REVG

REVG

REVG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 3, 2025	Rome Capital	-	-	1910.HK, CBOX.L, NATL, REVG, SEG, SOC	Derivatives, growth, small caps, special situations, spinoffs, turnaround, value	Manager emphasizes special situations as compelling opportunities amid market turbulence, particularly spinoffs and restructurings. The approach focuses on forced selling creating attractive entry points, though notes that multiple expansion requires strong business fundamentals beyond just the special situation setup.	1910 HK SEG US REVG US SOC US NATL CBOX LN	View
2025 Q2	Aug 4, 2025	FPA Queens Road Small Cap Value Fund	8.6%	5.9%	AAP, ANGI, CNXC, CSGS, DAR, FN, GIII, IAC, IDCC, IMKTA, LFUS, NNI, PVH, REVG, SCHL, SFM, SYNA, THS, UGI, VSH	Passive investing, Quality, small caps, tariffs, technology, value	Small caps are generationally cheap compared to large caps, trading at the widest discount to the S&P 500 since the tech bubble 25 years ago. High-quality small companies command only a modest premium over lower-quality small companies, unlike large caps where quality commands significant premiums.	NNI IMKTA	View
2025 Q2	Jul 27, 2025	abrdn U.S. Small Cap Equity Fund	6.9%	3.0%	ABCB, ADMA, AHR, ATZ.TO, CHEF, CNMD, CORT, ELF, FIBK, FOLD, GPK, MMSI, REVG, SKWD, TMX.TO	Beauty, healthcare, infrastructure, Onshoring, Quality, small caps, tariffs, Trade Policy	President Trump's sweeping tariff policies initially weighed on investor sentiment, with China facing over 100% US duties. A 90-day pause was announced for most tariffs as part of trade negotiations, followed by US-China agreement on substantial reciprocal tariff reductions. The US doubled tariffs on global steel and aluminum imports to 50%, adding to trade policy uncertainty.		View
2024 Q1	Jun 1, 2024	Alta Fox Capital Management	4.2%	12.5%	DAKT, REVG	Activist, Japan, Quality, small caps, undervalued, value	Alta Fox focuses on attractively priced small-cap assets with a diminishing competitive landscape in this specialized market. The fund targets high-quality, underfollowed businesses at cheap prices in the small-cap space. Japan offers excellent long-term opportunities with more publicly traded small-mid cap companies than the United States.	REVG HUMBLE.ST DAKT EML.AX	View
2024 Q1	May 9, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	3697.T, 8069.TWO, CNM, CWAN, DAVA, EVD.L, FEVR.L, GLOB, JDG.L, PME.AX, REVG, TOI.TO, WIZZ.L	global, growth, infrastructure, IT Services, Quality, SMID Cap, software	The portfolio holds multiple IT services companies including Globant and Endava, both facing headwinds from cautious client spending on digital transformation. Despite near-term challenges, the managers maintain confidence in long-term secular trends driving digital transformation and AI integration.	3697.T DAVA GLOB CNM EVD.DE TOI.TO	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 Q1	Mar 31, 2025	abrdn U.S. Small Cap Equity Fund	-3.7%	-3.7%	AZEK, COHU, CORT, HEES, JHX, LOB, LRN, MWA, REVG, SHOO, URI, VERX, WERN, WK	infrastructure, M&A, Quality, small caps, tariffs, Trade Policy, water	Trump administration announced new trade policy with 10% tariffs on all imports plus additional country-specific tariffs, followed by 90-day moratorium on additional tariffs except China while negotiations proceed. Significant market volatility resulted from concerns about macroeconomic slowdown and higher inflation.	REVG MWA WK SHOO VERX LRN HEES CORT	View
2025 Q1	Mar 31, 2025	FPA Queens Road Small Cap Value Fund	-2.5%	-2.5%	AAP, ARW, AX, BAM, CNO, CNXC, CSWI, IDCC, LFUS, MDU, NJR, OSK, PVH, REVG, SCHL, SFM, SYNA, UGI, UPBD, VSH	consumer, Electronics, Quality, small caps, tariffs, Utilities, value	Manager emphasizes that small-caps are extremely cheap relative to large-caps but warns of the relative junkiness of small-cap indices. Quality small companies are still expensive but becoming more attractive from a valuation perspective as the market declines.		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
2025 Q3	Nov 8, 2025	FPA Queens Road Small Cap Value Fund	7.5%	13.8%	AAPL, ESGR, FN, IAC, IDCC, IMKTA, MGM, NNI, NVDA, OSK, REVG, RLI, SAIC, SFM, SNX, THS, VSH	Defensive, Disciplined, downside protection, Quality, small cap, value	The fund follows a disciplined four-pillar process focusing on quality companies with strong balance sheets, valuation discipline, strong management teams, and growing industries with stable competitive dynamics. Quality is defined by steady operating margins and high returns on capital, allowing companies to compound value over time.		View
2024 Q3	Nov 2, 2024	Alta Fox Capital Management	4.2%	12.5%	APP, IWM, REVG, SPY	industrials, small caps, technology, value, volatility	Alta Fox focuses on high-quality and underfollowed small-cap businesses at attractive valuations. The manager notes increasing extreme price volatility in small caps as an opportunity to capitalize on their diligent research process. They see the convergence of attractively priced small-cap assets and a diminishing competitive landscape as fueling their excitement.	REVG APP	View
2024 Q3	Oct 18, 2024	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	8112.HK, ALIT, BLD, CWAN, ELF, EXLS, FEVR.L, FIVE, GSHD, KNSL, MPWR, PGNY, REVG, TECH, TME, TTEK	global, growth, portfolio, Quality, SMID Cap	Polen focuses on high-quality companies with solid fundamentals, competitive advantages, and strong business models. The managers emphasize their disciplined approach to selecting companies that meet high hurdles for growth and returns. They maintain conviction in their quality growth-oriented portfolio despite recent volatility.		View
2025 Q4	Jan 29, 2026	abrdn U.S. Small Cap Equity Fund	0.5%	8.8%	ARCB, ARQT, ATEC, ATZ.TO, AZZ, CARG, CORT, ELF, HLIO, ITGR, LRN, LZB, OSW, PI, REVG, SUPN, TRNO, VIAV	healthcare, industrials, infrastructure, Quality, small caps, technology	The fund focuses on US small-cap equities, which rose over the quarter but lagged broader US equities. The manager emphasizes higher-quality small-cap businesses that offer resilience against macroeconomic headwinds while benefiting from secular trends. The manager sees compelling opportunities from increased infrastructure investment as a secular trend. New position AZZ is positioned to benefit from grid modernization and domestic manufacturing reshoring. Reshoring of supply chains presents compelling opportunities for smaller companies. AZZ is positioned to benefit from domestic manufacturing reshoring trends, while the broader strategy targets companies that can capitalize on this shift. The fund initiated a position in AZZ, which is positioned to benefit from accelerating data-center development. This reflects the manager's view on the growth potential in data center infrastructure.	CORT	View
2024 Q2	Jul 31, 2024	Alta Fox Capital Management	4.2%	12.5%	HUMBLE.ST, REVG	Manufacturing, Quality, small caps, Sweden, value	Alta Fox focuses on attractively priced small-cap assets with what they believe to be a diminishing competitive landscape within this specialized market. The fund continues to target high-quality and underfollowed businesses at cheap prices in the small-cap space. They express enthusiasm about allocating capital today with a multi-year time horizon in small-cap opportunities.	HUMBLE.ST REVG	View
2024 Q2	Jul 23, 2024	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	AAON, CCCS, DOXI, DT, EXL, FIVE, FND, KINS, MPWR, PAYC, PGNY, POOL, REVG, RGEN, RH, SITM, TREX, TTEK, TYL	AI, growth, healthcare, Quality, SMID Cap, technology, volatility	AI beneficiaries saw considerable hype and crowding, with companies like Monolithic Power Systems benefiting from growth in enterprise data segments driven by cloud-based CPU server applications including AI. However, exceptions exist with some AI-related stocks losing ground relative to first quarter results.	PGNY PAYC FIVE TTEK RGEN CCCS KGIC AAON	View
2024 Q4	Jan 26, 2025	Rome Capital	-	-	1114.HK, 1910.HK, 3990.HK, CBOX.L, CPRI, EDEN.PA, NATL, PLX.PA, REVG, SEG, SN	Concentration, Franchising, gaming, growth, small cap, special situations, spinoffs, value	Rome Capital focuses on spinoffs, bankruptcy emergences, merger arbitrages, asset sales, and large share buybacks where significant changes occur in capital structure or shareholder base. Stock pricing becomes highly inefficient due to forced or indifferent selling by large institutions, creating opportunities to leverage behavioral edges.		View
2024 Q4	Jan 23, 2025	Polen Capital – Global SMID Company Growth	7.4%	-2.4%	8112.T, ALIT, BLD, CWAN, ELF, EXLS, FEVR.L, FIVE, GSHD, KNSL, MPWR, PGNY, REVG, TECH, TME, TTEK	global, growth, Quality, SMID Cap, underperformance, volatility	Initiated position in elf Beauty, a cosmetics company with reputation for quality and innovation at considerably lower prices than other mass cosmetics brands. The company has robust growth potential with low brand awareness, expanding shelf space, growing product portfolio, and early international expansion opportunities.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	abrdn U.S. Small Cap Equity Fund	REV Group	Industrials	Machinery	Bull	NYSE	Ambulances, Fire Engines, market leader, operational improvements, Specialty Vehicles	View Pitch
Apr 13, 2026	Fund Letters	Alta Fox Capital Management	REV Group Inc	Capital Goods	Commercial Vehicles & Trucks	Bull	NYSE	backlog, commercial vehicles, Cyclical, EBITDA Margin Expansion, Fire & Emergency, manufacturing, oligopoly, operational efficiency, Pricing power, Value	View Pitch
Apr 13, 2026	Fund Letters	Alta Fox Capital Management	REV Group	Industrials	Machinery	Bull	NYSE	Ambulances, backlogs, Emergency Vehicles, Fire Trucks, margin expansion, Municipal, oligopoly, Pricing power	View Pitch
Apr 13, 2026	Fund Letters	Alta Fox Capital Management	REV Group, Inc.	Industrials	Machinery	Bull	NYSE	Ambulance, Cyclical, Fire Equipment, Industrial, margin expansion, share repurchase, small-cap, Value	View Pitch

BSD Shareholders of REVG

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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