MMM

MMM

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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Jul 17, 2024	ARK Invest	-	-	AMZN, CSCO, HD, KHC, MCD, MMM, NKE, SBUX, TMO, TXN, UPS, XOM	AI, Deflation, Fed policy, innovation, rates, Recession, technology	ARK expects AI and other disruptive technologies to drive broad-based deflation and pull the economy out of recession. The convergence among 14 technologies in ARK's five major platforms should start moving the needle on macro metrics significantly during the next five to ten years. ARK is searching for diversified exposure to the AI revolution, particularly software applications that are underrepresented in broad-based benchmarks.		View
2025 Q1	May 1, 2025	Conestoga SMid Cap Composite	-5.7%	-5.7%	AAON, ALTR, AZTA, CWST, DSGX, ESE, GGG, HEI.A, JKHY, MMM, MMSI, NEOG, PAYX, PYCR, RBC, ROAD, SPSC, TRNS, VERX, WSO	industrials, Outperformance, Quality, SMID Cap, tariffs, technology	The portfolio benefited from high-quality factor leadership as profitable companies with strong ROIC and EBITDA margins declined less than high beta, non-earning counterparts during the market selloff. Conestoga's emphasis on higher-quality, conservative growth companies was a key contributor to outperformance.		View
2025 Q1	May 1, 2025	Conestoga Micro Cap Composite	-8.2%	-8.2%	AAON, ALTR, AZTA, CWST, DSGX, ESE, GGG, HEI.A, JKHY, MMM, MMSI, NEOG, PAYX, PYCR, RBC, ROAD, SPSC, TRNS, VERX, WSO	Micro Cap, Outperformance, Quality, small caps, tariffs, uncertainty	Small capitalization stocks declined nearly 11% in the first quarter and were down roughly 20% from their post-election highs. The firm expects their investment approach to outperform in periods of heightened uncertainty, which proved true for most strategies in Q1.		View
2025 Q1	May 1, 2025	Conestoga Small Cap Composite	-11.4%	-11.4%	AAON, ALTR, AZTA, BCPC, CWST, DSGX, ESE, EXPO, FSV, MMM, MMSI, NEOG, PAYX, PYCR, RBC, ROAD, SPSC, SSD, TRNS, VERX	growth, industrials, Outperformance, Quality, small caps, tariffs, technology	Small capitalization stocks declined nearly 11% in the first quarter and were down roughly 20% from their post-election highs in November 2024. The firm expects their investment approach to outperform in periods of heightened uncertainty, which proved true as their strategies outperformed benchmarks during the quarter's volatility.		View
2026 Q1	Apr 29, 2026	Minot Light Capital Partners	-2.7%	-2.7%	BOBS, FARM, HTLD, ICCC, IDXX, KIDS, LGCY, MCW, MMM, MXCT, NEOG, NRXS, OLPX, OM, OWLT, RAVE, TDUP	consumer, growth, healthcare, Micro-Cap, small caps, value, volatility		ICCC BOBS	View
2024 Q1	Apr 15, 2024	Mayar Capital	7.7%	9.6%	005930.KS, AHT.L, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, JNJ, KVUE, LH, MMM, NTDOY, PYPL, SAP.DE, UL, UPS, VTY.L, VWS.CO	global, Quality, REITs, technology, value	The fund emphasizes buying great businesses at reasonable prices with a margin of safety. The manager discusses how conventional wisdom about higher risk equaling higher returns is often wrong, and advocates for conservative approaches that prioritize steady growth with risk mitigation over chasing outrageous returns.	BLND.L	View
2024 Q3	Oct 16, 2024	ARK Invest	-	-	AMZN, CAT, CSCO, DOW, FDX, KHC, MCD, MMM, NKE, PG, SBUX, TMO, TXN, UPS	AI, Deflation, Fed, innovation, rates, Recession, technology	ARK expects AI and other disruptive technologies to drive productivity growth and create new products and services that replace legacy solutions. The convergence among 14 technologies involved in ARK's five major platforms should start moving the needle on macro metrics significantly during the next five to ten years. ARK is searching for diversified exposure to the AI revolution, particularly among software applications that are underrepresented in broad-based benchmarks.		View
2024 Q3	Oct 14, 2024	Mayar Capital	7.7%	9.6%	005930.KS, 7974.T, ALO.PA, BFAM, CFR.SW, EA, GOOGL, HLCL.L, HWDN.L, JNJ, KER.PA, KVUE, MMM, PYPL, SAP, SOLV, UL, UPS, V, VWS.CO	Esg, global, Manufacturing, Patience, Recovery, value	Visa's business model as a payment network intermediary creates powerful network effects and generates impressive shareholder returns. The ongoing shift towards cashless payments has driven payment volume growth from $4.4 trillion in 2008 to $15.4 trillion in 2023. The company maintains high returns on invested capital averaging 65% over two decades while reducing share count by a third since IPO.		View
2024 Q3	Sep 30, 2024	Columbia Dividend Opportunity Fund	9.5%	0.0%	ABBV, BAC, BBY, BX, BXP, CSCO, CVX, F, GS, IBM, JNJ, JPM, K, KO, MMM, MRK, SWK, VST, WFC, XOM	AI, dividends, large cap, rates, Utilities, value	The fund focuses on companies with historically consistent and increasing dividends. The improving interest rate outlook helped fuel robust gains for dividend payers. The manager remains optimistic about dividend stock prospects given steady economic growth and falling interest rates.		View
2024 Q2	Jul 29, 2024	Mayar Capital	7.7%	9.6%	005930.KS, 7974.T, ALO.PA, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, HLCL.L, JNJ, KER.PA, KVUE, MMM, NESN.SW, PYPL, UL, UPS, VTY.L, VWS.CO, WIX.L	Compounding, Defensive, global, long-term, Quality, value	The fund follows a disciplined value investing strategy, focusing on buying great businesses at reasonable prices with a margin of safety. The manager emphasizes patience and long-term compounding over quick gains, maintaining a tortoise-like approach to investing.	VWS.CO	View
2023 Q1	May 23, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	AAON, ALTR, AXON, AZTA, CWAN, CWST, DGII, DSGX, EXPO, FOXF, FSV, MMM, MODN, NEOG, NOVT, PLOW, QTWO, SPSC, SSD, STVN	Banking, growth, healthcare, industrials, Quality, small cap, technology	Conestoga focuses on companies with stronger balance sheets, positive cash flows, and more sustainable growth rates, which may be preferred in the current environment of banking sector pressures and financial instability.	DGII	View
2023 Q1	May 23, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	AAON, ALTR, AXON, AZTA, CWAN, CWST, DGII, DSGX, EXPO, FOXF, FSV, MMM, MODN, NEOG, NOVT, PLOW, QTWO, SPSC, SSD, STVN	Banking, growth, healthcare, Outperformance, Performance, small cap, stock selection, technology	Silicon Valley Bank's unprecedented depositor flight and transition to FDIC receivership created banking sector turmoil. Rising interest rates created asset-liability mismatches for banks as depositors sought higher returns while limiting uninsured deposits. Many small- to medium-sized banks saw sharp stock price declines as investors reassessed viability.	DGII	View
2023 Q1	May 23, 2023	Conestoga Small Cap Composite	10.1%	7.8%	AAON, ALTR, AXON, AZTA, CWAN, CWST, DGII, DSGX, EXPO, FOXF, FSV, MMM, MODN, NEOG, NOVT, PLOW, QTWO, SPSC, SSD, STVN	Banking, growth, healthcare, industrials, Performance, Quality, small cap, technology	Silicon Valley Bank's unprecedented depositor flight and transition to FDIC receivership created banking sector turmoil. Rising interest rates created asset-liability mismatches for many banks, with depositors seeking higher returns while limiting uninsured deposits. Small- to medium-sized banks saw sharp stock price declines as investors reassessed viability and future earnings.	DGII	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Mar 28, 2026	Seeking Alpha	Seeking Alpha	3M Company	Conglomerate	Industrial Conglomerates	Bear	New York Stock Exchange	3M Company, earnings multiples, Financial Reporting, industrial conglomerate, legal challenges, litigation risks, M&A activity, organic growth, restructuring efforts, valuation	View Pitch
Aug 7, 2025	Seeking Alpha	Daniel Schönberger	3M Company	Industrials	Conglomerates	Neutral	NYSE	—	View Pitch

BSD Shareholders of MMM

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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