Kayne Anderson Rudnick Amends NRC Stake, Signals Continued Passive Hold

TL;DR

**Kayne Anderson Rudnick still owns NRC stock, showing continued institutional interest.**

AI Summary

Kayne Anderson Rudnick Investment Management, LLC, a California-based investment firm, filed an Amendment No. 8 to its SC 13G filing on February 13, 2024, indicating its ownership of National Research Corp (NRC) common stock as of December 31, 2023. This filing, under Rule 13d-1(b), updates their passive investment position in NRC. This matters to investors because it shows a significant institutional investor continues to hold a position in NRC, potentially signaling confidence in the company's long-term prospects, but the specific change in their holding percentage is not detailed in the provided text.

Why It Matters

This filing confirms a major institutional investor, Kayne Anderson Rudnick, maintains a significant, albeit passive, stake in National Research Corp, which can influence investor sentiment and stock stability.

Risk Assessment

Risk Level: low — This is a routine amendment filing by a passive investor, indicating no immediate change in control or strategy that would pose a high risk.

Analyst Insight

Investors should note that a significant institutional holder is maintaining its position, suggesting no immediate red flags, but should look for the actual percentage of ownership in the full filing to gauge the magnitude of their stake.

Key Players & Entities

• Kayne Anderson Rudnick Investment Management, LLC (company) — the reporting person filing the SC 13G/A
• National Research Corp (company) — the issuer of the common stock
• December 31, 2023 (date) — the date of the event requiring the filing
• February 13, 2024 (date) — the filing date of the SC 13G/A
• 95-4575414 (number) — IRS Identification Number for Kayne Anderson Rudnick
• 637372202 (number) — CUSIP Number for National Research Corp Common Stock

Forward-Looking Statements

• Kayne Anderson Rudnick will maintain a passive investment strategy in National Research Corp. (Kayne Anderson Rudnick Investment Management, LLC) — high confidence, target: next 12 months

FAQ

Filing Documents

• fp0086862-61_sc13ga.htm (SC 13G/A) — 75KB
• fp0086862-61_ex1.htm (EX-1) — 7KB
• 0001398344-24-002808.txt ( ) — 83KB

If this statement is filed pursuant to §§240.13d-1(b)

Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: (a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [X] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) [X] An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] Group, in accordance with §240.13d-1(b)(1)(ii)(J). CUSIP No. 637372202 13G Page 7 of 10 Pages

Ownership

Item 4. Ownership. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: (1) Kayne Anderson Rudnick Investment Management LLC: (2) Virtus Investment Advisers, Inc.: (3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund: 2,881,525 2,388,917 2,109,518 (b) Percent of class: (1) Kayne Anderson Rudnick Investment Management LLC: (2) Virtus Investment Advisers, Inc.: (3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund: 11.73% 9.73% 8.59% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: (1) Kayne Anderson Rudnick Investment Management LLC: (2) Virtus Investment Advisers, Inc.: (3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund: 456,647 0 0 (ii) Shared power to vote or to direct the vote: (1) Kayne Anderson Rudnick Investment Management LLC: (2) Virtus Investment Advisers, Inc.: (3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund: 2,388,917 2,388,917 2,109,518 (iii) Sole power to dispose or to direct the disposition of: (1) Kayne Anderson Rudnick Investment Management LLC: (2) Virtus Investment Advisers, Inc.: (3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund: 492,608 0 0 (iv) Shared power to dispose or to direct the disposition of: (1) Kayne Anderson Rudnick Investment Management LLC: (2) Virtus Investment Advisers, Inc.: (3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund: 2,388,917 2,388,917 2,109,518

Ownership of Five Percent or Less of

Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ] . Instruction . Dissolution of a group requires a response to this item. N/A

Ownership of More than Five Percent

Item 6. Ownership of More than Five Percent on Behalf of Another Person. With respect to securities owned by a registered investment company included in this filing, only the custodian for such investment company, has the right to receive dividends paid with respect to, and proceeds from the sale of, such securities. No other person is known to have such right, except that the shareholders of such investment company participate proportionately in any dividends and distributions so paid.

Identification and Classification of

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. N/A

Identification and Classification of Members of the Group

Item 8. Identification and Classification of Members of the Group. N/A

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group. N/A CUSIP No. 637372202 13G Page 9 of 10 Pages

Certification

Item 10. Certification. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Kayne Anderson Rudnick Investment Management, LLC By: /s/ Michael Shoemaker Name: Michael Shoemaker Title: Chief Compliance Officer Date: February 13, 2024 Virtus Investment Advisers, Inc. By: /s/ David Fusco Name: David Fusco Title: Vice President and Chief Compliance Officer Date: February 13, 2024 Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund By: /s/ Daphne Chisolm Name: Daphne Chisolm Title: Vice President, Counsel and Assistant Secretary Date: February 13, 2024

View Full Filing

View this SC 13G/A filing on SEC EDGAR