RELY

RELY

RELY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 15, 2025	Unconventional Value	-	31.6%	PGY, PL, RELY, SPIR, THRY, UPST, XMTR	AI, Concentration, disruption, Founders, growth	The letter centers on applying AI-driven disruption to underappreciated business models in consumer credit, data, and software. Management focuses on founder-led companies with differentiated assets and long runways for monetization. Volatility and concentrated positioning are embraced as necessary for outsized long-term returns.	RELY XMTR THRYV PGY PL	View
2025 Q2	Jul 1, 2025	Night Watch Investment Management	23.3%	20.7%	1126 HK, CWH, HAYPP SS, MRX, RELY, XFAB FP	Compounding, disruption, innovation, long-term, Transformation	The letter frames the investment environment through the lens of long-term technological transformation rather than short-term macro noise. Management argues that innovation cycles consistently overpower political risk, rate speculation, and geopolitical shocks over time. The focus is on identifying compounding forces early and maintaining patience as markets lag real-world technological progress.	1126 HK MRX LN CWH RELY	View
2025 Q4	Feb 22, 2026	Unconventional Value	0.0%	0.0%	AMZN, HIMS, PGY, PL, RELY, SPIR, THRY, UPST, WISE.L, WU, XMTR	AI, Fintech, growth, SaaS, Satellites, small cap, technology, value	AI is viewed as a technology enabler that will accelerate product development and create tailwinds for existing businesses rather than replace human judgment. The manager believes AI will never replace human judgment and sees it as enhancing rather than disrupting core investment strategies. Planet's satellite constellation and daily Earth imaging capability represents a unique infrastructure play. The manager believes Planet is building the default system of record for monitoring Earth, with the daily scan providing infinitely scalable data distribution at zero marginal cost. Remitly's digital remittance platform is taking market share from legacy players like Western Union. The business model relies on acquiring customers via digital channels and earning fees on repeat transactions, with scale benefits improving economics over time. Thryv represents a business model transition from legacy marketing services to SaaS, targeting small businesses moving up-market. The strategy focuses on converting legacy customers to the SaaS platform and expanding functionality for larger businesses with more complex needs.	RELY THRY PL	View
2024 Q4	Feb 10, 2025	Meridian Growth Fund	-0.8%	6.3%	CARG, DOCS, RELY, ST, STE, TMDX	-			View
2023 Q3	Oct 14, 2023	Pernas Research	18.0%	17.8%	E2N GR, NRP, RELY	-			View
2025 Q4	Jan 21, 2026	Meridian Growth Fund	-0.4%	-6.4%	ABT, CERT, CHDN, COO, DOCS, DT, EXAS, GFS, GMED, RELY, SAIC, TNDM, TPB, TRMB, VCYT	growth, healthcare, Medical Devices, Quality, small caps, technology	Healthcare was the portfolio's largest allocation and top-performing sector for the quarter, with the fund maintaining an overweight position. The manager views healthcare as undervalued relative to long-term fundamentals after lagging the broader market for four years. Several healthcare holdings contributed positively including medical device companies and diagnostics firms. The fund's investment approach emphasizes high-quality businesses with recurring revenue, sustainable competitive advantages, and strong balance sheets. However, the quarter saw relative outperformance by lower-quality stocks which created a modest headwind to performance given the portfolio's quality bias. The fund focuses on small-cap growth investments, benchmarked against the Russell 2500 Growth Index. Small caps delivered solid annual returns of 12.8% for the year, though below large-cap returns, with value outperforming growth in the quarter.		View
2025 Q4	Jan 21, 2026	Meridian Small Cap Growth Fund	0.9%	0.0%	ALKT, AMPL, AXGN, CCSI, CDNA, CERT, GPCR, KEX, RELY, TPB, VCYT, VNOM, ZNAS	Biotechnology, growth, healthcare, Quality, small caps, technology, value	Healthcare was the portfolio's largest allocation and top-performing sector for the quarter. The manager continues to view the sector as undervalued relative to long-term fundamentals, noting it has lagged the broader market over the last four years. Multiple biotech holdings contributed positively, including Structure Therapeutics with promising obesity therapy trials, Axogen with peripheral nerve regeneration technology, and Zenas BioPharma with autoimmune disease treatments in Phase 3 trials. The fund emphasizes investing in high-quality businesses with recurring revenue, sustainable competitive advantages, strong balance sheets, and clear visibility into sustainable earnings growth. This quality bias created a modest headwind during the quarter as lower-quality stocks outperformed.	ZBIO AXGN GPCR RELY CERT CCSI EXAS TNDM GMED RELY DOCS CERT	View
2025 Q4	Jan 14, 2026	Longriver Investment Partners	5.8%	17.8%	0700.HK, 3639.HK, 9435.T, ALAB.L, AMD, AMZN, CSU.TO, FUTU, GAW.L, META, NVDA, PDD, RELY, STRP, TCOM, TSM, WISE.L	Asia, Concentration, gaming, global, long-term, payments, semiconductors, value	Wise represents the most asymmetric investment in the portfolio, taking market share from legacy correspondent banking through cheaper, faster, and more transparent infrastructure. The company is evolving from a remittance app into a global financial services platform with three reinforcing routes to market: Consumer, Business and Platform. TSMC was highlighted as both a top contributor in 2025 and the largest positive contribution since inception at ~16ppt of gross returns. The company exemplifies the fund's approach of finding businesses that can reinvest well over the long term. Games Workshop was identified as a largest contributor in 2025 and also contributed meaningfully in 2024, demonstrating that patience pays when a business is delivering consistent results over multiple years.	WISE LN	View
2024 Q2	Jun 30, 2024	Meridian Growth Fund	6.8%	0.0%	AGIO, ALIT, RELY, TMDX. CHWY, TRMB	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 26, 2026	Fund Letters	Tim Gallagher	Remitly Global, Inc.	Financials	Transaction & Payment Processing Services	Bull	NASDAQ	Fintech, growth, Margins, Remittances, Transaction Processing, Unit economics	View Pitch
Jan 24, 2026	Fund Letters	Chad Meade	Remitly Global, Inc.	Financials	Transaction & Payment Processing Services	Bear	NASDAQ	Fintech, growth, Payments, profitability, Remittances	View Pitch
Jan 24, 2026	Fund Letters	Chad Meade	Remitly Global, Inc.	Financials	Transaction & Payment Processing Services	Bull	NASDAQ	Fintech, Payments, profitability, Remittances, scale	View Pitch
Jan 8, 2026	Fund Letters	Roderick van Zuylen	Remitly Global, Inc.	Financials	Consumer Finance	Bull	NASDAQ	Fintech, Immigration, Regulation, Remittances, Taxation	View Pitch
Jan 8, 2026	Fund Letters	Tim Gallagher	Remitly Global, Inc.	Information Technology	IT Services	Bull	NASDAQ	contrarian, digital payments, Fintech, Remittance, secular growth	View Pitch
Jan 8, 2026	Substack	Uzo Capital	Remitly	Financial Services	Digital Remittances	Bull	NASDAQ Stock Market	customer retention, Digital remittances, Free Cash Flow, growth strategy, Legislative Impact, LTV/CAC Ratio, Market Fragmentation, Share Buybacks, shareholder value, valuation discount	View Pitch
Oct 30, 2025	Seeking Alpha	Seeking Alpha	None		Software - Infrastructure	Bull		bullish outlook, economic environment, financial services, fundamentals, price divergence, RELY, Remittances, Small caps, stablecoin, U.S.–Mexico	View Pitch
Sep 16, 2025	Short Thesis	Spruce Point	Remitly Global Inc	Information Technology	Transaction & Payment Processing Services	Bear	NASDAQ	CAC, Competition, Compliance, Fintech, Remittances	View Pitch
Aug 8, 2025	Seeking Alpha	Gunn Research	Remitly Global	Information Technology	Software - Infrastructure	Bull	NASDAQ	—	View Pitch

BSD Shareholders of RELY

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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