VSAT

VSAT

VSAT

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 3, 2025	Cove Street Capital Small Cap Value Fund	-	-	FUN, VSAT	credit, crypto, Fed policy, integration, small caps, Speculation, Theme Parks, value	Bitcoin has reached $2 trillion market cap with Ethereum at $450 billion. President Trump authorized Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile, making crypto an institutional asset class. However, companies issuing debt at 2x asset values for crypto treasury strategies shows speculative excess.	FUN VSAT FUN	View
2024 Q1	Apr 15, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	CLMB, CMP, DCO, GLDD, HNRG, LFCR, LTRPA, OUT, PKE, RDVT, SSP, TBRG, TRI, TRU, VSAT, WMT	aerospace, healthcare, Media, small caps, technology, value	Manager emphasizes seeking better businesses at reasonable prices, making rational purchase decisions from pessimistic sellers. Notes that the more Graham-style value opportunities exist, the more neglect there seems to be in the market.	RDVT TBRG PKE	View
2023 Q2	Dec 7, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AAP, ALC, ANGI, AZO, DCO, DELL, GBLI, GLDD, IAC, LFCR, LTRPA, MGM, MPAA, ORLY, SCWX, SNEX, SSP, TRIP, VSAT	aerospace, Concentration, infrastructure, Media, small cap, technology, value	Manager views AI as a marketing term with unclear monetization prospects. Notes that market activity in 2023 has been driven by large tech stocks attaching themselves to the AI bandwagon, but emphasizes there is nothing remotely clear about making money in AI.		View
2025 Q3	Oct 27, 2025	13D Activist Fund	8.9%	2.7%	ABG, ALV, APD, BILL, EXEL, KVUE, MIDD, MRCY, PENN, PFGC, PSO.L, QRVO, RIOT, SWX, TRIP, TWLO, VSAT, VSTS, WK, YETI	activism, M&A, SMID Cap, technology, value	Activist activity and success have been flourishing with the Universal Proxy Card increasing campaign success rates from 73% to 88%. The fund expects significant alpha generation from activists like Jeff Smith, Scott Ferguson and Dan Loeb as markets rotate into value investing.	WK VSAT TRIP PFGC	View
2023 Q3	Oct 10, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AMSWA, ANGI, CCF, CNX, CVLT, DLHC, ECVT, HCCI, HNRG, IAC, LFCR, MGM, SSP, VMD, VSAT	Concentration, cybersecurity, energy, healthcare, Media, small caps, value	The fund focuses on concentrated investments in specific companies at specific values, seeking to capitalize on opportunities in small cap equities that are less affected by market fads. The manager emphasizes finding good businesses that grow with CEOs who understand value per share math.	AMSWA DLHC SSP IAC VSAT	View
2024 Q3	Sep 30, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	CLMB, CMP, GBLI, IAC, OUT, RDVT, RSSS, SSP, TIPT, VSAT	Advertising, Balance Sheet, Data Services, small caps, turnaround, value	The fund focuses on small-cap value stocks that are unloved by the market, holding positions they describe as stupid cheap with real asset support. The manager emphasizes that public small-cap equity remains an unloved asset class with few players, which has historically been a setup for future success.	RDVT CLMB OUT	View
2022 Q3	Sep 30, 2022	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AZZ, CARG, CMP, ECVT, GBLI, HCCI, LGF/A, VSAT, WSTG	-			View
2023 Q4	Aug 1, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AVD, CJREF, CNX, DLHC, HNGR, LFCR, LTRPA, OUT, SSP, VSAT, VTS	Agriculture, concentrated, energy, Media, small cap, Travel, value	Manager holds three energy-related stocks including Hallador Energy, CNX Resources, and Vitesse Energy. Believes demand for carbon energy is stickier than many expect and sufficient alternatives are harder to produce than anticipated, creating higher and steadier profit fundamentals for domestic energy sources.		View
2024 Q2	Jun 30, 2024	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AAP, AVD, CLMB, CLVT, CMP, ECVT, IAC, KBR, LFCR, LGF.B, NEU, RDVT, RSSS, SIX, SSP, SXI, VSAT	Auto Parts, Concentration, Data Services, small cap, turnaround, value	Manager emphasizes tremendous specific opportunities in undervalued small cap stocks where the spring is very tightly coiled between intrinsic value estimates and current prices. Portfolio concentrated in best ideas with stocks trading at significant discounts to estimated intrinsic value.	RDVT CLVT AAP KBR VSAT CMP SSP	View
2022 Q2	Jun 30, 2022	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	BKEP, CMP, HNRG, INFU, LGF/B, VSAT, WTM	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Cove Street Capital Small Cap Value Fund	Viasat Inc	Communication Services	Satellite Telecommunications	Bull	NASDAQ	broadband, Cyclical, Satellite, Space, strategic value, telecommunications, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Cove Street Capital Small Cap Value Fund	Viasat Inc	Communication Services	Alternative Carriers	Bull	NASDAQ	asset value, Catalyst, Competition, Defense, Satellite, Space, turnaround	View Pitch
Dec 5, 2025	Fund Letters	Jeffrey Bronchick	Viasat, Inc.	Information Technology	Alternative Carriers	Bear	NASDAQ	broadband, Capitalintensity, Execution, leverage, Satellite	View Pitch
Nov 28, 2025	Fund Letters	Ken Squire	Viasat, Inc.	Information Technology	Communications Equipment	Bull	NASDAQ	Defense, growth, Satellites, Spin-offs, valuation	View Pitch
Nov 11, 2025	Seeking Alpha	Seeking Alpha	Viasat, Inc.		Communication Equipment	Bull		backlog growth, capital efficiency, cash flow growth, communications services, Defense and Advanced Technologies, mobile satellite spectrum, quantum-resistant cryptography, satellite technology, secure systems, Viasat	View Pitch
Sep 16, 2025	Short Thesis	Kerrisdale Capital	Viasat Inc	Information Technology	Alternative Carriers (Satellite Communications)	Bear	NASDAQ	broadband, debt, Integration, Satellite, Starlink	View Pitch
Sep 16, 2025	Short Thesis	The Bear Cave	Viasat Inc	Information Technology	Alternative Carriers (Satellite Communications)	Bear	NASDAQ	broadband, Integration, leverage, Satellite, Starlink	View Pitch

BSD Shareholders of VSAT

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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