SHAK

SHAK

SHAK

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 27, 2025	Carillon Eagle Small Cap Growth Fund	-	-	BOOT, BRBR, CLBT, DY, ESAB, EXR, LNTH, MMSI, MNDY, PI, PJT, POWL, PRM, RBA, RMBS, SHAK, WWD, ZWS	AI, Data centers, defense, growth, healthcare, Natural Gas, small cap, technology	The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth fueled by AI-driven margin expansion. They maintain exposure to companies benefiting from hyperscaler capital expenditure increases for AI data centers.	POWL RMBS ZWS PRM PI MMSI BRBR CLBT VNOM ARIS BOOT AVAV ATI WWD SHAK	View
2025 Q2	Jul 18, 2025	Invesco Discovery Fund	17.2%	3.0%	AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TSEM, TTMI, TXRH	AI, growth, industrials, infrastructure, semiconductors, small caps, technology	The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI.	TXRH QTWO CLS TTMI LSCC AEIS	View
2025 Q2	Jul 15, 2025	Madison Small Cap Fund	4.3%	-5.0%	CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC	aerospace, AI, Construction, Quality, small caps, Speculation, value	AI continues to be the dominant theme driving Russell 2000 performance, with broad-based fear among investors that AI could pose an existential threat to software business models. The manager believes these fears are vastly overblown, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing.	CRL EXP HXL	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
2024 Q1	May 10, 2024	Choice Equities Capital Management	-1.8%	5.5%	CROX, HEES, PAR, SHAK, URI	earnings growth, Equipment Rental, infrastructure, Restaurants, small caps, technology	The Infrastructure Investment and Jobs Act allocates more than $1 trillion over ten years, complemented by the Inflation Reduction Act and CHIPS Act. Construction spending in manufacturing reached $225 billion in 2023, more than doubling the 2015 peak. This represents a threefold increase compared to historical infrastructure programs when adjusting for inflation.	HEES PAR SHAK CROX	View
2025 Q1	Mar 31, 2025	Carillon Eagle Small Cap Growth Fund	-	-	AAON, ANF, ARIS, FLYW, ITCI, PCVX, PTGX, RBA, SHAK, SWTX	AI, Biotechnology, energy, growth, healthcare, small caps, technology, Trade Policy	Healthcare remains the largest sector in the US at $5 trillion, growing 5% annually driven by aging population and chronic conditions. Recent M&A activity has picked up in pharmaceuticals and medical devices as companies seek portfolio expansion. The sector is generally more favorably priced than most sectors despite recent underperformance.	ANF AAON SHAK PCVX FLY SWTX PTGX RBA ARIS ITCI	View
2023 Q2	Dec 7, 2023	Madison Small Cap Fund	6.3%	17.2%	CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC	aerospace, AI, Construction, Quality, small caps, Speculation, underperformance, value	AI continues to be the dominant theme driving Russell 2000 performance, with Ciena benefiting from AI capital spending boom. However, manager views AI disruption fears in software as vastly overblown, noting 60% of AI answers are incorrect and 95% of enterprise AI projects are failing.	CRL EXP HXL	View
2023 Q3	Oct 31, 2023	Choice Equities Capital Management	-1.8%	5.5%	CROX, MGNI, OEC, PLCE, SHAK, STGW, WCC	Advertising, consumer, industrials, Restaurants, small caps, value	Manager emphasizes that small and mid-cap stocks have severely lagged larger peers and are now historically attractive. The Russell 2000 fell below pre-pandemic levels, with forward earnings multiple of S&P 600 at 11.5x, a level only seen three times since 1999. All prior instances produced double-digit annualized returns across multiple years.	SHAK	View
2025 Q3	Oct 24, 2025	Carillon Eagle Small Cap Growth Fund	-	-	BOOT, BRBR, CLBT, DY, ESAB, EXP, LNTH, MMSI, MNDY, PI, PJT, POWL, PRM, RBA, RMBS, SHAK, WWD, ZWS	AI, cyclicals, Data centers, growth, healthcare, Natural Gas, small cap, technology	The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth fueled by AI-driven margin expansion. They maintain exposure to companies benefiting from hyperscaler capital expenditure increases for AI data centers.	ZWS PRM PI RMBS	View
2025 Q3	Oct 20, 2025	Wasatch Small Cap Growth Strategy	-3.7%	-	AGYS, BRBR, ENSG, FN, FOUR, HQY, INSP, MEDP, NVMI, OLLI, PCTY, PNFP, RBC, SHAK	AI, growth, Quality, semiconductors, small caps, technology, underperformance	The fund focuses on high-quality, long-duration growth companies while markets have favored low-quality stocks with speculative business models. The quality gap between fund holdings and the index is near its widest level in at least a decade based on return on assets metrics.		View
2025 Q3	Oct 20, 2025	Invesco Discovery Fund	7.9%	11.0%	AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TTMI, TXRH	AI, growth, industrials, infrastructure, semiconductors, small caps, technology	The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust, providing substantial investment opportunities. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI.		View
2025 Q3	Oct 14, 2025	Madison Small Cap Fund	-1.6%	-6.6%	AXS, BOX, CIEN, CMN, CRL, CSL, EHC, ENTG, EXP, FORM, GMS, HAYW, HQY, HXL, KN, SAIA, SHAK, SMG, SMPL, WSC	aerospace, AI, Construction, Quality, small caps, underperformance, value	AI continues to be the dominant theme driving much of the Russell 2000's performance, particularly in technology stocks. The manager expresses skepticism about AI disruption fears in software, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. They view fears about AI replacing critical software applications as vastly overblown.	CRL EXP HXL	View
2023 Q3	Sep 30, 2023	Wasatch Small Cap Growth Strategy	7.6%	7.6%	EEFT, FIVE, HQY, INSP, OLLI, SHAK, SILK, YETI	Discount Retail, growth, healthcare, interest rates, Quality, small caps, technology	Discount retailers like Ollie's and Five Below are well-positioned in the current inflationary environment as consumers seek value. Ollie's benefits from distressed inventory acquisition and strong comparable store sales growth, while Five Below continues expansion despite margin pressures from theft.	SHAK FIVE SILK ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN HQY YETI OLLI	View
2023 Q2	Jul 27, 2023	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	BRBR, LNTH, MMSI, MNDY, PI, POWL, PRM, RMBS, SHAK, ZWS	AI, Biotechnology, Data centers, defense, growth, Natural Gas, Onshoring, small cap	The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The fund seeks AI adopter companies trading at reasonable multiples positioned for earnings growth through AI-driven margin expansion. However, current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error.	POWL RMBS ZWS KPRMILL IN AFM CN\|B4B GR\|BLU SJ\|COH SJ\|HCI\|KO\|KSPI\|MGROS TI\|MTN SJ\|NE\|NPK SJ\|OCE SJ\|PPI\|PRX NA\|SAHOL TI\|SES\|WINE LN	View
2023 Q1	Apr 14, 2023	Madison Small Cap Fund	6.3%	17.2%	CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC	aerospace, AI, Construction, consumer, healthcare, Quality, small cap, Speculation	AI continues to be the dominant theme driving Russell 2000 performance, with Ciena benefiting from AI capital spending. However, the manager views fears about AI disrupting software business models as vastly overblown, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing.	CRL EXP HXL	View
2025 Q1	Mar 31, 2025	Madison Small Cap Fund	-9.0%	-9.0%	AXS, BOX, CFLT, CMCO, CSL, EHC, HQY, OPCH, POWI, PRMB, RVLV, SHAK, SMG, SMPL, WK	Construction, consumer, financials, healthcare, small cap, tariffs, technology	Industrial economic activity remains depressed and the back half recovery expected in residential and non-residential construction now seems in jeopardy due to stubbornly high interest rates. The managers believe companies with depressed construction exposure are attractively valued but acknowledge these stocks may take longer to inflect upwards than previously anticipated. They continue to see opportunities in construction-related industries due to this unique cycle where many companies have strong balance sheets and higher than normal margin profiles.		View
2023 Q1	Mar 31, 2023	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	BRBR, LNTH, MMSI, MNDY, PI, POWL, PRM, RMBS, SHAK, ZWS	AI, Biotechnology, Data centers, defense, growth, Natural Gas, Onshoring, small cap	The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The fund is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth through AI-driven margin expansion. However, current lofty multiples of AI infrastructure stocks imply strong growth trajectories with little margin for error.	POWL RMBS ZWS KPRMILL IN AFM CN\|B4B GR\|BLU SJ\|COH SJ\|HCI\|KO\|KSPI\|MGROS TI\|MTN SJ\|NE\|NPK SJ\|OCE SJ\|PPI\|PRX NA\|SAHOL TI\|SES\|WINE LN	View
2023 Q4	Jan 22, 2024	Choice Equities Capital Management	-1.8%	5.5%	BXC, CROX, MGNI, OEC, PAR, SHAK, STGW, WCC	Building Products, Buybacks, Restaurants, small caps, technology, value	Manager focuses on low multiple stocks of quality businesses at discounted valuations. Despite challenging backdrop in 2023, continues to believe this approach offers best chance of outperforming over sustained periods.	IPAR BXC	View
2023 Q4	Jan 14, 2024	Madison Small Cap Fund	6.3%	17.2%	CFLT, CHRD, EPC, GOGO, HAIN, LZ, MC, OLLI, OSW, PRMW, SAIA, SHAK	energy, financials, healthcare, Quality, rates, small caps, technology, value	Small caps surged 14% in Q4 after benign inflation data, with the worst performers becoming the best in a dash for trash rally. Small caps finally outperformed large caps and mega cap tech after a narrow market year. The fund believes relative valuations remain more attractive for small caps than other domestic equity asset classes despite the recent rally.	CHRD BLZE 0MCB LN CFLT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Choice Equities Capital Management	Shake Shack, Inc.	Consumer Discretionary	Restaurants	Bull	NYSE	Brand, Fast casual, Kiosks, margin expansion, Restaurants, store expansion, technology, turnaround	View Pitch
Apr 28, 2026	Fund Letters	Wasatch Small Cap Growth Strategy	Shake Shack, Inc.	Consumer Discretionary	Restaurants	Bull	NYSE	brand loyalty, Fast casual, international expansion, Management Turnaround, Post-Pandemic Recovery, Premium Burgers, Restaurant Chain	View Pitch
Apr 13, 2026	Fund Letters	Choice Equities Capital Management	Shake Shack Inc.	Consumer Discretionary	Restaurants	Bull	NYSE	Consumer Discretionary, Fast casual, growth, Kiosks, Leadership Change, margin expansion, Professionalization, Restaurants, supply chain, technology	View Pitch
Apr 13, 2026	Fund Letters	Carillon Eagle Small Cap Growth Fund	Shake Shack	Consumer Discretionary	Restaurants	Bull	NYSE	Brand Premium, comparable sales, Consumer Discretionary, Fast casual, margin expansion, Restaurants, Unit growth	View Pitch
Dec 5, 2025	Fund Letters	Eric Mintz	Shake Shack Inc.	Consumer Discretionary	Restaurants	Bull	NYSE	Brand, expansion, Margins, Restaurants, traffic	View Pitch

BSD Shareholders of SHAK

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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