IIIV

IIIV

IIIV

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Aug 23, 2023	Voss Value Fund	7.2%	8.9%	IIIV, TYL	Fintech, Long/Short, small caps, software, value	FinTech stocks are noticeably out of favor on Wall Street, especially post-SIVB bank failure and financial sector scare, with many hitting 10-year or all-time lows. The fund sees this as creating attractive relative valuations and opportunities in the space. They have been buying Nashville-based i3 Verticals as a software and payment solutions provider that is transitioning from a payments company to a majority software company.	IIIV	View
2025 Q1	Jun 16, 2025	Cove Street Capital Small Cap Value Fund	-	-	AAP, ANGI, ATRO, CMP, ECVT, IIIV	defense, Fed policy, small caps, tariffs, Trade Policy, value	Manager expresses strong criticism of current tariff policies, viewing them as economically harmful and creating business uncertainty. Cites GM CFO noting companies cannot spend billions whipsawing business back and forth due to tariff uncertainty, leading to economic halt.		View
2026 Q1	Mar 31, 2026	Heartland Value Fund	7.4%	7.4%	ALEX, ALGT, CVGW, IIIV, PLYM, STKL, XRN	Airlines, Geopolitical, oil, REITs, small caps, value		XRN IIIV ALGT	View
2023 Q4	Dec 31, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	DGII, HLMN, IIIV, IRMD, MLAB, NVEE, OLO, PHR, PL, PLOW, PRO, QTWO, ROAD, SLP, SMLR, SSTI, TCYSF, TRNS, USPH, VCEL	Biotech, growth, healthcare, industrials, Microcap, technology, underperformance	The biotechnology and pharmaceuticals industries significantly outperformed the broader market during Q4, creating headwinds for the portfolio due to its large underweight to these areas. The manager notes these are typically unprofitable businesses with zero or insignificant earnings and negative cash flows that benefit from lower interest rates.		View
2025 Q4	Jan 18, 2026	Conestoga Mid Cap Composite	-5.8%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology	The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly.	GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY	View
2025 Q4	Jan 18, 2026	Conestoga SMid Cap Composite	-2.7%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	Biotechnology, defense, growth, industrials, Quality, small caps, technology	Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions.	GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN	View
2025 Q4	Jan 18, 2026	Conestoga Micro Cap Composite	-1.9%	16.2%	BLFS, BWMN, COCO, CYX, DGII, ELVA, IIIV, IRMD, MAMA, MEG, PHR, PL, PLMR, QTWO, ROAD, TKNO, TRNS, UTI, VCEL, WLDN	Biotech, consumer, defense, energy, growth, Micro Cap, Quality, small cap	Small Cap biotech and pharmaceutical stocks emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns despite comprising just 11% year-to-date through Q3. The portfolio had limited exposure to this sector rally, with mixed results from holdings like Alpha Teknova facing inventory normalization headwinds while IRadimed delivered record results. Defense-related stocks provided strong performance leadership throughout 2025, with Planet Labs benefiting significantly from expanding contracts in government and defense sectors. The company secured significant new contract wins and achieved profitability earlier than expected, delivering a 388% total return for the year. Energy efficiency and grid modernization themes drove strong performance, particularly through Willdan Group which capitalized on surging demand from AI-driven data center markets and large government contracts. Electrovaya also benefited from industrial electrification trends and differentiated battery technology for material handling applications. Consumer staples holdings delivered exceptional performance with strong brand momentum and execution. Mama's Creations achieved 69% annual returns through successful market share capture and new product placements at major retailers, while Vita Coco demonstrated category leadership with 44% annual returns and consistent cash generation.	ODD ELVA BWMN IIIV COCO MAMA IRMD PL	View
2023 Q3	Sep 30, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	BLFS, DGII, DH, HLMN, IIIV, MODN, NSTG, NVEE, PHR, PLMR, PRO, QTWO, ROAD, SLP, THBRF, TKNO, TRNS, USPH, VCEL, WLDN	Biotechnology, growth, healthcare, infrastructure, Micro Cap, small cap, software	The bioprocessing industry continues to be negatively impacted by inventory destocking and elongated sales cycles. Companies like BioLife Solutions and Repligen faced challenges from inventory overhang and longer purchase-approval timeframes. Despite near-term headwinds, the longer-term prospects for bioprocessing tools remain bright.		View
2023 Q2	Aug 23, 2023	Voss Value Offshore Fund	7.4%	8.9%	IIIV, TYL	Fintech, growth, payments, small caps, software, technology, value	FinTech stocks are noticeably out of favor on Wall Street, especially post-SIVB bank failure and financial sector scare, with many hitting 10-year or all-time lows. The fund sees this as creating attractive relative valuations and opportunities in the space.	IIIV	View
2023 Q2	Jun 30, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	CYRX, DGII, HCAT, IIIV, MEG, MLAB, MODN, NSTG, NVEE, OLO, PL, PRO, ROAD, SSTI, THBRF, TRNS, USPH, VCEL	Biotech, defense, growth, healthcare, industrials, infrastructure, Micro Cap, technology	The portfolio faced challenges in biotech holdings with inventory destocking headwinds prevalent across the industry. Companies like CryoPort and NanoString experienced pressure from the challenging funding environment and weakened biotech demand, though some recovery is expected in 2024.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Voss Value Offshore Fund	i3 Verticals, Inc.	Information Technology	Data Processing & Outsourced Services	Bull	NASDAQ	Fintech, healthcare, M&A, Payments, public sector, recurring revenue, SaaS, Software, turnaround, Value	View Pitch
Apr 28, 2026	Fund Letters	Voss Value Fund	i3 Verticals, Inc.	Information Technology	Data Processing & Outsourced Services	Bull	NASDAQ	Fintech, healthcare, M&A, payment processing, public sector, recurring revenue, SaaS, Software, transformation, Value	View Pitch
Apr 15, 2026	Fund Letters	Heartland Value Fund	i3 Verticals Inc	Software - Infrastructure	Data Processing & Outsourced Services	Bull	NASDAQ	AI disruption, Embedded Software, Enterprise software, Municipal Contracts, Niche Verticals, Payment systems, public sector, Sticky Customers	View Pitch
Jan 21, 2026	Fund Letters	David Neiderer	i3 Verticals, Inc.	Information Technology	Application Software	Neutral	NASDAQ	execution risk, growth visibility, public sector, recurring revenue, vertical software	View Pitch
Nov 4, 2025	Seeking Alpha	Seeking Alpha	i3 Verticals, Inc.		Software - Infrastructure	Bear		adjusted EBITDA, AI growth, divestiture, government software, i3 Verticals, M&A strategy, public sector software, Q4 results, Revenue Growth, valuation multiples	View Pitch

BSD Shareholders of IIIV

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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