LANC

LANC

LANC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	May 7, 2024	Bernzott Capital Advisors – US Small Cap	8.5%	8.5%	AROC, EVR, GNTX, HCI, HHH, LANC, MP, PCH, PLXS, VNOM	energy, financials, materials, Quality, small caps, value	Energy holdings were the leading contributor to portfolio returns with Archrock benefiting from robust demand for compression equipment and Viper Energy advancing on improving oil prices and M&A visibility. The manager continues to hold positions in both companies.	PCH	View
2024 Q1	May 7, 2024	The London Company Small-Mid Cap	2.0%	4.8%	AWI, CABO, CHDN, DAVA, DECK, LANC, TREX, TTC	Balance Sheets, cash flow, Quality, rates, SMID Cap, value	The portfolio's Quality orientation continued to stand out down the market cap spectrum where earnings weakness was more pervasive. Strong balance sheets of companies—many with net cash—remained a significant advantage in this high rate environment. The manager sees greater opportunity for quality operators with durable cash flow generation, strong balance sheets and attractive shareholder yields in the years ahead.	TTC CABO CHDN DAVA LANC AWI DECK	View
2024 Q1	May 13, 2024	The London Company SMID Cap	9.2%	9.2%	AWI, CABO, CHDN, DAVA, DECK, LANC, TREX, TTC	AI, Balance Sheets, Quality, rates, SMID Cap, technology, value	The portfolio's Quality orientation continued to stand out down the market cap spectrum where earnings weakness was more pervasive. Company fundamentals continued to drive price, and the strong balance sheets of companies—many with net cash—remained a significant advantage in this high rate environment.	TTC CABO CHDN DAVA LANC AWI DECK	View
2024 Q1	Apr 15, 2024	Diamond Hill Small Cap Fund	8.5%	12.2%	DOUG, FTAI, ISRG, LANC, LEU, LOB, OEC, OZK, RRR, SMCI, TKO.TO, UFPT, WNS	materials, rates, Regional Banks, small caps, technology, value	Small cap stocks underperformed large caps in Q1, with the Russell 2000 up 5% versus Russell 1000's 10%. More than one-quarter of the Russell 2000's return came from a single stock, Super Micro Computer. The manager continues to find compelling opportunities in small caps despite challenging valuations.		View
2023 Q3	Oct 31, 2023	The London Company Small Cap	7.0%	8.9%	AWI, CABO, ENOV, LANC, NEU, NGVT, QLYS, TPX	Buybacks, dividends, Quality, small caps, technology, value	The portfolio emphasizes companies with sustainably high returns on capital and lower leverage ratios. The Quality tilt aided relative performance as numerous unprofitable companies in the Russell 2000 significantly underperformed. The companies generate sustainably high returns on capital with low leverage ratios at reasonable valuations.	NGVT ELANCO ENOV QLYS TPX	View
2023 Q3	Oct 31, 2023	The London Company SMID Cap	9.2%	9.2%	AER, BKI, BR, CABO, CHDN, CWST, DECK, ICE, LANC, LW, MTN, NEU, RBA, ST, WAT, ZBRA	Automation, Quality, SMID Cap, Travel, value, Waste management	Initiated position in Casella Waste Systems, the 5th largest waste company in the U.S. and #1 player in the dense Northeast. The Northeast hasn't approved a new landfill permit in 30 years, creating scarcity value. CWST has significant pricing power due to vertical integration and rural market exposure.	ZBRA WAT ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA CWST	View
2024 Q3	Sep 30, 2024	Diamond Hill Mid Cap	8.3%	13.3%	ALGT, ASH, BOKF, CIEN, CIVI, CTRA, CUBE, DEI, HII, HUM, LANC, NVR, PH, RRX	defense, energy, industrials, interest rates, mid cap, real estate, value	Initiated position in Huntington Ingalls Industries, a critical supplier to the US Navy and provider of technology solutions to the Department of Defense. As the sole provider of aircraft carriers and one of only two suppliers of nuclear submarines, HII is well-positioned to meet Department of Defense needs for potential Pacific conflict preparation. The company has high visibility into strong demand over the next 5 to 10 years due to the long-cycle nature of its products.	HII	View
2024 Q3	Sep 30, 2024	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	ASH, BBWI, CALM, CIVI, COOP, CTRA, CUBE, DEI, FTRE, HII, HLIO, LANC, LOB, NVR, RRX, WWW	defense, energy, Homebuilders, rates, small caps, value	Huntington Ingalls Industries is positioned as a critical supplier to the US Navy and Department of Defense, with high visibility into strong demand over the next 5 to 10 years given the long-cycle nature of defense products and preparation for potential Pacific conflict.		View
2023 Q3	Sep 30, 2023	Diamond Hill Small Cap Fund	8.5%	12.2%	ALGT, CALM, CIVI, DCO, ENOV, FTAI, HAYN, LANC, LEU, LOB, MLR, PRGS, RMNI, RRR	defense, energy, financials, nuclear, small caps, technology, value	Energy was the best performing sector in Q3 on the back of rising oil prices, notching a positive quarter at 19%. Oil prices rose against a backdrop of OPEC+ production cuts, benefiting holdings like Civitas Resources which saw earnings recover and share price rebound accordingly.	LAS/A CN\|MLR\|MNRO\|NGS\|WHGLY\|WLY ADCO CALM CIVI	View
2023 Q3	Sep 30, 2023	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	ALGT, CALM, CIEN, CTRA, CVNA, ENOV, ESAB, LANC, MAA, PRGS, RRR, WCC	energy, financials, industrials, rates, small caps, value	Energy was the best performing sector in Q3 with a 17% gain driven by rising oil prices and OPEC+ production cuts. The portfolio benefited from holdings like Civitas Resources and Coterra Energy, both oil and gas producers with assets in key basins.		View
2023 Q1	Mar 31, 2023	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	AAP, ADM, AIG, ALGT, ALK, ALL, ARW, ASH, BHF, BKU, BOKF, BR, BRBR, BRO, BSX, BWA, CALM, CHKP, CIEN, CIVI, COOP, CTRA, CTSH, CUBE, DEI, ENOV, ERII, ESAB, ESGR, FA, FCX, FIBK, FIS, FWONA, GTES, HBI, HIG, ITGR, JLL, KEX, KMX, L, LANC, LOB, MTN, NVR, NXPI, OZK, PH, POST, PRG, RHP, RNR, RRR, RRX, RYN, SANM, SF, SRCL, SSNC, ST, UDR, UGI, VFC, WBS, WCC, WNS, WTW, WWW, WY	financials, industrials, mid cap, small cap, value			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	The London Company SMID Cap	Lancaster Colony Corporation	Consumer Staples	Packaged Foods & Meats	Bull	NASDAQ	Commodity Deflation, consumer staples, ERP implementation, Free Cash Flow, margin expansion, net cash, operational efficiency, Packaged Foods	View Pitch
Apr 13, 2026	Fund Letters	Diamond Hill Small-Mid Cap Strategy	Lancaster Colony Corporation	Consumer Staples	Packaged Foods & Meats	Bull	NASDAQ	consumer staples, Licensed Brands, margin expansion, Packaged Foods, Retail Food, supply chain	View Pitch
Apr 13, 2026	Fund Letters	The London Company Small-Mid Cap	Lancaster Colony Corporation	Consumer Staples	Packaged Foods & Meats	Bull	NASDAQ	capacity expansion, Commodity Deflation, consumer staples, debt-free, ERP implementation, Free Cash Flow, operational efficiency, Packaged Foods	View Pitch

BSD Shareholders of LANC

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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