RLI

RLI

RLI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	AMG Yacktman Fund	5.8%	7.3%	012330.KS, 0992.HK, CNQ, CTSH, KT, KVUE, MSFT, PEP, PG, RLI, SCHW, SSNLF, UHAL	Buybacks, consumer, large cap, South Korea, technology, value	Yacktman approaches investing with an owner's mindset, evaluating underlying business fundamentals and requiring prices that compensate for risks. The fund focuses on risk-adjusted returns over market cycles, with historically strong performance following periods of lofty valuations like today's market.		View
2025 Q2	Jul 9, 2025	LRT Capital Management	-	8.1%	ABG, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FN, GOOGL, GPI, ICLR, MKTX, NOC, PBR-A, RLI, SNEX, SSD, TTC, UNH	Consolidation, healthcare, infrastructure, Long/Short, Low Beta, Quality, Systematic	The manager emphasizes investing in category-defining enterprises with durable competitive moats, strong brand equity, and disciplined capital allocation. Holdings are characterized as best-in-class operators with fortress-like balance sheets and long-term compounding potential.		View
2024 Q2	Jul 3, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALB, BALL, CCI, CHE, CIGI, DECK, DINO, ELS, EXPO, GPN, LAD, NOC, RLI, SSD, TSM, TTC, TXN, WH, XOM	Beta Hedging, Long/Short, quantitative, risk management, Systematic			View
2024 Q1	May 21, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALGN, CCI, CHE, CIGI, CMCSA, CSWI, DINO, EXPO, FIX, GNRC, GPN, LAD, NOC, PBR-A, RLI, SAIA, SSD, TXN, WH	Beta, Hedging, Long/Short, quantitative, SMID Cap, Systematic	The fund maintains cautious positioning with low market beta exposure of 16.63% at month end. The manager continues to be cautious on the overall market as evidenced by current low market beta. Despite poor April performance, the strategy seeks to generate positive returns while controlling downside risks.		View
2025 Q1	May 2, 2025	LRT Capital Management	-	6.0%	ABG, CBOE, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FIX, GPI, MKTX, NOC, PBR-A, REXR, RLI, SSD, TTC, UNH, WH	Beta, Fiscal, Hedging, Long/Short, Trade Policy, volatility	President Trump's universal tariff plans have roiled global markets and created policy uncertainty. The manager views tariffs as economically detrimental, comparing them to Import Substitution Industrialization policies that have failed historically. Hastily implemented tariffs will negatively affect the U.S. economy through slower growth, higher inflation, higher interest rates, and economic weakness.		View
2026 Q1	Apr 16, 2026	Ariel Appreciation Fund	1.1%	1.1%	GNRC, KEYS, KKR, KMT, MAT, NCLH, RLI, SLB	AI, Data centers, energy, Geopolitical, mid cap, value			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
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
2022 Q4	Nov 2, 2023	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AEL, FN, GIII, IDCC, NJR, OMI, RLI, SJIJ, SYNA	-			View
2025 Q3	Oct 2, 2025	LRT Capital Management	-	-0.2%	ABG, CAAP, CCI, CHE, CHTR, CIGI, CM, DRI, FN, GPI, IESC, PBR-A, RLI, SNEX, SSD, TD, TRV, TTC, UNH, XOM	Long/Short, Market Neutral, Quality, risk management, Systematic, valuation, value	The manager emphasizes investing in high-quality companies that are growing their value per share. While the quality factor has struggled over the past year, the manager views this as presenting the greatest opportunity for future investment and believes now is a perfect time to add to the strategy given its muted returns.		View
2024 Q3	Oct 2, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALGN, AMT, APO, BALL, CAAP, CGNX, CHE, CIGI, COP, DINO, EXPO, FIX, MCK, NOC, PAGS, RLI, SAIA, SSD, TSM	Alpha Generation, Long/Short, quantitative, risk management, Systematic			View
2024 Q4	Jan 6, 2025	LRT Capital Management	0.0%	15.8%	AAPL, ABG, BURL, CGNX, CHE, CIGI, COP, DECK, DINO, EXPO, FIX, GPN, IESC, PRI, RLI, TSLA, TSM, WH, WMT, WSM	AI, fundamentals, Long/Short, momentum, Overvaluation, Systematic, value	Manager criticizes momentum-driven markets where fundamentals have been ignored for three years. Value factor declined 17% in 2024 while momentum returned 57%. The fund maintains a fundamentals-based approach despite challenging environment for value investing.		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
2023 Q4	Aug 1, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALB, ALGN, BALL, BF-B, CCI, CHE, CIGI, CSWI, DINO, EXPO, GPN, LAD, NOC, PSX, RLI, SSD, TPL, TSM, WH	Defensive, Long/Short, Market Neutral, Quality, risk management, valuation	Manager emphasizes owning high-quality companies that outperformed during December's challenging environment. Portfolio companies are described as firing on all cylinders with strong fundamentals.		View
2023 Q1	Apr 14, 2023	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	DECK, FN, GIII, IDCC, NJR, OMI, RLI, SFBS, SYNA, UNFI	-			View
2023 Q3	Apr 10, 2023	LRT Capital Management	0.0%	15.8%	ABG, ACGL, ALGN, AZPN, BALL, CCI, CHE, DINO, ELS, EME, FIX, JKHY, NOC, RLI, SSD, TPL, TSM, URI, WH, WSM	Hedging, Long/Short, Quality, SMID Cap, Systematic	The fund focuses on high quality, diversified, and liquid companies with economic moats. The strategy emphasizes businesses with strong competitive dynamics that are unlikely to be meaningfully affected by small changes in interest rates.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 7, 2026	Fund Letters	FPA Queens Road Small Cap Value Fund	RLI Corp	Insurance - Property & Casualty	Insurance	Bull	New York Stock Exchange	combined ratio, Long-term holding, Niche markets, premium valuation, ROE, specialty insurance, underwriting discipline	View Pitch
Feb 21, 2026	Fund Letters	Steve Scruggs	RLI Corp.	Financials	Property & Casualty Insurance	Bull	New York Stock Exchange	combined ratio, Discipline, Insurance, Quality, ROE, underwriting, valuation	View Pitch
Jan 20, 2026	Fund Letters	John Rogers	RLI Corp.	Financials	Insurance	Bull	New York Stock Exchange	Cycles, Discipline, Insurance, profitability, underwriting	View Pitch

BSD Shareholders of RLI

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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