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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 27, 2025	Cullen Enhanced Equity Income Fund	-1.2%	4.5%	COP, CVX, DOW, JCI, NSC, PCAR, PPG, RTX	cash flow, defensiveness, dividends, income, volatility	The commentary highlights income-oriented equities as attractive amid elevated volatility and moderating growth. Management emphasizes dividends and option premiums as tools to enhance total return while reducing downside risk. The strategy prioritizes stability and cash flow over aggressive capital appreciation.	NSC COP PPG PCAR	View
2025 Q2	Jul 8, 2025	Right Tail Capital	-	-	BYD CN, CHTR, IAC, NSC, NSIT, SCHW, SSNC	Compounding, longterm, Patience, Quality, returnsOnCapital	The strategy centers on owning high-quality businesses with strong returns on incremental capital over multi-year horizons. Volatility is embraced as part of long-term compounding rather than a signal to trade. Patience and business fundamentals are prioritized over short-term market narratives.		View
2024 Q2	Jul 10, 2024	Aristotle Atlantic Core Equity Strategy	3.1%	21.7%	ABT, ACN, APH, BSX, DAR, GOOG, MCHP, NSC, NVDA, TFX	-			View
2024 Q2	Jul 10, 2024	Aristotle Core Equity Fund	2.9%	21.3%	ABT, ACN, APH, BSX, DAR, GOOG, MCHP, NSC, NVDA, TFX	-			View
2024 Q1	Apr 17, 2024	EdgePoint Global Portfolio	-	-	BERY, NSC	-			View
2025 Q4	Feb 20, 2026	VH Standard Asset Management	1.3%	14.8%	EA, EXAS, JAMF, KVUE, NSC, QRVO, SGOV, WBD	AI, Capital markets, Deregulation, M&A, Merger Arbitrage, Onshoring, Regulatory, Spreads	The merger arbitrage landscape has shifted meaningfully with spreads becoming less efficient due to capital leaving the space during tough regulatory years. The pendulum for regulators has swung toward being more favorable for M&A activity, creating opportunities for those positioned to take advantage. Tariffs and the current U.S. administration's goals are creating a monumental shift in the global economy. Onshoring and supply chain re-optimization will create new winners and losers as companies adapt to changing trade dynamics. AI is viewed as the biggest catalyst to be let loose into economies, creating a sea of change. This technological shift is expected to drive significant transformation across industries and create new investment opportunities.		View
2025 Q4	Feb 17, 2026	Cullen Enhanced Equity Income Fund	2.0%	7.5%	AAPL, AMZN, GOOGL, JPM, KVUE, META, MSFT, NSC, NVDA, QCOM, TSLA, UNH, UNP	AI, dividends, growth, healthcare, income, rates, technology, value	The manager discusses the AI boom extensively, noting that hyperscalers continue to escalate capital spending on AI data centers while several Industrial and Utilities companies benefit from the buildout. However, they express concern that markets have already discounted much future AI-driven growth, with $9-$12 trillion of post-2022 market cap gains unexplained by fundamentals. The aggressive AI spending has materially slowed free cash flow and earnings growth for hyperscalers. The strategy focuses heavily on dividend-paying stocks, with a large dividend contribution of 4.1% and total yield of 7.2% for the year. The manager notes that defensive and dividend-oriented sectors are now at multi-decade lows in index weight and investor interest, trading at unusually attractive relative valuations. They believe equity income is becoming increasingly competitive as money market yields decline from their peaks. The manager emphasizes that Value stocks are positioned for outperformance, noting the Growth-to-Value valuation spread is near historical extremes at nearly 100% premium versus the long-term average of 57%. They highlight extreme underweight positioning, elevated valuations in growth, and historically favorable mean-reversion dynamics as creating a compelling setup for value stocks to deliver strong risk-adjusted returns. The Federal Reserve cut rates twice in Q4 to the current range of 3.50% to 3.75%, following a September cut. The manager views the Fed's easing cycle positively for high-dividend stocks, as declining short-term rates should make equity dividend yields increasingly attractive compared to money market funds. They note nearly $8 trillion is currently invested in money market funds with yields falling from peaks above 5% to 3.7%. The manager expresses concern about elevated risk appetite and speculative excess, noting that leveraged ETFs now represent roughly 1% of total ETF assets but account for over 12% of trading volume. They highlight that retail investors now account for roughly 25% of total trading volume, more than twice the long-term average, which has historically served as a signpost of market excess and potential tops.	NSC JPM KVUE UNP UNH QCOM	View
2025 Q4	Feb 10, 2026	PM Capital Enhanced Yield Fund	0.8%	4.6%	2282.HK, 8570.PA, APO, BAER.L, BHP.AX, CABK.MC, CGF.AX, COL.AX, CRN.L, CS.AX, FCX, FDV.AX, FOXA, HEIA.AS, IMI.L, INGA.AS, LLOY.L, NEM, NSC, NST.AX, QUB.AX, RPRX, SHL.DE, SMR.AX, TECK, TSCO.L, UNP, WDS.AX, WOW.AX	Bonds, credit, fixed income, inflation, rates, Yield	Despite signs of re-emergence of higher inflation across major global developed economies including Australia in the December quarter, the fund delivered positive returns. Australian bond yields increased significantly with three year bonds rising over 60 basis points and 10 year bonds almost 50 basis points, representing a shift from rate cut expectations to multiple rate increase expectations in 2026. The fund increased exposure to fixed interest rates during the quarter as markets became overly optimistic about cash rate increases in 2026. Management believes multiple rate increases would put notable downward pressure on the economy given cost-of-living pressures and higher house prices remain issues.		View
2023 Q3	Oct 31, 2023	The London Company Income Equity	10.4%	14.6%	AAPL, CCI, CVX, NOC, NSC, PAYX, PFE, PGR, TXN, VZ	-			View
2023 Q3	Oct 31, 2023	The London Company Large Cap	8.1%	14.6%	ALB, GOOG, MLM, NEU, NSC, ODFL	-			View
2025 Q3	Oct 20, 2025	The Davenport Value & Income Fund	5.2%	-	LOW, NSC, ORCL, UPS	Accenture, Artificial Intelligence, Dividend Growth, energy, healthcare	The fund outperformed as holdings like Oracle and TE Connectivity benefited from AI data center expansion, while dividend growth remained robust across holdings. Managers added Accenture, Novo Nordisk, and ExxonMobil to balance technology with healthcare and energy exposure. They see broadening market leadership as rate cuts support cyclical sectors and income stability.		View
2025 Q3	Oct 19, 2025	American Century Equity Income Fund	5.3%	-	AMT, CRH, GOOG, JNJ, KVUE, NSC, PCAR	AI, Consumer Staples, dividends, Health Care, infrastructure	AI investments and data center expansion supported utilities and industrials, contributing to portfolio strength. The fund emphasized quality dividend payers in consumer staples and health care as defensive plays amid inflation and policy uncertainty. Infrastructure demand from AI computing and transportation consolidation also provided tailwinds.		View
2025 Q4	Jan 30, 2026	Alpha Wealth Funds – The Insiders Fund	-0.4%	30.8%	AMAT, AMD, APPF, AXON, ET, GOOGL, INTC, LLY, LRCX, MRVL, NKE, NSC, NUE, ROK	AI, Automation, Industrial, Manufacturing, Onshoring, semiconductors, technology	Geopolitical events and government incentives like the U.S. CHIPS Act are driving monumental investment to localize advanced semiconductor manufacturing in the U.S. and allied nations. This builds resilience and meets future demand from AI, 5G/6G, and advanced auto. The fund seeks direct beneficiaries of this capital expenditure cycle. Focus expands beyond Generative AI and LLMs to Physical AI—the integration of AI/ML into autonomous physical systems and advanced robotics. The next wave of productivity will come from intelligent machines executing complex real-world tasks. This includes foundational AI infrastructure, Edge AI hardware, and advanced Industrial/Service Robotics. The fund is positioned around the thesis that the U.S. Government will spend whatever amount necessary to assist the government-private industry partnership to reshore the semiconductor industry. Companies like Applied Materials dominate wafer fabrication equipment as AI, advanced packaging, and memory capex ramp globally. Broader echo of the semiconductor trend covering other critical industries like rare earth metals, batteries, and pharmaceuticals where focus is shifting from lowest-cost sourcing to supply chain resilience. The fund targets companies establishing highly automated, next-generation domestic production capabilities.	NSC INTC MRVL NUE ROK AMAT APPF ET GOOG	View
2025 Q4	Jan 23, 2026	American Century Equity Income Fund	1.8%	11.9%	BDX, EPD, GOOGL, JNJ, JPM, MCD, MCHP, MDLZ, MDT, MMC, MU, NSC, PEP, PNC, RHHBY, SYY, TFC, UL	Consumer Staples, dividends, financials, healthcare, Quality, value	The fund continues to focus on higher-quality companies with stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions. This approach is viewed as offering resilience amid continuing inflation and uncertain macroeconomic conditions. Healthcare led all sectors in the fourth quarter after being beaten down for much of the year. The fund remains keen on healthcare stocks, particularly those in the healthcare equipment and supplies industry, because they are attractively valued and demand tends to be less susceptible to changes in the economic environment. The fund's investment objective focuses on current income and long-term capital growth, with a strategy of investing in companies believed to be undervalued. The portfolio positioning emphasizes income generation through dividend-paying stocks and preferred securities.		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
2024 Q2	Jul 22, 2024	The London Company Income Equity	10.4%	14.6%	AAPL, FAST, LOW, NSC, NSRGY, NTDOY, PM, TEL, TXN, VZ	-			View
2024 Q2	Jul 22, 2024	The London Company Large Cap	8.1%	14.6%	ALB, APD, GOOG, MLM, NEU, NSC, ODFL, TEL, TXN	-			View
2024 Q2	Jun 30, 2024	American Century Equity Income Fund	9.6%	0.0%	ADI, CB, INTC, KVUE, MCHP, MDT, NSC, RHO GR, TXN, ULVR	-			View
2023 Q1	Apr 20, 2023	The London Company Income Equity	10.4%	14.6%	AAPL, FIS, MSFT, NSC, PFE, SCHW, TXN	-			View
2023 Q1	Apr 20, 2023	The London Company Large Cap	8.1%	14.6%	BLK, CVX, FDX, GOOG, NSC, ODFL, SCHW, STOR	-			View
2023 Q1	Mar 31, 2023	Aristotle Core Equity Fund	2.9%	21.3%	CI, CTLT, EXPE, NSC, NVDA, PSX, ZTS	-			View
2023 Q4	Jan 23, 2024	The London Company Income Equity	10.4%	14.6%	APD, BLK, CVX, DEO, NSC, SCHW	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	James Cullen	Norfolk Southern Corporation	Industrials	Rail Transportation	Bear	New York Stock Exchange	dividend, merger, Operating Ratio, railroads, valuation	View Pitch
Feb 4, 2026	Fund Letters	Harvey Warren Sax	Norfolk Southern Corporation	Industrials	Railroads	Bull	New York Stock Exchange	infrastructure, insider buying, Logistics, mergers, railroads	View Pitch
Jan 27, 2026	Fund Letters	Brian Campbell	Norfolk Southern Corporation	Industrials	Rail Transportation	Bull	New York Stock Exchange	Cyclicality, insider buying, railroads, recovery, valuation	View Pitch
Dec 5, 2025	Fund Letters	James Cullen	Norfolk Southern Corporation	Industrials	Railroads	Bull	NYSE	efficiency, Intermodal, Margins, Psr, railroads	View Pitch
Aug 8, 2025	Seeking Alpha	Luca Socci	Norfolk Southern	Industrials	Railroads	Neutral	NYSE	—	View Pitch

BSD Shareholders of NSC

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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