KEYS

KEYS

KEYS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	ClearBridge Mid Cap Growth Strategy	-	-	BKI, CASY, CMG, FERG, KEYS, SWAV, XPO	-			View
2024 Q2	Jun 30, 2024	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	-4.7%	-	ADI, APH, CDW, FBIN, IEX, KEYS	-			View
2023 Q1	Apr 18, 2023	Kovitz Core Equity Strategy	9.1%	9.1%	ANET, AXP, GOOG, J, KEYS, LVS, META, PM, PPG, PWR	-			View
2025 Q1	Mar 31, 2025	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	-1.1%	-1.1%	BRK/B, BRO, KEYS	-			View
2024 Q1	Mar 31, 2024	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	10.9%	10.9%	BRO, DG, KEYS, MCHP, PGR, PNFP, TROW	-			View
2024 Q3	Oct 17, 2024	Kovitz Core Equity Strategy	6.9%	28.7%	AAPL, ADI, AMAT, AXP, BRK/A, DLTR, FI, GM, HAS, J, JPM, KEYS, MSI, PCAR, SCHW, SPOT, UNH	-			View
2023 Q3	Oct 17, 2023	Kovitz Core Equity Strategy	-3.0%	14.8%	AXP, BX, DGE LN, DIS, EXPE, HAS, KEYS, KMX, PM	-			View
2025 Q4	Jan 30, 2026	BBH Select Series – Mid Cap Fund	-3.9%	-5.6%	ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA	AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value	AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations.	GWRE FOUR KEYS DAR	View
2025 Q4	Jan 20, 2026	Madison Large Cap Fund	3.4%	3.4%	A, ACGL, ADI, AMZN, BN, CDW, CPRT, DHR, FERG, FI, GOOGL, HON, KEYS, LOW, NKE, PCAR, PGR, PH, TXN, WDAY	AI, Automation, financials, industrials, large cap, Quality, technology, value	The portfolio is populated with high-quality, durable businesses across a wide range of industries, selling for reasonable prices. The fund invests in the proven over the promise, the long-term over the short-term, and durability over momentum. This focus on quality businesses has been a strong foundation for attractive long-term investment performance. Alphabet released new AI models that gave investors further confidence that the company is well positioned for growth. Workday is investing in commercializing AI agents, which should be additive to revenue growth. The fund acknowledges heightened concerns of AI-related disruption affecting some businesses. Honeywell is undergoing a portfolio transformation with the anticipated separation of the aerospace and automation businesses in the second half of 2026. This separation will further enhance the return on invested capital and growth opportunities for each business.	WDAY FISV	View
2025 Q4	Jan 16, 2026	Janus Henderson Global Sustainable Equity Fund	-1.5%	9.2%	1299.HK, AAPL, AJG, EXPN.L, GOOGL, IFX.DE, KEYS, KLAC, MMC, MU, NTDOY, NVDA, ORCL, PGR, SPOT, STN.TO, TMUS, TSM, UBER, WD, WK	AI, Climate, Energy Transition, global, semiconductors, sustainability, technology	AI remained a dominant trend with NVIDIA becoming the first company to reach $5 trillion market cap. The rally broadened to the AI value chain including memory companies like Micron. Structural demand across the AI value chain remained robust despite concerns about overstretched valuations. TSMC continued positive momentum with robust results, beating revenue and margin expectations driven by strong demand for advanced products. The company raised full-year revenue guidance to 35% reflecting explosive growth in AI demand from consumer, enterprise and sovereign AI models. Clean technology economics reached a tipping point with renewables and EVs achieving cost parity, driving record investment of $2 trillion in 2025. Global EV sales reached 20% of new car purchases despite policy uncertainty, with solar attracting $500 billion in investment. 2025 was one of the three hottest years ever recorded with climate-driven disasters causing significant costs. Despite political challenges, 84% of large companies maintained climate commitments and investor sentiment remained resilient with 70% committed to sustainability long-term.		View
2025 Q4	Jan 13, 2026	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	-1.2%	4.9%	ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA	AI, fundamentals, mid cap, Quality, Speculation, value	Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks.	FAST AZO BRO APH MKL	View
2024 Q3	Sep 30, 2024	Madison Sustainable Equity Fund	6.1%	20.1%	APPL, COST, DHR, EFX, GOOG, KEYS, LLY, MSFT, NEE, ORCL, PGR, QCOM, SCHW, UAHC	-			View
2024 Q3	Sep 30, 2024	Madison Investors Fund	7.8%	17.0%	BAM, CLOV, CPRT, DLTR, GOOG, KEYS, LOW, PCAR, SCHW	-			View
2022 Q3	Jul 12, 2022	Ariel Fund	12.1%	0.0%	GCMG, GNRC, KEYS, MHK, PARA	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 4, 2026	Fund Letters	Tim Harris	Keysight Technologies Inc.	Information Technology	Electronic Equipment & Instruments	Bull	New York Stock Exchange	AI infrastructure, Instrumentation, margin expansion, semiconductors, Test-And-Measurement	View Pitch

BSD Shareholders of KEYS

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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