Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 27, 2025 | Hotchkis & Wiley Large Cap Fundamental Value | 3.4% | 5.3% | APA, C, FFIV, KHC, NOV, UNH | active management, healthcare, Large Caps, Value Investing | View | ||
| 2025 Q2 | Jul 27, 2025 | Hotchkis & Wiley Mid-Cap Value Fund | 3.6% | -2.2% | ADNT, APA, BPOP, FLR, KOS, OLN | Balance Sheets, cyclicals, energy, free cash flow, normalization | The commentary highlights energy and cyclical exposure as key differentiators, with normalized earnings and free cash flow offering long-term upside. Despite short-term volatility, select mid-cap businesses are viewed as undervalued relative to fundamentals. Risk management and balance sheet strength remain central to the strategy. | View | |
| 2025 Q2 | Jul 17, 2025 | Ariel Focus Fund | 4.8% | - | APA, CLB, GNRC, MOS, ORCL, REZI, SJM | Concentration, conviction, downside protection, fundamentals, Quality | The letter focuses on running a concentrated portfolio of high-conviction ideas where downside risk is carefully managed. Management stresses deep fundamental research, strong balance sheets, and management alignment. The outlook favors selective concentration over broad diversification in an inefficient market. | CLB APA SJM REZI MOS ORCL |
View |
| 2024 Q1 | Apr 15, 2024 | Ariel Focus Fund | 10.6% | 0.0% | APA, CLB, Gold, MHK, MOS, PHIN, REZI, SJM | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Meridian Contrarian Fund | 6.9% | 0.0% | AMD, APA, HNST, LEGN, PINS, SGH | - | View | ||
| 2025 Q3 | Oct 28, 2025 | Hotchkis & Wiley Large Cap Fundamental Value | 6.4% | 12.0% | AIG, APA, C, CMCSA, WBD, WPP LN | Energy E&P, Fed Funds, Market Concentration, S&P 500, Value Stocks | Rates: A 25 bps Fed rate cut with inflation near 3% supported multiples and risk appetite. Valuation: The S&P 500 traded at historically high forward P/E while the portfolio remained discounted, emphasizing margin-of-safety positioning. Energy: Select E&Ps benefited from disciplined capex, improving project pipelines, and strong free-cash-flow yields. | View | |
| 2025 Q3 | Oct 28, 2025 | Hotchkis & Wiley Mid-Cap Value Fund | 7.7% | 5.4% | APA, CNC, FLR, OLN, WBD, WPP LN | Artificial Intelligence, earnings, energy, interest rates, Value Investing | The fund benefited from improving breadth in U.S. equities as AI optimism, Fed easing, and strong corporate earnings drove performance. Managers expect the environment to favor disciplined valuation strategies as rates decline and AI-related spending broadens across sectors. Energy, financials, and select consumer names contributed most, while technology and industrials detracted modestly amid cyclical volatility. | View | |
| 2025 Q4 | Jan 29, 2026 | Hotchkis & Wiley Large Cap Fundamental Value | 4.5% | 17.1% | AIG, APA, C, CMCSA, CRM, CRWD, CVS, ERIC, FDX, FFIV, FISV, GM, NFLX, PLTR, UNH, WBD, WDAY, WPP | banks, energy, financials, healthcare, large cap, software, valuation, value | The portfolio trades at 13x forward earnings and less than 10x normal earnings, both in line with historical averages. The manager emphasizes attractive valuations outside the Magnificent 7, with the S&P 500 excluding these stocks trading at 18x forward P/E versus a 35-year average of 17.4x. The fund focuses on undervalued quality businesses with strong fundamentals. Software is the portfolio's largest industry exposure on both absolute and relative basis. The manager views prospects of select software companies as highly compelling, citing sticky customer bases, recurring revenues, and predictable businesses. Major purchases included Workday and Salesforce, which trade at discounts to their own history despite being higher quality businesses. The portfolio's banks returned 13% compared to 6% for the index in Q4, with an average weight of 12% that returned nearly 40% for the year. The manager took capital out of the group as valuations increased. Banks were the top contributing industry to relative performance both quarterly and annually. The portfolio remains overweight in healthcare, noting the sector's return is about half that of the rest of the market over the past decade. Healthcare's P/E ratio is less than 80% of the broad market's P/E, trading at a deeper discount only 8% of the time since 1990. The manager views this as an attractive opportunity given the quality of businesses and growth prospects. Energy exposure spans both exploration & production companies as well as oilfield services. While these businesses are not as structurally attractive as software or healthcare, energy remains among the most attractively valued areas of the portfolio. The group trades at less than 7x normal earnings and offers an expected free cash flow yield of 11%. | View | |
| 2025 Q4 | Jan 29, 2026 | Hotchkis & Wiley Mid-Cap Value Fund | 2.4% | 7.9% | ADNT, AIG, APA, BPOP, BTE.TO, CFG, ERIC, FFIV, FLR, HLF, KOS, MGA, OLN | Banking, energy, financials, mid cap, multiples, oil, valuation, value | The portfolio trades at 11x forward earnings and close to 6x normal earnings, both in line with historical averages, while the broad market trades at elevated valuations with the Russell Midcap's forward P/E at nearly 21x. The fund focuses on attractively valued companies with single digit earnings multiples and strong free cash flow yields. The fund maintains notable overweight exposure to oil & gas exploration/production companies that produce free cash flow yields well into the double digits. The managers view the oil market as having structural supply constraints and believe these companies represent a rare opportunity despite temporary oversupply concerns. The portfolio has notable overweight exposure to banks that exhibit attractive valuations, particularly considering their scale advantages and healthy capital ratios. Traditional/regional banks and trust banks performed well during the quarter, helping relative performance. | View | |
| 2025 Q4 | Jan 21, 2026 | Smead Value Fund | 0.3% | 5.1% | AMGN, APA, AXP, CVE, DHI, EBAY, FANG, HD, LEN, MAC, MRK, OXY, SPG, UHAL | contrarian, energy, healthcare, Homebuilders, long-term, Market Extremes, S&P 500, value | The fund maintains a concentrated value approach designed to maximize long-term returns. The managers position themselves as contrarians, being greedy when others are fearful and fearful when others are greedy. They believe deeply out of favor parts of the index like healthcare, energy and homebuilders could receive money coming out of growth stocks. Higher rates have continued to weigh on the homebuilder space as well as an increase in inventory. The fund regards homebuilders' capacity to maintain construction activity throughout the cycle as a key competitive strength, with less resilient competitors likely to exit the market during prolonged cyclical downturns. | View | |
| 2024 Q3 | Sep 30, 2024 | Ariel Focus Fund | 10.6% | 0.0% | APA, BIO, CLB, LMT, MHK, MOS, ORCL, WU | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Hotchkis & Wiley Large Cap Fundamental Value | 0.0% | 0.0% | APA, ERIC, GM, NOV, UL | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Hotchkis & Wiley Mid-Cap Value Fund | 6.0% | 6.2% | ADNT, APA, CNO, ERIC, FFIV, KOS | - | View | ||
| 2024 Q2 | Jul 31, 2024 | Ariel Focus Fund | 10.6% | 0.0% | AMG, APA, CLB, GS, KKR, MHK, ORCL, SNA | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Meridian Contrarian Fund | 6.9% | 0.0% | AIG, AMD, APA, CARS, CCK, FCNCA, HNST | - | View | ||
| 2023 Q3 | Mar 10, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, CVX, GNRC, GS, KVUE, LESL, MHK, PHIN, SPHR | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Ariel Focus Fund | 10.6% | 0.0% | APA, BWA, GS, KVUE, MHK, WU, ZIMV | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 3, 2025 | Fund Letters | Charles K. Bobrinskoy | APA Corporation | Energy | Oil & Gas Exploration & Production | Bull | NASDAQ | Cyclicals, deleveraging, divestitures, efficiency, Exploration, Free Cash Flow, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Bill Smead | APA Corp. | Energy | Oil & Gas Exploration & Production | Bull | NASDAQ | cash flow, consolidation, energy, Margins, oil, value investing | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Ignacio Zorzoli | APA Corporation | Energy | Oil & Gas E&P | Bull | NASDAQ | — | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||