LUMN

LUMN

LUMN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q4	Dec 31, 2023	REQ Global Compounders	-	42.0%	CSU.TO, LUMN	Acquisitions, Capital Allocation, compounders, Decentralization, Nordics, private markets	Portfolio companies completed 260 transactions in 2023 versus 249 in 2022, demonstrating continued robust M&A activity. Companies maintain disciplined acquisition approach while expanding geographically outside the Nordics. The acquisition engine serves as a key growth driver alongside organic growth.		View
2023 Q3	Dec 10, 2023	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, DOOR, ESRT, GHC, GRUMAB, KODK, LUMN, MAT, OSCAR, SAM, WEST, WTM	consumer, discount, energy, Entertainment, Quality, small caps, value	Small-cap stocks remained out of favor as they continue to be viewed as more volatile, cyclical businesses, while a small handful of US mega-cap stocks have dominated markets. This wide valuation gap has created a compelling opportunity to own high-quality small-cap businesses trading at a steep discount.	WEST OSCR AMAT SAM CNX	View
2024 Q3	Oct 7, 2024	Rodrigo Benedetti	-	-	ABT, APP, ARKK, ASTS, COOP, EW, HIFS, KRE, LUMN, MBIN, MDT, MEDP, PFBC, TMDX	Europe, financials, Medical Devices, Shorts, Tankers, trading, volatility	Manager sees opportunities in tankers due to seasonal weakness ending and Middle East conflict escalation. Expects enforcement of dark fleet sanctions to benefit compliant fleet carrying offsetting output from Saudi Arabia and others, tightening ship availability. However, notes growing orderbook and higher valuations make tankers difficult as long-term holds.	EW	View
2024 Q3	Oct 16, 2024	Third Point Partners	3.9%	14.0%	AAP, AMZN, BBWI, CNK, DHR, DSV.CO, FYBR, GOOGL, INTC, KBH, LUMN, MSFT, PCG, VST, VZ	credit, Entertainment, Event-Driven, Logistics, Mortgage, Politics, value	DSV emerged as the leading bidder for DB Schenker, creating the largest freight forwarder with significant synergy potential. The company has a proven track record of consolidating the fragmented global freight forwarding industry with industry-leading margins. Rising complexity in global supply chains benefits DSV's unique network that guarantees capacity and on-time deliveries.	CNK DSV.CO	View
2024 Q3	Sep 30, 2024	Aristotle Small Cap Equity Fund	7.3%	9.4%	ACHC, ACIW, AER, ASC, BDC, BWIN, CHCT, DY, FIBK, HURN, ITRI, LUMN, MDVL, MMSI, MRCY, MTSI, NVRI, PETQ, PTEN	financials, healthcare, rates, small caps, technology, value	The fund focuses exclusively on small-cap investments with valuations remaining attractive relative to large caps. Small caps trade at 16.7x P/E versus 25.8x for large caps, near multi-decade lows. The manager believes small caps are better positioned to benefit from reshoring, M&A activity, and infrastructure spending.		View
2024 Q3	Sep 30, 2024	THB Asset Management	10.3%	10.1%	ALNT, BSIG, BWMN, CEG, CLMB, HONE, HWKN, HZO, IMMR, LUMN, LUNA, MSFT, MYRG, PLUS, POOL, RBBN, TRNS, UFPT, VZ, XPRO	Data centers, Energy Transition, Federal Reserve, interest rates, Micro Cap, productivity, small caps, Utilities	Green energy transition initiatives are taking place just as demand for electricity is increasing from EVs and data centers. Utilities are raising rates to fund grid upgrades for offshore wind and neighborhood electrification investments. Solutions to the challenges facing the electrical grid and power generation needs are being developed in real time, which provides investment opportunities within small and mid-size investment universes.	RBBN	View
2022 Q4	Sep 2, 2023	Longleaf Partners Global Fund	14.8%	18.4%	AMG, CNX, GE, IAC, LUMN, TIGO, WBD	-			View
2023 Q2	Jul 19, 2023	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, ESRT, GMK, H, HOUS, KODK, LUMN, LXS.DE, MAT, OSCR, SAM, WEST, WTM	concentrated, Consumer Staples, Defensive, real estate, small cap, value	Fund maintains concentrated portfolio of 18-22 ideas trading at discount to intrinsic value. Portfolio P/V ratio in mid-60s% indicates significant upside potential. Management emphasizes buying high quality businesses at temporary discounts with 3-5 year investment horizon.	LUMN SAM LXS.DE HOUS BATRA OSCR	View
2023 Q1	Apr 20, 2023	Longleaf Partners Fund	10.4%	10.3%	FDX, GE, LUMN, MGM, PVH, WBD	concentrated, consumer discretionary, financials, industrials, Media, value	Warner Bros Discovery was the top contributor as management executes integration plan with strong track record of growing free cash flow per share. Industry price rationality emerging across streaming world.	LUMN PVH FDX MGM 0GEG LN NWBD.L	View
2023 Q1	Apr 20, 2023	Longleaf Partners Global Fund	14.8%	18.4%	0001.HK, AC.PA, AMG, CNXC, FDX, FFH.TO, GE, GLB.L, GOOGL, H, IAC, LUMN, MAT, MGM, MLCO, PVH, WBD, WMG	concentrated, discount, global, industrials, Logistics, Media, value	Fund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Manager invests with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. P/V ratio in low-60s% indicates portfolio trading below intrinsic value.	LUMN MGM FDX TIGO 0GEG LN NWBD.L	View
2023 Q1	Apr 20, 2023	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, GRUMA, H, HOUS, KODK, LNXSF, LUMN, MAT, OSCR, WEST, WTM	Banking, Concentration, small caps, technology, value	Fund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Managers invest with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. Portfolio has low-60s% P/V ratio indicating significant discount to intrinsic value.	LUMN ^HSI OSCR	View
2024 Q4	Jan 24, 2025	Sequoia Fund	-0.1%	19.8%	CHTR, COF, CSU.TO, ELV, EUFI.PA, FWONA, GOOGL, ICE, ICLR, J, KMX, LBRDK, LUMN, RR.L, SAP, SCHW, TSM, UMG.AS, UNH	aerospace, Concentration, healthcare, Long/Short, Quality, technology, value	The letter discusses AI extensively across multiple holdings. Alphabet is making strong progress in AI products with AI Overviews reaching over 1 billion users and Gemini reaching technical parity with OpenAI. Taiwan Semiconductor benefits from AI-driven datacenter demand with 30% revenue growth. Rolls-Royce sees AI-driven demand for backup power systems for datacenters.		View
2023 Q4	Jan 17, 2024	Longleaf Partners Fund	10.4%	10.3%	AMG, BIO, CNHI, CNX, FBHS, FDX, FFH, FIS, GE, H, IAC, K, LBRDK, LUMN, LYV, MAT, MGM, PVH, RTX, WBD	Buybacks, financials, Logistics, Quality, Travel, value	Fund focuses on Business, People, Price discipline, seeking hidden quality companies trading at discounts. Portfolio differs meaningfully from value indices, with ~50% not found in benchmark indices. Manager believes their differentiated approach positions them well versus Quality at Higher Price strategies and Value ETFs.	^HSI MGM FFH FDX PVH NWBD.L	View
2023 Q4	Jan 17, 2024	Longleaf Partners Small-Cap Fund	8.9%	11.5%	ARE, CNX, DEI, ESRT, GHC, GRUMAB, H, IMKTA, KNF, KODK, LUMN, MAS, MAT, OHI, PK, SAM, WEST, WTM	Buybacks, Hotels, Quality, real estate, small caps, value	The fund emphasizes their Business, People, Price discipline and differentiated approach to value investing. They focus on hidden quality companies with management teams that will take steps to get that quality recognized by the market over the medium to long term. The fund believes they are well positioned for the return of value investing as interest rates normalize.	WEST ^HSI ESRT GRUMAB KNF OSCR	View
2023 Q4	Jan 17, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AMG, BIO, CNX, DHER.DE, ERF.PA, EXOR.MI, FBHS, FDX, FFH.TO, FIS, GE, K, LUMN, LYV, MAT, MGM, MLCO, PVH, TIGO, WBD	Banking, Buybacks, global, portfolio, Quality, returns, value	Manager emphasizes their differentiated approach to value investing, focusing on Business, People, Price rather than traditional value ETF strategies or quality at higher prices. They believe value is positioned for outperformance in the 2020s similar to previous decades when interest rates normalized.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	Lumen Technologies	Communication Services	Integrated Telecommunication Services	Bear	NYSE	Asset-backed securities, Bond Investment, Equity Exit, Hard assets, Management Disappointment, risk management, strategic pivot, telecommunications	View Pitch
Apr 27, 2026	Fund Letters	Longleaf Partners Fund	Lumen Technologies	Communication Services	Diversified Telecommunication Services	Bear	NYSE	debt reduction, Enterprise Services, fiber network, legacy business, operational challenges, strategic separation, telecommunications, turnaround	View Pitch
Apr 27, 2026	Fund Letters	Longleaf Partners Global Fund	Lumen Technologies	Communication Services	Integrated Telecommunication Services	Bear	NYSE	debt refinancing, Distressed, enterprise, Fiber, legacy business, strategic separation, telecommunications, turnaround	View Pitch
Apr 27, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	Lumen Technologies	Communication Services	Diversified Telecommunication Services	Bear	NYSE	debt reduction, Enterprise Services, Fiber, legacy business, revenue decline, strategic separation, telecommunications, turnaround	View Pitch
Sep 16, 2025	Short Thesis	Kerrisdale Capital	Lumen Technologies Inc	Communication Services	Alternative Carriers (Telecom Infrastructure)	Bear	NYSE	debt, Decline, Fiber, restructuring, Telecom	View Pitch
Aug 7, 2025	Seeking Alpha	RI Research	Lumen Technologies, Inc.	Communication Services	Telecom Services	Bull	NYSE	—	View Pitch

BSD Shareholders of LUMN

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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