GMS

GMS

GMS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 3, 2025	VH Standard Asset Management	8.1%	7.1%	BASE, BERY, BPMC, BRDG, COOP, DFS, ESGR, GMS, GTLS, HES, JNPR, JWN, LFCR, RDFN, SGOV, SPTN, STR, SWTX, TURN, X	Antitrust, Cash, Deregulation, M&A, Merger Arbitrage, Regulatory	The manager notes a significant pickup in M&A activity within the biotech-pharma-healthcare industry recently, which has provided deal flow for the portfolio. Johnson & Johnson's $15 billion acquisition of Intra-Cellular received no regulatory scrutiny, exemplifying the more permissive environment.		View
2025 Q2	Jul 22, 2025	American Century Small Cap Value Fund	-0.4%	-	ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS	banks, consumer discretionary, financials, industrials, Rate Cuts, small cap, value	The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle.		View
2025 Q2	Jul 15, 2025	Madison Small Cap Fund	4.3%	-5.0%	CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC	aerospace, AI, Construction, Quality, small caps, Speculation, value	AI continues to be the dominant theme driving Russell 2000 performance, with broad-based fear among investors that AI could pose an existential threat to software business models. The manager believes these fears are vastly overblown, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing.	CRL EXP HXL	View
2022 Q1	Apr 21, 2022	Choice Equities Capital Management	-20.9%	-	AZEK, CBT, FARM, GMS, INVE, OEC, TA, TREX, WSO	Building Products, consumer, Industrial, inflation, rates, small caps, value		OEC TA AZEK INVE	View
2021 Q4	Feb 5, 2021	Choice Equities Capital Management	2.3%	36.9%	FARM, GMS, INVE, SPWH	Building Materials, retail, small cap, technology, value		SPWH	View
2023 Q2	Dec 7, 2023	Madison Small Cap Fund	6.3%	17.2%	CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC	aerospace, AI, Construction, Quality, small caps, Speculation, underperformance, value	AI continues to be the dominant theme driving Russell 2000 performance, with Ciena benefiting from AI capital spending boom. However, manager views AI disruption fears in software as vastly overblown, noting 60% of AI answers are incorrect and 95% of enterprise AI projects are failing.	CRL EXP HXL	View
2021 Q3	Nov 19, 2021	Choice Equities Capital Management	-2.5%	33.8%	FARM, GMS, INVE	Building Materials, Coffee, Concentration, small caps, value		GMS INVE FARM	View
2025 Q3	Oct 19, 2025	American Century Small Cap Value Fund	4.7%	-	ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS	banks, consumer, financials, industrials, semiconductors, small cap, value	The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle.		View
2025 Q3	Oct 14, 2025	Madison Small Cap Fund	-1.6%	-6.6%	AXS, BOX, CIEN, CMN, CRL, CSL, EHC, ENTG, EXP, FORM, GMS, HAYW, HQY, HXL, KN, SAIA, SHAK, SMG, SMPL, WSC	aerospace, AI, Construction, Quality, small caps, underperformance, value	AI continues to be the dominant theme driving much of the Russell 2000's performance, particularly in technology stocks. The manager expresses skepticism about AI disruption fears in software, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. They view fears about AI replacing critical software applications as vastly overblown.	CRL EXP HXL	View
2023 Q1	Apr 14, 2023	Madison Small Cap Fund	6.3%	17.2%	CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC	aerospace, AI, Construction, consumer, healthcare, Quality, small cap, Speculation	AI continues to be the dominant theme driving Russell 2000 performance, with Ciena benefiting from AI capital spending. However, the manager views fears about AI disrupting software business models as vastly overblown, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing.	CRL EXP HXL	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jun 15, 2026	Fund Letters	Choice Equities Capital Management	GMS Inc.	Other	Trading Companies & Distributors	Bull	New York Stock Exchange	Acquisitions, Building Products, construction, market leader, oligopoly, Pricing power, valuation discount, Wallboard Distribution	View Pitch

BSD Shareholders of GMS

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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