Hestia Capital Management, LLC Portfolio Holdings

Q3 2025•3 long positions•$135.6M portfolio value

Holding3	Sector	Position↕	Traded↕	Ownership↕	Shares Δ↕	Shares Δ %	Market Cap↕	Owned Since↕
1 Pitney Bowes PBI	Integrated Freight & Logistics Industrials	$130.9M 96.57%	-$6.4M Sold	6.67% 11.5M shares	12.0M → 11.5M −$6.4M	-4.66%	$2.0B Small Cap	Q4 2024 Held for 11 months
2 Kohl's KSS	Department Stores Consumer Cyclical	$3.1M 2.32%	-$756.2K Sold	0.182% 204.5K shares	253.7K → 204.5K −$756.2K	-19.39%	$1.7B Small Cap	Q4 2024 Held for 11 months
3 Flowers Foods FLO	Packaged Foods Consumer Defensive	$1.5M 1.11%	+$1.1M Bought	0.055% 115.1K shares	31.0K → 115.1K +$1.1M	+271.29%	$2.8B Mid Cap	Q2 2025 Held for 5 months

Holding3	Sector	Position↕	Traded↕	Ownership↕	Shares Δ↕	Shares Δ %	Market Cap↕	Owned Since↕
1 Pitney Bowes PBI	Integrated Freight & Logistics Industrials	$130.9M 96.57%	-$6.4M Sold	6.67% 11.5M shares	12.0M → 11.5M −$6.4M	-4.66%	$2.0B Small Cap	Q4 2024 Held for 11 months
2 Kohl's KSS	Department Stores Consumer Cyclical	$3.1M 2.32%	-$756.2K Sold	0.182% 204.5K shares	253.7K → 204.5K −$756.2K	-19.39%	$1.7B Small Cap	Q4 2024 Held for 11 months
3 Flowers Foods FLO	Packaged Foods Consumer Defensive	$1.5M 1.11%	+$1.1M Bought	0.055% 115.1K shares	31.0K → 115.1K +$1.1M	+271.29%	$2.8B Mid Cap	Q2 2025 Held for 5 months

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