IDCC

IDCC

IDCC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 4, 2025	FPA Queens Road Small Cap Value Fund	8.6%	5.9%	AAP, ANGI, CNXC, CSGS, DAR, FN, GIII, IAC, IDCC, IMKTA, LFUS, NNI, PVH, REVG, SCHL, SFM, SYNA, THS, UGI, VSH	Passive investing, Quality, small caps, tariffs, technology, value	Small caps are generationally cheap compared to large caps, trading at the widest discount to the S&P 500 since the tech bubble 25 years ago. High-quality small companies command only a modest premium over lower-quality small companies, unlike large caps where quality commands significant premiums.	NNI IMKTA	View
2026 Q1	Apr 14, 2026	Driehaus Small Cap Growth Fund	-0.3%	-0.3%	CRNX, FTAI, IDCC, OWL, PL, PRAX	AI, defense, energy, growth, Infrastructure Spending, Iran, private credit, small caps			View
2025 Q1	Mar 31, 2025	FPA Queens Road Small Cap Value Fund	-2.5%	-2.5%	AAP, ARW, AX, BAM, CNO, CNXC, CSWI, IDCC, LFUS, MDU, NJR, OSK, PVH, REVG, SCHL, SFM, SYNA, UGI, UPBD, VSH	consumer, Electronics, Quality, small caps, tariffs, Utilities, value	Manager emphasizes that small-caps are extremely cheap relative to large-caps but warns of the relative junkiness of small-cap indices. Quality small companies are still expensive but becoming more attractive from a valuation perspective as the market declines.		View
2025 Q4	Feb 10, 2026	FPA Queens Road Small Cap Value Fund	-0.4%	13.4%	AAP, CSGS, FN, IDCC, NJR, OSK, PLUS, PVH, REVG, RLI, SFBS, SFM, SNX, UGI, UPBD	insurance, Quality, small cap, technology, Utilities, value	Small caps are overlooked, disdained and cheap relative to large caps. Quality small caps are trading at significant discounts to quality large caps while historically trading at premiums. The fund sees growing opportunity set as capital withdraws from actively managed small value strategies. The fund focuses on quality companies with balance sheet strength, earnings consistency, and high returns on capital. Quality small caps have become cheap compared to large caps and the quality premium in small caps is modest versus pronounced in large caps. The fund's value-focused process leads to a portfolio designed to protect clients during market drawdowns. They identify overlooked, out of favor companies trading at attractive valuations with strong franchises in boring industries.	AAP SFBS UPBD PVH UGI IDCC FN NJR RLI SNX	View
2024 Q4	Dec 31, 2024	Riverwater Sustainable Value Strategy	-	-	ATKR, COOP, CPRI, CRL, CROX, DAR, EVR, EXEL, IDCC, LMNR, MOD, NCMI, TPR, VLO	consumer, energy, financials, healthcare, small caps, technology, value	Strong growth in data centers drove significant outperformance in Modine Manufacturing. Most forecasts predict a doubling of data center demand by 2030, with the manager noting this trend shows no signs of slowing.	EXEL NCMI DAR COOP	View
2024 Q4	Dec 31, 2024	FPA Queens Road Small Cap Value Fund	2.4%	10.8%	AAP, AGCO, ALTM, ARW, CNXC, CSGS, CSWI, DAR, DECK, FN, IDCC, JBTM, LEVI, LFUS, MATV, MDU, OSK, QRVO, SAIC, SCHL, SFM, SYNA, UGI, UPBD, VSH	active management, compounders, Quality, Russell 2000, small cap, value	The fund focuses on high quality compounders with strong returns on capital, consistent earnings, and prudent balance sheets. The manager emphasizes that small-cap indices are generally 'junkier' with fewer quality companies than large-cap indices, making active management essential to find quality small companies trading at reasonable valuations.		View
2025 Q3	Nov 8, 2025	FPA Queens Road Small Cap Value Fund	7.5%	13.8%	AAPL, ESGR, FN, IAC, IDCC, IMKTA, MGM, NNI, NVDA, OSK, REVG, RLI, SAIC, SFM, SNX, THS, VSH	Defensive, Disciplined, downside protection, Quality, small cap, value	The fund follows a disciplined four-pillar process focusing on quality companies with strong balance sheets, valuation discipline, strong management teams, and growing industries with stable competitive dynamics. Quality is defined by steady operating margins and high returns on capital, allowing companies to compound value over time.		View
2022 Q4	Nov 2, 2023	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AEL, FN, GIII, IDCC, NJR, OMI, RLI, SJIJ, SYNA	-			View
2024 Q3	Oct 30, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AAN, AAP, ALTM, AZO, CNXC, CSWI, DAR, DECK, FN, HMN, IDCC, ORLY, SFM, VSH	-			View
2025 Q3	Oct 16, 2025	Riverwater Partners Small Cap Strategy	-	-	ATRC, BDC, BOW, CROX, DGII, HAE, IDCC, IRDM, LOPE, MMSI, MOD, PFS, PLMR, PLPC, TGLS, UEC, VECO, VSTS, WOR	AI, Energy Transition, IoT, Quality, small caps, uranium, Utilities, value	The portfolio benefits from exposure to AI infrastructure through holdings like Modine Manufacturing, which provides thermal management solutions for data centers supporting AI workloads. The manager views AI as driving a multi-year investment cycle with exponential growth in AI-related infrastructure spending.	PLPC BDC DGII PFS WOR MOD UEC	View
2023 Q3	Sep 30, 2023	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AAN, AEL, CNXC, DAR, DECK, FN, GIII, HNI, IAC, IDCC, LTHM, MTZ, SFBS, SFM, SNX, UGI, UNFI	long-term, Margin Of Safety, Quality, small caps, value	The fund focuses on acquiring quality companies at reasonable prices with a margin of safety. Current valuations, competitive positions, and experienced management teams give confidence that holdings will be worth more in three to five years than today.		View
2023 Q1	Apr 14, 2023	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	DECK, FN, GIII, IDCC, NJR, OMI, RLI, SFBS, SYNA, UNFI	-			View
2025 Q1	Mar 31, 2025	Riverwater Partners Small Cap Strategy	-	-	BOW, BRCC, IDCC, IRDM, LMNR, ONTO, PJT, PLMR, SNEX, WRBY	Consumer Staples, Defensive, financials, insurance, Quality, small caps, tariffs	The manager emphasizes specialty insurance companies, particularly in the E&S (excess and surplus) space. Both PLMR and BOW operate in this attractive market with limited competition and strong growth prospects. The manager views these companies as defensive yet offering compelling long-term growth opportunities with attractive returns on capital.	BOW WRBY LMNR PLMR	View
2025 Q1	Mar 31, 2025	Riverwater Sustainable Value Strategy	-	-	AGM, AM, CG, CIEN, CNX, COOP, IDCC, LMNR, PNFP, RRC, STE	Defensive, Energy Transition, Quality, Regional Banks, small caps, Trade Policy, value	The manager increased exposure to energy transition by adding Range Resources and Antero Midstream Corp. Both companies play critical roles in energy and electrification, with electrification expected to see significant demand growth in coming years and decades. Range is a low-cost natural gas producer while Antero specializes in transporting, gathering and processing natural gas.	AM RRC PNFP COOP LMNR	View
2023 Q4	Jan 31, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AX, CHD, CNCR, DECK, DLG, FN, GIII, HMN, IDCC, MSTX, PVH, SFBS, TGHS, UNFI, VSHY	Cash, Margin Of Safety, Quality, small caps, value	The fund focuses on acquiring quality companies at reasonable prices with a margin of safety. Current valuations, competitive positions, and experienced management teams at the fund's holdings give confidence they will be worth more in three to five years than today.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Steve Scruggs	InterDigital, Inc.	Information Technology	Application Software	Bull	NASDAQ	automotive, buybacks, dividend, IoT, Licensing, margin, patents, royalties, Wireless	View Pitch

BSD Shareholders of IDCC

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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