UBAB

UBAB

UBAB

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Sep 7, 2024	Bonhoeffer Capital Management	11.3%	0.0%	AHELQ, AHT.L, ASB, BLDR, FFBB, NBN, TIGO, TVK.TO, UBAB, VTY.L	Banking, Consolidation, Distribution, Homebuilders, small caps, value	Holdings in car dealerships, branded capital equipment dealerships, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Focus on high-velocity dealerships with superior inventory turns in markets around the world.		View
2025 Q2	Jul 15, 2025	Merion Road Capital	3.9%	-4.2%	BELFB, KTOS, MCEM, UBAB, WISH	Cash Shells, defense, small caps, SPACs, value	First-time investment in pure-play defense company Kratos, which develops hypersonic technologies and unmanned aircraft with emphasis on speed and cost efficiency. The company won its first prime contract with the $1.45bn MACH-TB 2.0 program and has direct exposure to key growth areas in defense spending including hypersonics and drones.	KTOS KTOS	View
2025 Q1	May 20, 2025	Bonhoeffer Capital Management	-3.4%	-3.4%	ABG, ARW, AXOS, BLDR, FFBB, MSBC, NBN, TIGO, TRVS.TO, UBAB, VTY.L	banks, Consolidation, deep value, Distribution, infrastructure, real estate, small cap, value	Holdings in car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors comprise 54% of portfolio. Focus on highest velocity distributors with strong inventory turns in markets worldwide. Distribution firms include Builders First Source, Asbury Automotive, Arrow Electronics, Ferrycorp, Terravest and Autohellas.	MSBC 161560.KS TTVS.TO	View
2025 Q3	Dec 23, 2025	Bonhoeffer Capital Management	1.3%	-	ABG, BLDR, CZBS, FERREYCORP, FFBC, FFH.TO, FTT.TO, LOTTE, MRZTY, MSBC, NBN, OTOEL.AT, TVK.TO, UBAB	Acquisitions, banks, Consolidation, Distribution, Float, insurance, ROE, value	Holdings in car dealerships, branded capital equipment dealerships and building product distributors comprise 52% of portfolio. Focus on highest velocity distributors globally with strong inventory turns. Includes Builders First Source, Asbury Automotive, Ferreycorp, Terravest and Autohellas.		View
2024 Q3	Dec 15, 2024	Bonhoeffer Capital Management	11.3%	0.0%	ABG, AHT.L, ARW, BLDR, FFBB, LOTTE.KS, NBN, NOA.TO, TIGO, TVK.TO, UBAB, VST.L	Asia, banks, Buybacks, Consolidation, Construction, Distribution, growth, value	Holdings in car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors comprise 51.6% of portfolio. Focus on highest-velocity distributors with strong inventory turns in markets worldwide. Arrow Electronics exemplifies the model with modest earnings growth and aggressive buybacks.		View
2024 Q3	Oct 29, 2024	Merion Road Capital	5.4%	11.2%	CURB, FCPT, UBAB	cyclicals, industrials, REITs, small caps, Spin-Offs, value	Manager purchased two REITs during the quarter that will benefit from lower interest rates. Four Corners is a triple net lease REIT previously owned. Curbline Properties is a newly spun-off convenience real estate REIT with properties in high-growth Southeast and Southwest markets, trading at attractive valuations relative to recent acquisition prices.	UBAB CURB FCPT	View
2022 Q3	Oct 10, 2022	Alluvial Capital Management	4.8%	15.7%	BFC, CBOBA, GTX, HRBR, JOB, PX, UBAB, UD IM	-			View
2024 Q2	Jul 14, 2024	Merion Road Capital	5.4%	11.2%	CLH, GOOGL, LAKE, MSA, NAPA, TRNS, UBAB, VCTR	Asset Management, Community Banks, Consolidation, Industrial Safety, M&A, small caps, value	Victory Capital Holdings represents a traditional asset management firm with strong shareholder returns and M&A strategy. The Amundi USA acquisition provides significant scale and revenue synergy opportunities through distribution agreements.	LAKE VCTR	View
2024 Q4	Mar 14, 2025	Bonhoeffer Capital Management	9.7%	-	ABG, ASO, BECN, BLDR, FFBB, NBN, TIGO, UBAB	Banking, Buybacks, Consolidation, deep value, Distribution, small cap, value	Holdings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world. Asbury Automotive exemplifies this theme with its model to grow earnings through merger and acquisition or buy back shares if acquisition targets are not available for a reasonable price.		View
2024 Q4	Jan 31, 2025	Merion Road Capital	5.5%	17.4%	AMZN, BELFB, CLH, CRH, GOOG, IBKR, MCEM, UBAB, VCTR	Banking, Buybacks, Cement, defense, small caps, technology, value	Manager holds two cement positions - Clean Harbors and Monarch Cement. Clean Harbors benefits from structural improvements to specialty waste sector with multi-year runway for organic growth and margin expansion. Monarch Cement offers opportunity to own fantastic asset at reasonable price due to illiquidity and dual shareholder structure.	BELFB MCEM UBAB GOOG VCTR CLH	View
2023 Q4	Jan 23, 2024	Cedar Creek Partners	-0.1%	4.8%	CZBS, HRBR, IQV, PCHM, PDRX, PROM, ROYTL, SKAS, SODI, UBAB, UNTC	Banking, Concentration, Microcap, OTC, undervalued, value	Fund holdings trading at 7.9 times forward earnings and 6.4 times earnings net of cash, with weighted price to book of 1.7. Manager emphasizes purchasing undervalued securities at attractive multiples with strong balance sheets and cash positions.	SKAS UBAB CZBS PDRX SODI PROM	View
2022 Q4	Jan 19, 2023	Merion Road Capital	5.4%	11.2%	CPRT, CRMT, FERG, GOOG, MHH, MWA, UBAB, WHG	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Cedar Creek Partners	United Bancorporation of Alabama	Financials	Banks	Bull	OTC	Alabama, banking, capital deployment, Cheap Valuation, community bank, ECIP Capital, loan growth, preferred stock	View Pitch
Apr 13, 2026	Fund Letters	Merion Road Capital	United Bancorp	Financials	Regional Banks	Bull	NASDAQ	asymmetric risk-reward, capital structure, ECIP, Government Program, Preferred equity, regional bank, Special Situation	View Pitch
Apr 13, 2026	Fund Letters	Merion Road Capital	United Bank of Alabama	Financials	Regional Banks	Bull	OTC	Alabama, CDFI, community bank, Excess Capital, Preferred Capital, regional bank, share repurchase	View Pitch
Feb 18, 2026	Substack	Alluvial	United Bancorporation of Alabama, Inc.	Financial Services	Banks	Bull		book value accretion, capital structure, Community Banks, discounted repurchase, ECIP program, financial services, lending thresholds, preferred shares, Treasury Department, Value Investment	View Pitch

BSD Shareholders of UBAB

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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