VSCO

VSCO

VSCO

Market Cap: $4.99B

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2026 Q1	Apr 22, 2026	Baird Small/Mid Cap Growth Equity Fund	-4.8%	-4.8%	ADMA, AFRM, ALGN, BMI, BRBR, BSX, BURL, CASY, CRBG, CROX, DHR, DXCM, ELF, EQH, EXAS, FIX, FN, FND, FOUR, FTAI, HLI, HUBB, ILMN, INSP, JBL, KNSL, KTOS, LFUS, LII, MASI, MTDR, NSA, PEN, PODD, PSA, RGEN, SOFI, TMDX, TTAN, TWST, VSCO, WWD, XPO	AI, defense, growth, healthcare, industrials, semiconductors, small caps, technology			View
2023 Q3	Nov 10, 2023	Distillate Capital Fundamental Stability & Value	0.0%	16.0%	005930.KS, 036570.KS, 6857.T, AAP, AMGN, AMP, AN, AON, AVGO, AVY, BABA, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, MPC, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, VSCO	free cash flow, large cap, Leverage, Quality, selectivity, small cap, value	Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels.		View
2023 Q3	Nov 10, 2023	Distillate Capital International	0.0%	10.9%	036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO	free cash flow, international, Quality, risk management, selectivity, value	Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% free cash yield compared to 4.9% for the S&P 500.		View
2023 Q3	Nov 10, 2023	Distillate Capital Large Cap Value	0.0%	19.7%	036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO	Credit Stress, free cash flow, large cap, Mega Caps, risk management, selectivity, value	Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels.		View
2025 Q4	Jan 20, 2026	Greenlight Capital	8.5%	9.0%	AR, BHF, CNH, DECK, FLR, GPK, GPN, GRBK, HPQ, HSIC, LXS.DE, MSTU, MSTX, PRKS, SMR, SOLB.BR, SPB, TEVA, VSCO, WBD	Copper, Cyclical, gold, Hedge Fund, Long/Short, Macro, value	Gold had an exceptional year appreciating 64%. The primary driver was countries seeking to reduce dollar exposure for reserves and trade as the U.S. loses hegemonic leadership. Foreign central banks are increasing gold reserves and establishing it as an alternative to settling global trade in dollars, effectively re-monetizing gold within official government channels. Copper prices rose about 40% in 2025 driven by AI world demand for more copper while supply remains limited. Several large mines around the world experienced production shortfalls, contributing to the price appreciation. The fund focuses on building a bottom-up portfolio of equity longs that are absolutely cheap and misunderstood, paired with overvalued shorts. Many cyclical businesses faced earnings shortfalls but P/E multiples failed to expand as typically expected during cyclical downturns.	CNR SPB HSIC GPN DECK AR TEVA VSCO FLR	View
2023 Q2	Jul 13, 2023	Distillate Capital Fundamental Stability & Value	0.0%	16.0%	AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO	Concentration, large cap, Quality, stability, valuation, value	The S&P 500 has reached extraordinary concentration levels with the top 5 stocks comprising over 24% of the index, the highest since 1980. Seven largest stocks contributed 74% of the market's H1 gains while the other 493 stocks averaged just 7% returns. This concentration creates diversification risks and exposes investors to company-specific risks.		View
2023 Q2	Jul 13, 2023	Distillate Capital International	0.0%	10.9%	AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO	AI, Concentration, large cap, Quality, risk management, technology, valuation, value	The letter extensively discusses valuation concerns, particularly around the largest stocks in the S&P 500. The mega-cap six stocks now trade at 40x expected free cash flow versus their historical discount to the market. The manager emphasizes that despite strong business fundamentals, rich valuations create problematic risk/reward profiles when substantial optimism is already priced in.		View
2023 Q2	Jul 13, 2023	Distillate Capital Small/Mid Cap Quality & Value	0.0%	5.6%	AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO	free cash flow, Leverage, Outperformance, Quality, Russell 2000, small caps, value	Manager emphasizes avoiding expensive megacap stocks and focusing on attractively valued companies with strong fundamentals. The strategy targets stocks with high free cash flow yields while avoiding the richly valued largest stocks that are depressing overall market valuations.		View
2023 Q4	Feb 2, 2024	SandbrooK Capital	6.0%	11.1%	EWCZ, FIGS, VSCO, ZGN	consumer, DTC, healthcare, Long/Short, SMID Cap, software, value	Manager discusses FIGS as a DTC scrub provider with strong cohort economics and brand leadership. The thesis centers on TAM penetration growth, team business expansion, and success in non-scrubwear categories with higher ASPs and increased attach rates among loyal customers.	FIGS	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 24, 2026	Fund Letters	David Einhorn	Victoria's Secret & Co.	Consumer Discretionary	Apparel Retail	Bull	New York Stock Exchange	Apparel, Brand, recovery, retail, turnaround	View Pitch
Sep 26, 2025	Seeking Alpha	Seeking Alpha	Victoria's Secret & Co.		Apparel Retail	Neutral		Beauty segment, Customer Engagement, growth momentum, intimates recovery, market share, PINK brand, retail industry, turnaround, valuation, Victoria's Secret	View Pitch

BSD Shareholders of VSCO

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
Paul Tudor Jones	Tudor Investment Corp	$53.4B	$16.8M	0.03%	310,031	-38,900	-65.49%	0.3368%
Steven A. Cohen	Point72 Asset Management	$86.8B	$482,113	0.00%	8,900	-292,200	-97.99%	0.0097%
Ray Dalio	Bridgewater Associates	$27.4B	$8.7M	0.03%	161,092	+161,092	+100.00%	0.1750%
Dmitry Balyasny	Balyasny Asset Management	$76.6B	$35.3M	0.05%	651,920	-117,045	-15.22%	0.7081%
Israel Englander	Millennium Management LLC	$233.2B	$8.5M	0.00%	157,099	+114,040	+264.85%	0.1706%
David Siegel & John Overdeck	Two Sigma Investments	$67.5B	$1.8M	0.00%	33,594	+19	+0.06%	0.0365%
Cliff Asness	AQR Capital Management	$190.6B	$11.2M	0.01%	207,546	+75,149	+56.76%	0.2254%
Bruce Kovner	Caxton Associates	$3.2B	$788,098	0.02%	19,027	+3,118	+19.60%	0.0158%
Mario Gabelli	GAMCO Investors	$10.4B	$230,656	0.00%	4,258	+4,258	+100.00%	0.0046%
Cory Martin	Barrow, Hanley, Mewhinney & Strauss	$30.0B	$3,575	0.00%	66	+0	+0.00%	0.0001%
Kevin M. Keeley	Keeley-Teton Advisors, LLC	$824.8M	$537,278	0.07%	28,917	+6,083	+26.64%	0.0108%

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: