VSTS

VSTS

VSTS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 2, 2025	Summers Value Fund	-1.8%	-12.8%	ADMA, CCSI, DERM, ELMD, INSP, LGND, OTCM, SPOK, VSTS, ZIMV	Biotech, healthcare, Pharmaceuticals, small caps, underperformance, value	The fund holds multiple pharmaceutical positions including Ligand Pharmaceuticals, ADMA Biologics, and Journey Medical. Healthcare sector sentiment remains weak amid uncertainty from new administration proposals to curb drug pricing and cut Medicare/Medicaid reimbursement. The fund initiated two short positions in pharmaceutical companies where sales expectations are believed to be too high.	DERM DERM	View
2024 Q1	May 2, 2025	Appalaches Capital	4.1%	4.1%	AZO, GOOGL, NVDA, PLX.PA, SAFT, SYENS.PA, VSTS	AI, Behavioral Finance, Europe, risk management, Specialty Chemicals, Spin-Offs, value	Artificial Intelligence has dominated market attention with NVIDIA's share price nearly doubling in Q1. The manager views AI as creating productivity gains across industries through better insurance underwriting, inventory management, and targeted advertising. However, the manager warns against the availability heuristic affecting investment decisions, citing Google's temporary decline on AI-related concerns as an opportunity.	GOOGL PLX SYENS VSTS	View
2025 Q1	Apr 30, 2025	Summers Value Fund	-11.2%	-11.2%	ADMA, CCSI, ELMD, INDV, LQDA, SPOK, VSTS, ZIMV	Biotechnology, Defensive, healthcare, small caps, value	The Fund focuses on relatively defensive healthcare companies that have historically served as a safe harbor during market uncertainty. Recent selloff in healthcare stocks following FDA leadership changes and concerns over drug approvals is viewed as overdone. Portfolio consists of companies with predictable businesses and strong cash flow generation.	CCSI	View
2023 Q4	Feb 8, 2024	Appalaches Capital	3.9%	-	GOOG, MKL, SAFT, VSTS	Cash, insurance, Patience, small caps, Spin-Offs, value	Manager focuses on purchasing securities at significant discounts to intrinsic value, emphasizing patience and waiting for attractive valuations rather than following market momentum. The strategy involves identifying mispriced securities where non-economic factors drive undervaluation.	VSTS SAFT	View
2024 Q4	Dec 31, 2024	Summers Value Fund	-	27.4%	AAPL, AMZN, CCSI, ELMD, GOOGL, INDV, ISRG, LFCR, META, MODV, MSFT, NVDA, OTCM, PINC, SPOK, UFPT, UTMD, VSTS, ZBH, ZIMV	healthcare, Long/Short, Medical Devices, small caps, value	Manager believes small-cap stocks are well-positioned to outperform relative to large-cap stocks going forward, driven by lower valuations, poor sentiment, and an expected uptick in M&A under the new administration. Small-cap stocks continued a multi-year trend of underperformance in 2024.	ZIMV INDV UFPT ELMD	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
2025 Q3	Oct 16, 2025	Riverwater Partners Small Cap Strategy	-	-	ATRC, BDC, BOW, CROX, DGII, HAE, IDCC, IRDM, LOPE, MMSI, MOD, PFS, PLMR, PLPC, TGLS, UEC, VECO, VSTS, WOR	AI, Energy Transition, IoT, Quality, small caps, uranium, Utilities, value	The portfolio benefits from exposure to AI infrastructure through holdings like Modine Manufacturing, which provides thermal management solutions for data centers supporting AI workloads. The manager views AI as driving a multi-year investment cycle with exponential growth in AI-related infrastructure spending.	PLPC BDC DGII PFS WOR MOD UEC	View
2024 Q4	Jan 30, 2025	Summers Value Partners	-	27.4%	AAPL, AMZN, CCSI, ELMD, GOOGL, INDV, ISRG, LFCR, META, MODV, MSFT, NVDA, OTCM, PINC, SPOK, UFPT, UTMD, VSTS, ZBH, ZIMV	Concentration, healthcare, Long/Short, Medical Devices, small caps, value	Manager believes small-cap stocks are well-positioned to outperform relative to large-cap stocks going forward, driven by lower valuations, poor sentiment, and an expected uptick in M&A under the new administration. Small-cap stocks furthered a multi-year trend of underperformance in 2024, although the indexes closed positive in absolute terms.	ZIMV INDV UFPT ELMD	View
2024 Q4	Jan 13, 2025	13D Activist Fund	0.8%	1.7%	ALV, APD, AZTA, BBWI, ENV, EXEL, FTR, HR, JHG, LW, MDU, MRCY, NSIT, PSO, RIOT, RPD, SWX, THS, TWLO, VSTS	activism, Bitcoin, Corporate Governance, Data centers, M&A, Proxy Fights, SMID Cap, value	2024 was a record year for shareholder activism with 128 new initiations in North America. Success rates continue to soar with activists achieving 96% success rate in 2023 and 86% in 2024 versus high 60s historically. Shareholder activism is becoming more mainstream with 40 non-activists launching new campaigns in 2024.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Appalaches Capital	Vestis Corporation	Industrials	Commercial Services & Supplies	Bull	NYSE	Discount to Intrinsic Value, Fragmented Industry, High retention, Incremental Returns, management experience, Post-spin Selling, Recession-resistant, Route-based Business, spin-off, Uniform Services	View Pitch
Apr 13, 2026	Fund Letters	Appalaches Capital	Vestis Corporation	Commercial Services & Supplies	Commercial Services & Supplies	Bear	NYSE	Commercial Services, competitive positioning, deleveraging, management execution, spinoff, turnaround, Uniform Rental	View Pitch
Mar 16, 2026	Substack	Toff Cap Monday Monitor	Vestis	Consumer Goods	Apparel	Neutral		Apparel, insider activity, investment opportunity, private equity, profitability, strategic changes, turnaround, Vestis	View Pitch

BSD Shareholders of VSTS

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: