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TOST

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	NCG Large Cap Growth Strategy	20.0%	5.4%	AAPL, BROS, CAT, CDNS, CMG, CYBR, MRVL, MSFT, NVDA, SAIA, SNOW, TOST, TTD, UNH	growth, industrials, Infrastructure Spending, small caps, technology, Trade Policy	The quarter was marked by President Trump's Liberation Day tariff announcement on April 2nd, which created considerable concern for global markets due to the breadth of countries included, level of tariff rates imposed, and short implementation timeframe. However, the administration later put in place a 90-day pause on tariff implementation and started talking about numerous ongoing trade deal negotiations, causing markets to reverse course.		View
2026 Q2	Aug 12, 2026	Emeth Value Capital	-	-9.8%	DRVN, FOUR, TOST	AI, Buybacks, Capital Allocation, payments, Restaurants, Vertical Software		FOUR	View
2025 Q2	Jul 31, 2025	PGIM Jennison Global Opportunities Fund	-	-	1211.HK, 1810.HK, AAPL, CEG, CRWD, GALDA.SW, LLY, MELI, META, MSFT, NFLX, NVDA, NVO, OR.PA, ORLY, PWR, RMS.PA, SPOT, TOST, VRTX	AI, consumer, global, growth, technology	The team transitioned technology exposure from AI infrastructure focus to companies benefiting from GenAI, including software, cloud services, and Edge AI applications in smartphones, autonomous driving, and electric vehicles. Strong demand for generative AI-related products and services drove returns, with companies like NVIDIA benefiting from surging demand for AI chips and new infrastructure partnerships.		View
2026 Q2	Jul 22, 2026	Mayar Capital	2.7%	-6.3%	BKNG, BUNZF, CRDA.L, GOOGL, LZAGY, MA, NKE, NTDOY, SAP, TOST, UL, V	AI Bubble, Discipline, global, long-term, Quality, underperformance, value		LONN.SW BNZL.L CRDA.L GOOG	View
2025 Q2	Jul 22, 2025	Harbor Capital Appreciation Fund	19.5%	7.4%	AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX	AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology	Artificial intelligence continued to drive market momentum in Q3 2025, with persistent investor enthusiasm for AI and related growth themes supporting strong returns in Communication Services and Information Technology sectors. The fund initiated a position in Advanced Micro Devices, citing its sharpened product roadmap and momentum with major cloud providers in AI accelerators.	ORCL TOST AMD BSX SHOP HUBS	View
2026 Q2	Jul 20, 2026	Brown Advisors Mid-Cap Growth strategy	17.5%	6.9%	BFAM, CASY, CSGP, DDOG, ENTG, FLEX, GWRE, HUBS, MPWR, MRVL, MSA, NOVT, ROST, TOST, TTWO	AI Infrastructure, growth, healthcare, mid cap, Portfolio turnover, software, technology, valuation		VIK USFD SNOW HOOD FLEX	View
2025 Q2	Jul 18, 2025	NZS Capital – Growth	19.4%	15.1%	1211.HK, APH, ARM, CDNS, CPRT, DHR, FI, FND, GLBE, GOOGL, HEI, IR, LRCX, MELI, MRVL, MSFT, NET, NVDA, PGR, PWR, ROP, SAIL, TOST, TSM	growth, Portfolio Management, semiconductors, software, technology, volatility	NZS views the world as a complex adaptive system subject to frequent shocks and disruptions. Their portfolio construction process is designed to handle volatility by sizing positions based on range of outcomes rather than narrow predictions. The resilient head provides ballast during volatility while the optionality tail captures asymmetry.	TOST TOST	View
2026 Q2	Jul 15, 2026	Minot Light Capital Partners	20.3%	17.1%	BOBS, CHWY, CYRX, EVLV, HTFL, ICCC, KRUS, LGCY, MOBI, MXCT, OFRM, OM, RMTI, SNDA, SOPH, SUJA, SWAG, TDUP, TOST, XTRAF	downside protection, growth, IPOs, Microcap, risk management, Senior Care, small caps, value		RMTI XTRAF SNDA	View
2025 Q2	Jul 15, 2025	Coho Relative Value Equity	-	-	AAPL, ABT, AMZN, BAX, CAG, COR, CVS, DG, DIS, GOOGL, MCHP, MDT, META, MMC, MSFT, NKE, NVDA, SJM, TMO, TOST, TSLA	AI, Concentration, Consumer Staples, GLP1, healthcare, multiples, technology, value	AI euphoria following ChatGPT release sparked impressive but narrowly led market rally in Information Technology sector. The excitement surrounding AI potential caused investors to ignore typical inverse correlation between rates and P/E multiples. AI-driven momentum propelled sectors Coho tends to underweight.		View
2026 Q2	Jul 1, 2026	Adestella Investment Management	-	-	AIR, ATRO, BELF.B, DELL, ISSC, LFMD, NBIS, OKTA, PAR, PSIX, RXO, SMCI, TOST	aerospace, AI, Data centers, industrials, small caps, software, valuation, value		OKTA TOST DELL LFMD RXO PAR BELF.B PSIX NBIS	View
2026 Q1	May 4, 2026	Mayar Capital	-8.8%	-8.8%	005930 KS, 7974.T, BFAM, BLND.L, DASTY.PA, ICARF.WA, MITT, MSFT, PYPL, SAP, SOM.L, TOST, VTY.L, VWS.CO, XRO.AX	AI, Crisis, diversification, Geopolitical, global, Quality, software, value		7974.T TOST XRO.AX MIDD SAP MSFT	View
2026 Q1	May 12, 2026	Optimist Fund	-27.3%	-27.3%	AFRM, AHT.L, CVNA, DASH, DSCV.L, DSV.CO, FA, KVYO, MEDP, MNDY, TDUP, TDY, TOST, UBER, W, ZS	AI, dislocation, E-Commerce, growth, opportunity, technology		TOST CVNA W TDUP	View
2026 Q1	Apr 15, 2026	Brown Advisors Mid-Cap Growth strategy	-9.0%	-9.0%	AAON, ANDG, ARES, CCC, CSGP, DDOG, DKNG, DT, EFX, FICO, FIX, FTAI, GH, GWRE, HUBS, IT, LITE, LNG, LSCC, MDLN, MPWR, ODFL, OII, OS, PODD, PWR, RDDT, TOST, TTD, VOYG, VRSK, VRT, VST, WCN, WDAY, YSS	AI, energy, growth, industrials, mid cap, software, technology		GH FTAI ANDG RDDT TOST GWRE	View
2025 Q1	Mar 31, 2025	NCG Large Cap Growth Strategy	12.2%	12.2%	AAPL, AMD, AVGO, CRM, CSGP, CVNA, HWM, MRVL, NVDA, PANW, PGR, SNOW, SPOT, SYM, TEAM, TOST, TSLA, V	earnings, growth, large cap, Quality, technology	NCG emphasizes investing in what they believe are the fastest growing and highest quality companies in America. They maintain focus on fundamental growth drivers of each holding despite challenging market conditions. The firm expects strong earnings growth in 2025 for small, mid and large cap companies, which would be a continuation of strong growth in large cap.		View
2023 Q4	Dec 31, 2023	NCG Large Cap Growth Strategy	14.2%	39.9%	AAPL, ADBE, CELH, CRM, DE, DXCM, GOOGL, KNSL, LLY, PEN, TOST, WDAY	growth, healthcare, Quality, small caps, software, technology	Healthcare holdings underperformed due to investor perception that weight loss benefits from GLP-1 drug class will improve overall health, reducing prevalence of certain disease states and medical interventions. Long-term impact on business fundamentals remains unclear.	WDAY ADBE KNSL	View
2025 Q3	Oct 24, 2025	NCG Large Cap Growth Strategy	8.4%	14.2%	AAPL, APP, ARM, CRM, CYBR, GEV, HOOD, INSM, ISRG, MDB, NFLX, NOW, NVDA, ORCL, PGR, TEAM, TOST, TYL	AI, growth, infrastructure, Quality, rates, small caps, technology	Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support AI buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors.	HOOD GEV ORCL MDB APP AAPL NVDA	View
2025 Q3	Oct 17, 2025	Harbor Capital Appreciation Fund	5.0%	12.7%	AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX	AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology	Artificial intelligence continues to drive market performance with persistent investor enthusiasm for AI and related growth themes. Information Technology sector led by large-cap constituents outperformed all other sectors, with Communications Services also capitalizing on AI momentum. Corporate earnings growth supported by AI development provides fundamental backing for technology-led rally.	ORCL US TOST US AMD US	View
2025 Q4	Jan 24, 2026	Greystone Capital	0.3%	2.8%	APG, BEL, DR.TO, FC, FOUR, KITS.TO, LMB, LNF.TO, LSPD.TO, NRP, SQ, SYZ, TOST, VYX	Buybacks, Coal, concentrated, E-Commerce, payments, small caps, value	Natural Resource Partners continues to benefit from global coal consumption reaching record highs of 8.8 billion tons in 2025. The royalty business model provides exceptional durability through various pricing environments while avoiding ongoing capital expenditures and high operating costs. KITS Eyecare represents a vertically integrated direct-to-consumer eyecare model with strong unit economics. The company has achieved product/market fit with favorable CAC/LTV ratios and continues to take share from traditional optometry and less integrated online competitors. Shift4 Payments operates as an integrated end-to-end payments business with deep industry knowledge across hospitality, restaurant, and stadium verticals. The company owns the gateway layer and full payment stack, enabling higher margins and stronger customer retention than commodity payment processors. Medical Facilities Corp has repurchased over 20% of shares outstanding through tender offers and open market purchases, reducing total shares by nearly 40% over four years. Management demonstrates disciplined capital allocation focused on maximizing per-share value.	FOUR DR CN APG KITS CN NRP	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jul 2, 2026	Fund Letters	Adestella Investment Management	Toast	Software - Infrastructure	Application Software	Bull	New York Stock Exchange	AI-Resistant, Equity, Mission-Critical, Payments, Point of Sale, proprietary data, restaurant software, SaaS, System of Record	View Pitch
May 13, 2026	Fund Letters	Optimist Fund	Toast	Software - Infrastructure	Application Software	Bull	New York Stock Exchange	ARR growth, Cloud software, Free Cash Flow, market leader, Restaurant POS, SaaS	View Pitch
May 5, 2026	Fund Letters	Mayar Capital	Toast, Inc.	Software - Infrastructure	Application Software	Bull	New York Stock Exchange	All-in-one Platform, hospitality, POS Systems, Restaurant technology, vertical software	View Pitch
Apr 23, 2026	Fund Letters	Brown Advisors Mid-Cap Growth strategy	Toast, Inc.	Software - Infrastructure	Financial Technology	Bull	New York Stock Exchange	growth, Payments, restaurant software, SaaS, SMB, vertical software	View Pitch
Apr 13, 2026	Fund Letters	Harbor Capital Appreciation Fund	Toast Inc	Information Technology	Software	Bull	NYSE	cloud-based, Enterprise Expansion, Payments, Point of Sale, recurring revenue, Restaurant technology, SaaS	View Pitch
Apr 13, 2026	Fund Letters	NZS Capital - Growth	Toast	Information Technology	Application Software	Bull	NYSE	Digital transformation, enterprise, Fintech, network effects, payment processing, POS Systems, Restaurant technology, SaaS, SMB, vertical software	View Pitch
Feb 17, 2026	Seeking Alpha	Seeking Alpha	Toast, Inc.	Financial Technology	Payment Processing	Bear	New York Stock Exchange	competitive market, economic headwinds, Gross Payment Volumes, growth deceleration, payment processing, restaurant industry, supply chain risks, Toast, Inc., valuation compression, Vertically Integrated Platform	View Pitch
Feb 4, 2026	Twitter / X	@bobspaysubstack	Toast	Software	Application Software	Bear	New York Stock Exchange	Application Software, EBITDA margins, Fintech, Payments Software, Restaurant POS, SMB Merchants, valuation, vertical software	View Pitch
Jan 8, 2026	Fund Letters	Brad Slingerlend	Toast, Inc.	Information Technology	Internet Services & Infrastructure	Bull	New York Stock Exchange	network effects, Payments, Restaurants, SaaS, Software, vertical market	View Pitch
Oct 3, 2025	Value Investors Club	MississippiCo	Toast Inc.	Information Technology	Application Software	—	NYSE	POS, integrated payments, enterprise, GPPL, interchange+, international expansion, S&M efficiency, competition, accounting presentation, valuation re-rating	View Pitch
Aug 7, 2025	Seeking Alpha	Julian Lin	Toast, Inc.	Information Technology	Software - Infrastructure	Neutral	NYSE	—	View Pitch

BSD Shareholders of TOST

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
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