MRC

MRC

MRC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	May 9, 2024	Alluvium Global Fund	0.0%	0.0%	CRAWA, FRAG.MX, FTLF, GTX, HERDEZ.MX, HMM.TO, MCB.L, MRC, NLOP, SCAB.ST, SENEA, TLN	Buybacks, Europe, Hotels, Mexico, small caps, value	Scandic Hotels operates 280 hotels with 58,000 rooms in Scandinavia using a variable lease model that reduces operating leverage compared to traditional hotel companies. The company has recovered to record revenues and profits post-COVID while maintaining lower leverage than historically, yet trades below pre-COVID highs offering a double-digit free cash flow yield.	FRAGUA.MX HERDEZ.MX SCAB.ST MCB.L	View
2024 Q1	May 14, 2024	Alluvial Capital Management	4.8%	15.7%	CRAWA, FRAG.MX, FTLF, GTX, HERDEZ.MX, HMM.TO, MCB.L, MRC, NLOP, SCAB.ST, SENEA, TLN, UNI.MI	Buybacks, Europe, Hotels, Mexico, small caps, value	Manager focuses on undervalued opportunities across multiple holdings including McBride trading at 4.4x EBITDA, Scandic Hotels offering double-digit free cash flow yield, and Hammond Manufacturing at 6.4x earnings. Portfolio emphasizes companies trading below intrinsic value with clear catalysts for revaluation.	SCAB.ST MCB.L	View
2023 Q4	Dec 29, 2023	Clark Street Value	-	38.5%	ACI, AVRO, BANC, CKX, CYT, ELYM, ESPR, FHN, FIXX, GRPH, HMST, KNTE, MBI, MRC, MREO, PIRS, RPHM, SAVE, SIOX, THRX	Biotechnology, M&A, real estate, Regional Banks, small caps, special situations, value	Manager holds a substantial broken biotech basket focused on companies undergoing strategic alternatives including reverse mergers, liquidations, and takeover offers. Multiple biotech positions are trading below net cash with potential value from IP assets and CVRs.		View
2024 Q3	Nov 13, 2024	Appleseed Fund	0.0%	0.0%	AER, AGNC, ARDX, CCJ, CF, DG, DLTR, DSX, EL, GRVY, HLF, HUM, MOS, MRC, MSFT, NVDA, SFM, SNV, SRUUF, WLFC	commodities, defensives, energy, inflation, Mining, nuclear, uranium, value	The fund sees a structural supply deficit in uranium markets driven by dramatically increasing demand from nuclear energy expansion while supply growth remains inadequate. Uranium prices have increased significantly over the past 5 years but the bull market is still in early innings due to persistent supply shortfalls.	SRUUF CCJ	View
2023 Q3	Oct 30, 2023	Appleseed Fund	0.0%	0.0%	005930.KS, AER, ARDX, BEI-UN.TO, BOL.PA, CF, DG, FNMAS, FNMAT, GNK, HRTX, ITRN, MOS, MRC, SFM, SNV, VFC, WCC	Agriculture, Bonds, Defensive, Deficit, gold, inflation, Treasury, value	The fund believes inflation is not under control and expects it to remain persistently elevated. They view continued inflation as the politically palatable solution to reduce the U.S. debt burden and associated interest costs.	GNK WCC 0TDG LN	View
2024 Q3	Oct 29, 2024	Alluvial Capital Management	4.8%	15.7%	BAHN.ST, CRAWA, FTLF, MCB.L, MRC, RWWI, TLN, UNID.MI, ZEG.L	Commercial real estate, Europe, international, small caps, Turnarounds, value	Manager believes commercial real estate isn't dead despite market pessimism. While future office demand may be permanently lower due to technological and demographic changes, the market is overreacting to the pace of change. Marginal buildings will be demolished or repurposed, lease rates will decline, markets will stabilize, and buildings will become financeable again.	BAHN.ST ZEG.L	View
2025 Q4	Jan 29, 2026	Pzena Global Small Cap Focused Value Strategy	-1.0%	12.8%	240810.KS, 9065.T, AAP, ADNT, BIRG.L, BPE.MI, MRC, NOKBF, RCO.PA, REZI, SCS, ST, TEP.PA, TPK.L, UMI.BR, UNI.MC, WGO	consumer discretionary, financials, global, small cap, underperformance, valuation, value	The portfolio remains attractively valued and is currently among the most inexpensive across the geographies and market cap ranges managed by Pzena. Small-cap stocks remain particularly depressed relative to larger companies. Small-cap stocks remain particularly depressed relative to larger companies, with the portfolio's relative performance being challenged. U.S. small caps modestly underperformed large caps during the quarter.	WGO KNX	View
2024 Q2	Jul 24, 2024	Alluvial Capital Management	4.8%	15.7%	CRAWA, FLFB, GTX, MCB.L, MRC, RWWI, SCCO, SENEA, SXP.TO, TLN, UBNC	Community Banks, Micro Cap, real estate, small caps, special situations, Turnarounds, value	Manager discusses the prolonged underperformance of small-cap stocks versus large-cap peers, noting small-caps have delivered total returns nearly 50% behind the S&P 500 over the last 5 years. He draws historical parallels to 1995-1999 when large-caps crushed small-caps, followed by small-cap outperformance from 2000-2004. The manager suggests questioning consensus when investors exclaim Why invest in anything else about an asset class.	SXP.TO SENEA UBNC TLN MCB.L NLOP	View
2023 Q1	Apr 25, 2023	Appleseed Fund	0.0%	0.0%	005930.KS, ADS.DE, AER, ALL, ARDX, BEI.UN.TO, CCNE, CF, ITRN, MDT, MOS, MRC, PSLV, RKLY, SNV, SONY, SWK	Banking, Consumer Staples, Defensive, gold, healthcare, inflation, Recession, value	Inflation is hitting consumers hard with prices rising at mid-to-high single-digit rates since 2021, reducing purchasing power and quality of living. Consumer savings rates have fallen while credit card debt spiked to record $931 billion, forcing reliance on expensive credit for necessities.	SNV SWK MDT	View
2023 Q4	Jan 25, 2024	Alluvial Capital Management	4.8%	15.7%	CRAWA, FITL, LGT.TO, MRC, NLOP, SENEA	banks, REITs, small caps, special situations, Spin-Offs, value	Manager invested heavily in Net Lease Office Properties (NLOP), a spin-off REIT designed to liquidate office assets. Despite office market pressures from work-from-home policies, NLOP trades at significant discount to conservative asset values and has built-in liquidation catalyst.	AMRC CRAWA FTLF NLOP	View
2024 Q4	Jan 24, 2025	Alluvial Capital Management	-	16.4%	CBL, CRAWA, CSOL, FITB, GTX, MCB.L, MRC, NLOP, SENEA, TITC.AT, TLN, UBAL, ZEGN.L	Buybacks, Cement, Commercial real estate, international, small caps, value	Manager holds Net Lease Office Properties in ongoing liquidation, CBL & Associates Properties as mall operator recovery play, and views these as expressions of long-term commercial property recovery theme. Despite office market headwinds and interest rate challenges, expects value realization through asset sales and improving sentiment.	CBL TITC.AT MCB.L ZEG.L NLOP	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of MRC

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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