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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 2, 2026 | Warden Capital | 0.0% | 0.0% | ARE, MTN, PLD, PLTR, QURE | AI, Biotechnology, Commercial real estate, Defensive, Shorts, value | Manager believes AI capex is at unsustainable levels and won't generate economic returns unless true AGI emerges imminently. OpenAI's user growth appears to be stalling with weak Q4 traffic growth, while competitors like Gemini continue growing strongly. Model progress may be reaching diminishing returns as current state-of-the-art models are not universally better than previous versions. CRE markets show little major change from previous commentary. Apartments remain soft due to oversupply and weaker sunbelt demand, industrial has picked up slightly, office is weak outside NYC but improving in class A, retail continues doing well due to lack of new supply, and hospitality is softer than expected. Manager invested in uniQure, a biotech with potential groundbreaking gene therapy for Huntington's disease. Initial results showed disease progression slowing by 75% three years after treatment, but FDA rescinded agreement on external control group causing stock to crash. Manager believes therapy will ultimately get approved given strong efficacy data. | QURE PLTR ARE MTN |
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| 2025 Q4 | Feb 12, 2026 | Davis Real Estate Fund | 0.0% | -5.7% | AMT, ARE, AVB, BRX, BXP, CPT, CUZ, DEI, DLR, EQIX, EXR, GPOR.L, HPP, MAA, PLD, REXR, SHO, VTR, WELL | AI, Data centers, Passive flows, Performance, real estate, REITs, valuation | Fund focuses on real estate investment trusts across multiple sectors including senior housing, apartments, office, industrial, and life sciences. Performance was impacted by passive flows favoring larger companies and sector rotation dynamics. The fund maintains overweight positions in apartments and office while being underweight in senior housing. AI demand driving unprecedented data center space requirements with holdings in Digital Realty and Equinix benefiting from recent leasing deals. Risks include power availability constraints, transmission limitations, and potential technology disruption that could reduce data center demand over time. | DLR EQIX PLD ARE WELL |
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| 2025 Q3 | Oct 7, 2025 | Oakmark Fixed Income | - | - | ARE, CNC, CVS | Bonds, Credit Risk, fixed income, healthcare, Simplicity | The letter highlights disciplined fixed income investing focused on simple, durable credit theses rather than macro forecasting. Healthcare credits are emphasized as offering attractive spreads despite solid fundamentals. Simplicity, balance sheet strength, and valuation discipline are positioned as key sources of excess return. | CVS US CNC US ARE US |
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| 2025 Q4 | Jan 27, 2026 | Diamond Hill Small Cap Fund | 4.9% | 11.9% | ALGT, ARE, CIVI, CSR, MVBF, ODC, OZK, POST, RKT, SM, TFIN, TKO, TRNS, WCC | defense, industrials, infrastructure, real estate, Resilience, small cap, value, volatility | The manager emphasizes focusing on resilient businesses that can navigate ongoing uncertainty and take advantage of market volatility. They seek companies built with the ability to endure through uncertainty while capitalizing on opportunities. This resilience theme is central to their investment approach in the current volatile environment. The portfolio has exposure to industrial infrastructure which has been neglected from an investment standpoint over the previous decade. The manager sees opportunity in businesses with exposure to industrial infrastructure as a key area of focus. This represents a structural investment theme they are pursuing. Defense modernization is identified as one of the key areas where the manager continues to see opportunity. This sector has been neglected from an investment standpoint over the previous decade, creating potential opportunities for the portfolio. The manager views defense modernization as having structural growth drivers. The manager has exposure to critical materials as an area that has been neglected from an investment standpoint over the previous decade. They continue to see opportunity in businesses with exposure to critical materials. This includes holdings like Taseko Mines, a copper mining company that benefited from rising copper prices. The manager has increasingly been finding opportunities within the real estate sector as of late. They initiated positions in apartment REIT Centerspace and life-sciences real estate company Alexandria Real Estate Equities. The real estate sector represents a growing area of opportunity for the portfolio. | ARE |
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| 2025 Q4 | Jan 27, 2026 | Diamond Hill Small-Mid Cap Strategy | 1.2% | 8.5% | AMH, ARE, BAH, CCS, CIEN, CUBE, GIS, GTES, HII, HLIO, IAC, LEA, PRGO, SBAC, UDR, WCC, WIX, WLK, WNS | defense, healthcare, industrials, mid cap, real estate, small cap, technology, value | The portfolio faced headwinds from AI-driven market exuberance creating momentum-driven rallies favoring lower-quality businesses. However, some holdings like Ciena benefited from hyperscaler and AI-related demand optimism. The managers express caution about AI bubble concerns emerging in December. WESCO International's data center business reached nearly 20% of total revenue and drove better-than-expected organic growth. The rapid expansion of this segment was a key contributor to the company's outperformance during the quarter. Huntington Ingalls Industries benefited from strong execution, new frigate contract awards, and discussion of a potential Trump-class battleship. Booz Allen Hamilton faced pressure from Department of Government Efficiency initiatives but remains well-positioned given differentiated technology capabilities and sustained government demand. The portfolio includes exposure to various real estate segments including self-storage (CubeSmart facing occupancy pressures), wireless tower infrastructure (SBA Communications), life sciences real estate (Alexandria Real Estate), and single-family rentals (Invitation Homes). The sector faces headwinds from higher interest rates and housing market challenges. | INVH ARE BAH SBAC CUBE GTES HII WCC CIEN ZTS HII |
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| 2025 Q4 | Jan 26, 2026 | ClearBridge Mid Cap Growth Strategy | 0.0% | 0.0% | APG, ARE, ARGX, BSY, CHDN, CHWY, CMPO, CPAY, CWST, DKNG, DOCS, DT, EXPE, LNW, PFGC, PTC, RBLX, RESI, TDY, TYL, XPO | AI, dispersion, fundamentals, gaming, mid cap, real estate, stock selection, technology | AI-driven disruption concerns weighed on software businesses as investor sentiment weakened amid heightened sensitivity to earnings expectations. The market showed unusually concentrated focus on AI and its immediate beneficiaries throughout 2025, with limited investor attention for performance not tied to artificial intelligence. Gaming holdings provided positive contributions with Light & Wonder rebounding following technical selling pressure and Churchill Downs advancing as operating trends normalized. The gaming sector showed resilience despite broader market headwinds affecting other areas of the portfolio. Online travel platforms contributed positively with Expedia benefiting from improved execution in its consumer business and continued strength in its business-to-business segment. The travel sector demonstrated solid fundamentals amid the challenging market environment. Real estate was a significant source of pressure, particularly Alexandria Real Estate Equities which declined due to slowdown in biopharma research spending and excess laboratory capacity weighing on leasing demand and rental growth expectations. The position was exited due to ongoing uncertainty and dividend cut. | CPAY CWST ARE CHDN EXPE LNWO |
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| 2025 Q4 | Jan 18, 2026 | The Davenport Value & Income Fund | 1.5% | 13.7% | ACN, ADBE, ARE, C, CTAS, EOG, FDX, GOOG, HPQ, ISRG, META, MMC, MRVL, MSFT, NOW, NVDA, ORCL, SPOT, UBER, UNP, VRTX | AI, Buybacks, dividends, large cap, technology, value | Technology and AI-related stocks led the charge again in 2025, with tech and communications services sectors advancing 23.83% and 32.47% respectively. AI darling Nvidia was up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem with fervor spreading to speculative corners of the market. In 2025, 36 of the Value & Income Fund's 42 holdings increased their dividends by an average of 7% year-over-year. Companies like McDonald's, Exxon Mobil, Fidelity National Financial, and Becton-Dickinson continued their annual streak of dividend enhancements at 49, 43, 10, and 54 years respectively. In 2025, 30 of the Value & Income Fund's holdings reduced their share count via buybacks by 1.2% on average. Companies are taking advantage of discounted valuations to accelerate buyback pace and return capital to shareholders. The managers focus on stocks that have been cast aside as investors focused elsewhere on momentum plays. They believe the market's sun could shine elsewhere soon and can't stomach the risk associated with many of today's highflyers. Their conservative approach has weighed on relative performance but they've seen this dynamic before. | View | |
| 2023 Q2 | Jul 30, 2023 | Baron Asset Fund | 8.3% | 10.6% | ARE, AZPN, BAH, CDAY, CSGP, FDS, IT, MKTX, MORN, MTD, VRSK | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Baron Focused Growth Fund | 11.7% | 13.2% | ANSS, ARE, CSGP, DEI, FIGS, H, IBKR, IRDM, MANU, MGM, MSCI, TSLA | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Andrew A. Davis | Alexandria Real Estate Equities, Inc. | Real Estate | Office REITs | Bull | New York Stock Exchange | Balancesheet, development, Dividendcut, Leasing, Lifescience | View Pitch |
| Feb 4, 2026 | Fund Letters | Hawkins Entrekin | Alexandria Real Estate Equities, Inc. | Real Estate | Health Care REITs | Bull | New York Stock Exchange | Biotech, Caprates, Life-science, Oversupply, REITs | View Pitch |
| Jan 29, 2026 | Fund Letters | Chris Welch | Alexandria Real Estate Equities Inc | Real Estate | Office REIT | Bull | New York Stock Exchange | life sciences, Real Estate, recovery, REITs, valuation | View Pitch |
| Jan 29, 2026 | Fund Letters | Chris Welch | Alexandria Real Estate Equities, Inc. | Real Estate | Office REITs | Bull | New York Stock Exchange | development, lifesciences, recovery, REITs, valuation | View Pitch |
| Jan 28, 2026 | Fund Letters | Brian Angerame | Alexandria Real Estate Equities, Inc. | Real Estate | Office REITs | Neutral | New York Stock Exchange | dividends, headwinds, Leasing, lifesciences, realestate | View Pitch |
| Jan 11, 2026 | Seeking Alpha | Seeking Alpha | Alexandria Real Estate Equities Inc. | Real Estate Investment Trusts (REITs) | Life Science Real Estate | Bull | New York Stock Exchange | Alexandria Real Estate, asset sales, biotechnology, debt management, dividend yield, Life science campuses, market recovery, occupancy rates, pharmaceuticals, REIT | View Pitch |
| Nov 26, 2025 | Value Investors Club | Pop4Pres | Alexandria Real Estate Equities | Real Estate | Office REITs | Bear | NYSE | Lab Real Estate, Life Sciences, REIT, Oversupply, Biotech Funding, Structural Decline, Bearish | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Roberts Berzins, CFA | Alexandria Real Estate Equities, Inc. | Real Estate | REIT - Office | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | David Devine | Alexandria Real Estate Equities, Inc. | Other | - | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Quad 7 Capital | Alexandria Real Estate Equities, Inc. | Real Estate | REIT - Office | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Davenport Asset Management | Alexandria Real Estate Equities, Inc. | Real Estate | REIT - Office | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Davenport Asset Management | Alexandria Real Estate Equities Inc. | Real Estate | REIT - Office | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | REITer's Digest | Alexandria Real Estate Equities, Inc. | Real Estate | REIT - Office | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Jonathan Weber | Alexandria Real Estate Equities, Inc. | Real Estate | REIT - Office | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||