HEES

HEES

HEES

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	May 17, 2025	VH Standard Asset Management	-	-	ALTM, ALTR, APO, AZPN, BECN, BRDG, COF, DFS, DNB, EDR, ESGR, HCP, HEES, HHH, HRI, JNPR, JWN, K, PDCO, PLYA, RDFN, RDUS, SWTX, TURN, WBA	Capital markets, M&A, Merger Arbitrage, risk management, volatility	The manager expects M&A activity to pick up significantly, leading to increased overbids and excess returns. Current environment shows minimal overbids, quiet go-shops, and subdued optimism, but historical patterns suggest this will revert to more competitive conditions similar to the 1980s merger boom.		View
2024 Q1	May 10, 2024	Choice Equities Capital Management	-1.8%	5.5%	CROX, HEES, PAR, SHAK, URI	earnings growth, Equipment Rental, infrastructure, Restaurants, small caps, technology	The Infrastructure Investment and Jobs Act allocates more than $1 trillion over ten years, complemented by the Inflation Reduction Act and CHIPS Act. Construction spending in manufacturing reached $225 billion in 2023, more than doubling the 2015 peak. This represents a threefold increase compared to historical infrastructure programs when adjusting for inflation.	HEES PAR SHAK CROX	View
2024 Q1	Apr 18, 2024	Liberty Park Capital Management	-4.1%	-4.1%	ASPN, BELFB, BLN.TO, COHR, ENS, ENVX, HEES, HQI, INTT, ITI, KRNT, LMB, LUNA, NVEE, POWL, PWFL, RELL, SWIM, TGLS, TWI	Industrial, Long/Short, small caps, technology, value	Markets rallied to start the year thanks to AI enthusiasm, with AI-related transceivers at Coherent growing over 100% quarter-over-quarter. However, AI enthusiasm has moderated as the fund moved into Q2 2024.	BLN.TO LUNA	View
2025 Q1	Mar 31, 2025	abrdn U.S. Small Cap Equity Fund	-3.7%	-3.7%	AZEK, COHU, CORT, HEES, JHX, LOB, LRN, MWA, REVG, SHOO, URI, VERX, WERN, WK	infrastructure, M&A, Quality, small caps, tariffs, Trade Policy, water	Trump administration announced new trade policy with 10% tariffs on all imports plus additional country-specific tariffs, followed by 90-day moratorium on additional tariffs except China while negotiations proceed. Significant market volatility resulted from concerns about macroeconomic slowdown and higher inflation.	REVG MWA WK SHOO VERX LRN HEES CORT	View
2024 Q2	Jul 29, 2024	Choice Equities Capital Management	-1.8%	5.5%	AMZN, DIS, DISH, FOX, FUBO, GOOGL, HEES, META, MGNI, MSFT, NFLX, NVDA, OEC, PAR, ROKU, WBD	Ad Tech, AI, Concentration, small caps, Streaming, technology, value	AI enthusiasm morphed into an outright AI vortex during Q2, with possibilities around AI use cases and productivity enhancements captivating public imaginations and creating an arms race mentality in corporate boardrooms. Four large hyperscalers intend to spend approximately $200B this year on AI chips, with the market capitalizing these large capital flows and rewarding recipients like Nvidia with higher trading multiples.	MGNI	View
2024 Q2	Jul 25, 2024	Liberty Park Capital Management	7.1%	2.5%	BELFB, BLBD, BLN, CGNX, COHR, ENVX, ETD, HEES, INTT, ITI, KRNT, LMB, LWLG, NVEE, PRIM, RELL, SWIM, TGLS, THRY, WEAV	AI, Long/Short, small caps, technology, turnaround, value	The manager believes the current AI hype cycle is coming to an end as investors notice actual revenue from AI is minimal relative to enormous capital equipment investment. OpenAI forecasts only $3.4 billion in 2024 revenue while over $100 billion has been spent on data center capex in the past 12 months. The AI industry needs time to digest this massive investment.	KRNT	View
2024 Q2	Jul 18, 2024	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	BPMC, CHX, DH, FN, GLBE, HEES, ICLR, INTA, MODN, MPWR, MSFT, MSTR, NVDA, PCVX, ROAD, SMCI, TREX, VRNS, WIX, XPRO	AI, Concentration, growth, semiconductors, small caps, software, technology, underperformance	AI overhang is creating challenges for software budgets and mindshare diversion to AI hardware development versus other software priorities. Early enthusiasm around generative AI has benefited infrastructure providers supporting advanced computing requirements. As the cycle matures, businesses with durable recurring revenue models should outperform.		View
2024 Q2	Jun 30, 2024	abrdn U.S. Small Cap Equity Fund	-7.5%	-3.2%	ATKR, ATMU, BOOT, CORT, EAT, FIVN, FROG, HEES, ONTO, PRFT	AI, Fed, Quality, rates, small caps, technology, value	Small caps trade at a significant discount to large caps and are positioned to benefit from market broadening beyond the Magnificent Seven. Corporate balance sheets flush with cash often trigger M&A activity benefiting smaller companies. Higher quality small caps have structural advantages in elevated rate environments.	FROG ATMU CORT	View
2023 Q1	Apr 18, 2023	Liberty Park Capital Management	7.1%	2.5%	ALTR, ATI, HEES, INTT, ITI, KRNT, LBRT, LSTR, LUNA, THRY, TITN, TWI, ZEUS	Banking Crisis, infrastructure, Long/Short, small cap, technology, value	The manager expresses concern about banking system stress following Silicon Valley Bank's failure and expects more bankruptcies among unprofitable tech companies and banks with underwater loan portfolios. They worry about contagion risk and disorderly unwinds as stuff starts to break.	HITI	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	abrdn U.S. Small Cap Equity Fund	H&E Equipment Services	Industrials	Trading Companies & Distributors	Bull	NASDAQ	acquisition target, Construction Equipment, Equipment Rental, industrial services, M&A	View Pitch
Apr 13, 2026	Fund Letters	Choice Equities Capital Management	H&E Equipment Services Inc.	Industrials	Trading Companies & Distributors	Bull	NASDAQ	consolidation, construction, Equipment Rental, IIJA, Industrials, infrastructure, multiple expansion, Pricing power, Sun Belt, Value	View Pitch

BSD Shareholders of HEES

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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