WAL

WAL

WAL

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	ValueWorks Capital	-	-	AAPL, AL, CHRD, GS, HY, JOBY, LNG, MU, NETI, QCOM, TDW, TSLA, TUSK, WAL	energy, liquidity, positioning, technology, value, volatility	Manager expects an energy explosion rather than transition, supplementing fossil fuels with multiple additional energy sources. Hyster-Yale is deploying industrial scale fuel cells, while Eneti and Tidewater are developing offshore wind farms. Electric vehicles may prove superior due to being quieter, cleaner, less expensive to make, and more comfortable.		View
2025 Q2	Aug 7, 2025	Invesco Small Cap Value Fund	6.5%	0.2%	AL, COHR, DAVA, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS	AI, Banking, energy, healthcare, Intrinsic Value, materials, small cap, 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 estimated intrinsic value was attractive, indicating potential long-term capital appreciation. 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.	TEX SAIA	View
2023 Q2	Jun 30, 2023	ValueWorks Capital	-	-	AAPL, CHRD, HY, JOBY, LNG, MU, QCOM, TDW, TUSK, WAL	energy, financials, inflation, semiconductors, technology, value	Manager sees declining inflation trends driven by supply chain normalization and commodity price reversals. Oil down 30% from peak, nickel and aluminum down even more. Believes inflation could trend toward Fed targets without serious economic damage.		View
2024 Q1	May 15, 2024	Gator Capital Management	10.8%	24.3%	AX, BAC, BCS, CNOB, CUB, DCOM, ESQ, FBP, FCNCA, GNW, HOOD, JXN, NYCB, OFG, OSBC, PNFP, ROOT, SLM, UMBF, WAL, WBS	Credit Risk, financials, interest rates, Regional Banks, SMID Cap, value	Manager sees selective opportunities in small-to-mid-sized regional banks despite sector headwinds. Believes stock investors are overly pessimistic about credit concerns while the real issues are interest rate risk and loan volume growth. Groups favorites into Puerto Rican banks, growth banks, and small banks with unique stories.		View
2024 Q1	Apr 25, 2024	Miller Value Partners Income Strategy	11.7%	11.7%	BFH, BKE, CHRD, CTO, JXN, LNC, MED, MPW, OMF, STLA, T, UGI, VTRS, WAL	Concentration, crypto, dividends, energy, flexibility, high yield, income, value	The portfolio added UGI Corp, a dividend aristocrat that has paid shareholders a dividend for 139 consecutive years and looks poised to boost its dividend for the 37th consecutive year. At current prices, UGI trades at its lowest price/earnings multiple in history despite sporting a 6% yield with a plan to grow earnings power at a high single-digit rate.	LNC UGI CHRD	View
2024 Q1	Apr 15, 2024	Riverwater Sustainable Value Strategy	-0.6%	7.9%	ATKR, AZZ, CROX, HDSN, ICFI, IRDM, LECO, LMNR, LPX, MOD, NYCB, PLXS, QCOM, TALO, WAL	AI, Data centers, Electrical, Energy Transition, industrials, Quality, small caps, value	Small-caps continued what appears to be a new bull market since hitting bottom last October. Small-caps still have significant ground to cover, having last peaked in 2021, while large-caps have continued to hit record highs. The manager believes they're in the 9th inning of large-cap outperformance and the next five and ten-year outlook for small versus large appears highly enticing.	ATKR	View
2025 Q1	Mar 31, 2025	Thornburg Small/Mid Cap Core Fund	-11.4%	-11.4%	AIT, BJ, CLH, CWST, LPLA, NTNX, PNFP, TXNM, WAL, WH	AI, growth, mid cap, rates, Recession, small cap, Trade Policy, value	Markets experienced substantial volatility driven by an unwind of the artificial intelligence and momentum trade following DeepSeek's arrival, which showcased China's cost-efficient advancement within AI technology. The Magnificent Seven stocks were hit especially hard, down 16%, as fears of peak AI spending emerged.		View
2024 Q4	Feb 11, 2025	Invesco Small Cap Value Fund	4.3%	24.5%	AVTR, COHR, CSTM, EWBC, EXPE, GL, GTLS, HUN, ICLR, LITE, MSM, MXL, NRG, ONTO, QDEL, RMBS, TECK, VRT, VST, WAL, WBS	financials, industrials, Intrinsic Value, semiconductors, small cap, value	The fund employs an intrinsic value approach to select holdings, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and estimates of intrinsic value was attractive, indicating above-average long-term capital appreciation potential. The fund maintains a long-term investment horizon focused on wealth creation through undervalued opportunities.	MSM ONTO ICLR	View
2023 Q4	Dec 31, 2023	ValueWorks Capital	-	-	AAPL, CHRD, GS, HY, LNG, MU, QCOM, TDW, TUSK, WAL	Election, energy, rates, security selection, technology, value	Manager emphasizes buying best-quality assets at best possible prices, targeting securities trading at 50-75 cents on the dollar. Portfolio results driven by security selection rather than thematic moves, with focus on fairly valued and well-positioned businesses generating cash and earnings versus story-driven equities.		View
2025 Q3	Nov 4, 2025	Thornburg Small/Mid Cap Core Fund	2.4%	0.1%	AIT, ATGE, BJ, CLH, COHR, CWST, ITT, LPLA, PNFP, PSTG, SMPL, STKL, SXT, TLN, VRT, WAL	AI, Defensive, industrials, Quality, rates, small caps, technology, valuation	Semiconductor and software companies were supported by increased spending on data centers and power infrastructure tied to AI adoption during the quarter.		View
2023 Q3	Nov 10, 2023	Gator Capital Management	10.8%	24.3%	AAIC, AX, BOH, CFG, FCNCA, FITB, GNW, HBAN, JXN, MTB, OFG, PGR, PNC, RF, TFC, USB, VNO, WAL	Banking, financials, M&A, Regional Banks, value	First Citizens Bancshares represents the fund's largest position, acquired through strategic M&A including the SVB acquisition. The manager believes regional banks trade at historically low valuations and expects the group multiple to re-rate higher as the industry works through higher interest rates and the credit cycle peaks. First Citizens is positioned well for higher rates with a liquid balance sheet and balanced loan portfolio.	FCNCA	View
2024 Q3	Oct 30, 2024	Gator Capital Management	10.8%	24.3%	AX, BXP, CBNA, COLB, CUZ, FCNCA, HOOD, JXN, PYPL, REAL, UMBF, VNO, WAL	Banking, Deposits, financials, Regional Banks, value	The fund focuses heavily on regional banking with multiple positions including First Citizens Bancshares, UMB Financial, Western Alliance Bancorp, and Columbia Banking System. The manager emphasizes the value of strong deposit franchises following the Regional Bank Crisis in March 2023.	CBNA	View
2025 Q3	Oct 20, 2025	Invesco Small Cap Value Fund	10.0%	10.2%	AL, COHR, DAVA.L, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS	AI, energy, healthcare, Intrinsic Value, materials, small caps, Transportation, 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. Following outperformance of large-caps over small-caps in recent years, managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps.		View
2023 Q3	Oct 16, 2023	Miller Value Partners Income Strategy	11.7%	11.7%	AAPL, CHS, JXN, MED, MPW, OGN, T, WAL	dividends, financials, income, rates, Telecom, value	The fund focuses on extreme valuations whose underlying logic defies probabilistic thinking around base rates. The past decade presented headwinds for value investors as capital had little respect for value, but that game is over with bonds becoming investable again and capital actually worth something.	^FTSE	View
2023 Q4	Oct 1, 2024	Miller Value Partners Income Strategy	11.7%	11.7%	BCC, BKE, JXN, MED, OGN, RILY, WAL	dividends, high yield, rates, Regional Banks, value	The letter discusses the significant outperformance of long-dated US government bonds in Q4 2023, with TLT up 12.9%, marking the fifth-best calendar quarter in twenty years. This occurred without coinciding equity market drawdowns, suggesting a potential turning point in market psychology around inflation persistence. Fed officials are now discussing rate cuts and slowing balance sheet asset sales.	JXN BKE 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.T, AD.AS, CHKP, CMA, DANSKE.CO, DLG.L, JD, PUB.PA, SNY, STLA, TFC, TSCO.L, USB, WAL	Automotive, Banking, China, cybersecurity, global, Pharmaceuticals, Stimulus, value	Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund believes growth stocks are trading at elevated valuations, whereas value stocks remain cheap. They strongly believe reasonably priced, higher quality companies offering sustainable, profitable growth and robust balance sheets will be the drivers of future outperformance.	WAL TSCDY PUB.PA CMA STLA 7270.T 005930.KS SNY CHKP JD	View
2024 Q3	Sep 30, 2024	Invesco Small Cap Value Fund	6.5%	19.5%	ATGE, BECN, COHR, EWBC, EXPE, GL, GTLS, HSIC, IART, LITE, MKSI, MTZ, MXL, NFE, NRG, QDEL, RMBS, SPB, VRT, VST, WAL, WBS	AI, healthcare, industrials, Intrinsic Value, Regional Banks, semiconductors, small cap, value	The fund uses an intrinsic value approach to select investments, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market price and estimated intrinsic value of holdings was very attractive according to their estimation. Following outperformance of large-cap over small-cap in recent years, they see greater long-term upside to intrinsic value in many small-cap stocks compared to large-cap stocks.	QDEL RMBS BECN	View
2024 Q2	Jul 31, 2024	Gator Capital Management	10.8%	24.3%	AX, BANC, BARC.L, CG, CUBI, EWBC, FBP, FCNCA, HOOD, JXN, PNFP, PYPL, SLM, UMBF, WAL, WBS, WTFC	credit, financials, Growth Banks, Rate Cuts, Regional Banks, valuation	Regional banks rallied strongly in July due to tame inflation, prospects of more favorable regulatory environment, and better-than-expected earnings. The Fund benefited from extreme negative positioning by other investors who had been using regional bank ETF as large short position. Manager believes regional banks remain cheap compared to history with coming rate cuts driving earnings higher.		View
2023 Q2	Jul 14, 2023	Miller Value Partners Deep Value Strategies	4.6%	20.1%	GCI, GTN, NBR, NVDA, QUAD, WAL	Banking, Concentration, Media, small caps, technology, value	Manager emphasizes extreme valuation spreads between growth and value stocks, with value factors delivering negative returns in 2023. Small Cap Value trades at significant 40-90% discount to longer duration equities, close to Covid lows. Deep Value strategy holdings experienced significant valuation compression during the quarter.	GTN WAL NBR QUAD GCI	View
2023 Q2	Jul 14, 2023	Patient Capital Management	5.6%	15.8%	ANGI, C, COST, DAL, EXPE, FTCH, GM, IAC, JPM, MAT, META, MGM, OMF, WAL	Behavioral Edge, capital returns, financials, large cap, Travel, value	Manager sees significant exposure to travel as mispriced with continued upside potential. Travel has been booming for the last year but valuations remained depressed until recently. Spending has yet to normalize to pre-pandemic levels and the category is expected to grow at twice the rate of overall consumer spend next year.	^GSPC WAL IAC	View
2024 Q2	Jun 30, 2024	Invesco Small Cap Value Fund	6.5%	19.5%	ATGE, AVTR, COHR, CRS, ENDV.L, EPAM, EXPE, GL, LITE, MOH, MTZ, MXL, NFE, NRG, SEM, SIMO, VRT, VST, WAL, WBS	Intrinsic Value, materials, small cap, technology, Utilities, value	The fund benefits from AI growth through holdings like Coherent, which develops optical transceivers that are key enablers for networking of AI servers. Vistra shares rose due to better outlook for long-term demand driven by the build out of energy-intensive AI data centers.	EPAM DAVA GL	View
2023 Q4	Jan 30, 2024	Gator Capital Management	10.8%	24.3%	AAIC, AX, BOH, CFG, FCNCA, FITB, GNW, HBAN, JXN, MTB, OFG, PGR, PNC, RF, TFC, USB, VNO, WAL	Banking, financials, interest rates, M&A, Regional Banks, value	Fund is heavily concentrated in regional banks, particularly First Citizens Bancshares as the largest position. Manager believes regional banks trade at historically low valuations and expects the group multiple to re-rate higher as the industry works through higher interest rates and the credit cycle peaks. First Citizens is positioned well for higher-for-longer rates with a liquid balance sheet and balanced loan book.	FCNCA	View
2023 Q4	Jan 19, 2024	Miller Value Partners Deep Value Strategies	4.6%	20.1%	BCC, BKE, JXN, MED, OGN, RILY, WAL	dividends, high yield, income, interest rates, Regional Banks, value	Western Alliance Bancorp was the top contributor with strong deposit growth and capital ratios. The bank reported deposits rising 6.5% sequentially to $54.3B with 82% insured and collateralized, while CET1 ratio expanded to 10.6%.	BCC JXN BKE WAL	View
2023 Q4	Jan 17, 2024	Patient Capital Management	5.6%	15.8%	AMZN, COIN, EXPE, FTCH, GOOGL, KRTX, META, SPLK, UBER, UBS, WAL	Banking, growth, Long/Short, Opportunistic, Quality, technology, value	Manager believes low multiple classic value stocks have been left for dead and offer very handsome return potential after the worst performance in history. Previous episodes of low-multiple underperformance were followed by sustained outperformance averaging 18%-plus annualized returns.	FTCH EXPE WAL HUBS	View
2023 Q4	Jan 16, 2024	Smead Value Fund	5.1%	11.1%	APA, AXP, BAC, COP, DHI, DVN, FITB, HD, JPM, LEN, MAC, MTB, NVR, OVV, OXY, PFE, SPG, TGT, UHAL, WAL	banks, consumer, energy, Homebuilders, inflation, value	Home builders were weighed down by rapidly rising mortgage rates and recessionary fears that reemerged fears of a 2008-like housing crisis. The fund focused on supply demand dynamics rather than emotional fears and was handsomely rewarded with strong performance from D.R. Horton, Lennar, and NVR.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Miller Value Partners Deep Value Strategies	Western Alliance Bancorp	Financials	Regional Banks	Bull	NYSE	banking, capital ratios, deposit growth, net interest margin, regional bank, tangible book value	View Pitch
Apr 28, 2026	Fund Letters	Patient Capital Management	Western Alliance Bancorporation	Financials	Regional Banks	Bull	NYSE	Bank Runs, Crisis Investing, Deposit Flows, Fundamental Analysis, High returns, Panic Selling, regional banking	View Pitch
Apr 28, 2026	Fund Letters	Miller Value Partners Income Strategy	Western Alliance Bancorp	Financials	Regional Banks	Bull	NYSE	banking, capital ratios, deposit growth, net interest margin, regional banks, tangible book value	View Pitch
Apr 28, 2026	Fund Letters	Miller Value Partners Deep Value Strategies	Western Alliance Bancorporation	Financials	Regional Banks	Bull	NYSE	Commercial Banking, deposit growth, Equity, regional banks, Rotce, underwriting, Value	View Pitch
Apr 28, 2026	Fund Letters	Patient Capital Management	Western Alliance Bancorporation	Financials	Regional Banks	Bull	NYSE	Banking Crisis, contrarian, Deposit Stability, low valuation, regional bank, Value	View Pitch
Apr 13, 2026	Fund Letters	Ariel Global Fund	Western Alliance Bancorp	Financials	Regional Banks	Bull	NYSE	balance sheet, Banking Crisis, Credit Concerns, Deposit Costs, diversified portfolio, recovery, regional bank, restructuring	View Pitch
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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