GTN

GTN

GTN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Brandes Core Plus Fixed Income Fund	1.3%	4.0%	BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP	Corporate Bonds, Credit Risk, duration, Fed policy, fixed income, Treasury, Yield Spreads	The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core CPI is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026.		View
2024 Q2	Jul 2, 2024	Miller Value Partners Deep Value Strategies	4.6%	20.1%	GCI, GTN, NBR, NYT, UNFI	Active Share, Concentration, deep value, Energy Services, Food Distribution, Media, small caps, value	Manager focuses on neglected and under-followed parts of the marketplace where market expectations remain extremely low, seeking wide price-to-value gaps. The lowest valuation subset of the market has earnings yields multiples higher than the most expensive securities. Portfolio holdings trade at near 2x cash flow, price to sales less than 0.2x, and normalized earnings and free cash flow yields greater than 30%.		View
2024 Q1	Apr 26, 2024	Miller Value Partners Deep Value Strategies	4.6%	20.1%	FOSL, GTN, LNC, TPC	Concentration, Earnings Yield, infrastructure, small caps, undervalued, value	Manager emphasizes significant valuation discounts in value stocks versus growth, with value indexes trading at 40-90% discounts to longer duration equity indexes. Small cap value particularly attractive with relative valuations near 45-year lows versus large caps. Strategy focuses on double-digit earnings and free cash flow yields in undervalued securities.	LNC FOSL GTN TPC	View
2025 Q3	Oct 21, 2025	Brandes Core Plus Fixed Income Fund	1.7%	5.7%	BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP	credit, duration, Fed policy, fixed income, inflation, rates, Treasuries	The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core inflation is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026.	SABR SABR	View
2023 Q3	Oct 17, 2023	Miller Value Partners Deep Value Strategies	4.6%	20.1%	AXL, BFH, CHS, FOSL, GTN	-			View
2022 Q1	Oct 6, 2022	Bonhoeffer Capital Management	11.3%	0.0%	ABG, CSP LN, GTN	-			View
2025 Q4	Jan 23, 2026	Brandes Core Plus Fixed Income Fund	0.9%	6.7%	ADT, CNSL, COTY, F, GTN, KSS, OGN, SABR, SPR, USB, UVN	Corporate Bonds, credit, duration, Fed policy, fixed income, inflation, Treasuries, Yield Spreads	Consumer Price Index is approximately 25% higher since COVID pandemic, the highest rise in nearly forty years. Inflation has outpaced wage growth, creating affordability issues. The manager believes inflation will trend higher rather than moving toward the Fed's 2% target. Early warning signs of credit stress in private credit markets with collapses of subprime issuers and private debt markdowns. Goldman Sachs reports 15% of private credit borrowers cannot cover interest costs. The manager questions whether these are isolated events or signs of broader trouble ahead. Fed cut rates by 1.75% since September 2024 with third consecutive reduction in December. The manager believes the market may be underestimating the ultimate neutral fed funds rate and that the last 18 years of unconventional monetary policy may have skewed perceptions of normal rates.		View
2023 Q2	Jul 14, 2023	Miller Value Partners Deep Value Strategies	4.6%	20.1%	GCI, GTN, NBR, NVDA, QUAD, WAL	Banking, Concentration, Media, small caps, technology, value	Manager emphasizes extreme valuation spreads between growth and value stocks, with value factors delivering negative returns in 2023. Small Cap Value trades at significant 40-90% discount to longer duration equities, close to Covid lows. Deep Value strategy holdings experienced significant valuation compression during the quarter.	GTN WAL NBR QUAD GCI	View
2025 Q1	Apr 14, 2025	Miller Value Partners Deep Value Strategies	-12.8%	-12.8%	DOOR, GCI, GTN, JELD, NBR, NYT, OC, QUAD, UNFI	Media, opportunity, small caps, uncertainty, value, volatility	Manager emphasizes deep value investing approach, highlighting that lower valuation securities continue to have lower representation in passive indexes and are under-owned. Portfolio holdings are trading at historically attractive valuations with average less than 1.5x cash flow, price to sales less than 0.2x and normalized earnings and free cash flow greater than 30%.	JELD NBR GCI GTN	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Miller Value Partners Deep Value Strategies	Gray Television Inc	Communication Services	Broadcasting	Bull	NYSE	broadcasting, Equity, Film Studio, Free Cash Flow, Political advertising, Retransmission, Television	View Pitch
Apr 13, 2026	Fund Letters	Miller Value Partners Deep Value Strategies	Gray Media	Communication Services	Broadcasting	Bull	NYSE	broadcasting, debt reduction, Free Cash Flow, Local Advertising, media, Political advertising, Retransmission, Television	View Pitch
Apr 13, 2026	Fund Letters	Miller Value Partners Deep Value Strategies	Gray Television Inc	Communication Services	Broadcasting	Bull	NYSE	Atsc 3.0, broadcasting, deleveraging, digital advertising, Free Cash Flow, Local Television, Political advertising, Value	View Pitch
Aug 8, 2025	Seeking Alpha	Macrotips Trading	Gray Media Inc.	Communication Services	Broadcasting	Bull	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Kingfisher Research	Gray Media, Inc.	Communication Services	Broadcasting	Neutral	NYSE	—	View Pitch

BSD Shareholders of GTN

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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