ROST

ROST

ROST

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jun 30, 2025	Fenimore Dividend Focus Strategy	5.7%	-	ENTG, GEHC, HEI, MKC, ROST, TT	cash flow, dividends, downside protection, fundamentals, Quality	The commentary stresses high-quality businesses with durable cash flows and growing dividends amid speculative market behavior. Management believes quality stocks lag temporarily during risk-on rallies but outperform over full cycles. Capital preservation and downside protection remain core objectives.	GEHC ENTG	View
2025 Q1	Mar 31, 2025	Fenimore Dividend Focus Strategy	1.5%	1.5%	AJG, HEI, ROST, STE, TT	-			View
2023 Q1	Mar 31, 2023	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	2.7%	2.7%	ADI, FIS, ICE, MTB, ROST, ZBRA	-			View
2025 Q4	Feb 12, 2026	Bretton Fund	1.4%	11.6%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	AI, Banking, consumer, financials, Housing, technology, value	The fund views the overall market as fairly elevated but not in bubble territory regarding AI, though some parts of the AI craze appear bubble-like. Alphabet's AI chatbot Gemini exceeded expectations and was on par with leading AI models, contributing significantly to performance. The managers are comfortable missing out on highly speculative AI investments while focusing on long-term value. Banks had a strong year due to increased lending, reduced regulation, and moderately high interest rates. American Express cardholders continue spending with high payment rates, while the Platinum Card remains desirable despite competition. Credit and banking environment remained strong throughout the period. Off-price retailers TJX and Ross returned to form after struggling during post-Covid inflation, with strong stock performance. AutoZone faced challenges navigating tariff impacts on earnings, though the consolidated auto parts retail market historically passes through price increases. Consumer spending patterns showed resilience in certain segments. Housing investments had a weak year as high interest rates and hopes for lower rates left potential buyers on the sidelines. Home builders initially held up well when rates first rose in 2022, but continued high rates eventually impacted demand. The managers expect pent-up housing demand to eventually drive performance once the market unfreezes.	RVTY GOOG UNH	View
2023 Q4	Dec 31, 2023	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	11.3%	16.1%	APD, CDW, MKL, ROST, WAT	-			View
2022 Q4	Nov 1, 2023	Right Tail Capital	0.0%	10.3%	ROST	-			View
2025 Q3	Oct 9, 2025	Fenimore Dividend Focus Strategy	-0.7%	-	APH, ENTG, FTV, JKHY, POOL, ROST, VRSK	AI, Compounding, dividends, earnings, Quality	The strategy focuses on high-quality dividend growers benefiting from AI infrastructure spending, with Amphenol and GE Healthcare leading on growth and capital discipline. Despite short-term underperformance versus speculative stocks, dividend momentum remains robust with 25 of 26 holdings increasing payouts. The approach emphasizes compounding, earnings growth, and valuation discipline.	FSV CN VRSK US ROST US APH US	View
2025 Q3	Oct 9, 2025	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	1.4%	-	A, APH, BRO, CDW, LSTR, ROST, WAT	AI, industrials, Logistics, retail, value	The fund highlights positions in Ross Stores and Amphenol, benefiting from AI data center buildouts and improving retail margins. New buys like Agilent and Landstar reflect a focus on resilient industrial and analytical businesses poised for cyclical normalization. Management stresses patience and capital-light models amid market rotation.	LSTR US A US ROST US APH US	View
2022 Q3	Oct 25, 2022	Madison Mid Cap Fund	7.2%	12.4%	MCHP, MKSI, ROST, VNT	-			View
2022 Q3	Oct 21, 2022	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BRK/A, DFH, GOOG, JPM, MA, MCO, MSFT, NVR, PGR, PKI, PRK, ROST, SPGI, TJX, UNH, UNP, V	-			View
2025 Q3	Oct 12, 2025	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	5.3%	-	APP, ARGX, AXON, BJ, BRO, CTAS, DASH, HOOD, HUBS, IBKR, IDXX, INSM, INSP, IT, LSCC, MPWR, NCLH, ORLY, ROST	AI, Automation, Fintech, healthcare, industrials	TimesSquare notes AI investment remains dominant but overextended, signaling a potential capital-cycle risk. The team emphasizes industrial automation, healthcare innovation, and financial technology as more durable mid-cap growth drivers.		View
2025 Q4	Jan 21, 2026	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	-4.7%	9.4%	ALL, AME, ARGX, AXON, CASY, COR, CRS, CSL, DASH, EME, HOOD, INSM, ORLY, PINS, POOL, RGEN, ROST, TPG, TTWO, VEEV	AI, consumer, financials, growth, healthcare, industrials, mid cap, technology	Take-Two Interactive delivered solid fiscal second-quarter results with 20% year-over-year growth in recurring consumer spending. The delay of Grand Theft Auto 6 launch from May to November 2026 caused shares to fall sharply, presenting an opportunity to add to the position on weakness. JFrog saw significant pipeline growth in its security add-on following the NPM supply chain attack, driving a 32% rally. The manager anticipates significant acceleration in AI adoption as 2026 unfolds, with Bentley Systems positioned to benefit from increased application usage driven by AI adoption in civil engineering. argenx showed strong progress in its Vyvgart franchise with multiple catalysts over the next 12 months. Insmed advanced 21% with positive reception for Brensocatib launch. Repligen delivered double-digit growth across business and geographies with healthy consumable demand and outperforming equipment sales. Demand for security increased following the recent NPM supply chain attack. JFrog's security add-on which secures open-source packages before organizations onboard them has seen significant pipeline growth, highlighting the critical need for software supply chain security. Carpenter Technology serves as a key supplier to aerospace and defense markets, with strong fiscal first quarter results and higher forward guidance lifting the stock 28%. Defense was highlighted as showing solid sales for Amphenol's electrical connectors business. Bentley Systems is positioned to benefit from global investment in mining and electric grids, and large regional infrastructure projects. The implementation of the One Big Beautiful Bill is projected to catalyze corporate capital spending according to the manager's outlook.	AMAT AXON PINS TTWO	View
2025 Q4	Jan 20, 2026	Madison Mid Cap Fund	-1.2%	1.8%	ACGL, ANET, AOS, APH, BRO, CDW, EXPD, FND, LBRDA, MCHP, MKSI, MSA, PCAR, ROST, TDY, TECH, TREX, TTAN, WAT, WRB	AI, financials, industrials, mid cap, Quality, technology, value	The fund focuses on high-quality, highly profitable, durable businesses with shareholder-oriented management teams selling below intrinsic value assessments. This quality-focused approach has historically provided strong long-term performance despite being temporarily out of favor in speculative market environments. Several portfolio companies are benefiting from AI-related applications and data center spending. MKS's Electronics and Packaging business shows accelerating growth partly due to AI applications, while Amphenol's IT/Datacom business produces spectacular organic growth driven by AI-related data center spending.	MCHP MSA AOS TTAN BIO ROST	View
2025 Q4	Jan 19, 2026	Carillon Eagle Mid Cap Growth Fund	0.0%	8.7%	ALNY, ARES, AXON, COR, CRS, CVNA, HLT, LPLA, MDB, NTRA, RBA, RBLX, RCL, ROST, TER, VEEV, VRT, VST	aerospace, AI, Biotech, consumer, growth, healthcare, mid cap, technology	AI investment cycle accelerated notably in 2025 and expected to continue driving markets early in 2026. Strong demand for AI-related semiconductor test equipment. Bottlenecks from power supply availability remain a key gating factor for new computing capacity. Production challenges at two global aircraft manufacturers led to sustained increase in high-margin aftermarket parts and services. With manufacturers resolving production issues, original equipment exposed stocks may outperform as aircraft production rates ramp up. Biotech stocks getting boost from downtick in interest rates. Continued decline in rates could set stage for prolonged period of positive returns. Recent M&A activity has picked up though remains below normal levels. Healthcare industry remains largest US sector at $5 trillion, growing 5% annually driven by aging population and chronic conditions. Sector has underperformed recently but working off COVID excesses with improving M&A activity and favorable valuations. Consumers broadly prioritizing travel and experiences over goods. Companies offering unique experiences such as cruise vacations remain attractive despite some near-term guidance concerns and supply dynamics.	VEEV VST RCL AXON RBLX MDB ROST CRS TER NTRA	View
2025 Q4	Jan 13, 2026	Fenimore Dividend Focus Strategy	-4.4%	1.9%	AJG, APH, AVY, BR, CDW, CTAS, HEI, HLI, IEX, JKHY, MCHP, MLM, PAYX, ROST, RSG, STE, SYK, TT, VRSK, WSO	AI, dividends, healthcare, mid cap, Quality, technology, value	Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation. Quality as a factor remained out of favor despite many businesses showing strong long-term fundamental prospects. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run. AI excitement and related infrastructure builds continued to drive the market, drawing capital away from nearly every other area. Investor enthusiasm was driven toward businesses with AI-related exposures. Amphenol benefited from data center buildouts supporting AI, with its IT Datacom segment growing 128% organically. Dividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). Valuations for portfolio companies are becoming more attractive while other indices become more overvalued. The fund sees compelling valuations within the portfolio, which management believes sets the fund up for solid future performance. Many quality franchises are trading at relative multi-year lows.	TT APH JKHY ROST	View
2025 Q4	Jan 13, 2026	Fenimore Small Cap Strategy	-4.1%	-11.6%	APH, BIPC, BROS, BWIN, CASS, CHH, CIGI, DFH, EXLS, EXPO, FND, FSV, FTDR, JKHY, LSTR, NOVT, OSW, PNFP, ROST, SPSC, TRRSF	AI, Quality, small cap, Speculation, underperformance, value	The update highlights selective small-cap growth investing focused on companies with niche leadership, strong balance sheets, and long runway opportunities. Volatility is viewed as a source of opportunity to add to high-quality businesses at reasonable valuations. Small-cap growth is positioned for recovery as earnings growth reaccelerates.		View
2025 Q4	Jan 13, 2026	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	-1.2%	4.9%	ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA	AI, fundamentals, mid cap, Quality, Speculation, value	Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks.	FAST AZO BRO APH MKL	View
2024 Q3	Sep 30, 2024	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	ARGX, BJ, CRWD, DASH, FND, IAC, ICON, IOT, MCHP, ORLY, OS, PINS, PR, ROST, RRX, SMAR, TSCO, VEEV, VRSK	-			View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	APTV, ARGX, BJ, CSGP, EFX, FIVE, FND, GFL, HCP, IAC, IDXX, LNG, MLM, PINS, PXD, RGEN, RNR, ROST, RPM, RPRX, SNPS, VAC	-			View
2022 Q2	Jun 30, 2022	Coho Relative Value Equity	0.0%	6.1%	MCHP, ROST, SWK	-			View
2025 Q1	Apr 14, 2025	Parnassus Mid Cap Growth Fund	-10.0%	-10.0%	APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOC, FTNT, GWRE, HOOD, ICLR, KLAC, MELI, NTRA, ORLY, ROST, SNDK, TER, TTD, VRSK, WST, XYZ	-			View
2025 Q1	Apr 14, 2025	Parnassus Value Equity Fund	-2.0%	-2.0%	A, ALGN, AMD, AMZN, AVGO, BIO, CI, DE, GILD, GOOG, JPM, PGR, ROST, VZ	-			View
2023 Q1	Apr 14, 2023	Madison Mid Cap Fund	7.2%	12.4%	ANET, BKI, CPRT, CSL, FND, GBCI, IT, PCAR, ROST, WRB	-			View
2025 Q1	Mar 31, 2025	Coho Relative Value Equity	4.0%	4.0%	AZO, DIS, GPN, ROST	-			View
2025 Q1	Mar 31, 2025	Madison Mid Cap Fund	-4.2%	-4.2%	ACGL, AWI, BRO, KNSL, MKSI, ROST, TREX	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 23, 2026	Fund Letters	Rich Eisinger	Ross Stores, Inc.	Consumer Discretionary	Apparel Retail	Bull	NASDAQ	Comps, Margins, Offprice, retail, Value	View Pitch
Jan 20, 2026	Fund Letters	Eric Mintz	Ross Stores, Inc.	Consumer Discretionary	Apparel Retail	Bull	NASDAQ	Comps, Execution, Margins, Offprice, retail	View Pitch
Jan 15, 2026	Fund Letters	John Fox	Ross Stores, Inc.	Consumer Discretionary	Apparel Retail	Bull	NASDAQ	Comps, discounts, Offprice, traffic, Value	View Pitch

BSD Shareholders of ROST

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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