HII

HII

HII

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q4	Feb 3, 2026	The Sound Shore Fund	7.8%	18.2%	C, COF, FLEX, GM, HII, LUV, MSFT, PVH, PYPL, REGN, TEVA, TMO, TXN, WBD	defense, earnings, healthcare, Manufacturing, Transformation, undervalued, value	Sound Shore specializes in identifying undervalued companies undergoing transformations, focusing on stocks trading at attractive valuations relative to earnings power. The portfolio trades at 13.5 times forward earnings versus S&P 500 at 22 times, providing meaningful discount despite strong balance sheets and free cash flow. Healthcare was the best performing sector in Q4 after lagging earlier in 2025. Portfolio holdings Regeneron and TEVA provided positive pipeline updates and were among largest contributors as regulatory clarity emerged around previously uncertain policies. Huntington Ingalls Industries, the largest US Naval shipbuilder, was a standout 2025 performer after working through post-COVID supply chain issues. The company benefits from US Navy's commitment to rapidly expand the fleet and prospects for further margin gains. FLEX evolved from low-value electronics assembly to high-value specialized manufacturing for medical, industrial, and automotive industries. Under CEO Revathi Advaithi, the company achieved operational discipline and double-digit earnings growth with expanding margins, benefiting from accelerating data center end-markets.		View
2025 Q4	Feb 19, 2026	Tactile Fund LP	4.5%	20.5%	AER, CWK.L, FCG.NZ, GOOGL, GRUMAB.MX, HII, JUNGN.SW, LAMR, MATX, MCEM, META	Agriculture, AI, global, inflation, infrastructure, Luxury, Physical Assets, value	Holdings like Ricegrowers Ltd and Fonterra Shareholders Fund powered higher as rice and milk prices remained healthy and demand grew. Fonterra struck an agreement to sell its consumer-facing businesses to dairy powerhouse Lactalis. As the world's middle class grows, consumers will demand both more and better-quality foods and ingredients. Swiss Alpine Railways investors took notice of strong earnings from Jungfraubahn AG and BVZ Holding AG, each of which owns a collection of impossible to duplicate transportation and tourism infrastructure in the Alps. American shipbuilders benefit from higher spending on vessels and naval systems for national security reasons. There is a growing realization that artificial intelligence can reproduce the functions of a meaningful portion of the software offered by today's dominant software companies at a small fraction of the cost. Software franchises may eventually turn out to be just another commodity. AI capabilities will only improve. Tactile Fund owns shares in multiple European companies with extensive real estate holdings in exclusive locations. These are owned for their trophy assets that will grow in value with time, though this could mean waiting for their share prices to move.	GRUMAB MM BWEL GMEXICOB MM HII FSF NZ	View
2025 Q4	Jan 27, 2026	Diamond Hill Mid Cap	3.7%	13.5%	CHKP, CIEN, CIVI, CUBE, GIS, HII, LEA, POST, VRSN, WCC, WIX, WLK, ZTS	AI, defense, healthcare, industrials, materials, mid cap, technology, value	AI-related spending continued to be a primary driver in equity markets throughout 2025, with many top-performing portfolio positions benefiting from ongoing AI-spending buildout across industrials, materials and information technology. However, the managers note increased investor scrutiny around AI developments and market bubble discussions in December. Data center business growth was a significant driver for portfolio holdings, with WESCO International's data center business reaching nearly 20% of total revenue and driving better-than-expected organic growth. The theme reflects the ongoing infrastructure buildout supporting AI and cloud computing demand. Defense spending opportunities emerged through Huntington Ingalls Industries, which benefited from strong Navy shipbuilding demand, new frigate contract awards, and discussion of potential Trump-class battleship opportunities. The company showed improving execution as labor challenges eased.		View
2025 Q4	Jan 27, 2026	Diamond Hill Small-Mid Cap Strategy	1.2%	8.5%	AMH, ARE, BAH, CCS, CIEN, CUBE, GIS, GTES, HII, HLIO, IAC, LEA, PRGO, SBAC, UDR, WCC, WIX, WLK, WNS	defense, healthcare, industrials, mid cap, real estate, small cap, technology, value	The portfolio faced headwinds from AI-driven market exuberance creating momentum-driven rallies favoring lower-quality businesses. However, some holdings like Ciena benefited from hyperscaler and AI-related demand optimism. The managers express caution about AI bubble concerns emerging in December. WESCO International's data center business reached nearly 20% of total revenue and drove better-than-expected organic growth. The rapid expansion of this segment was a key contributor to the company's outperformance during the quarter. Huntington Ingalls Industries benefited from strong execution, new frigate contract awards, and discussion of a potential Trump-class battleship. Booz Allen Hamilton faced pressure from Department of Government Efficiency initiatives but remains well-positioned given differentiated technology capabilities and sustained government demand. The portfolio includes exposure to various real estate segments including self-storage (CubeSmart facing occupancy pressures), wireless tower infrastructure (SBA Communications), life sciences real estate (Alexandria Real Estate), and single-family rentals (Invitation Homes). The sector faces headwinds from higher interest rates and housing market challenges.	INVH ARE BAH SBAC CUBE GTES HII WCC CIEN ZTS HII	View
2025 Q4	Jan 11, 2026	Kathmandu Capital	10.9%	45.6%	ACMR, GOOGL, HII, LITE, NVDA, ORCL, VICR	AI, China, defense, geopolitics, gold, Power Electronics, semiconductors, technology	Market concerns about AI capex cycle intensified with Oracle results falling short. The fund is positioned to benefit from AI-driven power requirements and data center architecture transitions, particularly through holdings like Vicor which provides power solutions for XPU applications. China still lacks ability to design and manufacture leading-edge chips at US levels. The fund holds ACM Research, China's leading wafer-fab cleaning equipment manufacturer, positioned to benefit from China's semiconductor self-sufficiency push. National security has become central focus for both US and China. Added Huntington Ingalls to capture increased shipbuilding needs as defense becomes key battleground between rivals and government spending focuses on naval readiness. Portfolio ended quarter with approximately 35 percent in gold and cash. Hold precious metals as hedge positions to protect portfolio against inflation and potential economic setbacks.		View
2024 Q3	Sep 30, 2024	Diamond Hill Mid Cap	8.3%	13.3%	ASH, CUBE, HII, HUM, LANC, NVR, PH, RRX	-			View
2024 Q3	Sep 30, 2024	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	ASH, BBWI, COOP, CUBE, FTRE, HII, LANC, LOB, NVR, RRX	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 26, 2026	Fund Letters	Dave Waters	Huntington Ingalls Industries, Inc.	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	backlog, Defense, infrastructure, national security, Shipbuilding	View Pitch
Jan 29, 2026	Fund Letters	Chris Welch	Huntington Ingalls Industries Inc	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	backlog, Defense, Execution, Margins, Shipbuilding	View Pitch
Jan 29, 2026	Fund Letters	Chris Welch	Huntington Ingalls Industries Inc	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	backlog, Defense, Execution, Margins, Shipbuilding	View Pitch
Nov 29, 2025	Fund Letters	Chris Welch	Huntington Ingalls Industries Inc.	Industrials	Aerospace & Defense	Bull	NYSE	backlog, cash flow, Defense, Labor, Margins, Shipbuilding	View Pitch
Nov 29, 2025	Fund Letters	Chris Welch	Huntington Ingalls Industries	Industrials	Aerospace & Defense	Bull	NYSE	backlog, cashflow, Defense, Labor, Margins, Navy, Shipbuilding	View Pitch
Nov 29, 2025	Fund Letters	Chris Welch	Huntington Ingalls Industries	Industrials	Aerospace & Defense	Bull	NYSE	backlog, cashflow, Defense, Labor, Margins, Navy, Shipbuilding	View Pitch
Aug 7, 2025	Seeking Alpha	Penguin Value Investing	Huntington Ingalls Industries	Industrials	Aerospace & Defense	Neutral	NYSE	—	View Pitch

BSD Shareholders of HII

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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