SCS

SCS

SCS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	Middle Coast Investing	-	-	AAPL, ABM, AER, AMZN, ATRO, AVGO, BOOM, COF, DECK, ECG, FCNCA, FG, HSY, LEVI, LULU, LYFT, OMAB, PGR, SCHW, SCS, SJM, TRIP, VMEO, WS	Apparel, financials, inflation, small caps, tariffs, technology, value	The Trump administration has backed off its most extreme tariff positions but tariffs remain higher than before April 2nd. The administration has expressed admiration for current tariff levels of 30% for China, varied tariffs for NAFTA partners, and at least 10% for the rest of the world. One trade deal has been reached with Vietnam entailing 20% tariffs on Vietnamese goods and 40% on third-party goods shipped through Vietnam.	DECK LYFT TRIP ABM DECK LYFT	View
2025 Q1	Apr 11, 2025	Middle Coast Investing	-	-	AAPL, AER, AMZN, ATKR, ATRO, AVGO, BRK.B, CCK, DALN, DFS, ECG, FCNCA, LULU, OMAB, PGR, PTLO, SCHW, SCS, SON, TRIP	aerospace, Airports, infrastructure, insurance, technology, Trade Policy, volatility	Manager expects continued volatility due to Trump administration's erratic policy approach and indifference to stock market performance. Planning to be quicker about buying and selling to take advantage of volatility, with raised cash levels to navigate uncertain environment.	GOOG SON ECG	View
2025 Q3	Oct 24, 2025	Pzena Global Small Cap Focused Value Strategy	10.7%	13.9%	1910.HK, AAP, HNI, RCO.PA, REZI, SCS, SNV, SPB, SXT, TFX, TYRES.HE, UMI.BR	Cyclical, global, Outperformance, small caps, tariffs, value	The portfolio focuses on undervalued companies with attractive valuations, including new positions in Samsonite, Remy Cointreau, and Sensata based on compelling valuation opportunities. The strategy emphasizes economically sensitive and cyclical names where valuations remain quite attractive.	SNSA 1910 HK CNXN ORION HAS SCS AAP RESI	View
2025 Q3	Oct 2, 2025	Middle Coast Investing	-	-	AAPL, AER, AMZN, ATRO, AVGO, COF, CPAY, DALN, FCNCA, GOGO, GOOG, LULU, LYFT, MSFT, OMAB, PGR, PTLO, SCS, TRIP, TSM	AI, buyouts, insurance, semiconductors, technology, value	Manager discusses AI cautiously, experimenting with it for business operations and research but finding limited practical value so far. Views AI as creating a bubble environment similar to the internet bubble, with many participants admitting it's in a bubble phase. Invests selectively in AI-related companies but maintains natural skepticism.	AL US TFSL US BHF US HI US GOGO US CORP US	View
2025 Q3	Oct 14, 2025	Pzena Investment Management	-	-	005930.KS, AAPL, AMZN, BABA, BAX, BIDU, CHTR, GOOGL, LKQ, META, MSFT, NVDA, SCS, SHEL, SPB, TEP.PA, TSLA, TSM, WIZZ.L, WNS	AI, global, Outperformance, portfolios, small caps, value	Small caps trade near historic lows relative to large caps, creating an attractive long-term entry point after years of Magnificent Seven dominance. Despite superior fundamental returns over the past decade, small caps have been driven down by sentiment and multiple compression. History suggests extreme valuation gaps like today's have often been followed by multi-year periods of small-cap outperformance.	WIZZ SPB TPN BAX	View
2024 Q4	Jan 8, 2025	Middle Coast Investing	-	-	AAPL, ACLS, ADM, AER, AMZN, ATKR, ATRO, AVGO, BKNG, DFS, EB, FCNCA, FG, LULU, OMAB, PGR, PTLO, SCS, TRIP, TSM	Portfolio Management, Restaurants, small caps, technology, Travel, value	Travel is the manager's favorite sector to study and has paid off over the years. TripAdvisor's Viator business finally passed legacy TripAdvisor in revenue in Q3 2024, with the race between Viator's growth and legacy decline now seeming winnable. The manager views travel as offering continued opportunities.	TRIP PTLO	View
2023 Q4	Jan 3, 2024	Middle Coast Investing	-	-	AAPL, ACLS, ARLO, ATKR, AVGO, BKNG, DBX, DFS, EB, FCNCA, FG, KBAL, OMAB, PGR, SCHW, SCS, SPOT, TSM, VMW, WOR, WS	Banking, industrials, semiconductors, small cap, technology, value	AI investment excitement boosted semiconductor holdings including Axcelis Technologies, VMWare, Broadcom, and Taiwan Semiconductor. Broadcom benefits from AI investments as a leading semiconductor company, though its stock is expensive. The AI rally in May/June was one of the violent market rallies that engenders caution.	ACLS DFS OMAB EWORK.ST FCNCA ANEB	View
2025 Q4	Jan 29, 2026	Pzena Global Small Cap Focused Value Strategy	-1.0%	12.8%	240810.KS, 9065.T, AAP, ADNT, BIRG.L, BPE.MI, MRC, NOKBF, RCO.PA, REZI, SCS, ST, TEP.PA, TPK.L, UMI.BR, UNI.MC, WGO	consumer discretionary, financials, global, small cap, underperformance, valuation, value	The portfolio remains attractively valued and is currently among the most inexpensive across the geographies and market cap ranges managed by Pzena. Small-cap stocks remain particularly depressed relative to larger companies. Small-cap stocks remain particularly depressed relative to larger companies, with the portfolio's relative performance being challenged. U.S. small caps modestly underperformed large caps during the quarter.	WGO KNX	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Nov 29, 2025	Fund Letters	Evan D. Fox	Steelcase Inc.	Consumer Discretionary	Commercial Services & Supplies	Bull	NYSE	acquisition, consolidation, furniture, Hybrid work, M&A, Office, premium, recovery	View Pitch

BSD Shareholders of SCS

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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