SKY

SKY

SKY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	Liberty Park Capital Management	1.4%	-2.2%	AUR, COMP, HAYPP SS, LAKE, LBRT, LMB, NSSC, NWL, QUBT, SKY, XMTR	alpha, Long/Short, policy risk, Speculation, volatility	The letter frames volatility as both a risk and an opportunity, driven by tariffs, policy reversals, and speculative behavior. Management describes using long and short positions to exploit exaggerated market moves. Volatile conditions are seen as fertile ground for alpha through security selection.	LAKE SKY NSSC XMTR	View
2025 Q2	Jul 22, 2025	Third Avenue Real Estate Value Fund	6.8%	6.4%	BRK/A, JAR LN, PLD, SKY, WCC	capital structure, Patience, real estate, Resource Conversion, valuation	The letter emphasizes U.S. real estate companies with strong assets and conservative capital structures. Management focuses on resource conversion and private market realizations. Patience is stressed amid cyclical headwinds.	JAR LN SKY WCC PLD	View
2025 Q2	Jul 21, 2025	Wasatch Long/Short Alpha Fund	0.5%	-	FN, GWRE, HQY, INSP, NSA, RKLB, SG, SKY	Defensive, Long/Short, Quality, valuation		HQY GWRE INSP NSA SKY	View
2025 Q4	Feb 17, 2026	AMG GW&K Small Cap Core Fund	3.5%	7.2%	AEIS, AGIO, CIFR, CSWI, CVLT, DAVA, DSGX, FLYW, GMED, HUT, INTA, ITT, MTSI, PAR, QBTS, RARE, RBC, SATS, SF, SKY, SLG, SPXC, STRL, SUPN, THR, VIAV, WULF	healthcare, industrials, materials, Quality, small caps, technology, Trade Policy, value	The Russell 2000 Index delivered 12.8% returns for 2025 despite significant volatility, with a 23% drop by April followed by a 40% recovery. The small cap environment was characterized by narrow performance driven by low-quality, speculative stocks, with the top 25 contributors delivering over 50% of benchmark returns. The investment environment overwhelmingly favored lower quality stocks, with non-earners gaining 19.6%, negative equity stocks up 37.2%, and highest beta names advancing 26.1%. The fund's deliberate focus on higher-quality stocks with earnings support was a general headwind throughout the year. Artificial intelligence investment was a key area of market focus during 2025, though the fund questioned when investors would see returns from billions of dollars spent on AI infrastructure. The fund avoided speculative AI plays in favor of companies with more established fundamentals. Uncertain trade policy and the friction it added to the system was the biggest distraction during 2025. Companies now mostly have a sense of the rules of global trade and are adjusting, which could provide more stability going forward.		View
2025 Q3	Oct 21, 2025	Third Avenue Real Estate Value Fund	6.7%	-	AC FP, SKY, UTG LN	Affordable Housing, Discount Valuation, Hotel Franchising, Structural Shift, UK Real Estate	The fund identifies bifurcation in global property markets, emphasizing affordable housing producers like Champion Homes as structural beneficiaries of U.S. housing undersupply. It expands exposure to discounted U.K. real estate via Unite Group and adds Accor in Europe to capture the secular shift toward hotel franchise and management models. The letter underscores selective positioning in quality global property platforms trading below intrinsic value.	UTG CHMP ACCOR UTG CHMP AC ROG BOISE DBK OR HBR LUN CS	View
Q4 2025	Jan 23, 2026	Baron Real Estate Fund	-1.4%	4.9%	AMH, AMT, BX, CSGP, DHI, FBIN, GDS, GMG.AX, H, HLT, IRM, JLL, PLD, RKT, SKY, TMHC, TREX, VNO, VTR, WELL	Commercial, Data centers, Housing, Industrial, real estate, REITs, Travel	Fund invests in leading commercial real estate services companies CBRE, JLL, and Cushman & Wakefield that benefit from outsourcing trends, institutionalization of commercial real estate, and market share opportunities in a fragmented industry. These companies are expected to generate 15%+ annual earnings growth as commercial real estate sales and leasing activity rebounds. Multi-year setup for data centers is as strong as ever with expanding demand from cloud computing, IT outsourcing, and AI workloads from Magnificent 7 companies. New supply is constrained due to elevated construction costs and power constraints while rents are rising. Fund owns Equinix, Digital Realty Trust, GDS Holdings, and Goodman as multi-year beneficiaries. Travel companies benefit from favorable shift in consumer preferences away from goods spending to prioritizing travel experiences. Fund owns best-in-class hotel companies Hilton and Hyatt which should continue benefiting from these secular trends including flexible work arrangements allowing more travel and cyclically depressed business activity creating opportunities. Despite near-term housing market challenges from affordability issues and buyer/seller strikes, there is structural underinvestment in housing relative to demographic needs. US builds same number of homes today as 1960 despite 160 million more people. Fund sees long-term bullish opportunity in companies like Toll Brothers and Champion Homes as housing market rebounds. Industrial real estate benefits from multi-year demand drivers including e-commerce growth, last mile infrastructure needs, onshoring trends, and shift from just-in-time to just-in-case inventory management. AI's physical manifestation through robotics and automation will require more industrial facilities. Fund owns Prologis, EastGroup Properties, and Terreno Realty.	IRM VTR WELL FBIN SKY CSGP H PLD JLL	View
2025 Q4	Jan 22, 2026	Third Avenue Real Estate Value Fund	-1.8%	11.3%	AMH, BKG.L, BRK-A, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WY	Commercial, Homebuilders, real estate, REIT, Residential, value	Fund maintains significant exposure to commercial real estate platforms including real estate services, asset management, industrial and logistics properties, and self-storage facilities. These holdings represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate with structural demand drivers and limited maintenance capital expenditure requirements. Fund holds positions in major U.S. homebuilders including Lennar Corp., D.R. Horton, PulteGroup, and Champion Homes. These companies are supported by near-record low levels of for-sale inventories, near-record high demand for affordable product, and industry dynamics favoring scaled players over time. Fund focuses on well-capitalized enterprises with discounted securities trading at more than a 20% discount to estimated Net Asset Value at year-end. The strategy targets strategic real estate at value prices with prospects to compound capital over time. Multiple portfolio companies engaged in share repurchase activities during the quarter, including Lennar Corp. completing an exchange offer that effectively acted as an accelerated share repurchase program, exchanging Millrose Properties shares for 5% of its outstanding A shares.	DBK GR BIRG ID 2330 TT HBR LN CS CN LUN CN HCC	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 28, 2026	Fund Letters	Jeffrey Kolitch	Champion Homes Inc.	Consumer Discretionary	Homebuilding	Bull	New York Stock Exchange	affordability, Capacity, Housing policy, Manufactured housing, valuation	View Pitch
Jan 8, 2026	Fund Letters	Charles P. Murphy	Skyline Champion Corporation	Industrials	Building Products	Bull	New York Stock Exchange	affordability, Cyclicality, Housing, manufacturing, Margins	View Pitch
Jan 8, 2026	Fund Letters	Mick Rasmussen	Champion Homes, Inc.	Consumer Discretionary	Homebuilding	Neutral	New York Stock Exchange	affordability, Housing, Interestrates, Margins, Modularhousing	View Pitch
Jan 8, 2026	Fund Letters	Jason Wolf	Skyline Champion Corporation	Consumer Discretionary	Homebuilding	Bull	New York Stock Exchange	affordability, Balance_Sheet, Cyclicality, Housing, manufacturing	View Pitch
Aug 13, 2025	Seeking Alpha	Eric Ramos	Champion Homes	Consumer Discretionary	Residential Construction	Bull	NYSE	—	View Pitch

BSD Shareholders of SKY

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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