MUSA

MUSA

MUSA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Sep 30, 2024	Qualivian Investment Partners	2.5%	-	AMZN, BRK-B, GOOGL, MA, META, MUSA, ORLY, TJX, URI, V	Compounding, Concentration, long-term, Quality, value	Qualivian focuses on a concentrated portfolio of 15-25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. They seek quality compounders expected to compound capital at mid-teens rates and hold them for extended periods.	URI MUSA	View
2025 Q2	Jul 29, 2025	The London Company SMID Cap	-0.8%	-7.3%	AER, AWI, CNNE, MUSA, NEU, SAIA, SGI, WTM, ZBRA	Air Travel, Freight, Quality, SMID Cap, tariffs, Trade Policy, value	Elevated uncertainty exists with high likelihood of greater tariffs being announced in weeks ahead. Volatility surged in early April following new U.S. tariff announcements aimed at reshaping global trade. The effect of tariffs on both inflation and the broader economy could change Fed monetary policy plans.	AER AWI NEU	View
2025 Q2	Jul 20, 2025	The London Company Small-Mid Cap	-0.8%	-7.3%	AER, AWI, CNNE, MUSA, NEU, SAIA, SGI, WTM, ZBRA	Freight, Logistics, Quality, SMID Cap, tariffs, Trade Policy, volatility	The manager emphasizes their high-Quality, low-Volatility orientation as positioning them well for an environment of elevated policy risks and fragile global growth. They focus on company quality, sustainable returns on capital, and resilience across economic scenarios.	AWI NEU	View
2025 Q2	Jul 17, 2025	SouthernSun Small Cap	9.7%	-	AEIS, BOOT, DAR, DY, EPAC, EXTR, LPX, MSA, MUSA, OXM, SAM	Agriculture, Capital discipline, Housing, Operational Discipline, small caps, tariffs, technology, value	Tariffs have re-emerged as a significant cost driver, prompting companies to explore reshoring, leaner inventories, and domestic sourcing. Companies are developing mitigation plans including meaningful supply chain moves away from China. The impact varies significantly by company, with some facing material negative impacts while others may benefit from domestic sourcing advantages.	MSA SAM OXM DY BOOT MSA SAM DY BOOT	View
2025 Q2	Jul 17, 2025	SouthernSun SMID Cap	10.3%	-	APG, BOOT, DAR, DY, LPX, MOD, MSA, MUSA, SAM, TREX, WSO	Agriculture, Building Products, Resilience, Safety, SMID Cap, tariffs, technology, value	Companies demonstrated operational discipline through cost consciousness, margin stewardship, and capital discipline. Management teams acknowledged macroeconomic uncertainties while maintaining steady execution and preparing deliberately for challenges.	MSA SAM WSO BOOT APG MSA SAM WSO BOOT APG	View
2025 Q1	Jun 16, 2025	Qualivian Investment Partners	1.2%	1.2%	AAPL, AJG, AMZN, AZO, BRK.B, BRO, CPRT, GOOGL, META, MSFT, MUSA, NVDA, ORLY, TSLA, URI, WSO	compounders, concentrated, long-term, Quality, value	Market volatility sparked by DeepSeek announcement questioning returns on hyperscaler AI investments. Alphabet integrating AI into search through AI Overviews and AI Mode, showing encouraging reception and monetization. Hyperscalers expressing confidence in generative AI opportunities despite capital spending concerns.	AZO	View
2026 Q1	Apr 16, 2026	Avenue Investment Management	-	-	CNQ, MUSA	AI, energy, geopolitics, Iran, oil, private credit, Quality, technology			View
2026 Q1	Apr 13, 2026	The London Company SMID Cap	-3.6%	-3.6%	ACIW, AWI, AXTA, CCC, CHDN, COO, ENTG, ESI, MUSA, QLYS, TREX, WAT	cybersecurity, energy, Geopolitical, Quality, semiconductors, SMID Cap, value		ACIW CCC COO AWI CHDN QLYS ESI MUSA ENTG	View
2025 Q4	Feb 25, 2026	SouthernSun SMID Cap	-3.9%	4.5%	APG, BOOT, CXT, DAR, DY, EXTR, FND, GNRC, LOB, MUSA, OSK, TKR, TREX, WSO	AI, energy, infrastructure, Late-cycle, SMID Cap, valuation, value	Artificial intelligence occupies a central role in shaping market expectations and has become a macroeconomic assumption embedded in capital expenditure plans and valuation models. The manager draws parallels between today's AI environment and the 2014-15 oil collapse, noting that AI infrastructure is profoundly energy-intensive and faces physical constraints including rising electricity prices and grid capacity challenges. Energy plays a critical role in AI infrastructure economics, with data centers becoming major electricity consumers. Rising power costs compress margins while grid constraints and regulatory scrutiny influence deployment timelines. The manager emphasizes that unlike software-driven growth, AI compute cannot be scaled independently of physical energy reality. Many AI-exposed companies trade at multiples assuming near-flawless execution, creating valuation risk despite current profitability. The manager notes that when confidence is high, markets forgive delays and cost overruns, but when confidence wanes, these factors can catalyze abrupt repricing. Late-cycle environments show conviction persisting even as marginal buyers grow cautious.	TREX TKR DY EXTR LOB OSK GNRC CXT APG DAR	View
2025 Q3	Oct 30, 2025	SouthernSun Small Cap	-	8.3%	AEIS, BCO, CXT, DAR, DORM, EPAC, MOD, MSA, MUSA, NGVT, SCL	active management, industrials, materials, Quality, small caps, value	SouthernSun focuses exclusively on small-cap securities defined as equity securities with market capitalizations within the range of the Russell 2000 Index. The manager emphasizes that divergence in small and mid-sized market segments creates opportunities for active discovery when new entrants come to the public stage.	CXT SCL DAR MOD BCO CXT SCL DAR MOD BCO	View
2025 Q3	Oct 30, 2025	SouthernSun SMID Cap	-	8.7%	BCO, CXT, DAR, FND, GNRC, MOD, MUSA, NGVT, SEIC, VMI, WSO	active management, fundamentals, Quality, SMID Cap, Stewardship, value	SouthernSun emphasizes the enduring value of active management in an increasingly passive world, arguing that active investing restores balance by engaging directly with management, questioning assumptions, and allocating capital purposefully rather than automatically. They view active management as essential stewardship that combines analytical rigor with human judgment.	CXT WSO DAR BCO MOD CXT WSO DAR BCO MOD	View
2023 Q3	Oct 16, 2023	Avenue Investment Management	-	-	AAPL, ATKR, CNQ.TO, CSU.TO, EME, ENB.TO, META, MSFT, MUSA	Canada, Defensive, rates, Recession, value, volatility	Manager expects return to higher volatility periods similar to mid-1960s to mid-1970s where portfolios could swing from up 20% one year to down 15% the next. Recent 15-year period of mostly positive returns with only occasional bad years is viewed as abnormal.		View
2024 Q4	Jan 7, 2025	The London Company Small-Mid Cap	1.7%	6.5%	AER, AWI, BR, CHDN, DECK, ENTG, MUSA, POST, WAT, WTM	concentrated, downside protection, Quality, SMID Cap, value	The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 16.7% pre-tax ROC versus 8.4% for the Russell 2500 and lower leverage at 2.1x net debt/EBITDA versus 3.4x for the benchmark.		View
2024 Q3	Sep 30, 2024	Qualivian Investment Partners	2.4%	15.3%	AMZN, BRK-B, GOOGL, MA, META, MUSA, ORLY, TJX, URI, V	Compounding, Concentration, long-term, Quality, value	The fund focuses on concentrated portfolio of 15-25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. They expect these quality compounders to compound capital at mid-teens rate and hold them for extended periods.	URI MUSA	View
2023 Q3	Sep 30, 2023	SouthernSun Small Cap	10.6%	13.5%	BCO, BDC, DAR, DY, LOB, MUSA, SAM, SCL, TKR, USPH	consumer, energy, financials, industrials, infrastructure, small cap, value	Darling Ingredients is building Sustainable Aviation Fuel capacity expected online in Q4 2024, with further SAF expansion being evaluated as growth and incentives provide significant margin expansion and return on investment. The company is the largest publicly traded company turning edible by-products and food waste into sustainable products and a leading producer of renewable energy.	ALDAR.AD ABDY.L AER\|AWI\|MUSA\|NEU\|SAIA\|WTM SAM	View
2023 Q3	Sep 30, 2023	SouthernSun SMID Cap	8.8%	13.9%	BCO, BDC, BR, DAR, DY, LPX, MUSA, SAM, TKR, USPH	Biofuels, Convenience Stores, self-help, SMID Cap, Telecommunications, value	Murphy USA benefits from its position as a low-cost, high-volume fuel retailer with advantaged locations on Walmart outparcels. The company continues to grow same-store sales and sees opportunities for new store additions while maintaining capital discipline through share repurchases.	ALDAR.AD ABDY.L AER\|AWI\|MUSA\|NEU\|SAIA\|WTM SAM	View
2024 Q2	Jul 22, 2024	The London Company Small-Mid Cap	2.0%	4.8%	AER, BRKR, CHDN, DAVA, DECK, HAS, LW, MBI, MUSA, NEU, QLYS, TREX	Consumer Staples, cybersecurity, healthcare, Quality, small caps, value	The portfolio focuses on high quality businesses with strong balance sheets, high ROIC, and improving margins. The manager emphasizes owning great businesses at reasonable prices and allowing them to compound over the long term.	QLYS BRKR	View
2024 Q2	Jul 22, 2024	The London Company Small Cap	7.0%	8.9%	ACIW, AUB, CERT, CNNE, DOOR, DV, ENOV, EPRT, GTES, HAE, MATX, MBUU, MRTN, MUSA, NEU, PLUS, TPX	downside protection, free cash flow, Quality, Russell 2000, small caps, value	The portfolio focuses on small-cap equities with emphasis on quality, low volatility, and downside protection. The Russell 2000 Small Cap Index declined 3.3% during the quarter while the portfolio fell 5.8%. The manager notes that small caps faced headwinds as investors favored large cap, growth and momentum factors.	DV GTES	View
2024 Q2	Jul 20, 2024	SouthernSun SMID Cap	8.8%	13.9%	AGCO, BCO, BOOT, DAR, DY, MUSA, PII, TREX, USPH, VMI	fundamentals, long-term, Patience, Research, small cap, SMID Cap, 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
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 Q1	Apr 30, 2023	SouthernSun SMID Cap	8.8%	13.9%	AGCO, BCO, BOOT, CLH, CR, DAR, LPX, MUSA, TKR, TREX, WRK, WSO	Building Products, HVAC, Industrial, M&A, packaging, SMID Cap, value	Manager initiated position in Louisiana-Pacific Corporation, a leading producer of oriented strand board and siding. The company has transformed from commodity OSB focus to value-add building solutions with superior growth profile and barriers to entry in siding business.	LPX WRK ALDAR.AD BCO WSO	View
2023 Q1	Apr 20, 2023	The London Company Small Cap	7.0%	8.9%	AQUA, ENOV, IAA, LIVN, MUSA, PAG, RBA, TPX, VNT, WTM, XYL	Banking, healthcare, Quality, small caps, technology, value	The manager emphasizes their focus on durable profitability, strong free cash flow and balance sheet flexibility as key advantages in a higher cost of capital environment. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility.	ENOV AER\|AWI\|MUSA\|NEU\|SAIA\|WTM AER\|AWI\|MUSA\|NEU\|SAIA\|WTM LIVN TPX AVNT	View
2023 Q1	Apr 20, 2023	The London Company Small-Mid Cap	2.0%	4.8%	BR, CHDN, ENTG, IAA, JKHY, LW, MBI, MUSA, RBA, STOR	Banking, Quality, Recession, semiconductors, SMID Cap, value	The manager emphasizes the durable profitability, strong free cash flow, and balance sheet flexibility of their companies as they face an economic slowdown with higher cost of capital. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility.	AER\|AWI\|MUSA\|NEU\|SAIA\|WTM ENTG ABLLW CHDN	View
2023 Q1	Apr 20, 2023	The London Company SMID Cap	9.2%	9.2%	BR, CHDN, ENTG, IAA, JKHY, LW, MBI, MUSA, RBA, STOR	Banking, Capital Allocation, Quality, Recession, SMID Cap, value	The manager emphasizes the durable profitability, strong free cash flow, and balance sheet flexibility of their companies as they face an economic slowdown with higher cost of capital. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility.	AER\|AWI\|MUSA\|NEU\|SAIA\|WTM ENTG ABLLW CHDN	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 23, 2024	The London Company Small Cap	7.0%	8.9%	AUB, AWI, CABO, DOOR, LIVN, MUSA, PLUS, QLYS, RVLV, TPX, WTM	Banking, industrials, Quality, small cap, technology, value	The portfolio maintains a positive tilt toward Quality factors, focusing on companies with sustainably high returns on capital and balance sheet strength. This Quality-orientation provided relative advantage for the full year despite being a headwind in Q4.	RVLV PLUS	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 29, 2026	Fund Letters	The London Company SMID Cap	Murphy USA, Inc.	Specialty Retail	Specialty Retail	Bull	New York Stock Exchange	capital return, cash flow, Fuel Prices, Low cost, market share, Rural, Specialty retail, Suburban	View Pitch
Apr 13, 2026	Fund Letters	Qualivian Investment Partners	Murphy USA	Consumer Discretionary	Specialty Retail	Bull	NYSE	Consumer Discretionary, convenience stores, Fuel Stations, organic growth, quality compounder, share repurchases, Specialty retail	View Pitch
Apr 13, 2026	Fund Letters	Qualivian Investment Partners	Murphy USA	Consumer Discretionary	Specialty Retail	Bull	NYSE	EPS growth, Gasoline Stations, organic growth, quality compounder, Revenue Growth, share repurchases, Specialty retail	View Pitch
Oct 15, 2025	Value Investors Club	NZ	Murphy USA	Consumer Discretionary	Specialty Retail / Convenience Stores	Bull	NYSE	Aging car fleet, Convenience retail, EV resistance, Fuel margins, Political tailwinds, Share Buybacks	View Pitch

BSD Shareholders of MUSA

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.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: