Brandes Investment Reports 1.52M Shares of AOUT, 11.95% Stake

Rhea-AI Filing Summary

Brandes Investment Partners, L.P. filed an amendment to Schedule 13G reporting beneficial ownership of 1,524,970 common shares of American Outdoor Brands, Inc. (CUSIP 02875D109), representing 11.95% of the class. The filing shows Brandes has shared voting power on 1,321,653 shares and shared dispositive power on 1,524,970 shares, with no sole voting or dispositive power. The filing includes a certification that the securities are held in the ordinary course of business and not for the purpose of influencing control.

Positive

• Material stake disclosed: Brandes reports 1,524,970 shares (11.95%), providing regulatory transparency to the market.
• Passive reporting form: Filing on Schedule 13G and the included certification indicate the position is held in the ordinary course of business and not to influence control.

Negative

• No sole voting power: Brandes reports 0 sole voting power, indicating lack of unilateral control.
• Shared voting power concentrated: 1,321,653 shares are under shared voting power, which could limit clarity on who directs votes.

Insights

Securities Analyst

TL;DR: A significant passive stake disclosed; ownership structure implies shared control but not explicit control.

Brandes reports ownership of 1,524,970 shares, or 11.95% of AOUT, meeting the >5% disclosure threshold. The position is reported on Schedule 13G, which typically indicates passive/investment-adviser holdings rather than an activist intent. Shared voting power on 1,321,653 shares suggests voting influence is exercised jointly or through pooled arrangements, but no sole voting or dispositive authority is claimed. The filing's certification asserts the stake is held in the ordinary course of business and not to change or influence control, consistent with 13G reporting.

Corporate Governance Expert

TL;DR: Disclosure increases transparency; absence of sole control reduces immediate governance risk.

The amendment provides clarity on Brandes' position in AOUT: an 11.95% economic interest with shared voting and dispositive powers. From a governance perspective, shared voting power can still affect closely contested matters, but the filing expressly denies an intent to influence control and is filed under Schedule 13G procedures. No member-of-group or subsidiary details are reported, and no changes to board composition or proposals are disclosed in this filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

American Outdoor Brands, Inc.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

02875D109

(CUSIP Number)

08/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 02875D109

1

Names of Reporting Persons

BRANDES INVESTMENT PARTNERS, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,321,653.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,524,970.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,524,970.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.0 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: American Outdoor Brands, Inc.
(b)	Address of issuer's principal executive offices: 1800 NORTH ROUTE Z, SUITE A, COLUMBIA, MISSOURI, 65202.
Item 2.
(a)	Name of person filing: Brandes Investment Partners, L.P.
(b)	Address or principal business office or, if none, residence: 4275 Executive Square, 5th Floor, La Jolla, CA 92037
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 02875D109
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)	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)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,524,970
(b)	Percent of class: 11.95 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,321,653
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,524,970
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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, other than activities solely in connection with a nomination under § 240.14a-11.

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.

BRANDES INVESTMENT PARTNERS, LP

Signature:	/s/ Glenn Carlson
Name/Title:	Executive Director
Date:	09/02/2025

FAQ

What stake does Brandes Investment Partners hold in American Outdoor Brands (AOUT)?

Brandes reports beneficial ownership of 1,524,970 shares, representing 11.95% of AOUT's common shares.

Does Brandes have sole voting control over AOUT shares?

No. The filing shows 0 sole voting power and 1,321,653 shares with shared voting power.

Is this filing indicative of an activist intent by Brandes for AOUT?

The filing is a Schedule 13G amendment and includes a certification that the shares are held in the ordinary course of business and not for the purpose of changing or influencing control.

When was the Schedule 13G amendment signed for AOUT?

The signature block shows the filing was signed by Glenn Carlson, Executive Director, dated 09/02/2025.

Where is Brandes Investment Partners organized?

The filing states Brandes Investment Partners, L.P. is organized in Delaware and lists its principal business office in La Jolla, CA.