HSY

HSY

HSY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	Middle Coast Investing	-	-	AAPL, ABM, AER, AMZN, ATRO, AVGO, BOOM, COF, DECK, ECG, FCNCA, FG, HSY, LEVI, LULU, LYFT, OMAB, PGR, SCHW, SCS, SJM, TRIP, VMEO, WS	Apparel, financials, inflation, small caps, tariffs, technology, value	The Trump administration has backed off its most extreme tariff positions but tariffs remain higher than before April 2nd. The administration has expressed admiration for current tariff levels of 30% for China, varied tariffs for NAFTA partners, and at least 10% for the rest of the world. One trade deal has been reached with Vietnam entailing 20% tariffs on Vietnamese goods and 40% on third-party goods shipped through Vietnam.	DECK LYFT TRIP ABM DECK LYFT	View
2025 Q2	Jul 15, 2025	Upslope Capital Management	8.9%	3.4%	8697.T, CHG.L, CME, DPLM.L, DSFIR.AS, EVR, FCN, HOLN.SW, HSY, MKTX, QQ.L, SAND.ST, SMIN.L, SPX.L, TDY	defense, Europe, Exchanges, Hedging, Industrial, Long/Short, value, volatility	The fund holds defense contractors including Chemring and Teledyne Technologies, with Chemring being a top contributor during the quarter. The manager notes accelerating sector tailwinds and describes the cyclical boom in defense markets.	EVR FCN SMIN.L EVR FCN SMIN LN	View
2024 Q1	May 7, 2024	Upslope Capital Management	14.8%	18.1%	8697.T, ATR, BALL, BARN.SW, CACI, CHG.L, DPLM.L, FTT.TO, GRMN, HSY, INTC, KOG.OL, NVT, NWC.TO, TECN.SW	Cocoa, commodities, defense, Hedging, Long/Short, mid cap, value	Unprecedented surge in cocoa prices creating crisis for chocolate industry. Manager sees this as opportunity for large players like Barry Callebaut and Hershey to gain market share from smaller competitors who may be wiped out. Expects cocoa prices to eventually revert like other commodity squeezes in history.	HSY BARN.SW	View
2025 Q1	Apr 4, 2025	JB Global Capital	-	-	BABA, HSY, NKE	China, Cloud, Cocoa, contrarian, E-Commerce, GLP1, Reflexivity, tariffs	High exposure to Chinese equities purchased at bargain prices represents 68% of total portfolio. Alibaba shares increased 60% in Q1 due to reflexive shift in narrative for Chinese tech stocks. The manager views this as a contrarian opportunity with significant outperformance potential.	NKE HSY BABA	View
2026 Q1	Apr 26, 2026	GreensKeeper Value Fund	-8.1%	-8.1%	AMADY, BRK/A, GD, HSY, ICLR, LMT, TVA.TO, V	Buybacks, defense, Geopolitical, technology, Travel, value		AMADY BRK.A	View
2024 Q1	Apr 15, 2024	Heartland Mid Cap Value Fund	8.2%	9.7%	COIN, DCI, FAF, HOOD, HSY, JBHT, PRGO, SOFI, SQ	Consumer Staples, financials, healthcare, industrials, mid cap, Quality, value	The fund implements a two-bucket value strategy seeking both quality value companies trading at decent bargains and deeply discounted deep value companies. The approach balances high-quality companies with strong fundamentals against deeply discounted securities with self-help catalysts.	PRGO HSY DCI	View
2024 Q1	Apr 15, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	AMP, AMZN, CASY, DIS, ENTG, FI, HSY, JPM, LFUS, LLY, META, MSFT, NVDA, PG, QCOM, TECH, TGT, UNH, USB, WFC	AI, Balanced, dividends, financials, healthcare, semiconductors, technology, value	The fund sees significant opportunities with companies that will benefit from AI implementation and plans to continue improving the portfolio accordingly. AI could help companies relieve labor shortages, boost capital utilization, and make more efficient use of raw materials and supply chains. The fund has invested in pick and shovel providers of AI that are crafting tools for businesses to utilize.		View
2025 Q1	Mar 31, 2025	The Davenport Value & Income Fund	3.8%	3.8%	AVY, BAM, BMY, BRK.B, BUD, CMCSA, CVX, ELV, FDX, HP, HSY, JNJ, LHX, NEE, NSC, ORCL, PM, SNY, STZ, UPS	Buybacks, Consumer Staples, Defensive, dividends, healthcare, value	Sixteen of DVIPX's holdings raised their dividends during the quarter, led by double-digit percentage increases at Walmart, Brookfield Corp, and others. The average DVIPX constituent has raised its dividend 8% year-over-year, which exceeds the S&P 500's 6%. The Fund is both higher yielding and possesses higher dividend growth than the benchmarks.		View
2025 Q4	Dec 31, 2025	Fortress – Fixed Income Fund	0.6%	5.5%	005930.KS, 0700.HK, 1288.HK, 1585.HK, 1878.T, 2318.HK, 392.HK, 3968.HK, 6920.T, 8035.T, 916.HK, ACN, AMAT, AXP, BABA, BBDO, BNZL.L, BRK.B, BTI, CHTR, FMC, GMEXICOB.MX, GRMN, HSY, ITUB, IX, JNJ, LOGI, MC.PA, MRK, NTES, NVO, ORLY, PDD, PHM, ROG.SW, SBS, SNA, TSM, UNH, VALE, VRTX, WKL	AI, Bonds, emerging markets, healthcare, international, technology, Trade Policy, value	Artificial intelligence remained the primary focus for investors in U.S. markets, driving strength in technology names while masking moderation in other economic areas. The AI investment boom continued to power corporate capital expenditures and supply growth, though consumer confidence readings suggest potential underlying softness that could emerge if AI investment moderates. The manager sees excellent value opportunities globally, particularly in international and emerging markets despite strong recent performance. U.S. healthcare and consumer staples have been left behind by the AI frenzy and trade at appealing valuations. Portfolio companies show attractive price/earnings ratios with meaningful long-term return potential. Recent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation.		View
2023 Q2	Dec 7, 2023	Qualivian Investment Partners	2.4%	15.3%	CPRT, DHR, HSY, LMT, META, MSFT, POOL, UHAL	-			View
2025 Q3	Oct 15, 2025	Upslope Capital Management	8.8%	12.5%	8697.T, BIO, CHG.L, CME, DPLM.L, EVR, FCN, GOOGL, HOLN.SW, HSY, IMXI, INTC, KDEF, MKTX, SAND.ST, SMIN.L, SRT.DE, STE, TDY, WST	AI, defense, healthcare, Long/Short, Quality, risk management, valuation	Elevated and rising geopolitical tensions globally and in Asia-Pacific should drive sustained defense investment for years. Korean defense industry maintains significant relative cost advantages versus US and European peers while being cheaper, faster and compatible with NATO standards.		View
2024 Q3	Oct 14, 2024	Upslope Capital Management	14.8%	18.1%	7011.T, 8697.T, ATR, BARN.SW, CHG.L, CME, CMPO, DPLM.L, FTT.TO, GRMN, HSY, KOG.OL, NVT, NWC.TO, TDY, WPK.TO	defense, Europe, Exchanges, Long/Short, Midcap, value, volatility	CME Group represents an attractive business that has been relatively out of favor versus peers due to exaggerated worries about new competition and the end of the interest rate hiking cycle. The financial exchange sector is comprised of durable, monopoly-like businesses with a history of predictable mean-reversion. CME is positioned to benefit from continued interest rate volatility and ever-expanding U.S. government debt issuance.	7011.T CMPO CME	View
2025 Q4	Jan 13, 2026	Upslope Capital Management	2.0%	14.8%	6954.T, 8697.T, BAH, BIO, CCK, CME, DPLM.L, FCN, GOOGL, HOLN.SW, HSIC, HSY, INTC, MKTX, SAND.ST, SMIN.L, STE, TDY	AI, Automation, defense, healthcare, industrials, Japan, Long/Short, mid cap	Manager exited European defense stocks for the first time since early 2022, citing full valuations and expectations that the Ukraine conflict may wind down. However, maintains exposure through Booz Allen Hamilton and Korea Defense ETF, noting long-term secular tailwinds from rising geopolitical risks and defense spending. AI is described as everywhere, particularly on buyside analyst desktops, contributing to faster market pace and gambling-like behavior. Manager sees AI moving into the physical world as a catalyst for industrial automation companies like Fanuc, which is positioned to benefit from AI's expansion beyond digital applications. Fanuc holds ~50% market share in CNCs and is a leading factory robotics player, positioned to benefit from AI moving into the physical world and rising trade barriers boosting global reshoring. The company serves general industrial, automotive, electronics, and aerospace end markets with global diversification. Portfolio includes Japan Exchange Group benefiting from ongoing Japanese equity market structure reforms and corporate governance improvements. Fanuc represents exposure to leading Japanese industrials with fortress balance sheets and global market leadership in automation.	HSIC 6954 JP CCK BAH	View
2024 Q4	Jan 12, 2025	GreensKeeper Value Fund	-	23.6%	AXP, BRK.B, CBOE, CFR.SW, CHKP, CSCO, ELV, FI, GD, GOOGL, HSY, ICE, LMT, LULU, MC.PA, MRK, SHVA.TA, SPGI, V, VRTX	global, healthcare, insurance, payments, Quality, technology, value	Manager emphasizes purchasing high-quality companies with large margin of safety at material discounts to intrinsic value. Focuses on companies with sustainable competitive advantages and strong economics while avoiding overpriced securities.		View
2024 Q3	Sep 30, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	ABT, AMP, CASY, CHRW, ECL, FI, HRL, HSY, JPM, LFUS, LLY, LOW, MSI, NEOG, NVDA, PG, ROK, TECH, TTC, UPS	Balanced, Bonds, consumer, healthcare, industrials, rates, technology	The Federal Reserve cut its key lending rate by half a percentage point in September, with potential for additional cuts in November and December. Lower rates are expected to benefit smaller companies by reducing borrowing costs and improving earnings growth prospects.		View
2024 Q2	Jul 23, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	AAPL, AMP, AMZN, CASY, ECL, ENTG, FAST, GGG, GOOGL, HRL, HSY, JPM, LFUS, LLY, MDT, META, MSFT, NVDA, NVT, TECH	Balanced, dividends, healthcare, industrials, rates, technology, value	The fund acknowledges the AI-fueled technology boom surrounding the largest companies but maintains valuation discipline. While remaining positive on long-term AI prospects, the fund's diversified approach left it underexposed to the narrow AI leadership group that drove market returns.		View
2024 Q2	Jul 19, 2024	GreensKeeper Value Fund	4.7%	16.7%	AAPL, AMZN, BRK-B, CFRUY, ELV, FI, GOOGL, HSY, META, MSFT, NVDA, TSLA, V, VRTX	AI, Concentration, long-term, Quality, technology, value	GreensKeeper emphasizes buying high-quality companies at valuations that provide a large margin of safety. The manager explicitly states they stick to this approach and are immune from FOMO virus regarding must-own AI stocks. They focus on answering what a stock is worth rather than timing the market.	V BRK.B ELV VRTX GOOGL	View
2024 Q2	Jul 15, 2024	Upslope Capital Management	14.8%	18.1%	8697.T, ATR, BALL, BARN.SW, CACI, CHG.L, DPLM.L, FTT.TO, GRMN, HSY, KOG.OL, NVT, NWC.TO, TDY, WPK.TO	defensives, Europe, Long/Short, mid cap, Quality, value	The fund holds multiple defense contractors including Kongsberg Gruppen, Teledyne, and Chemring Group. These companies are positioned to benefit from accelerating sector tailwinds and rising defense spending globally. Teledyne is specifically noted as being positively exposed to rising defense spending trends.	WPK.TO DSFIR.AS TDY	View
2025 Q1	Apr 14, 2025	Upslope Capital Management	-5.1%	-5.1%	8697.T, ATR, CHG.L, CME, CRL, DPLM.L, HOLN.SW, HSY, MKTX, QQ.L, SAND.ST, SPX.L, TDY, VFC	defense, Europe, Long/Short, mid cap, Onshoring, Trade Policy, volatility	The fund maintains significant exposure to defense contractors including Teledyne, Chemring, and QinetiQ, positioned to benefit from accelerated defense spending driven by the war in Ukraine and changing geopolitical landscape. These companies are well-positioned for long-term growth in defense budgets.		View
2023 Q4	Jan 30, 2024	Parnassus Growth Equity Fund	3.3%	21.0%	AAPL, ADBE, ADYEY, AMZN, CRM, DE, EFX, GOOGL, HSY, INTU, LIN, LLY, MSFT, NVDA, PLNT, SBAC, SHW, TMO, ULTA, V	AI, growth, inflation, large cap, rates, software, technology	The market rally was driven by exceptional earnings growth and positive investor sentiment surrounding artificial intelligence prospects, particularly among the Magnificent Seven technology stocks. Adobe's AI opportunity through Firefly gained market appreciation after initial disruption concerns were resolved.	ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO CRM ADYEY ADBE	View
2023 Q4	Jan 28, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	AAPL, AXP, CRM, ECL, ENTG, FI, GGG, GOOGL, HRL, HSY, LLY, MSFT, NTRS, NVDA, RHHBY, SHW, TECH, TTC, TXN, V	Balanced, Consumer Staples, financials, growth, healthcare, inflation, technology, value	The fund notes investor enthusiasm for the emerging artificial intelligence market, which aided mega cap technology leadership. Microsoft has an emerging leadership position in AI, while Salesforce benefited from strong demand for AI offerings.		View
2024 Q4	Jan 15, 2025	Upslope Capital Management	-7.3%	9.4%	7011.T, 8697.T, ATR, AXON, BARN.SW, CHG.L, CME, CMPO, CRL, DPLM.L, DSFIR.AS, GRMN, HSY, KOG.OL, NVT, NWC.TO, QQ.L, TDY, VFC, WPK.TO	Cyclical, defense, Europe, healthcare, Long/Short, turnaround, value	Multiple defense holdings including QinetiQ, Chemring, and Mitsubishi Heavy Industries positioned to benefit from accelerating UK, European, and Japanese defense spending. QinetiQ particularly well-positioned for AUKUS customers and evolving battlefield requirements.	QQ.L VFC CRL	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Upslope Capital Management	The Hershey Company	Consumer Staples	Food Products	Bull	NYSE	Chocolate, Cocoa, Confectionery, consumer staples, Hedging, inflation, market share, scale, Trade-down	View Pitch
Apr 13, 2026	Fund Letters	Heartland Mid Cap Value Fund	The Hershey Company	Consumer Staples	Packaged Foods & Meats	Bull	NYSE	brand portfolio, Chocolate, Cocoa Inflation, Confectionery, consumer staples, Cyclical Recovery, Pricing power	View Pitch
Apr 13, 2026	Fund Letters	JB Global Capital	The Hershey Company	Consumer Staples	Packaged Foods & Meats	Bull	NYSE	Brand Power, Confectionery, consumer staples, contrarian, dividend, economic moat, Value	View Pitch
Oct 24, 2025	Value Investors Club	angus309	Hershey Co.	Consumer Staples	Packaged Foods	Bull	NYSE	Cocoa, Dividend compounder, GLP-1, Ozempic, Pricing power, Weightloss	View Pitch
Sep 16, 2025	Short Thesis	Bear Cave	Hershey Co/The	Consumer Staples	Packaged Foods & Meats (Confectionery)	Bear	NYSE	Chocolate, ESG, inflation, Pricing, Snacks	View Pitch
Sep 16, 2025	Short Thesis	Grizzly research	Hershey Co/The	Consumer Staples	Packaged Foods & Meats (Confectionery)	Bear	NYSE	Brand risk, Chocolate, Cocoa, inflation, Pricing	View Pitch
Aug 7, 2025	Seeking Alpha	The Alpha Analyst	The Hershey Company	Consumer Staples	Confectioners	Neutral	NYSE	—	View Pitch

BSD Shareholders of HSY

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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