SMRT Archives

SMRT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 25, 2025	Hayden Capital	17.6%	17.0%	SMRT	Asia, emerging markets, Long Term, market structure, risk management, volatility	Emerging market assets are finally catching a bid as the US has become an erratic and unreliable partner to global peers. The MSCI Emerging Markets index is outperforming the S&P 500 by approximately 9% year-to-date, potentially marking the first time emerging markets have outperformed the US since 2017.	SMRT SMRT	View
2022 Q3	Nov 25, 2022	Hayden Capital	13.9%	37.6%	SE, SMRT	-			View
2025 Q3	Oct 28, 2025	abrdn U.S. Small Cap Equity Fund	5.1%	8.3%	ANIP, DCO, EAT, FIVN, GPK, IAS, KBH, KN, KNSA, LGND, MTRN, NOG, QTWO, SMRT, SNEX, VERX, VIAV, WNS	Biotechnology, defense, infrastructure, Onshoring, Quality, small caps, US	The fund focuses exclusively on US small-cap stocks, with performance measured against the Russell 2000 Index. The manager remains optimistic about the long-term outlook for domestic small-cap stocks despite recent market turbulence. The strategy emphasizes higher-quality businesses that offer resilience to mitigate macroeconomic headwinds.		View
2023 Q3	Oct 10, 2023	Vulcan Value Partners – Small Cap	8.1%	16.5%	AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH	Concentration, discount, healthcare, Hotels, Quality, semiconductors, Spirits, value	Vulcan focuses on purchasing high-quality businesses trading at substantial discounts to intrinsic value. The firm emphasizes companies with sustainable competitive advantages and superior returns on capital. Price-to-value ratios are at historically attractive levels across their strategies.	DEEPSEEK AAPL\|MSFT\|NFLX\|NVDA\|UNH TXN AMAR DEO	View
2023 Q3	Oct 10, 2023	Vulcan Value Partners – Focus Plus	5.6%	18.6%	DEO, ISS.CO, ITRN, MAR, MLKN, SEE, SMRT, TXN, UNH	Concentration, free cash flow, large cap, Margin Of Safety, Quality, value	Diageo is a global spirits and beer producer with over 200 brands. The spirits segment generates more than 80% of revenue and has been taking share from beer and wine. The premiumization trend has been a tailwind driven by an expanding global middle class and preference for higher quality spirits.	DEEPSEEK AAPL\|MSFT\|NFLX\|NVDA\|UNH TXN AMAR DEO	View
2023 Q3	Oct 10, 2023	Vulcan Value Partners – Focus Plus	5.9%	18.7%	AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH	healthcare, Hospitality, large cap, Quality, semiconductors, Spirits, value	The firm focuses on purchasing high-quality businesses trading at substantial discounts to intrinsic value with sustainable competitive advantages. They target companies with pricing power, strong margins, and high returns on invested capital across multiple strategies.	DEEPSEEK AAPL\|MSFT\|NFLX\|NVDA\|UNH TXN AMAR DEO	View
2023 Q3	Oct 10, 2023	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH	Competitive Advantage, large cap, Margin Of Safety, Quality, value	The firm focuses on purchasing securities with substantial margin of safety in terms of value over price, targeting companies trading well below fair value. They emphasize reducing portfolio price-to-value ratios through disciplined buying and selling decisions.	DEEPSEEK AAPL\|MSFT\|NFLX\|NVDA\|UNH TXN AMAR DEO	View
2023 Q3	Oct 10, 2023	Vulcan Value Partners – Small Cap	9.1%	9.4%	AMAT, DEO, FWRD, ISS.CO, ITRN, LRCX, MAR, MLKN, SEE, SMRT, TXN, UNH	concentrated, discount, large cap, Quality, small cap, value	Vulcan focuses on purchasing high-quality businesses at substantial discounts to intrinsic value with sustainable competitive advantages. The firm emphasizes price-to-value ratios and margin of safety as key investment criteria. They recently reopened Small Cap and All Cap strategies due to historically attractive price-to-value ratios.	DEEPSEEK SMRT EDELWEISS ITRN MLKN AAPL\|MSFT\|NFLX\|NVDA\|UNH TXN AMAR DEO	View
2023 Q2	Jan 7, 2024	Old West Capital Management	6.9%	15.9%	SMRT	growth, interest rates, real estate, small cap, technology, value	Manager views AI as overhyped and reminiscent of the dotcom bubble. Notes that AI is not new but has become a buzzword driving valuations, with companies like Kroger mentioning AI eight times on recent calls despite no previous mention.	SMRT	View
2023 Q1	Jan 7, 2024	Old West Capital Management	6.9%	15.9%	AFM.TO, BG, FIL.TO, SMRT, WILD.TO	Agriculture, Banking, commodities, interest rates, Mining, Owner Managers, small cap, value	Manager emphasizes value investing approach focused on companies with owner/managers, strong balance sheets, actual earnings, and business moats. Expects value bias to serve well in difficult investing environment ahead. Believes active value investing will have revival after speculative bubble period.		View
2022 Q3	Sep 11, 2022	Vulcan Value Partners – Small Cap	9.1%	9.4%	CWK, LFUS, MLKN, PRCH, SMRT, TKR	-			View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMZN, CSGP, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS	AI, Cloud, free cash flow, large cap, payments, technology, value	Amazon's AWS continues to show strong customer pipeline despite growth deceleration, with significant technology workloads remaining on-premise. Microsoft drives digital cloud growth and benefits from AI wave while generating operating leverage. The managers remain confident in long-term cloud assumptions.	CHKP. ELV ENS PRG MEDP SFR DNB ^GSPC SSNC FISV	View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Small Cap	9.1%	9.4%	AMZN, CRNC, CSGP, CW, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS	AI, Cloud, free cash flow, healthcare, payments, small cap, technology, value	AWS growth continues to slow but significant technology workloads remain on-premise with strong new customer pipeline. Microsoft driving digital cloud growth and benefiting from AI wave while generating operating leverage.		View
2023 Q3	Jan 7, 2024	Hayden Capital	13.9%	37.6%	AAPL, ADBE, ATVI, EDU, KO, NESTLEIND.NS, PDD, PG, SMRT	cash flow, China, Predictability, real estate, technology, value	Chinese investments drove positive Q3 performance with companies like Pinduoduo and New Oriental trading near multi-year highs. Manager sees divergence between resilient business models and broader economic weakness, with valuations approaching two-thirds of fair value estimates.	SMRT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Vulcan Value Partners - Small Cap	SmartRent Inc.	Information Technology	Software	Bull	NYSE	Apartment Technology, digital services, growth opportunity, Hardware, proptech, Rental Management, Smart home, Software	View Pitch
Apr 28, 2026	Fund Letters	Hayden Capital	SmartRent	Real Estate	Real Estate Management & Development	Bull	NYSE	ARPU growth, asset-light model, Free Cash Flow, IoT, proptech, real estate technology, recurring revenue, SaaS, Smart home, turnaround	View Pitch
Apr 28, 2026	Fund Letters	Old West Capital Management	SmartRent, Inc.	Information Technology	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	growth, IoT Devices, property management, proptech, real estate technology, recurring revenue, Rental Housing, SaaS, Smart Home Technology, SPAC	View Pitch
Apr 13, 2026	Fund Letters	Hayden Capital	SmartRent	Real Estate	Real Estate Management & Development	Bear	NYSE	interest rate sensitivity, IoT, Management Change, Multifamily, proptech, REITs, SaaS, Smart home, turnaround	View Pitch
Jan 23, 2026	Twitter / X	@MultiMismanaged	SmartRent, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	Gross Profits, Multifamily, Sales Subscription, Software, Subscription, Subscription Gross, Subscription Sales, Subscription Software	View Pitch
Jan 23, 2026	Twitter / X	@ToffCap	SmartRent, Inc.	Information Technology	Software - Application	Bull	New York Stock Exchange	downside risk, Homebuilders, Property, recurring revenue, Rental, SaaS, Smartrent, Smrt	View Pitch
Jan 8, 2026	Fund Letters	Fred Liu	SmartRent, Inc.	Information Technology	Application Software	Bear	New York Stock Exchange	Governance, Interest, Multifamily, profitability, proptech, SaaS	View Pitch
Sep 16, 2025	Short Thesis	Guasty Winds Musings	SmartRent Inc	Information Technology	Application Software (PropTech)	Bear	NYSE	Automation, growth, Housing, Margins, proptech	View Pitch
Sep 16, 2025	Short Thesis	Night Market	SmartRent Inc	Information Technology	Apparel Retail	Bear	NASDAQ	growth, Housing, Losses, Margins, RetailTech	View Pitch
Sep 16, 2025	Short Thesis	Bleecker Street	SmartRent Inc	Information Technology	Apparel Retail (Proptech/Smart Homes)	Bear	NASDAQ	Churn, Hardware, Multifamily, proptech, SaaS	View Pitch

BSD Shareholders of SMRT

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

Pitches With This Ticker

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