RYAN Archives

RYAN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2026 Q2	Jul 30, 2026	Cooper Investors Global Equities Fund (Unhedged)	6.6%	-	2330.TW, 402340 KS, 4478.T, 6367.T, ALS.TO, CME, CTVA, FWONK, LLYVK, PSK.TO, RYAN, SHEN, STVN, TKO	AI Infrastructure, Capital Pools, diversification, Japan, Live Sports, real assets, semiconductors, Spin-Offs		CME ALS.TO PSK.TO SHEN STVN CTVA 6367.T FWONK RYAN 4478.T 402340.KS 2330.TW	View
2026 Q2	Jul 28, 2026	Orbis Global Equity	19.9%	-	005930 KS, BRO, GOOGL, QXO, RYAN, TSM	AI, Distribution, global, insurance, semiconductors, technology, value		QXO RYAN BRO	View
2026 Q2	Jul 21, 2026	Vulcan Value Partners – Focus Plus	10.4%	-10.7%	AMZN, EG, GOOGL, RYAN, SAP, TDG, UNH	aerospace, AI, Cloud, Concentration, E-Commerce, Health Insurance, insurance, value			View
2026 Q2	Jul 21, 2026	Vulcan Value Partners – Focus Plus	10.5%	-10.6%	AMZN, EG, GOOGL, RYAN, SAP, TDG, UNH	AI, Buybacks, Cloud, concentrated, healthcare, insurance, technology, Value Investing			View
2026 Q2	Jul 13, 2026	Fenimore Value Strategy	9.4%	-	ADI, APH, AZO, BRO, CDW, EXLS, GGG, KEYS, MKL, ROST, RYAN, TMO, TYL	AI, insurance, Life Science Tools, mid cap, Quality, semiconductors, software, value		TYL TMO RYAN	View
2026 Q2	Jul 13, 2026	Fenimore Small Cap Strategy	9.5%	-	BIPC, BOC, BWIN, CHH, CWST, ESAB, ESI, EXLS, FND, FSV, FTDR, LSTR, OSW, RYAN, SITE, TRRSF	AI, insurance, M&A, Quality, small caps, Transportation, value		TYL TMO LB CTAS MSI GIL NDAQ RYAN	View
2026 Q1	May 13, 2026	Cooper Investors Global Equities Fund (Unhedged)	-9.2%	-9.2%	4478.T, CME, FWONK, PSK.TO, RYAN, SHAK, SHEN, TSM	AI, energy, global, inflation, real assets, semiconductors		CME PSK.TO RYAN TSM 4478.T	View
2026 Q1	Apr 21, 2026	Vulcan Value Partners – Large Cap	-14.1%	-14.1%	AMZN, ARES, CRM, MSFT, NOW, RYAN, SAP, TPG, TRU, UNH	AI, Asset Management, disruption, Enterprise, software, technology, Value Investing		TRU ARES RYAN NOW SAP	View
2026 Q1	Apr 21, 2026	Vulcan Value Partners – Small Cap	-13.5%	-13.5%	ARES, CRM, NOW, RYAN, SAP, TPG	AI, Asset Management, disruption, Enterprise, insurance, software, technology, value		RYAN ARES SAP	View
2026 Q1	Apr 21, 2026	Vulcan Value Partners – Small Cap	-6.8%	-6.8%	IBST.L, LFUS, MLKN, PBH.TO, RYAN, SARO, TRU	AI, Data, disruption, insurance, small cap, software, value			View
2026 Q1	Apr 21, 2026	Vulcan Value Partners – Focus Plus	-19.1%	-19.1%	AMZN, ARES, CRM, MSFT, RYAN, SAP, TRU, UNH	AI, Discounts, disruption, Enterprise, Quality, software, value		RYAN ARES SAP	View
2026 Q1	Apr 21, 2026	Vulcan Value Partners – Focus Plus	-19.1%	-19.1%	AMZN, ARES, CRM, MSFT, RYAN, SAP, TRU, UNH	AI, Concentration, disruption, Enterprise, Quality, software, Value Investing		RYAN ARES SAP	View
2026 Q1	Apr 14, 2026	Fenimore Value Strategy	-1.3%	-1.3%	ADI, AJG, BN, BRO, EOG, KEYS, MKL, ROST, RYAN, SPGI	AI, earnings, insurance, mid cap, Quality, value			View
2025 Q4	Feb 4, 2026	Cooper Investors Global Equities Fund (Unhedged)	-3.3%	2.6%	4478.T, FWONK, RYAN, TKO, TSM	Global Equities, growth, semiconductors, Sports Content, technology, value	TKO Holdings owns UFC and WWE content assets, benefiting from increased demand for sports media rights from streaming platforms. The company has renewed major media deals at rates well above previous agreements and continues growing sponsorship business. Boxing venture Zuffa represents significant long-term opportunity given boxing's broader appeal compared to UFC. TSMC maintains near-monopoly position in leading-edge chip manufacturing, benefiting from AI-driven demand and increasing semiconductor complexity. The company has delivered 30% annual EPS growth over recent years with investment returns exceeding 36% annually. Expected earnings growth in low-20% range not captured in current share price.	4478 JP RYAN TSM TKO	View
2025 Q3	Oct 22, 2025	Kovitz Core Equity	-	8.2%	ADBE, ADI, ALC, AMD, AMZN, ANET, BDX, COO, FI, GOOGL, KMX, META, MSFT, ORCL, PM, PPG, RYAN, TMO, TSLA, WAT	AI, healthcare, infrastructure, momentum, private credit, Quality, technology	The letter extensively discusses AI infrastructure investment with $2.9 trillion projected spending on data centers over three years. Companies like OpenAI have made over $1 trillion in multi-year commitments despite limited current revenue. The AI theme dominates market performance with Information Technology comprising 35% of large cap market weight.	WAT RYAN COO ALC ORCL WAT RYAN COO ALC ORCL	View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Focus Plus	0.1%	7.1%	CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW, SWKS, TRU, UNH	AI, Buybacks, healthcare, insurance, small caps, technology, value	AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager believes AI is as real and transformational as the Internet, with approximately 61% of the S&P 500's return in 2025 coming from AI-related stocks. However, concerns exist about paying too much for AI businesses despite their real potential. The manager is finding tremendous opportunities in non-AI related companies that are steadily compounding their values but being ignored by the market. These 'old economy' companies are becoming increasingly discounted while AI stocks dominate returns, creating attractive value opportunities similar to the late 1990s dot-com era. Small Cap returns have lagged Large Cap for an extended period, with the manager noting conversations about whether to continue allocating to Small Caps. The Small Cap portfolio has a weighted average price to value ratio in the mid-50s, representing the most discounted portfolio. Sell-side coverage is spotty to nearly non-existent for many small cap holdings. Share repurchases are highlighted as a key value creation mechanism, with Medpace repurchasing over 8% of shares at approximately 50% of intrinsic value, effectively providing 100% returns on capital deployed. Companies are using strong balance sheets and free cash flow for opportunistic buybacks at discounted valuations.	MSFT CSGP CRM GOOG CBRE RYAN	View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Focus Plus	0.1%	6.2%	CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW.PA, SWKS, TRU, UNH	AI, healthcare, insurance, Quality, small caps, technology, value	Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio has improved price-to-value ratios across all strategies while delivering positive returns. Small Cap portfolio has weighted average price-to-value ratio in mid-50s, which manager considers incredible in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager believes AI is as transformational as the Internet but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, with Small Cap Value performing even worse. Manager sees this as opportunity, noting sell-side coverage is sparse and segment is ignored and unloved. Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. Manager focuses on MVP list of highest quality, most stable value companies in the world with sustainable competitive advantages. Lower quality companies have outperformed higher quality companies, especially in Small Cap, with companies having negative earnings accounting for 28% of Russell 2000 Value Index return. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value. Every dollar spent on share repurchases gave 100% return because they were purchasing at half of estimated fair value, increasing estimated value per share by 29% in single quarter.		View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Large Cap	-1.5%	7.9%	CBRE, CRM, CSGP, EVER, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RI.PA, RYAN, SSNC, STLA, SW, SWKS, TRU, UNH	AI, Buybacks, healthcare, insurance, small caps, technology, value	Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio weighted average price to value ratio improved to low 60s while maintaining positive returns. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing incredible opportunity in current environment. Artificial Intelligence is in early stages of disrupting numerous businesses, similar to Internet in 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager acknowledges AI as transformational technology but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Small Cap Value has been particularly weak. Manager notes sell-side coverage of Small Caps is much less robust, leading to ignored and unloved segment. Small Cap portfolio remains most discounted with weighted average price to value ratio in mid-50s. Share repurchases highlighted as value-creating activity when companies buy back stock below intrinsic value. Medpace repurchased over 8% of shares at approximately 50% of estimated intrinsic value, increasing estimated value per share by 29% in single quarter. Every dollar spent on buybacks provided 100% return due to purchasing at half of fair value.		View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Small Cap	3.2%	9.5%	CBRE, CRM, CSGP, FISV, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, STLA, SW.PA, SWKS, TRU, UNH	AI, discount, insurance, Quality, small cap, value	Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing significant margin of safety in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500 returns in 2025, creating market concentration risks reminiscent of dot-com era. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Manager notes sell-side coverage is sparse and segment is ignored and unloved, often indicating good allocation timing. Portfolio includes more insurance-related businesses including Everest Group reinsurance and Ryan Specialty excess and surplus insurance broker. These companies offer attractive risk-adjusted returns and capital allocation opportunities.	ITRN EG	View
2025 Q1	Mar 31, 2025	Cooper Investors Global Equities Fund (Unhedged)	0.9%	0.9%	BME.L, FWONK, FYBR, LSEG.L, RYAN, SONY, TKO, TSM, UMG.AS, WMG	Customer, equities, Focus, gaming, global, Music, semiconductors	The fund established a position in Universal Music Group, viewing the music industry as undergoing a monetization cycle after streaming subscriber growth slowed. Music assets have high cultural relevance and enduring value, with streaming creating a subscription model that improved monetization significantly. The industry is positioned for pricing power as penetration matures in developed markets.	UMG.AS	View
2025 Q1	Mar 31, 2025	ClearBridge Investments Mid Cap Growth Strategy	-	-	ALNY, APP, ARES, CASY, CAVA, CELH, DDOG, EQT, HUBS, JLL, KKR, MELI, MRVL, RYAN, SAIL, STE, TTD, TW, VRSK, VRT	AI, Biotechnology, Data centers, growth, mid cap, Natural Gas, technology, Trade Policy	The emergence of DeepSeek, a China-based low-cost large language model, stoked fears about returns from massive AI ecosystem investments, causing rotation out of AI-related tech stocks. Despite this, the managers believe large AI hyperscalers will continue developing intensive data centers, providing long-term opportunities for their holdings like Marvell and Vertiv.		View
2023 Q4	Jan 15, 2024	Artisan Mid Cap Fund	2.4%	6.6%	ARGX, ASND, CELH, CMG, DECK, DPZ, DXCM, EFX, EXAS, FIVE, HUBB, IRTC, JBL, LTTC, LULU, ON, POOL, PWR, RYAN, SAIA, SHOP, TREX, VEEV, WING, XYL	Biotech, Energy Transition, growth, healthcare, mid cap, semiconductors, software, technology	Healthcare was the weakest performer for the year, primarily due to biotech holdings. Argenx's Vyvgart launch in myasthenia gravis continued to shine, reaching sales north of $1 billion ahead of schedule, but trial failures in two additional indications marred an otherwise stellar year. Ascendis's Skytrofa tracked well in its second year, but FDA approval for TransCon PTH was delayed due to manufacturing questions.		View
2024 Q4	Jan 14, 2025	Cooper Investors Global Equities Fund (Unhedged)	11.1%	20.6%	AHT.L, AON, BKNG, ERF.PA, FTRE, FWONA, FWONK, LSEG.L, RYAN, V	global, growth, insurance, Sports, Travel, value	BKNG is the leading global travel platform with strong operating trends driven by global travel demand tailwinds. Third quarter revenue growth of 9% drove 16% EPS growth, a sustainable run rate for the business.	RYAN AHT ERF FWONK BKNG	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jul 31, 2026	Fund Letters	Cooper Investors Global Equities Fund (Unhedged)	Ryan Specialty	Insurance - Specialty	Insurance Brokers	Bear	New York Stock Exchange	Cyclical, exit, Insurance Brokers, Pricing Cycle, US, Wholesale Insurance	View Pitch
Jul 30, 2026	Fund Letters	Orbis Global Equity	Ryan Specialty Holdings, Inc.	Insurance - Specialty	Insurance Brokers	Bull	New York Stock Exchange	AI-Resistant, Complex Risk, Equity, Excess and Surplus, Insurance Broker, Mispriced, overlooked, specialty insurance, Structural Growth, Value	View Pitch
Jul 15, 2026	Fund Letters	Fenimore Small Cap Strategy	Ryan Specialty Holdings	Insurance - Specialty	Insurance Brokers	Bull	New York Stock Exchange	Equity, insider buying, Insurance Brokers, specialty insurance, turnaround, Value, Wholesale Brokerage	View Pitch
Jul 15, 2026	Fund Letters	Fenimore Value Strategy	Ryan Specialty Holdings	Insurance - Specialty	Insurance Brokers	Bull	New York Stock Exchange	financials, insider buying, insurance brokerage, specialty insurance, turnaround, Value, Wholesale Brokerage	View Pitch
Jul 15, 2026	Fund Letters	Fenimore Dividend Focus Strategy	Ryan Specialty Holdings	Insurance - Specialty	Insurance Brokers	Bull	New York Stock Exchange	Equity, financials, insider buying, Insurance Broker, mid-cap, specialty insurance, turnaround, Wholesale Insurance	View Pitch
May 13, 2026	Fund Letters	Cooper Investors Global Equities Fund (Unhedged)	Ryan Specialty Holdings	Insurance - Specialty	Insurance Brokers	Neutral	New York Stock Exchange	Cyclical, insurance brokerage, Insurance Cycle, Property Insurance, specialty insurance, Wholesale Insurance	View Pitch
Apr 26, 2026	Fund Letters	Vulcan Value Partners - Focus	Ryan Specialty Holdings	Insurance - Specialty	Insurance Brokers	Bull	New York Stock Exchange	Complex Risks, Cyclical Recovery, Excess & Surplus, insurance brokerage, market share gains, Relationship-Driven, Specialized Insurance	View Pitch
Apr 26, 2026	Fund Letters	Vulcan Value Partners - Focus Plus	Ryan Specialty Holdings	Insurance - Specialty	Insurance Brokers	Bull	New York Stock Exchange	AI Beneficiary, Complex Risks, cyclical market, E&S Insurance, Insurance Broker, market share gains, specialty insurance	View Pitch
Apr 24, 2026	Fund Letters	Vulcan Value Partners - All Cap	Ryan Specialty Holdings	Insurance - Specialty	Insurance Brokers	Bull	New York Stock Exchange	AI Enhancement, Complex Risk Management, cyclical pricing, Excess Surplus Insurance, Insurance Broker, market share gains, Specialized Expertise, specialty insurance	View Pitch
Apr 24, 2026	Fund Letters	Vulcan Value Partners - Large Cap	Ryan Specialty Holdings, Inc.	Insurance - Specialty	Insurance Brokers	Bull	New York Stock Exchange	AI Beneficiary, Commercial Insurance, Cyclical, Excess & Surplus, Insurance Broker, market share gains, specialty insurance	View Pitch
Apr 13, 2026	Fund Letters	Cooper Investors Global Equities Fund (Unhedged)	Ryan Specialty Holdings Inc	Financials	Insurance	Bull	NYSE	Complex Risks, Delegated Authority, Excess & Surplus, Free Cash Flow, M&A strategy, margin expansion, Specialized Expertise, Wholesale Insurance	View Pitch
Feb 21, 2026	Fund Letters	Peter Cooper	Ryan Specialty Group Holdings Inc	Financials	Insurance Brokers	Bull	New York Stock Exchange	Brokerage, Cyclicality, Eands, Execution, Insurance	View Pitch
Jan 21, 2026	Fund Letters	C.T. Fitzpatrick	Ryan Specialty Holdings, Inc.	Financials	Insurance Brokers	Bull	New York Stock Exchange	Delegated Authority, Excess Surplus Insurance, founder-led, Free Cash Flow, Pricing Cycle	View Pitch
Jan 21, 2026	Fund Letters	C.T. Fitzpatrick	Ryan Specialty Holdings, Inc.	Financials	Insurance Brokers	Bull	New York Stock Exchange	cyclical pricing, Delegated Authority, Excess Surplus Insurance, Free Cash Flow, market share	View Pitch
Dec 5, 2025	Fund Letters	Eric Mintz	Ryan Specialty Holdings, Inc.	Financials	Insurance	Bull	NYSE	Brokerage, E&s, Insurance, Margins, specialty	View Pitch
Dec 3, 2025	Fund Letters	Amy Zhang	Ryan Specialty Holdings, Inc.	Financials	Insurance Brokers	Bull	NYSE	Brokerage, Distribution, Earningsgrowth, Insurance, M&A, Pricing, specialty	View Pitch
Nov 29, 2025	Fund Letters	Matt Hayner	Ryan Specialty Holdings Inc.	Financials	Insurance Brokers	Bull	NYSE	Cyclicality, growth, Insurance, Margins, specialty, underwriting, valuation	View Pitch
Nov 28, 2025	Fund Letters	Matt Hayner	Ryan Specialty Holdings Inc.	Financials	Insurance Brokers	Bull	NYSE	Cyclicality, growth, Insurance, Margins, specialty, underwriting, valuation	View Pitch

BSD Shareholders of RYAN

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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Letters With This Ticker

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