VFC

VFC

VFC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Curreen Capital	14.1%	8.7%	AAP, CACC, ENR GR, FTDR, FTRE, GETB LN, HAVAS NA, TRUEB SS, VFC	contrarian, mispricing, Patience, Return on Capital, Turnarounds	The letter describes an ugly duckling strategy focused on temporarily impaired businesses with durable long-term economics. Management argues that operational setbacks and industry slowdowns create mispriced opportunities for patient investors. The outlook is optimistic as normalized earnings and returns on capital re-emerge.	VFC ENR GR GETB LN FTDR FTRE CACC AAP	View
2024 Q1	May 3, 2024	Curreen Capital	0.9%	1.9%	0SEA LN, AAP, ADV, CACC, FTDR, GETB LN, LNK AU, NILB SS, VFC	-			View
2024 Q4	Dec 31, 2024	Madison Small Cap Fund	4.0%	22.2%	AMN, FROG, GOGO, KN, MEDP, VFC, WSC	-			View
2022 Q3	Oct 26, 2022	Diamond Hill Large Cap Strategy	7.9%	14.7%	ABT, AIG, COP, DE, GOOG, NDAQ, PFE, SYK, VFC	-			View
2025 Q3	Oct 24, 2025	Curreen Capital	9.0%	18.5%	AAP, CACC, EHAB, ENR GR, FTDR, FTRE, GETB LN, KTB, PLX FP, THNC CN, VFC	cash flow, Health Care, small caps, turnaround, value	The fund gained 9%, focusing on smaller turnaround and value situations like Kontoor Brands and Fortrea. Managers emphasize disciplined capital allocation, strong cash generation, and improving healthcare fundamentals despite regulatory headwinds. The portfolio reflects bottom-up conviction in underappreciated growth and restructuring stories.	FTRE THNC CN GETB GB KTB ENH FTRE THNC CN GETB GB KTB ENH	View
2025 Q4	Jan 29, 2026	Curreen Capital	10.5%	31.0%	AAP, DND.TO, ENR.DE, FTDR, FTRE, GETB.L, TRUE-B.ST, VFC	energy, healthcare, small caps, spinoffs, Turnarounds, value	Curreen Capital has been particularly successful with spinoff investments since launch, with 2025's three biggest winners all being spinoffs. The manager views ugly duckling spinoffs as the best investment opportunities when they combine good businesses, capable management, and attractive pricing. The fund focuses on 'ugly ducklings' - good businesses run by capable managers bought at attractive prices with upside-to-downside ratios of at least 5:1. They target companies earning above 20% after-tax returns on capital over time. Siemens Energy benefited from the end of decade-long stagnation in global electricity demand, driven by deferred infrastructure maintenance, continued electrification, and rapid rise of AI spurring a new demand cycle.	AAP FTRE FTDR GETB LN ENG GR VFC	View
2025 Q4	Jan 20, 2026	Madison Small Cap Fund	-0.4%	-6.9%	AAON, AMPL, CCOI, CFLT, CIEN, EHC, ENTG, FORM, GTLB, MIR, POWI, PRMB, RVLV, SMG, VCEL, VFC, VIAV, WAL, ZION	AI, Consumer Staples, Quality, Risk Appetite, small caps, software, Speculation, underperformance	The AI capital spending boom drove strong performance in select technology stocks like Ciena and Confluent. However, the manager questions how long the AI capital spending cycle will last and whether investors will begin asking for returns on this investment. The fund avoided most speculative AI-related opportunities due to quality parameters. Software stocks faced significant pressure as investors feared AI-powered solutions would displace traditional applications. The manager fundamentally rejects this thesis, believing enterprises won't migrate mission-critical data to language models generating errors at 60% rates. They used the selloff to add GitLab and Amplitude at attractive valuations. Consumer Staples was the epicenter of underperformance as investors showed no appetite for defensive businesses in a pro-cyclical, speculative bull market. The sector now trades at historically steep discounts despite facing perceived challenges including input cost inflation, GLP-1 impacts, and tariff supply chain effects. The market demonstrated insatiable appetite for risk, with the best performing stocks being the most speculative companies with no profits or revenue but thematic AI linkage. This extended to biotechs, meme stocks, crypto, and mining stocks, while defensive businesses were deeply out of favor. Small caps continued underperforming large caps despite a strong year for the Russell 2000. The fund significantly underperformed due to the speculative nature of the rally favoring companies without profits or revenue. Quality businesses with durable moats can now be found at attractive prices again.	AAON GTLB VIAV AMPL VCEL MIR CIEN CCOI WAL	View
2024 Q2	Jul 23, 2024	Curreen Capital	0.9%	1.9%	ADV, CACC, DND CN, EHAB, FTDR, GETB LN, NILB SS, SOLV, VFC	-			View
2025 Q1	Apr 24, 2025	Curreen Capital	-4.7%	-4.7%	AAP, CACC, EHAB, ENR GR, FTDR, GETB LN, HAVAS NA, NILB SS, VFC	-			View
2025 Q1	Apr 14, 2025	Upslope Capital Management	-5.1%	-5.1%	ATR, BARN SW, CRL, VFC	-			View
2024 Q4	Jan 17, 2025	Curreen Capital	5.7%	7.7%	AAP, CACC, EHAB, ENR GR, GETB LN, JXN, KAMBI SS, NILB SS, VFC	-			View
2024 Q4	Jan 15, 2025	Upslope Capital Management	-7.3%	9.4%	7011 JP, 8697 JP, ATR, CHG LN, CME, CMPO, CRL, DPLM LN, DSFIR NA, NVT, QQ LN, TDY, VFC	-			View
2023 Q4	Jan 2, 2024	Diamond Hill Mid Cap	8.3%	13.3%	BWA, CIEN, CTRA, CUBE, FBIN, GDDY, NSP, NVST, PH, RRR, ST, VFC, WBS, WCC	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 31, 2026	Fund Letters	Christian Ryther	VF Corporation	Consumer Discretionary	Apparel	Bull	New York Stock Exchange	Apparel, brands, consumer, turnaround, valuation	View Pitch
Dec 5, 2025	Fund Letters	Christian Ryther	VF Corporation	Consumer Discretionary	Apparel, Accessories & Luxury Goods	Bull	NYSE	Apparel, balance sheet, brands, turnaround, valuation	View Pitch
Oct 29, 2025	Seeking Alpha	Seeking Alpha	V.F. Corporation		Apparel Manufacturing	Bull		apparel industry, deleveraging, Dickies divestiture, investment opportunity, Q2 2026 earnings, The North Face, timberland, turnaround story, V.F. Corporation, Vans	View Pitch

BSD Shareholders of VFC

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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