GNW

GNW

GNW

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 23, 2024	Pelican Bay Capital Management	-6.3%	0.8%	ALB, BLDR, CPAY, CPRI, CVS, EXPE, FANG, FIS, GNW, GOOG, TOLL, TPR, ULTA	Concentration, Homebuilders, Quality, retail, technology, value	The fund employs a concentrated value strategy seeking high-quality companies trading at steep discounts to intrinsic value. Portfolio companies have higher operating margins and returns on invested capital than the index while trading at 13.5x forward P/E versus 16.3x for Russell 1000 Value. The manager believes these higher-quality companies should trade at a premium to the market over time.	ULTA	View
2025 Q2	Jul 18, 2025	Seven Corners Capital	-	11.0%	ACT, CART, COOP, GNW, HHH, PSHZF, RFIN, RKT, SD, TPB	Compounding, concentrated, discount, energy, financials, technology, value	Turning Point Brands benefits from steady, high-quality compounding business model via Zig-Zag and Stoker's brands, which should benefit from tailwind in long-term decline of traditional cigarettes. Stoker's FRE brand of smokeless tobacco is growing at extremely high rate with Modern Oral sales up nearly 10-times versus prior year.	RKT SD CART GNW TPB PSHZF	View
2024 Q1	May 15, 2024	Gator Capital Management	10.8%	24.3%	AX, BAC, BCS, CNOB, CUB, DCOM, ESQ, FBP, FCNCA, GNW, HOOD, JXN, NYCB, OFG, OSBC, PNFP, ROOT, SLM, UMBF, WAL, WBS	Credit Risk, financials, interest rates, Regional Banks, SMID Cap, value	Manager sees selective opportunities in small-to-mid-sized regional banks despite sector headwinds. Believes stock investors are overly pessimistic about credit concerns while the real issues are interest rate risk and loan volume growth. Groups favorites into Puerto Rican banks, growth banks, and small banks with unique stories.		View
2024 Q1	Apr 15, 2024	Seven Corners Capital	14.0%	0.0%	ACT, GNW, PSHZF, RKT, SD, TPB	activism, discount, energy, financials, Tobacco, value	The fund maintains a significant energy position in Sandridge Energy, betting on secular decline in O&G drilling combined with inflation revival supporting carbon-based energy prices. The thesis is that if you own O&G assets, then ESG is your friend. The company has cut unnecessary expenses to the bone and maximized free cash flow conversion.	RKT SD TPB GNW PSHZF	View
2024 Q4	Dec 31, 2024	Seven Corners Capital	-	17.0%	ACT, CART, GNW, HHH, PSHZF, SD, TPB	activism, discount, energy, NAV, value	Portfolio focuses on companies trading at discounts to intrinsic value, including NAV discounts and sum-of-the-parts situations. Multiple holdings trade below their fundamental worth based on asset values.	CART SD GNW TPB PSHZF	View
2023 Q4	Dec 1, 2024	Seven Corners Capital	14.0%	0.0%	ACT, GNW, HHC, MACK, PSHZF, SD	activism, discount, energy, Pharmaceuticals, value	Portfolio consists of discount-to-sum-of-parts plays including PSHZF trading at 29% discount to NAV, GNW trading at discount to its 81.6% ACT stake value, and MACK as classic uncorrelated sum-of-parts opportunity. These positions are viewed as theoretically independent of overall market movements.	AAVE-USD MACK GNW PSHZF	View
2023 Q3	Nov 10, 2023	Gator Capital Management	10.8%	24.3%	AAIC, AX, BOH, CFG, FCNCA, FITB, GNW, HBAN, JXN, MTB, OFG, PGR, PNC, RF, TFC, USB, VNO, WAL	Banking, financials, M&A, Regional Banks, value	First Citizens Bancshares represents the fund's largest position, acquired through strategic M&A including the SVB acquisition. The manager believes regional banks trade at historically low valuations and expects the group multiple to re-rate higher as the industry works through higher interest rates and the credit cycle peaks. First Citizens is positioned well for higher rates with a liquid balance sheet and balanced loan portfolio.	FCNCA	View
2024 Q3	Nov 1, 2024	Seven Corners Capital	14.0%	0.0%	ACT, GNW, PSHZF, RKT, SD, TPB	Concentration, Discounts, energy, Mortgage, value	The portfolio demonstrates classic value investing principles through concentrated positions in companies trading at significant discounts to intrinsic value. Examples include Genworth Financial trading at a discount to its Enact Holdings stake and Pershing Square Holdings trading at a 31% discount to NAV. The manager seeks to unlock value through corporate actions and discount closures.	SD RKT TPB GNW PSHZF	View
2025 Q4	Jan 18, 2026	Seven Corners Capital	0.0%	35.0%	ACT, CART, GNW, HHH, PSHZF, RKT, SD, TPB	concentrated, discount, energy, Mortgage, NAV, Tobacco, value	The portfolio demonstrates a value investing approach with concentrated positions in companies trading at discounts to intrinsic value. Holdings like PSHZF trade at significant discounts to NAV, while GNW trades at a discount to its sum-of-the-parts valuation. Turning Point Brands represents a significant position focused on smokeless tobacco products including Zig-Zag and Stoker's brands. The company's Modern Oral segment grew 627.6% year-over-year, with the FRE brand showing extremely high growth rates. Multiple holdings have mortgage exposure including Genworth Financial through its 80% ownership of Enact Holdings (private mortgage insurance) and Rocket Companies' mortgage origination and servicing business following acquisitions of Redfin and Mr Cooper. Sandridge Energy represents the largest energy holding, positioned for potential oil and natural gas price recovery. The thesis centers on secular decline in drilling combined with inflation supporting carbon-based energy prices going forward.	RKT SD CART GNW TPB PSHZF	View
2024 Q2	Jun 30, 2024	Seven Corners Capital	14.0%	0.0%	ACT, GNW, PSHZF, RKT, SD, TPB	activism, Buybacks, Discounts, energy, financials, value	Multiple portfolio companies are actively repurchasing shares. Pershing Square Holdings continues to repurchase shares under its repo program. Genworth Financial has been actively repurchasing its stock in recent quarters.	RKT SD TPB GNW PSHZF	View
2023 Q4	Jan 30, 2024	Gator Capital Management	10.8%	24.3%	AAIC, AX, BOH, CFG, FCNCA, FITB, GNW, HBAN, JXN, MTB, OFG, PGR, PNC, RF, TFC, USB, VNO, WAL	Banking, financials, interest rates, M&A, Regional Banks, value	Fund is heavily concentrated in regional banks, particularly First Citizens Bancshares as the largest position. Manager believes regional banks trade at historically low valuations and expects the group multiple to re-rate higher as the industry works through higher interest rates and the credit cycle peaks. First Citizens is positioned well for higher-for-longer rates with a liquid balance sheet and balanced loan book.	FCNCA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Seven Corners Capital	Genworth Financial	Financials	Multi-line Insurance	Bull	NYSE	Corporate Restructuring, Insurance, Mortgage Insurance, Regulatory Approval, Share Buybacks, spin-off, Sum-of-parts, value unlock	View Pitch
Apr 13, 2026	Fund Letters	Seven Corners Capital	Genworth Financial	Financials	Life & Health Insurance	Bull	NYSE	asset separation, discount to NAV, Insurance, restructuring, share repurchase, Sum-of-parts, value unlock	View Pitch
Apr 13, 2026	Fund Letters	Seven Corners Capital	Genworth Financial	Financials	Multi-line Insurance	Bull	NYSE	conglomerate discount, Insurance, Mortgage Insurance, restructuring, Sum-of-parts, Value	View Pitch
Apr 13, 2026	Fund Letters	Seven Corners Capital	Genworth Financial	Financials	Multi-line Insurance	Bull	NYSE	Long-term Care, Mortgage Insurance, Regulatory Approval, share repurchase, spin-off, Sum-of-parts, value unlock	View Pitch
Apr 13, 2026	Fund Letters	Seven Corners Capital	Genworth Financial	Financials	Life & Health Insurance	Bull	NYSE	Holding Company Discount, Insurance, Mortgage Insurance, Regulatory, Share Buybacks, spin-off, Sum-of-parts, Value	View Pitch
Jan 21, 2026	Fund Letters	Scott Klarquist	Genworth Financial, Inc.	Financials	Life & Health Insurance	Bull	New York Stock Exchange	Activism, buybacks, Insurance, Optionality, Sum-of-parts	View Pitch
Jan 8, 2026	Fund Letters	Scott Klarquist	Genworth Financial, Inc.	Financials	Life & Health Insurance	Bull	New York Stock Exchange	Activism, buybacks, Insurance, restructuring, Sumoftheparts	View Pitch

BSD Shareholders of GNW

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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