HGTY

HGTY

HGTY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jun 30, 2025	Fenimore Dividend Focus Strategy	5.7%	-	ADI, AME, APH, AVY, BN, BRO, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, HLI, KEYS, MCHP, MKC, NOMD, PGR, PNFP, ROST, SITE, TRRSF, TT, VRSK, WAT, WSO, ZBRA	AI, Quality, rates, small cap, tariffs, value	Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. These quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality businesses with low profitability, unstable earnings, and high debt levels.	GEHC ENTG	View
2025 Q2	Jun 30, 2025	Fenimore Small Cap Strategy	2.6%	-	APH, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, MCHP, MKC, NOMD, ROST, SITE, TRRSF, TT	AI, dividends, mid cap, Quality, small cap, tariffs, value	Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. They believe quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality, speculative businesses that outperformed in Q2.		View
2025 Q2	Jun 30, 2025	Fenimore Value Strategy	5.8%	-	APH, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, MCHP, MKC, NOMD, ROST, SITE, TRRSF, TT	AI, dividends, insurance, Quality, small cap, tariffs, value	Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. They believe quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality, speculative businesses that outperformed in Q2.		View
2024 Q2	Jun 30, 2024	Fenimore Small Cap Strategy	-5.8%	-	BIPC, BROS, CBZ, CHE, CHH, CIGI, DFH, ESAB, ESI, EXLS, EXPO, FND, HGTY, OLLI, OSW, PNFP, SITE, TSG	dividends, industrials, Quality, small caps, value	The fund focuses exclusively on small-cap investments, with the Russell 2000 Index serving as its benchmark. Small-cap stocks struggled in Q2 2024, with the Russell 2000 declining 3.28% as investors anticipated rate cuts and earnings for smaller companies waned.		View
2025 Q1	May 20, 2025	Greenhaven Road Capital	-12.0%	-12.0%	BKTI, BUR, CLBT, DHR, HGTY, KFS, KKR, LFCR, LMB, PAR, VTY.L	Alternative Assets, Onshoring, small caps, tariffs, Trade Policy, volatility	President Trump's Liberation Day tariff policies created significant market volatility and uncertainty. The administration implemented massive tariffs overnight with erroneous methodology, changing policy approaches daily. The manager believes moderate tariffs and weaker dollar policies are more likely long-term outcomes than the reciprocal tariffs initially announced.		View
2025 Q1	Mar 31, 2025	Fenimore Small Cap Strategy	-5.3%	-5.3%	AJG, APH, BWIN, CDW, CTAS, DFH, ENTG, HEI, HGTY, IEX, MCHP, MKC, POOL, ROST, RSG, SITE, SPSC, STE, TT, VRSK	insurance, Quality, small cap, tariffs, Trade Policy, value	The new administration's tariff announcements sparked market volatility and fears of higher inflation and potential recession. Companies are scrambling to adjust to the rapidly changing trade landscape, though many have diversified supplier bases since the first term and COVID.	BWIN	View
2023 Q4	Dec 31, 2023	Fenimore Small Cap Strategy	12.8%	20.1%	BIPC, BOC, BROS, CBZ, CHE, CHH, CIGI, CSV, DFH, EXLS, EXPO, HGTY, LSTR, NOMD, PNFP, SITE, SSB, TRRSF	consumer, financials, Quality, small cap, value	Fenimore maintains exclusive focus on high-quality businesses with strong balance sheets, ample cash for reinvestment or dividends, competitive advantages, and capable management. The fund's underperformance versus benchmark was attributed to being underweight in lower-quality firms that rallied on positive inflation news.		View
2025 Q3	Nov 8, 2025	Greenhaven Road Capital	-9.0%	-9.0%	ALTG, ASTS, BUR, CLBT, HGTY, KFS, KKR, LFCR, PAR, SOC	AI, Asset Management, Concentration, private credit, software, value	Manager owns software companies PAR Technologies and Cellebrite despite sector being out of favor. Software multiples have compressed 26% as AI creates uncertainty about competitive moats. However, specialized software like Cellebrite's digital forensics tools remain defensible against AI disruption.		View
2022 Q3	Nov 30, 2022	Greenhaven Road Capital	15.0%	12.0%	APG, APPS, CLBT, ESTC, HGTY, KKR, PAR, TDOC	-			View
2024 Q3	Nov 10, 2024	Greenhaven Road Capital	15.0%	12.0%	BUR.L, CLBT, HGTY, KKR, LFCR, LLY, NVO, PAR, SOC, XOM	Concentration, energy, healthcare, PIPE, self-help, technology, value	LifeCore is positioned to benefit from GLP-1 drug manufacturing capacity constraints. While they don't currently manufacture Ozempic or Wegovy, they are equipped to do so and management has hinted at GLP-1 conversations. Eli Lilly and Novo Nordisk are severely capacity-constrained with 41 countries where GLP drugs are approved but haven't launched due to manufacturing constraints.		View
2024 Q2	Jul 31, 2024	Greenhaven Road Capital	15.0%	12.0%	ALTG, BUR, CLBT, HGTY, KKR, PAR	-			View
2023 Q2	Jul 31, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, APPS, BNED, BUR.L, CLAR, CLBT, ESTC, HGTY, KKR, LFCR, PAR, PAT.DE, SPHR	catalysts, growth, long-term, small caps, SPACs, value	Multiple portfolio companies are former SPACs facing valuation compression despite business improvements. Manager believes SPAC stigma reduces over time as business quality becomes apparent, creating opportunity for multiple expansion.		View
2024 Q4	Feb 28, 2025	Greenhaven Road Capital	13.0%	27.0%	AAPL, AXON, BUR.L, CLBT, DHER.DE, HGTY, IWG.L, KKR, LFCR, MKTW, PAR, VTY.L	AI, Concentration, growth, small caps, value	AI will be beneficial to portfolio companies like Hagerty for claims processing and Cellebrite for investigation efficiency. Google Gemini demonstrates the technology's potential despite current flaws. The trajectory is clear for AI integration across various business applications.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 8, 2026	Value Investors Club	unlatchmergers	Hagerty, Inc.	Information Technology	Software	Bull	New York Stock Exchange	cloud, Digital platforms, Enterprise software, IT services, Software, technology	View Pitch

BSD Shareholders of HGTY

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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