VNOM

VNOM

VNOM

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 2, 2025	Meridian Small Cap Growth Fund	6.9%	-	ALIT, AXGN, CARG, CCSI, FSS, KEX, MIR, NTIC, PACK, RELY, SPT, TPB, VNOM	energy, growth, healthcare, nuclear, Quality, Resilience, small caps	The fund focuses exclusively on small-cap growth companies, with the Russell 2000 Growth Index as its benchmark. Small caps returned 8.5% in the quarter, recovering 24.0% from April lows, with growth stocks outperforming value stocks significantly.	NPKI TPB MIR VNOM AXGN RANP VNOM AXGN PACK	View
2025 Q2	Aug 11, 2025	Bramshill Income Performance Fund	-	5.0%	AGNC, ARCC, ARLP, B, BXSL, CAPL, CQP, DLR, EPD, ET, GLP, HESM, IRM, JFR, NEM, PAXS, TSLX, TXO, VNOM, WMB	BDCs, dividends, energy, income, MLPs, Pass-through, REITs, Yield	Major concentration in domestic energy production including oil and gas producers, with focus on midstream energy infrastructure benefiting from high throughput and profitability due to difficulty in building new transmission facilities.		View
2024 Q1	May 7, 2024	Bernzott Capital Advisors – US Small Cap	8.5%	8.5%	AROC, EVR, GNTX, HCI, HHH, LANC, MP, PCH, PLXS, VNOM	energy, financials, materials, Quality, small caps, value	Energy holdings were the leading contributor to portfolio returns with Archrock benefiting from robust demand for compression equipment and Viper Energy advancing on improving oil prices and M&A visibility. The manager continues to hold positions in both companies.	PCH	View
2024 Q1	May 30, 2024	Bramshill Income Performance Fund	-	-	AEM, ARCC, ARLP, BP, BXSL, C, EIX, ENB, EPD, ET, Gold, KNTK, NEP, OCSL, PAA, SCHW, SD, SRE, TSLX, VNOM	BDC, energy, fixed income, gold, inflation, Preferreds, Stagflation	The firm expects continued above-trend inflation due to fiscal dominance, with federal spending at 6% of GDP overwhelming monetary policy effects. They anticipate commodity inflation driven by geopolitical risks and de-dollarization trends affecting oil pricing.		View
2024 Q1	Apr 15, 2024	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	CELH, EXR, FIVE, FRSH, KWR, LSTR, MKTX, MNDY, MSA, PJT, RBA, SMAR, SMCI, SUM, VKTX, VNOM, WCC, WING, WWD	AI, Biotechnology, energy, growth, healthcare, small caps, technology	AI investment theme continued to drive strong gains as companies exposed to artificial intelligence posted strong performance. The fund benefited from AI infrastructure plays like Super Micro Computer, which provides accelerated computing platforms for cloud computing and AI applications. The managers are closely monitoring AI adoption and the sustainability of the AI investment cycle to determine future market leadership.		View
2025 Q1	Mar 31, 2025	Meridian Small Cap Growth Fund	-12.2%	-12.2%	ALIT, CARG, CSOD, IMXI, LZ, MMSI, RBA, TNDM, TPB, VCYT, VNOM, WAY	Diagnostics, growth, healthcare, Medical Devices, small caps, tariffs, Trade Policy, volatility	The fund focuses exclusively on small-cap growth stocks, with the Russell 2000 Growth Index as its benchmark. Small-cap stocks fell more sharply than large-caps during the quarter, declining 9.5% versus 4.5% for large-caps. The strategy's emphasis on smaller cap stocks within the index was a headwind during the quarter as larger-cap stocks outperformed.	MMSI RBA LZ VCYT IMXI TNDM	View
2025 Q1	Mar 31, 2025	ClearBridge Investments Large Cap Value	-	-	AAP, AVGO, BRK-B, CVS, CVX, EIX, GOOGL, LLY, MCHP, MCK, META, NOC, NVO, ORCL, ORLY, PGR, RTX, SRE, TRV, VNOM	AI, defense, energy, financials, healthcare, large cap, Utilities, value	The managers have taken advantage of expensive momentum-driven stocks to reallocate capital into areas where valuations are more reasonable yet fundamentals remain stable and defensive. The valuation gap between growth and value had reached historically extreme levels, making a reversion long overdue.		View
2024 Q3	Oct 30, 2024	GoodHaven Capital Management	0.0%	18.9%	BAC, BLDR, BRK-B, DVN, EXOR, GOOG, JEF, LEN.B, TVK.TO, VNOM	Concentration, energy, financials, Housing, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. Companies trading at significant discount to intrinsic value.		View
2024 Q3	Oct 30, 2024	Baird Small/Mid Cap Growth Equity Fund	6.9%	2.7%	AAON, ACLS, ALAB, APPF, BMI, BOOT, BROS, BSY, BURL, BWXT, CACI, CASY, CWA, CYBR, EXLS, FANG, FDS, FIVE, FND, FOUR, IEX, INSP, IRTC, JKHY, KAI, KNSL, LFUS, LGIH, LSCC, LW, MANH, MEDP, MNDY, NBIX, ONTO, PCOR, PODD, POOL, PRCT, RXST, SITM, SMPL, TARS, TREX, TYL, ULS, VNOM, WSC	financials, growth, healthcare, industrials, semiconductors, small caps, software, technology	The fund initiated a position in Astera Labs, a fast-growing and profitable developer of semiconductor products known as retimers that are key enablers of AI workloads and help prevent GPU bottlenecks. The manager believes this business adds further profitable AI-exposure to the portfolio.		View
2025 Q3	Oct 24, 2025	Meridian Small Cap Growth Fund	4.2%	-	ALIT, ALKT, AMPL, CARG, CCSI, CERT, KEX, RELY, SPT, TPB, VCYT, VNOM, ZENA	AI, growth, healthcare, industrials, Quality, small caps, technology, Valuations	The fund sees signs of exuberance and speculative behavior in AI infrastructure ecosystem, particularly in technology and industrial sectors. Many companies are trading at historically elevated valuations despite being potential one-time beneficiaries of the AI investment cycle. The fund remains disciplined and avoids high-momentum AI names lacking meaningful revenues or profitability.	CCSI ZENAS TPB KEX SPT ALIT ZD HALO MDGL ALGN SPT CCSI KEX SPT	View
2025 Q4	Jan 21, 2026	Meridian Small Cap Growth Fund	0.9%	0.0%	ALKT, AMPL, AXGN, CCSI, CDNA, CERT, GPCR, KEX, RELY, TPB, VCYT, VNOM, ZNAS	Biotechnology, growth, healthcare, Quality, small caps, technology, value	Healthcare was the portfolio's largest allocation and top-performing sector for the quarter. The manager continues to view the sector as undervalued relative to long-term fundamentals, noting it has lagged the broader market over the last four years. Multiple biotech holdings contributed positively, including Structure Therapeutics with promising obesity therapy trials, Axogen with peripheral nerve regeneration technology, and Zenas BioPharma with autoimmune disease treatments in Phase 3 trials. The fund emphasizes investing in high-quality businesses with recurring revenue, sustainable competitive advantages, strong balance sheets, and clear visibility into sustainable earnings growth. This quality bias created a modest headwind during the quarter as lower-quality stocks outperformed.	ZBIO AXGN GPCR RELY CERT CCSI EXAS TNDM GMED RELY DOCS CERT	View
2025 Q4	Jan 13, 2026	GoodHaven Capital Management	0.0%	7.1%	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, LEN.B, TVK.TO, VNOM	concentrated, energy, financials, Housing, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. Companies trading at significant discount to intrinsic value. Strong balance sheets and capital levels indicate enduring competitive advantages. Attractive businesses to take advantage of recovery cycles. Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital. Broader pricing strength supportive of suppliers. Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.	MKL	View
2025 Q4	Jan 11, 2026	Horizon Kinetics	0.0%	0.0%	AAPL, AMD, AMZN, AVGO, GOOGL, ICE, LB, META, MIAX, MSFT, NVDA, ORCL, STR, TPL, VNOM, WTTR	AI, Compounding, energy, Exchanges, long-term, private markets, value, water	The firm avoids direct AI-IT company investments but focuses on beneficiaries of AI infrastructure buildout. They invest in companies controlling necessary resources like natural gas, water, and land for data centers rather than the technology companies themselves. Significant focus on Permian Basin investments through TPL, LandBridge, and WaterBridge. The firm emphasizes water handling infrastructure and land ownership as critical limiting factors for oil production in the region. Long history of investing in securities exchanges from TPL to MIAX to ICE. The firm views exchanges as blue-chip businesses with near-perpetual longevity that don't fail or get displaced. Core philosophy centers on long-horizon value investing with focus on making time work for investors through unbroken compounding. Emphasis on high sustainable return on equity and margin of safety. Water infrastructure is highlighted as a critical limiting factor for both oil production and data center operations. WaterBridge represents a key investment in water handling and disposal infrastructure.		View
2024 Q3	Sep 30, 2024	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	ANF, CELH, CHRD, ELF, LNTH, PCVX, PJT, RMBS, VNOM, ZETA	AI, energy, financials, growth, healthcare, small cap, technology	The dramatic growth in AI infrastructure investment remains a dominant theme in the market. The team believes many of their holdings are well positioned to benefit from the hundreds of billions of dollars being invested by mega-cap tech companies. AI spending remains a bright area with promising opportunities to capitalize on this long-term, multi-year trend.		View
2022 Q3	Sep 11, 2022	Bernzott Capital Advisors – US Small Cap	8.5%	8.5%	ADTN, BV, CHRD, EHC, HCI, KN, SRC, TCBI, VNOM, WSC	-			View
2022 Q1	Mar 31, 2022	Bernzott Capital Advisors – US Small Cap	8.5%	8.5%	CMP, HALO, HCI, HI, JBI, MP, VNOM	-			View
2022 Q4	Feb 22, 2023	Bernzott Capital Advisors – US Small Cap	8.5%	8.5%	BV, GV, GVA, HALO, HHC, JRVR, KN, MP, QUOT, SP, SSTK, UPLD, VNOM	-			View
2022 Q4	Jan 30, 2023	Carillon Eagle Small Cap Growth Fund	0.0%	0.0%	EVH, GTLS PR B, HALO, LNTH, LSCC, LTHM, MSA, SMPL, SWAV, VNOM	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Meridian Small Cap Growth Fund	Viper Energy, Inc.	Energy	Oil & Gas Exploration & Production	Neutral	NASDAQ	energy, lower risk, mineral rights, natural gas, oil, Permian Basin, royalties	View Pitch
Jan 8, 2026	Fund Letters	Chad Meade	Viper Energy Inc.	Energy	Oil & Gas Exploration & Production	Bear	NASDAQ	cashflow, Commodities, energy, Permian, royalties	View Pitch
Dec 5, 2025	Fund Letters	Eric Mintz	Viper Energy, Inc.	Energy	Oil & Gas Exploration & Production	Bull	NASDAQ	Acquisitions, cash flow, dividends, Permian, royalties	View Pitch
Aug 7, 2025	Seeking Alpha	Energess Resources	Viper Energy	Energy	Oil & Gas Midstream	Bull	NASDAQ	—	View Pitch

BSD Shareholders of VNOM

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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