KOS

KOS

KOS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 27, 2025	Hotchkis & Wiley Mid-Cap Value Fund	3.6%	-2.2%	ADNT, AIG, APA, BPOP, CFG, ERIC, FFIV, FLR, KOS, MGA, OLN, STT	energy, financials, mid cap, Trade Policy, underperformance, value	Energy continues to be the portfolio's largest sector overweight, reflecting conviction in energy stocks trading at low multiples of normalized earnings and their potential to generate strong free cash flow. The fund holds multiple energy positions including offshore exploration and production companies like Kosmos Energy and APA Corp, despite concerns about OPEC+ production increases and slowing demand.	OLN APA KOS BPOP ADNT FLR	View
2024 Q1	Apr 25, 2024	Patient Capital Management	5.6%	15.8%	AMZN, BIIB, C, CLF, COIN, CROX, EXPE, GOOGL, KOS, META, NVDA, PTON, SOFI	AI, Biotechnology, Buybacks, crypto, growth, large cap, technology	Nvidia dominates the GPU market with 92% data center market share, benefiting from insatiable AI demand. The company grew revenue, earnings and FCF by 126%, 392%, and 610% respectively over the last year. Despite the massive market cap expansion, valuation has actually compressed from 61x to 37x forward earnings.	BIIB NVDA	View
2026 Q1	Apr 20, 2026	Hotchkis & Wiley Mid-Cap Value Fund	6.7%	6.7%	AIG, APA, CRGY, KOS, WDAY, WPP.L	AI, energy, Geopolitical, healthcare, mid cap, oil, value		AIG WPP WDAY CRGY APA KOS	View
2025 Q1	Mar 31, 2025	Hotchkis & Wiley Mid-Cap Value Fund	-5.6%	-5.6%	ADNT, AIG, APA, BPOP, CFG, CVS, ERIC, FFIV, FLR, KOS, MGA, OLN, SMR	energy, financials, healthcare, inflation, mid cap, Recession, tariffs, value	The portfolio trades at 6x normal earnings versus Russell Midcap Value at 16x and Russell Midcap Growth at 28x. The fund exhibits an 11% earnings yield, providing attractive valuation particularly considering broad market frothy price multiples. The manager believes fundamentals should drive the market in an environment conducive to their value investment approach.	ADNT FLR KOS FFIV CVS AIG	View
2024 Q4	Dec 31, 2024	Hotchkis & Wiley Mid-Cap Value Fund	-2.4%	3.6%	ADNT, APA, BPOP, CFG, CRGY, ERIC, FFIV, FLR, KOS, MGA, OLN, STT	energy, financials, mid cap, underperformance, valuation, value	The portfolio maintains a considerable valuation advantage relative to the benchmark, with wide spreads between growth and value indices creating promising opportunities. The manager believes valuation disparities across the market create an investment environment highly conducive to long-term focused active management.	KOS OLN ADNT	View
2024 Q2	Nov 7, 2022	Patient Capital Management	5.6%	15.8%	AAPL, AMZN, BIIB, CVS, DAL, EVRI, EXPE, GOOGL, IAC, ILMN, KOS, META, MSFT, NCLH, NVDA, RPRX, TSLA, UAL	AI, energy, healthcare, small caps, technology, Travel, value	Manager recognizes AI bubble potential but believes it may still be early. Nvidia captured bulk of AI profits with significant market lead and competitive advantages. Current AI/quality compounder momentum could get more extreme before ending.	EXPE EVRI KOS IAC NVDA	View
2025 Q4	Jan 29, 2026	Hotchkis & Wiley Mid-Cap Value Fund	2.4%	7.9%	ADNT, AIG, APA, BPOP, BTE.TO, CFG, ERIC, FFIV, FLR, HLF, KOS, MGA, OLN	Banking, energy, financials, mid cap, multiples, oil, valuation, value	The portfolio trades at 11x forward earnings and close to 6x normal earnings, both in line with historical averages, while the broad market trades at elevated valuations with the Russell Midcap's forward P/E at nearly 21x. The fund focuses on attractively valued companies with single digit earnings multiples and strong free cash flow yields. The fund maintains notable overweight exposure to oil & gas exploration/production companies that produce free cash flow yields well into the double digits. The managers view the oil market as having structural supply constraints and believe these companies represent a rare opportunity despite temporary oversupply concerns. The portfolio has notable overweight exposure to banks that exhibit attractive valuations, particularly considering their scale advantages and healthy capital ratios. Traditional/regional banks and trust banks performed well during the quarter, helping relative performance.		View
2024 Q3	Sep 30, 2024	Hotchkis & Wiley Mid-Cap Value Fund	6.0%	6.2%	ADNT, APA, CNO, ERIC, FFIV, KOS	energy, financials, mid cap, rates, technology, Utilities, value	The fund focuses on identifying undervalued assets with attractive valuations relative to expected earnings. The Russell Midcap Value Index outperformed growth during the quarter and trades at a more attractive forward P/E ratio of 16.2x compared to the broader Russell 1000 Index at 20.8x. The investment strategy centers on identifying businesses with durable balance sheets, sustainable return on equity, stable free cash flow, and attractive valuations.	ADNT APA KOS CNO ERIC FFIV	View
2024 Q4	Jan 13, 2025	Patient Capital Management	-	-	AMZN, BIIB, COST, CVS, DAL, EXPE, FBTC, GOOGL, KOS, META, NCLH, NVDA, OMF, PGEN, PLAY, RPRX, SDRL, TSLA, UAL	AI, Bull Market, Cyclical, energy, healthcare, technology, Travel, value	Manager believes we are in the midst of a technological revolution driven by AI. The most brilliant technology experts agree AI will transform the world, with massive data and capital requirements creating advantages for scaled incumbents like the Mag 7. This supports the manager's view that we're still early in the AI cycle.	BIIB CVS RPRX SDRL KOS FBTC OMF PGEN	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 23, 2026	Fund Letters	Hotchkis & Wiley Mid-Cap Value Fund	Kosmos Energy Ltd.	Oil & Gas E&P	Oil & Gas Exploration & Production	Bull	New York Stock Exchange	E&P, energy, Equatorial Guinea, geopolitical risk, Ghana, Gulf of Mexico, LNG, natural gas, Offshore, oil	View Pitch
Apr 13, 2026	Fund Letters	Hotchkis & Wiley Mid-Cap Value Fund	Kosmos Energy Ltd.	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	Brownfield, Deepwater, E&P, Exploration, Ghana, Greenfield, Gulf of Mexico, LNG, Offshore	View Pitch
Apr 13, 2026	Fund Letters	Patient Capital Management	Kosmos Energy Ltd	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	acquisition target, energy, Free Cash Flow, Gas, Low-Carbon, Offshore, oil, Value	View Pitch
Apr 13, 2026	Fund Letters	Hotchkis & Wiley Mid-Cap Value Fund	Kosmos Energy Ltd.	Energy	Oil & Gas Exploration & Production	Bull	NYSE	energy, Exploration, LNG, natural gas, Offshore E&P, OPEC, Production	View Pitch
Apr 13, 2026	Fund Letters	Patient Capital Management	Kosmos Energy	Energy	Oil & Gas Exploration & Production	Bull	NYSE	Capex Decline, Cyclical, energy, Equity, Exploration & Production, Free Cash Flow, Mid-cycle Pricing, Oil & Gas, Value	View Pitch
Apr 13, 2026	Fund Letters	Hotchkis & Wiley Mid-Cap Value Fund	Kosmos Energy Ltd	Energy	Oil & Gas Exploration & Production	Bull	NYSE	Deepwater Drilling, LNG, natural gas, Offshore E&P, production growth, Specialized Expertise, undervalued	View Pitch
Apr 13, 2026	Fund Letters	Hotchkis & Wiley Mid-Cap Value Fund	Kosmos Energy Ltd.	Energy	Oil & Gas Exploration & Production	Bull	NYSE	acquisition platform, Deepwater, Ghana, Gulf of Mexico, LNG, offshore exploration, Oil & Gas, undervalued	View Pitch

BSD Shareholders of KOS

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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