ROL

ROL

ROL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Aug 6, 2024	GreenWood Investors	0.0%	16.6%	CTT.LS, LDO.MI, MEIP, ODET.PA, PDD, RACE, ROL, RTO.L	Biotechnology, Buybacks, defense, E-Commerce, Europe, Governance, value	Leonardo SpA is the largest contributor to performance, benefiting from increased defense spending driven by the Ukraine war and new normal lasting at least a decade. Italian government considering near-term orders that would eclipse total annual defense expenditures, with jumbo orders largely not included in the company's 5-year plan.	ODET.PA RTO.L PDD CTT.LS MEIP LDO.MI	View
2025 Q1	May 1, 2025	Conestoga Mid Cap Composite	1.0%	1.0%	ALGN, BFAM, CPRT, CSGP, FTNT, GNRC, GWRE, HEI.A, IT, RGEN, ROL, ROP, TECH, TYL, VRSK, WCN, WSO, WST	growth, healthcare, industrials, mid cap, Quality, technology	Conestoga's emphasis on higher-quality, conservative growth companies with higher recurring revenue, more stable product cycles, and less capital-intensive investment requirements was key to outperformance. The portfolio benefited from high-quality factor leadership as profitable companies measured by Return on Invested Capital and EBITDA margins declined less significantly than their high beta, non-earning counterparts.		View
2026 Q1	Apr 23, 2026	Polen Capital – Focus Growth	-17.3%	-17.3%	ABT, ADBE, BSX, CSGP, INTU, LRCX, META, MSFT, NOW, NVDA, PAYC, ROL, SBUX	AI, disruption, growth, semiconductors, software, technology, volatility		CSGP ROL META LRCX	View
2024 Q1	Apr 15, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	AXON, BFAM, CWST, DSGX, EXPO, FIVN, FSV, MRCY, NEOG, NOVT, PYCR, QTWO, RGEN, ROAD, ROL, SPSC, TFX, TREX, WK, WSO	growth, industrials, infrastructure, mid cap, small cap, software, technology, Waste management	The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness.		View
2023 Q4	Dec 31, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, CCCS, CWST, DSGX, EXPO, FICO, FSV, IT, JBT, MSA, MTN, PYCR, RBC, ROAD, ROL, SITE, SPSC, SSD, STVN, TREX, WSO, WST	growth, healthcare, industrials, Quality, small cap, technology	The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for maintenance and capacity increase related road projects, which benefits companies like Construction Partners in the Southeast United States. This has led to strong backlog growth for 12 consecutive quarters.		View
2023 Q4	Dec 31, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	ALGN, ANSS, CGNX, CPRT, CSGP, EXPO, FIVN, FTNT, HEI.A, IDXX, IT, JKHY, MTD, MTN, ROL, ROP, VEEV, VRSK, WCN, WST	growth, healthcare, industrials, mid cap, Quality, technology	Conestoga focuses on higher-quality companies with durable competitive advantages, balance sheet strength, and capable management teams. The portfolio faced stylistic headwinds as low-quality, unprofitable businesses outperformed during the quarter, particularly after the October 27th market bottom.		View
2024 Q3	Nov 5, 2024	Broyhill Asset Management	6.0%	0.0%	AVTR, BAX, BN.PA, DG, EPAM, EVO.ST, FI, NICE, PM, PYPL, ROL, RTO.L, SCHW	consumer, financials, gaming, healthcare, technology, value	Philip Morris is shifting business mix from combustible cigarettes towards reduced risk products and re-entering the US market through Swedish Match acquisition. Zyn has become wildly popular with supply constraints despite production expansion, while youth usage remains under 2%.	NICE EVO.ST RTO.L	View
2025 Q3	Oct 28, 2025	Canopy Investors	-4.1%	-	AZO, BVI.PA, EDEN.PA, HEI, MCO.PA, MEDP, ROL, SBAC, STE, SXS.L, TREX, TW	AI, Biotechnology, Construction, Defensive, global, Quality, semiconductors, small caps	Small biotechs are the engine of innovation in the pharma industry and are expected to grow at high-single-digit rates over the medium term. Biotech funding levels and Pfizer's agreement with the Trump Administration on drug pricing have been cautiously positive developments.	TREX MEDP TREX US MEDP US TREX US MEDP US	View
2024 Q3	Oct 23, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, AXON, BFAM, CGNX, CWST, DSGX, EXPO, FIVN, FSV, GWRE, MSA, POOL, QTWO, ROAD, ROL, SITE, TREX, TYL, WSO, WST	growth, industrials, infrastructure, software, technology	The infrastructure spending in the United States has benefited companies like Construction Partners in two ways: the level of demand and funding available, and supply tightness in hot mixed asphalt plants leading to better pricing and expanding margins.		View
2024 Q3	Oct 23, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	ANSS, CPRT, CSGP, FIVN, FTNT, GWRE, HEI.A, IDXX, IT, PCOR, POOL, RGEN, ROL, ROP, TFX, TYL, VEEV, VRSK, WCN, WST	growth, healthcare, industrials, mid cap, software, technology	Fortinet led portfolio returns as the cybersecurity leader reported significant beats on billings and accelerating bookings growth, indicating the firewall product cycle may have turned positive. The company is managing inventory well and operating margins surprised to the upside.		View
2024 Q3	Oct 13, 2024	Andvari Associates	0.0%	20.3%	AJG, CSU.TO, LMN.TO, ROL, TOI.TO	Capital Allocation, insurance, M&A, Serial Acquirers, software, value creation	The fund owns three serial acquirers of vertical market software companies: Constellation Software, Topicus.com, and Lumine Group. This trio acquired another 22 software businesses in just the prior quarter. The manager views this group as a semi-permanent holding still capable of outperforming the market over the long term.	ROL AJG CSU.TO	View
2025 Q4	Jan 18, 2026	Conestoga Mid Cap Composite	-5.8%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology	The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly.	GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY	View
2025 Q4	Jan 18, 2026	Conestoga SMid Cap Composite	-2.7%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	Biotechnology, defense, growth, industrials, Quality, small caps, technology	Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions.	GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN	View
2023 Q3	Sep 30, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	BALL, CGNX, CPRT, CSGP, FDS, FTNT, GGG, GNRC, GWRE, HEI.A, IDXX, POOL, RGEN, ROL, ROP, VEEV, VRSK, WCN, WST	growth, healthcare, interest rates, mid cap, Quality, technology	Conestoga emphasizes higher-quality companies with positive earnings, higher margins, higher returns on equity, and lower debt levels. This quality focus is positioned to outperform in an environment facing higher interest rates and potential recession.	OMCL CSWI	View
2023 Q3	Sep 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	CSWI, CWAN, CWST, DSGX, EXPO, FICO, FSV, GGG, GWRE, MMSI, NOVT, OMCL, POOL, RGEN, ROAD, ROL, SPSC, WSO	growth, healthcare, infrastructure, Quality, small cap, technology	Conestoga emphasizes higher-quality companies with positive earnings, higher margins, higher returns on equity, and lower debt levels. This quality focus positioned their strategies for outperformance in an environment facing higher interest rates and potential recession.	NSTG AD8 AU\|ARB AU\|BAP AU\|CAT AU\|DHG AU\|PME AU\|PNI AU\|RDX AU\|TNE AU OMCL CSWI	View
2024 Q2	Jul 15, 2024	Cooper Investors Global Equities Fund (Unhedged)	5.5%	5.4%	ACN, AER, BKNG, CDW, CRM, ERF.PA, FER.MC, FERG.L, GEHC, GOOGL, HDB, LPX, LSEG.L, REL.L, ROL, RTO.L, SONY, TSM, ULTA, YUMC	AI, global, growth, Quality, semiconductors, value	Portfolio has 10% exposure through TSMC and Alphabet, with TSMC positioned to extract more value from AI profit pools and Alphabet leveraging AI across search, YouTube, and cloud. Manager sees AI revolution making companies with unique datasets more valuable as it permanently improves business models, citing examples like RELX's LexisNexis Legal business and GE Healthcare's diagnostic imaging.		View
2023 Q3	Jul 11, 2023	Andvari Associates	0.0%	20.3%	AMT, ROL	-			View
2024 Q2	Jun 30, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	CWST, DH, DSGX, EXPO, FICO, FSV, GWRE, HEI.A, POOL, RBC, RGEN, ROAD, ROL, SITE, SPXC, STVN, TREX, TYL, WSO	consumer discretionary, growth, healthcare, small caps, software, technology	Software industry holdings outperformed despite perceived shift in spending to AI-related hardware. Tyler Technologies reported strong results with recurring revenues now at 84% of revenue. Guidewire Software showed acceleration in subscription software growth to 35%.		View
2024 Q2	Jun 30, 2024	Conestoga Mid Cap Composite	8.4%	9.4%	CPRT, CSGP, GWRE, HEI.A, IDXX, IT, LSPD, POOL, RGEN, ROL, ROP, TYL, VEEV, VRSK, WCN, WST	growth, healthcare, mid cap, software, technology	Manager discusses the prolonged underperformance of small cap stocks versus large caps, noting this feels like peak pessimism for small caps. They believe the current environment parallels past cycles like the Nifty Fifty and Dot Com eras, with small cap valuations near early 2000s lows.		View
2023 Q2	Jun 30, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	AAPL, ANSS, CPRT, CSGP, FDS, GGG, GWRE, HEI.A, IDXX, MSFT, MTD, RGEN, ROL, ROP, TSCO, VRSK, WCN, WST	consumer discretionary, growth, healthcare, industrials, mid cap, technology	The manager focuses on high quality conservative growth companies with sustainable earnings growth and strong balance sheets. They employ a time horizon arbitrage approach by identifying higher quality companies capable of growing through multiple business cycles.		View
2023 Q2	Jun 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	AAPL, AXON, BFAM, CWAN, CWST, DSGX, EXPO, FICO, GGG, GWRE, MRCY, MSFT, PYCR, RBC, RGEN, ROL, SITE, SPSC, TREX, WSO	consumer discretionary, growth, industrials, SMID Cap, technology, Utilities	SPS Commerce benefits from secular growth in the digitization of ecommerce and maintains a steady, durable business model that has remained resilient in a slower macroeconomic environment. The company highlights that historically they have only seen about a 1% drag on revenue growth from macro slowdowns.		View
2022 Q2	Jun 30, 2022	Baron Asset Fund	8.3%	10.6%	ANSS, ARGX, FND, ICLR, IDXX, MTD, OT, ROL, ZI	-			View
2023 Q1	May 23, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, AXON, CWAN, CWST, DSGX, EVI, EXPO, FICO, FSV, JKHY, LSPD, NOVT, PLOW, RBC, RGEN, ROL, SPSC, TECH, WSO, WST	Banking, growth, healthcare, Quality, small cap, software, technology	The strategy benefited from a market rotation into quality-growth companies with higher multiples, particularly within software, which had underperformed cheaper stocks throughout much of 2022 because of the sharp rise in interest rates. Companies with stronger balance sheets, positive cash flows, and more sustainable growth rates may be preferred given banking sector pressures.		View
2023 Q1	Apr 18, 2023	Brasada Focused Equity Strategy	0.0%	0.0%	CP, GOOGL, KSU, ROL, RTO.L	Concentration, Mergers, Pest Control, Railroads, technology, value	Canadian Pacific's merger with Kansas City Southern creates the only single-line railway connecting Canada to Mexico, expected to shift 64,000 truckloads from road to rail. This represents the first Class 1 Railroad merger since 1999 and will be the last major railroad merger due to regulatory constraints.	GOOGL ACP.WA RTO.L	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Polen Capital - Focus Growth	Rollins Inc	Personal Services	Commercial Services & Supplies	Bull	New York Stock Exchange	Acquisitions, customer retention, defensive, Fragmented Industry, Non-cyclical, Orkin, pest control, recurring revenue	View Pitch
Apr 13, 2026	Fund Letters	Andvari Associates	Rollins Inc.	Industrials	Environmental & Facilities Services	Bull	New York Stock Exchange	Consumer services, Fragmented Market, M&A, North America, pest control, Roll-up Strategy, serial acquirer	View Pitch
Jan 26, 2026	Seeking Alpha	Seeking Alpha	Rollins, Inc.	Consumer Discretionary	Commercial Services	Bull	New York Stock Exchange	cash flows, defensive characteristics, Dividend Increase, economic cycles, incremental margins, organic growth, Orkin, pest control services, Pricing power, recurring revenue	View Pitch
Jan 26, 2026	Seeking Alpha	Seeking Alpha	Rollins, Inc.	Consumer Services	Pest Control	Bull	New York Stock Exchange	defensive characteristics, Dividend Increase, earnings compounding, incremental margins, organic growth, Orkin, pest control services, Pricing power, recurring revenue	View Pitch
Jan 21, 2026	Fund Letters	Derek Johnston	Rollins, Inc.	Consumer Discretionary	Commercial Services & Supplies	Bull	New York Stock Exchange	cashflow, defensive, Pricingpower, Recurringrevenue, services	View Pitch
Sep 16, 2025	Short Thesis	Spruce Point	Rollins Inc	Consumer Discretionary	Environmental & Facilities Services (Pest Control)	Bear	NYSE	M&A, pest control, Recurring, Regulation, valuation	View Pitch
Aug 13, 2025	Seeking Alpha	IWA Research	Rollins, Inc.	Other	-	Bear	NYSE	—	View Pitch

BSD Shareholders of ROL

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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