SGA
Saga Communications, Inc. Class A Common Stock (FL)
stock NASDAQ

Some context on how the long-term money was reading it before the last leg down. From the June 30 13Fs of 64 long-horizon managers I track, only 7 of the 64 hold Intuit. Lindsell Train is still the biggest believer at 6.6% of its book, but it trimmed from 10.1%. Eagle Capital added shares even as its weight fell from 3.4% to 2.4%, and FPA opened a new 1.1% position. On the other side, ShawSpring (6.6%) and SGA (2.6%) sold out entirely. So the quality-growth crowd was already split three months ago, before the 25% drop of the last month. The Q3 filings in mid-November will show who bought this dip and who gave up, which I'd watch alongside your two numbers.

Some context on how the long-term money was reading it before the last leg down. From the June 30 13Fs of 64 long-horizon managers I track, only 7 of the 64 hold Intuit. Lindsell Train is still the biggest believer at 6.6% of its book, but it trimmed from 10.1%. Eagle Capital added shares even as its weight fell from 3.4% to 2.4%, and FPA opened a new 1.1% position. On the other side, ShawSpring (6.6%) and SGA (2.6%) sold out entirely. So the quality-growth crowd was already split three months ago, before the 25% drop of the last month. The Q3 filings in mid-November will show who bought this dip and who gave up, which I'd watch alongside your two numbers.