MGPI

MGPI

MGPI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 18, 2025	Mairs & Power – Small Cap Fund	-	-8.3%	AIR, AZEK, CASY, CLFD, HUBG, INSP, JHX, KNF, MEDP, MGPI, NVT, PATK, TREX, WK	AI, healthcare, infrastructure, materials, small caps, technology, valuation	AI-related stocks in the S&P 500 have accounted for around 75 percent of the market's return since ChatGPT's 2022 launch. Roughly 40 percent of capital expenditures are linked to AI. Investment in infrastructure required to power, cool, and connect a more data-intensive economy continues, with the AI and data-center buildout fueling a multi-year capital-expenditure cycle.	JHX TREX PATK	View
2024 Q1	May 17, 2024	SouthernSun SMID Cap	8.8%	13.9%	AWI, BDC, BOOT, BR, DAR, DY, MGPI, SAM, THO, USPH	Concentration, long-term, Quality, small cap, SMID Cap, value	Fiber construction demand remains bright with private equity investment and public funding through ARPA, RDOF, and BEAD programs. The $40 billion BEAD program is expected to begin deployments in 2025, providing multi-year tailwinds. With only 43% of US homes passed with fiber, there is a long runway for penetration.	SAM MGPI BOOT DY	View
2024 Q1	May 17, 2024	SouthernSun Small Cap	10.6%	13.5%	AWI, BDC, BOOT, DAR, DY, LOB, MBUU, MGPI, SAM, USPH	long-term, retail, small cap, SMID Cap, Spirits, Telecommunications, value	Fiber construction demand remains bright with private equity investment and public funding through ARPA, RDOF, and BEAD programs. The $40 billion BEAD program is expected to begin deployments in 2025, providing multi-year tailwinds. Only 43% of US homes are passed with fiber, indicating a long runway for penetration.	MGPI MBUU BOOT DY	View
2024 Q1	Apr 15, 2024	Ariel Small Cap Value Strategy	10.1%	0.0%	CG, DNB, LAZ, LIND, MGPI, NVT, OSW, SPHR	AI, Electrical, Entertainment, small cap, Spirits, Travel, value	Investor enthusiasm around artificial intelligence drove broad-based market rally in Q1. AI-themed mega-cap stocks dominated performance, though their concentration and elevated valuations remain influential on overall market performance.	MGPI DNB OSW LIND NVT LAZ SPHR	View
2024 Q1	Apr 15, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	AMZN, AZEK, CASY, CLFD, CTLT, CVRX, DOC, KNF, LFUS, MEDP, META, MGPI, MSFT, NVDA, NVT, PIPR, PLXS, TNC, WK	AI, financials, productivity, small caps, technology, value	Small cap stocks continue to trade at a significant discount to their larger cap peers, with small caps trading at a 32% discount to the broader market as measured by the S&P 500, and at a 14% discount to small cap stock's average as measured by the S&P 600. This is despite the average of analysts' earnings growth estimates for small cap companies outpacing large cap companies for the next several years. The fund sees great opportunities to invest in small companies with above-average growth prospects that are trading at favorable valuations.		View
2024 Q1	Apr 15, 2024	Harding Loevner Global Small Companies	7.8%	4.1%	6588.T, AAON, ALLE, ATKR, BWA, CYBR, ELAN, ENDV.L, ENS, FIVE, MBUU, MGPI, NEM.DE, OLLI, PFV.DE, RGA, RUB.PA, SWAV, XPEL, YOU.L	AI, cybersecurity, global, Japan, semiconductors, small caps, technology, value	Generative AI represents a powerful wave that has gained tremendous momentum since ChatGPT's launch. The world spent around $50B on AI-enabling chips in 2023, with forecasts ranging from $100B to over $400B in coming years. Smaller companies like Pfeiffer Vacuum occupy important niches in the AI supply chain through semiconductor manufacturing equipment.	CYBR PFEV.DE	View
2024 Q4	Dec 31, 2024	Ariel Small Cap Value Strategy	-0.8%	9.0%	AAPL, AMZN, BCO, GOOGL, LIND, META, MGPI, MHK, MSFT, NCLH, NVDA, OSW, TSLA	consumer, Cruises, fundamentals, small caps, Travel, value	The fund holds multiple travel-related companies including Norwegian Cruise Line, OneSpaWorld, and Lindblad Expeditions. These companies showed strong performance driven by robust consumer demand, healthy onboard spending, and solid pricing power in the cruise and adventure travel segments.	MHK BCO MGPI LIND OSW NCLH	View
2024 Q4	Dec 31, 2024	Mairs & Power – Small Cap Fund	-	7.3%	ALTR, AZEK, CASY, CLFD, CTLT, CVRX, CWAN, DOC, FUL, JBT, KNF, LFUS, LTH, MCS, MGPI, PIPR, PLXS, THRM, TNC, WTFC	financials, industrials, infrastructure, Manufacturing, small caps, value	Small cap stocks trade at a 29% discount to the S&P 500 despite earnings growth estimates outpacing large caps. The fund sees great opportunities in small companies with above-average growth prospects trading at favorable valuations. Management notes potential for small caps to narrow the gap with large caps given less regulation and increased small business confidence.		View
2024 Q4	Dec 31, 2024	SouthernSun Small Cap	-7.7%	4.7%	AEIS, AWI, BCO, DORM, LOB, MGPI, NGVT, OXM, PII, SAM, TKR, USPH	Cyclical, Patience, positioning, Research, small cap, value	Dorman Products represents a leading position in automotive aftermarket parts with unique first-to-aftermarket capabilities. The company has invested heavily in developing proprietary software to break down OE part codes and create matching functionality for complex electronic components.		View
2024 Q4	Dec 31, 2024	SouthernSun SMID Cap	-6.2%	11.1%	APG, AWI, BCO, BR, DY, MGPI, PII, SEIC, TKR, USPH	Balance Sheet, Cyclical, management, Patience, Research, SMID Cap, value	The U.S. presidential election outcome led to market anticipation of policy shifts towards tax extensions and deregulation, viewed as pro-growth. However, potential new trade policies, particularly tariffs, introduced elements of uncertainty that the firm closely monitored. Global trade adjustments, particularly with major economies like China, continue to shape investment decisions.	BCO MGPI AWI SEIC	View
2025 Q3	Oct 24, 2025	Mairs & Power – Small Cap Fund	-	2.1%	AIR, AZEK, CASY, CLFD, HUBG, INSP, JHX, KNF, MEDP, MGPI, NVT, PATK, TREX, WK	AI, earnings, GLP1, infrastructure, small caps, technology, value	AI-related stocks in the S&P 500 have accounted for around 75% of market returns since ChatGPT's 2022 launch. Investment in infrastructure to power, cool, and connect a data-intensive economy shows durable momentum. The AI and data-center buildout is fueling a multi-year capital expenditure cycle extending beyond semiconductors to power generation, transmission, distribution, nuclear capacity, and thermal management.	PATK	View
2025 Q4	Jan 18, 2026	Mairs & Power – Small Cap Fund	0.0%	4.0%	ABT, AIR, BSY, CASY, CVRX, EXAS, INSP, KNF, MEDP, MGPI, NVT, WK	AI, earnings, healthcare, rates, small caps, technology, Valuations	AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The managers believe they are entering a transition period for AI, with signals that the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. Small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. Small cap stocks are still trading at a significant discount to the S&P 500, which the managers believe presents an attractive opportunity for long-term investors. Lower interest rates, reduced corporate tax burdens, and regulatory relief could offer further support to small caps. The Federal Reserve cut rates in the fourth quarter with expectations for lower interest rates continuing into 2026. Lower rates should provide a tailwind to profitability for smaller companies and make it easier for them to find talent. Interest rate changes take time to work through the economy, typically around a year to feel the effects.		View
2024 Q3	Sep 30, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	AZEK, CASY, CFR, CLFD, CTLT, CVRX, DOC, ENTG, JBT, KNF, LTH, MCS, MGPI, PIPR, QCRH, THRM, TNC, TTC, WK, WTFC	banks, Fed, growth, rates, small caps, Valuations	Small cap stocks currently trade at a 29% discount to the broader market and 6% discount to their long-term average, despite analysts expecting small cap earnings growth to outpace large caps. The fund sees great opportunities in small companies with above-average growth prospects at favorable valuations. Lower interest rates should disproportionately benefit smaller companies over time.		View
2024 Q2	Jul 23, 2024	Mairs & Power – Small Cap Fund	0.0%	9.0%	ALRS, ASB, AZEK, CASY, CFR, CLFD, CVRX, GBCI, HUBG, INSP, JBT, KNF, MEDP, MGPI, NVT, PIPR, QCRH, TNC, WK, WTFC	healthcare, interest rates, Regional Banks, small caps, technology, value	Small cap stocks currently trade at a 40% discount to the broader market as measured by the S&P 500, a 13% discount to the S&P 500 Equal-Weighted Index, and at a 15% discount to small cap stocks' long-term average. Analysts' earnings growth estimates for small cap companies outpace large cap companies for the next several years. The fund continues to see great opportunities to invest in small companies with above-average growth prospects that are trading at favorable valuations.		View
2024 Q2	Jul 20, 2024	SouthernSun Small Cap	10.6%	13.5%	AGCO, BCO, BOOT, DAR, DY, EPAC, MGPI, MUSA, PII, USPH	Agriculture, Broadband, Energy Transition, HVAC, semiconductors, small caps, Turnarounds, value	Strong demand outlook for fiber construction in urban areas as carriers generate good returns on fiber investments. Public funding through ARPA, RDOF, and BEAD programs provides additional significant demand, with the $40 billion BEAD program being the largest federal broadband program ever in the U.S. Deployment expected to start in 2025.	USPH DAR DY BOOT	View
2023 Q4	Feb 20, 2024	SouthernSun Small Cap	10.6%	13.5%	AWI, BDC, BOOT, DY, LOB, LPX, MGPI, PII, SAM, SCL	Banking, Elections, infrastructure, Onshoring, small cap, Telecommunications, value	Companies continued to adapt to security of supply, labor, and technology adoption issues through on-shoring, re-shoring, and near-shoring strategies. With escalation of armed regional conflicts impacting shipping and supply chains, companies are expected to aggressively evaluate and adjust their strategies to ensure competitive advantages.	SAM BBDC4.SA ABDY.L ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM	View
2023 Q4	Feb 15, 2024	SouthernSun SMID Cap	8.8%	13.9%	AWI, BCO, BDC, BOOT, BR, DY, FND, LPX, MGPI, PII, SAM	Construction, consumer, industrials, Onshoring, SMID Cap, Telecommunications, value	Companies continue to adapt to security of supply, labor, and technology adoption issues through on-shoring, re-shoring, and near-shoring strategies. With escalation of armed regional conflicts impacting shipping and supply chains, companies are aggressively evaluating and adjusting their strategies to ensure competitive advantages.	ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO SAM BBDC4.SA AER\|AWI\|MUSA\|NEU\|SAIA\|WTM ABDY.L	View
2023 Q2	Feb 8, 2023	SouthernSun SMID Cap	8.8%	13.9%	AGCO, DY, IEX, MGPI, MUSA, NGVT, SAM, THO, TREX, UNVR, USPH, WRK	Chemicals, concentrated, healthcare, SMID Cap, Spirits, Telecommunications, value	Fiber penetration has significant runway with only 43% of US homes passed by high-speed fiber cable. Government funding through ARPA, RDOF, and BEAD programs is making previously uneconomical rural and low-income areas viable for fiber deployment. Industry capacity remains tight with strong demand from smaller customers.		View
2023 Q4	Jan 31, 2024	Harding Loevner Global Small Companies	7.8%	4.1%	4751.T, 6588.T, AAON, BWA, CYBR, EAVA.L, FIVE, HP, JCU, MALIBU, MGPI, NBIX, NMTC.DE, OLLI, SWAV, TOMRA.OL, XPEL, YOUGF	AI, global, growth, healthcare, Japan, Quality, small caps, technology	Japan represents the second-largest country weight in the global small cap benchmark but has been challenging for quality growth stocks. Style headwinds have been pronounced with high-quality companies underperforming low-quality ones by 718 basis points from 2021-2023. Recent government reforms and Tokyo Stock Exchange mandates aim to improve corporate governance and shareholder returns, which may benefit the investment opportunity set over time.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	SouthernSun SMID Cap	MGP Ingredients Inc.	Consumer Staples	Food Products	Bull	NASDAQ	Branded Spirits, capacity expansion, Cash Flow Visibility, contract manufacturing, Distilled Spirits, Food Ingredients, premium spirits, Specialty Proteins	View Pitch
Apr 13, 2026	Fund Letters	SouthernSun Small Cap	MGP Ingredients Inc.	Consumer Staples	Food Products	Bull	NASDAQ	Branded Spirits, capacity expansion, Cash Flow Visibility, Contract Sales, Distilled Spirits, Food Ingredients, premium products, Protein Products	View Pitch
Apr 13, 2026	Fund Letters	Ariel Small Cap Value Strategy	MGP Ingredients, Inc.	Consumer Staples	Distillers & Vintners	Bull	NASDAQ	Acquisitions, Branded Spirits, contract manufacturing, margin expansion, premium brands, premiumization, Spirits Manufacturing, Whiskey	View Pitch
Apr 13, 2026	Fund Letters	Ariel Small Cap Value Strategy	MGP Ingredients, Inc.	Consumer Staples	Food Products	Bear	NASDAQ	Bear, Branded Spirits, consumer staples, Contract Distilling, Inventory Overhang, Spirits Manufacturing, strategic transition, Whiskey	View Pitch
Apr 13, 2026	Fund Letters	SouthernSun SMID Cap	MGP Ingredients, Inc.	Consumer Staples	Distillers & Vintners	Bear	NASDAQ	Demand Decline, Distillers, Exit Position, Leadership Turnover, market visibility, Whiskey	View Pitch
Aug 7, 2025	Substack	Idea Hive	MGP Ingredients, Inc.	Consumer Staples	Beverages - Wineries & Distilleries	Bear	NASDAQ	—	View Pitch
Aug 7, 2025	Substack	Idea Hive	MGP Ingredients	Consumer Staples	Beverages - Wineries & Distilleries	Bear	NASDAQ	—	View Pitch
Aug 7, 2025	Substack	Idea Hive	MGP Ingredients	Consumer Staples	Beverages - Wineries & Distilleries	Bear	NASDAQ	—	View Pitch

BSD Shareholders of MGPI

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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