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, BELFB, BLN, COMP, HQI, IONQ, LAKE, LBRT, LMB, NSSC, NVEE, NWL, QBTS, QUBT, SKY, SWIM, TTEK, WHR, WNC, XMTR	consumer, Long/Short, Manufacturing, Quantum, small cap, tariffs, technology, value	Nicotine pouches are disrupting traditional tobacco products with safer alternatives that have no known carcinogens. The US market grew over 40% in Q1 2025, with nicotine pouches expected to increase from 5% of global nicotine users in 2024 to 11% in 2030. Online penetration remains low at 3% in the US versus 35% in mature markets like Sweden.	HAYPP.ST LAKE SKY NSSC XMTR	View
2025 Q2	Jul 31, 2025	Minot Light Capital Partners	18.1%	4.5%	ACOG, APG, ARQ, CURV, CWAN, CYRX, DERM, LAKE, LGCY, LMB, LQDT, MCW, NEOG, NPKI, OM, REAL, RXST, TDUP, TTGT, XPOF	alpha, dislocations, growth, liquidity, Microcap, small caps, value	The fund focuses exclusively on small and micro-cap companies, targeting market capitalizations well below $100mm and in some cases below $50mm and $25mm. This represents an area where the vast majority of institutional small-cap investors are either unable or unwilling to explore. The strategy seeks to capitalize on inefficiencies in the most illiquid segment of the domestic public equity markets.	CURV RXST TTGT LAKE OM LGCY TDUP OM LGCY TDUP	View
2025 Q2	Jul 17, 2025	Rewey Asset Management	6.1%	-1.3%	DCO, HOLX, LAKE, OFIX	active, defense, Medical Devices, small caps, SMID, undervalued, value	Manager believes small and SMID caps remain neglected and undervalued with many names fitting criteria for long-term selection. Active stock selection is appropriate for smaller caps due to limited liquidity in ETFs, ability to avoid weaker companies, and vast under-researched universe with over 5000 equities providing alpha generation opportunities.	OFIX LAKE DCO OFIX LAKE DCO	View
2025 Q2	Jun 30, 2025	Riverwater Micro Opportunities Strategy	-	-	ABEO, AEHR, ALRS, AMRK, ARIS, DCBO, LAKE, LEU, LMNR, NCMI, NPKI, PLOW, RDVT, SSSS, TILE, UROY, UTL	Defensive, energy, Gene Therapy, materials, Microcap, nuclear, Quality, Utilities	Nuclear power is positioned as critical infrastructure for AI data centers and decarbonization goals. Big tech firms are securing long-term nuclear power deals and investing in small modular reactors. Policy environment supports quadrupling nuclear electricity by 2050 through reformed licensing and federal backing.	TILE ABEO LEU TILE ABEO ARIS LEU	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%	AAPL, AMZN, GOOGL, HQY, III, LAKE, MSFT, NVDA, RELL, WBS	Regional Banks, Rotation, semiconductors, small caps, technology, value	Manager believes small and mid-cap stocks are positioned for strong performance due to cooling inflation, potential soft landing, and likely rotation away from concentrated large-cap technology positions. The concentration in mega-cap stocks has created neglect and valuation opportunities in smaller companies.	WBS	View
2024 Q2	Jul 14, 2024	Merion Road Capital	5.4%	11.2%	CLH, GOOGL, LAKE, MSA, NAPA, TRNS, UBAB, VCTR	Asset Management, Community Banks, Consolidation, Industrial Safety, M&A, small caps, value	Victory Capital Holdings represents a traditional asset management firm with strong shareholder returns and M&A strategy. The Amundi USA acquisition provides significant scale and revenue synergy opportunities through distribution agreements.	LAKE VCTR	View
2024 Q4	Jan 22, 2025	Royce Investment Partners Small Cap	3.7%	10.3%	AEHR, AMSC, ASPN, ASTH, AZTA, CECO, CRS, DSP, EVH, FARO, GTLS, HCSG, KD, KN, LAKE, MATV, PRIM, SLWS, SOLR, SRCL	energy, industrials, Infrastructure Spending, Onshoring, small caps, technology, value	Energy sector was a top performer with 14.95% quarterly returns and 29.40% annual returns. The fund increased domestic energy exposure, particularly in natural gas and power generation companies. Energy equipment & services was the top contributing industry for both quarterly and annual periods.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Minot Light Capital Partners	Lakeland Industries Inc	Industrials	Textiles, Apparel & Luxury Goods	Bull	NASDAQ	CEO transition, Fire Protection, Industrial Safety, M&A strategy, margin expansion, Protective Clothing, Scale Building, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Rewey Asset Management	Lakeland Industries	Industrials	Industrial Machinery	Bull	NASDAQ	Acquisitions, Firefighter Gear, Full-Service Provider, Industrial Safety, Margin Improvement, Protective Clothing, Tariff mitigation, USMCA	View Pitch
Apr 13, 2026	Fund Letters	Merion Road Capital	Lakeland Industries	Industrials	Industrial Machinery	Bull	NASDAQ	EBITDA Multiples, Fire Services, Firefighter Gear, manufacturing, net cash, Non-Discretionary, Protective Clothing, Public safety, Roll-up Strategy, transformation	View Pitch
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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