ZBRA

ZBRA

ZBRA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	-2.8%	-	CDW, ZBRA	-			View
2025 Q2	Jul 17, 2025	Ariel Small Cap Value Strategy	7.6%	-	CLB, DNB, FAF, LIND, OSW, REZI, WEX, ZBRA	Discounts, earnings recovery, Mean reversion, small caps, value	The letter argues that small-cap value stocks are trading at historic discounts versus large caps. Management highlights improving earnings, balance sheet repair, and long-term growth resilience. The outlook anticipates meaningful upside as performance gaps narrow.	ZBRA FAF CLB	View
2025 Q1	Apr 15, 2024	The London Company Small-Mid Cap	-6.6%	-6.6%	AER, BR, CABO, CACC, CHDN, DECK, SAIA, THG, ZBRA	-			View
2025 Q1	Apr 12, 2025	Alpha Wealth Funds – The Insiders Fund	-	-	ADBE, APPF, DVN, ET, GRAL, INBX, LULU, MSCI, ROK, SNBR, ZBRA	-			View
2025 Q1	Mar 31, 2025	RS Large Cap Val Strategy	1.6%	1.6%	ABBV, ZBRA	-			View
2023 Q1	Mar 31, 2023	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	2.7%	2.7%	ADI, FIS, ICE, MTB, ROST, ZBRA	-			View
2025 Q4	Feb 3, 2026	John Hancock Balanced Fund Class I	3.7%	16.0%	AAPL, AMZN, AVGO, BRBR, FCX, GOOGL, JPM, LLY, MSFT, ZBRA	asset allocation, Balanced, equities, fixed income, healthcare, materials, security selection, technology	Eli Lilly & Company contributed to relative performance with shares rising amid continued growth in its GLP-1 drug franchise. Freeport-McMoRan benefited from rising copper and gold prices, contributing to fund performance.		View
2025 Q4	Feb 12, 2026	RS Large Cap Val Strategy	5.8%	16.2%	C, CHKP, ETN, GOOGL, KEY, MDLZ, PNC, REGN, SEE, TEVA, ZBRA	AI, Data centers, financials, Grid Upgrade, healthcare, large cap, ROIC, value	AI has been a key theme driving popular equity indexes higher and creating unusual market dynamics with elevated concentration risk. The rapid integration of artificial intelligence may drive significant long-term productivity gains and provide a counterweight to softening employment conditions and inflationary pressures. Value stocks outperformed growth counterparts in Q4, with the Russell 3000 Value Index gaining 3.8% versus 1.1% for growth. The team sees intriguing investment opportunities in value-oriented stocks that are being largely ignored, creating an attractive backdrop for stock pickers. Strong demand for data centers has accelerated sales for companies like Eaton Corporation. The buildout of AI-associated data centers is driving increased demand and margin improvements for companies benefiting from this infrastructure spend. The need for upgraded electric grids has accelerated demand for Eaton's products. The process of electrification and grid investment should provide improvements in ROIC along with additional benefits from AI infrastructure spend.	ETN SEE	View
2023 Q3	Oct 31, 2023	The London Company SMID Cap	9.2%	9.2%	BKI, BR, CHDN, CWST, LANC, LW, MTN, NEU, WAT, ZBRA	-			View
2024 Q3	Oct 2, 2024	The London Company Small-Mid Cap	2.0%	4.8%	AWI, ENTG, LW, WAT, WTM, ZBRA	-			View
2025 Q3	Oct 15, 2025	Ariel Small Cap Value Strategy	12.7%	-	BCO, KMT, MAT, PBH, REZI, SPHR, ZBRA	consumer, cyclicals, industrials, small caps, valuation	Ariel sees improving prospects for small caps and cyclical stocks amid Fed easing, strong earnings, and valuation gaps versus large caps. The strategy favors pro-cyclical exposure in undervalued businesses across industrials, logistics, and consumer sectors while maintaining discipline in capital deployment. The managers expect small-cap valuations to normalize as market breadth improves and economic resilience persists.	KMT US SPHR US BCO US REZI US	View
2025 Q4	Jan 30, 2026	BBH Select Series – Mid Cap Fund	-3.9%	-5.6%	ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA	AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value	AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations.	GWRE FOUR KEYS DAR	View
2025 Q4	Jan 21, 2026	The London Company SMID Cap	2.0%	-4.8%	AER, LW, NEU, WAT, WTM, ZBRA	industrials, mid cap, Quality, small cap, SMID Cap, value	The portfolio emphasizes companies with high and stable returns on invested capital, conservative leverage, and reasonable valuations. Quality factors were headwinds during the quarter but the manager believes the environment is becoming more conducive to fundamentals where earnings growth, dividends, and balance-sheet strength matter more than valuation multiple expansion. Value outperformed Growth across the market cap spectrum during the quarter, with Value factors being the primary driver of returns, led by stocks trading at lower prices relative to sales and book value. The manager expects a return to fundamentals where reasonable valuations become more important.	LW NEU ZBRA AER	View
2025 Q4	Jan 18, 2026	Ariel Small Cap Value Strategy	3.0%	0.0%	AMG, FDS, GNRC, KMT, NCLH, PSKY, REZI, RLI, SPHR, ZBRA	AI, Entertainment, insurance, Manufacturing, small cap, technology, value	Artificial intelligence continues to drive structural trends and productivity gains across industries, though benefits are unevenly distributed. The technology is contributing to market concentration and shifting competitive positioning, while raising questions about the durability of recent performance patterns. Data center market shows significant long-term growth potential driven by rising energy needs and artificial intelligence infrastructure expansion. Management emphasized strong momentum in this sector as a key growth driver. Live entertainment sector demonstrates robust consumer demand with Sphere Entertainment showing strengthening business fundamentals. The success of productions like The Wizard of Oz is accelerating discussions for future venue expansion both domestically and internationally. Cruise industry faces renewed skepticism despite record bookings and robust customer deposits. Norwegian Cruise Line maintains confidence in long-term demand supported by strategic capacity expansion and private island enhancements.	ZBRA RLI FDS NCLH GNRC REZI KMT AMG SPHR	View
2025 Q4	Jan 13, 2026	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	-1.2%	4.9%	ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA	AI, fundamentals, mid cap, Quality, Speculation, value	Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks.	FAST AZO BRO APH MKL	View
2024 Q2	Jun 30, 2024	Baird Small/Mid Cap Growth Equity Fund	6.9%	2.7%	AAON, APPF, CACI, DECK, HEI, MANH, POOL, RGEN, VERX, XPEL, ZBRA	-			View
2022 Q4	May 3, 2023	Ariel Appreciation Fund	9.9%	0.0%	BOKF, CG, ZBRA	-			View
2022 Q4	May 3, 2023	Ariel Focus Fund	10.6%	0.0%	BOKF, CG, ZBRA	-			View
2022 Q4	May 3, 2023	Ariel Fund	12.1%	0.0%	BOKF, CG, ZBRA	-			View
2022 Q4	May 3, 2023	Ariel Global Fund	6.9%	0.0%	BOKF, CG, ZBRA	-			View
2022 Q4	May 3, 2023	Ariel International Fund	7.6%	0.0%	BBSEY, BOKF, CG, DLG LN, RHO GR, ZBRA	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 27, 2026	Fund Letters	Brian Campbell	Zebra Technologies Corporation	Information Technology	Technology Hardware	Bull	NASDAQ	Automation, Industrialcycle, Margins, Rebound, Supplychain	View Pitch
Jan 20, 2026	Fund Letters	John Rogers	Zebra Technologies Corp.	Information Technology	Electronic Equipment Instruments & Components	Bull	NASDAQ	Automation, efficiency, innovation, Logistics, Moat	View Pitch
Dec 3, 2025	Fund Letters	John Rogers	Zebra Technologies Corporation	Information Technology	Electronic Equipment & Instruments	Bull	NASDAQ	Automation, Barcodes, buybacks, Logistics, Margins, robotics, visibility, Warehouses	View Pitch
Dec 3, 2025	Fund Letters	Harvey Warren Sax	Zebra Technologies Corporation	Information Technology	Electronic Equipment & Instruments	Bull	NASDAQ	CapEx, Digitization, Logistics, RFID, tariffs	View Pitch
Oct 23, 2025	Value Investors Club	rab	Zebra Technologies Corp. (Class A)	Information Technology	Electronic Equipment, Instruments & Components	Bull	NASDAQ	Destocking, Electronic Equipment, Mobile computing	View Pitch
Sep 16, 2025	Short Thesis	Spruce Point	Zebra Technologies Corp	Information Technology	Electronic Equipment (Automatic Identification & Data Capture)	Bear	NASDAQ	Barcodes, Cyclical, Enterprise hardware, Margins, RFID	View Pitch
Aug 7, 2025	Seeking Alpha	The Value Investor	Zebra Technologies	Information Technology	Communication Equipment	Neutral	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Agar Capital	Zebra Technologies	Information Technology	Communication Equipment	Neutral	NASDAQ	—	View Pitch

BSD Shareholders of ZBRA

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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