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Trade Down
| Quarter | Letter Date | Fund Name | Letter | Theme | Tickers | Keyword |
|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 14, 2026 |
L1 Capital International Fund David Steinthal
|
View | AI, Quality, Trade Down | AER, AMZN, BKNG, CRH, CRM, DHR, GOOGL, HCA, ICE, INTU, J, LSEG.L, MA, MSFT, TSM, UBER, UNH, V | AI, consumer, Global Equities, Macro, Quality, technology, valuation |
| 2025 Q4 | Jan 16, 2026 |
103 Advisory Group LLC Richard J. Milton
|
View | Rates, Inflation, Credit Stress, Trade Down | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | consumer, credit, earnings, Federal Reserve, inflation, K-shaped, Midterms, rates |
| 2025 Q4 | Jan 18, 2026 |
BNY Mellon Appreciation Fund Alan R.Christensen
|
View | AI, Data Centers, Trade Policy, Trade Down | AAPL, AMZN, ASML, BA.L, ETN, GOOGL, INTU, ISRG, LLY, MC.PA, META, MSFT, NOW, NVDA, TSM, V | AI, consumer, earnings, Fed policy, large cap, technology, Trade Policy, volatility |
| 2025 Q4 | Jan 29, 2026 |
Pzena US Focused Value Strategy Daniel L. Babkes
|
View | Capital Markets, Trade Down, Freight | BAX, C, CTSH, DAL, DG, DOX, FMC, KNX, MDT, PPG, QRVO, RHI, SWKS, WFC | Buybacks, Capital markets, earnings, Freight, Trade Down, value |