GNRC

GNRC

GNRC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Jul 26, 2023	Pelican Bay Capital Management	9.1%	11.5%	APAM, BATRA, BLDR, CPRI, GNRC, NTR, TOL	-			View
2025 Q2	Jul 17, 2025	Ariel Focus Fund	4.8%	-	APA, CLB, GNRC, MOS, ORCL, REZI, SJM	Concentration, conviction, downside protection, fundamentals, Quality	The letter focuses on running a concentrated portfolio of high-conviction ideas where downside risk is carefully managed. Management stresses deep fundamental research, strong balance sheets, and management alignment. The outlook favors selective concentration over broad diversification in an inefficient market.	CLB APA SJM REZI MOS ORCL	View
2025 Q1	May 1, 2025	Conestoga Mid Cap Composite	1.0%	1.0%	GNRC, HEI, IT, RGEN, ROL, ROP, TECH, VRSK, WCN, WST	-			View
2025 Q1	Apr 8, 2025	Matrix Large Cap Value Strategy	-	-	ABBV, BDX, FI, GNRC, PEP, RTX, TGT	-			View
2024 Q1	Apr 15, 2024	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	ALGT, ERII, GNRC, LANC, POST, PRGO, RRR, RRX, WCC, WNS	-			View
2025 Q4	Feb 25, 2026	SouthernSun SMID Cap	-3.9%	4.5%	APG, BOOT, CXT, DAR, DY, EXTR, FND, GNRC, LOB, MUSA, OSK, TKR, TREX, WSO	AI, energy, infrastructure, Late-cycle, SMID Cap, valuation, value	Artificial intelligence occupies a central role in shaping market expectations and has become a macroeconomic assumption embedded in capital expenditure plans and valuation models. The manager draws parallels between today's AI environment and the 2014-15 oil collapse, noting that AI infrastructure is profoundly energy-intensive and faces physical constraints including rising electricity prices and grid capacity challenges. Energy plays a critical role in AI infrastructure economics, with data centers becoming major electricity consumers. Rising power costs compress margins while grid constraints and regulatory scrutiny influence deployment timelines. The manager emphasizes that unlike software-driven growth, AI compute cannot be scaled independently of physical energy reality. Many AI-exposed companies trade at multiples assuming near-flawless execution, creating valuation risk despite current profitability. The manager notes that when confidence is high, markets forgive delays and cost overruns, but when confidence wanes, these factors can catalyze abrupt repricing. Late-cycle environments show conviction persisting even as marginal buyers grow cautious.	TREX TKR DY EXTR LOB OSK GNRC CXT APG DAR	View
2024 Q4	Dec 31, 2024	Ariel Focus Fund	-1.2%	13.5%	GNRC, Gold, GS, LMT, MHK, REZI, SLB, SNA	-			View
2022 Q4	Nov 2, 2023	Alger Mid Cap Focus Fund	4.6%	18.7%	COUP, CRWD, GNRC, PODD, XPO	-			View
2023 Q3	Oct 24, 2023	Pelican Bay Capital Management	2.7%	14.6%	CPRI, FANG, GNRC, PXD, TRP, VZ	-			View
2025 Q3	Oct 13, 2025	Conestoga Mid Cap Composite	-3.2%	1.1%	AAON, FDS, FTNT, GNRC, IDXX, IT, JKHY, TYL, VRSK, WST, XYL	earnings, Growth Equities, Mid Caps, Quality, valuation	Mid-cap stocks underperformed large-caps amid concentration in mega-cap tech leadership. Conestogas focus on sustainable earnings growth and conservative valuations left it lagging during speculative phases but positioned for long-term compounding when fundamentals reassert. The firm maintains exposure to industrial and technology companies with steady cash flows.	IDXX US WST US	View
2025 Q3	Oct 13, 2025	Conestoga SMid Cap Composite	-1.1%	-2.1%	CWST, DSGX, EVI, GNRC, JKHY, MRCY, QTWO, ROAD, TYL, WST	quality growth, semiconductors, SMID Caps, software, technology	The SMid-Cap strategy underperformed amid a rally dominated by unprofitable, high-beta stocks, while its disciplined quality-growth approach faced headwinds. Weakness in software and lack of semiconductor exposure weighed on returns, though select industrials and healthcare names showed resilience. Management views the current low-quality outperformance as typical of early-cycle conditions likely to normalize.		View
2025 Q4	Jan 30, 2026	Matrix Large Cap Value Strategy	0.0%	0.0%	ACN, FI, GNRC, LMT, META, TXN	AI, dividends, Fed, financials, rates, technology, value	Artificial Intelligence was the most important investment theme in 2025 and is expected to be a powerful force in the real economy for years to come. AI is a tool with the potential to significantly increase economic productivity, but comes with high costs for employees being laid off and entry level workers finding it difficult to land jobs as their skills are automated. After more than a decade of Growth stocks vastly outperforming Value, Matrix expects Value will be in a period of favorable relative and absolute returns. They expect a rotation from Large Cap Growth stocks with the highest market valuations to stocks and sectors with more reasonable valuations that can show consistent earnings. Matrix expects high quality Value and Dividend stocks to perform well in an environment where investors are seeking to replace income lost due to declining short-term interest rates. Lower short term money market rates following additional Fed Fund cuts should renew the market's interest in dividend paying stocks.		View
2025 Q4	Jan 26, 2026	Brown Advisory Large-Cap Growth Strategy	-4.4%	1.8%	AAPL, ADBE, ALGN, AMZN, AVGO, CTAS, DDOG, DHR, DKNG, FICO, GNRC, GOOG, HLT, INTU, IOT, ISRG, META, MRVL, MSFT, NFLX, NOW, NVDA, NXPI, TT, TTD, UBER, VEEV, WDAY, ZTS	AI, Cloud, growth, large cap, semiconductors, software, technology	AI integration is driving differentiation across portfolio companies, with ServiceNow and Intuit advancing meaningful AI initiatives that enhance customer value and deepen competitive advantages. The manager views AI investments in three concentric circles: semiconductor companies powering AI infrastructure, hyperscalers deploying AI at scale, and companies integrating AI to enhance products and services. Semiconductors doubled from April lows with NVIDIA and Broadcom among biggest contributors. The manager maintains meaningful exposure to hardware-oriented AI plays but avoids over-concentration despite strong momentum, viewing semiconductor companies as the first circle of AI infrastructure investments. Cloud businesses showed strong performance with Google Cloud growing nearly 34% year-over-year and AWS accelerating to 20% growth. The manager views hyperscalers as the second circle of AI investments, deploying AI at scale across their platforms.	ZTS MRVL VEEV NOW NFLX DHR AVGO MSFT UBER NVDA AMZN FICO HLT ISRG GOOG	View
2025 Q4	Jan 22, 2026	Pelican Bay Capital Management	8.5%	20.6%	ACM, BF.B, BLDR, CME, CSCO, FDS, GNRC, Gold, GOOG, MU, ODFL, ON, TOL, ZTS	AI, concentrated, healthcare, Homebuilders, Quality, semiconductors, technology, value	Portfolio benefited from strong performance in AI-related businesses, particularly Alphabet which established itself as a leading player with its Gemini Large Language Model alongside Claude and ChatGPT. The manager notes perception has improved significantly since initially purchasing GOOG in March 2023 when consensus was that Google missed the AI boom. Core investment philosophy centers on investing in high-quality companies with durable competitive advantages when they trade at steep discounts to intrinsic value. The manager emphasizes the importance of maintaining wide margins of safety and only investing when securities trade below the bottom end of their intrinsic value ranges. Homebuilding companies were weak performers due to elevated mortgage rates and slowdown in new home sales souring investor sentiment. However, the manager remains bullish on long-term prospects believing there is a housing shortage and these companies trade at large discounts to intrinsic values, adding to positions in both BLDR and TOL.	GOOGL ONON ZTS FDS ACM	View
2022 Q4	Jan 20, 2023	Pelican Bay Capital Management	9.9%	-1.9%	CPRI, FIS, GNRC, PSX	-			View
2025 Q4	Jan 18, 2026	Conestoga Mid Cap Composite	-5.8%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology	The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly.	GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY	View
2025 Q4	Jan 18, 2026	Conestoga SMid Cap Composite	-2.7%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	Biotechnology, defense, growth, industrials, Quality, small caps, technology	Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions.	GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN	View
2025 Q4	Jan 18, 2026	Ariel Appreciation Fund	3.0%	11.1%	CRL, FDS, FISV, GNRC, GNTX, IPG, MSGE, OMC, SPHR	Automotive, Biotechnology, Data centers, Entertainment, Financial Services, mid cap, technology, value	Artificial intelligence continues to drive structural trends contributing to productivity gains and shifting competitive positioning across industries. However, the benefits are unevenly distributed, reinforcing market leadership narrowness and raising questions about performance durability. Live entertainment shows strong consumer demand with Sphere Entertainment's success with The Wizard of Oz and Madison Square Garden Entertainment's robust concert and Christmas Spectacular performance. The sector benefits from continued demand for live experiences and valuable real estate assets. Charles River Laboratories maintains its leadership position in outsourced drug development services despite moderated biotech funding and big pharma budget pressures. The company's scale and capabilities position it well for recovery as nonclinical testing remains essential for pipeline replenishment. Generac Holdings sees significant long-term growth potential in the data center market, benefiting from rising energy needs and artificial intelligence infrastructure expansion. This represents a key growth driver alongside traditional backup power solutions.	OMC FDS GNRC FISV MSGE CRL SCHR	View
2025 Q4	Jan 18, 2026	Ariel Small Cap Value Strategy	3.0%	0.0%	AMG, FDS, GNRC, KMT, NCLH, PSKY, REZI, RLI, SPHR, ZBRA	AI, Entertainment, insurance, Manufacturing, small cap, technology, value	Artificial intelligence continues to drive structural trends and productivity gains across industries, though benefits are unevenly distributed. The technology is contributing to market concentration and shifting competitive positioning, while raising questions about the durability of recent performance patterns. Data center market shows significant long-term growth potential driven by rising energy needs and artificial intelligence infrastructure expansion. Management emphasized strong momentum in this sector as a key growth driver. Live entertainment sector demonstrates robust consumer demand with Sphere Entertainment showing strengthening business fundamentals. The success of productions like The Wizard of Oz is accelerating discussions for future venue expansion both domestically and internationally. Cruise industry faces renewed skepticism despite record bookings and robust customer deposits. Norwegian Cruise Line maintains confidence in long-term demand supported by strategic capacity expansion and private island enhancements.	ZBRA RLI FDS NCLH GNRC REZI KMT AMG SPHR	View
2024 Q3	Sep 30, 2024	SouthernSun SMID Cap	8.8%	13.9%	APG, BOOT, GNRC, IDXX, LPX, NGVT, USPH	-			View
2023 Q3	Sep 30, 2023	Artisan Partners Small Cap Fund	9.0%	14.0%	02B GR, 096 GR, ARGX, CCCS, EXAS, GNRC, GWRE, LSCC, MTSI, NTBL, NVST, PCOR, SPXC, STVN, SWAV, WCC, WMC	-			View
2022 Q3	Sep 11, 2022	Artisan Global Discovery	7.6%	13.1%	AZTA, BBVA, BURL, CAE, CTLT, GNRC, ON, SMGKF, TEAM, VEEV, VMI	-			View
2022 Q3	Jul 12, 2022	Ariel Fund	12.1%	0.0%	GCMG, GNRC, KEYS, MHK, PARA	-			View
2023 Q3	Mar 10, 2023	Ariel Appreciation Fund	9.9%	0.0%	AXTA, GNRC, IPG, KKR, MAT, NOV	-			View
2023 Q3	Mar 10, 2023	Ariel Focus Fund	10.6%	0.0%	APA, CVX, GNRC, GS, KVUE, LESL, MHK, PHIN, SPHR	-			View
2023 Q3	Mar 10, 2023	Ariel Fund	12.1%	0.0%	ATGE, GNRC, IPG, LESL, MAT, PBH, SPHR	-			View
2023 Q4	Feb 20, 2024	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	BWMN, CCCS, CNM, FF0 GR, GNRC, HLNE, LGIH, MEDP, MODG, QLYS, WING, XPEL	-			View
2022 Q4	Jan 31, 2023	Meridian Growth Fund	6.8%	0.0%	76J GR, GNRC, MMSI, ON, SH5 GR, SYNH	-			View
2022 Q4	Jan 19, 2023	Carillon Eagle Mid Cap Growth Fund	0.0%	0.0%	ALB, BKR, CRWD, GNRC, HAL, HZNP, MRVL, PLNT, URI, WOLF	-			View
2023 Q4	Jan 18, 2024	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	CNM, FF0 GR, FIVE, GNRC, GSHD, MEDP, MKTX, PAYC, POOL, TECH, TREX, WING	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 27, 2026	Fund Letters	Michael Cook	Generac Holdings Inc.	Industrials	Electrical Components & Equipment	Bull	New York Stock Exchange	Automation, backup power, cyclical demand, data centers, Margins, market leadership	View Pitch
Jan 21, 2026	Fund Letters	Bob Mitchell	Generac Holdings, Inc.	Industrials	Electrical Equipment	Bear	New York Stock Exchange	Cyclicality, Energyresilience, Housing, Margins, Powergeneration	View Pitch
Jan 21, 2026	Fund Letters	Derek Johnston	Generac Holdings, Inc.	Industrials	Electrical Components & Equipment	Bear	New York Stock Exchange	Cyclicality, datacenters, Energyresiliency, Margins, Power generation	View Pitch
Jan 20, 2026	Fund Letters	John Rogers	Generac Holdings Inc.	Industrials	Electrical Components & Equipment	Bull	New York Stock Exchange	cashflow, datacenters, Powergeneration, Resiliency, Secular	View Pitch
Jan 20, 2026	Fund Letters	John W. Rogers	Generac Holdings, Inc.	Industrials	Electrical Components & Equipment	Bull	New York Stock Exchange	cashflow, datacenters, Energy resiliency, Powergeneration, Secular	View Pitch
Oct 23, 2025	Value Investors Club	smallfish42	Generac Holdings	Industrials	Electrical Components & Equipment	Bull	NYSE	data center, Diesel Gensets, Electrification, tariffs, Telecom	View Pitch

BSD Shareholders of GNRC

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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