HBB

HBB

HBB

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 25, 2025	Third Avenue Small-Cap Value Fund	6.5%	-	ABCB, ALG, BATRK, BXC, CTLP, ECPG, FRPH, HBB, IBTX, KALU, LXU, MYR, OCFC, PB, PRA, SAGE, SBSI, SUPN, UMBF, VC	Balance Sheet, Financial Strength, M&A, Resource Conversion, small cap, value	U.S. small-cap companies present once-in-a-generation attractive opportunities relative to the broader equity market after lengthy underperformance. Higher volatility in small-caps increases probability of significant mispricing, creating opportunities for active managers. The investment universe offers particularly high volume of merger and acquisition activity with low impediments to transactions.	VC CTLP SUPN CTLP	View
2024 Q1	May 7, 2024	Third Avenue Small-Cap Value Fund	8.3%	0.0%	BATRA, ECPG, FIX, FRPH, HBB, IVT, KALU, LXU, MYRG, PRA, SEB, SPHR, TDW, UMBF, WASH	Balance Sheet, Capital Allocation, Concentration, cyclicals, small caps, special situations, value	The Russell 2000 Index peaked in November 2021 and remains more than 13% below record highs. Over the past three years, the Russell 2000 has generated negligible returns while the S&P 500 has compounded at 11.6%. The manager believes the continued outperformance by large caps is unsustainable and that intrinsic value within the small-cap market will be realized.		View
2023 Q3	Oct 25, 2023	Third Avenue Small-Cap Value Fund	8.3%	0.0%	BATRK, ECPG, FRPH, HBB, ICFI, IVT, KALU, LXU, MYRG, PRAA, SEB, TDW, UMBF, WASH	energy, Fertilizers, financials, Onshoring, real estate, small cap, value	The fund identifies near-shoring as a developing theme with attractive investment opportunities. LSB Industries benefits from U.S. near-shoring through domestic fertilizer production, reducing transportation costs and environmental impact. The manager has dedicated analytical resources to capitalize on other near-shoring opportunities.	BATRK LXU	View
2025 Q3	Oct 21, 2025	Third Avenue Small-Cap Value Fund	7.2%	-	ABAC, BATRK, BCC, BXC, COLL, CTAS, CTLP, ECPG, FRPH, HBB, HFWA, ITIC, KALU, LXU, MYRG, PB, PRA, ROG, SD, SUPN, TDW, UMBF, UNF, VSTO	Building Materials, financials, healthcare, industrials, Pharmaceuticals, small caps, technology, value	The fund focuses on buying companies trading at discounts to conservative estimates of net asset value, with shares not reflective of potential for business improvement or value creation. The investment approach emphasizes businesses well-financed and trading below intrinsic value with identifiable value creation levers.	ROG BOISE AMBC AMBC	View
2024 Q3	Sep 30, 2024	Third Avenue Small-Cap Value Fund	8.3%	0.0%	BATRA, ECPG, FRPH, HBB, ICFI, ITIC, KALU, LXU, MYRG, PB, PBF, PRA, SD, SSTK, TDW, TPH, UMBF, WASH	Cheapness, energy, Refiners, Regional Banks, small cap, value	Fund focuses on buying cheap companies at discounts to replacement value and cash flows, with emphasis on balance sheet-oriented approaches. Current holdings available at attractive valuations relative to fundamentals.	PBF SD	View
2024 Q2	Jul 19, 2024	Third Avenue Small-Cap Value Fund	8.3%	0.0%	ALG, AMZN, BATRA, COLL, CSEC, ECPG, FRPH, HBB, ITIC, KALU, MYRG, NVDA, PRA, SEB, SUPN, TDW, UMBF, UNF, WASH	large cap, Outperformance, Relative Valuation, small caps, value	Small-cap stocks are trading at only 75% of large-cap valuations, an extremely unusual level of cheapness last seen during the tech bubble. The managers believe this represents a compelling opportunity for significant outperformance when the cycle turns.		View
2025 Q1	Mar 31, 2025	Third Avenue Small-Cap Value Fund	-4.6%	-4.6%	ABAC, BATRA, BXC, COLL, ECPG, FPH, FRPH, HBB, ICFI, ITIC, MYRG, OCFC, PB, PRAA, SBSI, SEB, SUPN, TDW, UMBF	financials, M&A, small cap, Trade Policy, value, volatility	Fund focuses on securities available at valuations significantly below private market value with low probability of permanent capital impairment. Manager emphasizes buying businesses at significant discounts to estimated values with conservatism baked in.	BXC TIDE	View
2023 Q4	Jan 28, 2024	Third Avenue Small-Cap Value Fund	8.3%	0.0%	ALG, BATRA, COLL, ECPG, FIX, FRPH, HBB, ICFI, ITRN, KALU, LXU, MYRG, PB, PRA, SEB, SPHR, TDW, TPH, UMBF	Fed policy, interest rates, real estate, Regional Banks, small caps, value	Small-cap equities rallied late in Q4 from anticipated Fed pivot toward lower rates. Russell 2000 outperformed Russell 1000 by over 7% in December. Despite recent rally, small-caps still lagged for the year and valuations remain discounted versus large-caps.	COLL	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Nov 25, 2025	Substack	Toff Cap Monday Monitor	Hamilton Beach Brands	Consumer Discretionary	Furnishings, Fixtures & Appliances	Neutral		Buyback program, cash flow, consumer goods, financial stability, shareholder value	View Pitch

BSD Shareholders of HBB

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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