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 | 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 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 |
View |
| 2025 Q2 | Jul 3, 2025 | Vltava Fund | - | - | AMAT, ARW, LRCX, URI, WSM | Currency, inflation, long-term, Quality, value, volatility | The fund emphasizes pricing over timing, focusing on buying stocks when they trade below intrinsic value with a margin of safety. They maintain a shopping list of about 100 companies and wait patiently for prices to fall convincingly below fundamental values. | View | |
| 2024 Q2 | Jul 3, 2024 | GoodHaven Capital Management | 0.0% | 18.9% | ARHS, ARW, ASO, BAC, BAM, BRK-B, CB, EXO.MI, GIC, GOOG, JEF, JPM, KKR, PGC, PGR, TVK.TO, VTS.TO | Concentration, financials, Long Term, mid cap, value | The fund has material exposure to financial companies including commercial banking, investment banking, asset management, and insurance. These sectors have remained undervalued over recent years due to various investor concerns but the manager sees potentially more positive tailwinds today than when first investing in this space. | BAC GOOGL TVIFF |
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 |
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 |
View |
| 2026 Q1 | Apr 17, 2026 | Polaris Global Equity | 5.9% | 5.9% | 000660 KS, 005930 KS, ARW, CAP.PA, COF, DNB.OL, E, ELV, GILD, LNTH, LUN.TO, MEOH, MKSI, MPC, NVDA, SLM, TTE, UTHR, WBS, YAR.OL | AI, diversification, energy, Fertilizers, Geopolitical, global, semiconductors, value | View | ||
| 2026 Q1 | Apr 16, 2026 | Lyrical Asset Management | -6.7% | -6.7% | ARW, EBAY, EXPE, FFIV, FIS, FLEX, GEN, ICLR, JCI, NRG, SSNC, UBER, WCC | earnings, financials, healthcare, industrials, technology, value | View | ||
| 2024 Q1 | Apr 15, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AEL, AGCO, ALTM, ARW, AX, CNO, CNXC, CSGS, CSWI, DAR, DCO, DECK, ESGR, FN, GGG, GIII, JBT, LEVI, MDU | Balance Sheet, compounders, Quality, small cap, valuation, value | The fund emphasizes high-quality compounders with strong balance sheets, high returns on capital, and steady margins. Quality has been a large contributor to outperformance during market downturns. The manager prefers companies where earnings will be higher in three to five years. | View | |
| 2025 Q1 | Mar 31, 2025 | FPA Queens Road Small Cap Value Fund | -2.5% | -2.5% | AAP, ARW, AX, BAM, CNO, CNXC, CSWI, IDCC, LFUS, MDU, NJR, OSK, PVH, REVG, SCHL, SFM, SYNA, UGI, UPBD, VSH | consumer, Electronics, Quality, small caps, tariffs, Utilities, value | Manager emphasizes that small-caps are extremely cheap relative to large-caps but warns of the relative junkiness of small-cap indices. Quality small companies are still expensive but becoming more attractive from a valuation perspective as the market declines. | View | |
| 2024 Q4 | Dec 31, 2024 | FMI Small Cap Equity | -7.0% | 11.0% | ARMK, ARW, BJ, G, GTES, HAYW, HLI, HSIC, IPG, RHI, SKX, SSD | consumer, industrials, Quality, small caps, technology, value | IPG HAYW |
View | |
| 2024 Q4 | Dec 31, 2024 | Diamond Hill Mid Cap | -2.4% | 10.6% | ALK, ARW, ASH, CIEN, CUBE, FCX, FWONA, ICON, INFA, JLL, LPLA, NVR, OZK, RRR, SOLV, TDY, TFX, WBS, WCC | Data centers, healthcare, Intrinsic Value, mid cap, Trade Policy, value | Trade policy uncertainty has fueled a rise in the US dollar and is roiling local politics globally. Fears and speculation around which countries will be primary tariff targets sparked market shifts in Q4. Trade uncertainty is affecting emerging markets currencies and prompting fiscal reckonings in countries like Brazil. | View | |
| 2024 Q4 | Dec 31, 2024 | Diamond Hill Small-Mid Cap Strategy | -0.8% | 8.3% | ALGT, ARW, ASH, BOKF, CIEN, CUBE, FTRE, GTES, HII, ICLR, INFA, JLL, NVR, REXR, RRR, SOLV, TDY, TFX, WBS, WCC | financials, healthcare, industrials, real estate, small cap, technology, value | WESCO is benefiting from strong demand in its data center business, representing a key growth driver for the industrial distributor. The company's scale advantage positions it well to capture share in this expanding market. | View | |
| 2024 Q4 | Dec 31, 2024 | FPA Queens Road Small Cap Value Fund | 2.4% | 10.8% | AAP, AGCO, ALTM, ARW, CNXC, CSGS, CSWI, DAR, DECK, FN, IDCC, JBTM, LEVI, LFUS, MATV, MDU, OSK, QRVO, SAIC, SCHL, SFM, SYNA, UGI, UPBD, VSH | active management, compounders, Quality, Russell 2000, small cap, value | The fund focuses on high quality compounders with strong returns on capital, consistent earnings, and prudent balance sheets. The manager emphasizes that small-cap indices are generally 'junkier' with fewer quality companies than large-cap indices, making active management essential to find quality small companies trading at reasonable valuations. | View | |
| 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 | |
| 2025 Q3 | Oct 17, 2025 | Harbor Mid Cap Value Fund | 4.1% | 0.3% | AL, AMAT, ANSS, ARW, CBRE, CHX, COLD, CTRA, DRI, GPN, HP, ICE, MAS, MUR, RGA, RJF, RSG, SF, SMG, ST, SWKS, ULTA, WWD | aerospace, AI, Commercial real estate, fundamentals, mid cap, Quality, Trade Policy, value | Trade tensions dominated headlines with Liberation Day tariffs affecting imports from China, Europe, and Canada causing significant market volatility. Markets initially dropped 19% following tariff announcements before recovering as policy reversals and bilateral negotiations helped stabilize conditions. Long-term implications of trade policy changes remain uncertain for supply chains and corporate profitability. | WWD US |
View |
| 2024 Q3 | Oct 12, 2024 | Blue Tower Asset Management | 8.8% | 0.0% | ARW, AVT, ENVA, GWW, RXL.PA, WCC | Buybacks, Distribution, Energy Transition, Rate Cuts, small caps, value | Electric vehicle adoption, solar energy expansion, and data center growth are driving huge secular demand for electrical equipment distribution. These trends create new opportunities in charging infrastructure, photovoltaic components, and power infrastructure while benefiting distributors through operational leverage. | WCC |
View |
| 2024 Q4 | Jan 8, 2025 | GoodHaven Capital Management | - | - | ARW, BAC, BRK-B, CB, DVN, EXO.MI, FNMA, GIC, JEF, KKR, OXY, TVK.TO | Capital Allocation, Concentration, energy, ETFs, financials, value | The fund has significant exposure to investment banking through Jefferies, which gained market share and ranked as the world's 6th largest investment bank. Jefferies executed a successful capital allocation strategy with $6.4 billion returned to shareholders over seven years while strengthening its market position. | View | |
| 2025 Q4 | Jan 23, 2026 | American Century Small Cap Value Fund | -1.1% | -3.3% | AMKR, ARCB, ARW, AVT, AXS, BBWI, BC, BIRK, COLB, EEFT, ENOV, EVTC, GPK, HZO, MARA, OKLO, ONB, PATK, SSB, TKR, UMBF | banks, consumer discretionary, healthcare, industrials, semiconductors, small cap, value | The fund maintains significant overweight exposure to banks, remaining constructive on the industry due to continued positive inflection in net interest income and belief that fears of an extended negative credit cycle were overstated. Many holdings still trade meaningfully below historical multiples. Overweight positioning tilted toward higher-quality, unique businesses targeting high-end consumers including global consumer brands like Brunswick and Birkenstock. Specialty retail exposure includes marine dealers and Bath & Body Works. The sector remains attractive with overweight positioning in higher-quality industrials including machinery, distribution, and commercial services. Many holdings demonstrated strong pricing power during inflationary environment and returned cash to shareholders via dividends, buybacks and debt reduction. Information technology contributed through stock selection, with strong results from Amkor Technology benefiting from AI packaging solutions and domestic chip manufacturing trends. The company is one of two in the US capable of providing large-scale advanced packaging solutions. | View | |
| 2025 Q4 | Jan 20, 2026 | Polaris Global Equity | 7.0% | 26.8% | 000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, ALSN, ARW, BABA, BARRY.SW, CAP.PA, CG, COF, DHL.DE, IAG.L, INGR, JAZZ, LIN, LNTH, LTM, LUN.TO, MG.TO, MKSI, ML.PA, MPC, NVS, NXT.L, SBH, SMWRQ, TSN, UTHR, VIPS, YAR.OL | AI, diversification, global, international, Outperformance, semiconductors, technology, value | AI demand drove performance across semiconductor and technology sectors, with memory chip suppliers benefiting from supply-demand constraints and expected price increases in 2026. Companies like SK Hynix, Samsung Electronics, and MKS Inc. delivered strong results driven by accelerating AI demand across semiconductor and advanced electronics end markets. Memory manufacturers in Korea were top contributors as supply-demand constraints benefit memory chip suppliers. The market expects memory price increases in 2026, further supporting performance of Samsung and SK Hynix. AI-driven demand across semiconductor end markets accelerated growth. The investment approach remains disciplined and focused on strong cash flows from quality companies selling essential products and services with good management teams creating shareholder value. The manager seeks situations where attractive valuations meet genuine business momentum, avoiding trends and distant promises. International equities outperformed after a decade of American dominance, driven by weaker U.S. dollar, more attractive valuations abroad, and slowing momentum in U.S. tech. This country and sector rotation validated the need for diversification instead of home bias, with attractive opportunities in targeted developed and emerging markets. Yara International benefited from partnerships for low-carbon ammonia projects in the U.S. and Middle East, positioning the company toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. HD Hyundai Electric capitalized on increased demand to expand power infrastructure. | 267260 KS UTHR JAZZ CAP FP MKSI 000660 KS |
View |
| 2024 Q2 | Jul 31, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AGCO, ALTM, ARW, AX, BAM, CNO, CNXC, CSGS, CSWI, DAR, DCO, DECK, EQC, ESGR, FN, FSTR, GGG, GIII, GPK | active management, earnings, Quality, small caps, value | The fund emphasizes quality companies with consistent earnings and high returns on capital. They analyze earnings consistency as a key quality metric, showing that quality small-cap companies trade at lower valuations than large-cap peers with similar quality characteristics. | View | |
| 2022 Q4 | May 1, 2023 | Vltava Fund | 0.0% | 0.0% | ARW, GOOG | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Polaris Global Equity | 4.1% | 4.1% | 000660.KS, 005930.KS, 066570.KS, ABBV, ALSN, ARW, CFR, CG, CVS, DCOM, DG.PA, DNB.OL, DTE.DE, EBC, ENI.MI, FTK.DE, GILD, HNR1.DE, IAG.L, INCH.L, IPG, LOOM.ST, MEOH.TO, MGA.TO, MKSI, MPC, MSFT, MTB, MUV2.DE, NTRS, NXT.L, OTEX.TO, PFS, PUB.PA, SBH, SDZ, SW, TTE, UTHR, VIPS, WBS, WMB, WSBC | AI, energy, Europe, financials, global, tariffs, technology, Trade | The Trump Administration has initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, with broader-than-expected tariffs causing market volatility. By disrupting natural trade flows, tariffs can lead to reduced economic efficiency and slower global growth. | View | |
| 2023 Q1 | Mar 31, 2023 | Diamond Hill Mid Cap | 8.3% | 13.3% | AIG, ALL, ARW, BKU, CUBE, DIS, ESAB, ESGR, FIS, FRC, NVR, OZK, RRR, SF, SIVB, SJI, WBS, WCC | Banking, financials, mid cap, rates, value | Banking sector faced significant stress with SVB and First Republic failures, driven by rapid deposit outflows and unrealized losses on securities portfolios. Manager maintains conviction in remaining regional bank holdings despite sector-wide concerns. | DFISX AAPL|MSFT|NFLX|NVDA|UNH ALL ARW CNVRG PM AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ CUBE ESAB WESCO |
View |
| 2023 Q1 | Mar 31, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | AAP, ADM, AIG, ALGT, ALK, ALL, ARW, ASH, BHF, BKU, BOKF, BR, BRBR, BRO, BSX, BWA, CALM, CHKP, CIEN, CIVI, COOP, CTRA, CTSH, CUBE, DEI, ENOV, ERII, ESAB, ESGR, FA, FCX, FIBK, FIS, FWONA, GTES, HBI, HIG, ITGR, JLL, KEX, KMX, L, LANC, LOB, MTN, NVR, NXPI, OZK, PH, POST, PRG, RHP, RNR, RRR, RRX, RYN, SANM, SF, SRCL, SSNC, ST, UDR, UGI, VFC, WBS, WCC, WNS, WTW, WWW, WY | financials, industrials, mid cap, small cap, value | View | ||
| 2023 Q1 | Mar 31, 2023 | FMI All Cap Equity | -1.8% | 11.2% | ARW, AVY, CSL, CVNA, FERG, FMS, G, KMX, PHG, SAP, SCHW, SNN.L | inflation, positioning, rates, Sentiment, value | Portfolio trades at 13.7x projected 2023 earnings, representing a 43% discount to Russell 3000. Manager emphasizes attractive valuations on both absolute and relative basis as a key source of optimism. | FERG AVY |
View |
| 2023 Q4 | Jan 14, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | 005930.KS, ACGL, ARW, BJ, BME.L, CARR, DG, G, HSIC, KMX, MAS, MU, RHI, RYAAY, SAP, SCHW, SKX, SLB, SSD, UL | Concentration, Debt, international, Quality, small cap, technology, Valuations, value | FMI emphasizes value investing discipline amid speculative market behavior. The firm focuses on quality businesses trading at discount valuations with solid management teams and balance sheets, contrasting with expensive growth stocks that dominated 2023 performance. | DGE.L CARR BJ |
View |
| 2023 Q4 | Jan 14, 2024 | FMI International Equity | -7.4% | 2.7% | 005930.KS, ACGL, ARW, BJ, CARR, DG, DGE.L, G, HEI, KMX, MAS, MU, RHI, RYAAY, SAP, SCHW, SKX, SLB, SSD, UL | Concentration, Debt, international, Quality, technology, Travel, value | FMI emphasizes value investing discipline amid elevated U.S. market valuations. The firm focuses on quality businesses trading at discount valuations with solid management teams and balance sheets, particularly in international markets where valuations are more reasonable than U.S. Large Cap. | DGE.L CARR BJ |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | Fund Letters | Diamond Hill Mid Cap | Arrow Electronics | Information Technology | Technology Distributors | Bull | NYSE | cash flow generation, debt reduction, Electronic Components, enterprise solutions, Global Distributor, share repurchases, Technology Distributor | View Pitch |
| Apr 13, 2026 | Fund Letters | Bonhoeffer Capital Management | Arrow Electronics | Information Technology | Technology Distributors | Bull | NYSE | AI, Components, consolidation, Electronics Distribution, High Customer Retention, IoT, semiconductors, Share Buybacks, supply chain management, Technology Distributor, value-added services | 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. | ||||||||