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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Aug 12, 2024 | Eagle Capital Management | 5.1% | 18.6% | AA, AAPL, AER, AMZN, AON, CHTR, CMCSA, COF, COP, DFS, ELV, GE, GEV, GOOGL, GS, HLT, HUM, LLY, META, MSFT, NVDA | Concentration, large cap, Passive, S&P 500, technology, valuation | The S&P 500 has approximately 35% of its capital in only 10 companies, nearly double the concentration the index has averaged over the past twenty years. Eight of the top ten companies are in technology, creating extreme sector concentration risk that makes the index riskier than historically. | View | |
| 2025 Q1 | Mar 31, 2025 | Eagle Capital Management | 0.7% | 0.7% | AA, AER, AMZN, AON, BAYRY, CHTR, CMCSA, COF, COP, DFS, EL, ELV, GE, GEV, GOOGL, HLT, HUM, INTU, LBRDK, LEN | AI, diversification, Geopolitical, long-term, Recession, tariffs, uncertainty, value | The administration is serious about changing trade flows and will implement significant tariffs, though ultimate levies expected to come down from headline rates. Tariffs are a form of consumption tax shared by consumers and foreign exporters, with corporate profits expected to be somewhat lower. Manufacturing capacity additions to the U.S. will be limited to quick-cycle projects with good returns on capital. | View | |
| 2025 Q4 | Jan 19, 2026 | Hosking Partners | 7.2% | 33.5% | 000660.KS, 005930.KS, 055550.KS, AA, AAPL, BARC.L, C, FCX, HCC, IMPUY, MSFT, MU, SBSW, STX, SYF, TIGO | AI, contrarian, emerging markets, Japan, Mining, Platinum, technology, value | The strategy maintains a contrarian value approach, betting on mean reversion after a decade of growth dominance. Valuation spreads have reached extreme levels with enterprise value to sales ratios spanning 100-fold, creating opportunities in undervalued sectors. The AI capital paradox is creating opportunities as technology leaders face increasing capital intensity. McKinsey estimates $5.2 trillion in physical asset investments by previously asset-light firms, likely compressing returns on assets and valuations. South African platinum group metals were major contributors with Impala Platinum up 243%, Sibanye Stillwater up 360%, and Northam Platinum up 298%. The metals and mining sector weighting of 12% versus 2% index exposure drove significant outperformance. The strategy maintains triple-weight exposure to Japan at 14% versus 5% index weight, betting on corporate restructuring and activist investor pressure. Over 50 holdings target companies with depressed ROA ratios capable of dramatic improvement. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 8, 2025 | Seeking Alpha | Michael Del Monte | Alcoa Corporation | Materials | Aluminum | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Ignacio Zorzoli | Alcoa Corp. | Materials | Aluminum | Neutral | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Todd J. Kantor | Encompass Capital Advisors | $2.5B | $40.6M | 1.66% | 763,400 | -93,820 | -10.94% | 0.2621% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $1.6M | 0.00% | 30,500 | -44,300 | -59.22% | 0.0105% |
| Ho Ching | Temasek Holdings | $31.6B | $57.1M | 0.18% | 1,074,394 | +96,150 | +9.83% | 0.3689% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $11.7M | 0.01% | 220,700 | +194,900 | +755.43% | 0.0758% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $6.0M | 0.01% | 112,200 | -104,800 | -40.59% | 0.0385% |
| Israel Englander | Millennium Management LLC | $233.2B | $75.5M | 0.03% | 1,419,367 | -2,215,300 | -88.56% | 0.4879% |
| Jeremy Grantham | GMO LLC | $39.1B | $5.3M | 0.01% | 98,867 | +1,467 | +1.51% | 0.0339% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $451,690 | 0.00% | 8,500 | -664 | -7.25% | 0.0029% |
| Cliff Asness | AQR Capital Management | $190.6B | $219.7M | 0.12% | 4,134,425 | +2,503,132 | +153.44% | 1.4197% |
| Stanley Druckenmiller | Duquesne Capital Management | $4.5B | $73.1M | 1.63% | 1,376,050 | +1,376,050 | +100.00% | 0.4725% |
| Sunil Jagwani | Key Group Holdings | $1.9B | $27.1M | 1.41% | 717,000 | +717,000 | +100.00% | 0.1750% |
| Rich Handler | Jefferies | $19.3B | $872,931 | 0.00% | 16,427 | +16,427 | +100.00% | 0.0056% |