced temporary headwinds from deceleration in premium rate growth and concerns about the hard cycle ending, but the manager expects casualty pricing to improve in the second half. Insurance is viewed as a durable business with stable demand and the benefit of float investment.		View
2025 Q1	May 1, 2025	Conestoga SMid Cap Composite	-5.7%	-5.7%	AAON, ALTR, AZTA, CWST, DSGX, ESE, GGG, HEI.A, JKHY, MMM, MMSI, NEOG, PAYX, PYCR, RBC, ROAD, SPSC, TRNS, VERX, WSO	industrials, Outperformance, Quality, SMID Cap, tariffs, technology	The portfolio benefited from high-quality factor leadership as profitable companies with strong ROIC and EBITDA margins declined less than high beta, non-earning counterparts during the market selloff. Conestoga's emphasis on higher-quality, conservative growth companies was a key contributor to outperformance.		View
2025 Q1	May 1, 2025	Conestoga Micro Cap Composite	-8.2%	-8.2%	AAON, ALTR, AZTA, CWST, DSGX, ESE, GGG, HEI.A, JKHY, MMM, MMSI, NEOG, PAYX, PYCR, RBC, ROAD, SPSC, TRNS, VERX, WSO	Micro Cap, Outperformance, Quality, small caps, tariffs, uncertainty	Small capitalization stocks declined nearly 11% in the first quarter and were down roughly 20% from their post-election highs. The firm expects their investment approach to outperform in periods of heightened uncertainty, which proved true for most strategies in Q1.		View
2025 Q1	Apr 27, 2025	Aoris International Fund	-0.8%	-0.8%	ACN, APH, CPRT, EXPN.L, FAST, GGG, GWW, MSCI, MSFT, OR.PA, RELX.L, V	AI, concentrated, international, Quality, Resilience, Trade Policy, value	Aoris focuses on high-quality, wealth-creating businesses with demanding quality criteria applied to a maximum of 15 companies. They emphasize resilient businesses that provide essential products and services to other businesses, helping customers improve efficiency and reduce costs.	GWW EXPN.L CPRT MSFT ACN REL.L V	View
2024 Q1	Apr 15, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AAN, AEL, AGCO, ALTM, ARW, AX, CNO, CNXC, CSGS, CSWI, DAR, DCO, DECK, ESGR, FN, GGG, GIII, JBT, LEVI, MDU	Balance Sheet, compounders, Quality, small cap, valuation, value	The fund emphasizes high-quality compounders with strong balance sheets, high returns on capital, and steady margins. Quality has been a large contributor to outperformance during market downturns. The manager prefers companies where earnings will be higher in three to five years.		View
2024 Q4	Dec 31, 2024	Mairs & Power – Balanced Fund	-	9.6%	AMP, AVGO, AXP, CASY, FISV, GGG, JPM, LFUS, LLY, MDT, MSI, NEOG, NTRS, NVDA, PG, ROK, TTC, UNH, UPS, WFC	AI, Balanced, financials, healthcare, industrials, semiconductors, small caps, technology	The fund acknowledges AI as a key driver of mega cap technology performance in 2024, though their diversified approach left them underexposed to this narrow leadership group. UnitedHealth is aggressively deploying AI technology across its business to create enduring operating efficiencies. JPMorgan has been investing heavily in AI deployment across its businesses, positioning it well for outsized earnings growth compared to peers.		View
2024 Q4	Dec 31, 2024	Mairs & Power - Growth Fund	-	19.6%	AAPL, AMZN, AVGO, CLFD, CRM, FI, FUL, GGG, GOOGL, JPM, LFUS, META, MSFT, MSI, NVDA, RHHBY, TECH, TSLA, TTC, UNH	AI, Housing, long-term, Regional, small caps, technology, value	AI remains in the forefront of investors' minds and the fund believes AI will have a profound impact on the economy and society. The fund is well-positioned to benefit from this emerging technology through enablers like NVIDIA and Microsoft, application software vendors, and adopters across various industries. AI's practical application is a key item being monitored with all investments to determine competitive landscape shifts.	NVDA MSFT CLFD	View
2024 Q4	Dec 31, 2024	Fenimore Value Strategy	0.0%	15.6%	ADI, APH, BKNG, BN, BRK-A, CDW, EXLS, GGG, IEX, KMX, MCHP, MKL, PGR, PNFP, ROST, SSB, SYK, VMC	concentrated, long-term, mid cap, Quality, value	Fenimore focuses on finding quality companies with strong leadership that can push through economic cycles and policy changes. They seek robust businesses that drive profits higher over the medium and long term through actions like hiring producers, creating new products, and taking market share from fragile competitors.		View
2023 Q2	Dec 7, 2023	Madison Mid Cap Fund	7.2%	12.4%	ABG, ACGL, ANET, APH, BAM, BRO, CDW, CFR, CHTR, CPRT, CSL, EXPD, FND, FWONA, FWONK, GBCI, GCI, GGG, IT, KNSL, LAD, LBRDA, LH, MC, MCHP, MEDP, MKSI, PCAR, ROST, TDY, TECH, THO, TREX, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	AI-related data center spending is driving strong performance in technology holdings like Amphenol and Arista Networks. The fund is participating in this surge while also noting strength in other business areas beyond AI for these companies.		View
2023 Q3	Nov 10, 2023	Aoris International Fund	3.1%	0.0%	ACN, APH, CDW, COST, CPRT, CTAS, EXPN.L, FAST, GGG, HLMA.L, MC.PA, MSFT, OR.PA, RELX.L, TSCO	concentrated, global, Quality, value			View
2024 Q3	Sep 30, 2024	Madison Mid Cap Fund	7.2%	12.4%	ABG, ACGL, APH, BRO, CDW, CPRT, CSL, DLTR, FND, GGG, IT, KMX, LAD, LBRDK, MC, MCHP, MKSI, PCAR, ROST, WAT	Consolidation, consumer, financials, industrials, mid cap, Quality, technology, value	Added two new positions in Lithia Motors and Asbury Automotive, two of the largest auto franchise dealer groups. Dealers earn more profits from parts and service than new car sales, providing steady business throughout economic cycles. These businesses have a long runway to create value via consolidation of this fragmented industry.	ABG LAD GGG	View
2023 Q3	Sep 30, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	BALL, CGNX, CPRT, CSGP, FDS, FTNT, GGG, GNRC, GWRE, HEI.A, IDXX, POOL, RGEN, ROL, ROP, VEEV, VRSK, WCN, WST	growth, healthcare, interest rates, mid cap, Quality, technology	Conestoga emphasizes higher-quality companies with positive earnings, higher margins, higher returns on equity, and lower debt levels. This quality focus is positioned to outperform in an environment facing higher interest rates and potential recession.	OMCL CSWI	View
2023 Q3	Sep 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	CSWI, CWAN, CWST, DSGX, EXPO, FICO, FSV, GGG, GWRE, MMSI, NOVT, OMCL, POOL, RGEN, ROAD, ROL, SPSC, WSO	growth, healthcare, infrastructure, Quality, small cap, technology	Conestoga emphasizes higher-quality companies with positive earnings, higher margins, higher returns on equity, and lower debt levels. This quality focus positioned their strategies for outperformance in an environment facing higher interest rates and potential recession.	NSTG AD8 AU\|ARB AU\|BAP AU\|CAT AU\|DHG AU\|PME AU\|PNI AU\|RDX AU\|TNE AU OMCL CSWI	View
2023 Q3	Sep 30, 2023	Mairs & Power – Balanced Fund	0.0%	11.0%	ABT, CRM, ECL, ENTG, GGG, GOOGL, HON, HRL, LLY, MSFT, MSI, TECH, TTC, TXN, USB, XEL	AI, Balanced, fixed income, growth, inflation, rates, technology, value	Artificial intelligence is creating efficiencies and driving investment opportunities, particularly in technology companies. The fund sees AI as crucial for creating workforce efficiencies amid changing labor dynamics. Microsoft's leadership in AI helped propel it to all-time highs this year.		View
2024 Q2	Jul 31, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AAN, AGCO, ALTM, ARW, AX, BAM, CNO, CNXC, CSGS, CSWI, DAR, DCO, DECK, EQC, ESGR, FN, FSTR, GGG, GIII, GPK	active management, earnings, Quality, small caps, value	The fund emphasizes quality companies with consistent earnings and high returns on capital. They analyze earnings consistency as a key quality metric, showing that quality small-cap companies trade at lower valuations than large-cap peers with similar quality characteristics.		View
2024 Q2	Jul 23, 2024	Mairs & Power - Growth Fund	0.0%	19.0%	AAPL, AMZN, GGG, GOOGL, JPM, LLY, META, MSFT, NVDA, NVT, QCOM, ROK, TECH, USB, WK	AI, growth, healthcare, industrials, large cap, semiconductors, technology	The fund is well-positioned to benefit from AI adoption through holdings in Nvidia, which continues to see immense demand for GPU chips powering generative AI. Companies like Qualcomm and nVent are also benefiting from AI market enthusiasm, with Qualcomm's technology playing a big role in AI inferencing on smartphones and nVent's liquid cooling solutions needed for AI datacenters.	NVT QCOM	View
2024 Q2	Jul 23, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	AAPL, AMP, AMZN, CASY, ECL, ENTG, FAST, GGG, GOOGL, HRL, HSY, JPM, LFUS, LLY, MDT, META, MSFT, NVDA, NVT, TECH	Balanced, dividends, healthcare, industrials, rates, technology, value	The fund acknowledges the AI-fueled technology boom surrounding the largest companies but maintains valuation discipline. While remaining positive on long-term AI prospects, the fund's diversified approach left it underexposed to the narrow AI leadership group that drove market returns.		View
2023 Q2	Jun 30, 2023	Aoris International Fund	3.1%	0.0%	ACN, APH, CDW, COST, CPRT, CTAS, EXPN.L, FAST, GGG, HLMA.L, MC.PA, MSFT, OR.PA, RELX.L, TSCO	concentrated, global, Quality, value			View
2023 Q2	Jun 30, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	AAPL, ANSS, CPRT, CSGP, FDS, GGG, GWRE, HEI.A, IDXX, MSFT, MTD, RGEN, ROL, ROP, TSCO, VRSK, WCN, WST	consumer discretionary, growth, healthcare, industrials, mid cap, technology	The manager focuses on high quality conservative growth companies with sustainable earnings growth and strong balance sheets. They employ a time horizon arbitrage approach by identifying higher quality companies capable of growing through multiple business cycles.		View
2023 Q2	Jun 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	AAPL, AXON, BFAM, CWAN, CWST, DSGX, EXPO, FICO, GGG, GWRE, MRCY, MSFT, PYCR, RBC, RGEN, ROL, SITE, SPSC, TREX, WSO	consumer discretionary, growth, industrials, SMID Cap, technology, Utilities	SPS Commerce benefits from secular growth in the digitization of ecommerce and maintains a steady, durable business model that has remained resilient in a slower macroeconomic environment. The company highlights that historically they have only seen about a 1% drag on revenue growth from macro slowdowns.		View
2023 Q2	Jun 30, 2023	Mairs & Power - Growth Fund	0.0%	19.0%	AMZN, GGG, GOOGL, HRL, JPM, LNT, MSFT, NVDA, SCHW, TTC, UNH, USB	AI, Banking, growth, healthcare, large cap, technology, value	The fund sees artificial intelligence as a transformative technology similar to the internet, driving massive outperformance in technology stocks. They expect AI integration across productivity software and believe it will enable large-scale productivity improvements, though not overnight.		View
2023 Q1	Mar 31, 2023	Aoris International Fund	3.1%	0.0%	ACN, COST, CTAS, EL, FAST, GGG, KER.PA, MC.PA, NKE, OR.PA, TSCO	concentrated, Conservative, growth, international, long-term, Quality, ROIC	Aoris focuses exclusively on high-quality businesses with strong competitive positions, high returns on invested capital, and conservative balance sheets. The fund owns only 15 companies maximum, applying unusually demanding quality criteria including strong profitability, low debt levels, and market leadership positions.	GGG MC.PA	View
2023 Q4	Jan 28, 2024	Mairs & Power - Growth Fund	0.0%	19.0%	AAPL, AMZN, BBY, ECL, FUL, GGG, GOOGL, HRL, JNJ, MSFT, NVDA, PIPR, SCHW, SHW, TECH, TTC	AI, earnings, growth, inflation, large cap, Mid-caps, technology, value	The fund benefited from investors' enthusiasm for AI, particularly through holdings in the Magnificent 7 technology stocks. The managers are well positioned to take advantage of growing interest in artificial intelligence and are particularly interested in companies that can utilize AI to improve sales and profitability.	ABBY PIPR AAPL	View
2023 Q4	Jan 28, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	AAPL, AXP, CRM, ECL, ENTG, FI, GGG, GOOGL, HRL, HSY, LLY, MSFT, NTRS, NVDA, RHHBY, SHW, TECH, TTC, TXN, V	Balanced, Consumer Staples, financials, growth, healthcare, inflation, technology, value	The fund notes investor enthusiasm for the emerging artificial intelligence market, which aided mega cap technology leadership. Microsoft has an emerging leadership position in AI, while Salesforce benefited from strong demand for AI offerings.		View
2023 Q4	Jan 26, 2024	Aoris International Fund	3.1%	0.0%	ATCO-A.ST, COST, CPRT, FAST, GGG, MSFT, NKE, OR.PA, RELX.L, TSCO	concentrated, international, Long Term, Quality, Resilience, value	Aoris focuses on high-quality, wealth-creating businesses with strong competitive positions, consistent profitability, and resilient characteristics. The portfolio consists of 15 companies that demonstrate superior growth, profitability, and balance sheet strength compared to market averages.	REL.L FAST OR.PA COST AAPL\|MSFT\|NFLX\|NVDA\|UNH CPRT ATCO-A.ST	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 27, 2026	Fund Letters	Aoris International Fund	Graco	Industrials	Industrial Machinery	Bull	NYSE	Cost control, Fluid Handling, Industrial Equipment, Long-term Management, manufacturing, market share gains, R&D, Specialized Technology, US Manufacturing, vertical integration	View Pitch
Apr 13, 2026	Fund Letters	Madison Mid Cap Fund	Graco Inc	Industrials	Industrial Machinery	Bull	NYSE	Aftermarket Parts, Cyclical End Markets, Fluid Handling Equipment, high margins, industrial machinery, premium products, Pricing power	View Pitch
Jan 24, 2026	Seeking Alpha	Seeking Alpha	Graco Inc.	Industrial Machinery	Specialized Equipment	Neutral	New York Stock Exchange	Acquisitions, Economic conditions, financial performance, Graco Inc., industrial machinery, Organic Sales, Revenue Growth, Specialized Equipment, tariffs, valuation	View Pitch

BSD Shareholders of GGG

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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