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| 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% | AIG, APA, C, CMCSA, D, ERIC, FFIV, GM, KHC, NOV, UNH, WDAY, WFC | AI, energy, financials, healthcare, large cap, Quality, technology, value | The portfolio maintains a value-oriented approach with price-to-earnings ratio in line with long-term averages. The manager is willing to pay higher multiples for quality businesses that are well capitalized and managed, noting a valuation dichotomy between value and growth indices that should benefit active investors focused on fundamentals. | KHC NOV APA FFIV C UNH |
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| 2025 Q2 | Jul 27, 2025 | Hotchkis & Wiley Mid-Cap Value Fund | 3.6% | -2.2% | ADNT, AIG, APA, BPOP, CFG, ERIC, FFIV, FLR, KOS, MGA, OLN, STT | energy, financials, mid cap, Trade Policy, underperformance, value | Energy continues to be the portfolio's largest sector overweight, reflecting conviction in energy stocks trading at low multiples of normalized earnings and their potential to generate strong free cash flow. The fund holds multiple energy positions including offshore exploration and production companies like Kosmos Energy and APA Corp, despite concerns about OPEC+ production increases and slowing demand. | OLN APA KOS BPOP ADNT FLR |
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| 2025 Q2 | Jul 17, 2025 | Ariel Focus Fund | 4.8% | - | APA, CLB, GNRC, MOS, ORCL, REZI, SJM | Agriculture, AI, energy, large cap, tariffs, technology, value | Artificial intelligence themed stocks drove market recovery with reignited enthusiasm. Oracle benefited from accelerating demand for cloud and AI capabilities, positioning as leading provider of database software and cloud-based infrastructure for generative AI development. | GNRC CLB APA SJM REZI MOS ORCL CLB APA SJM REZI MOS ORCL |
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| 2024 Q1 | Apr 30, 2024 | Smead Value Fund | 5.1% | 11.1% | AMGN, APA, AXP, DHI, JPM, LEN, MAC, MRK, OVV, OXY, SPG, UHAL, WBD | energy, Euphoria, Homebuilders, large cap, Psychology, value | The fund focuses on investing at much lower P/E multiples in industries that have avoided euphoria. They believe caution is warranted when euphoric greed is dominant in the stock market, making this a good reason to fear stock market failure and seek value opportunities. | View | |
| 2026 Q1 | Apr 28, 2026 | Miller Howard North American Energy Fund | 38.7% | 38.7% | APA, CNQ, JPM, LBRT, OVV, TRP, XOM | AI Disruption, dividends, energy, Geopolitical, Natural Gas, North America, oil | View | ||
| 2026 Q1 | Apr 21, 2026 | Harbor Mid Cap Value Fund | 4.6% | 4.6% | ANGI, APA, CF, CMC, DINO, EXPE, FLEX, FOXA, HAL, JBL, MTDR, SFD, UPWK, WDC | AI, energy, mid cap, quantitative, Rotation, small caps, value | View | ||
| 2026 Q1 | Apr 21, 2026 | Smead Value Fund | 8.5% | 8.5% | AMZN, APA, AXP, CVE, GOOG, LEN, META, MSFT, OXY, QCOM | cash flow, Concentration, energy, Geopolitical, oil, technology, value | View | ||
| 2026 Q1 | Apr 20, 2026 | Hotchkis & Wiley Mid-Cap Value Fund | 6.7% | 6.7% | AIG, APA, CRGY, KOS, WDAY, WPP.L | AI, energy, Geopolitical, healthcare, mid cap, oil, value | AIG WPP WDAY CRGY APA KOS |
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| 2026 Q1 | Apr 20, 2026 | Hotchkis & Wiley Global Value Fund | -3.2% | -3.2% | APA, CRM, ERIC, SLB, WDAY, WPP.L | energy, Geopolitical, global, healthcare, software, value | CRM WPP.L WDAY ERIC SLB APA |
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| 2026 Q1 | Apr 20, 2026 | Hotchkis & Wiley Large Cap Fundamental Value | 0.2% | 0.2% | AIG, APA, CRM, FDX, OVV, WDAY | AI, energy, Geopolitical Risk, Health Insurance, large cap, software, value | AIG CRM WDAY FDX OVV APA |
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| 2026 Q1 | Apr 16, 2026 | Ariel Focus Fund | 7.3% | 7.3% | APA, BAC, BIO, CVX, FDS, FISV, GS, ORCL, SLB | Banking, energy, Geopolitical, large cap, oil, technology, value | View | ||
| 2024 Q1 | Apr 15, 2024 | Ariel Focus Fund | 10.6% | 0.0% | APA, CLB, Gold, LESL, MHK, MOS, PHIN, REZI, SJM, ZBRA | Buybacks, consumer, gold, industrials, large cap, oil, value | The fund focuses on buying quality businesses at compelling discounts to private market value. Multiple holdings are described as trading at substantial discounts to estimated private market value, with the manager emphasizing long-term fundamental investing over market timing. | SJM CLB REZI PHIN MHK |
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| 2026 Q1 | Apr 13, 2026 | Distillate Capital Small/Mid Cap Quality & Value | 5.9% | 5.9% | APA, BTU, CF, CHRD, CSL, DINO, EPAM, FBIN, HRB, ICLR, MATX, OVV, PTEN, SNX, TNET, UAN, VYX | energy, fundamentals, Quality, rebalancing, small caps, value | View | ||
| 2025 Q1 | Mar 31, 2025 | Hotchkis & Wiley Mid-Cap Value Fund | -5.6% | -5.6% | ADNT, AIG, APA, BPOP, CFG, CVS, ERIC, FFIV, FLR, KOS, MGA, OLN, SMR | energy, financials, healthcare, inflation, mid cap, Recession, tariffs, value | The portfolio trades at 6x normal earnings versus Russell Midcap Value at 16x and Russell Midcap Growth at 28x. The fund exhibits an 11% earnings yield, providing attractive valuation particularly considering broad market frothy price multiples. The manager believes fundamentals should drive the market in an environment conducive to their value investment approach. | ADNT FLR KOS FFIV CVS AIG |
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| 2025 Q1 | Mar 31, 2025 | Hotchkis & Wiley Large Cap Fundamental Value | 2.5% | 2.5% | AIG, APA, C, CMCSA, CVS, D, ELV, ERIC, FFIV, GM, GOOGL, MGA.TO, OLN, WFC | earnings, healthcare, large cap, Quality, valuation, value | The fund emphasizes value investing with the portfolio trading at 8x normal earnings versus Russell 1000 Value at 17x. The manager believes value dislocations exist across market segments and expects further correction/normalization, drawing parallels to early 2000s market conditions. | View | |
| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Large Cap Fundamental Value | -0.9% | 12.8% | APA, C, CMCSA, CVS, ELV, ERIC, FFIV, GM, MDT, OLN, WFC | Defensive, financials, healthcare, large cap, valuation, value | The fund maintains a value-oriented approach despite challenging market conditions. The portfolio trades very near its long-term average valuation despite passive indices trading well above their historical averages. The fund continues to find attractive risk/return opportunities in a challenging market by focusing on valuation balanced against fundamental risks. | OLN CVS ELV WFC GM FFIV |
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| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Mid-Cap Value Fund | -2.4% | 3.6% | ADNT, APA, BPOP, CFG, CRGY, ERIC, FFIV, FLR, KOS, MGA, OLN, STT | energy, financials, mid cap, underperformance, valuation, value | The portfolio maintains a considerable valuation advantage relative to the benchmark, with wide spreads between growth and value indices creating promising opportunities. The manager believes valuation disparities across the market create an investment environment highly conducive to long-term focused active management. | KOS OLN ADNT |
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| 2023 Q4 | Dec 31, 2023 | Meridian Contrarian Fund | 6.9% | 0.0% | ALEX, AMD, APA, CACI, CCJ, CRC, FCNCA, HNST, LEGN, PINS, PRGO, SGH, TAP, THC, VICI | Biotechnology, contrarian, energy, semiconductors, small caps, turnaround, value | AMD positioned as stronger competitor to Nvidia with compelling technology and superior products to Intel. The company unveiled details about upcoming GPU products for the AI market, with expectations that AMD's GPU servers will be a viable alternative to Nvidia. | PINS HNST AMD ADNT|APA|BPOP|FLR|KOS|OLN LEGN SGH |
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| 2025 Q3 | Oct 28, 2025 | Hotchkis & Wiley Large Cap Fundamental Value | 6.4% | 12.0% | AIG, APA, C, CMCSA, ELV, ERIC, FFIV, GEHC, GM, GOOGL, WBD, WDAY, WPP.L | energy, financials, large cap, Quality, technology, value | The portfolio trades at less than 13x consensus earnings and a little more than 9x normal earnings, in line with its historical average despite the broad market's elevated valuation. The manager emphasizes attractive valuation opportunities in segments of the equity market while noting the S&P 500 is fully valued or overvalued at 25x next year's consensus estimates. | View | |
| 2025 Q3 | Oct 28, 2025 | Hotchkis & Wiley Mid-Cap Value Fund | 7.7% | 5.4% | ADNT, AIG, APA, BPOP, CFG, CNC, ERIC, FFIV, FLR, MGA, OLN, STT, WBD, WPP.L | AI, earnings, energy, mid cap, rates, value | The fund focuses on mid-cap value stocks and outperformed the Russell Midcap Value Index in Q3. The environment is becoming more selective and will likely reward discipline around both valuation and risk. Mid cap value stocks outperformed mid cap growth stocks by a wide margin (+6.2% vs. +2.8%). | View | |
| 2025 Q3 | Oct 19, 2025 | Smead International Value Fund | 9.1% | 28.5% | AMGN, APA, AXP, BAWG.VI, BMPS.MI, CVE.TO, DHI, FRO, LEN, MAC, MEG.TO, MRK, NVR, PNDORA.CO, SCR.TO, SPG, UCG.MI, UMG.AS, WFG.TO | Banking, energy, Europe, Mergers, oil, Scale, value | The fund owns MEG Energy which has been subject to a bidding war between Cenovus Energy and Strathcona Resources. Cenovus expects $400 million in annual cost savings from combining with MEG, representing about 45% of MEG's market cap. The oil business is seeing significant value creation through mergers and acquisitions as companies seek to scale operations. | UCG MEG SCR CVE |
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| 2025 Q3 | Oct 19, 2025 | Smead Value Fund | 10.7% | 4.7% | AMGN, APA, AXP, CACC, COP, CSCO, CVE, DHI, FANG, INTC, LEN, MAC, MRK, MSFT, NVR, OXY, SPG, TGT, UHAL, UNH | AI, commodities, energy, Homebuilders, technology, value | Energy positions delivered meaningful contributions despite WTI crude oil averaging around $65 per barrel. At current levels near $60 WTI, few bullish factors are reflected in market pricing while companies make disciplined acquisitions and maintain strong balance sheets. | MRK SPG DHI APA |
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| 2024 Q3 | Oct 15, 2024 | Smead Value Fund | 5.1% | 11.1% | AMGN, APA, AXP, BAC, DHI, LEN, MAC, MRK, NVR, OVV, OXY, SPG, WBD | commodities, contrarian, Euphoria, Homebuilders, oil, value | Home builders continued to show they are meeting an economic need and aren't the heavily cyclical companies they were in the past. D.R. Horton, Lennar and NVR rose sharply as the Federal Reserve cut interest rates. | 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 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | APA, AXP, CBRE, CSCO, FBIN, FI, GOOGL, GPC, MCO, MRK, SCHW | financials, industrials, large cap, Pharmaceuticals, real estate, value | The fund continues to find attractive investment opportunities amid an unusually wide spread between high P/E and low P/E stocks. They focus on companies trading at sizeable P/E discounts to peers and the broader market, viewing these as attractive entry points. | MRK GPC |
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| 2024 Q3 | Sep 30, 2024 | Oakmark Select Fund | 8.1% | 0.0% | APA, CBRE, GOOGL, ICE, LAD, SCHW | financials, large cap, real estate, US, value | CBRE Group was the top contributor with strong second-quarter results exceeding expectations. Management expressed enthusiasm about prospects and outlined growth avenues including expansion of cyclically resilient business lines. | GOOGL CBRE |
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| 2024 Q3 | Sep 30, 2024 | Ariel Focus Fund | 10.6% | 0.0% | APA, BIO, CLB, LMT, MHK, MOS, ORCL, WU | AI, Buybacks, defense, energy, Fertilizers, large cap, value | Oracle is benefiting from artificial intelligence demand as well as its ability to provide cloud-based infrastructure for data centers. The company announced partnerships with AWS, Microsoft and Google that have fueled excellent growth and raised management's longer-term revenue target to over $104 billion, implying 16% annual growth. | BIO MOS CLB APA LMT ORCL MHK |
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| 2024 Q3 | Sep 30, 2024 | Hotchkis & Wiley Large Cap Fundamental Value | 0.0% | 0.0% | APA, ERIC, FFIV, GM, NOV, UL | Defensive, energy, financials, healthcare, large cap, value | The portfolio maintains a strong value orientation with 90-93% active share relative to benchmarks. Healthcare positions trade at 12x normal earnings representing attractive valuations. Bank valuations are at a larger-than-normal discount to the market, roughly 2 standard deviations wider than the 30-year average. | GM NOV APA UL ERIC FFIV |
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| 2024 Q3 | Sep 30, 2024 | Hotchkis & Wiley Mid-Cap Value Fund | 6.0% | 6.2% | ADNT, APA, CNO, ERIC, FFIV, KOS | energy, financials, mid cap, rates, technology, Utilities, value | The fund focuses on identifying undervalued assets with attractive valuations relative to expected earnings. The Russell Midcap Value Index outperformed growth during the quarter and trades at a more attractive forward P/E ratio of 16.2x compared to the broader Russell 1000 Index at 20.8x. The investment strategy centers on identifying businesses with durable balance sheets, sustainable return on equity, stable free cash flow, and attractive valuations. | ADNT APA KOS CNO ERIC FFIV |
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| 2023 Q4 | Aug 1, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | APA, BAX, BLK, CHTR, COF, CSL, DHR, GOOGL, KKR, META, PH, PHM, PINS, SCHW, VEEV | Asset Management, financials, large cap, US, value | Despite value facing headwinds versus growth in 2023, with the Russell 1000 Growth Index outperforming Value by 31 percentage points, the managers believe the value opportunity is at least as good as it was at the start of 2022. They view the current setup of higher interest rates and wider P/E multiple dispersion as favorable for value investing. | BLK |
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| 2023 Q4 | Aug 1, 2024 | Oakmark Select Fund | 8.1% | 0.0% | APA, AXP, CBRE, CHTR, COF, EOG, FCNCA, GOOGL, MPC, ORCL, PAYC, PSX, VLO | energy, financials, real estate, technology, value | The fund continues to find attractive opportunities to invest in undervalued securities that meet their value investment criteria. They sold Oracle and redeployed capital into stocks they believe offer superior prospective risk-adjusted returns including American Express, Paycom Software, and Phillips 66. | DIPSX PAYC AXP |
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| 2024 Q2 | Jul 31, 2024 | Ariel Focus Fund | 10.6% | 0.0% | AMG, APA, CLB, GS, KKR, MHK, ORCL, SNA | AI, energy, financials, large cap, Oil Services, technology, value | The bull market was fueled by investor enthusiasm for artificial intelligence themed stocks, with Oracle benefiting from significant AI demand expansion and strong booking growth with OpenAI. The narrow, momentum-driven rally helped the S&P 500 gain while non-AI companies declined. | AMG SNA APA MHK GS ORCL |
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| 2024 Q2 | Jul 15, 2024 | Smead Value Fund | 5.1% | 11.1% | AMGN, APA, AXP, BAC, DHI, JPM, LEN, MAC, MRK, OVV, OXY, QCOM, SPG, WBD | Concentration, energy, Euphoria, financials, Homebuilders, value | The fund maintains its value discipline and eight criteria despite underperformance against popular growth stocks. The manager expects to be well rewarded when the current euphoria episode ends, as has happened following other difficult popular markets. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | Concentration, large cap, Quality, stability, valuation, value | The S&P 500 has reached extraordinary concentration levels with the top 5 stocks comprising over 24% of the index, the highest since 1980. Seven largest stocks contributed 74% of the market's H1 gains while the other 493 stocks averaged just 7% returns. This concentration creates diversification risks and exposes investors to company-specific risks. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital International | 0.0% | 10.9% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | AI, Concentration, large cap, Quality, risk management, technology, valuation, value | The letter extensively discusses valuation concerns, particularly around the largest stocks in the S&P 500. The mega-cap six stocks now trade at 40x expected free cash flow versus their historical discount to the market. The manager emphasizes that despite strong business fundamentals, rich valuations create problematic risk/reward profiles when substantial optimism is already priced in. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | free cash flow, Leverage, Outperformance, Quality, Russell 2000, small caps, value | Manager emphasizes avoiding expensive megacap stocks and focusing on attractively valued companies with strong fundamentals. The strategy targets stocks with high free cash flow yields while avoiding the richly valued largest stocks that are depressing overall market valuations. | View | |
| 2023 Q2 | Jun 30, 2023 | Oakmark Select Fund | 8.1% | 0.0% | APA, COP, FCNCA, LAD, WBD | consumer discretionary, energy, financials, large cap, value | The fund's outperformance highlights the advantage of focusing on intrinsic value, which enables uncovering undervalued opportunities not captured by traditional value metrics. The underperformance of traditional value indexes is creating new opportunities to invest in strong businesses at cheap prices. | COP |
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| 2025 Q1 | Apr 14, 2025 | Smead Value Fund | -3.1% | -3.1% | AMGN, APA, AXP, DHI, DVN, EBAY, LEN, MAC, MRK, NVR, OVV, OXY, SPG, TGT | energy, Homebuilders, Overvaluation, Quality, REITs, Scarcity, value | The fund emphasizes buying quality, well-selected common stocks at attractive valuations during a period when stocks are historically overpriced and overly popular. The manager believes investors are expecting what worked for the last ten years will work for the next ten years, creating opportunities for value-oriented approaches. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital International | 0.0% | 10.9% | 005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, international, Leverage, Quality, rates, selectivity, value | Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. | View | |
| 2023 Q1 | Mar 31, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, BAC, BK, BOKF, FAF, GNRC, Gold, GS, JNJ, KKR, LAZ, LH, LMT, MHK, MOS, NTRS, ORCL, REZI, SNA, WU, ZBH, ZBRA, ZIMV | Banking, Fed Tightening, industrials, Recession, technology, value | The fund emphasizes low PE stocks as core to their approach, trading at significantly lower multiples compared to both value indices and the broad market. This value emphasis has been a near-term performance headwind but positions them well as the market begins to look past Fed tightening. | View | |
| 2023 Q1 | Mar 31, 2023 | Ariel Fund | 12.1% | 0.0% | ADTL, AMG, APA, BOKF, BWA, GS, IPG, JLL, LESL, LMT, MAT, MHK, MOS, MSGE, ORCL, PARA, PGR, RCL, SNAP, ZBRA | Banking, Commercial real estate, energy, interest rates, Mid Caps, Regional Banks, small caps, value | Regional banks face significant challenges from deposit flight and commercial real estate exposure following Silicon Valley Bank's collapse. BOK Financial declined 18% amid banking sector stress, though managers believe it remains well-positioned with strong underwriting standards and diversified business model. | View | |
| 2023 Q1 | Mar 31, 2023 | Meridian Contrarian Fund | 6.9% | 0.0% | AIG, AMD, APA, CARS, CCK, FCNCA, HNST | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Oakmark Select Fund | 8.1% | 0.0% | ALSN, APA, C, CRM, FCNCA, NFLX, SCHW, WFC | Banking, Crisis, financials, opportunity, value | The collapse of Silicon Valley Bank and Signature Bank created opportunities in the banking sector. The fund initiated Charles Schwab and increased positions in First Citizens and Wells Fargo, taking advantage of indiscriminate selling to buy quality banks at attractive valuations. | FCNCA SCHW |
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| 2023 Q3 | Mar 10, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, BK, BWA, CVX, GNRC, GS, JNJ, KVUE, LAZ, LESL, MHK, PHIN, SPHR, WU, ZBH | Buybacks, capital returns, discount, energy, large cap, value | The fund holds multiple energy positions including APA Corporation and Chevron Corporation. APA continues delivering strong earnings with solid production volumes and expects to hit oil production guidance. Chevron is viewed as competitively advantaged with sustainable growth pathway and expects double-digit return of capital employed by 2027. | PHIN KVUE CVX GNRC MHK LESL ^GSPC WU ADNT|APA|BPOP|FLR|KOS|OLN |
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| 2023 Q4 | Jan 31, 2024 | Ariel Focus Fund | 10.6% | 0.0% | APA, BWA, GS, KVUE, MHK, WU, ZIMV | concentrated, discount, fundamentals, large cap, Patient, value | The fund focuses on identifying stocks trading at discounts to private market value estimates, with holdings like MHK at -57% discount and APA trading below intrinsic value. The manager emphasizes patient value investing spanning 41 years across five market cycles. | WU BWA ADNT|APA|BPOP|FLR|KOS|OLN MHK ^GSPC ZIMV |
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| 2023 Q4 | Jan 16, 2024 | Smead Value Fund | 5.1% | 11.1% | APA, AXP, BAC, COP, DHI, DVN, FITB, HD, JPM, LEN, MAC, MTB, NVR, OVV, OXY, PFE, SPG, TGT, UHAL, WAL | banks, consumer, energy, Homebuilders, inflation, value | Home builders were weighed down by rapidly rising mortgage rates and recessionary fears that reemerged fears of a 2008-like housing crisis. The fund focused on supply demand dynamics rather than emotional fears and was handsomely rewarded with strong performance from D.R. Horton, Lennar, and NVR. | View | |
| 2024 Q4 | Jan 14, 2025 | Smead Value Fund | -5.7% | 4.8% | AMGN, APA, AXP, BAC, DHI, JPM, LEN, MAC, MRK, NVR, OVV, OXY, SPG | AI, banks, contrarian, energy, Euphoria, Housing, REITs, value | The fund practices contrarian value investing, with their portfolio trading at 13-times earnings versus 22.75-times on the S&P 500. They believe the market will eventually reestablish reasonableness and favor their undervalued positions over the current growth momentum. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | Hotchkis & Wiley Large Cap Fundamental Value | APA Corporation | Oil & Gas E&P | Oil, Gas & Consumable Fuels | Bull | NASDAQ | E&P, energy, Equity, Free Cash Flow, natural gas, oil, Permian Basin, Undersupply, Value | View Pitch |
| Apr 23, 2026 | Fund Letters | Hotchkis & Wiley Global Value Fund | APA Corporation | Oil & Gas E&P | Oil, Gas & Consumable Fuels | Bull | NASDAQ | Basis Differentials, E&P, energy, Free Cash Flow, LNG, natural gas, oil, Permian Basin, Upstream | View Pitch |
| Apr 23, 2026 | Fund Letters | Hotchkis & Wiley Mid-Cap Value Fund | APA Corporation | Oil & Gas E&P | Oil & Gas Exploration & Production | Bull | NASDAQ | Basis Differentials, E&P, Egypt, energy, Financial Contracts, Free Cash Flow, natural gas, oil, Permian Basin, Suriname | View Pitch |
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Large Cap Fundamental Value | APA Corp. | Energy | Oil, Gas & Consumable Fuels | Bull | NASDAQ | cash generation, E&P, energy, Equity, International, Oil & Gas, Permian, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Mid-Cap Value Fund | APA Corp. | Energy | Oil, Gas & Consumable Fuels | Bull | NASDAQ | E&P, Egypt, Free Cash Flow, natural gas, Permian Basin, Reinvestment, Suriname, Undersupplied | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Focus Fund | APA Corporation | Energy | Oil & Gas Exploration & Production | Bull | NASDAQ | capital returns, energy, Exploration, Free Cash Flow, M&A, Oil & Gas, Permian Basin | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Focus Fund | APA Corporation | Energy | Oil & Gas Exploration & Production | Bull | NASDAQ | Callon Assets, debt reduction, E&P, energy, Exploration & Production, Free Cash Flow, Oil & Gas, Permian Basin | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Focus Fund | APA Corporation | Energy | Oil & Gas Exploration & Production | Bull | NASDAQ | Asset Optimization, capital allocation, Cyclical, energy, Exploration & Production, Free Cash Flow, Oil & Gas, Permian Basin | View Pitch |
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Large Cap Fundamental Value | APA Corporation | Energy | Oil, Gas & Consumable Fuels | Bear | NASDAQ | acquisition integration, E&P, Egypt, Free Cash Flow, North sea, Oil & Gas, Permian Basin, Suriname | View Pitch |
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Mid-Cap Value Fund | APA Corp. | Energy | Oil & Gas Exploration & Production | Bull | NASDAQ | dividend, Egypt, Exploration Success, North sea, Oil & Gas, Permian Basin, Production Sharing, Suriname | View Pitch |
| 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 |
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| No investor data available. | ||||||||