TREX

TREX

TREX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	May 7, 2024	The London Company Small-Mid Cap	2.0%	4.8%	AWI, CABO, CHDN, DAVA, DECK, LANC, TREX, TTC	-			View
2024 Q1	Apr 15, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	AXON, BFAM, CWST, FIVN, MRCY, NEOG, ROAD, TREX, WK	-			View
2024 Q1	Apr 15, 2024	Conestoga Small Cap Composite	10.1%	7.8%	AAON, AXON, CCCS, CWST, EXPO, FOXF, MRCY, MSTR, NEOG, PLOW, ROAD, SMCI, TREX, VCEL, WK	-			View
2025 Q4	Feb 25, 2026	SouthernSun SMID Cap	-3.9%	4.5%	APG, CXT, DAR, DY, EXTR, GNRC, LOB, OSK, TKR, TREX	Artificial Intelligence, Balance Sheet Strength, Capital Allocation, Intrinsic Value, SMID Cap Equities	The letter emphasizes disciplined intrinsic value investing in SMID-cap businesses amid a market increasingly dominated by artificial intelligence narratives and mega-cap concentration. Drawing parallels to the 201415 energy collapse, the managers warn that rising AI-related capital intensity, power constraints, and valuation expansion may challenge assumptions of frictionless growth, particularly as the largest stocks drive disproportionate index returns and volatility. The portfolio is positioned in niche-dominant companies with strong balance sheets, recurring revenues, and visible cash flow, seeking to compound value while avoiding overpayment for perceived certainty.	TREX TKR DY EXTR LOB OSK GNRC CXT APG DAR	View
2025 Q4	Feb 10, 2026	Wasatch Global Select Strategy	0.0%	0.0%	FOUR, RBC, TREX	fundamentals, global, Japan, Quality, small caps, technology, underperformance, Valuations	The strategy focuses on high-quality businesses with high levels of ROA and ROE, and a track record of durable earnings growth. Despite underperformance in 2025, the managers remain committed to avoiding speculative companies and maintaining their quality discipline. Portfolio fundamentals remain solid with consistent earnings growth. AI emerged as a popular investment theme that drove performance in speculative small cap companies during 2025. The strategy avoided many AI-related stocks due to quality concerns. However, some holdings like ASPEED Technology benefited from increased demand for server-management chips driven by AI workloads.	RBC WEGE3 BZ FOUR TREX 6532 JP	View
2023 Q4	Dec 31, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	CCCS, FICO, IT, JBT, MSA, PYCR, ROAD, SITE, SSD, STVN, TREX, WST	-			View
2023 Q4	Dec 31, 2023	Conestoga Small Cap Composite	10.1%	7.8%	AAON, ALTR, DGII, DSGX, FOXF, HLIO, PYCR, SSD, STVN, TREX	-			View
2023 Q4	Dec 31, 2023	Artisan Global Discovery	7.6%	13.1%	58H GR, AMD, ARGX, BC IM, CNHI, EFX, MELR, MRO LN, ON, TREX, VEEV	-			View
2025 Q3	Oct 28, 2025	Canopy Investors	-4.1%	-	MEDP, TREX	Biotech, healthcare, innovation, Quality, small caps	The fund underperformed due to a market rotation favoring speculative small caps, but management remains focused on high-quality, cash-generative companies with durable growth profiles. Holdings like Medpace benefited from biotech innovation and clinical research demand, highlighting long-term opportunities in life sciences and industrial technology. The team expects quality small- and mid-cap stocks to regain leadership once speculative excess subsides.	TREX MEDP TREX US MEDP US TREX US MEDP US	View
2024 Q3	Oct 23, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, AXON, CGNX, EXPO, FIVN, FSV, GWRE, MSA, ROAD, TREX, WST	-			View
2024 Q3	Oct 23, 2024	Conestoga Small Cap Composite	10.1%	7.8%	AAON, CSWI, EXPO, FFO GR, NRC, OFLX, PRO, QTWO, ROAD, SLP, TREX, VCEL	-			View
2025 Q4	Jan 27, 2026	The Osterweis Opportunity Fund	3.3%	0.3%	BIRK, CAVA, CECO, CHYM, FSV CN, GH, MTSI, SITM, TREX, WAY	Artificial Intelligence, Fintech, Liquid Biopsy, secular growth, Small Cap Growth	The Fund outperformed in Q4 but lagged for the full year as speculative AI, biotech, and thematic trades dominated small cap growth performance. Management deliberately avoided meme-driven and unprofitable names, focusing instead on profitable, rapidly growing companies benefiting from secular tailwinds. Looking ahead, the team expects fundamentals to reassert themselves, highlighting long-term themes including AI, Robotics, Drones, Liquid Biopsies, and Fintech.		View
2025 Q4	Jan 26, 2026	Baron Discovery Fund	0.2%	11.0%	ALKT, CWAN, CWST, DKNG, DT, ESTA, EXAS, FROG, GCI, GTLB, INDIE, LLYVA, LOAR, MRCY, PRMB, RGEN, S, SITM, TREX, VRNS, WAY	AI, defense, growth, healthcare, Quality, small caps, software	The fund discusses AI as a transformative force requiring careful alignment of goals with humanity's interests. They view AI advancement as creating massive capital investment opportunities, particularly in datacenter buildout, while acknowledging concerns about AI's impact on software competitive advantages. The fund maintains significant exposure to enterprise software companies, particularly cybersecurity and systems software. They believe complexity of enterprise integration protects established players from AI disruption, with companies like Dynatrace, Varonis, and SentinelOne offering defensive moats through proven resilience and security. The fund focuses on innovative healthcare companies including molecular diagnostics (Exact Sciences), medical devices (Establishment Labs), and healthcare IT (Waystar). They see opportunities in companies improving patient outcomes through technology and automation in healthcare processes. The fund holds defense companies benefiting from increased defense budgets, including allocations for unmanned vehicles and missile defense systems. They trimmed positions after meaningful valuation increases but maintain defense as a core holding area.	CWST GLIBA PRMB LLYVA VRNS INDI FROG CAS WAY CWAN ESTA EXAS	View
2025 Q4	Jan 22, 2026	Wasatch Small Cap Growth Strategy	0.0%	0.0%	FN, FOUR, FROG, RBC, TREX, VITL	AI, Biotechnology, growth, healthcare, Quality, small cap, technology, value	The strategy focuses on high-quality businesses with high ROAs and ROEs, and track records of durable earnings growth. Portfolio fundamentals remain solid with ROA and ROE well ahead of benchmark metrics. The managers avoid speculative companies and prefer proven earnings track records. The strategy's lack of exposure to biotechnology stocks was the primary driver of underperformance, as biotech soared nearly 27% in Q4. Managers avoid nascent biotech companies due to binary outcomes based on clinical trials, preferring healthcare companies with proven track records. Artificial intelligence was mentioned as one of the popular investment themes driving speculative small cap companies that the strategy avoided. AI workloads are driving demand for data center upgrades and faster communication standards.	RBC FN FROG TREX VITL FOUR	View
2025 Q4	Jan 20, 2026	Madison Mid Cap Fund	-1.2%	1.8%	ACGL, ANET, AOS, APH, BRO, CDW, EXPD, FND, LBRDA, MCHP, MKSI, MSA, PCAR, ROST, TDY, TECH, TREX, TTAN, WAT, WRB	AI, financials, industrials, mid cap, Quality, technology, value	The fund focuses on high-quality, highly profitable, durable businesses with shareholder-oriented management teams selling below intrinsic value assessments. This quality-focused approach has historically provided strong long-term performance despite being temporarily out of favor in speculative market environments. Several portfolio companies are benefiting from AI-related applications and data center spending. MKS's Electronics and Packaging business shows accelerating growth partly due to AI applications, while Amphenol's IT/Datacom business produces spectacular organic growth driven by AI-related data center spending.	MCHP MSA AOS TTAN BIO ROST	View
2025 Q4	Jan 18, 2026	Conestoga Mid Cap Composite	-5.8%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology	The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly.	GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY	View
2025 Q4	Jan 18, 2026	Conestoga Small Cap Composite	-1.9%	-10.1%	AAON, AZTA, BMI, CWAN, DGII, DSGX, FSV, KRMN, LMAT, NGEN, NOVT, RBC, RGEN, ROAD, SPSC, STVN, TREX, TRNS, VCEL, VERX	Biotechnology, credit, Performance, Quality, small caps, tariffs, volatility	Small Caps achieved new all-time highs in 2025 despite extreme volatility, with the Russell 2000 Growth Index surging 50% from April to October after initial tariff concerns. The manager expects Small Caps to outperform Large Caps given 32% projected earnings growth versus 13% for Large Caps and a 25% valuation discount. The market was dominated by low-quality, high-beta, unprofitable stocks during the April-October rally, creating headwinds for the manager's high-quality approach. However, profitable stocks began outperforming unprofitable ones by 5% from mid-October through year-end, suggesting quality leadership may be returning. Small Cap biotech and pharmaceutical stocks dominated fourth quarter performance, representing 132% of the Russell 2000 Growth Index's total returns despite comprising only 11% year-to-date through Q3. The manager's minimal exposure to this sector was a significant performance headwind. Trump administration's comprehensive tariff strategy announcement in February caused Small Caps to plummet over 20% in weeks. However, potential policy modifications in April sparked a dramatic turnaround, with the Russell 2000 Growth Index surging nearly 50% over six months. Concerns about credit quality in private credit and regional banking emerged in Q4, highlighted by First Brands bankruptcy and Tricolor fraud allegations. JPMorgan CEO's cockroach comment underscored systemic concerns, triggering a 10% correction in the Russell 2000 Growth Index.	MLAB KRMN BMI FSV RGEN RBC CWAN	View
2025 Q4	Jan 18, 2026	Conestoga SMid Cap Composite	-2.7%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	Biotechnology, defense, growth, industrials, Quality, small caps, technology	Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions.	GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN	View
2025 Q4	Jan 16, 2026	GDS Investments	-	-	AMZN, GOOG, NVO, RIVN, TREX	AI Capex, cyclicals, Equal Weight Index, Market Concentration, Share Buybacks	The letter argues that AI-driven capital spending and hyperscaler concentration have masked underlying economic fragility, with leadership beginning to broaden as equal-weight indices outperform. The manager expects a multi-year rotation away from speculative AI infrastructure toward durable, cash-generative businesses trading below intrinsic value. Positioning emphasizes mega-cap conglomerates with diversified revenue streams and under-owned cyclicals with strong balance sheets and active buybacks.	RIVN TREX AMZN GOOG	View
2025 Q4	Jan 15, 2026	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	BE, BETA, BHVN, DUOL, DYN, ELF, GKOS, IBP, INSM, LRN, NVS, PEN, PTGX, QLYS, RBC, SGRY, SSD, TREX, VRNS, WIX	active management, AI, Biotechnology, Capital markets, earnings, growth, small cap, Valuations	The manager expects 2026 could mark a period where productivity and monetization benefits of AI become more visible across industries. Several holdings are actively leveraging AI to improve efficiency, offer new products, or provide solutions to secure and manage critical data that AI utilizes. Biotech sector rebounded strongly behind positive clinical and commercial outcomes, healthy M&A activity, performance mean reversion and lower interest rates. The Russell 2000 Growth Biotech Index returned 28.1% in Q4, with the manager adding modestly to relative performance despite benchmark biotech constituents being up over 40% for the year. Capital markets appear to be accelerating with IPO activity improving after a multiyear lull and M&A volumes rebounding. This environment is historically favorable to the strategy, with recent transactions highlighting sophisticated buyers deploying capital at depressed valuations. Small cap earnings growth is forecasted to handily exceed large caps in 2026, with the third quarter marking the first time in over a decade that small caps exceeded large caps in earnings growth. The manager believes the asset class is poised for stronger performance with relative valuations still at attractive levels.	SIMP PTGX	View
2025 Q4	Jan 15, 2026	Canopy Investors	-	-	4194.T, ASSA-B.ST, AUTO.L, AZEK, JHX, MEDP, MONC.MI, NEM, PTC, TREX, TW	AI, Enterprise Software, global, Japan, Quality, SMID Cap, valuation	AI has driven significant market rotation away from quality stocks, with concerns about disruption weighing on enterprise software and online classifieds companies. The fund believes AI disruption fears are overdone for their portfolio companies, which are more likely to be beneficiaries than victims of AI adoption. Quality was the worst-performing investment factor in H1 FY26, with lower-quality and more volatile stocks significantly outperforming. This represents a continuation of quality underperformance reminiscent of the late 1990s dot-com era, driven by speculative investor behavior and thematic investing. Japan faces structural labor shortages driving increased mid-career hiring and workforce mobility. The country has a new pro-business Prime Minister and depreciating yen enhancing export competitiveness, though it faces labor shortages, inflation, and geopolitical risks with China. Enterprise software companies face investor concerns about AI disruption, particularly around AI agents displacing traditional interfaces and reducing barriers to entry. However, many providers digitize structured processes that AI cannot easily replace and are likely to benefit from AI integration.	4194 JP TREX AUTO LN MEDP PTC	View
2024 Q3	Sep 30, 2024	Artisan Global Discovery	7.6%	13.1%	0SAN LN, 669 HK, ARGX, CWAN, ESTC, GALD SW, HUBB, NU, NZM GR, RYTM, TCOM, TREX, TTEK, WING	-			View
2024 Q2	Jul 22, 2024	The London Company Small-Mid Cap	2.0%	4.8%	BRKR, CHDN, DAVA, LW, MBI, MUSA. AER, NEU, QLYS, TREX	-			View
2023 Q2	Jul 19, 2023	The London Company SMID Cap	9.2%	9.2%	DECK, ENTG, ST, THG, TREX, UNF	-			View
2024 Q2	Jul 18, 2024	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	BPMC, FN, GLBE, PCVX, ROAD, TREX, VRNS, XPRO	-			View
2024 Q2	Jun 30, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	EXPO, FICO, GWRE, HEI, POOL, RGEN, SITE, STVN, TREX, TYL	-			View
2024 Q2	Jun 30, 2024	Conestoga Small Cap Composite	10.1%	7.8%	AGYS, ALTR, DH, EXPO, LMAT, MMSI, MODN, MSA, MSTR, PYCR, SITE, SLP, SMCI, SPXC, SSD, STVN, TREX, ULS	-			View
2023 Q2	Jun 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	AXON, EXPO, FICO, GGG, MRCY, PLOW, RBC, RGEN, SPSC, TREX, WSO	-			View
2025 Q1	Mar 31, 2025	Madison Mid Cap Fund	-4.2%	-4.2%	ACGL, AWI, BRO, KNSL, MKSI, ROST, TREX	-			View
2023 Q2	Feb 8, 2023	SouthernSun SMID Cap	8.8%	13.9%	DY, MGPI, NGVT, TREX, UNVR, USPH, WRK	-			View
2024 Q4	Jan 23, 2025	Polen Capital – U.S. Small Company Growth	4.7%	3.8%	ALRM, AMN, BDC, BROS, EEFT, FN, NSIT, NVEE, OPCH, RVLV, TREX, WRBY, WSC	-			View
2023 Q4	Jan 23, 2024	The London Company SMID Cap	9.2%	9.2%	CABO, DECK, HAS, MBI, TREX, WTM	-			View
2023 Q4	Jan 18, 2024	Polen Capital – U.S. SMID Company Growth	8.8%	-1.3%	CNM, FF0 GR, FIVE, GNRC, GSHD, MEDP, MKTX, PAYC, POOL, TECH, TREX, WING	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 27, 2026	Fund Letters	Glenn D. Surowiec	Trex Company Inc.	Industrials	Building Products	Bull	New York Stock Exchange	balance sheet, buybacks, composite decking, housing cycle, market share, ROIC	View Pitch
Feb 27, 2026	Fund Letters	Michael Cook	Trex Company, Inc.	Industrials	Building Products	Bear	New York Stock Exchange	Brand moat, competitive dynamics, Distribution, Outdoor Living, Pricing pressure, risk/reward	View Pitch
Feb 21, 2026	Fund Letters	Mick Rasmussen	Trex Company, Inc.	Industrials	Building Products	Bull	New York Stock Exchange	Cyclical, duopoly, Housing, marketshare, Remodeling	View Pitch
Jan 24, 2026	Fund Letters	JB Taylor	Trex Company, Inc.	Industrials	Building Products	Bull	New York Stock Exchange	Buildingproducts, Cyclicals, Decking, Housing, Quality	View Pitch
Jan 21, 2026	Fund Letters	Bob Mitchell	Trex Co., Inc.	Industrials	Building Products	Bear	New York Stock Exchange	Building Products, Competition, Cyclicality, Housing, Margins	View Pitch
Jan 20, 2026	Fund Letters	Jack McManus	Trex Company, Inc.	Industrials	Building Products	Bear	New York Stock Exchange	Building Products, Competition, Cyclicality, Housing, Margins	View Pitch
Dec 3, 2025	Fund Letters	Jack McManus	Trex Company Inc	Industrials	Building Products	Bear	NYSE	construction, Decking, Housing, Macro, Remodeling, Sentiment	View Pitch

BSD Shareholders of TREX

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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