KMT

KMT

KMT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Brandes Small Cap Value Fund	12.1%	4.9%	AOUT, ARLO, AVDL, ELAN, EPC, GIL.TO, GLOB, HBI, HURC, HXL, IEX, KMT, MOG.A, ORION, PAHC, PBH, PINC, PKE, SON, UNF	healthcare, industrials, positioning, small caps, underperformance, value	The fund focuses on small-cap value investing, seeking companies trading below intrinsic value estimates. The manager emphasizes the fund's lower valuations compared to the Russell 2000 Index while offering exposure to companies with strong balance sheets and compelling growth prospects.	GLOB PBH	View
2025 Q2	Jul 17, 2025	Ariel Fund	7.0%	-	ATGE, CLB, IPG, KMT, LESL, MAS, NTRS, SJM, SPHR	AI, Education, Entertainment, small caps, SMID Cap, tariffs, value	The fund maintains a bottom-up conviction in undervalued businesses rather than macroeconomic prognostication. Small cap stocks are trading at their biggest discount to large cap shares since the dot-com boom, presenting attractive opportunities.	LESL SJM CLB NTRS ATGE SPHR LESL SJM CLB NTRS ATGE SPHR	View
2026 Q1	Apr 21, 2026	Brandes Small Cap Value Fund	8.2%	8.2%	DOX, EPC, GLOB, KMT, LNSR, MHK, NICE, OTEX, PKE	AI, Consumer Staples, industrials, Outperformance, small cap, technology, value		NICE MHK NICE MHK	View
2026 Q1	Apr 16, 2026	Ariel Appreciation Fund	1.1%	1.1%	GNRC, KEYS, KKR, KMT, MAT, NCLH, RLI, SLB	AI, Data centers, energy, Geopolitical, mid cap, value			View
2024 Q1	Apr 15, 2024	Heartland Value Plus Fund	7.9%	1.5%	KMT, MHK	consumer, earnings, industrials, Recession, self-help, small caps, value	Small caps underperformed large caps in Q1 but are expected to see faster earnings growth in 2024 (11.3% vs 10.6% for large caps). Many small companies have already experienced recession-like conditions and implemented self-help strategies, creating opportunities with wide valuation disparities versus mega caps.	KMT MHK	View
2025 Q1	Mar 31, 2025	Brandes Small Cap Value Fund	-6.5%	-6.5%	AOBC, ARLO, BZU, CFP, ELAN, ERJ, EWG, FSTR, GHM, HBI, HXL, IMKTA, KMT, MOG.A, ORION, PBH, PKE, PZZA, SR	consumer discretionary, healthcare, industrials, small caps, value	The fund focuses on small-cap value investing, seeking companies trading at undemanding valuations below intrinsic value estimates. The manager emphasizes the fund exhibits lower valuations than the Russell 2000 Index while offering exposure to companies with strong balance sheets and compelling growth prospects.	PZZA	View
2024 Q4	Dec 31, 2024	Brandes Small Cap Value Fund	5.8%	24.8%	AOUT, ARLO, BSCAX, BSCMX, BSCRX, CAE, DII, ELAN, EPC, ERJ, EXE, FSTR, GHM, HBI, HXL, IMKTA, INVX, KMT, LNSR, MOG.A, MTX, NPK, NTGR, ORION, PAHC, PKE, RBBN, SMG, TKR, UTMD, WKC	aerospace, healthcare, industrials, Machinery, small caps, technology, value	The fund seeks long-term capital appreciation through value investing in small-cap companies. The fund exhibits lower valuations than the Russell 2000 Index while offering exposure to companies with strong balance sheets and compelling growth prospects. The manager believes value stocks have attractive potential going forward.	TKR	View
2025 Q3	Oct 21, 2025	Brandes Small Cap Value Fund	11.2%	16.6%	AOUT, ARLO, AVDL, ELAN, EPC, GIL.TO, GLOB, HBI, HURC, HXL, IEX, KMT, MOG.A, ORION, PAHC, PBH, PINC, PKE, SON, UNF	healthcare, industrials, positioning, small caps, technology, underperformance, value	The fund focuses on small-cap value investing, seeking companies trading below intrinsic value estimates. The manager emphasizes the fund's lower valuations compared to the Russell 2000 Index while offering exposure to companies with strong balance sheets and compelling growth prospects.	PBH GLOB PBH GLOB	View
2025 Q3	Oct 15, 2025	Ariel Small Cap Value Strategy	12.7%	-	BCO, KMT, MAT, MSGE, PBH, REZI, SPHR, ZBRA	consumer, Entertainment, industrials, rates, small caps, technology, value	Small caps outperformed as capital rotated into undervalued segments of the market. Small caps are currently trading at one of the steepest discounts to large caps since the dot-com era. Consensus earnings projections suggest the Russell 2000 Index may outpace the Russell 1000 Index over the next two years.	KMT US SPHR US BCO US REZI US	View
2025 Q4	Jan 23, 2026	Brandes Small Cap Value Fund	5.9%	23.4%	ALKS, AOBC, ARLO, AVDL, CENT, DIIBF, ELAN, EPC, GHM, GIL, GRFS, HURC, HXL, IMKTA, INVX, KMT, MOG.A, NTGR, ORN, PKE, PZZA, RGP, SEE, UTMD	healthcare, industrials, Outperformance, positioning, small caps, value	The fund focuses on small-cap value investing, seeking companies with strong balance sheets, compelling growth prospects, and durable free cash flow generation. The fund exhibits lower valuations than the Russell 2000 Index while maintaining exposure to undervalued opportunities. Management expresses optimism about the potential of value stocks in general. The fund specifically targets small-cap companies, maintaining significant overweight positions in industrials while underweighting financials and real estate compared to benchmarks. The portfolio is positioned as an attractive complement to other small-cap offerings with differentiated exposure and risk characteristics.	CENT	View
2025 Q4	Jan 18, 2026	Ariel Small Cap Value Strategy	3.0%	0.0%	AMG, FDS, GNRC, KMT, NCLH, PSKY, REZI, RLI, SPHR, ZBRA	AI, Entertainment, insurance, Manufacturing, small cap, technology, value	Artificial intelligence continues to drive structural trends and productivity gains across industries, though benefits are unevenly distributed. The technology is contributing to market concentration and shifting competitive positioning, while raising questions about the durability of recent performance patterns. Data center market shows significant long-term growth potential driven by rising energy needs and artificial intelligence infrastructure expansion. Management emphasized strong momentum in this sector as a key growth driver. Live entertainment sector demonstrates robust consumer demand with Sphere Entertainment showing strengthening business fundamentals. The success of productions like The Wizard of Oz is accelerating discussions for future venue expansion both domestically and internationally. Cruise industry faces renewed skepticism despite record bookings and robust customer deposits. Norwegian Cruise Line maintains confidence in long-term demand supported by strategic capacity expansion and private island enhancements.	ZBRA RLI FDS NCLH GNRC REZI KMT AMG SPHR	View
2023 Q2	Jun 30, 2023	Ariel Appreciation Fund	9.9%	0.0%	CAH, CBRE, CCL, CG, CRL, GS, IPG, KMT, KMX, LABH, LESL, MAT, MSGE, NCLH, NTRS, PARA, RCL, SCHW, SPHR, SWK	contrarian, Cruises, mid cap, real estate, Recovery, value	Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel for retirees and younger people alike. The vacation and leisure spaces are booming in direct response to the isolating Covid lock downs, with memories having more value than goods for many consumers.		View
2024 Q2	Jun 30, 2022	Heartland Value Plus Fund	7.9%	1.5%	KMT, SAIC	Buybacks, Capital Allocation, consumer discretionary, industrials, small caps, value	The fund focuses on small-cap value investing during a challenging quarter where the Russell 2000 fell 3.28%. The manager is hunting for green shoots and expects small-cap earnings to improve in the latter half of the year, especially once Magnificent 7 tech stocks are removed from comparisons.	SAIC KMT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Heartland Value Plus Fund	Kennametal, Inc.	Industrials	Industrial Machinery	Bull	NYSE	Cost Reduction, Cyclical Recovery, Industrial Cutting Tools, insider buying, operating leverage, restructuring, Share Buybacks, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Heartland Value Plus Fund	Kennametal	Industrials	Industrial Machinery	Bull	NYSE	Aerospace, Cost Reduction, Cutting tools, Defense, energy, Industrial, infrastructure, operating leverage, Trough Valuation, turnaround	View Pitch
Jan 20, 2026	Fund Letters	John Rogers	Kennametal Inc.	Industrials	Industrial Machinery & Supplies & Components	Bull	New York Stock Exchange	dividends, Execution, Industrial, Margins, Pricing	View Pitch

BSD Shareholders of KMT

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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