RCM

RCM

RCM

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Jun 8, 2024	Voss Value Offshore Fund	7.4%	8.9%	ALTG, GENI, IMXI, PAR, RCM, RTO.L, SLCA, SWI	Long/Short, M&A, small caps, special situations, technology, value	Manager maintains concentrated exposure to cheap small caps despite underperformance relative to mega cap tech. Small caps are more exposed to interest rates and have not found sustained propulsion, but with rate stability expected M&A activity to increase from multi-decade lows.		View
2024 Q1	Jun 8, 2024	Voss Value Fund	9.2%	9.2%	ALTG, GENI, IMXI, PAR, RCM, RTO.L, SLCA, SWI	AI, Long/Short, M&A, small caps, sports betting, technology, value	Manager maintains concentrated exposure to cheap small caps despite underperformance relative to mega cap tech. Small caps are more exposed to rates and have not yet found sustained propulsion, but with rate stability expected M&A activity to continue recovering from multi-decade lows.		View
2024 Q1	May 7, 2024	Deep Sail Capital Partners	13.8%	23.5%	ACHR, ADYEN.AS, AEIS, AFRM, ARM, CREX, RCM, TSLA	AI, Europe, growth, IoT, Long/Short, Microcap, SmallCap, technology	The AI revolution kicked off in 2023 with the release of ChatGPT has spurred a sizable uptick in investment and excitement over new products and new industries. This technological shift is contributing to market dynamics and investment opportunities.	SHEL.L	View
2023 Q4	Feb 27, 2024	Voss Value Fund	19.4%	19.2%	GFF, RCM	cyclicals, Healthcare IT, Homebuilders, Long/Short, small caps, value	Manager remains heavily positioned in small cap cyclicals including homebuilders, construction materials, and heavy construction equipment. Small caps are expected to benefit disproportionately from Fed rate cuts and money market fund outflows. Small caps trade at low percentile of historical valuations versus large caps with 24% EPS growth estimated for 2024.	BRCM AAGFF	View
2024 Q3	Nov 26, 2024	Voss Value Offshore Fund	7.4%	8.9%	BWA, BYD, CAVA, LI, NIO, PHIN, RCM, TM, WMT	Auto Parts, Electric Vehicles, Long/Short, market inefficiency, small caps, value	Phinia represents a compelling opportunity as an ICE auto parts supplier benefiting from EV adoption slowdown and competitive withdrawals. The company's Gasoline Direct Injection technology and aftermarket business provide defensive characteristics with growth potential from market share gains.	PHIN	View
2024 Q3	Nov 26, 2024	Voss Value Fund	7.6%	9.5%	BWA, BYD, CAVA, LI, NIO, PHIN, RCM, TM, WMT	Auto Parts, Electric Vehicles, M&A, small caps, valuation, value	Manager believes EV penetration estimates are too optimistic, with BEV market flatlining in US and China and declining in Europe. Consumer surveys show growing disinterest in BEVs, leading to substantial discounts and bloated inventory. This creates opportunities for ICE-focused suppliers like Phinia.	PHIN	View
2024 Q3	Oct 31, 2024	VH Standard Asset Management	-	-0.8%	CPRI, CTLT, EDR, ESGR, FYBR, GBNY, HCP, HES, JNPR, K, MGRC, MNTX, RCM, SMAR, SRCL, SRDX, VBFC	Deal Analysis, diversification, insurance, M&A, Merger Arbitrage, risk management	The fund is positioned across multiple merger arbitrage transactions in the healthcare sector, including deals like CTLT and other healthcare-related M&A activity. The manager discusses the strong success rate of insurance company transactions and analyzes deal-level risk across various sectors including healthcare.	ESGR	View
2024 Q4	Jan 27, 2025	VH Standard Asset Management	-	-3.9%	ALTM, ALTR, AXNX, CDMO, CTLT, ESGR, GBNY, HCP, HES, INST, IPG, JNPR, JWN, MRNS, PDCO, PTVE, RCM, SMAR, SRCL, SRDX	Antitrust, Deal Flow, M&A, Merger Arbitrage, Regulatory, Trump	The fund experienced significant losses from the CPRI transaction failure in October, with the judge ruling against the merger based on novel antitrust theories about affordable luxury handbags. Despite this setback, the manager notes 33 deals completed between October and year-end with only 4 failures, indicating continued M&A activity in the sector.		View
2024 Q3	Sep 30, 2024	Firebird US Value Fund	0.0%	0.0%	AIZ, FTI, NTR, RCM, SNBR, SYF, TRV	Buybacks, Capital Allocation, free cash flow, insurance, rates, value	The fund analyzes the relationship between interest rates and buyback activity, noting that S&P 500 buybacks have been value-destructive due to low free cash flow yields below borrowing costs. In contrast, the fund's portfolio companies like Synchrony Financial and Nutrien have double-digit free cash flow yields, making their buybacks value-accretive.	AIZ TRV	View
2022 Q4	Aug 31, 2023	Crossroads Capital	4.2%	8.9%	CLMT, RCM	-			View
2024 Q2	Aug 13, 2024	Silver Beech Capital	0.0%	22.3%	BN, BTI, BUR, DNTL.TO, ET, FFH.TO, FNF, RCM, WSC	Concentration, Legal Finance, multiples, Outperformance, technology, value	Silver Beech focuses on companies trading at low multiples of normalized earnings power and below intrinsic value. The portfolio trades at 14.7x forward P/E versus 22.7x for the S&P 500, while maintaining similar growth and operating metrics. The fund seeks companies with strong competitive advantages that are misunderstood by the market.	BUR	View
2023 Q1	Aug 5, 2023	Deep Sail Capital Partners	13.8%	23.5%	CVNA, DUOL, LEAT, MELI, NVDA, RADI, RCM, WE.TO	Banking, E-Commerce, LatAM, Long/Short, Recession, small caps	Manager expects a recession in fall 2023 driven by banking crisis and ZIRP policy consequences. Regional banks face structural issues on both asset and liability sides, leading to reduced lending and consumer demand.	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM	View
2023 Q4	Feb 27, 2024	Voss Value Offshore Fund	7.4%	8.9%	GFF, RCM	AI, Healthcare IT, Housing, Long/Short, small caps, value	Manager maintains conviction that small cap value will outperform large caps going forward, citing low percentile historical valuations and expected 24% EPS growth in 2024 versus 11.4% for large caps. Small caps should benefit disproportionately from money market fund outflows when Fed cuts rates.	BRCM AAGFF	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of RCM

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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