SNEX

SNEX

SNEX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	LRT Capital Management	-	8.1%	ABG, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FN, GOOGL, GPI, ICLR, MKTX, NOC, PBR-A, RLI, SNEX, SSD, TTC, UNH	Consolidation, healthcare, infrastructure, Long/Short, Low Beta, Quality, Systematic	The manager emphasizes investing in category-defining enterprises with durable competitive moats, strong brand equity, and disciplined capital allocation. Holdings are characterized as best-in-class operators with fortress-like balance sheets and long-term compounding potential.		View
2025 Q2	Jul 21, 2025	Sawgrass Asset Management – Small Cap Quality Growth	5.5%	-	AORT, AVPT, NVDA, SNEX	growth, Quality, Risk Appetite, Russell 2000, small caps, valuation	Small caps are at extreme relative valuation discounts to large caps, with the Russell 2000 representing only 5% of S&P 500 market cap. The normalized P/E relative to larger stocks is at a two-standard-deviation low, cheaper than COVID lows. Large cap leadership cycle is the second longest in US stock market history.	AVPT AORT SNEX SNEX	View
2025 Q1	May 13, 2025	Sawgrass Asset Management – Small Cap Quality Growth	-5.2%	-5.2%	ADMA, CORT, RDNT, SNEX, STRL	growth, Outperformance, Quality, small caps, value, volatility	Evidence is growing in favor of a size leadership switch from large to small caps. Three key linchpins support this thesis: relative valuation discount of small cap to large cap at continual trough valuations, concentration of mega-caps as a percent of total equity market, and the duration of large cap leadership cycle being the second longest in U.S. stock market history. Additional supportive factors include healthy high yield market, resiliency of small caps regardless of winning party in Presidential elections, and normalizing GDP.		View
2026 Q1	Apr 24, 2026	Brennan Asset Management	-	-	CAB.L, CODI, DCC.L, MTRO.L, NFLX, PARA, SNEX, WBD	Banking, energy, Europe, Geopolitical, M&A, Media, payments			View
2023 Q2	Dec 7, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AAP, ALC, ANGI, AZO, DCO, DELL, GBLI, GLDD, IAC, LFCR, LTRPA, MGM, MPAA, ORLY, SCWX, SNEX, SSP, TRIP, VSAT	aerospace, Concentration, infrastructure, Media, small cap, technology, value	Manager views AI as a marketing term with unclear monetization prospects. Notes that market activity in 2023 has been driven by large tech stocks attaching themselves to the AI bandwagon, but emphasizes there is nothing remotely clear about making money in AI.		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
2025 Q3	Oct 2, 2025	LRT Capital Management	-	-0.2%	ABG, CAAP, CCI, CHE, CHTR, CIGI, CM, DRI, FN, GPI, IESC, PBR-A, RLI, SNEX, SSD, TD, TRV, TTC, UNH, XOM	Long/Short, Market Neutral, Quality, risk management, Systematic, valuation, value	The manager emphasizes investing in high-quality companies that are growing their value per share. While the quality factor has struggled over the past year, the manager views this as presenting the greatest opportunity for future investment and believes now is a perfect time to add to the strategy given its muted returns.		View
2025 Q4	Jan 20, 2026	Sawgrass Asset Management – Small Cap Quality Growth	-0.5%	7.7%	AORT, BTSG, CRVL, CVLT, IRMD, PRGS, SANM, SNEX, WLDN	growth, healthcare, industrials, Quality, small caps, technology, value	The manager argues for the advent of the small-cap decade based on three key factors: relative valuation discount of small cap to large cap at continual trough valuations, concentration of mega-caps as a percent of total equity market, and the duration of large cap leadership cycle being the second longest in U.S. stock market history. The rubber band of these linchpins is stretched tight and when it snaps, small caps are likely to generate historical appreciation. The Small Cap Quality Growth strategy generates portfolios exhibiting lower price volatility, stable consistent growth, and attractive valuations. The manager's favored factors include lower volatility, lower market sensitivity, higher earnings yield, higher momentum, and higher profitability, though these were mixed for the quarter and year as high-volatility led strongly during both periods. Low-quality factors led both Q4 2025 and the full year, with high short interest, low share price, low P/E, low sales growth, and high bankruptcy risk being leading factors. Loss-makers outperformed profitable companies significantly, evidencing the risk-on nature in the market. Microcaps led for both periods, further demonstrating elevated risk appetite.		View
2024 Q2	Jul 30, 2024	Meditation Capital	-	-	CABP.L, COST, CPAY, IBKR, PDD, SCHW, SNEX, WMT	Africa, Counter-positioning, disruption, payments, small caps, value	Focus on cross-border payments companies that save customers money through counter-positioned business models. Cab Payments exemplifies this with its direct banking network bypassing expensive correspondent banking systems, particularly for Africa-focused transfers.		View
2025 Q1	Mar 31, 2025	Riverwater Partners Small Cap Strategy	-	-	BOW, BRCC, IDCC, IRDM, LMNR, ONTO, PJT, PLMR, SNEX, WRBY	Consumer Staples, Defensive, financials, insurance, Quality, small caps, tariffs	The manager emphasizes specialty insurance companies, particularly in the E&S (excess and surplus) space. Both PLMR and BOW operate in this attractive market with limited competition and strong growth prospects. The manager views these companies as defensive yet offering compelling long-term growth opportunities with attractive returns on capital.	BOW WRBY LMNR PLMR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Sawgrass Asset Management - Small Cap Quality Growth	StoneX Group	Financials	Capital Markets	Bull	NASDAQ	acquisition, Capital markets, Equity, financial services, record growth	View Pitch
Jan 8, 2026	Fund Letters	Dean McQuiddy	StoneX Group Inc.	Financials	Capital Markets	Bull	NASDAQ	acquisition, Capital markets, competitive position, earnings growth, Record Revenues	View Pitch
Aug 13, 2025	Seeking Alpha	JDN Research	StoneX Group Inc.	Financials	Capital Markets	Bull	NASDAQ	—	View Pitch

BSD Shareholders of SNEX

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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