SRCL

SRCL

SRCL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Oct 31, 2024	VH Standard Asset Management	-	-0.8%	CPRI, CTLT, EDR, ESGR, FYBR, GBNY, HCP, HES, JNPR, K, MGRC, MNTX, RCM, SMAR, SRCL, SRDX, VBFC	Deal Analysis, diversification, insurance, M&A, Merger Arbitrage, risk management	The fund is positioned across multiple merger arbitrage transactions in the healthcare sector, including deals like CTLT and other healthcare-related M&A activity. The manager discusses the strong success rate of insurance company transactions and analyzes deal-level risk across various sectors including healthcare.	ESGR	View
2024 Q4	Jan 27, 2025	VH Standard Asset Management	-	-3.9%	ALTM, ALTR, AXNX, CDMO, CTLT, ESGR, GBNY, HCP, HES, INST, IPG, JNPR, JWN, MRNS, PDCO, PTVE, RCM, SMAR, SRCL, SRDX	Antitrust, Deal Flow, M&A, Merger Arbitrage, Regulatory, Trump	The fund experienced significant losses from the CPRI transaction failure in October, with the judge ruling against the merger based on novel antitrust theories about affordable luxury handbags. Despite this setback, the manager notes 33 deals completed between October and year-end with only 4 failures, indicating continued M&A activity in the sector.		View
2024 Q3	Sep 30, 2024	Ariel Small Cap Value Strategy	10.1%	0.0%	BRC, CLB, JLL, LAZ, LESL, LIND, MHK, SRCL, WEX	energy, Manufacturing, payments, real estate, small caps, Travel, value	The fund focuses on small cap value investing, with the Russell 2000 Value Index outperforming growth in Q3. The manager believes patient investors who own differentiated businesses with solid competitive positioning and robust balance sheets will reap superior returns over time.	WEX CLB LIND LESL MHK LAZ JLL	View
2024 Q3	Sep 30, 2024	Ariel Fund	12.1%	0.0%	BIO, CLB, GNTX, JLL, LAZ, LESL, MHK, MIDD, SRCL	healthcare, industrials, real estate, small caps, SMID Cap, value	The fund focuses on investing in undervalued companies trading at discounts to private market value estimates. Management emphasizes patient investing in differentiated businesses with solid competitive positioning and robust balance sheets to generate superior returns over time.	MIDD BIO CLB GNTX LESL JLL LAZ MHK	View
2024 Q3	Sep 30, 2024	Ariel Appreciation Fund	9.9%	0.0%	CBRE, CLB, LAZ, NOV, SCHW, SRCL, SWK, WBA	Buybacks, earnings, free cash flow, interest rates, mid cap, value	Stanley Black & Decker delivered robust quarterly earnings with positive organic revenue growth in Tools and Outdoor segment for the first time since late 2021. The company's transformation initiatives remain on track with margin expansion from sourcing initiatives and productivity improvements.	SCHW CLB NOV CBRE LAZ SWK	View
2023 Q3	Sep 30, 2023	Diamond Hill Mid Cap	8.3%	13.3%	AIG, ALGT, BHF, CIEN, CTRA, CTSH, ENOV, ESAB, EXR, LHX, LNDC, MAA, RRR, SRCL, WBS, WCC, WY	energy, financials, industrials, mid cap, REITs, technology, value	Initiated position in L3 Harris Technologies, a defense contractor focused on communications, surveillance and electronic warfare. Anticipate US defense budget will be better than expected as the Defense Department prepares for peer-level threats. Believe there is room for improvement in recent execution, particularly at recently acquired Aerojet Rocketdyne.		View
2024 Q2	Jul 31, 2024	Ariel Appreciation Fund	9.9%	0.0%	CLB, CRL, GS, MAT, MIDD, SRCL, WBA, WM	AI, consumer, energy, financials, healthcare, mid cap, value	The bull market was powered by investor enthusiasm for artificial intelligence themed stocks, creating a narrow momentum-driven rally. AI-themed stocks continue to dominate markets this year, contributing to extreme market bifurcation where non-AI companies in the S&P 500 lost 1.2%.	MIDD AMAT CRL WBA GS CLB	View
2024 Q2	Jun 30, 2022	Heartland Mid Cap Value Fund	8.2%	9.7%	FIS, JBHT, SRCL	deep value, financials, industrials, Manufacturing, mid cap, self-help, value	The fund focuses on quality value companies trading below intrinsic value and deeply discounted companies with internal catalysts. They seek well-managed, financially strong businesses that can grow cash flow and value over time using their 10 Principles of Value Investing approach.	JBHT SRCL FIS	View
2023 Q1	Mar 31, 2023	Bernzott Capital Advisors – US Small Cap	8.5%	8.5%	ATSG, BV, GVA, HALO, HCI, HLMN, PTEN, SRCL, TA, TCBI, WSC	Banking, Commercial real estate, Quality, small caps, value	Manager emphasizes commitment to investment philosophy focused on high quality businesses with attractive cash flow and strong balance sheets. Attention to valuation should support investment returns as current interest rate regime inhibits valuation expansion. Small cap valuations look attractive relative to large caps.	PTEN HLMN	View
2023 Q1	Mar 31, 2023	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	AAP, ADM, AIG, ALGT, ALK, ALL, ARW, ASH, BHF, BKU, BOKF, BR, BRBR, BRO, BSX, BWA, CALM, CHKP, CIEN, CIVI, COOP, CTRA, CTSH, CUBE, DEI, ENOV, ERII, ESAB, ESGR, FA, FCX, FIBK, FIS, FWONA, GTES, HBI, HIG, ITGR, JLL, KEX, KMX, L, LANC, LOB, MTN, NVR, NXPI, OZK, PH, POST, PRG, RHP, RNR, RRR, RRX, RYN, SANM, SF, SRCL, SSNC, ST, UDR, UGI, VFC, WBS, WCC, WNS, WTW, WWW, WY	financials, industrials, mid cap, small cap, value			View
2024 Q4	Jan 22, 2025	Royce Investment Partners Small Cap	3.7%	10.3%	AEHR, AMSC, ASPN, ASTH, AZTA, CECO, CRS, DSP, EVH, FARO, GTLS, HCSG, KD, KN, LAKE, MATV, PRIM, SLWS, SOLR, SRCL	energy, industrials, Infrastructure Spending, Onshoring, small caps, technology, value	Energy sector was a top performer with 14.95% quarterly returns and 29.40% annual returns. The fund increased domestic energy exposure, particularly in natural gas and power generation companies. Energy equipment & services was the top contributing industry for both quarterly and annual periods.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Heartland Mid Cap Value Fund	Stericycle, Inc.	Industrials	Environmental & Facilities Services	Bull	NASDAQ	acquisition target, debt reduction, Medical Waste, operational efficiency, organic growth, Self Help, turnaround, Value	View Pitch

BSD Shareholders of SRCL

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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