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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jul 6, 2023 | Citadel Value Fund | - | - | 005930.KS, 6208.T, 7248.T, AD.AS, AEO, BKNG, CON.DE, LIGHT.AS, NOV, SOL.MI, STLA, UHR.SW, VLGEA, VTSC.DE | Automotive, Europe, Fundamental Analysis, Industrial, small caps, value | Fund focuses on fundamental company analysis to estimate intrinsic value and achieve margin-of-safety by paying much less than intrinsic value. Portfolio trading at 44% discount to estimated intrinsic value with weighted free cash flow yield of 8%. | STLA LIGHT.AS APA|C|FFIV|KHC|NOV|UNH VTSC.DE SOL.MI |
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| 2024 Q2 | Jul 1, 2024 | Citadel Value Fund | - | - | 005930.KS, 3436.T, 6222.T, 7248.T, AD, AEO, CON.DE, NOV, STLA, UHR.SW | Autos, Cash Generation, global, semiconductors, small cap, value | Citadel focuses on businesses that are highly cash generative relative to their purchase price, buying them at a discount to intrinsic value. The portfolio trades at a 33% discount to estimated intrinsic value with a 7% free cash flow yield. This approach has delivered solid returns and remains robust despite market anomalies. | STLA 3436.T |
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| 2022 Q2 | Jun 23, 2022 | Citadel Value Fund | - | - | AEO, BBBY, LIGHT NA, VTSC GR, ZWC1 GR | energy, inflation, Intrinsic Value, valuation, volatility | Valuation: The letter emphasizes that falling valuations create opportunities, with the fund benefiting from a 40% discount to intrinsic value and a disciplined margin-of-safety approach. Markets are still not pricing in lower earnings, and volatility is expected to create further entry points. Inflation: The environment is defined by high inflation, tightening liquidity, slowing demand, and declining consumer confidence. The fund sees macro pressure as transitory but impactful, increasing the importance of strong balance sheets and conservative underwriting. Energy: Energy-exposed holdings (NOV, TGS) rebounded sharply as supply constraints, geopolitical risks and renewed demand drove performance. The fund expects strong multi-year tailwinds given industry underinvestment and tightening capacity. | BCO 3436 JP 005930 KS STLA AEO |
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| 2022 Q4 | Dec 22, 2022 | Citadel Value Fund | - | - | AEO, BEZ GR, LIGHT NA, MPAC LN, VTSC GR | Automotive, Electrification, energy, Intrinsic Value, valuation | Valuation: Despite market turmoil, the fund maintained capital preservation through strict bottom-up valuation discipline. The portfolio trades at just above 4x operating earnings and 8% FCF yield, offering substantial risk-adjusted upside. Energy: NOV and TGS continued to benefit from tightening energy markets, supply shortages and rising demand for equipment and seismic data. These cyclical recoveries are expected to continue as the sector normalizes. Automotive: Vitesco represents a major themetransition to EV components with a strong order book and expected 40% annual growth. The market underestimates mid-term profitability as electrification scales, creating a mispriced opportunity. | View | |
| 2023 Q4 | Dec 21, 2023 | Citadel Value Fund | - | - | 005930.KS, 6201.T, 7932.T, AD.AS, AEO, BKNG, CON.DE, DEW.L, LIGHT.AS, MPAC.L, NOV, SOL.MI, STLA, TGS.OL, UHR.SW, VLGEA, VTSCY, ZWACK.BD | Automotive, Europe, semiconductors, small caps, technology, value | Fund emphasizes fundamental value investing approach with focus on margin of safety and intrinsic value estimation. Portfolio trading at 36% discount to estimated intrinsic value with 7% free cash flow yield. Manager discusses risk as permanent capital loss rather than volatility. | 005930.KS |
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| 2024 Q4 | Jan 28, 2025 | Citadel Value Fund | - | - | 005930.KS, 3436.T, 6201.T, AAPL, AD.AS, AEO, BC, CON.DE, JST.DE, KER.PA, NOV, NVDA, PHIA.AS, STLA, TGS.OL, UHR.SW, VLGEA | Automotive, Industrial, Luxury, semiconductors, small caps, technology, value | The fund emphasizes value investing principles, purchasing solid investments at low entry valuations as a time-tested approach since 2002. The portfolio trades at a 44% discount to estimated intrinsic value with a look-through free cash flow yield of 6% and EV/EBITA multiple of 8x, contrasting with the MSCI World index at 18x operational profit. | STLA BC KER.PA JOST.DE |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 5, 2025 | Fund Letters | Chris Welch | American Eagle Outfitters, Inc. | Consumer Discretionary | Apparel Retail | Bull | NYSE | Apparel, brands, consumer, Margins, retail | View Pitch |
| Nov 29, 2025 | Seeking Alpha | Seeking Alpha | American Eagle Outfitters, Inc. | Apparel Retail | Bear | American Eagle Outfitters, Customer Acquisition, financial performance, Marketing campaign, meme stock, retail, sales growth, short interest, Sydney Sweeney, Volatility | View Pitch | ||
| Nov 29, 2025 | Fund Letters | Bas Schreuders | American Eagle Outfitters Inc. | Consumer Discretionary | Specialty Stores | Bull | NYSE | Apparel, Cyclicals, Margins, retail, valuation | View Pitch |
| Oct 14, 2025 | Value Investors Club | American Eagle Outfitters Inc. | Consumer Discretionary | Apparel Retail | — | NYSE | Aerie comps rebound, back-to-school season surprise., share count reduction boosts EPS, Viral ad drives denim traffic | 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 | $4.6M | 0.31% | 175,900 | -470,000 | -72.77% | 0.1094% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $25.3M | 0.05% | 957,782 | -812,414 | -45.89% | 0.5955% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $32.2M | 0.04% | 1,220,554 | -1,377,921 | -53.03% | 0.7589% |
| Lee Ainslie | Maverick Capital | $9.3B | $2.5M | 0.03% | 94,930 | -196,792 | -67.46% | 0.0590% |
| Ray Dalio | Bridgewater Associates | $27.4B | $8.6M | 0.03% | 327,394 | -1,267 | -0.39% | 0.2036% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $41.0M | 0.05% | 1,553,070 | +1,553,070 | +100.00% | 0.9656% |
| Israel Englander | Millennium Management LLC | $233.2B | $1.5M | 0.00% | 57,100 | -18,600 | -24.57% | 0.0355% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $4.9M | 0.11% | 187,400 | -84,700 | -31.13% | 0.1165% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $11.9M | 0.02% | 451,638 | +420,251 | +1338.93% | 0.2808% |
| Cliff Asness | AQR Capital Management | $190.6B | $23.9M | 0.01% | 905,930 | +22,840 | +2.59% | 0.5633% |
| Louis Bacon | Moore Capital Management | $6.8B | $4.0M | 0.06% | 150,000 | +150,000 | +100.00% | 0.0933% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $16,323 | 0.00% | 619 | -204 | -24.79% | 0.0004% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $1.2M | 0.14% | 99,567 | +26,565 | +36.39% | 0.0273% |