PLUS

PLUS

PLUS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 15, 2024	THB Asset Management	10.3%	10.1%	BYON, CENX, CLNE, DOUG, FIGS, HWKN, ICHR, LIDR, LMAT, LUNA, PLUS, RELL, RES, TRNS, UCTT, UFPT, UTI, VCEL, WNC	Concentration, Economy, inflation, Micro Cap, rates, regulation, Small business	Inflation remains problematic and is a top concern among Americans, affecting their financial outlook despite robust economic conditions. Some elements have rolled over but food, energy, shelter, and insurance remain elevated, impacting daily consumer lives.	WNC	View
2026 Q1	Mar 31, 2026	FPA Queens Road Small Cap Value Fund	6.1%	6.1%	CNXC, DECK, DORM, ECG, FAF, FN, GPK, LFUS, PLUS, QRVO, REVG, RLI, SFM, SKWS, SNX, UPBD, VSEC	long-term, Quality, rebalancing, small caps, value		RLI SFM LFUS SNX FN DORM FAF	View
2025 Q4	Feb 10, 2026	FPA Queens Road Small Cap Value Fund	-0.4%	13.4%	AAP, CSGS, FN, IDCC, NJR, OSK, PLUS, PVH, REVG, RLI, SFBS, SFM, SNX, UGI, UPBD	insurance, Quality, small cap, technology, Utilities, value	Small caps are overlooked, disdained and cheap relative to large caps. Quality small caps are trading at significant discounts to quality large caps while historically trading at premiums. The fund sees growing opportunity set as capital withdraws from actively managed small value strategies. The fund focuses on quality companies with balance sheet strength, earnings consistency, and high returns on capital. Quality small caps have become cheap compared to large caps and the quality premium in small caps is modest versus pronounced in large caps. The fund's value-focused process leads to a portfolio designed to protect clients during market drawdowns. They identify overlooked, out of favor companies trading at attractive valuations with strong franchises in boring industries.	AAP SFBS UPBD PVH UGI IDCC FN NJR RLI SNX	View
2023 Q4	Dec 31, 2023	THB Asset Management	10.3%	10.1%	ATMU, BYON, CENX, HONE, ICHR, LMAT, LMB, MHO, PLPC, PLUS, RES, SKIN, TRNS, TTI, UFPT, UTI, XPRO	Commercial real estate, consumer, Electric Vehicles, inflation, interest rates, Micro Cap	EV adoption is slowing with companies like Ford losing $36,000 per EV sold and GM delaying production. Consumer concerns about charging infrastructure, range, and cost are limiting adoption. Investment opportunities exist in ICE-related companies as EV transition timelines extend.	ATMU	View
2024 Q3	Oct 2, 2024	The London Company Small Cap	7.0%	8.9%	ACIW, CERT, INVX, PLUS, RVLV, VNT, WTM	Balance Sheet, Quality, rates, real estate, small caps, technology, value	The fund focuses on balance sheet strength and quality companies, which became a temporary headwind during Q3 as lower-quality, highly leveraged companies rallied most from rate relief. The manager emphasizes profitable, financially stable companies that generate free cash flow and high returns on capital.	CERT VNT WTM PLUS ACIW RVLV	View
2024 Q3	Sep 30, 2024	THB Asset Management	10.3%	10.1%	ALNT, BSIG, BWMN, CEG, CLMB, HONE, HWKN, HZO, IMMR, LUMN, LUNA, MSFT, MYRG, PLUS, POOL, RBBN, TRNS, UFPT, VZ, XPRO	Data centers, Energy Transition, Federal Reserve, interest rates, Micro Cap, productivity, small caps, Utilities	Green energy transition initiatives are taking place just as demand for electricity is increasing from EVs and data centers. Utilities are raising rates to fund grid upgrades for offshore wind and neighborhood electrification investments. Solutions to the challenges facing the electrical grid and power generation needs are being developed in real time, which provides investment opportunities within small and mid-size investment universes.	RBBN	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 18, 2024	Harding Loevner Global Small Companies	7.8%	4.1%	AAPL, ACN, AMZN, ATKR, BECG.DE, BWA, ENS, FIVE, GOOGL, IBM, KWS.L, LLY, MSFT, OLLI, PFE, PLUS, RHHBY, RMV.L, XPEL, YOUGV.L	AI, barriers to entry, competition, global, Quality, small caps, technology	Global small caps underperformed large caps due to fewer AI-related stocks in the segment. The portfolio focuses on high-quality small companies with competitive advantages in growing, profitable niches that can withstand competition from larger, well-funded competitors.		View
2024 Q2	Jun 30, 2024	THB Asset Management	10.3%	10.1%	ALNT, AMZN, BSIG, BYON, CRNC, DAKT, HWKN, IMMR, LIMB, LMAT, LUNA, NVDA, NVEE, PLUS, POOL, RES, TRNS, UFPT, VCEL, VITL	AI, Elections, inflation, infrastructure, Microcap, small caps, technology, value	Artificial intelligence is receiving significant media attention with companies committing billions to building infrastructure for data storage and processing. The AI ecosystem includes undiscovered companies whose products and services are necessary for continued infrastructure build-out. THB holdings participating in AI infrastructure include Limbach Holdings, NV5 Global, ePlus, and Luna Innovations.	DAKT	View
2023 Q4	Jan 23, 2024	The London Company Small Cap	7.0%	8.9%	AUB, AWI, CABO, DOOR, LIVN, MUSA, PLUS, QLYS, RVLV, TPX, WTM	Banking, industrials, Quality, small cap, technology, value	The portfolio maintains a positive tilt toward Quality factors, focusing on companies with sustainably high returns on capital and balance sheet strength. This Quality-orientation provided relative advantage for the full year despite being a headwind in Q4.	RVLV PLUS	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	The London Company Small Cap	ePlus Inc.	Information Technology	Technology Distributors	Bull	NASDAQ	cloud services, data center, IT Solutions, net cash, Networking, Security, Technology Distributor, Value	View Pitch
Apr 13, 2026	Fund Letters	The London Company Small Cap	ePlus inc.	Information Technology	Technology Distributors	Bull	NASDAQ	Acquisitions, balance sheet strength, capital allocation, IT services, margin expansion, share repurchases, technology distribution	View Pitch

BSD Shareholders of PLUS

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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