SUPN

SUPN

SUPN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 25, 2025	Third Avenue Small-Cap Value Fund	6.5%	-	ABCB, ALG, BATRK, BXC, CTLP, ECPG, FRPH, HBB, IBTX, KALU, LXU, MYR, OCFC, PB, PRA, SAGE, SBSI, SUPN, UMBF, VC	Balance Sheet, Financial Strength, M&A, Resource Conversion, small cap, value	U.S. small-cap companies present once-in-a-generation attractive opportunities relative to the broader equity market after lengthy underperformance. Higher volatility in small-caps increases probability of significant mispricing, creating opportunities for active managers. The investment universe offers particularly high volume of merger and acquisition activity with low impediments to transactions.	VC CTLP SUPN CTLP	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
2024 Q4	Dec 31, 2024	Third Avenue Small-Cap Value Fund	-4.4%	3.3%	AMBC, BATRA, COLL, CTAS, ECPG, FPH, FRPH, ICFI, ITIC, IVT, KALU, LXU, MYRG, OCFC, PB, PBF, PRAA, SEB, SSKN, SUPN, TPH, UMBF, UNF	Buybacks, private equity, Regional Banks, Resource Conversion, small caps, value	The portfolio trades at a historically large discount to estimated net asset value, with Fund Management believing considerable potential exists for attractive absolute returns. The fund focuses on underpriced assets trading below intrinsic value.	FPH AMBC OCFC	View
2025 Q3	Nov 11, 2025	AMG GW&K Small Cap Core Fund	6.9%	3.6%	ABCB, CRDO, HLI, INTA, LOPE, MEDP, MTSI, PRIM, RBC, RGTI, RMBS, SPXC, STRL, SUPN	AI, Biotech, earnings, healthcare, small cap, technology	The market saw impressive gains driven by artificial intelligence stocks, though the fund missed these speculative rallies due to its focus on consistent earnings. The team added two technology stocks to increase exposure to AI infrastructure during the quarter.		View
2025 Q3	Oct 21, 2025	Third Avenue Small-Cap Value Fund	7.2%	-	ABAC, BATRK, BCC, BXC, COLL, CTAS, CTLP, ECPG, FRPH, HBB, HFWA, ITIC, KALU, LXU, MYRG, PB, PRA, ROG, SD, SUPN, TDW, UMBF, UNF, VSTO	Building Materials, financials, healthcare, industrials, Pharmaceuticals, small caps, technology, value	The fund focuses on buying companies trading at discounts to conservative estimates of net asset value, with shares not reflective of potential for business improvement or value creation. The investment approach emphasizes businesses well-financed and trading below intrinsic value with identifiable value creation levers.	ROG BOISE AMBC AMBC	View
2025 Q3	Oct 14, 2025	Aristotle Small/Mid Cap Equity	2.6%	-	AEIS, AGI.TO, ALE, AZEK, CIEN, COLB, CRI, FLWS, HAE, HGV, JHX, MTSI, PNW, PPBI, PRMB, SCI, SUPN, VYX, WTRG, WWW	AI, Banking, gold, healthcare, mid cap, small cap, technology, Utilities	Artificial Intelligence driven optimism fueled risk-on sentiment as companies with AI exposure or disruptive potential saw disproportionate gains. Investors chased momentum and future earnings potential over traditional valuation metrics. Ciena benefited from AI-related demand and technological innovation in optical networking equipment.		View
2025 Q4	Jan 29, 2026	abrdn U.S. Small Cap Equity Fund	0.5%	8.8%	ARCB, ARQT, ATEC, ATZ.TO, AZZ, CARG, CORT, ELF, HLIO, ITGR, LRN, LZB, OSW, PI, REVG, SUPN, TRNO, VIAV	healthcare, industrials, infrastructure, Quality, small caps, technology	The fund focuses on US small-cap equities, which rose over the quarter but lagged broader US equities. The manager emphasizes higher-quality small-cap businesses that offer resilience against macroeconomic headwinds while benefiting from secular trends. The manager sees compelling opportunities from increased infrastructure investment as a secular trend. New position AZZ is positioned to benefit from grid modernization and domestic manufacturing reshoring. Reshoring of supply chains presents compelling opportunities for smaller companies. AZZ is positioned to benefit from domestic manufacturing reshoring trends, while the broader strategy targets companies that can capitalize on this shift. The fund initiated a position in AZZ, which is positioned to benefit from accelerating data-center development. This reflects the manager's view on the growth potential in data center infrastructure.	CORT	View
2025 Q4	Jan 22, 2026	Third Avenue Small-Cap Value Fund	4.6%	14.0%	ALG, BATRK, BXC, COLL, CTAS, ECPG, FPH, ICFI, KALU, LXU, MYRG, NYCB, OCSL, PB, PRA, SEB, SUPN, UMBF, UNF	Aluminum, Governance, Owner-Operator, Pharmaceuticals, Regional Banks, small caps, value	The Fund pursues a decidedly value-oriented investment approach, seeking to underpay for ownership of a business. The managers focus on finding rare nexuses of good people, good assets and good prices. The Fund initiated a new position in Flagstar Bank at a large discount to tangible book value. Flagstar has been undergoing transformation and has a credible path to achieve profitability more typical of a U.S. regional bank. Kaiser Aluminum led fourth quarter performance following strong quarterly financial results and progress on its multi-year investment to upgrade and expand production capacity in aerospace and packaging. Collegium Pharmaceutical generated strong performance contribution after producing record quarterly revenue and disclosing improved operating income guidance and a new share repurchase authorization.	FLG UNF ECPG COLL KALU	View
2024 Q2	Jul 19, 2024	Third Avenue Small-Cap Value Fund	8.3%	0.0%	ALG, AMZN, BATRA, COLL, CSEC, ECPG, FRPH, HBB, ITIC, KALU, MYRG, NVDA, PRA, SEB, SUPN, TDW, UMBF, UNF, WASH	large cap, Outperformance, Relative Valuation, small caps, value	Small-cap stocks are trading at only 75% of large-cap valuations, an extremely unusual level of cheapness last seen during the tech bubble. The managers believe this represents a compelling opportunity for significant outperformance when the cycle turns.		View
2025 Q1	Mar 31, 2025	Third Avenue Small-Cap Value Fund	-4.6%	-4.6%	ABAC, BATRA, BXC, COLL, ECPG, FPH, FRPH, HBB, ICFI, ITIC, MYRG, OCFC, PB, PRAA, SBSI, SEB, SUPN, TDW, UMBF	financials, M&A, small cap, Trade Policy, value, volatility	Fund focuses on securities available at valuations significantly below private market value with low probability of permanent capital impairment. Manager emphasizes buying businesses at significant discounts to estimated values with conservatism baked in.	BXC TIDE	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 8, 2026	Fund Letters	Vic Cunningham	Supernus Pharmaceuticals, Inc.	Health Care	Pharmaceuticals	Bull	NASDAQ	acquisition, Depression, Integration, Netcash, Optionality, pharmaceuticals, Postpartum	View Pitch
Nov 29, 2025	Fund Letters	Dave Adams	Supernus Pharmaceuticals Inc.	Health Care	Biotechnology	Bull	NASDAQ	cash flow, CNS, growth, healthcare, innovation, pharmaceuticals, profitability	View Pitch

BSD Shareholders of SUPN

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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