HEI

HEI

HEI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 27, 2025	Weitz Multi Cap Equity Fund	3.6%	4.3%	BRK/A, HEI, KMX	Balance Sheets, Intrinsic Value, Patience, Valuation discipline, value	The letter focuses on disciplined intrinsic value investing across market capitalizations, emphasizing patience amid short-term volatility. Management highlights valuation dispersion as an opportunity to buy high-quality businesses trading below long-term intrinsic worth. A long-term ownership mindset and balance sheet strength underpin portfolio construction.	HEI	View
2023 Q2	Jul 25, 2023	Ironvine Capital Partners, LLC	-	14.4%	ADBE, DLTR, HEI, ODFL, UNH	-			View
2025 Q2	Jul 22, 2025	Conestoga Mid Cap Composite	3.5%	4.5%	AAON, BSY, CPRT, FICO, GWRE, HEI, IDXX, MTD, NET, POOL, ROP, VEEV, WCN, WSO	Competitive Advantage, earnings, growth, Mid Caps, volatility	The commentary focuses on maintaining high-quality growth exposure despite macro-driven volatility. Management highlights the resilience of companies with strong competitive positions and long runways for earnings expansion. Mid-cap growth is positioned as a balance between scalability and valuation discipline.	MTD NET FICO AAON POOL ROP WSO WCN CPRT VEEV IDXX GWRE HEI.A BSY	View
2025 Q2	Jul 22, 2025	Conestoga SMid Cap Composite	5.0%	-1.0%	AXON, CWAN, EXPO, FICO, GWRE, HEI, MMSI, NEOG, POOL, RBC, ROAD, WSO	cash flow, fundamentals, growth, SMID Caps, valuation	The letter emphasizes disciplined growth investing amid tariff uncertainty and rapid market rebounds. While narrow leadership hurt short-term performance, management remains focused on companies with scalable business models and consistent cash generation. SMid-cap growth is viewed as attractive as valuation gaps persist.	RBC GWRE AXON ROAD	View
2025 Q2	Jul 15, 2025	Canopy Investors	9.4%	-	4194 JP, DOL, EDEN FP, HEI, ICLR, WISE LN	Capital Allocation, Compounding, growth, Management Quality, Patience	The commentary emphasizes long-term compounding through ownership of exceptional businesses. Management focuses on capital allocation, reinvestment, and management quality. Short-term noise is de-emphasized.	EDEN FP DOL CN ICLR 4194 JP HEI WISE	View
2025 Q2	Jul 11, 2025	Giverny Capital Asset Management	9.1%	5.4%	BLDR, FI, GOOG, HEI, KNSL, MTB, PGR	Balance Sheets, cash flow, long-term, niche leaders, Quality	The commentary stresses ownership of high-return, niche market leaders with conservative balance sheets amid elevated macro uncertainty. Management prioritizes businesses with durable competitive advantages, strong cash generation, and prudent capital structures. Lower exposure to mega-cap concentration is viewed as a deliberate long-term choice.	GOOG FISV KNSL	View
2025 Q2	Jun 30, 2025	Fenimore Dividend Focus Strategy	5.7%	-	ENTG, GEHC, HEI, MKC, ROST, TT	cash flow, dividends, downside protection, fundamentals, Quality	The commentary stresses high-quality businesses with durable cash flows and growing dividends amid speculative market behavior. Management believes quality stocks lag temporarily during risk-on rallies but outperform over full cycles. Capital preservation and downside protection remain core objectives.	GEHC ENTG	View
2024 Q2	Jun 30, 2024	Fenimore Dividend Focus Strategy	-2.6%	-	APH, ENTG, HEI, HLI, MCHP	-			View
2025 Q1	May 1, 2025	Conestoga Mid Cap Composite	1.0%	1.0%	GNRC, HEI, IT, RGEN, ROL, ROP, TECH, VRSK, WCN, WST	-			View
2025 Q1	Apr 7, 2025	Brasada Focused Equity Strategy	-	-	HEI	-			View
2025 Q1	Apr 6, 2025	Seeking Winners	-0.5%	-0.5%	APPF, BRO, CMG, CPRT, HEI, IT	-			View
2025 Q1	Apr 24, 2025	NZS Capital – Growth	-3.6%	-3.6%	HEI	-			View
2025 Q1	Mar 31, 2025	Fenimore Dividend Focus Strategy	1.5%	1.5%	AJG, HEI, ROST, STE, TT	-			View
2025 Q1	Mar 31, 2025	Baron Partners Fund	-17.4%	-17.4%	ACGL, CSGP, GWRE, H, HEI, IT, TSLA	-			View
2025 Q1	Mar 31, 2025	Alger Mid Cap Focus Fund	-13.3%	-13.3%	ALAB, APP, HEI, MRVL, PLTR, SPOT	-			View
2025 Q1	Mar 31, 2025	Weitz Multi Cap Equity Fund	0.8%	0.8%	BRK/A, GOOG, HEI, PRM	-			View
2025 Q4	Feb 8, 2026	Baron Partners Fund	19.1%	24.9%	ACGL, BIRK, CHH, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, LLY, MSCI, MTN, RRR, SCHW, SPOT, TSLA	AI, Concentration, Disruptive Growth, Electric Vehicles, growth, mid cap, Space, technology	The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which developed the Grok AI model. xAI rapidly deployed data centers with 100,000 GPUs and is pioneering a 1-gigawatt training facility. The company is positioned for enduring leadership in the competitive AI field. SpaceX is generating significant value through rapid expansion of Starlink broadband service and established itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap in space exploration capabilities. Tesla remains the fund's largest position by average weight and a top holding despite trimming 30.5% of the position. The fund maintains extreme confidence in Tesla's prospects and ability to become significantly more valuable, with average cost basis of only $14.22 per share. Guidewire Software completed multi-year cloud migration and secured landmark 10-year agreement with Liberty Mutual to migrate to cloud. The company is positioned to be critical software vendor for the $2.5 trillion global P&C insurance industry with cloud as the sole path forward. Spotify continues double-digit user growth despite price hikes, with high engagement and sticky subscription model. The company is structurally increasing gross margins through high-margin artist promotions marketplace, growing podcast contribution, and ongoing advertising investments while expanding into video and developing Super Premium tier.	RRR IDXX SCHW FDS IT GWRE SPOT CSGP H	View
2024 Q4	Dec 31, 2024	Conestoga Mid Cap Composite	-4.6%	4.4%	ANSS, BFAM, CPRT, EXPO, FTNT, HEI, IDXX, ROL, VRSK, WST	-			View
2022 Q4	Dec 31, 2023	Zelikovic Investments / Tavor Capital	-	-	BAM, EXO NA, HEI, IAC, KKR, MSFT, ODFL, TPL	-			View
2024 Q3	Oct 23, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	ANSS, CPRT, FIVN, FTNT, GWRE, HEI, PCOR, POOL, ROP, TYL, WST	-			View
2023 Q2	Oct 7, 2023	SVN Capital Fund	0.0%	29.4%	0QTE LN, CPRT, HEI, KNSL, ODFL, RMS FP	-			View
2025 Q4	Jan 5, 2026	The Compounding Tortoise	0.0%	-2.9%	BRO, HEI, TJX, TVK.TO	earnings, growth, long-term, Quality, Roiic, value	The manager focuses on companies with high returns on incremental invested capital, good growth, and embedded optionality. Portfolio-weighted NOPAT per share growth has been 12.5% per annum over the past two years. The challenge is finding companies that tick all quality growth boxes, especially when attractively priced. Portfolio-weighted earnings growth (NOPAT per share) has been 12.5% per annum over two years. For 2026, the manager estimates portfolio-weighted earnings growth will be about 16%, supported by low-30s percent ROIIC. Focus is on investments that pay off quickly with meaningful management ownership.		View
2022 Q4	Jan 31, 2023	REQ Global Compounders	-	-22.5%	HEI, TDY	Capital Allocation, CashFlow, Compounding, Decentralization, M&A	Capital allocation: The letter highlights that the fund focuses on companies capable of redeploying cash at high returns, especially through serial small acquisitions. These firms maintain disciplined investment frameworks and sustain value creation across cycles. Decentralization: Portfolio companies operate with autonomous business units, enabling entrepreneurial cultures that reduce bureaucracy and increase responsiveness. This structure enhances long-term resilience by distributing decision-making closer to operations. Compounding: The strategy hinges on long-duration reinvestment runways, supported by large global SME deal pipelines. Consistent bolt-on acquisition activity and recurring cash flows drive multi-decade compounding.		View
2025 Q4	Jan 30, 2026	Flattery Wealth Management	0.0%	0.0%	ASTS, CASY, CEF, CPRT, DE, GRMN, HEI, MSTR, RACE, RMS, SEB	AI, Bitcoin, contrarian, crypto, gold, Multi-baggers, Quality, Space	Bitcoin functions as scarce, portable, digital gold gaining institutional traction as a hedge against currency debasement. MicroStrategy operates as the leader in pioneering corporate bitcoin strategy with the largest corporate bitcoin stash. The manager views bitcoin's institutional narrative advancing through maturing spot ETFs and growing corporate interest. AI represents a gunpowder moment that is flattening the playing field, allowing solo entrepreneurs to compete with enterprises and small businesses to compete with larger ones. The manager notes institutional investors have zero interest in non-AI deals currently. However, AI may also make people dumber and risks losing habits of attention and deep learning. AST SpaceMobile represents a bet on eliminating cellular dead zones through space-based broadband to unmodified smartphones. The company has partnerships with major carriers and is building what could become a massive subscription business. The space economy narrative is gaining attention with potential SpaceX IPO catalysts. Gold surged 65% in 2025, its best year since 1979, while most people forgot about it. Sprott Physical Gold and Silver Trust provides exposure to physical metals without counterparty risk or financial engineering. The position serves as insurance when fiat currencies inflate over long time horizons.	CEF HEI ASTS MSTR	View
2025 Q4	Jan 29, 2026	8th Wonder Investments	0.0%	0.0%	AAPL, AMZN, CMCSA, CRM, CSU.TO, DECK, DIS, GOOGL, HEI, LYV, META, MSFT, NFLX, NVDA, PARA, RH, SKX, TOI.TO, TSLA, WBD	aerospace, AI, Leadership, Luxury, M&A, Media, software, value	Warner Bros. Discovery represents a special situation investment driven by CEO David Zaslav's shift toward shareholder value creation and aggressive debt paydown. The company announced plans to split into two entities and received multiple takeover bids, with Netflix ultimately winning the bidding war. The market fears AI will disrupt vertical market software by eliminating switching costs and seat-based pricing. However, AI agents will likely increase demand for systems of record and control point software rather than replace them, as enterprises need guardrails for non-deterministic AI outputs. Constellation Software and Topicus represent the core thesis of acquiring mission-critical vertical market software businesses with high switching costs, recurring revenue, and defensive moats. These businesses serve niche markets where switching is painful and alternatives offer minimal benefits. The fund employs covered call strategies to generate income and reduce cost basis while building positions. This options-based approach allows for larger position sizing in balance sheet challenged businesses while providing downside protection. HEICO represents an antifragile business model in aftermarket aerospace components that gains market share during economic stress as airlines extend fleet life. The company demonstrates seamless leadership transition and decentralized operations that thrive on adversity. RH under Gary Friedman exemplifies exceptional leadership combining capital allocation with creative genius, transforming the company from near-bankruptcy into a luxury lifestyle brand with galleries that redefine retail and 30% EBITDA margins.	TOI CN CSU CN RH HEI WBD	View
2025 Q4	Jan 29, 2026	Ironvine Capital Partners, LLC	0.0%	0.0%	ADI, AMAT, AMZN, AON, APH, ASML, BRK-A, HEI, MA, MCO, MSFT, SPGI, TSM, V	aerospace, AI, Capital markets, infrastructure, payments, Quality, semiconductors, technology	Amazon's e-commerce marketplace connects massive customer base with millions of third-party sellers, providing unmatched breadth and depth at competitive prices. Its increasingly dense fulfillment network enables faster delivery speeds at lower cost, with 10% reduction in average travel distance for packages and 10% fewer touches compared to 2024. Amazon Web Services powers much of the digital world with approximately 30% market share and structurally lower unit costs than competitors. AWS offers more than 200 fully featured services and has consistently reinvested scale advantages into developer tools and proprietary chips, making customer workloads 20-40% more cost-effective. Semiconductors are the most fundamental technology in modern economies, with consumption expected to approach $1 trillion annually by end of decade. The industry has consolidated into dominant players at each key step in the value chain, resulting in deep customer relationships and prolific free cash flow generation. AI demand is driving explosive growth in datacenter interconnect requirements where companies like Amphenol are winning outsized market share. Microsoft's strategic partnership with OpenAI has created valuable new customer sources, while continued AI investments are driving demand for advanced chips across the semiconductor supply chain. HEICO benefits from aerospace industry supply chain problems as manufacturers struggle to ramp production of new aircraft. Rising air travel demand served through greater utilization of existing fleet has created higher maintenance demand, parts shortages, and price inflation - a perfect environment for HEICO to gain market share. Global payment networks Visa and Mastercard are uniquely durable businesses deeply embedded in global commerce plumbing. The digitization of payments continues as a multi-decade growth tailwind, particularly in underpenetrated geographies in Asia and Latin America, with value-added services providing additional monetization opportunities. Moody's and S&P Global operate near monopolies in credit ratings assignment, with regulatory requirements making their ratings industry standard. Both companies are on pace to set new highs in revenue and profitability driven by credit market conditions fueling widespread growth in debt issuance across the economy.	BRK.B AON MSFT V MCO HEI AMZN	View
2025 Q4	Jan 29, 2026	Weitz Multi Cap Equity Fund	-1.5%	3.2%	ACN, BRK-B, CDW, CHTR, CMCSA, CSGP, DHR, GOOGL, HEI, IDXX, IEX, IT, KMX, LBRDA, LH, LKQ, META, PRM, SIRI, TECH	healthcare, multi-cap, technology, Telecom, underperformance, value	Google's Gemini AI surpassed expectations with latest release, moving to front of pack among frontier models according to industry benchmarks. Investors questioning value of Gartner's research offerings in rapidly evolving GenAI landscape. Heightened competition continues weighing on broadband investments including Liberty Broadband and Charter Communications. Charter's capital investment cycle beginning to ease, expected to improve free cash flow and support share repurchases at depressed prices. CarMax faces challenging environment with constrained availability and affordability of late model used vehicles. Online competitor Carvana taking share while CarMax's omni-channel investments have yet to deliver improvements, leading to strategic changes and CEO departure.	CHTR KMX PRM	View
2025 Q4	Jan 27, 2026	Giverny Capital Asset Management	0.0%	12.6%	ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, HWKN, IBP, JPM, KGIC, KMX, MA, MEDP, META, SCHW, TSM, TWFG, WSO	AI, HVAC, insurance, Quality, small caps, technology, value	Manager discusses AI's transformative potential while noting uncertainty around returns on massive infrastructure investments. Believes AI won't displace portfolio companies like HVAC distributors and insurance companies, which may gain efficiency advantages. Compares current AI buildout to historical railroad and telecom infrastructure booms where users benefited more than builders. Portfolio is significantly overweight smaller companies with 45% in companies below $54 billion market cap versus 12.5% for the S&P 500. Manager believes these market leaders in niche areas will outperform over time despite recent underperformance relative to mega-cap tech stocks. Manager emphasizes owning high-performing businesses with strong earnings growth and capital returns. Notes the S&P Quality Index underperformed in 2025 but believes quality usually wins in the end. Recent portfolio upgrades focused on improving returns on capital, earnings growth and management quality.	FISV CACC KMX ALGN WSO KNSL SCHW ANET	View
2022 Q4	Jan 27, 2023	Ironvine Capital Partners, LLC	-	-20.4%	ADBE, CSGP, HEI	-			View
2025 Q4	Jan 20, 2026	Harding Loevner Global Equity	1.9%	12.7%	0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY	AI, global, international, semiconductors, technology, value	AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI.	GOOG	View
2025 Q4	Jan 13, 2026	Fenimore Dividend Focus Strategy	-4.4%	1.9%	AJG, APH, AVY, BR, CDW, CTAS, HEI, HLI, IEX, JKHY, MCHP, MLM, PAYX, ROST, RSG, STE, SYK, TT, VRSK, WSO	AI, dividends, healthcare, mid cap, Quality, technology, value	Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation. Quality as a factor remained out of favor despite many businesses showing strong long-term fundamental prospects. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run. AI excitement and related infrastructure builds continued to drive the market, drawing capital away from nearly every other area. Investor enthusiasm was driven toward businesses with AI-related exposures. Amphenol benefited from data center buildouts supporting AI, with its IT Datacom segment growing 128% organically. Dividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). Valuations for portfolio companies are becoming more attractive while other indices become more overvalued. The fund sees compelling valuations within the portfolio, which management believes sets the fund up for solid future performance. Many quality franchises are trading at relative multi-year lows.	TT APH JKHY ROST	View
2025 Q4	Jan 13, 2026	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	-1.2%	4.9%	ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA	AI, fundamentals, mid cap, Quality, Speculation, value	Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks.	FAST AZO BRO APH MKL	View
2025 Q4	Jan 12, 2026	SVN Capital Fund	0.0%	-5.7%	532978.NS, 533655.NS, COHR, HEI, KKR, KNSL, RML.PA	aerospace, AI, Alternative Asset Managers, Concentration, India, insurance, Quality, value	India combines sustained economic growth, rising formalization, deepening capital markets, and a growing pool of well-run, founder-led businesses with long reinvestment runways. The economy has grown from about $1 trillion to around $4 trillion over roughly 17 years, with credible estimates suggesting it could roughly quadruple over the next 15-20 years. India has moved from the periphery to the center of global equity markets as the fourth-largest listed market in the world. AI represents a new layer of software and automation that is already changing how work is done, how products are built, and how decisions are made. It has triggered a significant investment cycle across the physical stack including chips, servers, networking equipment, power generation, cooling, and data centers. Several businesses in the portfolio are already using these tools to improve efficiency, decision-making, and service quality. The alternative-asset industry is still in the early stages of moving from the margins into the mainstream, both for institutions and particularly for private-wealth clients. KKR's three-engine model is designed for this structural shift, with management aiming to build a business that can double and then double again, taking adjusted net income per share from $3.42 in 2023 to more than $15 within roughly 10 years. HEICO operates in the unglamorous world of replacement parts and mission-critical components, serving as the world's largest independent supplier of FAA-approved PMA replacement parts. The business benefits from structural tailwinds including Americans driving more, an aging vehicle fleet, and rising repair complexity that means more vehicles are totaled rather than repaired. The excess and surplus (E&S) segment has grown steadily for years, with AM Best estimating that direct premiums written are approaching $130 billion, accounting for more than a quarter of all U.S. commercial-lines premium. Kinsale has built a focused underwriting business designed for speed, discipline, and cost efficiency with consistently low expense ratios in the low-20s.	HEI KKR KNSL CPRT TRIV IN BAF IN	View
2025 Q4	Jan 12, 2026	REQ Global Compounders	0.0%	0.0%	ADDTECH-B.ST, APH, BERG-B.ST, BRO, CSU.TO, DPLM.L, GREEN.ST, HEI, HLMA.L, IMCD.AS, INDU-A.ST, JDG.L, LAGR-B.ST, LIFCO-B.ST, LMN.TO, MOMENT.ST, NCAB.ST, NIBE-B.ST, ROKO.ST, ROP, TOI.TO	Acquisitions, AI, Capital Allocation, compounders, Decentralized, long-term, Quality, software	AI narrative has negatively impacted vertical-market software companies, representing 20% of Global fund exposure. Management believes AI poses opportunities rather than uniform threats to VMS, particularly for mission-critical systems with high switching costs. They view trusted incumbents as better positioned to deploy AI effectively than new entrants. Portfolio companies completed 145 acquisitions in 2025, with 70% outside Nordic countries. Companies maintain disciplined approach to M&A with average acquired sales of EUR 12m. Acquisition-driven compounders demonstrate resilience through dual growth engines of organic growth and acquisitions. AI infrastructure build-out has been a clear tailwind for companies exposed to data center expansion. Halma and Diploma benefited from demand for compute, power, cooling, and electrical systems. Amphenol saw robust demand as data-center architectures evolve to support higher power densities. Tariff and trade-related uncertainty under Trump administration affected portfolio companies including IMCD and Judges Scientific. IMCD experienced macroeconomic pressure from tariffs, while policy uncertainty created headwinds for university funding affecting Judges Scientific.	CSU CN BRO JDG LN	View
2024 Q4	Jan 11, 2025	Seeking Winners	-	26.6%	APPF, BRK/A, CSGP, HEI, IT	-			View
2024 Q3	Sep 30, 2024	Alger Mid Cap Focus Fund	4.6%	18.7%	APP, CDNS, CEG, HEI, MU, PINS	-			View
2024 Q2	Jun 30, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	EXPO, FICO, GWRE, HEI, POOL, RGEN, SITE, STVN, TREX, TYL	-			View
2024 Q2	Jun 30, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	CSGP, GWRE, HEI, LSPD, POOL, RGEN, ROL, TYL, VEEV, VRSK, WST	-			View
2024 Q2	Jun 30, 2024	Baird Small/Mid Cap Growth Equity Fund	6.9%	2.7%	AAON, APPF, CACI, DECK, HEI, MANH, POOL, RGEN, VERX, XPEL, ZBRA	-			View
2025 Q1	Mar 31, 2025	Alger Spectra Fund	-17.2%	-17.2%	AMZN, GFL CN, HEI, MSFT, NVDA, SPOT	-			View
2025 Q1	Mar 31, 2025	Harding Loevner Global Equity	-2.1%	-2.1%	6758 JP, ADYEY, ASML NA, G25 GR, GOOG, HEI, TTD, W	-			View
2022 Q4	Jan 23, 2023	Giverny Capital Asset Management	8.5%	-22.7%	COHR, ERF FP, FD, FIVE, FRCB, GOOG, HEI, JPM, KMX, KO, MA, META, PGR, SCHW	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 4, 2026	Fund Letters	Andrew Flattery	HEICO Corporation	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Acquisitions, Aerospace, compounder, Defense, Margins	View Pitch
Jan 30, 2026	Fund Letters	Matt Barnes	HEICO Corp.	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Aerospace, aftermarket, Decentralization, Free Cash Flow, Pricing power	View Pitch
Jan 30, 2026	Fund Letters	Daniel Bellehsen	HEICO Corporation	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Aerospace Aftermarket, Antifragile, compounding, Decentralization, ROIC	View Pitch
Jan 27, 2026	Fund Letters	Shreekkanth Viswanathan	HEICO Corporation	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Acquisitions, Aerospace, aftermarket, compounding, Margins	View Pitch
Jan 8, 2026	Fund Letters	Wally Weitz	HEICO Corporation	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Acquisitions, Aerospace, aftermarket, compounding, Defense	View Pitch
Dec 4, 2025	Fund Letters	Jack McManus	Heico Corp.	Industrials	Aerospace & Defense	Bull	NYSE	Aerospace, aftermarket, compounding, Defense, Margins	View Pitch

BSD Shareholders of HEI

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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