4D Advisors Initiated a Big Position in USPH Worth Over $9 Million. Is the Stock a Buy?
Key Points
4D Advisors, LLC acquired 110,000 shares in USPH, representing a net increase of $9,344,500 in position value.
The transaction equates to a 4.97% change relative to 4D Advisors’ 13F reportable assets under management.
Post-trade, the fund holds 110,000 shares worth $9,344,500 in USPH.
This stake represents 4.97% of the fund’s AUM, making it the fund’s 3rd-largest holding.
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What happened
According to a filing with the Securities and Exchange Commission dated November 14, 2025, 4D Advisors, LLC disclosed a new position in U.S. Physical Therapy (NYSE:USPH), acquiring 110,000 shares. The holding was valued at $9.34 million as of September 30, 2025, and was not present in the previous quarterly filing.
What else to know
This was a new position, accounting for 4.97% of 4D Advisors’ 13F reportable assets under management after the trade.
Top holdings after the filing:
- NASDAQ:APEI: $10.46 million (5.57% of AUM)
- NYSE:TPB: $9.89 million (5.26% of AUM)
- NYSE:USPH: $9.34 million (4.97% of AUM)
- NYSE:SGHC: $9.24 million (4.92% of AUM)
- NYSE:ONTO: $9.05 million (4.82% of AUM)
As of November 14, 2025, shares of U.S. Physical Therapy were priced at $71.67, down 18.75% over the past year, underperforming the S&P 500 by 32.75 percentage points.
Revenue over the trailing twelve months was $758.71 million. Net income totaled $36.02 million. Dividend yield was 2.5%. Five-year revenue CAGR was 6.85%.
The position brings 4D Advisors’ total reported holdings to 33 as of the September quarter-end.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $758.71 million |
| Net Income (TTM) | $36.02 million |
| Dividend Yield | 2.50% |
| Price (as of market close 2025-11-14) | $71.67 |
Company Snapshot
- U.S. Physical Therapy operates outpatient physical therapy clinics, and provides industrial injury prevention services, including pre- and post-operative care, rehabilitation, ergonomic assessments, and performance optimization.
- It generates revenue primarily through patient services at clinics and specialized injury prevention programs for corporate clients, leveraging a network of physical therapists and athletic trainers.
- The company serves individuals requiring orthopedic, neurological, and sports injury care, as well as Fortune 500 companies and insurers seeking workplace injury prevention and rehabilitation solutions.
U.S. Physical Therapy, Inc. operated 591 clinics across 39 states as of December 31, 2021. The company combines a broad national footprint with specialized offerings for both individual patients and large corporate clients. Its dual-segment strategy enables diversification of revenue streams and positions the company as a key partner in both healthcare and occupational health markets.
Foolish take
4D Advisors' purchase of U.S. Physical Therapy shares was noteworthy for two reasons: the investment management firm initiated a position in the stock, and it was substantial right out of the gate, catapulting U.S. Physical Therapy to the third largest holding in the fund.
This action suggests 4D Advisors has a bullish outlook on U.S. Physical Therapy despite the share price being down in 2025. This could be because the company operates in a fragmented rehab market that's up for grabs. USPH is a leader in the space with clinics in 44 states at the end of the third quarter, and this number has grown over the past five years.
USPH's revenue is up in 2025. Through the first three quarters of the year, sales totaled $578.3 million, an increase over 2024's $490.9 million.
USPH looks like a compelling stock to buy, especially considering its price-to-earnings ratio has dropped over the past year from over 85 in Q3 of last year to about 32 in 2025.
Glossary
13F reportable assets under management: The portion of a fund’s assets that must be disclosed in quarterly SEC Form 13F filings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
New position: An investment in a security that was not held in the previous reporting period.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Dividend yield: Annual dividends paid by a company divided by its current share price, expressed as a percentage.
CAGR (Compound Annual Growth Rate): The average annual growth rate of a value over a specified period, assuming compounding.
Quarterly filing: A report submitted every three months to regulators, detailing a fund’s holdings and financial condition.
Industrial injury prevention services: Programs and services aimed at reducing workplace injuries, often provided to corporate clients.
Ergonomic assessments: Evaluations of workplace design and practices to minimize injury risk and improve worker comfort.
Dual-segment strategy: A business approach that operates in two distinct but related areas to diversify revenue.
Occupational health: The field focused on the physical and mental well-being of employees in the workplace.
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Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool recommends Turning Point Brands. The Motley Fool has a disclosure policy.
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