SCHEDULE 13G/A: Royce & Associates LP Amends Stake in OneWater Marine, Reports 12.50% Beneficial Ownership

Royce & Associates LP has filed an Amendment No. 10 to its Schedule 13G, disclosing a 12.50% beneficial ownership stake in OneWater Marine Inc.'s Class A Common Stock as of December 31, 2024.

Summary

• Royce & Associates LP, an investment adviser, has filed an Amendment No. 10 to its Schedule 13G regarding its beneficial ownership in OneWater Marine Inc.
• As of December 31, 2024, Royce & Associates LP beneficially owns 1,853,775 shares of OneWater Marine Inc.'s Class A Common Stock.
• This ownership represents 12.50% of the Class A Common Stock outstanding.
• Royce & Associates LP holds sole voting power and sole dispositive power over all 1,853,775 shares.
• One specific account managed by Royce & Associates LP, the Royce Small Cap Total Return Fund, holds 742,761 shares, which constitutes 5.01% of the total shares outstanding.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not inherently convey positive or negative sentiment regarding the issuer's performance or prospects. It indicates a significant, passive investment by an institutional investor.

Positives

• The filing indicates a significant and continued investment by an established investment adviser, Royce & Associates LP, in OneWater Marine Inc.
• A substantial portion of the stake (5.01%) is held by a specific fund, Royce Small Cap Total Return Fund, indicating conviction within a managed portfolio.

Negatives

• The document itself does not present any negative information regarding OneWater Marine Inc.'s operational performance or financial outlook, as it is purely a disclosure of ownership.

Risks

• The document does not detail specific risks related to OneWater Marine Inc.'s operations or financial health; it only pertains to the ownership structure.
• Potential risk related to the concentration of ownership by a single investment adviser, although this is a common occurrence for institutional investors.

Future Outlook

The document is a beneficial ownership report and does not contain any forward-looking statements or guidance regarding OneWater Marine Inc.'s future performance or outlook.

Management Comments

• The document does not contain notable quotes or paraphrased statements from OneWater Marine Inc.'s management. It includes a certification from Daniel A. O'Byrne, Vice President of Royce & Associates LP, stating that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Industry Context

This filing is a routine disclosure by an institutional investor, Royce & Associates LP, detailing its passive ownership stake in OneWater Marine Inc. It reflects an investment decision by a specialized small-cap investment adviser within the broader financial services industry. The filing itself does not provide specific insights into the marine retail industry trends or OneWater Marine Inc.'s competitive position beyond the fact that it is a publicly traded company attracting institutional investment.

Comparison to Industry Standards

• This document is a standard Schedule 13G filing, which is a regulatory requirement for investors acquiring more than 5% beneficial ownership in a public company.
• The reported 12.50% stake is a significant institutional holding, common for active investment managers specializing in specific market capitalizations like small-cap companies.
• No specific comparable companies or projects are mentioned within the document to allow for a detailed comparison of results.

Related Party Transactions

• Royce & Associates, LP (RALP) is an indirect majority-owned subsidiary of Franklin Resources, Inc. (FRI).
• Charles B. Johnson and Rupert H. Johnson, Jr. are identified as principal stockholders of Franklin Resources, Inc., potentially owning in excess of 10% of FRI's outstanding common stock.
• RALP exercises voting and investment powers independently from FRI affiliates, and informational barriers are established to prevent the flow of information between them regarding investment powers.
• RALP disclaims any pecuniary interest in the reported securities and disclaims being a 'group' with FRI affiliates or the Principal Shareholders for beneficial ownership purposes.

Stakeholder Impact

• Shareholders: The filing provides transparency regarding a significant institutional ownership stake, which can be of interest to other shareholders and potential investors. It indicates continued institutional confidence in the company.

Next Steps

• The document does not mention any specific future actions, events, or milestones for OneWater Marine Inc. or Royce & Associates LP beyond the regulatory filing requirement.

Key Dates

Keywords

OneWater Marine Inc., Royce & Associates LP, Schedule 13G, Beneficial Ownership, Class A Common Stock, Investment Adviser, SEC Filing, OWMC, Institutional Investor