TAP

TAP

TAP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 18, 2025	Bonsai Partners	-	7.3%	AMZN, CELH, FEVR.L, KO, MNST, TAP, WISE.L	Beverages, Customer Focus, Distribution, Enduring Economics, Partnerships, Quality	Fever-Tree demonstrates the power of premium positioning in the mixer industry, capitalizing on Schweppes' fragmented ownership structure. The company's partnership with Molson Coors provides guaranteed minimum royalty payments through 2030, offering strong earnings visibility and resolving margin issues through domestic manufacturing.	FEVR.L	View
2025 Q2	Jul 22, 2025	Harbor Mid Cap Value Fund	4.9%	2.1%	ADT, BK, CNHI, FLEX, FOXA, HIG, HPQ, JAZZ, JBL, KR, MCK, NRG, ORI, PHM, SNX, STT, SYF, TAP, TXT, WDC	earnings, energy, financials, mid cap, technology, value	Value stocks were left behind in the market rally and continue to trade at significant discounts to their growth counterparts, enhancing the potential for outperformance if valuations between growth and value stocks revert to a more normal, historical average. The Fund trades at just over 10x forward earnings and 7x cash flow, which are significant discounts to the core and value benchmark.	MCK ADT	View
2025 Q1	Mar 31, 2025	BNY Mellon Global Equity Income Fund	7.8%	7.8%	1299.HK, AZN, B3SA3.SA, BAE.L, CME, CSCO, DEO, DPSGY, EL, JNJ, MDT, PUB.PA, SIEGY, SNY, STLA, TAP, UMG.AS	defense, dividends, Equity, global, income, inflation, rates, value	NATO members' pledges to significantly increase defense spending due to US pressure boosted defense stocks like BAE Systems, which reported record annual profits for 2024 and huge increase in sales guidance for 2025.		View
2023 Q4	Dec 31, 2023	Meridian Contrarian Fund	6.9%	0.0%	ALEX, AMD, APA, CACI, CCJ, CRC, FCNCA, HNST, LEGN, PINS, PRGO, SGH, TAP, THC, VICI	Biotechnology, contrarian, energy, semiconductors, small caps, turnaround, value	AMD positioned as stronger competitor to Nvidia with compelling technology and superior products to Intel. The company unveiled details about upcoming GPU products for the AI market, with expectations that AMD's GPU servers will be a viable alternative to Nvidia.	PINS HNST AMD ADNT\|APA\|BPOP\|FLR\|KOS\|OLN LEGN SGH	View
2025 Q3	Nov 13, 2025	Auxier Asset Management	5.4%	-	BA, BAC, BK, C, CAT, DEO, GD, GLW, GOOGL, KR, LMT, MA, META, MSFT, PH, PM, PSX, RTX, TAP, VLO	AI, Banking, credit, defense, energy, infrastructure, Speculation, technology	Robust capital investment boom in Artificial Intelligence is boosting the US economy and market, with up to half of 3.8% GDP gain attributable to tech capital spending. Companies like Alphabet, Microsoft and Meta are putting up exceptional growth in cloud computing, AI and digital advertising. The massive infrastructure buildout to expand data center capacity has boosted demand for traditional machinery and power solutions.		View
2025 Q4	Jan 5, 2026	Greenfield Investment Management	0.0%	0.0%	BLDR, BNT.DE, CARR, CSU.TO, GOOGL, HEI.DE, INTC, JMHLY, MCK, OMC, POW.TO, RSHO, RYAAY, TAP, WCC	Airlines, Conglomerates, global, infrastructure, Pharmaceuticals, semiconductors, technology, value	Manager believes Heidelberg Materials will benefit from investment in and upgrading of infrastructure around the world. New bridges, highways, dams, tunnels, airports, ports, pipes, and railways require a lot of cement. McKesson investment viewed as similar to a royalty on Americans taking more pharmaceuticals over time. The pharmaceutical distribution company operates mainly in the United States and has climbed steadily despite earlier opioid crisis concerns. Manager follows value investing approach, buying companies at attractive valuations relative to earnings. Multiple examples given of purchasing stocks at low price-to-earnings multiples when they were out of favor.		View
2025 Q4	Jan 20, 2026	Highwood Value Partners	5.7%	10.2%	2333.HK, ALIM-B.ST, BOL.PA, BORR, BUR.L, FEVR.L, GETB.L, JZC.L, MOT.L, ODET.PA, PROT.OL, RYA.L, STDRL.OL, SYY, TAP, TGO.PA, UMG.AS, VIV.PA, VWS.CO	Capital Cycle, Concentration, energy, Europe, Litigation Finance, special situations, value	Manager emphasizes concentrated value investing approach, buying companies at significant discounts to fair value. Portfolio trades at 48 cents on the dollar of estimated intrinsic value with median P/E of 7.5x. Focus on fundamental bottom-up analysis with 5+ year holding periods. Burford Capital represents the largest position as a litigation finance leader. The business generates returns by funding commercial litigation claims and managing third-party capital. YPF case represents major catalyst with clear judgment in favor. Borr Drilling is a special situation in shallow water drilling rigs. The capital cycle investment thesis centers on industry oversupply working through the system, with rig rates recovering from current levels toward long-run averages as old rigs retire.	RYAAY FEVR LN GETB LN BORR NO BUR LN	View
2025 Q4	Jan 13, 2026	Thornburg Strategic Income Fund	1.2%	7.6%	AMAT, AMZN, META, TAP, TGT	credit, Data centers, duration, Fed policy, fixed income, investment grade, yield curve	The portfolio identified attractive opportunities within project finance through lending secured by data centers under construction with leases to investment-grade tenants. These transactions offer high barriers to entry, favorable valuations, robust structures, and desirable tenant profiles despite maintaining a generally cautious view of the data center and AI sectors. Recent bankruptcies and instances of fraud may be indicative of light covenants typically seen late-cycle. Credit spreads remain tight, particularly within private market areas that have experienced sharp growth, raising concerns about credit quality deterioration. The Federal Reserve continued its easing cycle with 50 basis points of rate cuts including a 25bp cut in December lowering the Fed Funds rate to 3.50-3.75%. Treasury yields fluctuated with short-end yields declining 20-30 basis points as rate-cut expectations increased while the curve continued to steepen.		View
2023 Q3	Sep 30, 2023	Meridian Growth Fund	6.8%	0.0%	ALEX, CACI, CCJ, DBRG, FCNCA, PRGO, SGH, TAP, TRMB, VICI	contrarian, energy, financials, small caps, technology, value			View
2024 Q2	Jul 31, 2024	Auxier Asset Management	7.4%	0.0%	AAPL, BAC, BK, GLW, GOOGL, KO, KR, LINC, MA, META, MNST, MRK, MSFT, NVDA, PEP, PM, RTX, TAP, UNH, V	AI, infrastructure, risk management, small caps, Speculation, technology, value	AI investment boom continues driving massive capital spending on tech infrastructure, with cloud service providers potentially investing $300 billion into AI hardware this year. The AI industry would need to generate $600 billion in annual revenue to justify current infrastructure spending. Companies like Alphabet and Microsoft are accelerating capital spending significantly.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Nov 25, 2025	Substack	Scalpavelli	Molson Coors Beverage Company	Consumer Staples	Beverages - Brewers	Bull		beer industry, brand portfolio, Consumer Preferences, Cost management, defensive stock, dividend payouts, global brewer, market share gains, market turmoil, premium brands	View Pitch
Oct 15, 2025	Value Investors Club	jso1123	Molson Coors Beverage Co.	Consumer Staples	Beverages – Brewers	Bear	NYSE	Beer decline, Below-premium exposure, Cannabis substitution, Generational shifts, GLP-1 drugs, Non-alcoholic trend, Seltzers & RTDs, Structural headwinds	View Pitch
Sep 17, 2025	Substack	Scalpavelli	Molson Coors Beverage Company	Consumer Defensive	Beverages - Brewers	Bull		beverage industry, brand portfolio, cash flow stability, debt management, dividends, market re-rating, Molson Coors, operating leverage, Share Buybacks, strategic investments	View Pitch
Aug 8, 2025	Seeking Alpha	Alan Galecki	Molson Coors Beverage Company	Consumer Staples	Beverages - Brewers	Bear	NYSE	—	View Pitch

BSD Shareholders of TAP

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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