TRUP

TRUP

TRUP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Sep 4, 2024	Saga Partners	22.6%	39.4%	TRUP	Concentration, long-term, Pet Care, Philosophy, value	Trupanion represents a differentiated approach to pet insurance, targeting a 71% payout ratio versus industry standard of 50-60%. The company has built an integrated solution through vertical integration, sophisticated pricing, and a unique Territory Partner distribution model. With only 3% of US and Canadian pets insured, there is significant runway for growth.	TRUP	View
2025 Q2	Jun 30, 2025	The Gabelli Dividend Growth Fund	6.3%	-	AMETEK, AMZN, AXP, BATRA, BK, BRK.A, CAT, CHWY, CNH, CR, CVS, CZR, DEERE, DTE.DE, ELAN, FOX, FRPT, IDXX, IVG.DE, MA, MFI.TO, MLI, MSFT, MSGS, NEM, NESN.SW, NFG, NFLX, NVDA, PETCO, RR.L, RSG, SBGI, SONY, TDS, TGNA, TMUS, TRATON.DE, TRUP, WBD, ZTS	AI, defense, gold, M&A, Pet Care, Sports, tariffs, Utilities	The Trump administration implemented sweeping tariffs on April 2nd (Liberation Day), creating significant market volatility. While initial tariff rates were very high, bilateral trade deals with the UK, China, Vietnam, and India reduced effective rates. The administration appears intent on rolling back globalization, with tariffs serving as both negotiation tactics and policy tools.	WCC KR	View
2025 Q2	Jun 30, 2025	The Gabelli International Small Cap Fund	13.8%	-	AAPL, AME, AMZN, AVGO, AXP, BATRA, BK, BMI, BMY, BRK.B, C, CAT, CHWY, CR, CVS, CVX, CW, DAN, DE, ELAN, EVRG, FRPT, GATX, GOOGL, GPC, HES, IDXX, ITT, JPM, KKR, LION, MA, META, MFI.TO, MLI, MSFT, MSGS, NEE, NEM, NFG, NFLX, NVDA, ORCL, PARA, RSG, SONY, SPGI, STT, T, TMUS, TRUP, V, WFC, ZTS	defense, energy, gold, Sports, tariffs, technology, Utilities	The Trump administration's tariff policies dominated market sentiment in Q2 2025, with Liberation Day (April 2) introducing sweeping tariffs that initially triggered a 21% market drawdown. However, a 90-day pause and bilateral trade agreements with key partners helped stabilize markets. The administration appears intent on rolling back globalization, with effective weighted average tariff rates potentially reaching 18%.	5444 JP TCAP LN	View
2024 Q4	Dec 4, 2025	Saga Partners	-	112.2%	AAPL, AMZN, BRK-A, CVNA, F, GM, GOOGL, META, MGI, MSFT, NFLX, RDFN, RKT, ROKU, SPOT, TRUP, TTD, WISE.L, WMT, WU	Advertising, disruption, E-Commerce, growth, payments, Platform, Streaming, technology	Carvana demonstrates a superior customer value proposition versus traditional dealerships with a structurally lower cost model at scale. The company has achieved industry-leading unit economics with gross profit per unit reaching $6,900 in 2024, up from $3,000 in 2022, while maintaining high Net Promoter Scores.		View
2023 Q4	Aug 1, 2024	Saga Partners	22.6%	39.4%	CVNA, LGIH, META, RDFN, ROKU, TRUP, TTD	Concentration, growth, Long-only, Quality, technology	The portfolio includes multiple e-commerce and digital commerce companies including Carvana (online auto sales), Redfin (real estate platform), and Trade Desk (digital advertising). These companies represent the ongoing digital transformation of traditional commerce sectors.		View
2023 Q2	Jun 30, 2023	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	AEL, ALGM, AZPN, BE, BJ, BWXT, CHGG, EYE, FIGS, FOXF, HAIN, IART, IAS, MPWR, PD, PEN, SGRE, SGRY, SILK, SPT, STAA, TREX, TRUP, XPO	Biotechnology, growth, Quality, semiconductors, small caps, software, underperformance	The Strategy focuses on small cap growth investing and was impacted by a lower-quality small cap rally during the quarter. The manager discusses Russell index rebalancing pressure affecting small cap performance and notes that sticking to investment discipline has historically led to relative performance recovery.		View
2023 Q3	Apr 10, 2023	Saga Partners	22.6%	39.4%	CVNA, LGIH, META, RDFN, ROKU, TRUP, TTD	Concentration, consumer, growth, technology, value			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Saga Partners	Trupanion Inc	Financials	Insurance	Bull	NASDAQ	Claims Processing, distribution network, Low-cost Provider, Payout ratio, pet insurance, Subscription, Territory Partners, underwriting, vertical integration, Veterinary	View Pitch

BSD Shareholders of TRUP

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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