| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.5% | 6.8% | 15.9% |
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Nov 8 2025 | 2025 Q3 | BDX, BWA, CI, CMCSA, KVUE, MBGYY, NEE, ORCL, SRE, UNH | Concentration, dividends, growth vs value, Speculation, Valuations |
BDX SW UNH |
The commentary emphasizes extreme valuation dispersion, with Growth trading at a 110% premium to Valuenear historic highs. AI-driven capex cycles have pushed mega-cap concentration to records, elevating speculative behavior while defensive sectors sit at multi-decade lows. These dynamics create compelling setup conditions for Value and Dividend strategies as sentiment normalizes and earnings growth broadens. |
| Aug 27 2025 | 2025 Q2 | AMAT, CI, COP, KVUE, MS, ORCL | capital returns, fundamentals, Sentiment, valuation gaps, Value Investing |
ORCL AMAT KVUE |
The commentary stresses disciplined value investing in an environment dominated by growth narratives. Management highlights discounted valuations, improving fundamentals, and capital return potential as key drivers of future returns. The theme centers on patience as sentiment shifts away from crowded trades. |
| Mar 31 2025 | 2025 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q3 |
Inflation Sensitivity |
|
| 2025 Q2 |
ValueThe manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. |
Undervalued Low Multiples Contrarian Opportunistic |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Nov 8, 2025 | Fund Letters | James Cullen | BDX | Becton, Dickinson and Company | Health Care | Medical Instruments & Supplies | Bull | NYSE | Consumables, deleveraging, Margins, Medtech, restructuring | Login |
| Nov 8, 2025 | Fund Letters | James Cullen | SW | Smurfit WestRock | Materials | Paper Packaging | Bull | NYSE | ecommerce, Margins, Packaging, Sustainability, synergies | Login |
| Nov 8, 2025 | Fund Letters | James Cullen | UNH | UnitedHealth Group, Inc. | Health Care | Managed Health Care | Bull | NYSE | dividends, healthcare, Managedcare, Medicare, Moats, services, turnaround, valuation | Login |
| Aug 27, 2025 | Fund Letters | James Cullen | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | NYSE | AI, backlog, CapEx, cloud, Databases, infrastructure, Software | Login |
| Aug 27, 2025 | Fund Letters | James Cullen | AMAT | Applied Materials, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | China, DRAM, Foundry, Margins, Nand, Packaging, semiconductors | Login |
| Aug 27, 2025 | Fund Letters | James Cullen | KVUE | Kenvue Inc. | Consumer Staples | Personal Care Products | Bull | NYSE | brands, consumer, Currency, inflation, profitability, resilience | Login |
| TICKER | COMMENTARY |
|---|---|
| BDX | Our positions in Alphabet Inc. class C capital stock (NASDAQ: GOOG) and Becton, Dickinson and Company common stock (NYSE: BDX) made notable positive contributions during the quarter. BDX gained 3.7%. During the quarter, we added to our position in Becton, Dickinson and Company common stock (NYSE: BDX). |
| CMCSA | Within the portfolio, stocks like AutoZone, Comcast, and Zoetis were all punished for having perceived headwinds to already lowered expectations for growth. |
| KVUE | Kimberly-Clark's $49 billion acquisition of Kenvue. |
| NEE | On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center, a 600-megawatt nuclear facility that had been shut down in 2020. |
| ORCL | Investor enthusiasm for Oracle's stock in calendar year 2025 was initially driven by several multi-billion-dollar contracts it signed with leading AI companies, including OpenAI and Meta. However, in Q4 sentiment for ORCL's growth prospects shifted to skepticism, as investors began to scrutinize the return profile of the substantial capital investments required to support the approximately $500 billion of contracts signed by Oracle. Given the widening range of potential outcomes associated with Oracle's elevated capital needs, we reduced our position in ORCL during Q4. |
| SRE | We added to positions in NextEra Energy (NEE) and Sempra Energy (SRE) after periods of underperformance provided attractive buying opportunities for two companies that we expect will benefit from their premium growth profiles. |
| UNH | We also added back a full position in UnitedHealth |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
