SCVL Gains New 6.28% Passive Owner as Copeland Capital Files 13G

Rhea-AI Filing Summary

Copeland Capital Management, LLC filed a Schedule 13G reporting a passive ownership stake in Shoe Carnival (SCVL) as of 30 Jun 2025.

• Aggregate beneficial ownership: 1,718,101 shares, representing 6.28 % of common stock.
• Sole voting & dispositive power: 1,315,908 shares.
• Shared dispositive power: 156,873 shares; no shared voting power.
• Filed under Rule 13d-1(b) as an investment adviser (IA), indicating a non-activist, institutional position.
• Reporting person: Sofia A. Rosala, General Counsel & CCO; filing signed 18 Jul 2025.

The filing confirms that Copeland crossed the 5 % threshold, requiring disclosure but not signaling an activist agenda. A 6 %+ holding by a professional asset manager may bolster investor confidence, expand the institutional shareholder base and potentially improve liquidity support for SCVL shares.

Insights

Equity Portfolio Manager

TL;DR – 6.28 % passive stake adds supportive institutional ownership, modestly positive for sentiment.

Copeland Capital’s disclosure positions it among SCVL’s larger shareholders. Because the filing is a 13G rather than 13D, Copeland is signaling a passive, long-only intent with no activist campaign. Institutional accumulation at this level can tighten the float and act as a confidence vote in management’s strategy, potentially attracting additional fund flows. However, the stake size alone is unlikely to drive governance changes or immediate re-rating without further catalysts.

Corporate Governance Analyst

TL;DR – Ownership now above 5 %; no control implications, governance risk low.

The 13G shows Copeland holds meaningful but non-controlling influence. Voting power remains <7 %; therefore, board composition and strategic direction remain unaffected. Regulatory compliance is routine, and no group formation is indicated. Investors should monitor future filings for potential shifts to 13D status that could signal activism, but current disclosure is benign.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Shoe Carnival

(Name of Issuer)

Common Stock

(Title of Class of Securities)

824889109

(CUSIP Number)

06/30/2025

(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. 824889109

1

Names of Reporting Persons

Copeland Capital Management, LLC

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 1,315,908.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,315,908.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,718,101.00

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)

6.28 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Shoe Carnival
(b)	Address of issuer's principal executive offices: 7500 East Columbia Street, Evansville, Indiana 47715
Item 2.
(a)	Name of person filing: Sofia A. Rosala
(b)	Address or principal business office or, if none, residence: 161 Washington St, Suite 1325, Conshohocken, PA 19428
(c)	Citizenship: USA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 824889109
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: 1,718,101
(b)	Percent of class: 6.28 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,315,908
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,315,908
	(iv) Shared power to dispose or to direct the disposition of: 156,873
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 foreign regulatory scheme applicable to Rule 13d-1(b) is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

Copeland Capital Management, LLC

Signature:	/s/ Sofia A. Rosala
Name/Title:	Sofia A. Rosala, General Counsel and CCO
Date:	07/18/2025

FAQ

How many Shoe Carnival (SCVL) shares does Copeland Capital own?

Copeland reports 1,718,101 shares, equal to 6.28 % of outstanding common stock.

Is Copeland Capital’s filing activist in nature?

No. The firm filed a Schedule 13G under Rule 13d-1(b) as an investment adviser, indicating a passive position.

What voting power does Copeland hold in SCVL?

It has 1,315,908 shares with sole voting power and 0 shared voting power.

When was the ownership date triggering this filing?

The reportable event date is 30 June 2025; the filing was signed on 18 July 2025.

Why is the 5 % ownership threshold important?

SEC rules require any owner of over 5 % of a class of registered equity securities to disclose holdings via Schedule 13D/13G.