GOGO

GOGO

GOGO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 8, 2024	Middle Coast Investing	0.0%	0.0%	AAPL, ACLS, AER, AMZN, ARLO, ATKR, ATRO, AVGO, BKNG, DFS, FCNCA, FG, GOGO, LULU, NVDA, OMAB, PGR, SJM, TSM, VOW3.DE	Discipline, Portfolio Management, small caps, stock selection, value	Manager emphasizes buying quality companies at reasonable prices, gravitating toward cheaper, lower earnings-multiple stocks where price doesn't reflect potential value. Focus on finding stocks that will be worth more in 2-3 years than current market price suggests.	GOGO SJM ATRO LULU	View
2024 Q4	Dec 31, 2024	Madison Small Cap Fund	4.0%	22.2%	AAPL, AMN, AMZN, FROG, GOGO, GOOGL, KN, MEDP, META, MSFT, NVDA, ORCL, TSLA, VFC, WSC	AI, Construction, healthcare, industrials, small cap, technology, value	The AI boom continued with Nvidia adding $2 trillion in market value in 2024. Five hyperscalers have spent nearly $1 trillion on capital spending over five years, fueling Nvidia's growth. Questions remain about actual economic returns from these investments beyond Chat GPT and generative AI.	MEDP VFC KN AMN GOGO FROG WSC	View
2024 Q3	Oct 4, 2024	Middle Coast Investing	0.0%	0.0%	AAPL, ABM, ACLS, AER, AMZN, APOG, ATKR, AVGO, BKNG, BOOM, DFS, EB, FCNCA, FG, GOGO, LULU, OMAB, PGR, SCHW, VMEO	financials, industrials, insurance, small caps, technology, Transitions, value	Axcelis, a semiconductor equipment maker, is caught between slowing electric vehicle demand and delayed memory chip recovery. The company has gained market share and maintains a strong balance sheet despite current headwinds. Micron's recent earnings suggest memory recovery may be approaching.	BOOM ABM APOG ATKR	View
2025 Q3	Oct 2, 2025	Night Watch Investment Management	4.2%	25.9%	5842.T, AIR, BKD, BX, DSGR, ENDV.L, GOGO, HAYP.ST, KKR, MRX.L, NE, STX, TDW, VAL, WDC, XFAB.DE	AI, catalysts, Europe, global, Japan, private equity, small caps, value	Night Watch manages a global value strategy focused on catalyst-driven opportunities with insider ownership and unique names. The fund seeks value companies with identifiable catalysts for rerating, including industry tailwinds or company-specific events. They aim to differentiate from typical value strategies through unique portfolio holdings with little overlap to wealth management portfolios.	5842 JP WDC US BKD US	View
2025 Q3	Oct 2, 2025	Middle Coast Investing	-	-	AAPL, AER, AMZN, ATRO, AVGO, COF, CPAY, DALN, FCNCA, GOGO, GOOG, LULU, LYFT, MSFT, OMAB, PGR, PTLO, SCS, TRIP, TSM	AI, buyouts, insurance, semiconductors, technology, value	Manager discusses AI cautiously, experimenting with it for business operations and research but finding limited practical value so far. Views AI as creating a bubble environment similar to the internet bubble, with many participants admitting it's in a bubble phase. Invests selectively in AI-related companies but maintains natural skepticism.	AL US TFSL US BHF US HI US GOGO US CORP US	View
2023 Q3	Oct 15, 2023	Madison Small Cap Fund	6.3%	17.2%	AWI, AXS, BBCP, CC, CSL, EHC, ENTG, FROG, GOGO, HAYW, MGNI, MODN, NEWR, OLLI, OLN, OSW, PRMW, PTC, RADI, SUM, WSC	interest rates, Quality, Recession, Russell 2000, small caps, value	Fund focuses exclusively on small cap investments with historically low valuations relative to large caps providing significant opportunity. Managers believe small caps continue to lag large caps but see this as creating attractive entry points.	HAYW FROG OLLI MDLZ MGNI GOGO	View
2025 Q4	Jan 9, 2026	Middle Coast Investing	2.7%	16.9%	AAPL, ABM, AER, AMZN, APOG, ATKR, ATRO, AVGO, BHF, CCK, COF, CPAY, ECG, FG, GOGO, GOOG, HI, HNI, HURC, LULU, LYFT, MLKN, OMAB, PAGS, PGR, PTLO, SCHW, TRIP, WS	Bottom-up, Cash, Defensive, Office Furniture, risk management, value	Manager emphasizes bottom-up investing approach, looking for companies that will do better in years ahead when stocks are priced attractively. Seeks good companies at fair prices to protect against market struggles while avoiding missing big years. Primary goal is to avoid blowing up and survive through bad times. Uses rules like not buying whole positions at once, demanding 50% upside, watching leverage, and knowing when to double down. Maintains defensive portfolio positioning. Decade-long investment theme in office furniture companies including Kimball International, Steelcase, and HNI Corporation. Believes return to office theme hasn't played out but might be soon, with order growth showing improvement across major players.		View
2023 Q2	Jul 18, 2023	LVS Advisory – Defensive	0.0%	4.4%	ADBE, DCP, GOGO, IBKR, MA, NFLX, SSNC	Concentration, Event Driven, Merger Arbitrage, risk management, value	The manager discusses merger arbitrage strategies and event-driven investments as alternatives to traditional bond markets. Focus on non-binding acquisition offers and their success rates, with detailed analysis of deal structures and negotiation dynamics.	ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA GOGO ADBE ADMA DCP	View
2023 Q1	Apr 13, 2023	LVS Advisory – Defensive	0.0%	4.4%	AVID, BJ, GOGO, IBKR, JYNT, NFLX, SCHW, SSNC	Banking, CVR, Event-Driven, interest rates, M&A, Options, Streaming	The letter discusses multiple pharmaceutical M&A deals including Pfizer's acquisition of Biohaven and Johnson & Johnson's acquisition of Abiomed. The manager focuses on event-driven investing in these transactions, particularly highlighting the embedded options and contingent value rights that create additional upside potential beyond the base deal consideration.	GOGO JYNT BJ AAPL\|MSFT\|NFLX\|NVDA\|UNH ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA SCHW AVID	View
2024 Q4	Jan 27, 2025	Buckley Capital	1.5%	2.0%	AAPL, DNTL.TO, GOGO, MSFT, PLNT, TSLA, XPOF	Aviation, Connectivity, Fitness, Franchising, Russell 2000, small cap, undervalued, value	Manager emphasizes investing in undervalued stocks trading at significant discounts to intrinsic value, comparing portfolio holdings like IWG and Basic Fit to overvalued large-cap names like Apple and Tesla. Portfolio consists of undervalued stocks diversified across multiple businesses with substantial gaps between current prices and intrinsic values.	XPOF GOGO	View
2023 Q4	Jan 14, 2024	Madison Small Cap Fund	6.3%	17.2%	CFLT, CHRD, EPC, GOGO, HAIN, LZ, MC, OLLI, OSW, PRMW, SAIA, SHAK	energy, financials, healthcare, Quality, rates, small caps, technology, value	Small caps surged 14% in Q4 after benign inflation data, with the worst performers becoming the best in a dash for trash rally. Small caps finally outperformed large caps and mega cap tech after a narrow market year. The fund believes relative valuations remain more attractive for small caps than other domestic equity asset classes despite the recent rally.	CHRD BLZE 0MCB LN CFLT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Madison Small Cap Fund	GOGO Inc.	Communication Services	Wireless Telecommunication Services	Bull	NASDAQ	5G Technology, Business Aviation, Connectivity Services, Free Cash Flow, SaaS, subscription model, telecommunications	View Pitch
Apr 28, 2026	Fund Letters	LVS Advisory - Defensive	Gogo	Communication Services	Wireless Telecommunication Services	Bull	NASDAQ	Aviation, Business Aviation, Conviction Buying, In-Flight Connectivity, market inefficiency, Opportunistic Entry, Technical Decline	View Pitch
Apr 27, 2026	Fund Letters	LVS Advisory - Defensive	Gogo Inc	Communication Services	Wireless Telecommunication Services	Bull	NASDAQ	5G, Aviation Connectivity, business jets, high margins, Monopoly, Penetration Growth, Satellite, subscription revenue	View Pitch
Apr 13, 2026	Fund Letters	Middle Coast Investing	Gogo Inc.	Communication Services	Wireless Telecommunication Services	Bull	NASDAQ	5G Technology, Binary Outcome, Business Aviation, Galileo, In-Flight WiFi, Satellite, SpaceX Competition, Technology Rollout	View Pitch
Apr 13, 2026	Fund Letters	Madison Small Cap Fund	Gogo Inc	Communication Services	Wireless Telecommunication Services	Bear	NASDAQ	5G Technology, Aviation Connectivity, exit, Technology Risk, Thesis Breakdown, wireless services	View Pitch
Apr 13, 2026	Fund Letters	Buckley Capital	Gogo Inc.	Communication Services	Wireless Telecommunication Services	Bull	NASDAQ	5G, Air-to-Ground, Business Aviation, Connectivity Services, duopoly, LEO satellites, private jets, Razor-Blade Model, recurring revenue, Satellite communications	View Pitch
Sep 16, 2025	Short Thesis	Bleecker Street	Gogo Inc	Communication Services	Alternative Carriers (In-Flight Connectivity)	Bear	NASDAQ	5G, Airlines, Competition, debt, Inflight internet	View Pitch

BSD Shareholders of GOGO

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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