PCH

PCH

PCH

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Longleaf Partners Small-Cap Fund	2.7%	4.2%	BATRA, CNX, CUERVO.MX, DOLE, GHC, GRUMA.MX, KODK, MAT, OSCR, PCH, SAM, TRIP, WEST, WTM	Alcohol, Buybacks, real estate, small caps, undervalued, value	The fund has an overweight to the alcohol industry with Boston Beer and Becle. There is market debate about whether current weak industry trends are cyclical versus structural factors, with the manager leaning toward cyclical explanations.	PCH SAM WEST BATRA BECLE.MX OSCR PCH SAM WEST BATRA CUERVO MM OSCR	View
2024 Q1	May 7, 2024	Bernzott Capital Advisors – US Small Cap	8.5%	8.5%	AROC, EVR, GNTX, HCI, HHH, LANC, MP, PCH, PLXS, VNOM	energy, financials, materials, Quality, small caps, value	Energy holdings were the leading contributor to portfolio returns with Archrock benefiting from robust demand for compression equipment and Viper Energy advancing on improving oil prices and M&A visibility. The manager continues to hold positions in both companies.	PCH	View
2025 Q1	Apr 12, 2025	Longleaf Partners Small-Cap Fund	1.5%	1.5%	BATRA, CNX, DOLE, GHC, GMAB, KODK, MAT, PCH, PK, SAM, WEST, WTM	Buybacks, downside protection, Outperformance, small caps, stock picking, value	The fund emphasizes value investing discipline and downside protection. The portfolio's price-to-value ratio in the high-60s% is attractive and improved materially after quarter end. The fund continues to focus on companies trading below intrinsic value with substantial opportunity in the current portfolio.	PK CNX SAM PCH GRUMAB.MX GHC	View
2024 Q3	Oct 16, 2024	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, DOLE, GHC, GRUMA, H, HHH, HOUS, IMKTA, KODK, LLYVA, LMCA, MAT, OSCR, PCH, PK, SAM, WEST, WMT	Buybacks, Coffee, healthcare, Natural Gas, real estate, small caps, value	Fund focuses on small-cap stocks with 19 holdings and P/V ratio in low-70s%. Manager welcomes volatile small-cap environment that presents attractive opportunities to enhance portfolio with undervalued, high-quality businesses. Holdings consist of competitively advantaged businesses with strong balance sheets.	WEST HOUS CNX OSCR	View
2025 Q3	Oct 15, 2025	Longleaf Partners Fund	-0.3%	-0.4%	ACI, ANGI, BIO, CNX, EXOR.MI, FDX, FIS, H, HFC, IAC, KHC, MAT, MGM, PCH, PVH, REGN, RYN	AI, Bubble, Buybacks, FCF, spinoffs, undervalued, value	Fund focuses on companies trading at significant discounts to intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying undervalued assets with growing free cash flow per share while avoiding overvalued market segments.	BIO REGN PCH RYN ACI FDX MGM IAC KHC MAT CNX	View
2025 Q3	Oct 15, 2025	Longleaf Partners Global Fund	2.6%	10.9%	4613.T, ACI, CANAL.PA, CNX, DHER.DE, EXOR.MI, GLB.L, IAC, KHC, MAT, MGM, PCH, PHG, PVH, RYN	AI, Buybacks, consumer, energy, FCF, global, Timberland, value	Fund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at less than 10x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-50s% indicates significant discount to intrinsic value estimates.	PVH 4613 JP	View
2025 Q3	Oct 15, 2025	Longleaf Partners Small-Cap Fund	2.0%	6.4%	BECLE.MX, CLW, CNX, GHC, GRUMAB.MX, H, KODK, MAT, OSCR, PCH, PK, RYN, TRIP, WEST, WTM	Alcohol, Buybacks, energy, FCF, insurance, small cap, Timberland, value	Fund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at 10-12x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-60s% indicates significant discount to intrinsic value.	TRIP US MAT US WFG US CNX US	View
2022 Q3	Oct 10, 2022	Horizon Kinetics	0.0%	0.0%	ALS CN, LIF CN, PCH, RYN, TPL	-			View
2025 Q4	Jan 14, 2026	Longleaf Partners Fund	-0.3%	-0.4%	ACI, AMG, ANGI, AVTR, CNX, DINO, DIS, EXO.MI, FDX, H, IAC, KHC, MAT, MGM, PCH, PVH, PYPL, REGN, RTX, RYN	Buybacks, Cash, Defensive, Leverage, Quality, value	Fund focuses on undervalued companies trading below intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying quality companies at discounts and waiting for market recognition of value. Multiple portfolio companies engaged in significant share repurchases including Mattel ($600M), Regeneron, MGM (40% over 5 years), and PVH. Manager views buybacks as value-creating at current discounted prices. Holdings include Mattel with strong IP portfolio (Hot Wheels, Barbie, UNO) and upcoming movie releases, plus IAC's digital assets. Focus on companies with valuable content and intellectual property.	ANGI PVH PYPL MGM IAC REGN MAT DINO KHC	View
2025 Q4	Jan 14, 2026	Longleaf Partners Small-Cap Fund	1.1%	7.6%	ALX, CLW, CNX, CUERVO.MX, ESRT, GHC, GLIBA, GRUMA.MX, MAT, PCH, RYN, SAM, SHEN, TRIP, WTM	Alcohol, Media, real estate, small cap, Telecommunications, undervalued, value	Fund focuses on undervalued companies trading below intrinsic value with P/V ratios in low-60s%. Manager emphasizes buying quality companies at discounted prices when market favors unprofitable, lower quality stocks. Significant exposure to alcoholic beverage companies including Becle (tequila/whiskey manufacturer) and Boston Beer. Alcohol industry faces consumption headwinds but companies have strong brands and pricing power. Holdings in Empire State Realty and Alexander's provide exposure to New York real estate. Despite political concerns about Mayor Mamdani, on-the-ground leasing trends outpace weak stock performance. Graham Holdings diversified conglomerate includes broadcast television assets that could benefit from increased M&A activity. Kaplan education segment returning to growth after multi-year turnaround.	PK ALX ESRT CLW SAM OSCR MAT GHC GLIBA	View
2024 Q2	Jul 23, 2024	Longleaf Partners Small-Cap Fund	8.9%	11.5%	BATRA, CNX, DEA, GHC, GRUMA, HOWE, KODK, MAT, OSCR, PCH, PK, WEST, WTM	energy, healthcare, materials, real estate, small caps, value	Fund focuses exclusively on small-cap investments with 19 holdings and P/V ratio in low-60s%. Manager believes environment becoming increasingly favorable for bottom-up stock pickers as Treasury rates stabilize at historical norms. Over 50% of portfolio NAV is in investments with heightened odds of value-realizing corporate events in next 6-12 months.	PCH MAT HOUS KODK OSCR	View
2025 Q1	Mar 31, 2025	Heartland Value Fund	-5.6%	-5.6%	CMCO, DK, NGD.TO, PCH	energy, gold, Industrial, small caps, Trade Policy, value	Holdings trading at just 10 times earnings for next 12 months, representing 10% earnings yield. Focus on attractively priced, well-managed businesses with sound finances using 10 Principles of Value Investing. Uncertainty creates fear and lower stock prices, providing opportunities for patient, disciplined value investors.	NGD.TO PCH CMCO	View
2024 Q4	Jan 16, 2025	Longleaf Partners Small-Cap Fund	-1.6%	9.7%	BATRA, CNX, DOLE, GHC, GRUMA.MX, HHH, HOUS, KODK, LLYVA, MAT, OSCR, PCH, PK, WEST, WTM	Buybacks, Cash, Concentration, Natural Gas, small cap, Trump, value	Fund operates with concentrated value investing approach, holding 18 positions at high-60s% price-to-value ratio and 11x price/earnings power multiple. Portfolio grouped into companies where value per share growth has turned the corner (75%), those expected to turn within 18 months (15%), and recent additions. Management emphasizes fundamental appraisal-driven research and patient capital deployment.	GRUMAB WEST HOUS GHC KODK LLYVA OSCR CNX	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Heartland Value Fund	PotlatchDeltic Corporation	Real Estate	Specialized REITs	Bull	NASDAQ	Domestic Manufacturing, Housing supply, Lumber, Southern Yellow Pine, Tariff Beneficiary, Timber REIT, trade policy, Wood Products	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	PotlatchDeltic	Real Estate	Specialized REITs	Bull	NASDAQ	Disciplined Management, dividend, Housing, Mill, Tariff Winner, timberland, undervalued	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	PotlatchDeltic	Real Estate	Specialized REITs	Bull	NASDAQ	Alternative Land Use, housing market, Lumber Mills, net asset value, REIT, Solar Development, Tax-Efficient Dividend, timberland	View Pitch
Apr 13, 2026	Fund Letters	Bernzott Capital Advisors - US Small Cap	PotlatchDeltic Corp	Materials	Paper & Forest Products	Bull	NASDAQ	Cyclical, dividend, Housing, Lumber, materials, REIT, Timber, vertical integration, Wood Products	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	PotlatchDeltic	Real Estate	Specialized REITs	Bull	NASDAQ	Disciplined Management, Dividend Payer, Housing Market Exposure, Timberland REIT, undervalued	View Pitch
Jan 8, 2026	Fund Letters	Ross Glotzbach	PotlatchDeltic Corporation	Real Estate	Timber REITs	Bull	NASDAQ	Asset_Value, dividends, Housing, realestate, Timber	View Pitch
Nov 29, 2025	Fund Letters	Ross Glotzbach	PotlatchDeltic Corporation	Real Estate	Specialized REITs (Timber)	Bull	NASDAQ	Hbu, Mills, Optimization, REIT, synergy, Timber, valuation	View Pitch
Oct 15, 2025	Seeking Alpha	Seeking Alpha	PotlatchDeltic Corporation		REIT - Specialty	Neutral		housing market, leverage, lumber market, merger, PotlatchDeltic Corporation, Rayonier Inc., Real Estate, synergies, timberland, valuation	View Pitch

BSD Shareholders of PCH

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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