SCL

SCL

SCL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2022 Q3	Sep 30, 2022	SouthernSun Small Cap	-0.7%	-	BCO, BDC, CLH, DAR, DORM, EPAC, MUSA, SCL, TKR, UNVR	Balance Sheet, energy, inflation, innovation, small cap, Supply Chain, technology, value		BCO DORM DAR MUSA	View
2021 Q2	Jul 1, 2021	SouthernSun Small Cap	-1.1%	17.4%	BDC, BR, CASS, CCMP, CLH, DAR, DY, MBUU, MGPI, MUSA, NGVT, SAFM, SCL, STAY, THO	Food, infrastructure, management, small cap, Supply Chain, Travel, value		MBUU CCMP MGPI SAFM THO DY	View
2023 Q2	Jun 30, 2023	SouthernSun Small Cap	7.7%	-	AGCO, BOOT, DAR, DORM, DY, MUSA, NGVT, SAM, SCL, THO, TSCO, UNVR, USPH	Auto Parts, Chemicals, healthcare, retail, small cap, Telecommunications, value		BOOT DORM NGVT USPH DY	View
2022 Q2	Jun 30, 2022	SouthernSun Small Cap	-7.5%	-	AGCO, COOK, CR, DAR, DORM, KOP, MGPI, MUSA, SAFM, SAM, SCL, UNVR	Balance Sheets, consumer, Industrial, inflation, Quality, small cap, value		SAM AGCO DAR DORM MGPI	View
2022 Q1	Apr 30, 2022	SouthernSun SMID Cap	-2.8%	-	AGCO, COOK, DAR, SCL, THO, TMX	Agriculture, consumer, energy, Manufacturing, small cap, value		COOK TMX SCL THO DAR AGCO	View
2022 Q1	Apr 1, 2022	SouthernSun Small Cap	-2.8%	-	AGCO, COOK, DAR, SCL, THO, TMX	Agriculture, Chemicals, energy, Manufacturing, small cap, Travel, value		COOK SCL THO DAR AGCO	View
2023 Q1	Mar 31, 2023	SouthernSun Small Cap	4.0%	-	BCO, BDC, CLH, CR, DAR, LOB, MGPI, MUSA, SCL, TKR, UNVR, USPH	Banking, industrials, materials, Quality, small caps, value		DAR LOB TKR BCO	View
2025 Q3	Oct 30, 2025	SouthernSun Small Cap	-	8.3%	AEIS, BCO, CXT, DAR, DORM, EPAC, MOD, MSA, MUSA, NGVT, SCL	active management, industrials, materials, Quality, small caps, value	SouthernSun focuses exclusively on small-cap securities defined as equity securities with market capitalizations within the range of the Russell 2000 Index. The manager emphasizes that divergence in small and mid-sized market segments creates opportunities for active discovery when new entrants come to the public stage.	CXT SCL DAR MOD BCO CXT SCL DAR MOD BCO	View
2025 Q4	Jan 30, 2026	O’Keefe Stevens Advisory, Inc	0.0%	0.0%	FNMA, GLW, HCC, ICLTF, MODG, NVDA, PRGO, SCL, SPHR, WY	AI, Cash, Entertainment, Lumber, Portfolio Management, positioning, technology, value	2025 marked the year of AI exploration and testing, with 2026 expected to be the year of implementation. AI will unlock efficiency but create uneven impacts across businesses, particularly those with seat-based pricing models. The manager views AI as table stakes that may dilute alpha over time as it democratizes information access. The lumber industry has been in a 3+ year downturn following COVID demand. Canadian softwood exports to the US are near Great Financial Crisis levels, with significant capacity offline. The manager believes they are at or near the beginning of a lumber price rebound as supply has come offline and inventory liquidation is ending. Sphere made significant progress with strong ticket sales for The Wizard of Oz content, selling over 1.6-1.7 million tickets. The economics are evolving as AI-driven tools reduce content production costs from $100m to potentially $10m, improving unit economics for future Spheres and enabling franchise partnerships.		View
2024 Q3	Sep 30, 2024	SouthernSun Small Cap	10.6%	13.5%	AGCO, BDC, BOOT, DORM, LOB, LPX, NGVT, SAM, SCL, USPH	Agriculture, AI, infrastructure, Onshoring, Resilience, small cap, technology, value	Global infrastructure market expected to grow at 7.2% CAGR from 2024-2030, driven by public and private sector investments in modernization and sustainability. Geopolitical shifts encouraging re-shoring, onshoring, and near-shoring require substantial infrastructure investment. Governments worldwide seek to bolster economic resilience through infrastructure spending.	NGVT USPH BOOT LPX	View
2023 Q3	Sep 30, 2023	SouthernSun Small Cap	10.6%	13.5%	BCO, BDC, DAR, DY, LOB, MUSA, SAM, SCL, TKR, USPH	consumer, energy, financials, industrials, infrastructure, small cap, value	Darling Ingredients is building Sustainable Aviation Fuel capacity expected online in Q4 2024, with further SAF expansion being evaluated as growth and incentives provide significant margin expansion and return on investment. The company is the largest publicly traded company turning edible by-products and food waste into sustainable products and a leading producer of renewable energy.	ALDAR.AD ABDY.L AER\|AWI\|MUSA\|NEU\|SAIA\|WTM SAM	View
2023 Q4	Feb 20, 2024	SouthernSun Small Cap	10.6%	13.5%	AWI, BDC, BOOT, DY, LOB, LPX, MGPI, PII, SAM, SCL	Banking, Elections, infrastructure, Onshoring, small cap, Telecommunications, value	Companies continued to adapt to security of supply, labor, and technology adoption issues through on-shoring, re-shoring, and near-shoring strategies. With escalation of armed regional conflicts impacting shipping and supply chains, companies are expected to aggressively evaluate and adjust their strategies to ensure competitive advantages.	SAM BBDC4.SA ABDY.L ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jun 15, 2026	Fund Letters	SouthernSun SMID Cap	Stepan Co.	Specialty Chemicals	Specialty Chemicals	Bull	New York Stock Exchange	Alkoxylation, capital allocation, INVISTA Acquisition, Polymers, Pricing power, Raw Material Inflation, specialty chemicals, Surfactants	View Pitch
Jun 15, 2026	Fund Letters	SouthernSun Small Cap	Stepan Co.	Specialty Chemicals	Specialty Chemicals	Bull	New York Stock Exchange	Alkoxylation, capacity expansion, capital deployment, Equity, INVISTA Acquisition, Pasadena Facility, Polymers, Returns on Capital, specialty chemicals, Surfactants	View Pitch
Nov 29, 2025	Fund Letters	Michael Cook	Stepan Company	Materials	Specialty Chemicals	Bull	NYSE	capacity expansion, deleveraging, EBITDA, Polymers, specialty chemicals, Surfactants	View Pitch
Nov 28, 2025	Fund Letters	Michael Cook	Stepan Company	Materials	Specialty Chemicals	Bull	NYSE	capacity expansion, deleveraging, EBITDA, Polymers, specialty chemicals, Surfactants	View Pitch
Aug 8, 2025	Seeking Alpha	Daniel Jones	Stepan Company	Materials	Specialty Chemicals	Bull	NYSE	—	View Pitch

BSD Shareholders of SCL

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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