PII

PII

PII

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 21, 2025	Legacy Ridge Capital	-	-1.7%	PII	Airlines, Buybacks, Capital Allocation, energy, Pipelines, value	By far the biggest exposure continues to be to energy, specifically oil & gas pipelines. Pipeline fundamentals will prove resilient due to strong natural gas and natural gas liquids volumes. The holding period for the two biggest positions, both pipeline companies, is well over 5 years and any opportunity to add to them at 8%+ yields will be capitalized on despite already being close to 30% of fund assets.	PII PII	View
2025 Q1	Apr 25, 2025	SouthernSun Small Cap	-11.5%	-11.5%	AEIS, AGCO, AWI, BOOT, DANH, EPAC, EXTR, IEX, LOB, MOD, NGVT, OXM, PII, SAM, TKR, USPH	Manufacturing, Quality, Resilience, small caps, tariffs, value	Manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. The portfolio focuses on 20-30 fundamentally sound companies with financial backbone and market strongholds.	MOD EXTR LOB BOOT TKR EPAC	View
2025 Q1	Apr 25, 2025	SouthernSun SMID Cap	-8.8%	-8.8%	AEIS, AGCO, AWI, BDC, BOOT, BR, DHR, GNRC, IEX, MOD, PII, SAM, TKR, USPH, WSO	fundamentals, Quality, Resilience, small caps, SMID Cap, tariffs, Trade Policy, value	The manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. They see this as a shift from a sugar high to a carnivore diet - stripped of fluff and rooted in what's healthy and enduring.	MOD PII USPH BOOT WSO BR	View
2024 Q4	Dec 31, 2024	SouthernSun Small Cap	-7.7%	4.7%	AEIS, AWI, BCO, DORM, LOB, MGPI, NGVT, OXM, PII, SAM, TKR, USPH	Cyclical, Patience, positioning, Research, small cap, value	Dorman Products represents a leading position in automotive aftermarket parts with unique first-to-aftermarket capabilities. The company has invested heavily in developing proprietary software to break down OE part codes and create matching functionality for complex electronic components.		View
2024 Q4	Dec 31, 2024	SouthernSun SMID Cap	-6.2%	11.1%	APG, AWI, BCO, BR, DY, MGPI, PII, SEIC, TKR, USPH	Balance Sheet, Cyclical, management, Patience, Research, SMID Cap, value	The U.S. presidential election outcome led to market anticipation of policy shifts towards tax extensions and deregulation, viewed as pro-growth. However, potential new trade policies, particularly tariffs, introduced elements of uncertainty that the firm closely monitored. Global trade adjustments, particularly with major economies like China, continue to shape investment decisions.	BCO MGPI AWI SEIC	View
2025 Q4	Jan 30, 2026	Legacy Ridge Capital	0.0%	7.0%	AAPL, AMZN, GOOGL, KRP, META, MNR, MSFT, NVDA, PII, PLTR, TSLA	Capital Allocation, Cash, dividends, energy, Exploration & Production, value	Fund maintains 30% cash position as defensive measure against expensive market valuations. Cash provides optionality for opportunistic deployment when attractive opportunities arise. Management views current cash levels as necessary given stretched valuations across broader markets. Portfolio focused on dividend-paying companies with 6% yield, emphasizing businesses that return excess cash to shareholders. Key holdings KRP and MNR have dividend policies returning 75% and over 50% of cash flow respectively. Dividend income provides steady cash flow for redeployment opportunities. Significant allocation to energy sector through Mach Natural Resources and Kimbell Royalty Partners. Focus on companies with disciplined capital allocation, low leverage, and high distribution yields. Both companies emphasize acquiring cash-flowing assets and returning capital to shareholders. Investment philosophy centered on buying businesses at discounts to intrinsic value based on discounted cash flows. Contrasts current approach with expensive growth stocks trading at extreme valuations. Emphasizes margin of safety and business owner mentality in stock selection.	MNR	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 Q4	Feb 20, 2024	SouthernSun Small Cap	10.6%	13.5%	AWI, BDC, BOOT, DY, LOB, LPX, MGPI, PII, SAM, SCL	Banking, Elections, infrastructure, Onshoring, small cap, Telecommunications, value	Companies continued to adapt to security of supply, labor, and technology adoption issues through on-shoring, re-shoring, and near-shoring strategies. With escalation of armed regional conflicts impacting shipping and supply chains, companies are expected to aggressively evaluate and adjust their strategies to ensure competitive advantages.	SAM BBDC4.SA ABDY.L ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM	View
2023 Q4	Feb 15, 2024	SouthernSun SMID Cap	8.8%	13.9%	AWI, BCO, BDC, BOOT, BR, DY, FND, LPX, MGPI, PII, SAM	Construction, consumer, industrials, Onshoring, SMID Cap, Telecommunications, value	Companies continue to adapt to security of supply, labor, and technology adoption issues through on-shoring, re-shoring, and near-shoring strategies. With escalation of armed regional conflicts impacting shipping and supply chains, companies are aggressively evaluating and adjusting their strategies to ensure competitive advantages.	ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO SAM BBDC4.SA AER\|AWI\|MUSA\|NEU\|SAIA\|WTM ABDY.L	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	SouthernSun SMID Cap	Polaris Industries, Inc.	Consumer Discretionary	Leisure Products	Bear	NYSE	Balance Sheet Constraints, Channel Inventory, Consumer Discretionary, Exit Position, Mexican Manufacturing, Powersports, Tariff risk	View Pitch
Apr 13, 2026	Fund Letters	Legacy Ridge Capital	Polaris Inc.	Consumer Discretionary	Leisure Products	Bull	NYSE	ATVs, boats, capital allocation, Consumer Discretionary, Cyclical, Dealership Network, Manufacturer, market leader, Motorcycles, Off-Road Vehicles, Powersports, Snowmobiles, turnaround, Value	View Pitch
Jan 8, 2026	Fund Letters	Kris Kelley	Polaris Inc.	Consumer Discretionary	Leisure Products	Bull	New York Stock Exchange	buybacks, capital allocation, Powersports, Sum-of-the-Parts, turnaround	View Pitch
Aug 13, 2025	Seeking Alpha	The Payout Desk	Polaris Inc.	Consumer Discretionary	Recreational Vehicles	Bull	NYSE	—	View Pitch

BSD Shareholders of PII

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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