PAG Archives

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Fenimore Small Cap Strategy	-4.0%	-	AVY, BIP, BOC, CDW, CIGI, CSV, CTAS, ENTG, ESI, EXPO, IEX, MCHP, MKC, NOMD, PAG, PAYX, ROP, SPSC, THG, TT, TWNK	dividends, Quality, rates, semiconductors, small caps, value	Rising interest rates weighed on the market throughout the quarter, with the Fed raising rates by 0.25% in July and signaling potential additional increases. The Fed's higher for longer stance pressured stocks and created headwinds for companies with significant debt.		View
2023 Q3	Sep 30, 2023	Fenimore Dividend Focus Strategy	-2.6%	-	AVY, BIP, BOC, CDW, CIGI, CTAS, ENTG, ESI, EXPO, IEX, MCHP, MKC, NOMD, PAG, PAYX, ROP, SPSC, THG, TT, TWNK	dividends, mid cap, Quality, rates, semiconductors, value	Rising interest rates weighed on the market in Q3, with the Fed signaling another rate increase possible before year-end. The Fed's target rate ended between 5.25% and 5.5%, the highest since 2001. Higher rates are filtering through the economy with 30-year mortgage rates well over 7%.		View
2023 Q2	Jun 30, 2023	Fenimore Small Cap Strategy	6.1%	-	BOC, CASS, CBZ, CHH, CIGI, CSV, DFH, EXLS, HST, LSTR, NOMD, PAG, PNFP, SITE, SPSC, SSB, TRRSF	AI, Quality, Recession, small caps, technology, value	Fenimore emphasizes their focus on high-quality equities with strong financials, stable earnings growth, competitive advantages, solid management, and consistent returns. They believe this approach will preserve and create the most value over longer time periods despite short-term underperformance.		View
2024 Q1	Apr 23, 2024	Black Bear Value Partners	-6.7%	-1.4%	ABG, ALS.TO, AN, BLDR, CEIX, PAG	Auto Dealers, Buybacks, Coal, commodities, Concentration, energy, Homebuilders, value	Auto dealers operate a razor-razorblade model in a fragmented industry, with over 50% of profits coming from parts and services. Large dealer groups have transitioned to omni-channel models reducing operating costs. The manager expects dealers to make less per car but sell more volume as prices drop.	PAG AN ALS.TO	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 Q4	Jan 27, 2024	Horizon Kinetics	0.0%	0.0%	AAPL, ADM, AMD, AMZN, AN, AVGO, BCHG, BMS.L, CKN.L, CRM, EXP, GBTC, GOOGL, MSFT, NVDA, ORCL, PAG, QCOM, TPL, TSLA	BRICS, China, commodities, crypto, Indexation, inflation, technology, valuation	Bitcoin ETF approval represents institutional acceptance and convergence with traditional financial system. Flash loans and lending markets create new revenue opportunities for ETF providers. Bitcoin Cash offers leveraged exposure to cryptocurrency appreciation potential.		View

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Black Bear Value Partners	Penske Automotive	Consumer Discretionary	Automotive Retail	Bull	New York Stock Exchange	Automotive Retail, Hidden Asset, Logistics, Parts, Service, Share Buybacks, Truck Dealerships, Truck Rental, UK, Value	View Pitch

BSD Shareholders of PAG

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

PAG

PAG

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of PAG

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: