LAD

LAD

LAD

Market Cap: $7.38B

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 3, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALB, BALL, CCI, CHE, CIGI, DECK, DINO, ELS, EXPO, GPN, LAD, NOC, RLI, SSD, TSM, TTC, TXN, WH, XOM	Beta Hedging, Long/Short, quantitative, risk management, Systematic			View
2024 Q1	May 21, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALGN, CCI, CHE, CIGI, CMCSA, CSWI, DINO, EXPO, FIX, GNRC, GPN, LAD, NOC, PBR-A, RLI, SAIA, SSD, TXN, WH	Beta, Hedging, Long/Short, quantitative, SMID Cap, Systematic	The fund maintains cautious positioning with low market beta exposure of 16.63% at month end. The manager continues to be cautious on the overall market as evidenced by current low market beta. Despite poor April performance, the strategy seeks to generate positive returns while controlling downside risks.		View
2024 Q1	Apr 20, 2024	Saga Partners	22.6%	39.4%	AMZN, COST, CVNA, EXPI, GDRX, GOOGL, KMX, KO, LAD, META, NFLX, RDFN, ROKU, TTD, UA, VZIO, WMT, Z	Concentration, E-Commerce, long-term, technology, value, volatility	Carvana represents a complete transformation of used car retail through integrated e-commerce infrastructure. The company has built an irreplicable network of inspection centers, logistics, and financing operations that enables seamless customer experience. Despite 2022 challenges, Carvana demonstrated profitable unit economics and reached positive EBITDA in 2023.		View
2024 Q1	Apr 15, 2024	Oakmark Select Fund	8.1%	0.0%	CHTR, DE, FCNCA, KKR, LAD, LBRDK	Agriculture, Banking, energy, financials, value	The fund continues to find attractive opportunities to buy stocks that meet their value investment criteria amid the outperformance of growth stocks. They purchased Deere at a low double-digit multiple of normal earnings power and believe the financials sector offers an unusual number of bargains.	DE	View
2025 Q1	Apr 1, 2025	Lyrical Asset Management	1.7%	1.7%	6723.T, AHT.L, AMP, BERY, ELIS.PA, ENXTPA.PA, FLEX, JCI, LAD, LEA, RXL.PA, SU	global, international, Quality, Recession, tariffs, value	International stocks have been massive underperformers over the past decade due to valuation expansion in US markets, not fundamentals. The EAFE is trading at less than 14x earnings while the S&P 500 trades 25% above its long-term average multiple. The S&P 500 is about 45% more expensive than EAFE despite equally attractive fundamentals.		View
2024 Q4	Dec 31, 2024	Madison Mid Cap Fund	-1.9%	10.3%	ACGL, ANET, APH, BAM, BRO, CDW, CPRT, CSL, DLTR, FND, IT, LAD, LBRDK, LH, PCAR, ROST, TDY, THO, WAT, WRB	Autos, Cyclical, fundamentals, insurance, mid cap, Quality, technology, value	The fund holds positions in auto-related companies including Lithia Motors, which reported quarterly results suggesting some COVID-induced elevated profitability levels may be more sustainable than previously thought. The fund also sold CarMax during the quarter, believing it will be harder for the company to continue gaining market share due to changing industry dynamics.		View
2023 Q2	Dec 7, 2023	Madison Mid Cap Fund	7.2%	12.4%	ABG, ACGL, ANET, APH, BAM, BRO, CDW, CFR, CHTR, CPRT, CSL, EXPD, FND, FWONA, FWONK, GBCI, GCI, GGG, IT, KNSL, LAD, LBRDA, LH, MC, MCHP, MEDP, MKSI, PCAR, ROST, TDY, TECH, THO, TREX, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	AI-related data center spending is driving strong performance in technology holdings like Amphenol and Arista Networks. The fund is participating in this surge while also noting strength in other business areas beyond AI for these companies.		View
2024 Q3	Sep 30, 2024	Oakmark Select Fund	8.1%	0.0%	APA, CBRE, GOOGL, ICE, LAD, SCHW	financials, large cap, real estate, US, value	CBRE Group was the top contributor with strong second-quarter results exceeding expectations. Management expressed enthusiasm about prospects and outlined growth avenues including expansion of cyclically resilient business lines.	GOOGL CBRE	View
2024 Q3	Sep 30, 2024	Madison Mid Cap Fund	7.2%	12.4%	ABG, ACGL, APH, BRO, CDW, CPRT, CSL, DLTR, FND, GGG, IT, KMX, LAD, LBRDK, MC, MCHP, MKSI, PCAR, ROST, WAT	Consolidation, consumer, financials, industrials, mid cap, Quality, technology, value	Added two new positions in Lithia Motors and Asbury Automotive, two of the largest auto franchise dealer groups. Dealers earn more profits from parts and service than new car sales, providing steady business throughout economic cycles. These businesses have a long runway to create value via consolidation of this fragmented industry.	ABG LAD GGG	View
2024 Q3	Sep 30, 2024	Appalaches Capital	3.0%	7.1%	AZO, CME, CNI, CPNG, CSX, GOOGL, LAD, OCI, TELL	Auto Aftermarket, E-Commerce, Event-Driven, Exchanges, Railroads, spinoffs, value	North American railroads have not seen volume growth over 20 years despite being the cheapest, cleanest, and safest freight transportation due to poor reliability. Recent implementation of scheduled railroading by CSX and Canadian National should improve service metrics and drive real volume growth. Both companies are reinvesting in service rather than just cutting costs.		View
2023 Q4	Aug 1, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALB, ALGN, BALL, BF-B, CCI, CHE, CIGI, CSWI, DINO, EXPO, GPN, LAD, NOC, PSX, RLI, SSD, TPL, TSM, WH	Defensive, Long/Short, Market Neutral, Quality, risk management, valuation	Manager emphasizes owning high-quality companies that outperformed during December's challenging environment. Portfolio companies are described as firing on all cylinders with strong fundamentals.		View
2024 Q2	Jun 30, 2024	Oakmark Select Fund	8.1%	0.0%	AXP, CNC, EOG, FCNCA, GOOGL, IQV, KKR, LAD, PAYC, SCHW	Communication Services, financials, healthcare, industrials, large cap, technology, value	The fund focuses on purchasing shares in a diversified set of undervalued securities, believing such value investments will generate strong returns over the long term. Management emphasizes buying quality companies at attractive valuations.	CNC	View
2024 Q2	Jun 30, 2024	Appalaches Capital	3.0%	7.1%	AZO, GOOGL, LAD, PLX, SGOV	Absolute Returns, Auto Dealers, Cash, Concentration, value	Manager initiated position in Lithia Motors, the largest automotive dealership group in the US. Believes dealership industry is misunderstood as dealers now generate majority of gross profit from ongoing maintenance, parts, warranty, insurance and financing services rather than vehicle sales. Lithia's strategy of acquiring independent lots and improving operations creates value through expanded footprint and operational improvements.	LAD	View
2023 Q2	Jun 30, 2023	Oakmark Select Fund	8.1%	0.0%	APA, COP, FCNCA, LAD, WBD	consumer discretionary, energy, financials, large cap, value	The fund's outperformance highlights the advantage of focusing on intrinsic value, which enables uncovering undervalued opportunities not captured by traditional value metrics. The underperformance of traditional value indexes is creating new opportunities to invest in strong businesses at cheap prices.	COP	View
2024 Q1	May 4, 2024	Harris Associates Concentrated Strategy	6.7%	6.7%	CHTR, COF, DE, DFS, HLT, KKR, LAD, PSX, WBD	Agriculture, concentrated, energy, financials, Intrinsic Value, value	KKR showed strong performance with private markets fundraising, carried interest revenue and capital markets fee generation achieving their best results since mid-2022. The firm benefited from improved market conditions for alternative asset managers.	DE PSX KKR COF	View
2025 Q1	Apr 21, 2025	Appalaches Capital	0.5%	0.5%	ACGL, ASML, AZO, CME, CNI, CSX, GOOG, LAD, LRCX, SGOV	Cyclical, insurance, Quality, Railroads, semiconductors, tariffs, Trade Policy, value	New tariff policies announced in February and March have created market volatility, with reciprocal tariffs causing the S&P 500 to drop 20% below recent highs. The manager draws parallels to historical trade restrictions but believes current policies will not end American hegemony due to strong institutional foundations.	LRCX ASML ACGL	View
2023 Q1	Apr 13, 2023	Right Tail Capital	0.0%	10.3%	ABG, KMX, LAD, TSLA	Auto Dealers, Consolidation, Electric Vehicles, Research, valuation	Manager conducted extensive research on car dealership industry, finding businesses trading at attractive mid to high single digit multiples versus historical 10-15x P/E. Companies like Lithia Motors have potential for significant returns if reaching 2025 earnings targets. However, concerns about business model evolution and manufacturer relationships prevent current investment.		View
2025 Q1	Mar 31, 2025	Oakmark Select Fund	-1.2%	-1.2%	CRM, DE, FI, GOOGL, HWM, ICE, IQV, KDP, LAD, MOH, PHM	financials, healthcare, industrials, large cap, technology, US, value	Intercontinental Exchange reported solid fourth-quarter results with 16% growth in energy futures business. After paying down debt from mortgage acquisitions, management resumed large share repurchases in Q1 2025, which the fund views as attractive capital allocation.	MOH	View
2024 Q4	Jan 18, 2025	Appalaches Capital	0.7%	7.9%	AZO, CME, CNI, CPNG, CSX, GOOG, LAD, MKL, SAFT, SGOV	Concentration, insurance, Railroads, small caps, technology, value	Manager observes excessive risk-seeking behavior in markets, with crypto currencies obtaining market capitalizations large enough for S&P 600 inclusion and quantum computing stocks inflating to unbelievable valuations despite minimal revenues. This frothy environment makes the manager uneasy despite being wrong about pessimism last year.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Appalaches Capital	Lithia Motors, Inc.	Consumer Discretionary	Specialty Retail	Bull	NYSE	acquisition strategy, Automotive Dealerships, contrarian, Floor Plan Financing, Franchise Laws, margin expansion, OEM Relationships, Omnichannel, Parts and Service, Service revenue, Specialty retail, Value	View Pitch
Apr 13, 2026	Fund Letters	Madison Mid Cap Fund	Lithia Motors Inc	Consumer Discretionary	Automotive Retail	Bull	NYSE	Aftermarket revenue, Auto Dealerships, Automotive Retail, defensive business model, industry consolidation, Parts and Service, Scale Advantages	View Pitch

BSD Shareholders of LAD

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
Larry Robbins	Glenview Capital Management	$4.9B	$42.4M	0.86%	127,605	+53,497	+72.19%	0.5748%
Leon Cooperman	Omega Advisors	$3.0B	$105.5M	3.50%	317,602	+0	+0.00%	1.4306%
Michael Price	Empyrean Capital Partners	$2.7B	$5.1M	0.19%	15,400	+15,400	+100.00%	0.0694%
Paul Tudor Jones	Tudor Investment Corp	$53.4B	$6.3M	0.01%	19,017	-103,143	-84.43%	0.0857%
Steven A. Cohen	Point72 Asset Management	$86.8B	$11.5M	0.01%	34,687	-94,443	-73.14%	0.1562%
Israel Englander	Millennium Management LLC	$233.2B	$598,194	0.00%	1,800	+27,347	+28.06%	0.0081%
David Siegel & John Overdeck	Two Sigma Investments	$67.5B	$13.1M	0.02%	39,404	+25,604	+185.54%	0.1775%
Cliff Asness	AQR Capital Management	$190.6B	$15.1M	0.01%	45,326	+7,301	+19.20%	0.2042%
Bruce Kovner	Caxton Associates	$3.2B	$1.1M	0.03%	3,004	+3,004	+100.00%	0.0146%
Richard L. Chilton Jr.	Chilton Investment	$4.8B	$948,802	0.02%	2,855	-9,126	-76.17%	0.0129%
Cory Martin	Barrow, Hanley, Mewhinney & Strauss	$30.0B	$22,598	0.00%	68	-78	-53.42%	0.0003%
David Abrams	Abrams Capital Management	$5.7B	$827.7M	14.59%	2,490,534	+45,856	+1.88%	11.2181%
Rich Handler	Jefferies	$19.3B	$699,887	0.00%	2,106	+453	+27.40%	0.0095%

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