LAKE

LAKE

LAKE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	Liberty Park Capital Management	1.4%	-2.2%	AUR, COMP, HAYPP SS, LAKE, LBRT, LMB, NSSC, NWL, QUBT, SKY, XMTR	alpha, Long/Short, policy risk, Speculation, volatility	The letter frames volatility as both a risk and an opportunity, driven by tariffs, policy reversals, and speculative behavior. Management describes using long and short positions to exploit exaggerated market moves. Volatile conditions are seen as fertile ground for alpha through security selection.	LAKE SKY NSSC XMTR	View
2025 Q2	Jul 31, 2025	Minot Light Capital Partners	18.1%	4.5%	CURV, LAKE, LGCY, OM, RXST, TDUP, TTGT	dislocations, early-stage growth, Inefficiency, liquidity, Microcaps	The commentary highlights extreme inefficiencies in micro-cap equities driven by liquidity constraints and institutional neglect. Management focuses on early-stage growth and violent dislocations where prices deviate sharply from intrinsic value. Agility, position sizing, and rapid execution are positioned as key sources of alpha.	OM LGCY TDUP	View
2025 Q2	Jul 17, 2025	Rewey Asset Management	6.1%	-1.3%	DCO, LAKE, OFIX	activestrategy, dispersion, SmallCap, valuation, value	The fund argues small- and SMID-cap value stocks remain undervalued due to neglect and macro uncertainty. As broad macro forces fade, dispersion should favor active stock selection. Financial strength and valuation discipline are central to capturing upside as sentiment normalizes.	OFIX LAKE DCO	View
2025 Q4	Jan 21, 2026	Liberty Park Capital Management	-7.4%	0.0%	ARQ, BELFB, LAKE, MEC, THRY, XMTR	AI, Bubble, fundamentals, Long/Short, Market Excess, small cap, technology, value	The manager believes AI holds transformative potential comparable to the internet but views the current market frenzy as echoing the dot-com bubble. Despite trillions in spending commitments, few businesses report meaningful incremental revenue from AI today, and the AI trade was priced-to-perfection by October 2025. Data center investments are viewed as part of the AI infrastructure boom that will eventually cool due to construction delays, efficiency improvements, and supply chain catchup. The manager sees this as similar to past technology booms where asset prices eventually fall as hype fades. SPACs are experiencing renewed frenzy as part of the current market environment that bears striking similarities to past market excesses, with companies without revenue or profits propelling major indices higher.	THRY ARQ XMTR MEC BELFB	View
2025 Q4	Jan 18, 2026	Rewey Asset Management	3.6%	13.1%	BR, CADE, DFIN, HOLX, LAKE, MEC	AI, Gdp, inflation, rates, small caps, technology, value	Manager believes small cap value sector remains attractively valued and neglected by investors. Small cap outperformance in 4Q25 viewed as early sign of portfolio rebalancing away from large-cap indices. Expects continued momentum into 2026 driven by strong GDP environment and lower Fed rates. AI adoption creating productivity gains but also sustained negative headwind for labor market as companies choose not to backfill roles. While positive for earnings through cost savings, AI-driven job weakness could force Fed to cut rates further. Large-cap tech AI valuations questioned by investors. Fed cuts of 175 bps over last 15 months expected to re-spark growth in financing-dependent cyclical industries. Weak job growth and dual mandate may force Fed to cut rates more than preferred. Lower rates viewed as positive catalyst for small cap sector. Extreme valuation differentials between large and small caps create opportunity. S&P 500 trades at 23.56x 2026 PE while Russell 2500 Value at 15.69x and Russell 2000 Value at 14.11x. Manager focuses on financially strong companies at attractive valuations with 2-3 year value creation plans.	DFIN LAKE MEC	View
2025 Q4	Jan 18, 2026	Minot Light Capital Partners	0.0%	14.4%	ARQ, CBLL, CLPT, CURV, KRMD, LAKE, LUCD, MAMA, MRVI, NEOG, OM, OWLT, REAL, RXST, RZLT, SWAG, XOMA	Biotech, growth, momentum, Process, small caps, value, volatility	The managers describe unprecedented speed and magnitude of volatility in small/micro-cap space, calling some institutional liquidations violent. They embrace this volatility as it creates opportunities to buy below fair value and sell above fair value, while improving their process to capitalize on these dynamics. The letter discusses how momentum has become an over-owned factor, with many investors avoiding declining stocks. The managers believe taking the other side of downward momentum can be extremely profitable if positioned to ride through volatility, as much trading is now quantitative rather than fundamental. The fund focuses exclusively on small and micro-cap opportunities, believing there is compelling opportunity for meaningful long-term capital appreciation. They discuss how small-caps falling into micro-cap territory face institutional selling pressure when they drop below arbitrary thresholds like $100M market cap.	OM ARQ RZLT XOMA	View
2024 Q2	Jul 16, 2024	Rewey Asset Management	9.8%	18.5%	III, LAKE, RELL, WBS	-			View
2024 Q2	Jul 14, 2024	Merion Road Capital	5.4%	11.2%	LAKE, MSA, NAPA, UBAB, VCTR	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 21, 2026	Fund Letters	Chip Rewey	Lakeland Industries, Inc.	Industrials	Safety Equipment	Bear	NASDAQ	Activist Ownership, execution risk, Fire Protection, Merger Integration, Safety Equipment	View Pitch
Jan 8, 2026	Fund Letters	Chip Rewey	Lakeland Industries, Inc.	Consumer Discretionary	Safety Apparel	Bull	NASDAQ	Industrial, Margins, restructuring, Safety, tariffs	View Pitch
Jan 8, 2026	Fund Letters	Charles P. Murphy	Lakeland Industries, Inc.	Industrials	Safety Equipment	Bull	NASDAQ	emergingmarkets, Ordertiming, Protectiveequipment, recovery, tariffs	View Pitch
Sep 25, 2025	Substack	Everyone Hates Poetry	Lakeland Fire + Safety	Consumer Cyclical	Apparel Manufacturing	Bull		fire safety market, growth potential, high margins, industrial PPE, Jim Jenkins, Lakeland Fire + Safety, M&A strategy, regulatory demand, secular trends, Transcat	View Pitch

BSD Shareholders of LAKE

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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