SG Capital’s Profoundly Uneventful Exit from OshKosh: A Financial Odyssey

What happened

In an event so monumental yet astonishingly mundane that one might be tempted to fall asleep while reading it, SG Capital Management LLC has executed a complete (and I daresay, utterly common) exit from its stake in Oshkosh Corporation (OSK 3.45%). This monumental filing, which is about as thrilling as watching paint dry in an intergalactic void, was presented to the U.S. Securities and Exchange Commission on the seventh day of November, 2025. They sold all 557,006 shares they previously held-not due to some grand existential crisis, but simply as part of a larger act of portfolio downsizing that is so chic these days it ought to be a fashion statement.

What else to know

With SG Capital’s utter departure from OSK, the stake now holds a prestigious spot of 0% in their reportable 13F assets under management, a bit like the last forgotten muffin at a tea party.
In a thrilling turn of events (not really), here are the top holdings post-filing:
- NYSE:WLY: $59.68 million (5.98% of AUM)
- NASDAQ:MIDD: $55.26 million (5.54% of AUM)
- NASDAQ:TTMI: $53.80 million (5.39% of AUM)
- NYSE:WMS: $45.59 million (4.57% of AUM)
- NYSE:LRN: $41.78 million (4.19% of AUM)
As of the day prior to this enlightening revelation (November 6, 2025, if you must know), shares of Oshkosh Corporation pranced about the market at $125.64. This insignificant bump of 10.69% over the past year brings with it just 5.41 percentage points of alpha relative to the S&P 500, a number that could almost impress a particularly dull calculator.

Company Overview

Metric	Value
Revenue (TTM)	$10.33 billion
Net Income (TTM)	$666.30 million
Dividend Yield	1.65%
Price (as of market close 2025-11-06)	$125.64

Company Snapshot

Oshkosh Corporation, which you might have heard of if your life is filled with interesting dinner conversations about specialty vehicles, designs and manufactures an array of vehicles that could only be described as eccentric, including aerial work platforms (no, not the kind that home improvement shows use), tactical defense vehicles (perfect for stirring up ruckus at a park), fire and emergency apparatus (because why not?), concrete mixers (those delightful dancing giants of a construction site), and refuse collection trucks (the unsung heroes of modern waste management).
The company generates revenue with a flair reminiscent of a magician pulling rabbits from hats by selling equipment and vehicles across four key segments: Access Equipment, Defense, Fire & Emergency, and Commercial. All the while, they supplement their income with parts, services, and financing solutions. Truly an innovative way to engage with the universe!
Their primary customers are a “who’s who” of construction firms, the U.S. Department of Defense (you know, the folks who could use a good tank now and then), municipal agencies, and commercial fleet operators scattered across the globe like confetti on a particularly rowdy New Year’s Eve.

In the grand tapestry of manufacturing, Oshkosh Corporation shines as a vibrantly colored thread weaving through diverse sectors including defense, construction, and, for some reason, emergency response. Their broad portfolio and exceptional engineering skills propel a business model so multi-segment it could put the average octopus to shame, delivering revenue streams that are about as consistent as morning coffee for a weary investor.

Foolish take

In a move that can only be described as both daring and a tad unremarkable, SG Capital decided to bolster its exit strategy by hedging their OshKosh stock position with an impressive 700,000 put options (to protect those fragile investments, of course). And yet, they simply could not resist the allure of completely selling out of both positions in the third quarter, like a kid who just has to finish all the candy before dinner.

This audacious exit from OshKosh marks a substantial portfolio transformation for SG Capital. Once a towering giant, the specialty vehicle manufacturer found itself to be the firm’s second-largest holding-at least until they decided to relocate all of their funds to more alluring prospects (or environments where they might finally leave the house wearing pants again). During this ambitious third quarter, the firm waved goodbye to a grand total of 50 positions, leaving behind an assortment of financial ghosts.

When we peer into the vast abyss of market performance, we find that shares of Oshkosh have been meandering along the boardwalk of mediocrity, slightly trailing behind the merry-go-round of the broad market. Over the last year, the stock gained a modest 8.2%, while the S&P 500 trotted ahead with a sprightlier 12.7%. Oh, to gallop at the speed of the S&P!

Unfortunately for OshKosh, a shifting economic outlook this year has made forecasting the company’s earnings as bewildering as trying to navigate a spaceship blindfolded through a wormhole. In an unexpected twist, the company raised its adjusted earnings outlook for 2025 to $11.00 per share in August, seemingly unfazed by the global trade uncertainties. Yet by late October, they retraced their path (much like an animal that has just realized it’s in the wrong neighborhood) and adjusted the earnings outlook to a more conservative range of $10.50 to $11.00 per share-simply fabulous.

Glossary

13F: A quarterly SEC filing by institutional investment managers disclosing their equity holdings (much like your least favorite family member publicizing their grocery list).
Assets Under Management (AUM): The sum total of investments managed on behalf of clients, which is generally akin to gathering all the shiny pennies in your uncle’s coin collection and counting them obsessively.
Alpha: A measure of an investment’s performance that reveals just how much better-or worse-it has done compared to a benchmark, proving beyond a shadow of a doubt that numbers can do backflips too.
Portfolio Downsizing: An appealing-sounding term for the practice of slashing down the quantity and size of investments, rather like spring cleaning your entire house one item at a time.
Stake: The ownership interest held by an investor or fund, which can either feel like a substantial piece of the pie or a crumb depending on one’s perspective.
Dividend Yield: A financial ratio revealing how much a company doles out in dividends relative to its stock price, serving as a reminder that not all investments are designed to be idle while they wait for retirement.
TTM: The glorious 12-month period ending with the most recent quarterly report, a timeline that can evoke visions of cinematic heroism as figures rise and fall like the tides.
Segment: A discrete business entity or unit within a company, generally functioning in blissful ignorance of what the others are doing, much like children at a daycare.
Reportable: Referring to holdings that pertain to something greater than the sum of their parts, requiring public disclosure in regulatory filings (because who doesn’t love a good spill of the beans?).
Institutional Investor: An organization investing sizable nuggets of gold (or dollars) on behalf of clients, because evidently, some folks prefer to let others manage their money instead of engaging in a wild, and very metaphorical, game of Monopoly.
Exit Position: A term for exiting a particular investment, analogous to fleeing a crowded room after accidentally walking in on a particularly awkward conversation.

2025-11-08 21:13