UNFI

UNFI

UNFI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	ValueWorks Capital	-	-	AL, AMZN, CHRD, GLW, JOBY, LNG, MSB, MU, QCOM, UNFI	AI, Bull Market, growth, rates, technology, value	Manager views AI as driving massive economic opportunities and transforming the world, similar to how technological advances have driven economic cycles over the past two hundred years. AI breakthroughs are creating the foundation for the current expansion cycle.		View
2024 Q2	Jul 2, 2024	Miller Value Partners Deep Value Strategies	4.6%	20.1%	GCI, GTN, NBR, NYT, UNFI	Active Share, Concentration, deep value, Energy Services, Food Distribution, Media, small caps, value	Manager focuses on neglected and under-followed parts of the marketplace where market expectations remain extremely low, seeking wide price-to-value gaps. The lowest valuation subset of the market has earnings yields multiples higher than the most expensive securities. Portfolio holdings trade at near 2x cash flow, price to sales less than 0.2x, and normalized earnings and free cash flow yields greater than 30%.		View
2024 Q2	Jul 2, 2024	TIFF	-	-	AL, AMZN, CHRD, GLW, JOBY, LNG, MSB, MU, QCOM, UNFI	AI, energy, growth, technology, value	Manager views AI as driving massive economic opportunities and transforming the world. AI breakthroughs are creating the foundation for aggressive economic expansion ahead, similar to how technological advances have driven economic cycles over the past two hundred years.		View
2025 Q2	Jul 14, 2025	Kingdom Capital Advisors	-	-10.7%	AACT, AKA, CCCM, CLBR, LION, MAGN, NLOP, OACC, STRZ, SUP, TACO, UNFI, X	Microcap, real estate, SPACs, tariffs, value, volatility	Manager actively traded pre-deal SPACs in Q2, generating profitable returns from Colombier, Columbus Circle, Berto, and Oaktree positions. Currently holds Ares Acquisition Corporation set to merge with Kodiak Robotics. SPACs provided roughly 3% boost to Q2 returns and represent a proven fertile hunting ground for the strategy.	NLOP MAGN UNFI AKA SUP NLOP MAGN UNFI AKA	View
2025 Q2	Jun 30, 2025	ValueWorks Capital	-	-	AL, AMZN, CART, CHRD, JOBY, LNG, MLP, MSB, MU, QCOM, UNFI	energy, Portfolio Management, semiconductors, technology, value, volatility	Manager describes a herky-jerky, uncertain period with multiple 15-20% market moves in both directions. Sentiment has swung from fear to exuberance to doom and back to confidence. This volatility could be the new normal for several years as markets advance into a 25-year high.		View
2026 Q1	Apr 8, 2026	Kingdom Capital Advisors	8.0%	8.0%	AENT, KODK, MAGN, MLCI, NLOP, NVRI, STKL, TSSI, UNFI, WATT, WBD, WW, ZD	Distribution, Media, real estate, small caps, special situations, value		NVRI MAGN UNFI NLOP AENT	View
2024 Q1	Apr 2, 2024	TIFF	-	-	AL, AMZN, CART, CHRD, JOBY, LNG, MLP, MSB, MU, QCOM, UNFI	energy, industrials, materials, technology, value, volatility	Manager describes extreme market volatility with multiple 15-20% moves in both directions over weeks, driven by sentiment swings from fear to exuberance to doom and back to confidence. This volatility is expected to be the new normal for several years as markets advance toward a 25-year high.		View
2025 Q1	Mar 31, 2025	ValueWorks Capital	-	-	AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI	policy, portfolio, Selection, tariffs, undervalued, value	The manager extensively discusses recent tariff policies announced by the administration, describing them as jarring, unsettling, and of historic magnitude. While acknowledging significant downside risks similar to Smoot-Hawley tariffs that helped accelerate the Great Depression, the manager also sees potential for positive outcomes if the policies successfully address the US trade deficit and lead to improved trading relationships.		View
2024 Q4	Dec 31, 2024	ValueWorks Capital	-	-	AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI	energy, growth, Market Cycle, Speculation, technology, value	Manager focuses on buying growth stocks at value prices, seeking securities that are mis-perceived and priced at value multiples. The strategy involves identifying potential growth investments trading at discounts to intrinsic value.		View
2025 Q3	Oct 9, 2025	Kingdom Capital Advisors	20.8%	7.9%	AIV, AKA, FGF, GCO, HRBR, MAGN, NLOP, UNFI, UNTC, VNTRF, WW	cybersecurity, Liquidations, real estate, small caps, special situations, tariffs, value	The fund focuses on overlooked companies trading at significant discounts to intrinsic value. Traditional holdings trade at about 10x estimated forward earnings versus 30x trailing twelve months earnings, with most trading below book value and less than 10x estimated cash flow.	AKA US MAGN US WW US GCO US AIV US UNFI US	View
2024 Q3	Oct 8, 2024	Kingdom Capital Advisors	2.5%	15.9%	ECRO, GENK, GLXZ, GTIM, HCC, NLOP, RRGB, SCOR, SUP, UNFI, VAL	Coal, Microcap, real estate, Restaurants, small caps, value	Premium metallurgical coal market is undersupplied with major steel producers paying $300m+ per million tons of annual production. Japanese and Indian steel companies are aggressively acquiring coal assets at valuations exceeding current Warrior Met Coal pricing.	ECRO UNFI HCC NLOP	View
2023 Q3	Oct 2, 2023	TIFF	-	-	AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI	energy, growth, Speculation, technology, value	Manager describes their strategy as buying growth stocks at value prices, seeking securities that are mis-perceived and priced at value multiples. The portfolio is positioned with over 25 securities that represent potential growth investments trading at discounted valuations.		View
2024 Q3	Oct 10, 2024	Miller Value Partners Deep Value Strategies	4.6%	20.1%	GCI, NBR, QUAD, UNFI	Concentration, energy, Media, rates, small caps, valuation, value	Manager emphasizes wide valuation spreads between expensive and cheap stocks, with the least expensive decile trading at significant discounts with attractive 15% earnings yields. Current market concentration and valuation levels mirror 1999-2000 period, suggesting potential for value outperformance as spreads narrow over time.	QUAD NBR UNFI GCI	View
2025 Q4	Jan 7, 2026	Kingdom Capital Advisors	8.9%	17.5%	AIV, AKA, CRSXF, HRBR, MAGN, NLOP, NVRI, SUP, TSSI, UNFI, WW	concentrated, Liquidations, Microcap, special situations, Turnarounds, value	Kingdom Capital focuses on overlooked microcap companies trading at significant discounts to intrinsic value. The portfolio includes businesses like UNFI trading below 4x EV/EBITDA and generating substantial free cash flow, demonstrating the manager's value-oriented approach. The fund specializes in microcap investing with a concentrated, research-intensive approach. Despite significant challenges including bankruptcies and customer losses, the strategy delivered strong returns by exploiting inefficiencies in overlooked areas of the market. 2025 tested the fund's thesis severely with a bankruptcy, major customer losses, and cyber-attacks, yet delivered 17.45% net returns. The manager emphasizes that edge comes from exploiting inefficiency rather than avoiding adversity, demonstrating portfolio resilience through active management.		View
2023 Q4	Jan 4, 2024	TIFF	-	-	AAPL, AL, AMZN, CHRD, LNG, MLP, MSB, MU, QCOM, UNFI	energy, portfolio, tariffs, technology, Trade Policy, uncertainty, value	The manager discusses the dramatic tariff policies announced by the administration, noting they are of historic magnitude and could lead to either positive trade relationships or harsh economic outcomes. The uncertainty around policy execution creates both upside and downside scenarios for markets.		View
2025 Q4	Jan 16, 2026	Far View Capital Management	-7.0%	-9.7%	CRTA.L, THG.L, THRY, TRST.L, UNFI, WEW.DE	E-Commerce, Europe, SaaS, small caps, technology, value	Portfolio includes Westwing AG, a European online home-goods retailer that was the largest contributor in H2 2025. Also invested in Ingenuity PLC, an e-commerce enablement operation providing technology, fulfillment, and marketing services to consumer brands including Nestle, Coca-Cola, P&G, and L'Oreal. Invested in Cirata PLC, a UK-listed data migration software specialist, and previously held Thryv Holdings which offered a SaaS business within a legacy Yellow Pages wrapper. The Thryv thesis broke when seasoned net revenue retention fell 900 bps to 94%, exposing higher churn and delayed product development.	THRY TRST LN CRTA LN WEW GR	View
2023 Q3	Sep 30, 2023	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AAN, AEL, CNXC, DAR, DECK, FN, GIII, HNI, IAC, IDCC, LTHM, MTZ, SFBS, SFM, SNX, UGI, UNFI	long-term, Margin Of Safety, Quality, small caps, value	The fund focuses on acquiring quality companies at reasonable prices with a margin of safety. Current valuations, competitive positions, and experienced management teams give confidence that holdings will be worth more in three to five years than today.		View
2023 Q2	Aug 22, 2023	First Eagle Investments	0.0%	0.0%	CCL, CNC, MERC, PRAA, SPLS, UNFI	Corporate Bonds, credit, distressed, Federal Reserve, fixed income, high yield, interest rates	The fund highlights increasing distressed exchanges as a forward indicator of trouble, with over $50 billion in bonds and loans defaulting or engaging in distressed exchanges year-to-date. They expect this trend to continue in what they anticipate to be a fairly extended default cycle given high levels of corporate debt and leverage.		View
2025 Q1	Apr 14, 2025	Kingdom Capital Advisors	-7.1%	-7.1%	AKA, CLBR, CRSXF, HCC, IPI, MAGN, NLOP, NVRI, OACC, SUP, UNFI, UNTC, VNTRF	Autos, Coal, Natural Gas, real estate, small caps, tariffs, Trade Policy, value	Q1 was dominated by tariff discussions as Trump's administration demonstrates more follow-through than his first term. The manager analyzes specific impacts on portfolio holdings, particularly auto tariffs affecting Superior Industries, and expects policy adjustments due to consumer cost concerns.		View
2025 Q1	Apr 14, 2025	Miller Value Partners Deep Value Strategies	-12.8%	-12.8%	DOOR, GCI, GTN, JELD, NBR, NYT, OC, QUAD, UNFI	Media, opportunity, small caps, uncertainty, value, volatility	Manager emphasizes deep value investing approach, highlighting that lower valuation securities continue to have lower representation in passive indexes and are under-owned. Portfolio holdings are trading at historically attractive valuations with average less than 1.5x cash flow, price to sales less than 0.2x and normalized earnings and free cash flow greater than 30%.	JELD NBR GCI GTN	View
2023 Q1	Apr 14, 2023	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	DECK, FN, GIII, IDCC, NJR, OMI, RLI, SFBS, SYNA, UNFI	-			View
2023 Q4	Jan 31, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AX, CHD, CNCR, DECK, DLG, FN, GIII, HMN, IDCC, MSTX, PVH, SFBS, TGHS, UNFI, VSHY	Cash, Margin Of Safety, Quality, small caps, value	The fund focuses on acquiring quality companies at reasonable prices with a margin of safety. Current valuations, competitive positions, and experienced management teams at the fund's holdings give confidence they will be worth more in three to five years than today.		View
2024 Q4	Jan 21, 2025	Kingdom Capital Advisors	2.1%	18.3%	ENZ, GLXZ, HCC, MAGN, NLOP, NPK, RGS, SCOR, SUP, TSSI, UNFI, UNTC	AI, Coal, Concentration, defense, Distribution, small caps, turnaround, value	KCA applies a concentrated approach to small cap investing, with the Russell 2000 serving as their benchmark. The manager notes that small cap stocks experienced a Trump rally in November that reversed by year-end. Since inception, small caps have returned about 7% cumulatively versus 89% for KCA.	TSSI NPK MAGN SUP UNFI NLOP	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Kingdom Capital Advisors	United Natural Foods	Consumer Staples	Food Distributors	Bull	NYSE	business transformation, cyber insurance, cyber-attack, EBITDA guidance, food distribution, Natural Foods, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Kingdom Capital Advisors	United Natural Foods	Consumer Staples	Food Distributors	Bull	NYSE	cash flow, consumer staples, food distribution, grocery, Margins, Organic Foods, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Kingdom Capital Advisors	United Natural Foods	Consumer Staples	Food Distributors	Bull	NYSE	cash flow, Counter-cyclical, Distribution Centers, food distribution, grocery, margin expansion, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Miller Value Partners Deep Value Strategies	United Natural Foods Inc	Consumer Staples	Food Distributors	Bull	NYSE	food distribution, Natural Foods, operational efficiency, Six Sigma, transformation, turnaround, Value	View Pitch
Apr 9, 2026	Fund Letters	Kingdom Capital Advisors	United Natural Foods	Food Distribution	Food Distributors	Bull	New York Stock Exchange	food distribution, Free Cash Flow, margin expansion, Natural Foods, Organic Foods, share repurchases, turnaround, Value	View Pitch
Jan 8, 2026	Fund Letters	David Bastian	United Natural Foods, Inc.	Consumer Staples	Food Distributors	Bull	New York Stock Exchange	cybersecurity, Distribution, guidance, Margins, turnaround	View Pitch
Aug 7, 2025	Seeking Alpha	Forward Analytics	United Natural Foods, Inc.	Consumer Staples	Food Distribution	Bear	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Blake Winiecki	United Natural Foods, Inc.	Consumer Staples	Food Distribution	Neutral	NYSE	—	View Pitch

BSD Shareholders of UNFI

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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