SPHR

SPHR

SPHR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 19, 2025	Prosper Stars & Stripes	9.6%	-0.8%	AGYS, AZTA, EXPO, FTAI, HELE, KRMN, MGNI, PACK, SPHR, TATT, TKNO	alpha, Long/Short, risk control, stock selection, volatility	The letter discusses navigating volatility through disciplined long/short equity exposure amid tariff shocks, recession fears, and rapid market reversals. Management emphasizes risk control, flexible net exposure, and stock selection as drivers of alpha. The approach seeks consistent compounding regardless of market direction.		View
2025 Q2	Jul 17, 2025	Ariel Appreciation Fund	5.8%	-	CLB, FI, GS, KMX, NTRS, NVT, SLB, SPHR	Discipline, fundamentals, Mean reversion, valuation gaps, value	The letter emphasizes valuation discipline amid a market dominated by growth and momentum. Management highlights opportunities in overlooked, fundamentally strong companies trading at discounts to intrinsic value. The outlook is anchored in long-term mean reversion and fundamental recovery rather than macro forecasting.	GS FI KMX CLB	View
2025 Q2	Jul 17, 2025	Ariel Fund	7.0%	-	ATGE, CLB, LESL, NTRS, SJM, SPHR	cyclicals, Recovery, small caps, valuation, value	The letter reiterates a classic value philosophy amid persistent growth outperformance. Management argues that pessimism around cyclical and smaller companies has created attractive entry points. The outlook anticipates improving fundamentals and multiple expansion as sentiment normalizes.	LESL SJM CLB NTRS ATGE SPHR	View
2024 Q1	May 7, 2024	Third Avenue Small-Cap Value Fund	8.3%	0.0%	SPHR	-			View
2024 Q1	Apr 15, 2024	Ariel Fund	12.1%	0.0%	ATGE, MHK, MSGE, NVST, PARA, SNA, SPHR	-			View
2024 Q1	Apr 15, 2024	Ariel Small Cap Value Strategy	10.1%	0.0%	CG, DNB, LAZ, LIND, MGPI, NVT, OSW, SPHR	-			View
2023 Q4	Dec 31, 2023	Meridian Hedged Equity Fund	6.2%	0.0%	ALGM, LBRDK, LEVI, MSFT, SBH, SPHR	-			View
2023 Q3	Oct 25, 2023	McIntyre Partnerships	14.7%	6.0%	OSW, SPHR	-			View
2025 Q3	Oct 15, 2025	Ariel Appreciation Fund	9.5%	-	FI, GS, KMX, KN, MAT, PBH, PSKY, REZI, SPHR	Artificial Intelligence, consumer tech, Fintech, Mid Caps, Value Investing	Ariel Appreciation emphasizes AI-related growth, fintech innovation, and value recovery among mid-cap holdings. Top contributors included Resideo, Sphere Entertainment, and Knowles, while cyclicals like CarMax weighed on results. The team expects undervalued mid-cap equities to outperform as valuations normalize and active management captures AI and consumer technology tailwinds.	PBH FISV MAT KMX KN SPHR REZI	View
2025 Q3	Oct 15, 2025	Ariel Fund	12.4%	-	MANU, MAT, PBH, PSKY, REZI, SPHR	Artificial Intelligence, Media, small caps, Smart homes, Value rotation	Ariel highlights strong small-cap performance amid AI-driven enthusiasm and resilient U.S. growth. The fund benefited from holdings like Sphere Entertainment and Resideo Technologies, while focusing on undervalued cyclicals positioned for an earnings catch-up. It sees opportunity in media innovation and smart home technology as valuations for small caps remain deeply discounted.		View
2025 Q3	Oct 15, 2025	Ariel Small Cap Value Strategy	12.7%	-	BCO, KMT, MAT, PBH, REZI, SPHR, ZBRA	consumer, cyclicals, industrials, small caps, valuation	Ariel sees improving prospects for small caps and cyclical stocks amid Fed easing, strong earnings, and valuation gaps versus large caps. The strategy favors pro-cyclical exposure in undervalued businesses across industrials, logistics, and consumer sectors while maintaining discipline in capital deployment. The managers expect small-cap valuations to normalize as market breadth improves and economic resilience persists.	KMT US SPHR US BCO US REZI US	View
2025 Q4	Jan 30, 2026	O’Keefe Stevens Advisory, Inc	0.0%	0.0%	FNMA, GLW, HCC, ICLTF, MODG, NVDA, PRGO, SCL, SPHR, WY	AI, Cash, Entertainment, Lumber, Portfolio Management, positioning, technology, value	2025 marked the year of AI exploration and testing, with 2026 expected to be the year of implementation. AI will unlock efficiency but create uneven impacts across businesses, particularly those with seat-based pricing models. The manager views AI as table stakes that may dilute alpha over time as it democratizes information access. The lumber industry has been in a 3+ year downturn following COVID demand. Canadian softwood exports to the US are near Great Financial Crisis levels, with significant capacity offline. The manager believes they are at or near the beginning of a lumber price rebound as supply has come offline and inventory liquidation is ending. Sphere made significant progress with strong ticket sales for The Wizard of Oz content, selling over 1.6-1.7 million tickets. The economics are evolving as AI-driven tools reduce content production costs from $100m to potentially $10m, improving unit economics for future Spheres and enabling franchise partnerships.		View
2025 Q4	Jan 18, 2026	Ariel Appreciation Fund	3.0%	11.1%	CRL, FDS, FISV, GNRC, GNTX, IPG, MSGE, OMC, SPHR	Automotive, Biotechnology, Data centers, Entertainment, Financial Services, mid cap, technology, value	Artificial intelligence continues to drive structural trends contributing to productivity gains and shifting competitive positioning across industries. However, the benefits are unevenly distributed, reinforcing market leadership narrowness and raising questions about performance durability. Live entertainment shows strong consumer demand with Sphere Entertainment's success with The Wizard of Oz and Madison Square Garden Entertainment's robust concert and Christmas Spectacular performance. The sector benefits from continued demand for live experiences and valuable real estate assets. Charles River Laboratories maintains its leadership position in outsourced drug development services despite moderated biotech funding and big pharma budget pressures. The company's scale and capabilities position it well for recovery as nonclinical testing remains essential for pipeline replenishment. Generac Holdings sees significant long-term growth potential in the data center market, benefiting from rising energy needs and artificial intelligence infrastructure expansion. This represents a key growth driver alongside traditional backup power solutions.	OMC FDS GNRC FISV MSGE CRL SCHR	View
2025 Q4	Jan 18, 2026	Ariel Fund	3.2%	14.2%	ATGE, CLB, GNTX, MHK, MSGE, SPHR, XRAY	Autos, Entertainment, healthcare, industrials, Oil Services, small caps, value	Live entertainment companies like Sphere Entertainment and Madison Square Garden Entertainment showed strong performance driven by robust consumer demand for concerts and live shows. The success of The Wizard of Oz at Sphere demonstrates the venue's potential for scalable franchise opportunities both domestically and internationally. Core Laboratories delivered sequential revenue growth propelled by strong global demand for its proprietary services and products. The company strengthened its financial position by reducing leverage to a nine-year low while expanding internationally through acquisitions, positioning for long-term growth in energy development cycles. Gentex Corporation faced headwinds from mix-shift towards lower-end vehicle production due to tariff impacts in Europe and China. However, the Ford Bronco launch marked an important milestone for Full Display Mirror technology, which remains the company's most reliable growth driver as automakers increasingly adopt advanced technologies. The fund maintains a disciplined value approach, focusing on companies with robust balance sheets, durable fundamentals, and valuation discipline. This positioning aims to capture attractive upside as market leadership evolves and opportunities broaden beyond the current concentration in large-cap stocks.	XRAY GNTX MHK ATGE CLB	View
2025 Q4	Jan 18, 2026	Ariel Small Cap Value Strategy	3.0%	0.0%	AMG, FDS, GNRC, KMT, NCLH, PSKY, REZI, RLI, SPHR, ZBRA	AI, Entertainment, insurance, Manufacturing, small cap, technology, value	Artificial intelligence continues to drive structural trends and productivity gains across industries, though benefits are unevenly distributed. The technology is contributing to market concentration and shifting competitive positioning, while raising questions about the durability of recent performance patterns. Data center market shows significant long-term growth potential driven by rising energy needs and artificial intelligence infrastructure expansion. Management emphasized strong momentum in this sector as a key growth driver. Live entertainment sector demonstrates robust consumer demand with Sphere Entertainment showing strengthening business fundamentals. The success of productions like The Wizard of Oz is accelerating discussions for future venue expansion both domestically and internationally. Cruise industry faces renewed skepticism despite record bookings and robust customer deposits. Norwegian Cruise Line maintains confidence in long-term demand supported by strategic capacity expansion and private island enhancements.	ZBRA RLI FDS NCLH GNRC REZI KMT AMG SPHR	View
2023 Q3	Sep 30, 2023	Ariel Small Cap Value Strategy	10.1%	0.0%	AMG, BCO, LESL, LIND, MAT, NCLH, SPHR	-			View
2024 Q2	Jul 31, 2024	Ariel Small Cap Value Strategy	10.1%	0.0%	BCO, CLB, HMN, LESL, MIDD, OSW, PARA, SPHR	-			View
2024 Q2	Jul 31, 2024	Ariel Fund	12.1%	0.0%	ADT, ATGE, LESL, NVST, RCL, SPHR	-			View
2023 Q2	Jul 31, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, APPS, BNED, BUR, CLBT, HGTY, KKR, LFCR, PAR, SPHR	-			View
2023 Q2	Jul 14, 2023	O’Keefe Stevens Advisory, Inc	0.0%	0.0%	BOWL, SPHR	-			View
2025 Q1	Mar 31, 2025	Ariel Fund	-8.0%	-8.0%	ATGE, BIO, LESL, OSW, PARA, RCL, SJM, SPHR	-			View
2023 Q3	Mar 10, 2023	Ariel Focus Fund	10.6%	0.0%	APA, CVX, GNRC, GS, KVUE, LESL, MHK, PHIN, SPHR	-			View
2023 Q3	Mar 10, 2023	Ariel Fund	12.1%	0.0%	ATGE, GNRC, IPG, LESL, MAT, PBH, SPHR	-			View
2023 Q4	Jan 24, 2024	McIntyre Partnerships	14.7%	6.0%	GTX, MSGE, SHC, SPHR	-			View
2023 Q1	Jan 5, 2023	McIntyre Partnerships	14.7%	6.0%	OSW, SHC, SPHR, STHO	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 27, 2026	Fund Letters	Mike He	Sphere Entertainment Co.	Communication Services	Entertainment	Bull	New York Stock Exchange	entertainment, mispricing, Operatingleverage, Optionality, Utilization	View Pitch
Jan 23, 2026	Twitter / X	@KevinLMak	Sphere Entertainment Co	Communication Services	Movies & Entertainment	Bull	New York Stock Exchange	Artist, Backstreet Boys, Harry, Harry Styles, Residency, Sphere, Styles, Venue	View Pitch
Jan 20, 2026	Fund Letters	John Rogers	Sphere Entertainment Co.	Communication Services	Movies & Entertainment	Bull	New York Stock Exchange	Experiential, growth, Liveentertainment, Scalability, Utilization	View Pitch
Dec 3, 2025	Fund Letters	John W. Rogers	Sphere Entertainment Co.	Communication Services	Movies & Entertainment	Bull	NYSE	Content, Immersive, leverage, operating leverage, Pricing power, restructuring, Sponsorship, Venue economics	View Pitch
Nov 29, 2025	Fund Letters	John W. Rogers	Sphere Entertainment Co.	Communication Services	Entertainment	Bull	NYSE	advertising, entertainment, expansion, growth, media, Scalability, Venues	View Pitch

BSD Shareholders of SPHR

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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