Kayne Anderson Rudnick Amends Landstar System Stake

TL;DR

**Kayne Anderson Rudnick just updated its Landstar System stake, signaling a portfolio adjustment.**

AI Summary

Kayne Anderson Rudnick Investment Management, LLC filed an amended SC 13G/A on February 13, 2024, reporting their ownership of Landstar System Inc. common stock as of December 31, 2023. This amendment (Amendment No. 2) indicates a change in their previously reported holdings. This matters to investors because it shows a significant institutional investor is adjusting their position in Landstar, which can signal their updated confidence or strategy regarding the company's future performance.

Why It Matters

This filing shows a major institutional investor, Kayne Anderson Rudnick, has updated its ownership in Landstar System Inc., providing insight into their current investment stance.

Risk Assessment

Risk Level: low — This filing is a routine update from an institutional investor and does not indicate any immediate or significant risk to the company or its stock.

Analyst Insight

Investors should note that a significant institutional investor, Kayne Anderson Rudnick, has updated its position in Landstar System Inc. While this filing doesn't disclose the exact change in share count, it signals an adjustment in their investment. Smart investors might look for the full details of the share count in the complete filing to understand the magnitude of the change and consider if it aligns with their own investment thesis for Landstar.

Key Players & Entities

• Kayne Anderson Rudnick Investment Management, LLC (company) — the reporting person filing the SC 13G/A
• Landstar System Inc (company) — the subject company whose securities are being reported
• December 31, 2023 (date) — the date of the event requiring the filing
• February 13, 2024 (date) — the filing date of the SC 13G/A
• Amendment No. 2 (number) — the specific amendment number to the previous filing

FAQ

Filing Documents

• fp0086862-33_sc13ga.htm (SC 13G/A) — 43KB
• 0001398344-24-002763.txt ( ) — 45KB

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) [ ] 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. 515098101 13G Page 4 of 5 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: 3,228,700 (b) Percent of class: 8.98% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 2,080,688 (ii) Shared power to vote or to direct the vote: 765,925 (iii) Sole power to dispose or to direct the disposition of: 2,462,775 (iv) Shared power to dispose or to direct the disposition of: 765,925

Ownership of Five Percent or Less of a Class

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 on Behalf of Another

Item 6. Ownership of More than Five Percent on Behalf of Another Person. N/A

Identification and Classification of the Subsidiary Which

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. 515098101 13G Page 5 of 5 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