VSH

VSH

VSH

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 3, 2025	The Olstein Strategic Opportunities Fund	-	-	ABM, BLBD, CENT, DIN, GTES, IVZ, SHYF, ST, VNT, VSH	consumer, industrials, small caps, technology, value	The fund focuses on companies selling at discounts to their intrinsic value based on their normalized ability to produce free cash flow. Market volatility enabled filling the portfolio with companies that had outstanding liquidity but were affected by short-term problems.		View
2025 Q2	Aug 4, 2025	FPA Queens Road Small Cap Value Fund	8.6%	5.9%	AAP, ANGI, CNXC, CSGS, DAR, FN, GIII, IAC, IDCC, IMKTA, LFUS, NNI, PVH, REVG, SCHL, SFM, SYNA, THS, UGI, VSH	Passive investing, Quality, small caps, tariffs, technology, value	Small caps are generationally cheap compared to large caps, trading at the widest discount to the S&P 500 since the tech bubble 25 years ago. High-quality small companies command only a modest premium over lower-quality small companies, unlike large caps where quality commands significant premiums.	NNI IMKTA	View
2025 Q1	Mar 31, 2025	FPA Queens Road Small Cap Value Fund	-2.5%	-2.5%	AAP, ARW, AX, BAM, CNO, CNXC, CSWI, IDCC, LFUS, MDU, NJR, OSK, PVH, REVG, SCHL, SFM, SYNA, UGI, UPBD, VSH	consumer, Electronics, Quality, small caps, tariffs, Utilities, value	Manager emphasizes that small-caps are extremely cheap relative to large-caps but warns of the relative junkiness of small-cap indices. Quality small companies are still expensive but becoming more attractive from a valuation perspective as the market declines.		View
2023 Q4	Feb 8, 2024	The Olstein Strategic Opportunities Fund	-	-	AAPL, AMZN, CFG, CWK, FA, FITB, GHM, GNRC, GOOGL, HRL, INTC, KTB, LKQ, LUV, META, MSFT, NVDA, RTX, SHYF, TPG, TSLA, USB, VNT, VSH, WRK, ZBH	financials, free cash flow, industrials, Magnificent Seven, undervalued, value	Manager believes market leaders are about to change from high-growth Magnificent Seven stocks to undervalued companies selling at large discounts to intrinsic value. Focus on companies with strong fundamentals trading below normalized free cash flow calculations.	HRTX	View
2024 Q4	Dec 31, 2024	FPA Queens Road Small Cap Value Fund	2.4%	10.8%	AAP, AGCO, ALTM, ARW, CNXC, CSGS, CSWI, DAR, DECK, FN, IDCC, JBTM, LEVI, LFUS, MATV, MDU, OSK, QRVO, SAIC, SCHL, SFM, SYNA, UGI, UPBD, VSH	active management, compounders, Quality, Russell 2000, small cap, value	The fund focuses on high quality compounders with strong returns on capital, consistent earnings, and prudent balance sheets. The manager emphasizes that small-cap indices are generally 'junkier' with fewer quality companies than large-cap indices, making active management essential to find quality small companies trading at reasonable valuations.		View
2025 Q3	Nov 8, 2025	FPA Queens Road Small Cap Value Fund	7.5%	13.8%	AAPL, ESGR, FN, IAC, IDCC, IMKTA, MGM, NNI, NVDA, OSK, REVG, RLI, SAIC, SFM, SNX, THS, VSH	Defensive, Disciplined, downside protection, Quality, small cap, value	The fund follows a disciplined four-pillar process focusing on quality companies with strong balance sheets, valuation discipline, strong management teams, and growing industries with stable competitive dynamics. Quality is defined by steady operating margins and high returns on capital, allowing companies to compound value over time.		View
2024 Q3	Oct 30, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AAN, AAP, ALTM, AZO, CNXC, CSWI, DAR, DECK, FN, HMN, IDCC, ORLY, SFM, VSH	-			View
2023 Q2	Jul 19, 2023	Liberty Park Capital Management	7.1%	2.5%	BELFB, BOWL, CBT, ETWO, EXP, ITI, KRT, LBRT, LMB, LUNA, NR, NVEE, POWL, SWIM, THRY, VSEC, VSH, WEAV, YOU, ZEUS	alpha, energy, inflation, Long/Short, small caps, technology, value	The fund focuses on small-cap stocks that were severely undervalued during 2022, with many quality companies trading at single-digit P/E multiples despite strong fundamentals. The managers believe these obscure, niche small-cap companies require more time for investors to digest fundamentals and price shares to reality.	APG\|DR CN\|KITS CN\|NRP\|SYZ CN	View
2023 Q4	Jan 16, 2024	Liberty Park Capital Management	7.1%	2.5%	AMWD, BELFB, BLN.TO, BLND, BXC, CMT, COHR, GPI, HAYW, HCC, HQI, INTT, ITI, KBR, KOP, KRT, LMB, TGLS, TH, VSH	Construction, industrials, Long/Short, rates, semiconductors, small caps, value	Small-cap stocks have been underperforming larger ones for the second longest stretch since the 1930s. The forward P/E for the S&P Small Cap 600 is now 13x, compared to 19x for the S&P 500 and 32x for the Magnificent 7. Historical analysis shows that after similar periods of underperformance, small caps outperformed large caps by 22.2%, 10.5%, and 9.8% annually over subsequent 1, 3, and 5-year periods.	INTT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of VSH

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.

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: