MODG

MODG

MODG

Market Cap: $2.70B

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jun 30, 2025	Mapfre US Forgotten Value Fund	-2.3%	-6.6%	BATRA, GOOGL, HHH, KVUE, LH, MKL, MODG, MSGS, NWSA, QSR, SSNC, TRIP, UBER, WRB	Communication Services, small caps, technology, undervalued, US, value	The fund focuses on companies undervalued by the market, particularly forgotten stocks that may be outside the focus of the investment community. These include companies with complex capital structures, those in temporarily out-of-favor sectors, or smaller capitalization companies followed by fewer analysts.		View
2025 Q1	Apr 23, 2025	Polen Capital – U.S. Small Company Growth	-10.8%	-10.8%	AAON, AIT, BROS, ELF, EXLS, FOXF, GLOB, GSHD, MEDP, MODG, NSIT, PCTY, PGNY, RMBS, RVLV, TECH, TREX, WRBY, YETI	consumer discretionary, growth, Portfolio Management, Quality, small caps, tariffs, volatility	The first quarter was marked by heightened volatility due to concerns about the Trump administration's emerging trade policies and global tariff imposition. The managers stress-tested their businesses across various tariff policy scenarios and made portfolio adjustments, particularly exiting Consumer Discretionary positions vulnerable to tariff uncertainty.	TECH RVLV ELF GLOB GSHD EXLS BROS	View
2025 Q4	Jan 30, 2026	O’Keefe Stevens Advisory, Inc	0.0%	0.0%	FNMA, GLW, HCC, ICLTF, MODG, NVDA, PRGO, SCL, SPHR, WY	AI, Cash, Entertainment, Lumber, Portfolio Management, positioning, technology, value	2025 marked the year of AI exploration and testing, with 2026 expected to be the year of implementation. AI will unlock efficiency but create uneven impacts across businesses, particularly those with seat-based pricing models. The manager views AI as table stakes that may dilute alpha over time as it democratizes information access. The lumber industry has been in a 3+ year downturn following COVID demand. Canadian softwood exports to the US are near Great Financial Crisis levels, with significant capacity offline. The manager believes they are at or near the beginning of a lumber price rebound as supply has come offline and inventory liquidation is ending. Sphere made significant progress with strong ticket sales for The Wizard of Oz content, selling over 1.6-1.7 million tickets. The economics are evolving as AI-driven tools reduce content production costs from $100m to potentially $10m, improving unit economics for future Spheres and enabling franchise partnerships.		View
2024 Q3	Sep 30, 2024	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ADUS, BJ, BOOT, CERT, CWAN, EME, EWCZ, FORM, FROG, INSM, LOAR, MODG, MTDR, MYRG, OS, PCVX, SVV, WH, WHD, WMT	Biotechnology, consumer, energy, growth, healthcare, industrials, small cap, technology	AI remains a dominant trend with many companies seeing greater risks of underspending and being left behind rivals. Companies are setting their IT budgets for 2025 with AI considerations. The technology continues to drive corporate spending decisions across sectors.		View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ALGM, BJ, CWAN, CWST, DRVN, EME, HCP, HLNE, HQY, INSP, KRYS, LESL, MODG, NEWR, PLNT, PRAA, RETA, TMCI, VERX	Biotechnology, consumer, growth, healthcare, industrials, small cap, technology	While cloud adoption is still nascent, many businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now in better financial positions and beginning to reengage with cloud initiatives, with green shoots noted by some holdings.		View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy	5.9%	5.9%	ALGM, BJ, DRVN, EME, GFL, HCP, HLNE, HQY, INSP, LESL, MODG, MTSI, NEWR, PHR, PLNT, PRAA, RETA, STVN, TPG	consumer, financials, growth, healthcare, industrials, small cap, technology	While cloud adoption is still nascent, businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now in better financial positions and beginning to reengage with cloud initiatives, with green shoots noted by some holdings.		View
2024 Q2	Jun 30, 2024	Mapfre US Forgotten Value Fund	-3.1%	6.0%	BAC, BATRA, GOOGL, HHH, IAC, LEVI, LH, MKL, MODG, MSGS, NWSA, UBER, WBD	Forgotten, small caps, undervalued, US, value	The fund focuses on companies undervalued by the market, particularly those outside the investment community's focus. These include companies with complex capital structures, enterprises in temporarily out-of-favor sectors, and lower capitalization companies followed by fewer analysts.		View
2023 Q4	Feb 20, 2024	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	BWMN, CCCS, CNM, FIVE, FOXF, GNRC, HLNE, LGIH, MEDP, MODG, QLYS, WING, XPEL	concentrated, growth, Quality, Resilience, small cap, value	Polen focuses on high-quality businesses with robust free cash flow, persistent growth, and high returns on capital. They seek companies that are undervalued relative to their long-term compounding potential and emphasize businesses with resilient financial models and strong balance sheets.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Oct 15, 2025	Value Investors Club	OCNYguy	Topgolf Callaway Brands Corp.	Consumer Discretionary	Leisure Products / Sporting Goods	Bear	NYSE	Equipment competition, Golf slowdown, Impairment overhang, Leveraged balance sheet, Spin-off risk, Topgolf decline, Value trap	View Pitch
Oct 14, 2025	Value Investors Club	GoBills42	Topgolf Callaway Brands Corp	Consumer Discretionary	Leisure Products	—	NYSE	spin-off, consumer, golf, entertainment, SOTP	View Pitch
Oct 3, 2025	Value Investors Club	GoBills42	Topgolf Callaway Brands Corp	Consumer Discretionary	Leisure Products	—	NYSE	spin-off, consumer, golf, entertainment, SOTP	View Pitch

BSD Shareholders of MODG

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
Bruce Kovner	Caxton Associates	$3.2B	$1.2M	0.04%	146,540	+146,540	+100.00%	0.0427%

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