VRTS

VRTS

VRTS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	May 5, 2025	Gator Capital Management	-0.6%	-0.6%	BARC.L, BNP.PA, FCNCA, GLE.PA, GPN, HOOD, PYPL, SLM, UMBF, VRTS	Asset Managers, financials, Regional Banks, small caps, tariffs, Trade Policy, value	The manager views recent sweeping tariff proposals as an unforced policy error and unnecessarily reckless approach. While improving America's trade positioning is legitimate, broad-based tariffs on nearly all global imports with limited warning creates unnecessary risk. The manager believes these tariffs will ultimately be short-lived based on market interpretation of events.	VRTS	View
2025 Q4	Feb 3, 2026	Gator Capital Management	4.1%	31.9%	BCS, BNP.PA, C, COMP, CUBI, FCNCA, GLE.PA, GPN, HOOD, HOUS, JPM, JXN, PYPL, SOHO, TD, TFSL, UMBF, VRTS	Banking, Capital markets, financials, real estate, Regional Banks, small caps, value	The fund focuses on small and mid-cap financial institutions, particularly regional banks with mutual holding company structures. TFS Financial represents a key investment in this space, offering leveraged exposure to earnings recovery through its unique MHC structure. Significant exposure to mortgage-related businesses through TFS Financial's traditional thrift model and Anywhere Real Estate's real estate services. The fund sees opportunity as the housing market recovers and interest rate environment normalizes. Strong positioning in capital markets through investment platforms like Robinhood Markets and traditional investment management firms. The fund benefited from continued product innovation and growth in retail trading platforms.	TFSL	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Focus Plus	5.6%	18.6%	AMZN, BVS.PA, CBRE, CG, CIGI, CRM, CWK, DEO, DNB, FORT.L, IBTX.L, ISS.CO, JLL, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, V, VCP.L, VRTS	AI, Alternative Assets, Cloud, Commercial real estate, Concentration, large cap, value	Vulcan follows a disciplined value approach, investing in companies trading at discounts to intrinsic value with margins of safety. They reallocated capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety.	DNB LFUS FORT.L IBTX.L DEO	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Small Cap	9.1%	9.4%	CIGI, CWK, DEO, FORT.L, IBST.L, ISS.CO, LFUS, MEDP, PK, SDIP.ST, VIC.L, VRTS	Commercial real estate, Concentration, infrastructure, interest rates, Margin Of Safety, small cap, value	Multiple small cap holdings are exposed to commercial real estate services and REITs. Interest rate declines in Q4 2023 drove outperformance across real estate-oriented companies. The sector faces challenges from higher rates and weak economic conditions but should benefit from Fed rate cuts expected in 2024.	LFUS FORT.L IBTX.L DEO	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMZN, BVS.PA, CG, CIGI, CRM, CWK, DEO, FORT.L, GOOGL, IBST.L, ISS.CO, JLL, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, VRTS	Alternative Assets, Concentration, large cap, Margin Of Safety, real estate, technology, value	Manager follows disciplined value approach, reallocating capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety. Focus on businesses trading at discount to estimated intrinsic value with inherently stable values and competitive advantages.	LFUS FORT.L IBTX.L DEO	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Focus Plus	5.9%	18.7%	AMZN, CBRE, CG, CIGI, CRM, CWK, DEO, FORT.L, GOOGL, IBST.L, ISS.CO, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, V, VRTS	AI, Alternative Assets, Cloud, Concentration, large cap, real estate, technology, Value Investing	Microsoft is benefiting from its investments in artificial intelligence. The company is well positioned from an AI standpoint which should further underpin sustainable cloud penetration and growth. Salesforce is constantly innovating with new products, features, and artificial intelligence to deepen customer relationships and grow the business.	DEO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Gator Capital Management	Virtus Investment Partners	Financials	Asset Management & Custody Banks	Bull	NASDAQ	Acquisitions, Active management, asset management, CLO equity, Free Cash Flow, Multi-boutique, recurring revenue, Seed Investments, share repurchases, Value	View Pitch
Dec 6, 2025	Fund Letters	Derek Pilecki	Virtus Investment Partners, Inc.	Financials	Asset Management	Bull	NASDAQ	Acquisitions, Active management, asset management, buybacks, Free Cash Flow	View Pitch

BSD Shareholders of VRTS

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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