WAL

WAL

WAL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q2	Dec 7, 2023	Madison Small Cap Fund	6.3%	17.2%	ACGL, AYX, CNM, WAL	-			View
2023 Q3	Oct 16, 2023	Miller Value Partners Income Strategy	11.7%	11.7%	CHS, JXN, MED, MPW, OGN, WAL	-			View
2023 Q4	Oct 1, 2024	Miller Value Partners Income Strategy	11.7%	11.7%	BKE, JXN, MED, OGN, RILY, WAL	-			View
2025 Q4	Jan 30, 2026	Invesco Small Cap Value Fund	6.8%	17.6%	ACM, ARCB, COHR, CR, CRL, ENTG, EXPE, GL, GMED, HBM.TO, KBR, LITE, MKSI, NRG, PENN, SAIA, WAL, WBS	AI, Biotech, financials, healthcare, Intrinsic Value, small cap, technology, value	The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and intrinsic value estimates was attractive, indicating potential long-term capital appreciation. Small-cap value stocks appear attractive relative to S&P 500 Index stocks. Following outperformance of large-cap stocks over small-cap stocks in recent years, the managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. The Russell 2000 Value Index P/E multiple has been at a historical discount compared to the S&P 500 Index P/E. The fund benefited from AI-driven growth potential in holdings like Lumentum, which rallied due to investor enthusiasm for its AI applications. ArcBest's operational efficiency and technological advancements using artificial intelligence should position the company well for demand recovery in trucking.	LITE GTLB ARCB GMED CRL	View
2025 Q4	Jan 21, 2026	NCG Small Cap Growth Strategy	4.2%	8.3%	ADPT, ATEC, AVPT, AXGN, BETA, BLND, CCB, CELH, COHR, ELF, KNX, KVYO, MTSI, PCOR, PEGA, PI, PRCH, QTWO, TOL, TTAN, UTI, WAL, WULF	active management, growth, healthcare, industrials, Outperformance, Quality, small caps, technology	The manager emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming. The S&P 600 Growth Index, which requires profitability, underperformed broader small cap indexes that included unprofitable companies. Biotech was a significant area of outperformance in small cap indexes during 2025, contributing approximately 8 points to the Russell Microcap Growth Index return. The manager has maintained low or no exposure to biotech, which contributed to relative underperformance. They continue to view many biotech business models as unproven despite strong recent performance. The portfolio includes holdings in AI infrastructure companies as part of their technology sector overweight. The manager sees strong growth prospects in AI-related investments and believes these companies are trading at attractive valuations within their diversified technology holdings. Nuclear energy was identified as one of the specific areas of outsized strength in small cap markets during 2025. The portfolio maintains exposure to the nuclear energy market through one company in their energy allocation, reflecting their focus on emerging energy themes.		View
2025 Q4	Jan 20, 2026	Madison Small Cap Fund	-0.4%	-6.9%	AAON, AMPL, CCOI, CFLT, CIEN, EHC, ENTG, FORM, GTLB, MIR, POWI, PRMB, RVLV, SMG, VCEL, VFC, VIAV, WAL, ZION	AI, Consumer Staples, Quality, Risk Appetite, small caps, software, Speculation, underperformance	The AI capital spending boom drove strong performance in select technology stocks like Ciena and Confluent. However, the manager questions how long the AI capital spending cycle will last and whether investors will begin asking for returns on this investment. The fund avoided most speculative AI-related opportunities due to quality parameters. Software stocks faced significant pressure as investors feared AI-powered solutions would displace traditional applications. The manager fundamentally rejects this thesis, believing enterprises won't migrate mission-critical data to language models generating errors at 60% rates. They used the selloff to add GitLab and Amplitude at attractive valuations. Consumer Staples was the epicenter of underperformance as investors showed no appetite for defensive businesses in a pro-cyclical, speculative bull market. The sector now trades at historically steep discounts despite facing perceived challenges including input cost inflation, GLP-1 impacts, and tariff supply chain effects. The market demonstrated insatiable appetite for risk, with the best performing stocks being the most speculative companies with no profits or revenue but thematic AI linkage. This extended to biotechs, meme stocks, crypto, and mining stocks, while defensive businesses were deeply out of favor. Small caps continued underperforming large caps despite a strong year for the Russell 2000. The fund significantly underperformed due to the speculative nature of the rally favoring companies without profits or revenue. Quality businesses with durable moats can now be found at attractive prices again.	AAON GTLB VIAV AMPL VCEL MIR CIEN CCOI WAL	View
2024 Q3	Sep 30, 2024	Ariel Global Fund	6.9%	0.0%	005930 KS, 7270 JP, CHKP, CMA, JD, PUB FP, SNY, STLA, TSCO LN, WAL	-			View
2024 Q3	Sep 30, 2024	Invesco Small Cap Value Fund	6.5%	19.5%	ATGE, BECN, COHR, HSIC, LITE, MXL, NFE, QDEL, RMBS, SPB, WAL	-			View
2023 Q2	Jul 24, 2023	Miller Value Partners Income Strategy	11.7%	11.7%	JXN, MPW, OGN, OMF, RILY, STLA, VALE, WAL	-			View
2023 Q2	Jul 14, 2023	Miller Value Partners Deep Value Strategies	4.6%	20.1%	GCI, GTN, NBR, NVDA, NYT, QUAD, WAL	-			View
2023 Q2	Jul 14, 2023	Patient Capital Management	5.6%	15.8%	C, COST, JPM, WAL	-			View
2023 Q4	Jan 19, 2024	Miller Value Partners Deep Value Strategies	4.6%	20.1%	BKE, JXN, MED, OGN, RILY, WAL	-			View
2023 Q4	Jan 17, 2024	Patient Capital Management	5.6%	15.8%	EXPE, FTCH, UBS, WAL	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 23, 2026	Fund Letters	Faraz Farzam	Western Alliance Bancorp	Financials	Regional Banks	Neutral	New York Stock Exchange	banking, Capital, Creditrisk, exit, litigation	View Pitch
Aug 7, 2025	Seeking Alpha	Seeking Profits	Western Alliance Bancorporation	Financials	Banks - Regional	Neutral	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	The Asian Investor	Western Alliance Bancorporation	Financials	Banks - Regional	Bull	NYSE	—	View Pitch

BSD Shareholders of WAL

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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