NEW SOUTH CAPITAL MANAGEMENT INC

MEMPHIS, TN · CIK 1044797 · 13F filing filed 2025-08-13

SEC-registered investment adviser since 1985 · corporation

Assets managed$2.2bn
Staff11 · 8 in investment roles
Main clients (by assets)High net worth individuals 28%, Charities 27%, Pension plans 18%
Private funds1 (1 hedge) · $118.8m gross assets
Websitenewsouthcapital.com
Form ADV · 2026-08-10SEC adviser record

$2.1bn reported value -0.4% vs Q1 2025

57positions

53.1%in top 10

0 new 13 added 39 reduced 6 sold out vs Q1 2025

This report includes the holdings of 1 other manager that shares the investment decisions:

STIFEL NICOLAUS & CO INC \MO\ – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	VERTIV HOLDINGS CO COM CL A VRT	VRT	1,840,894	$236.4m11.45%	11.45%	Reduced -269.5k	-269,498 -12.8%
2	AUTOZONE INC COM AZO	AZO	46,348	$172.1m8.33%	8.33%	Reduced -840	-840 -1.8%
3	ZEBRA TECHNOLOGIES CORPORATI CL A ZBRA	ZBRA	398,811	$123.0m5.95%	5.95%	Reduced -14.2k	-14,213 -3.4%
4	WESCO INTL INC COM WCC	WCC	626,449	$116.0m5.62%	5.62%	Reduced -30.0k	-29,964 -4.6%
5	ROYALTY PHARMA PLC SHS CLASS A RPRX	RPRX	2,886,569	$104.0m5.04%	5.04%	Reduced -20.9k	-20,900 -0.7%
6	FISERV INC COM FISV	FISV	488,082	$84.2m4.07%	4.07%	Reduced -11.7k	-11,663 -2.3%
7	EURONET WORLDWIDE INC COM EEFT	EEFT	711,887	$72.2m3.49%	3.49%	Added +64.1k	+64,077 9.9%
8	OPEN TEXT CORP COM OTEX	OTEX	2,336,575	$68.2m3.30%	3.30%	Reduced -60.8k	-60,837 -2.5%
9	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	150,703	$61.1m2.96%	2.96%	Reduced -1.7k	-1,660 -1.1%
10	ENERSYS COM ENS	ENS	699,333	$60.0m2.90%	2.90%	Added +195.3k	+195,324 38.8%
11	BROOKFIELD CORP CL A LTD VT SH BN	BN	943,194	$58.3m2.82%	2.82%	Reduced -27.6k	-27,616 -2.8%
12	ELEMENT SOLUTIONS INC COM ESI	ESI	2,514,351	$57.0m2.76%	2.76%	Added +846.8k	+846,775 50.8%
13	SS&C TECHNOLOGIES HLDGS INC COM SSNC	SSNC	656,859	$54.4m2.63%	2.63%	Added +88	+88 0.0%
14	MSC INDL DIRECT INC CL A MSM	MSM	626,956	$53.3m2.58%	2.58%	Reduced -28.0k	-28,028 -4.3%
15	NICE LTD SPONSORED ADR NICE	NICE	306,219	$51.7m2.50%	2.50%	Reduced -5.2k	-5,195 -1.7%
16	CGI INC CL A SUB VTG GIB	GIB	482,005	$50.5m2.45%	2.45%	Reduced -100.3k	-100,333 -17.2%
17	KEMPER CORP COM KMPR	KMPR	774,933	$50.0m2.42%	2.42%	Reduced -41.4k	-41,406 -5.1%
18	LKQ CORP COM LKQ	LKQ	1,304,780	$48.3m2.34%	2.34%	Added +6.7k	+6,718 0.5%
19	ONESPAWORLD HOLDINGS LIMITED COM OSW	OSW	1,955,123	$39.9m1.93%	1.93%	Reduced -269.7k	-269,665 -12.1%
20	GARRETT MOTION INC COM GTX	GTX	3,789,378	$39.8m1.93%	1.93%	Reduced -375.0k	-374,955 -9.0%
21	DIGITALBRIDGE GROUP INC CL A NEW CL A NEW		3,785,985	$39.2m1.90%	1.90%	Reduced -210.7k	-210,700 -5.3%
22	FEDEX CORP COM FDX	FDX	169,748	$38.6m1.87%	1.87%	Added +8.5k	+8,468 5.2%
23	WILLIS TOWERS WATSON PLC LTD SHS WTW	WTW	106,808	$32.7m1.59%	1.59%	Reduced -2.5k	-2,451 -2.2%
24	HANESBRANDS INC COM HBI	HBI	6,213,489	$28.5m1.38%	1.38%	Reduced -412.3k	-412,335 -6.2%
25	FIRSTCASH HOLDINGS INC COM FCFS	FCFS	190,294	$25.7m1.25%	1.25%	Reduced -25.8k	-25,835 -11.9%
26	KFORCE INC COM KFRC	KFRC	601,043	$24.7m1.20%	1.20%	Added +146.5k	+146,470 32.2%
27	AVANTOR INC COM AVTR	AVTR	1,809,816	$24.4m1.18%	1.18%	Added +25.2k	+25,165 1.4%
28	MARRIOTT VACATIONS WORLDWIDE COM VAC	VAC	332,447	$24.0m1.16%	1.16%	Reduced -19.5k	-19,549 -5.5%
29	FMC CORP COM NEW FMC	FMC	533,233	$22.3m1.08%	1.08%	Reduced -12.8k	-12,808 -2.4%
30	BROOKFIELD RENEWABLE CORP CL A EX SUB VTG BEPC	BEPC	610,879	$20.0m0.97%	0.97%	Reduced -6.3k	-6,340 -1.0%
31	RUSH ENTERPRISES INC CL A RUSHA	RUSHA	369,216	$19.0m0.92%	0.92%	Reduced -67.3k	-67,333 -15.4%
32	ASGN INC COM EFOR	EFOR	312,420	$15.6m0.76%	0.76%	Added +38.6k	+38,650 14.1%
33	THERMON GROUP HLDGS INC COM COM		499,635	$14.0m0.68%	0.68%	Reduced -91.4k	-91,355 -15.5%
34	SHOE CARNIVAL INC COM SHOE	SHOE	689,123	$12.9m0.62%	0.62%	Reduced -10.7k	-10,701 -1.5%
35	STANLEY BLACK & DECKER INC COM SWK	SWK	189,324	$12.8m0.62%	0.62%	Reduced -12.7k	-12,685 -6.3%
36	AMN HEALTHCARE SVCS INC COM AMN	AMN	543,910	$11.2m0.54%	0.54%	Reduced -35.5k	-35,490 -6.1%
37	HUDSON TECHNOLOGIES INC COM HDSN	HDSN	1,350,943	$11.0m0.53%	0.53%	Reduced -132.8k	-132,776 -8.9%
38	HOLOGIC INC COM HOLX	HOLX	157,835	$10.3m0.50%	0.50%	Reduced -6.8k	-6,790 -4.1%
39	INTERNATIONAL MNY EXPRESS IN COM IMXI	IMXI	852,037	$8.6m0.42%	0.42%	Reduced -155.1k	-155,110 -15.4%
40	ARES CAPITAL CORP COM ARCC	ARCC	390,939	$8.6m0.42%	0.42%	Reduced -70.9k	-70,864 -15.3%
41	TREEHOUSE FOODS INC COM THS	THS	423,214	$8.2m0.40%	0.40%	Reduced -394.5k	-394,484 -48.2%
42	NV5 GLOBAL INC COM NVEE	NVEE	330,858	$7.6m0.37%	0.37%	Reduced -60.6k	-60,560 -15.5%
43	CONSENSUS CLOUD SOLUTIONS IN COM CCSI	CCSI	309,994	$7.1m0.35%	0.35%	Reduced -44.2k	-44,247 -12.5%
44	UNIFIRST CORP MASS COM UNF	UNF	36,399	$6.9m0.33%	0.33%	Reduced -6.7k	-6,695 -15.5%
45	AMERISAFE INC COM AMSF	AMSF	140,160	$6.1m0.30%	0.30%	Reduced -25.6k	-25,650 -15.5%
46	WEX INC COM WEX	WEX	36,286	$5.3m0.26%	0.26%	Added +775	+775 2.2%
47	BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS BAM	BAM	81,684	$4.5m0.22%	0.22%	Unchanged
48	ISHARES TR RUS MID CAP ETF IWR	IWR	33,730	$3.1m0.15%	0.15%	Added +24.2k	+24,200 253.9%
49	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	55,525	$2.9m0.14%	0.14%	Reduced -10.1k	-10,088 -15.4%
50	ISHARES TR SELECT DIVID ETF DVY	DVY	15,680	$2.1m0.10%	0.10%	Unchanged
51	UPLAND SOFTWARE INC COM COM		993,250	$1.9m0.09%	0.09%	Reduced -183.7k	-183,690 -15.6%
52	Invesco Floating Rate ESG Fund MF AFRFX	AFRFX	283,635	$1.9m0.09%	0.09%	Added +5.9k	+5,910 2.1%
53	ISHARES TR RUS 2000 VAL ETF IWN	IWN	8,910	$1.4m0.07%	0.07%	Added +2.8k	+2,765 45.0%
54	ISHARES TR 1 3 YR TREAS BD SHY	SHY	9,125	$756.1k0.04%	0.04%	Reduced -280	-280 -3.0%
55	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	1,500	$442.2k0.02%	0.02%	Unchanged
56	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	7,189	$332.8k0.02%	0.02%	Unchanged
57	FIRST HORIZON CORPORATION COM FHN	FHN	10,117	$214.5k0.01%	0.01%	Unchanged

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
WARNER BROS DISCOVERY INC WBD	WBD	3,393,004	$36.4m3.4m shares
HOWARD HUGHES HOLDINGS INC HHH	HHH	485,201	$35.9m485.2k shares
AMDOCS LTD DOX	DOX	20,849	$1.9m20.8k shares
SIRIUSXM HOLDINGS INC SIRI	SIRI	48,603	$1.1m48.6k shares
KINDER MORGAN INC DEL KMI	KMI	9,641	$275.1k9.6k shares
BROOKFIELD INFRAST PARTNERS BIP	BIP	7,750	$230.9k7.8k shares