MSA

MSA

MSA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 17, 2025	SouthernSun Small Cap	9.7%	-	BOOT, DY, MSA, OXM, SAM	Capital Allocation, Discipline, Margins, Resilience, small caps	The commentary stresses operational and capital discipline among small-cap companies navigating tariffs, inflation, and uneven demand. Management highlights cost control, margin stewardship, and balance-sheet strength as differentiators in a sluggish macro environment. Technology adoption is framed as a productivity enabler rather than a speculative driver.	MSA SAM DY BOOT	View
2025 Q2	Jul 17, 2025	SouthernSun SMID Cap	10.3%	-	APG, BOOT, MSA, SAM, WSO	Capital discipline, cash flow, operations, Resilience, SMID Caps	The letter focuses on resilient SMID-cap businesses adapting to macro uncertainty through pricing discipline, operational efficiency, and prudent capital allocation. Management emphasizes aftermarket revenue, service models, and recurring cash flows as stabilizers. Volatility is framed as manageable for companies with strong execution and balance sheets.	MSA SAM WSO BOOT APG	View
2025 Q2	Jun 30, 2025	Riverwater Sustainable Value Strategy	-	-	COOP, ECG, GFF, LMNR, MSA	Governance, Resilience, responsibility, stakeholders, sustainability	The letter positions responsible investing as a source of competitive advantage rather than constraint. Management links stakeholder-focused behavior to better long-term financial outcomes and resilience. Sustainability is framed as integral to quality and risk management.	MSA GFF LMNR ECG	View
2023 Q4	Dec 31, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	CCCS, FICO, IT, JBT, MSA, PYCR, ROAD, SITE, SSD, STVN, TREX, WST	-			View
2024 Q3	Oct 23, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, AXON, CGNX, EXPO, FIVN, FSV, GWRE, MSA, ROAD, TREX, WST	-			View
2025 Q4	Jan 30, 2026	Sequoia Fund	0.4%	22.1%	ACN, AHT.L, ALGN, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, JEC, META, MSA, RR.L, SCHW, TSM, UMG.AS, UNH	AI, Concentration, defense, healthcare, long-term, Quality, technology, value	Alphabet released Gemini 3 model that soared to top of AI leaderboards, demonstrating the company's full-stack AI capabilities. Google is successfully integrating AI into Search with AI Overviews and AI Mode, showing increased user satisfaction. Accenture faces questions about whether generative AI might upend the IT services industry, though the company's moats remain intact. UnitedHealth and Elevance faced multi-year fundamental pain from rising healthcare utilization and volatile medical costs. The managed care industry is under-earning across most business lines due to repricing challenges and regulatory constraints. Policy risk has increased with renewed scrutiny of industry business practices including prior authorizations and pharmacy benefit management. Rolls-Royce's Defense segment is benefiting from the new threat environment in Europe and resulting surge in defense spending. The company is the sole producer of nuclear power plants for new Dreadnought-class submarines and is developing systems for the Global Combat Air Programme next-generation stealth fighter. Universal Music Group's paid streaming revenue grew at high-single-digit rates driven entirely by subscriber growth. The company signed new agreements with streaming platforms that include wholesale price step-ups, providing incentive for retail price increases. UMG continues acquiring catalogs in developing markets to secure future growth drivers. MSA Safety benefits from growing focus on safety as regulation and employer behavior trend toward higher standards. The company is transitioning to technology-enabled safety equipment with connected portable gas detectors moving to subscription models. MSA is developing connected SCBA solutions for firefighters that should drive significant revenue growth over 5-10 years.	ELV UNH GOOG RR LN ALGN ACN MSA	View
2025 Q4	Jan 20, 2026	Madison Mid Cap Fund	-1.2%	1.8%	ACGL, ANET, AOS, APH, BRO, CDW, EXPD, FND, LBRDA, MCHP, MKSI, MSA, PCAR, ROST, TDY, TECH, TREX, TTAN, WAT, WRB	AI, financials, industrials, mid cap, Quality, technology, value	The fund focuses on high-quality, highly profitable, durable businesses with shareholder-oriented management teams selling below intrinsic value assessments. This quality-focused approach has historically provided strong long-term performance despite being temporarily out of favor in speculative market environments. Several portfolio companies are benefiting from AI-related applications and data center spending. MKS's Electronics and Packaging business shows accelerating growth partly due to AI applications, while Amphenol's IT/Datacom business produces spectacular organic growth driven by AI-related data center spending.	MCHP MSA AOS TTAN BIO ROST	View
2023 Q2	Jul 27, 2023	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	CELH, FGEN, KNSL, MSA, SLAB, SMAR, SPT, SUM, WWD, XPOF	-			View
2024 Q2	Jul 14, 2024	Merion Road Capital	5.4%	11.2%	LAKE, MSA, NAPA, UBAB, VCTR	-			View
2024 Q2	Jun 30, 2024	Conestoga Small Cap Composite	10.1%	7.8%	AGYS, ALTR, DH, EXPO, LMAT, MMSI, MODN, MSA, MSTR, PYCR, SITE, SLP, SMCI, SPXC, SSD, STVN, TREX, ULS	-			View
2022 Q4	Jan 30, 2023	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	EVH, GTLS PR B, HALO, LNTH, LSCC, LTHM, MSA, SMPL, SWAV, VNOM	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 4, 2026	Fund Letters	Arman Gokgol-Kline	MSA Safety, Inc.	Industrials	Safety Equipment	Bull	New York Stock Exchange	Equipment, Margins, Regulation, Safety, Subscriptions	View Pitch
Jan 23, 2026	Fund Letters	Rich Eisinger	MSA Safety Incorporated	Industrials	Safety Equipment	Bull	New York Stock Exchange	Industrial, Regulation, Replacement, ROIC, Safety	View Pitch
Jan 8, 2026	Fund Letters	Adam Peck	MSA Safety Incorporated	Industrials	Industrial Machinery	Bull	New York Stock Exchange	Detection, Fire, Industrial, PPE, Safety	View Pitch
Jan 8, 2026	Fund Letters	Michael Cook	MSA Safety, Inc.	Industrials	Safety Equipment	Bull	New York Stock Exchange	Connectedtech, Industrials, Recurringrevenue, Safety, valuation	View Pitch
Jan 8, 2026	Fund Letters	Michael Cook	MSA Safety, Inc.	Industrials	Safety Equipment	Bull	New York Stock Exchange	Balancesheet, Equipment, Industrials, Margins, Recurringrevenue, Safety, valuation	View Pitch

BSD Shareholders of MSA

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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