REZI

REZI

REZI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 17, 2025	Ariel Focus Fund	4.8%	-	APA, CLB, GNRC, MOS, ORCL, REZI, SJM	Concentration, conviction, downside protection, fundamentals, Quality	The letter focuses on running a concentrated portfolio of high-conviction ideas where downside risk is carefully managed. Management stresses deep fundamental research, strong balance sheets, and management alignment. The outlook favors selective concentration over broad diversification in an inefficient market.	CLB APA SJM REZI MOS ORCL	View
2025 Q2	Jul 17, 2025	Ariel Small Cap Value Strategy	7.6%	-	CLB, DNB, FAF, LIND, OSW, REZI, WEX, ZBRA	Discounts, earnings recovery, Mean reversion, small caps, value	The letter argues that small-cap value stocks are trading at historic discounts versus large caps. Management highlights improving earnings, balance sheet repair, and long-term growth resilience. The outlook anticipates meaningful upside as performance gaps narrow.	ZBRA FAF CLB	View
2024 Q1	Apr 15, 2024	Ariel Focus Fund	10.6%	0.0%	APA, CLB, Gold, MHK, MOS, PHIN, REZI, SJM	-			View
2024 Q4	Dec 31, 2024	Ariel Focus Fund	-1.2%	13.5%	GNRC, Gold, GS, LMT, MHK, REZI, SLB, SNA	-			View
2025 Q3	Oct 24, 2025	Pzena Global Small Cap Focused Value strategy	10.7%	13.9%	1910 HK, AAP, HAS LN, OEC, RCO FP, REZI	consumer, cyclicals, small caps, tariffs, value	Pzenas global small-cap portfolio outperformed its benchmark, led by Resideo, Advance Auto Parts, and Steelcase. The fund added positions in Samsonite, Rémy Cointreau, and Sensata, emphasizing undervalued cyclical and consumer franchises resilient to tariff pressures. Management sees opportunities in economically sensitive sectors with discounted valuations.	SNSA 1910 HK CNXN ORION HAS SCS AAP RESI	View
2025 Q3	Oct 15, 2025	Ariel Appreciation Fund	9.5%	-	FI, GS, KMX, KN, MAT, PBH, PSKY, REZI, SPHR	Artificial Intelligence, consumer tech, Fintech, Mid Caps, Value Investing	Ariel Appreciation emphasizes AI-related growth, fintech innovation, and value recovery among mid-cap holdings. Top contributors included Resideo, Sphere Entertainment, and Knowles, while cyclicals like CarMax weighed on results. The team expects undervalued mid-cap equities to outperform as valuations normalize and active management captures AI and consumer technology tailwinds.	PBH FISV MAT KMX KN SPHR REZI	View
2025 Q3	Oct 15, 2025	Ariel Focus Fund	20.8%	-	AJG, B, FI, MOS, PBH, REZI, SLB, ZIMV	Artificial Intelligence, Fintech, gold, small caps, Value rotation	Ariel Focus outperformed driven by small-cap and value holdings like Resideo and Barrick Gold, while adding exposure to fintech and insurance. The manager emphasizes AI-driven productivity and margin expansion potential across its holdings. With small caps still trading at steep discounts, the fund sees attractive upside as valuation gaps normalize.	FISV AJG SLB PBH	View
2025 Q3	Oct 15, 2025	Ariel Fund	12.4%	-	MANU, MAT, PBH, PSKY, REZI, SPHR	Artificial Intelligence, Media, small caps, Smart homes, Value rotation	Ariel highlights strong small-cap performance amid AI-driven enthusiasm and resilient U.S. growth. The fund benefited from holdings like Sphere Entertainment and Resideo Technologies, while focusing on undervalued cyclicals positioned for an earnings catch-up. It sees opportunity in media innovation and smart home technology as valuations for small caps remain deeply discounted.		View
2025 Q3	Oct 15, 2025	Ariel Small Cap Value Strategy	12.7%	-	BCO, KMT, MAT, PBH, REZI, SPHR, ZBRA	consumer, cyclicals, industrials, small caps, valuation	Ariel sees improving prospects for small caps and cyclical stocks amid Fed easing, strong earnings, and valuation gaps versus large caps. The strategy favors pro-cyclical exposure in undervalued businesses across industrials, logistics, and consumer sectors while maintaining discipline in capital deployment. The managers expect small-cap valuations to normalize as market breadth improves and economic resilience persists.	KMT US SPHR US BCO US REZI US	View
2025 Q4	Jan 29, 2026	Pzena Global Small Cap Focused Value strategy	-1.0%	12.8%	240810.KS, 9065.T, AAP, ADNT, BIRG.L, BPE.MI, MRC, NOKBF, RCO.PA, REZI, SCS, ST, TEP.PA, TPK.L, UMI.BR, UNI.MC, WGO	consumer discretionary, financials, global, small cap, underperformance, valuation, value	The portfolio remains attractively valued and is currently among the most inexpensive across the geographies and market cap ranges managed by Pzena. Small-cap stocks remain particularly depressed relative to larger companies. Small-cap stocks remain particularly depressed relative to larger companies, with the portfolio's relative performance being challenged. U.S. small caps modestly underperformed large caps during the quarter.	WGO KNX	View
2025 Q4	Jan 18, 2026	Ariel Small Cap Value Strategy	3.0%	0.0%	AMG, FDS, GNRC, KMT, NCLH, PSKY, REZI, RLI, SPHR, ZBRA	AI, Entertainment, insurance, Manufacturing, small cap, technology, value	Artificial intelligence continues to drive structural trends and productivity gains across industries, though benefits are unevenly distributed. The technology is contributing to market concentration and shifting competitive positioning, while raising questions about the durability of recent performance patterns. Data center market shows significant long-term growth potential driven by rising energy needs and artificial intelligence infrastructure expansion. Management emphasized strong momentum in this sector as a key growth driver. Live entertainment sector demonstrates robust consumer demand with Sphere Entertainment showing strengthening business fundamentals. The success of productions like The Wizard of Oz is accelerating discussions for future venue expansion both domestically and internationally. Cruise industry faces renewed skepticism despite record bookings and robust customer deposits. Norwegian Cruise Line maintains confidence in long-term demand supported by strategic capacity expansion and private island enhancements.	ZBRA RLI FDS NCLH GNRC REZI KMT AMG SPHR	View
2025 Q1	Mar 31, 2025	Ariel Focus Fund	-3.9%	-3.9%	BIO, CVX, Gold, NTRS, ORCL, REZI, SJM	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 20, 2026	Fund Letters	John Rogers	Resideo Technologies Inc.	Industrials	Building Products	Bull	New York Stock Exchange	Distribution, HVAC, Margins, recovery, spin-off	View Pitch
Dec 3, 2025	Fund Letters	Charles K. Bobrinskoy	Resideo Technologies, Inc.	Industrials	Building Products	Bull	NYSE	Housing, Margins, Pricing, product innovation, Smart home, synergies, tariffs	View Pitch
Nov 29, 2025	Fund Letters	John W. Rogers	Resideo Technologies Inc.	Industrials	Building Products	Bull	NYSE	Building Products, earnings, innovation, Security, Smart home, valuation	View Pitch

BSD Shareholders of REZI

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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