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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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 Large Cap	-0.4%	1.8%	BRK.B, FI, NEU, PGR, SCHW, TEL	AI, Buybacks, dividends, large cap, Quality, tariffs, value, volatility	The manager emphasizes their focus on high-Quality, low-Volatility orientation and Quality factors as a core strategy. They note that Quality factors were mixed in Q2 but historically have proven to win over time despite short-term headwinds.	PGR BRK.B SCHW TEL NEU	View
2025 Q2	Jul 20, 2025	The London Company Small Cap	2.4%	-4.9%	ACIW, AWI, CABO, GTES, IPAR, MATX, NEU, SGI, WTM	Quality, small cap, tariffs, Trade Policy, value, volatility	The manager emphasizes their focus on high-Quality, low-Volatility orientation as a defensive strategy. They believe their reliance on high Quality factors has proven to be a strategy that can lose battles along the way but tends to win the war over time, positioning them well for an environment of elevated policy risks and fragile global growth.	IPAR MATX WTM ACIW GTES AWI NEU ACIW AWI NEU GTES	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
2023 Q3	Oct 31, 2023	The London Company Large Cap	8.1%	14.6%	ALB, GOOG, MLM, NEU, NSC, ODFL	Buybacks, large cap, Logistics, materials, Quality, technology, value	The manager emphasizes investing in companies with sustainably high returns on capital and low leverage ratios. Quality factors posted the best results in Q3, though their relative advantage was most pronounced down the market cap spectrum. The portfolio focuses on profitable, financially stable companies that consistently generate free cash flow.	NSC KMLM AALB.AS GOOG ODFL AER\|AWI\|MUSA\|NEU\|SAIA\|WTM	View
2023 Q3	Oct 31, 2023	The London Company Small Cap	7.0%	8.9%	AWI, CABO, ENOV, LANC, NEU, NGVT, QLYS, TPX	Buybacks, dividends, Quality, small caps, technology, value	The portfolio emphasizes companies with sustainably high returns on capital and lower leverage ratios. The Quality tilt aided relative performance as numerous unprofitable companies in the Russell 2000 significantly underperformed. The companies generate sustainably high returns on capital with low leverage ratios at reasonable valuations.	NGVT ELANCO ENOV QLYS TPX	View
2023 Q3	Oct 31, 2023	The London Company SMID Cap	9.2%	9.2%	AER, BKI, BR, CABO, CHDN, CWST, DECK, ICE, LANC, LW, MTN, NEU, RBA, ST, WAT, ZBRA	Automation, Quality, SMID Cap, Travel, value, Waste management	Initiated position in Casella Waste Systems, the 5th largest waste company in the U.S. and #1 player in the dense Northeast. The Northeast hasn't approved a new landfill permit in 30 years, creating scarcity value. CWST has significant pricing power due to vertical integration and rural market exposure.	ZBRA WAT ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA CWST	View
2025 Q3	Oct 28, 2025	The London Company SMID Cap	0.8%	-6.6%	ACIW, AWI, BR, CWST, DECK, JKHY, NEU, REYN, SGI, WAT	AI, Fed, growth, Quality, small cap, SMID Cap, value, volatility	The portfolio maintains a Quality-at-a-Reasonable-Price discipline focused on companies with durable advantages, strong balance sheets, and steady free cash flow. Quality factors have been headwinds during the high beta rally but historically regain leadership when fundamentals reassert themselves.	DECK ACIW JKHY CWST WAT NEU SGI AWI DECK ACIW JKHY CWST WAT NEU SGI AWI	View
2025 Q3	Oct 28, 2025	The London Company Large Cap	6.2%	8.1%	BRKR, EQH, FI, GOOG, NEU, ODFL, PGR, TEL	AI, Buybacks, financials, large cap, Quality, technology, value	AI enthusiasm fueled market advance in Q3, with companies like Alphabet benefiting from accelerated adoption of AI offerings. However, momentum and sustainability of AI and the capex behind it have been questioned more frequently.	EQH GOOG EQH GOOG	View
2025 Q3	Oct 28, 2025	The London Company Small-Mid Cap	0.8%	-6.6%	ACIW, AWI, BR, CWST, DECK, JKHY, NEU, REYN, SGI, WAT	Fed Cuts, high beta, Quality, SMID Cap, value, volatility	The manager emphasizes their Quality-at-a-Reasonable-Price discipline, noting that quality factors were headwinds during the high beta rally but historically regain leadership when fundamentals reassert themselves. They remain confident in holdings with durable advantages, strong balance sheets, and steady free cash flow.		View
2025 Q4	Jan 21, 2026	Harbor Mid Cap Value Fund	4.1%	16.0%	AMKR, BK, CFG, COIN, EA, ENS, EXPE, FOXA, GM, GTX, HIW, HLF, HOG, HOOD, HPQ, JAZZ, KR, NEU, OC, PHM, PLAB, PVH, SNDK, STT, TXT, WBD, WDC	Buybacks, consumer discretionary, dividends, financials, mid cap, technology, value	The fund maintains its disciplined value investment approach, seeking high-quality, profitable companies that generate cash, pay dividends, and repurchase shares. Mid- and small-cap value stocks continue to trade at attractive multiples despite strong relative performance. AI-driven demand for storage led to strong earnings and increases in revenue growth and margins for technology holdings. AI-related technology stocks may appear priced to perfection, but the fund continues to identify opportunities among mid-cap value stocks. The fund seeks companies that repurchase shares, viewing aggressive stock buybacks positively. Several holdings including General Motors, Garrett Motion, and EnerSys have been aggressively buying back stock.	AMKR EA ENS GTX	View
2025 Q4	Jan 21, 2026	The London Company SMID Cap	2.0%	-4.8%	AER, LW, NEU, WAT, WTM, ZBRA	industrials, mid cap, Quality, small cap, SMID Cap, value	The portfolio emphasizes companies with high and stable returns on invested capital, conservative leverage, and reasonable valuations. Quality factors were headwinds during the quarter but the manager believes the environment is becoming more conducive to fundamentals where earnings growth, dividends, and balance-sheet strength matter more than valuation multiple expansion. Value outperformed Growth across the market cap spectrum during the quarter, with Value factors being the primary driver of returns, led by stocks trading at lower prices relative to sales and book value. The manager expects a return to fundamentals where reasonable valuations become more important.	LW NEU ZBRA AER	View
2025 Q4	Jan 21, 2026	The London Company Large Cap	0.2%	8.3%	BLK, CB, FDX, FI, GOOG, NEU, NSC, RSG	dividends, financials, healthcare, large cap, Quality, technology, value	The manager emphasizes investing in profitable, financially stable, quality large-cap companies with high returns on unleveraged operating capital, strong cash generation, and conservative leverage. Quality factors were headwinds during Q4 as volatility factors outperformed, but the manager believes the environment is becoming more conducive to fundamentals where earnings growth, dividends, and balance-sheet strength matter more than valuation multiple expansion. Value outperformed Growth across the market cap spectrum during Q4, with value factors being the primary driver of returns, led by stocks trading at lower prices relative to sales and book value. The manager sees growing value in true active share and diversified exposure to high-quality businesses in a market defined by elevated valuations and concentration risk. The manager focuses on companies with strong capital allocation and dividend-paying capabilities. Several portfolio holdings like Chubb and BlackRock are highlighted for their steady capital returns and aggressive buyback programs, reinforcing the emphasis on shareholder-oriented management and consistent dividend policies.	RSG NSC BLK NEU FI CB FDX GOOG	View
2025 Q4	Jan 21, 2026	The London Company Small Cap	2.5%	-1.0%	AWI, CCC, CERT, DV, GTES, HAE, NEU, RVLV, WTM	Disciplined, Outperformance, Quality, Russell 2000, small caps, stock selection, value	The Small Cap portfolio outperformed the Russell 2000 Index in Q4, finishing 2025 on a high note with strong stock selection. The high beta rally that drove much of the index's 2025 gains showed signs of exhaustion in Q4, creating opportunities for disciplined stock pickers focused on quality companies. Value factors were the primary driver of returns during the quarter, led by stocks trading at lower prices relative to sales and book value. The portfolio's focus on companies trading at significant discounts to intrinsic value aligned well with this market environment. Quality factors were headwinds during the quarter, though the portfolio maintains its tilt toward profitable, financially stable companies that consistently generate free cash flow and high returns on unleveraged operating capital. This positioning is expected to provide resilience through shifting market regimes.	DV CCC GTES CERT NEU HAE	View
2024 Q3	Sep 30, 2024	Robotti Value Investors	-	-	BLDR, LZ, NEU, TDW	Bottom-up, Consolidation, Patience, small caps, value, Zombies	Manager focuses on finding value in discounted companies trading at 2x normalized earnings, emphasizing that valuation matters and provides margin of safety. The firm identifies businesses with demonstrable asset values and earnings potential that are ignored in public security valuations.	TDW BLDR NEU	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 22, 2024	The London Company Large Cap	8.1%	14.6%	ALB, APD, GOOG, MLM, NEU, NSC, NSRGY, ODFL, TEL, TXN	dividends, industrials, large cap, Quality, technology, value	The London Company emphasizes quality factors in their investment approach, seeking profitable, financially stable companies with consistent free cash flow generation and high returns on capital. They note that Quality factors had mixed impact during the quarter but remain central to their long-term strategy.	TEL GOOG	View
2024 Q2	Jun 30, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AAP, AVD, CLMB, CLVT, CMP, ECVT, IAC, KBR, LFCR, LGF.B, NEU, RDVT, RSSS, SIX, SSP, SXI, VSAT	Auto Parts, Concentration, Data Services, small cap, turnaround, value	Manager emphasizes tremendous specific opportunities in undervalued small cap stocks where the spring is very tightly coiled between intrinsic value estimates and current prices. Portfolio concentrated in best ideas with stocks trading at significant discounts to estimated intrinsic value.	RDVT CLVT AAP KBR VSAT CMP SSP	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	The London Company Small Cap	NewMarket Corporation	Materials	Specialty Chemicals	Bull	NYSE	capital allocation, dividends, oligopoly, Petroleum Additives, Rocket Additives, Share Buybacks, specialty chemicals	View Pitch
Apr 13, 2026	Fund Letters	Robotti Value Investors	NewMarket Corporation	Materials	Specialty Chemicals	Bull	NYSE	Contrarian Value, Cyclical Recovery, Distressed Investing, industry consolidation, insider ownership, margin expansion, Patient Capital, Petroleum Additives, Share Buybacks, specialty chemicals	View Pitch
Jan 27, 2026	Fund Letters	Brian Campbell	NewMarket Corporation	Materials	Specialty Chemicals	Bull	New York Stock Exchange	Additives, balance sheet, cashflow, Chemicals, Cyclicality	View Pitch
Jan 27, 2026	Fund Letters	Brian Campbell	NewMarket Corporation	Materials	Specialty Chemicals	Bull	New York Stock Exchange	balance sheet, cashflow, Cyclicality, energy, specialty chemicals	View Pitch
Jan 27, 2026	Fund Letters	Brian Campbell	NewMarket Corporation	Materials	Specialty Chemicals	Bull	New York Stock Exchange	capital discipline, cashflow, Cyclicality, energy, specialty chemicals	View Pitch
Jan 8, 2026	Fund Letters	Brian Campbell	NewMarket Corporation	Materials	Chemicals	Bull	New York Stock Exchange	buybacks, Capacity, Chemicals, Defense, oligopoly	View Pitch
Jan 8, 2026	Fund Letters	Brian Campbell	NewMarket Corporation	Materials	Chemicals	Bull	New York Stock Exchange	buybacks, Capacity, Chemicals, Defense, oligopoly	View Pitch
Jan 8, 2026	Fund Letters	Brian Campbell	NewMarket Corporation	Materials	Chemicals	Bull	New York Stock Exchange	buybacks, Capacity, Chemicals, Defense, oligopoly	View Pitch
Jan 8, 2026	Fund Letters	Brian Campbell	NewMarket Corporation	Materials	Chemicals	Bull	New York Stock Exchange	buybacks, Chemicals, Defense, deleveraging, tariffs	View Pitch
Nov 29, 2025	Fund Letters	Brian Campbell	NewMarket Corporation	Materials	Specialty Chemicals	Bull	NYSE	acquisition, cash flow, Defense, deleveraging, Margins, Petrochemicals	View Pitch
Nov 29, 2025	Fund Letters	Brian Campbell	NewMarket Corporation	Materials	Specialty Chemicals	Bull	NYSE	acquisition, cash flow, Defense, deleveraging, Margins, Petrochemicals	View Pitch

BSD Shareholders of NEU

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
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