Bretton Fund Exited Armanino, but it looks like Fidelity stepped in and built up their positions in Q3, as we are just over 10% institutional ownership, so basically a wash. From the Bretton Fund newsletter: "After 11 years and many delicious bites of pasta in the name of research, we have parted ways with frozen-pasta-sauce-manufacturer Armanino Foods of Distinction. Having a market capitalization of under $200 million, it’s tiny in comparison to our multi-trillion-dollar Microsoft and Google holdings, and its shares do not even trade on a major stock exchange. Microcap companies are often just so-so businesses, but Armanino is an excellent little business that’s also shareholder-centric, paying out a substantial dividend and spending capital wisely.

When the fund was smaller, it was easier to acquire enough of the thinly traded shares to make it a sizable holding, but as we’ve grown, we’re no longer able to scale the position size up to be a meaningful contributor to the fund. The stock has had a nice run this year, and we took the opportunity to sell our position. Our total return was a remarkable 579% over 11 years, which is 21.5% on an annualized basis. Let’s hope for many more Armaninos"

1. Fidelity Funds:
   • Fidelity Low-Priced Stock Fund (FLPSX) and Fidelity Series Intrinsic Opportunities Fund (FDMLX) are among the largest shareholders, indicating a strong interest from Fidelity in Armanino Foods.
   • The Strategic Advisers Fidelity U.S. Total Stock Fund (FCTDX) is also listed as a significant holder 1
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2. Legato Capital Management LLC: This firm is another institutional investor that has recently taken a position in Armanino Foods, contributing to the total institutional ownership of 2,477,162 shares, which represents approximately 7.73% of the company's outstanding shares 1
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3. Bretton Fund (BRTNX): Although this fund recently exited its position in Armanino Foods, it was previously a notable investor in the company 1
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Armanino Foods of Distinction, Inc. (US:AMNF) has 6 institutional owners and shareholders that have filed 13D/G or 13F forms with the Securities Exchange Commission (SEC). These institutions hold a total of 2,477,162 shares. Largest shareholders include FLPSX - Fidelity Low-Priced Stock Fund, FCTDX - Strategic Advisers Fidelity U.S. Total Stock Fund, BRTNX - Bretton Fund, FLKSX - Fidelity Low-Priced Stock K6 Fund, FDMLX - Fidelity Series Intrinsic Opportunities Fund, and Legato Capital Management LLC .