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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 10, 2025 | Bonhoeffer Capital Management | 8.7% | - | ABG, ART.JO, ARW, ASO, BLDR, TIGO, TVK.TO, VTY.L | banks, Buybacks, Consolidation, Construction, deep value, Distribution, small cap, value | Holdings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world, with distribution firms representing 49% of the portfolio. | View | |
| 2025 Q2 | Jul 9, 2025 | LRT Capital Management | - | 8.1% | ABG, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FN, GOOGL, GPI, ICLR, MKTX, NOC, PBR-A, RLI, SNEX, SSD, TTC, UNH | Consolidation, healthcare, infrastructure, Long/Short, Low Beta, Quality, Systematic | The manager emphasizes investing in category-defining enterprises with durable competitive moats, strong brand equity, and disciplined capital allocation. Holdings are characterized as best-in-class operators with fortress-like balance sheets and long-term compounding potential. | View | |
| 2025 Q2 | Jul 7, 2025 | GoodHaven Capital Management | - | -5.9% | ABG, ARW, BAC, BLDR, BRK-B, CB, CPT, EXOR.MI, JEF, KKR, LEN.B, PGR, TOL, TVK.TO | Buybacks, Capital markets, Homebuilders, insurance, Long/Short, Trade Policy, value | The White House announced materially higher tariffs for many countries, followed by counter measures and economic volatility. Current average tariff is 18% compared to 3% during 2018 trade war. Material tariffs increase risk of higher inflation and potentially hinder economic growth. | BRK.B TVK.TO JEF BLDR TVK |
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| 2024 Q2 | Jul 3, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALB, BALL, CCI, CHE, CIGI, DECK, DINO, ELS, EXPO, GPN, LAD, NOC, RLI, SSD, TSM, TTC, TXN, WH, XOM | Beta Hedging, Long/Short, quantitative, risk management, Systematic | View | ||
| 2025 Q2 | Jul 10, 2025 | Black Bear Value Partners | -10.5% | -11.7% | ABG, AN, BLDR, CNR, FLG, HCC | catalysts, Concentration, free cash flow, Shorts, turnaround, value | Auto dealerships generate strong free cash flow even in soft markets with over 50% of profits from parts and services. The businesses are priced as if there will be no growth despite scale advantages and consolidation runway with 90% of dealerships privately owned. | View | |
| 2024 Q1 | Jun 16, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, AHT, ARW, AZO, BLDR, ODFL, TIGO, WBD | Asia, Buybacks, Consolidation, Distribution, Electronics, small caps, Specialty Finance, value | The fund focuses on high-velocity dealerships and distributors across multiple sectors including auto dealerships, building products, and capital equipment. Arrow Electronics represents a major new investment in electronic components distribution with 15% global market share and strong consolidation opportunities. | ARW |
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| 2024 Q1 | May 21, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALGN, CCI, CHE, CIGI, CMCSA, CSWI, DINO, EXPO, FIX, GNRC, GPN, LAD, NOC, PBR-A, RLI, SAIA, SSD, TXN, WH | Beta, Hedging, Long/Short, quantitative, SMID Cap, Systematic | The fund maintains cautious positioning with low market beta exposure of 16.63% at month end. The manager continues to be cautious on the overall market as evidenced by current low market beta. Despite poor April performance, the strategy seeks to generate positive returns while controlling downside risks. | View | |
| 2025 Q1 | May 20, 2025 | Bonhoeffer Capital Management | -3.4% | -3.4% | ABG, ARW, AXOS, BLDR, FFBB, MSBC, NBN, TIGO, TRVS.TO, UBAB, VTY.L | banks, Consolidation, deep value, Distribution, infrastructure, real estate, small cap, value | Holdings in car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors comprise 54% of portfolio. Focus on highest velocity distributors with strong inventory turns in markets worldwide. Distribution firms include Builders First Source, Asbury Automotive, Arrow Electronics, Ferrycorp, Terravest and Autohellas. | MSBC 161560.KS TTVS.TO |
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| 2025 Q1 | May 2, 2025 | LRT Capital Management | - | 6.0% | ABG, CBOE, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FIX, GPI, MKTX, NOC, PBR-A, REXR, RLI, SSD, TTC, UNH, WH | Beta, Fiscal, Hedging, Long/Short, Trade Policy, volatility | President Trump's universal tariff plans have roiled global markets and created policy uncertainty. The manager views tariffs as economically detrimental, comparing them to Import Substitution Industrialization policies that have failed historically. Hastily implemented tariffs will negatively affect the U.S. economy through slower growth, higher inflation, higher interest rates, and economic weakness. | View | |
| 2025 Q1 | Apr 8, 2025 | Black Bear Value Partners | -1.3% | -1.3% | ABG, BLDR, CNR, FLG, HCC | Auto Dealers, Banking, Coal, Homebuilders, Opportunistic, tariffs, value, volatility | Tariffs will likely slow economic growth, decrease corporate confidence, increase prices and shake up supply chains. This creates opportunities for companies with pricing power, healthy capital structures, staying power, low cost advantages and capable management. The manager is repositioning the portfolio in anticipation of tariff announcements. | CNR |
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| 2025 Q1 | Apr 4, 2025 | Vltava Fund | - | - | ABG, AMAT, ATD, BMW.DE, BN, BRK-A, CVE, JPM, LRCX, MKL, NVR, OSB.L, QUCO.MX, STLA, URI, WSM | Berkshire, Capital Allocation, Intrinsic Value, long-term, Quality, Speculation, value | Manager emphasizes long-term value investing approach focused on companies trading below intrinsic value with high returns on capital. Portfolio demonstrates value principles through holdings like Berkshire Hathaway purchased at significant discount to book value. | URI BRK-A |
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| 2024 Q1 | Apr 23, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ABG, ALS.TO, AN, BLDR, CEIX, PAG | Auto Dealers, Buybacks, Coal, commodities, Concentration, energy, Homebuilders, value | Auto dealers operate a razor-razorblade model in a fragmented industry, with over 50% of profits coming from parts and services. Large dealer groups have transitioned to omni-channel models reducing operating costs. The manager expects dealers to make less per car but sell more volume as prices drop. | PAG AN ALS.TO |
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| 2025 Q3 | Dec 23, 2025 | Bonhoeffer Capital Management | 1.3% | - | ABG, BLDR, CZBS, FERREYCORP, FFBC, FFH.TO, FTT.TO, LOTTE, MRZTY, MSBC, NBN, OTOEL.AT, TVK.TO, UBAB | Acquisitions, banks, Consolidation, Distribution, Float, insurance, ROE, value | Holdings in car dealerships, branded capital equipment dealerships and building product distributors comprise 52% of portfolio. Focus on highest velocity distributors globally with strong inventory turns. Includes Builders First Source, Asbury Automotive, Ferreycorp, Terravest and Autohellas. | View | |
| 2023 Q3 | Dec 20, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, BLDR, CNSL, NOA.TO | Construction, Distribution, international, Mining Services, small caps, Telecom, value | Holdings include car dealerships, branded capital equipment dealerships, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Key performance indicator is velocity or inventory turns, with the fund owning some of the highest-velocity dealerships globally. Recovery seen in markets previously hit by COVID like South Africa and Latin America. | NOA.TO |
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| 2024 Q3 | Dec 15, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, AHT.L, ARW, BLDR, FFBB, LOTTE.KS, NBN, NOA.TO, TIGO, TVK.TO, UBAB, VST.L | Asia, banks, Buybacks, Consolidation, Construction, Distribution, growth, value | Holdings in car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors comprise 51.6% of portfolio. Focus on highest-velocity distributors with strong inventory turns in markets worldwide. Arrow Electronics exemplifies the model with modest earnings growth and aggressive buybacks. | View | |
| 2023 Q2 | Dec 7, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ABG, ACGL, ANET, APH, BAM, BRO, CDW, CFR, CHTR, CPRT, CSL, EXPD, FND, FWONA, FWONK, GBCI, GCI, GGG, IT, KNSL, LAD, LBRDA, LH, MC, MCHP, MEDP, MKSI, PCAR, ROST, TDY, TECH, THO, TREX, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | AI-related data center spending is driving strong performance in technology holdings like Amphenol and Arista Networks. The fund is participating in this surge while also noting strength in other business areas beyond AI for these companies. | View | |
| 2023 Q1 | Nov 4, 2023 | Black Bear Value Partners | -6.7% | -1.4% | AAPL, ABG, BLDR, BRK-A, CVEO, POU.TO | Auto Dealers, Banking, energy, Homebuilders, Short Selling, value | Concentrated investments in energy have been a drag on YTD performance but the manager maintains conviction. The thesis is that insufficient energy resources have been developed to satisfy near and medium-term global needs. Paramount Resources joins Civeo in the top 5 holdings, with energy being a main investment theme. | POU.TO CVEO BLDR BRK.A ABG |
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| 2025 Q3 | Oct 27, 2025 | 13D Activist Fund | 8.9% | 2.7% | ABG, ALV, APD, BILL, EXEL, KVUE, MIDD, MRCY, PENN, PFGC, PSO.L, QRVO, RIOT, SWX, TRIP, TWLO, VSAT, VSTS, WK, YETI | activism, M&A, SMID Cap, technology, value | Activist activity and success have been flourishing with the Universal Proxy Card increasing campaign success rates from 73% to 88%. The fund expects significant alpha generation from activists like Jeff Smith, Scott Ferguson and Dan Loeb as markets rotate into value investing. | WK VSAT TRIP PFGC |
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| 2025 Q3 | Oct 2, 2025 | LRT Capital Management | - | -0.2% | ABG, CAAP, CCI, CHE, CHTR, CIGI, CM, DRI, FN, GPI, IESC, PBR-A, RLI, SNEX, SSD, TD, TRV, TTC, UNH, XOM | Long/Short, Market Neutral, Quality, risk management, Systematic, valuation, value | The manager emphasizes investing in high-quality companies that are growing their value per share. While the quality factor has struggled over the past year, the manager views this as presenting the greatest opportunity for future investment and believes now is a perfect time to add to the strategy given its muted returns. | View | |
| 2024 Q3 | Oct 2, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALGN, AMT, APO, BALL, CAAP, CGNX, CHE, CIGI, COP, DINO, EXPO, FIX, MCK, NOC, PAGS, RLI, SAIA, SSD, TSM | Alpha Generation, Long/Short, quantitative, risk management, Systematic | View | ||
| 2023 Q2 | Oct 7, 2023 | Black Bear Value Partners | -6.7% | -1.4% | ABG, BLDR, CEIX, HCC, POU.TO | Auto Dealers, Coal, credit, energy, Homebuilders, Long/Short, value | Manager has large investments across energy and commodity spaces, believing the world hasn't developed enough energy resources to satisfy near and medium-term needs. Positions include CONSOL Energy (coal export producer) and Paramount Resources (E&P with no debt and management owning 47%). | HCC POU.TO CEIX BLDR ABG |
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| 2022 Q1 | Oct 6, 2022 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, CSP LN, GTN | - | View | ||
| 2024 Q4 | Jan 9, 2025 | Black Bear Value Partners | -7.0% | -1.0% | ABG, ARCH, BLDR, CEIX, FLG, HCC, POU.TO | banks, Coal, Concentration, energy, Foreign, Housing, Long/Short, value | Met coal demand projected to climb for next 25 years driven by economic development in India and Southeast Asia. Severe underinvestment since 2014 due to ESG concerns while 60% of world's population lives in Asia where local sources are limited. | FLG ABG |
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| 2024 Q4 | Jan 6, 2025 | LRT Capital Management | 0.0% | 15.8% | AAPL, ABG, BURL, CGNX, CHE, CIGI, COP, DECK, DINO, EXPO, FIX, GPN, IESC, PRI, RLI, TSLA, TSM, WH, WMT, WSM | AI, fundamentals, Long/Short, momentum, Overvaluation, Systematic, value | Manager criticizes momentum-driven markets where fundamentals have been ignored for three years. Value factor declined 17% in 2024 while momentum returned 57%. The fund maintains a fundamentals-based approach despite challenging environment for value investing. | View | |
| 2024 Q3 | Sep 30, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ABG, ACGL, APH, BRO, CDW, CPRT, CSL, DLTR, FND, GGG, IT, KMX, LAD, LBRDK, MC, MCHP, MKSI, PCAR, ROST, WAT | Consolidation, consumer, financials, industrials, mid cap, Quality, technology, value | Added two new positions in Lithia Motors and Asbury Automotive, two of the largest auto franchise dealer groups. Dealers earn more profits from parts and service than new car sales, providing steady business throughout economic cycles. These businesses have a long runway to create value via consolidation of this fragmented industry. | ABG LAD GGG |
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| 2023 Q4 | Aug 1, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALB, ALGN, BALL, BF-B, CCI, CHE, CIGI, CSWI, DINO, EXPO, GPN, LAD, NOC, PSX, RLI, SSD, TPL, TSM, WH | Defensive, Long/Short, Market Neutral, Quality, risk management, valuation | Manager emphasizes owning high-quality companies that outperformed during December's challenging environment. Portfolio companies are described as firing on all cylinders with strong fundamentals. | View | |
| 2023 Q2 | Jul 14, 2023 | Silver Beech Capital | 0.0% | 22.3% | ABG, ABR, FIZN, GOOG, PLYA | - | View | ||
| 2022 Q3 | Jul 12, 2022 | Bonhoeffer Capital Management | 11.3% | 0.0% | 005300 KS, ABG, BERY, TIGO, TIT IM | - | View | ||
| 2023 Q4 | May 1, 2024 | Vltava Fund | 0.0% | 0.0% | ABG, ATD.TO, BRK-A, BUR.L, CVS, JPM, LH | Banking, Concentration, Japan, Quality, small caps, value | Manager emphasizes investing in high-quality companies trading at attractive valuations while avoiding expensive large-cap stocks. Portfolio trades at 9.3x P/E despite 26% average ROE, creating significant value opportunity compared to overvalued mega-cap stocks. | View | |
| 2023 Q1 | Apr 13, 2023 | Right Tail Capital | 0.0% | 10.3% | ABG, KMX, LAD, TSLA | Auto Dealers, Consolidation, Electric Vehicles, Research, valuation | Manager conducted extensive research on car dealership industry, finding businesses trading at attractive mid to high single digit multiples versus historical 10-15x P/E. Companies like Lithia Motors have potential for significant returns if reaching 2025 earnings targets. However, concerns about business model evolution and manufacturer relationships prevent current investment. | View | |
| 2023 Q3 | Apr 10, 2023 | LRT Capital Management | 0.0% | 15.8% | ABG, ACGL, ALGN, AZPN, BALL, CCI, CHE, DINO, ELS, EME, FIX, JKHY, NOC, RLI, SSD, TPL, TSM, URI, WH, WSM | Hedging, Long/Short, Quality, SMID Cap, Systematic | The fund focuses on high quality, diversified, and liquid companies with economic moats. The strategy emphasizes businesses with strong competitive dynamics that are unlikely to be meaningfully affected by small changes in interest rates. | View | |
| 2024 Q4 | Mar 14, 2025 | Bonhoeffer Capital Management | 9.7% | - | ABG, ASO, BECN, BLDR, FFBB, NBN, TIGO, UBAB | Banking, Buybacks, Consolidation, deep value, Distribution, small cap, value | Holdings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world. Asbury Automotive exemplifies this theme with its model to grow earnings through merger and acquisition or buy back shares if acquisition targets are not available for a reasonable price. | View | |
| 2023 Q4 | Feb 13, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, BLDR, CNSL, NOA.TO | Buybacks, Construction, Distribution, international, Mining Services, small caps, value | Holdings include car dealerships, branded capital equipment dealerships, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Key performance indicator is velocity or inventory turns, with the fund owning some of the highest-velocity dealerships globally. Recovery seen in markets previously hit by COVID like South Africa and Latin America. | NOA.TO |
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| 2023 Q4 | Jan 30, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ABG, ALS.TO, BLDR, CEIX, POU.TO | Auto Dealers, Coal, concentrated, energy, Homebuilders, royalties, Short Selling, value | Auto dealerships operate a razor-razorblade model with over 50% of profits from parts and services. Large dealer groups have transitioned to omni-channel models reducing operating costs. While GPU margins will normalize, volume increases should offset some pressure as used car prices drop. | ALS.TO POU.TO CEIX BLDR ABG |
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| 2023 Q1 | Jan 4, 2023 | Vltava Fund | 0.0% | 0.0% | ABG, ATD, BMW.DE, BRK-B, JUNGF, MGA, MKL, NVR, QCPOF, SUS.L, WSM | Buybacks, Capital Allocation, dividends, Switzerland, Tourism, value | Share buybacks are viewed as potentially the best use of capital when executed at prices below intrinsic value, creating wealth transfer from selling shareholders to remaining ones. The manager prioritizes companies that place buying back shares at attractive prices at the top of their capital allocation considerations, with about 80% of the portfolio comprised of such companies. | JUNGN.SW CMG.TO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Black Bear Value Partners | Asbury Group | Consumer Discretionary | Specialty Retail | Bull | NYSE | Auto Dealerships, Free Cash Flow, Omni Channel, Parts and Services, Razor Razorblade Model, Share Buybacks, Specialty retail | View Pitch |
| Apr 28, 2026 | Fund Letters | Black Bear Value Partners | Asbury Automotive Group Inc | Consumer Discretionary | Automotive Retail | Bull | NYSE | Automotive Retail, Dealerships, Free Cash Flow, Omni Channel, Parts and Services, Razor Razorblade Model, share repurchases | View Pitch |
| Apr 27, 2026 | Fund Letters | Black Bear Value Partners | Asbury Group | Consumer Discretionary | Automotive Retail | Bull | NYSE | Automotive Retail, Cyclical, Dealerships, free cash flow yield, Omni Channel, Parts and Service, Razor Razorblade Model, Share Buybacks, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Black Bear Value Partners | Asbury Automotive Group | Consumer Discretionary | Specialty Retail | Bull | NYSE | Auto Dealerships, consolidation, Equity, Fragmented Industry, Omni Channel, Parts & Service, recurring revenue, Share Buybacks | View Pitch |
| Apr 13, 2026 | Fund Letters | Madison Mid Cap Fund | Asbury Automotive Group Inc | Consumer Discretionary | Automotive Retail | Bull | NYSE | Aftermarket revenue, Auto Dealerships, Automotive Retail, defensive business model, industry consolidation, Parts and Service, Scale Advantages | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Black Bear Value Partners | Asbury Automotive Group | Consumer Discretionary | Auto & Truck Dealerships | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | LRT Capital Management | Asbury Automotive Group, Inc. | Consumer Discretionary | Auto & Truck Dealerships | Bull | 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 |
|---|---|---|---|---|---|---|---|---|
| Anthony Bozza | Lakewood Capital Management | $1.5B | $24.9M | 1.65% | 107,129 | -6,500 | -5.72% | 0.5524% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $6.2M | 0.01% | 26,641 | -81,305 | -75.32% | 0.1374% |
| Ray Dalio | Bridgewater Associates | $27.4B | $3.4M | 0.01% | 14,747 | -4,968 | -25.20% | 0.0760% |
| Israel Englander | Millennium Management LLC | $233.2B | $3.9M | 0.00% | 16,623 | +6,957 | +71.97% | 0.0857% |
| Bob Robotti | Robotti & Co Advisors, LLC | $710.5M | $4.8M | 0.67% | 20,431 | +278 | +1.38% | 0.1054% |
| Cliff Asness | AQR Capital Management | $190.6B | $2.8M | 0.00% | 11,933 | -3,018 | -20.19% | 0.0615% |
| Ricky Sandler | Eminence Capital | $6.3B | $215.4M | 3.41% | 926,392 | -46,013 | -4.73% | 4.7770% |
| Bruce Kovner | Caxton Associates | $3.2B | $233,552 | 0.01% | 961 | +961 | +100.00% | 0.0052% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $8,836 | 0.00% | 38 | +38 | +100.00% | 0.0002% |
| David Abrams | Abrams Capital Management | $5.7B | $501.2M | 8.83% | 2,155,492 | +46,952 | +2.23% | 11.1150% |