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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | SGA – U.S. Large Cap Growth | -1.4% | 2.8% | AAPL, ABBV, AMZN, AON, ARM, AVGO, AXP, CMG, COO, CP, CRM, DHR, ECL, GOOGL, GWW, INTU, IT, JNJ, META, MSFT, NFLX, NKE, NOW, NVDA, NVO, ORCL, PLTR, SNPS, SPGI, TSLA, UNH, V, WCN, WDAY, WM, YUM | AI, growth, large cap, momentum, Quality, technology, underperformance, valuation | AI infrastructure buildout remains a dominant market force driving speculation and momentum trading. While AI benefits some portfolio companies like Nvidia, Microsoft, Alphabet, Meta, and Amazon, the manager warns of bubble dynamics similar to the dot-com era. Historical parallels suggest infrastructure beneficiaries may face disappointment while long-term winners emerge later as companies building services on top of infrastructure. | View | |
| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Large Cap Value | - | - | APD, AVGO, AXP, COP, EIX, INTC, ITW, LRCX, MCHP, MCK, NESN.SW, ORLY, PH, SBUX, SCHW, SHW, SRE, UPS, XPO | industrials, large cap, Quality, semiconductors, technology, Utilities, value | The strategy focuses on high-quality, less commoditized and less cyclical stocks with strong franchise characteristics. These businesses generate higher returns and compound value at more sustainable rates than deeper value peers, though they tend to lag in very strong markets. | PH AVGO SBUX ORLY APD SHW MCK INTC |
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| 2024 Q3 | Sep 30, 2024 | Trojan Fund from Troy Asset Management | - | - | AXP, DGE.L, GOOGL, HEIA.AS, MSFT, NESN.SW, UL, V | Bonds, fiscal policy, gold, inflation, interest rates, Multi-Asset, private credit, US Election | Gold has continued to confound skeptics in 2024, with central banks in China, Singapore, Turkey, India, Czech Republic and Poland continuing to buy despite higher real interest rates. The unsustainable US fiscal situation may be driving renewed appreciation for gold as the ultimate safe-haven asset. | View | |
| 2025 Q2 | Aug 5, 2025 | Horos Asset Management | 6.6% | 11.9% | AAPL, ANA.MC, ATALAYA.L, AXP, AZM.MI, BRK-A, DIA.MC, GEST.MC, GOOGL, KO, MCO, MEL.MC, MSFT, NFLX, NPN.L, SEM.LS, VRA.PA | Buybacks, catalysts, energy, Europe, Hotels, Spain, Telecommunications, value | The letter extensively discusses value investing philosophy and its evolution, addressing the recurring question of whether value investing is dead. The manager emphasizes the need to evolve the investment process by focusing more on catalysts that can unlock value rather than simply waiting for market recognition. | View | |
| 2025 Q2 | Aug 27, 2025 | Cullen Value Fund | 7.0% | 8.5% | AAPL, AMAT, AMZN, AXP, AXTA, C, CI, COP, CVX, GOOGL, JPM, KVUE, MDT, META, MS, MSFT, NVDA, ORCL, TSLA | AI, financials, growth, tariffs, technology, value | Value stocks continue to trade at a meaningful discount relative to the broader market and Growth equities. The valuation gap between Growth and Value stocks has reached historically extreme levels, with Growth stocks trading at a 130% premium to Value stocks. This valuation gap, combined with the potential for a shift in sentiment and improving asset flows as relative growth rates converge, serves as a catalyst for improved relative performance. | KVUE AMAT ORCL |
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| 2025 Q2 | Jul 8, 2025 | Manole Capital Management | - | - | AMZN, AXP, BAC, C, COF, COIN, COST, EEFT, FDX, FIS, JPM, MA, MGI, PYPL, SHOP, TGT, V, WFC, WMT, WU | Credit Cards, crypto, Fintech, payments, regulation, Stablecoins | Manager maintains focus on FINTECH sector defined as anything that utilizes technology to improve an established process. Discusses stablecoins as the most disruptive force in payments industry in over a decade, analyzing their impact on payment companies and viewing them more as opportunity than threat. | View | |
| 2025 Q2 | Jul 25, 2025 | Bretton Fund | 2.7% | - | AXP, AZO, BAC, BRK.A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | fundamentals, healthcare, insurance, technology, value | UnitedHealth Group faced severe challenges with Medicare Advantage patients consuming far more healthcare than expected, particularly public employee retirees, and OptumHealth division enrollees from exited plans requiring more care than anticipated. The company revised earnings guidance down significantly and management was replaced, but the stock now trades at attractive valuations around 10 times earnings. | UNH |
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| 2025 Q2 | Jul 15, 2025 | Smead Value Fund | -2.4% | -5.4% | AMGN, AXP, BRK-A, CSCO, CVE, DHI, DVN, EBAY, INTC, JPM, LEN, MAC, MRK, MSFT, NVR, OXY, SPG | energy, Homebuilders, Long Term, underperformance, value | The fund positions itself as a value-oriented strategy, drawing parallels to Warren Buffett's underperformance during the dot-com bubble. The managers emphasize their focus on neglected companies while money flows into popular growth stocks and the Magnificent Seven. | View | |
| 2025 Q2 | Jul 15, 2025 | GreensKeeper Value Fund | - | -3.6% | AXP, BRK.B, CFR.SW, ELVN, FI, GOOGL, ICE, LLY, MRK, NVO, V, VRTX | AI, GLP1, Luxury, Market Correction, Pharmaceuticals, Speculation, technology, value | Manager emphasizes value investing approach during speculative market conditions, focusing on capital preservation and buying quality companies when they trade below fair value. The fund trims positions trading above fair value while adding to undervalued opportunities. | NVO BRK.B FI CFR.SW GOOGL AXP CFR SW GOOGL AXP |
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| 2024 Q2 | Jul 12, 2024 | Parnassus Fixed Income Fund | 4.8% | 4.5% | ARE, AXP, CHRW, COF, D, DIS, GPN, MKC, MS, ORCL, SQ, XYL | Corporate Bonds, credit, duration, Esg, fixed income, rates | The fund added a new green bond issued by Dominion Energy during the quarter. Green bonds provide funding to help companies transition away from fossil fuels and into renewable energy sources, which the managers are excited to support as an attractive addition to the portfolio. | View | |
| 2025 Q2 | Jun 30, 2025 | The Gabelli Dividend Growth Fund | 6.3% | - | AMETEK, AMZN, AXP, BATRA, BK, BRK.A, CAT, CHWY, CNH, CR, CVS, CZR, DEERE, DTE.DE, ELAN, FOX, FRPT, IDXX, IVG.DE, MA, MFI.TO, MLI, MSFT, MSGS, NEM, NESN.SW, NFG, NFLX, NVDA, PETCO, RR.L, RSG, SBGI, SONY, TDS, TGNA, TMUS, TRATON.DE, TRUP, WBD, ZTS | AI, defense, gold, M&A, Pet Care, Sports, tariffs, Utilities | The Trump administration implemented sweeping tariffs on April 2nd (Liberation Day), creating significant market volatility. While initial tariff rates were very high, bilateral trade deals with the UK, China, Vietnam, and India reduced effective rates. The administration appears intent on rolling back globalization, with tariffs serving as both negotiation tactics and policy tools. | WCC KR |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli Equity Income Fund | 5.3% | - | AAPL, AMZN, AVGO, AXP, BRK.B, C, GOOGL, JNJ, JPM, LLY, MA, META, MRK, MSFT, NFLX, NVDA, ORCL, PFE, V, WFC | AI, defense, energy, gold, Sports, tariffs, technology, Utilities | Artificial intelligence continues to drive significant investment and growth across technology companies. Major AI infrastructure platforms maintained aggressive investment commitments with $330 billion in capex plans. ChatGPT usage doubled and commercial AI adoption accelerated across multiple sectors. | CR AXP |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli International Small Cap Fund | 13.8% | - | AAPL, AME, AMZN, AVGO, AXP, BATRA, BK, BMI, BMY, BRK.B, C, CAT, CHWY, CR, CVS, CVX, CW, DAN, DE, ELAN, EVRG, FRPT, GATX, GOOGL, GPC, HES, IDXX, ITT, JPM, KKR, LION, MA, META, MFI.TO, MLI, MSFT, MSGS, NEE, NEM, NFG, NFLX, NVDA, ORCL, PARA, RSG, SONY, SPGI, STT, T, TMUS, TRUP, V, WFC, ZTS | defense, energy, gold, Sports, tariffs, technology, Utilities | The Trump administration's tariff policies dominated market sentiment in Q2 2025, with Liberation Day (April 2) introducing sweeping tariffs that initially triggered a 21% market drawdown. However, a 90-day pause and bilateral trade agreements with key partners helped stabilize markets. The administration appears intent on rolling back globalization, with effective weighted average tariff rates potentially reaching 18%. | 5444 JP TCAP LN |
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| 2024 Q2 | Jun 30, 2024 | Trojan Fund from Troy Asset Management | - | 3.8% | AXP, DEO, GOOGL, HEINY, MSFT, NESN.SW, NVDA, UL, V | AI, Elections, gold, inflation, Multi-Asset, Politics, Uk, US | Markets have risen to new highs driven by excitement around vast investments into Artificial Intelligence, though fatigue is setting in with some questioning the potential return on billions invested into generative AI. The narrowness of returns with Nvidia alone accounting for 30% of the S&P 500 rally is concerning and often occurs late in market cycles. | View | |
| 2024 Q1 | May 7, 2024 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | healthcare, insurance, large cap, Quality, value | Progressive demonstrated strong performance by increasing prices and adding customers as accident rates rose. The company was early to raise prices and now finds its rates competitive again as competitors follow suit, leading to 19% revenue growth from premiums. | UNH |
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| 2025 Q1 | Apr 8, 2025 | GreensKeeper Value Fund | 3.0% | 3.0% | AXP, BRK-B, CFR.SW, CHKP, ELV, FI, GOOG, ICE, ICLR, LULU, SPGI, V, VRTX | Buybacks, financials, healthcare, Quality, technology, Trade Policy, value | Trump's tariff announcement has created significant market volatility, erasing over $6 trillion in market value. The manager views the escalating trade war as potentially damaging to all involved but emphasizes the need to evaluate portfolio company impacts objectively rather than making political investment decisions. | ICLR GOOG CHKP VRTX BRK-B |
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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 | SGA – Global Growth | -13.8% | -13.8% | ADYEN.AS, ARM, AXP, CP, HDB, IT, MSFT, TSM, UNH | AI, Geopolitical, Global Growth, payments, Quality, semiconductors, valuation | AXP MSFT HDB ADYEY CP TSM ARM |
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| 2024 Q1 | Apr 25, 2024 | GreensKeeper Value Fund | 4.7% | 16.7% | AXP, BRK-A, MRK, SNAP, SPGI | financials, large cap, Pharmaceuticals, Quality, Resilience, value | GreensKeeper maintains a steadfast focus on finding high-quality businesses trading at attractive earnings multiples. The firm restricts portfolio investments to situations that check all their investment boxes, requiring obvious undervaluation relative to earnings power and prospects. They emphasize that great opportunities are rare and fleeting, requiring preparation and conviction to make sizable bets when the right price is offered. | SPGI MRK AXP BRK-B |
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| 2024 Q1 | Apr 22, 2024 | JPMorgan Chase & Co | 0.0% | 0.0% | AAPL, AXP, BAC, BRK.A, C, COF, DFS, FITB, GS, JPM, MS, NTRS, UBS, WFC | AI, Banking, geopolitics, inflation, Leadership, policy, regulation, risk | JPMorgan Chase has grown its AI organization to over 2,000 experts and has 400+ use cases in production across marketing, fraud, and risk. The firm is exploring generative AI for software engineering, customer service, and operations, while investing in data migration to public cloud to unlock AI capabilities. | View | |
| 2026 Q1 | Apr 21, 2026 | Bretton Fund | -9.1% | -9.1% | AXP, AZO, BAC, BRK/B, DFH, EXP, GOOGL, MA, MCO, MSFT, NVR, ROST, SPGI, TJX, UNH, V | AI, Concentration, infrastructure, payments, technology, value | AXP |
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| 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 | Hosking Partners | 3.2% | 3.2% | 000660 KS, 005930 KS, 1662.T, AXP, CCO.TO, COF, DHT, GLW, HAFN.OL, III.L, INSW, JEF, LRCX, MOH.AT, MPC, MU, NE, PSK.TO, PSX, STX, SYF, TDW, UBS, VLO, WISE.L | AI, Capital Cycle, diversification, energy, Geopolitical, semiconductors | View | ||
| 2023 Q1 | Apr 18, 2023 | Kovitz Core Equity | 9.1% | 9.1% | ANET, AXP, GOOGL, J, KEYS, LVS, META, PM, PPG, PWR, V | AI, Banking, compounders, long-term, Quality, value | Rapid innovation in AI, particularly Microsoft's partnership with ChatGPT creator OpenAI to enhance Bing's search capabilities, is creating intensifying competition in search. This may lead to a period of change in how people interact with search and the Internet, potentially affecting Alphabet's dominant position. | 0PMJ LN KEYS 0JZ0 LN AXP PPG ^VIX |
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| 2024 Q1 | Apr 15, 2024 | Manole Capital Management | 0.0% | 0.0% | AAPL, AMZN, AXP, BRK-A, GOOGL, KO, META, MSFT, NVDA, TSLA | Economic Growth, Federal Reserve, Fintech, inflation, interest rates, payments, technology | Manager emphasizes FINTECH as core investment focus, expecting revenue and earnings growth at 2-3x the overall market. All holdings generate free cash flow with operating margins and ROE significantly higher than S&P 500 average. Environment remains positive for FINTECH stocks with companies executing on business fundamentals. | View | |
| 2026 Q1 | Apr 13, 2026 | Giverny Capital Asset Management | -6.9% | -6.9% | AME, AXP, CSU.TO, HWKN, IBP, KNSL, TSM, TWFG | Concentration, Quality, software, technology, value | AXP CSU.TO |
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| 2026 Q1 | Mar 31, 2026 | ClearBridge Investments Large Cap Value | - | - | AXP, BKNG, CMCSA, COF, DE, DIS, HON, JNJ, MSFT, OTIS, TMUS, XPO | AI, Cyclical, energy, industrials, large cap, Quality, value | HON BKNG TMUS AXP COF MSFT JNJ DE XPO |
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| 2025 Q1 | Mar 31, 2025 | Cullen Value Fund | 1.4% | 1.4% | AXP, AXTA, BAC, CI, GD, JNJ, KVUE, MDLZ, MDT, MS, PKG, RTX, SIE.DE, SRE, TFC | AI, defense, dividends, healthcare, industrials, tariffs, value | Value stocks significantly outperformed Growth in Q1 with Russell 1000 Value up 2.1% versus Russell 1000 Growth down 10.0%. Growth stocks trade at a 94% premium to Value stocks, well above the 57% historical average. The rotation into Value stocks is in early stages of a potentially longer-term resurgence presenting compelling investment opportunities. | View | |
| 2025 Q4 | Mar 1, 2026 | Berkshire Hathaway | - | 10.9% | 8001.T, 8002.T, 8031.T, 8053.T, 8058.T, AAPL, AXP, KHC, KO, MCO, OXY | Capital Allocation, energy, Float, insurance, Quality, Railroads, Underwriting, value | Berkshire's insurance operations generated pre-tax underwriting gains and grew float to $176 billion. The combined ratio of 87.1% across property and casualty businesses was exceptional. However, increased competition and rising claim cost trends may pressure future earnings. BNSF improved operating margin to 34.5% from 32.0% through operational improvements and efficiency gains. The railroad generated $8.1 billion in net operating cash flows and returned $4.4 billion in dividends to Berkshire. BHE operates regulated utilities serving 5.4 million customers and natural gas pipelines. The business faces significant investment needs driven by AI computing demand and wildfire risk mitigation, particularly in the Western U.S. Berkshire maintains its disciplined approach to capital allocation, seeking businesses with durable advantages and long-term economic prospects. The company holds over $370 billion in cash and U.S. Treasury holdings as dry powder for opportunities. The company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. | View | |
| 2025 Q4 | Feb 8, 2026 | SGA – U.S. Large Cap Growth | 0.2% | 3.0% | AAPL, AMZN, ARM, AVGO, AXP, COO, CRM, DHR, GOOGL, GWW, INTU, META, MSFT, NFLX, NKE, NOW, SPGI, V, WM, YUM | AI, growth, large cap, momentum, Quality, semiconductors, valuation | AI capital expenditures are expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability. Hyperscaler CapEx spending has reached historically high proportions of revenues and operating cash flows. The most attractive long-term AI opportunities reside with businesses building long-term value rather than companies exposed to cyclical swings. 2025 was characterized by extreme momentum dynamics with capital flowing into immediate winners while perceived losers saw unprecedented pressure. Market leadership concentrated in lower-quality, speculative, and cyclically sensitive stocks. The momentum trade has been exceptionally profitable short-term but timing the inevitable reversal remains challenging. Quality growth companies with stable fundamentals have seen relative valuations plummet to lowest levels in decades while cyclicals trade at historically high levels. The portfolio focuses on reliable and durable growth companies with lower variability that continue to compound earnings and cash flows attractively despite not being rewarded by the market currently. Semiconductor and AI capital equipment stocks were among market darlings, buoyed by massive AI infrastructure spending. However, purely cyclical sectors exposed to hyperscaler CapEx growth rates will have a shorter runway of growth left as further upward growth revisions become challenging. | ALC YUM IT META MSFT ARM AVGO CRM COO GOOG |
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| 2024 Q4 | Feb 6, 2025 | Bretton Fund | -1.0% | 20.3% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | consumer, financials, healthcare, technology, value | Dozens of new AI companies like OpenAI, Anthropic, and DeepSeek offer compelling alternatives to Google's search monopoly. Google has created Gemini AI app that is on par with competitors, but it's not the dominant platform like Google search. Microsoft has become the go-to provider of computing services for emerging AI companies, benefiting from the AI arms race. | UNH DFH NVR AZO GOOGL AXP PGR |
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| 2025 Q4 | Feb 20, 2026 | Aquamarine | 0.0% | 0.0% | 1211.HK, AXP, BAC, BRK-A, EXO.MI, IEX.NS, MA, MC.PA, MCO, NESN.SW, RACE | Compounding, global, Health, large cap, liquidation, Quality, value | The manager emphasizes shifting toward durable, time-friendly compounders where time is our friend and the range of outcomes runs from decent to superb with very low chance of permanent loss. He focuses on companies that can rinse, repeat, and grind through, moving away from binary outcomes toward inevitable businesses. The portfolio review demonstrates a value-oriented approach, learning from masters like Warren Buffett and Charlie Munger. The manager reverse-engineered thinking from successful value investors and applied similar principles to find undervalued companies with strong fundamentals across various markets. | View | |
| 2025 Q4 | Feb 12, 2026 | Bretton Fund | 1.4% | 11.6% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | AI, Banking, consumer, financials, Housing, technology, value | The fund views the overall market as fairly elevated but not in bubble territory regarding AI, though some parts of the AI craze appear bubble-like. Alphabet's AI chatbot Gemini exceeded expectations and was on par with leading AI models, contributing significantly to performance. The managers are comfortable missing out on highly speculative AI investments while focusing on long-term value. Banks had a strong year due to increased lending, reduced regulation, and moderately high interest rates. American Express cardholders continue spending with high payment rates, while the Platinum Card remains desirable despite competition. Credit and banking environment remained strong throughout the period. Off-price retailers TJX and Ross returned to form after struggling during post-Covid inflation, with strong stock performance. AutoZone faced challenges navigating tariff impacts on earnings, though the consolidated auto parts retail market historically passes through price increases. Consumer spending patterns showed resilience in certain segments. Housing investments had a weak year as high interest rates and hopes for lower rates left potential buyers on the sidelines. Home builders initially held up well when rates first rose in 2022, but continued high rates eventually impacted demand. The managers expect pent-up housing demand to eventually drive performance once the market unfreezes. | RVTY GOOG UNH |
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| 2024 Q4 | Feb 11, 2025 | Artemis Global Select Fund | 2.7% | 10.1% | 6861.T, AENA.MC, AMZN, AVGO, AXP, DG.PA, DGE.L, EL, ELV, FI, GOOGL, NVO, OTIS, TSLA, TSM, UBER, VMC, WFC | financials, global, industrials, infrastructure, payments, tariffs, technology | American Express was purchased based on its strong brand positioning and network effects with high-income customers. The company benefits from reward benefits funded by partners and membership fees creating customer stickiness. Card network revenues, membership and spend per card continue growing while higher rewards appear to increase usage. | OTIS WFC VMC AXP |
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| 2025 Q3 | Dec 9, 2025 | RGA Investment Advisors | - | - | AAPL, AXP, COF, DFS, GOOGL, MA, NVDA, PLTR, V | AI, Banking, Concentration, healthcare, Networks, payments, Search, technology | AI is dominating market performance and sucking the air out of everything else. Google has evolved from facing an AI threat to becoming a dominant AI player with vertical integration advantages across semiconductors, hardware, models, consumer, and enterprise. The company's proprietary TPU chips and integration of AI into search positions it as a low-cost provider in the AI ecosystem. | View | |
| 2025 Q4 | Dec 31, 2025 | Fortress – Fixed Income Fund | 0.6% | 5.5% | 005930.KS, 0700.HK, 1288.HK, 1585.HK, 1878.T, 2318.HK, 392.HK, 3968.HK, 6920.T, 8035.T, 916.HK, ACN, AMAT, AXP, BABA, BBDO, BNZL.L, BRK.B, BTI, CHTR, FMC, GMEXICOB.MX, GRMN, HSY, ITUB, IX, JNJ, LOGI, MC.PA, MRK, NTES, NVO, ORLY, PDD, PHM, ROG.SW, SBS, SNA, TSM, UNH, VALE, VRTX, WKL | AI, Bonds, emerging markets, healthcare, international, technology, Trade Policy, value | Artificial intelligence remained the primary focus for investors in U.S. markets, driving strength in technology names while masking moderation in other economic areas. The AI investment boom continued to power corporate capital expenditures and supply growth, though consumer confidence readings suggest potential underlying softness that could emerge if AI investment moderates. The manager sees excellent value opportunities globally, particularly in international and emerging markets despite strong recent performance. U.S. healthcare and consumer staples have been left behind by the AI frenzy and trade at appealing valuations. Portfolio companies show attractive price/earnings ratios with meaningful long-term return potential. Recent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. | View | |
| 2025 Q4 | Dec 31, 2025 | Green Ash Partners | - | - | 6954.T, 9984.T, AENA.MC, AIR.PA, AMZN, ASML, AXP, FER.MC, FTC.L, FWONK, GE, MA, MSFT, NG, PNG.TO, SAF.PA, SATS, TSLA, TSM, V | Hedge, Leverage, Monopolistic, Quality, SpaceX, special situations | The fund has high conviction exposure at close to 20% of NAV to SpaceX through holdings in Echostar and Filtronic, both publicly listed proxies for SpaceX. The manager published a white paper on these holdings titled SpaceX the Central Bank of the Space Economy and Its Public-Market Proxies. SpaceX represents an earlier stage monopolistic business with attractive growth rates and durable moats. The manager notes that the AI era helps accelerate deep dive research even further, emboldening their advantage in capturing market inefficiency time windows. AI enables the fund to significantly increase the velocity of deep dive research and associated capital allocation decisions. The fund focuses on high barriers to entry, monopolistic, high quality compounding stocks as an engine backing their approach. The manager specifically limits selections to monopolistic businesses, whether long established or earlier in their lifecycle where durable moats exist but are only identifiable through rigorous research. | View | |
| 2024 Q4 | Dec 31, 2024 | Ganes Focused Value Fund | - | 5.9% | AMZN, APE.AX, ARB.AX, AUB.AX, AXP, DDR.AX, DMP.AX, GOOGL, LOV.AX, MA, MFF.AX, NHC.AX, PWH.AX, RDX.AX, REH.AX, V | Australia, Concentration, long-term, Quality, retail, technology, value | The fund maintains a concentrated portfolio approach with top 10 holdings representing approximately 80% of the portfolio. This concentration has driven long-term outperformance but creates short-term volatility when individual holdings underperform. The manager emphasizes this concentrated strategy as their north star for finding high quality companies to own long-term. | DMP.AX MFF.AX PWH.AX LOV.AX |
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| 2024 Q4 | Dec 31, 2024 | Mairs & Power – Balanced Fund | - | 9.6% | AMP, AVGO, AXP, CASY, FISV, GGG, JPM, LFUS, LLY, MDT, MSI, NEOG, NTRS, NVDA, PG, ROK, TTC, UNH, UPS, WFC | AI, Balanced, financials, healthcare, industrials, semiconductors, small caps, technology | The fund acknowledges AI as a key driver of mega cap technology performance in 2024, though their diversified approach left them underexposed to this narrow leadership group. UnitedHealth is aggressively deploying AI technology across its business to create enduring operating efficiencies. JPMorgan has been investing heavily in AI deployment across its businesses, positioning it well for outsized earnings growth compared to peers. | View | |
| 2024 Q4 | Dec 31, 2024 | Vision Capital | - | - | 0700.HK, 3690.HK, AAPL, AMZN, AXP, DIS, GOOGL, JD, KO, MELI, META, MSFT, NU | compounders, growth, long-term, Quality, technology, value | The fund emphasizes investing in quality businesses with strong fundamentals, using a framework that moves from quantifiable metrics to qualitative aspects like culture and mission. Quality is viewed as dynamic and evolving, with preference for companies that demonstrate quality early before it becomes apparent to others. | View | |
| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments Large Cap Value | - | - | AVGO, AXP, BAC, BDX, COF, CVS, DE, ELV, INTC, JPM, MCHP, MCK, ORCL, PEP, SRE, TMO, UNH, V, XPO | financials, healthcare, materials, Quality, technology, Utilities, value | The Strategy follows a diversified, valuation-sensitive approach investing in high-quality franchises within durable, growing markets at reasonable valuations. The managers saw a large valuation divergence in 2024 that provided opportunities as high-quality companies weren't attracting capital. They maintained valuation discipline by trimming positions in American Express and JPMorgan Chase due to strong performance. | View | |
| 2024 Q4 | Dec 31, 2024 | Aquamarine | - | 18.6% | 1211.HK, AXP, BAC, BRK-B, MA, MC.PA, NESN.SW, RACE | brands, Compounding, long-term, Luxury, Quality, value | Manager emphasizes luxury brands as powerhouse investments, highlighting Ferrari's Formula 1 success and brand strength. Discusses the unique allure of luxury brands like Hermès and their ability to command premium pricing and customer loyalty. Notes the importance of share of mind in luxury markets and the barriers to entry for smaller competitors. | MC.PA ISRG NESN.SW 1211.HK RACE |
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| 2023 Q4 | Dec 31, 2023 | Aquamarine | - | 18.7% | 1211.HK, AAPL, AXP, BABA, BAC, BRK-B, GOOGL, MA, MCO, NESN.SW, RACE | Compounding, India, long-term, Patience, Quality, value | The fund's core strategy focuses on long-term compounding through patient ownership of exceptional businesses. The manager emphasizes that compounding is what matters most and will get them to the promised land over time. | View | |
| 2022 Q4 | Dec 31, 2022 | Aquamarine | - | -21.0% | 1211 HK, AXP, BAC, BRK/A, CDLX, CVNA, GOOG, IEX IN, MKL, NESN SW, OXY, RACE IM, ROKU, SNOW, SQ, TSLA | - | View | ||
| 2021 Q4 | Dec 31, 2021 | Aquamarine | - | 23.8% | 1211 HK, AAPL, AMZN, AXP, BAC, BRK/A, FDJ FP, GOOG, IEX IN, MA, MSFT, NESN SW, NET, TSLA, WE, ZM | - | View | ||
| 2020 Q4 | Dec 31, 2020 | Aquamarine | - | 11.3% | 1211 HK, AMZN, AVB, AXP, BAC, BRK/A, GME, MA, NESN SW, NGLX, RACE IM, SRG, STLA | - | View | ||
| 2018 Q4 | Dec 31, 2018 | Aquamarine | - | -13.3% | AAPL, AMZN, AXP, BAC, BRK/A, COST, DUFF, GM, GOOG, JPM, RACE IM, TSLA | - | View | ||
| 2014 Q4 | Dec 31, 2014 | Aquamarine | - | 5.5% | AXP, BRK/A, C, ENLC, GOOG, META, NTRS, UBSG SW | - | View | ||
| 2025 Q3 | Nov 16, 2025 | The Gabelli ABC Fund | 3.0% | - | AAPL, AMETEK, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, MSGS, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, energy, financials, gold, M&A, rates, technology, Trade | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | OR US ECG US |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Dividend Growth Fund | 6.8% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CHWY, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, gold, growth, M&A, Markets, rates, technology, Trade | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | MSGS US |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Equity Income Fund | 6.1% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, Buybacks, defense, gold, M&A, rates, Trade, Utilities | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | POLR LN 3110 JP |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Global Content & Connectivity Fund | 12.3% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, COST, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, Federal Reserve, gold, M&A, Pet Care, technology, Trade Policy, Value Investing | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to ~$380bn. | View | |
| 2024 Q3 | Oct 28, 2024 | Parnassus Value Equity Fund | 7.3% | 13.7% | AMZN, AXP, BAC, BALL, BIIB, BK, CBRE, CHTR, DE, DHI, GOOGL, INTC, MU, ORCL, PGR, SCHW, SPGI, SYY, UNH, VZ | financials, healthcare, large cap, rates, technology, value | The fund pursues strong risk-adjusted returns by owning a concentrated portfolio of U.S. large cap stocks that are temporarily out of favor relative to their history or peers. Recent additions of UnitedHealth Group and Amazon exemplify purchasing high-quality businesses at discounted valuations during temporary issues. | AMZN UNH |
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| 2024 Q3 | Oct 24, 2024 | Bretton Fund | 10.0% | 0.0% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | financials, growth, Homebuilders, insurance, materials, technology, value | Progressive is highlighted as the most sophisticated auto insurer, leveraging vast driver data to recognize shifts in driver behavior and collision costs. The company was early to raise rates in 2021 to offset higher post-Covid costs, temporarily losing customers but now benefiting from comparatively attractive rates and highly profitable growth with premiums up 20% year-over-year. | GOOGL PGR |
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| 2025 Q3 | Oct 22, 2025 | Bretton Fund | 8.2% | - | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | Antitrust, consumer, financials, healthcare, retail, technology | The fund benefited from favorable antitrust ruling for Alphabet's Google, where the judge mandated only limited sharing of search data rather than implementing harsher penalties like divesting Chrome browser or Android operating system. This left Google's core search business essentially intact, driving significant outperformance. | UNH GOOGL |
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| 2022 Q3 | Oct 21, 2022 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BRK/A, DFH, GOOG, JPM, MA, MCO, MSFT, NVR, PGR, PKI, PRK, ROST, SPGI, TJX, UNH, UNP, V | - | View | ||
| 2024 Q3 | Oct 20, 2024 | Lindsell Train | 2.9% | 9.3% | ADBE, AXP, DIS, EFX, EL, FICO, GOOGL, INTU, ORCL, PYPL, SPGI, TKO, TROW, V | Asset Management, Concentration, dividends, financials, technology, value | T. Rowe Price represents the only asset manager holding in the portfolio, facing industry headwinds from the shift to passive investing and fee pressures. Despite these challenges, the manager believes T. Rowe's scale, brand strength, and US equity expertise position it well for long-term resilience and potential double-digit shareholder returns. | TROW |
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| 2023 Q3 | Oct 20, 2023 | Bretton Fund | 10.0% | 0.0% | AXP, GOOGL, JPM, MA, MSFT, PGR, SPGI, TJX, UNH | Concentration, large cap, Quality, technology, US, value | Alphabet continued its rebound from concerns that AI platforms like ChatGPT would disrupt Google's advertising business model. While these large language models are incredible, their commercial risk to Google's core advertising business remains unclear. Google launched its own ChatGPT competitor called Bard, which works well, and investors have become increasingly optimistic about the company's AI prospects. | 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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| 2023 Q3 | Oct 17, 2023 | Kovitz Core Equity | -3.0% | 14.8% | AXP, BX, DEO, DIS, EXPE, HAS, KEYS, KMX, PM, SPLK | credit, Economic Resilience, inflation, interest rates, long-term, Portfolio Management, value | Federal Reserve raised rates from 0.00%-0.25% to 5.25%-5.50% over 14 months in the fastest tightening cycle in history. Long-term bond yields surged with 10-year Treasury rising from 3.8% to 4.6%. Higher rates creating challenges for borrowers but opportunities for bond investors with real returns now exceeding 2%. | 0PMJ LN KEYS ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO DEO AXP |
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| 2023 Q3 | Oct 16, 2023 | Smead Value Fund | 5.1% | 11.1% | AMGN, AXP, BAC, COP, DHI, LEN, MRK, NVR, OVV, OXY, PFE, PXD, SPG, TGT, UHAL, XOM | Bear Market, commodities, Financial Euphoria, Homebuilders, Millennials, oil, value | The fund sees a once-in-a-lifetime opportunity in oil and gas shares, believing they are in the early stages of a commodity super-cycle. Oil and gas stocks have dramatically underperformed the price of oil this year, creating an excellent short-term buying opportunity. The fund expects consolidation in the industry with 40% of existing companies potentially merging into larger entities within 10 years. | View | |
| 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 Q3 | Oct 13, 2025 | GreensKeeper Value Fund | 4.0% | 0.2% | ADBE, AXP, BRK-A, CBOE, CFR.PA, FI, GD, GOOG, ICE, ICLR, NVO, V | AI, Capitalism, defense, GLP1, healthcare, technology, Trade Policy, value | Alphabet's Gemini AI models are gaining momentum, with Gemini gaining meaningful share of Global Search Instances at ChatGPT's expense. The company launched Gemini Enterprise with enterprise security and privacy features. Adobe faces concerns that AI products pose a threat to its core Photoshop and Illustrator franchises, though the manager believes Adobe is well-positioned to integrate AI into its Creative Cloud suite. | ADBE NVO FI GD ICLR GOOG |
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| 2024 Q3 | Oct 10, 2024 | GreensKeeper Value Fund | 4.7% | 16.7% | AXP, BRK-A, CSCO, FI, GOOGL, MRK | alignment, concentrated, long-term, Quality, Skin in Game, value | The fund maintains a concentrated value investing approach, focusing on companies trading below intrinsic value. The manager emphasizes long-term capital appreciation through disciplined stock selection and patient capital deployment. | MRK GOOGL FI AXP BRK-B |
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| 2024 Q4 | Jan 7, 2025 | Horos Asset Management | 1.9% | 11.8% | AAPL, AMZN, AXP, CSCO, DIS, GOOGL, KO, LBTYA, MCD, META, MSFT, NVDA, PG, PYPL, TSLA | Concentration, contrarian, Europe, Market Risk, Spain, Telecommunications, value | The fund maintains a disciplined value investing approach, focusing on acquiring stocks with attractive risk-return trade-offs regardless of market trends. They emphasize contrarian positioning against trend-following investors who dominate current markets. | ZEGN.L |
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| 2025 Q4 | Jan 30, 2026 | Unison Asset Management | 0.0% | 0.0% | AAPL, AMAT, AXP, BAC, BRK-B, CDW, DE, ELV, GOOGL, JPM, LMT, META, NOC, NU, NVDA, ONON, TSLA, TSM, UNH, WFC | AI, Cloud, Long Term, semiconductors, technology, value | AI continues to assert itself across markets and the real economy in ways that demand to be addressed. The race is for AGI, with wealth accruing to whoever reaches it first. Big Tech's AI spending accounts for roughly 90% of corporate capex and contributes an estimated half of total U.S. GDP growth in 2025. TSMC represents a durable bottleneck in the infrastructure layer—the point of least slack in the global silicon supply chain. All roads lead to TSMC, with approximately 67% share of global foundry revenue and roughly 90% share of leading-edge nodes. Alphabet's cloud business made meaningful progress with revenue expected to reach approximately $57 billion (+32% YoY), while operating profit is projected to nearly double. Revenue backlog is growing faster than reported revenue, underscoring the persistent supply-demand imbalance. By designing proprietary silicon and committing to capital outlays for data centers on a financial scale attainable by only a handful of nation-states, these firms have constructed a physical moat that is, for all practical purposes, unreplicable. On Holding represents a play on the growing scarcity of the real. As digital marketing becomes commoditized and AI floods the world with generic content, value migrates toward physical community and technical prestige. On is selling membership in a curated, physical ecosystem that AI cannot replicate. | AMRZ HOLN SW NU ONON BRK.B TSM GOOGL |
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| 2025 Q4 | Jan 26, 2026 | Davis Financial Fund | 0.0% | 29.3% | AXP, BAER.SW, BK, BRK-A, CB, COF, D05.SI, DIS, FI, FITB, JPM, MKL, PNC, RE, RKT, RNR, USB, WFC | Banking, capital, financials, insurance, regulation, returns, value | Banks continue to represent the majority of holdings with strong tailwinds across credit, spreads, expenses, and regulation. Interest spreads have begun widening as fixed rate assets roll over at higher yields, revealing attractive economics of low-cost deposit franchises. Many banks are generating returns on tangible equity in the mid-to-high teens with management targets suggesting sustainability in the medium term. Capital markets firms were among the drivers of S&P Financials Index performance and contributed to fund outperformance. The regulatory environment has been moving in a favorable direction with capital rules being finalized that are far less onerous than under the prior administration. Regulators are more willing to consider M&A transactions with relief on certain supervisory limitations. Property & casualty reinsurers were added to the portfolio as capital was redeployed from trimmed bank positions. Pricing trends in insurance markets have been strong in recent years. Chubb has consistently generated returns on equity comfortably ahead of the industry owing to advantaged lines of business with disciplined underwriting and operating culture. Payments and consumer lending companies were the biggest contributors to relative performance including Capital One, American Express and Rocket Companies. Capital One's transformational acquisition of Discover Financial closed with anticipated annual cost synergies of $1.5 billion and network synergies of $1.2 billion from transitioning card volumes into Discover's networks. Financial stock valuations have begun to reset higher with price-to-tangible book value multiples expanding by over 70% on average in the past three years. The portfolio in aggregate is valued at approximately 13x this year's earnings, representing a significant discount to both the broader S&P 500 Index and S&P Financials Index. | CB WFC COF |
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| 2025 Q4 | Jan 23, 2026 | GreensKeeper Value Fund | 0.0% | 0.0% | ADBE, AXP, BRK-B, CBOE, CFRUY, CHKP, ELV, FISV, GOOG, ICE, ICLR, LULU, MRK, NVO, SPGI, V, VRTX | AI, Concentration, Discipline, financials, Luxury, technology, value | The dominant narrative of 2025 was the market's evolving view of Alphabet's search business in an AI-first world. Alphabet aggressively transformed its research into consumer-ready products, deployed Gemini 3 which led key performance benchmarks, and launched AI Overviews within search. The company's proprietary Tensor Processing Units allowed efficient scaling while avoiding the Nvidia Tax. The fund maintains a disciplined value approach, refusing to abandon discipline simply because the market has become expensive. They deliberately prioritized capital preservation by trimming positions that reached price targets. The manager emphasizes that even wonderful businesses are not worth infinite prices and allocates capital elsewhere when valuations become stretched. Richemont's Jewelry Maisons continued to outperform the broader luxury market with stabilization of the Chinese consumer. The company maintained pricing integrity and brand stewardship, avoiding aggressive price hikes that peers used. This long-term thinking proved superior as luxury peers eroded brand value through discounting while Richemont maintained prestige. | ADBE ICLR NVO LULU FISV CFRUY AXP GOOG |
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| 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 Q4 | Jan 12, 2025 | GreensKeeper Value Fund | - | 23.6% | AXP, BRK.B, CBOE, CFR.SW, CHKP, CSCO, ELV, FI, GD, GOOGL, HSY, ICE, LMT, LULU, MC.PA, MRK, SHVA.TA, SPGI, V, VRTX | global, healthcare, insurance, payments, Quality, technology, value | Manager emphasizes purchasing high-quality companies with large margin of safety at material discounts to intrinsic value. Focuses on companies with sustainable competitive advantages and strong economics while avoiding overpriced securities. | 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 | Bronte Capital Amalthea Fund | -3.7% | 0.0% | AXP, BAC, BMY, BRK-B, C, COF, DFS, GOOGL, JPM, KRTX, REGN, SMMT, V | Antitrust, Biotechnology, Hedge Fund, Long/Short, payments, Short Selling | Fund discusses multiple biotech investments including Regeneron's platform for drug development using genetically modified mice and genetic databases. Also covers failed short position in Karuna Therapeutics which was acquired by Bristol-Myers Squibb for $14 billion, and Summit Therapeutics which developed a bispecific cancer drug targeting PD1 and VEGF pathways. | DFS V REGN |
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| 2024 Q3 | Sep 30, 2024 | The Gabelli Dividend Growth Fund | 5.0% | 0.0% | AAPL, AMZN, AXP, C, CARR, EPC, GOOGL, JPM, MDLZ, MRK, NXPI, SLB, TMUS | AI, financials, rates, technology, Utilities, value | Federal Reserve cut rates by 50 basis points in September, with 10-year Treasury yield falling 55 basis points to 3.81%. Lower rates benefited financial and utility stocks significantly. | View | |
| 2023 Q4 | Sep 2, 2024 | Bretton Fund | 10.0% | 0.0% | AXP, GOOGL, JPM, MA, MSFT, PGR, SPGI, TJX, UNH | concentrated, large cap, Quality, technology, US, value | Alphabet continued its rebound from concerns that AI platforms like ChatGPT would disrupt Google's advertising business model. While these large language models are incredible, their commercial risk to Google's core advertising business remains unclear. Google launched its own ChatGPT competitor called Bard, which works well, and investors have become increasingly optimistic about the company's AI prospects. | View | |
| 2023 Q2 | Aug 15, 2023 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, PKI, ROST, SPGI, TJX, UNH, UNP, V | AI, consumer discretionary, financials, Homebuilders, insurance, technology | Artificial intelligence appears promising and drove strong performance for tech holdings Alphabet and Microsoft. AI offers promise for drug discovery and development, with potential to sort molecules for therapeutic promise more effectively than ever. | View | |
| 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 24, 2024 | Bretton Fund | 10.0% | 0.0% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | Building Materials, financials, Homebuilders, large cap, Quality, technology, value | The fund sees long-term demand for wallboard and cement driven by structural housing shortage and infrastructure spending. Eagle Materials benefits from competitive advantages including low-cost gypsum sources, transportation barriers creating regional oligopolies, and locations in fast-growing Sun Belt markets. | EXP |
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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 | |
| 2024 Q2 | Jun 30, 2024 | Oakmark Select Fund | 8.1% | 0.0% | AXP, CNC, EOG, FCNCA, GOOGL, IQV, KKR, LAD, PAYC, SCHW | Communication Services, financials, healthcare, industrials, large cap, technology, value | The fund focuses on purchasing shares in a diversified set of undervalued securities, believing such value investments will generate strong returns over the long term. Management emphasizes buying quality companies at attractive valuations. | CNC |
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| 2024 Q2 | Jun 30, 2024 | Lindsell Train | 2.9% | 9.3% | ADBE, AXP, DIS, EFX, EL, FICO, GOOGL, INTU, NKE, ORCL, PYPL, SPGI, TKO, V, VRSK | AI, Athleisure, Concentration, consumer discretionary, large cap, North America, technology, valuation | Adobe's AI capabilities are expanding their addressable market by bringing in more users while upselling existing ones. The company has been able to monetize its AI investments, which is only possible for businesses with differentiated products and genuine moats. Adobe credits AI with assisting and amplifying human ingenuity and enhancing productivity. | NKE ADBE |
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| 2024 Q2 | Jun 30, 2024 | BlackRock Global Dividend Fund | 7.2% | 14.8% | AAPL, AXP, AZN, CRM, GOOGL, MC.PA, MSFT, NESN.SW, NVDA, NVO, PRU, RELX.L, TSM, TXN, UNH, UNP | dividends, global, healthcare, Quality, technology | TSMC continued to draw strength from its strategic position in artificial intelligence chip manufacturing, which drove both demand growth and pricing power for leading-edge chips. The fund added IT exposure through Alphabet and Salesforce during the quarter. | View | |
| 2023 Q1 | May 23, 2023 | ClearBridge Investments Large Cap Value | 0.0% | 0.0% | AXP, BAC, BDX, COP, CVX, DISH, ELV, GOOGL, HON, JNJ, JPM, MCK, META, MSFT, MSI, PGR, SCHW, TEL, UNH, USB | Banking, financials, healthcare, large cap, Quality, technology, value | The banking crisis in March highlighted risks in less diversified banks with concentrated deposit bases. The strategy's bias toward larger banks with strong deposit bases provided defensive positioning during the selloff. | MCK ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AVGO|LLY|MRK|NVDA|ORCL|PGR SCHW |
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| 2025 Q1 | Apr 23, 2025 | Bretton Fund | -1.0% | -1.0% | AXP, AZO, BAC, BRK-A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | durability, Franchises, Pricing Power, tariffs, Trade Policy, value | The fund discusses the current administration's frequent U-turns on tariff policy, attempting to balance imposing high tariffs while preventing market crashes. They view trade wars as wealth-destructive and believe the current policies will eventually end. | View | |
| 2023 Q1 | Apr 21, 2023 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, PKI, ROST, SPGI, TJX, UNH, UNP, V | Banking, healthcare, Housing, technology, value | Regional banking crisis emerged with Silicon Valley Bank and First Republic facing deposit flight and liquidity issues. Megabanks like JPMorgan and Bank of America expected to benefit from flight to quality and increased regulation of community banks. | ABAC JPM CNVRG PM AAPL|MSFT|NFLX|NVDA|UNH |
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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 Q4 | Feb 24, 2024 | Berkshire Hathaway | 0.0% | 0.0% | 8001.T, 8002.T, 8031.T, 8053.T, 8058.T, AXP, KO, OXY | energy, insurance, long-term, Railroads, Utilities, value | Property-casualty insurance performed exceptionally well in 2023, setting records in sales, float and underwriting profits. The business provides the core of Berkshire's well-being and growth, with 57 years of experience and room for expansion despite nearly 5,000-fold volume increase. | View | |
| 2023 Q4 | Feb 23, 2024 | Semper Augustus | 0.0% | 10.8% | AAPL, AMZN, AXP, BAC, BRK-A, COST, CVX, DG, GOOGL, KHC, KO, META, MSFT, NVDA, OXY, TSLA | Berkshire, Buybacks, China, energy, inflation, value | Portfolio trades at 10.3x earnings versus S&P 500's 22.3x multiple, representing significant undervaluation. Manager emphasizes buying quality businesses at discounts to intrinsic value as core investment philosophy. | View | |
| 2024 Q4 | Feb 22, 2025 | Berkshire Hathaway | - | 25.5% | 0700.HK, 7203.T, AAPL, AMZN, AXP, BAC, BHP.AX, BP.L, CVX, HSBA.L, KHC, KO, MC.PA, MCO, MSFT, OXY, RELIANCE.NS, SAP.DE, SHOP.TO, TSLA | energy, insurance, long-term, Manufacturing, Railroads, value | Insurance remains Berkshire's core business with significant underwriting profits and float generation. GEICO showed spectacular improvement under Todd Combs' leadership, while property-casualty pricing strengthened due to climate-related damage increases. | View | |
| 2022 Q4 | Feb 14, 2023 | Bretton Fund | 10.0% | 0.0% | AXP, BRK/A, GOOG, JPM, MSFT, TJX, UNH | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Manole Capital Management | 0.0% | 0.0% | AAPL, AFRM, AMZN, AXP, BRK-A, GOOGL, KO, META, MSFT, NVDA, PYPL, SHOP, SQ, TSLA | consumer, E-Commerce, Fintech, inflation, payments, rates, technology | Manager focuses on FINTECH businesses as their core investment strategy, analyzing how these companies perform in the current economic environment. They model revenue growth, operating margins, and cash flow for their FINTECH portfolio companies. The letter emphasizes their bottom-up fundamental research approach to understanding FINTECH business prospects. | View | |
| 2023 Q4 | Jan 28, 2024 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | AAPL, AXP, CRM, ECL, ENTG, FI, GGG, GOOGL, HRL, HSY, LLY, MSFT, NTRS, NVDA, RHHBY, SHW, TECH, TTC, TXN, V | Balanced, Consumer Staples, financials, growth, healthcare, inflation, technology, value | The fund notes investor enthusiasm for the emerging artificial intelligence market, which aided mega cap technology leadership. Microsoft has an emerging leadership position in AI, while Salesforce benefited from strong demand for AI offerings. | View | |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| May 12, 2026 | Fund Letters | ClearBridge Investments Large Cap Value | American Express Company | Credit Services | Consumer Finance | Bull | New York Stock Exchange | consumer finance, Credit Underwriting, High quality, Payments, premium cards | View Pitch |
| May 7, 2026 | Fund Letters | Giverny Capital Asset Management | American Express Company | Credit Services | Consumer Finance | Bull | New York Stock Exchange | consumer finance, Millennial Growth, Premium credit cards, prime borrowers, return on equity, Rewards Programs, Status Brand, transaction fees | View Pitch |
| Apr 30, 2026 | Fund Letters | SGA - Global Growth | American Express | Credit Services | Consumer Finance | Bull | New York Stock Exchange | Affluent Customers, billings growth, consumer finance, credit cards, Equity, international expansion, Merchant Network, operating leverage, Payments | View Pitch |
| Apr 28, 2026 | Fund Letters | Oakmark Select Fund | American Express | Financials | Consumer Finance | Bull | NYSE | Closed-Loop, competitive moat, consumer finance, credit cards, High-Spending Customers, Payment Networks, Premium Brand | View Pitch |
| Apr 28, 2026 | Fund Letters | Kovitz Core Equity | American Express | Financials | Consumer Finance | Bull | NYSE | Affluent Customers, consumer finance, credit cards, defensive, financial services, Premium Brand, ROE, Value | View Pitch |
| Apr 27, 2026 | Fund Letters | Kovitz Core Equity | American Express Company | Financials | Consumer Finance | Bull | NYSE | consumer finance, credit cards, Gen Z, Millennials, Premium Brand, Recession-Resilient, returns on equity, Travel Recovery, Value | View Pitch |
| Apr 23, 2026 | Fund Letters | Bretton Fund | American Express Company | Credit Services | Consumer Finance | Bull | New York Stock Exchange | AI disruption, consumer finance, credit cards, digital infrastructure, financial services, Fraud prevention, network effects, payment processing | View Pitch |
| Apr 13, 2026 | Fund Letters | GreensKeeper Value Fund | American Express Company | Financials | Consumer Finance | Bull | NYSE | affluent consumers, credit cards, Equity, Gen Z, growth, Merchant Fees, Millennials, premium segment | View Pitch |
| Apr 13, 2026 | Fund Letters | GreensKeeper Value Fund | American Express Company | Financials | Consumer Finance | Bull | NYSE | Commercial Payments, consumer finance, credit cards, Expense Management, Gen Z, Millennials, network effects, working capital | View Pitch |
| Apr 13, 2026 | Fund Letters | GreensKeeper Value Fund | American Express Company | Financials | Consumer Finance | Bull | NYSE | affluent consumers, credit cards, Exclusive Access, financial services, Gen Z, Millennials, network effects, premium services | View Pitch |
| Apr 13, 2026 | Fund Letters | Bretton Fund | American Express Co. | Financials | Consumer Finance | Bull | NYSE | Affluent Demographics, Brand Premium, consumer finance, Expense Control, Premium credit cards, Revenue Growth, Younger Cardholders | View Pitch |
| Apr 13, 2026 | Fund Letters | Artemis Global Select Fund | American Express | Financials | Consumer Finance | Bull | NYSE | consumer finance, credit cards, High-Income Demographics, membership model, network effects, Payment Networks, Premium Brand | View Pitch |
| Feb 21, 2026 | Fund Letters | George Bolton | American Express Company | Financials | Consumer Finance | Bull | New York Stock Exchange | consumer, Credit, Employment, gdp, Payments | View Pitch |
| Jan 27, 2026 | Fund Letters | Michael McCloskey | American Express Co. | Financials | Consumer Finance | Bull | New York Stock Exchange | Brand, consumer spending, Credit, Margins, Payments | View Pitch |
| Jan 8, 2026 | Fund Letters | Mario J. Gabelli | American Express Company | Financials | Consumer Finance | Bull | New York Stock Exchange | Deposits, Emerging, Lending, Millennials, network, Payments, resilience, spending | View Pitch |
| Dec 6, 2025 | Fund Letters | Michael McCloskey | American Express Company | Financials | Credit Services | Bull | NYSE | Cards, consumer, network effect, Payments, spending | View Pitch |
| Oct 27, 2025 | Substack | Rijnberk Invest Insights | American Express | Financials | Credit Services | Bull | American Express, closed-loop payments network, credit performance, fee-based products, financial services, Long-term compounder, Millennials and Gen Z, Platinum card refresh, premium cards, Revenue Growth | View Pitch | |
| Aug 7, 2025 | Seeking Alpha | Daniel Urbina | American Express | Financials | Credit Services | 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $108.2M | 0.06% | 292,549 | -52,943 | -15.32% | 0.0454% |
| Tom Russo | Gardner Russo & Quinn | $9.3B | $4.5M | 0.05% | 12,160 | -1,472 | -10.80% | 0.0019% |
| Irving Kahn | Kahn Brothers | $560.9M | $225,669 | 0.04% | 610 | -540 | -46.96% | 0.0001% |
| Chris Davis | Davis Selected Advisers | $22.2B | $89.4M | 0.40% | 241,700 | -254,180 | -51.26% | 0.0375% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $49.6M | 0.09% | 134,100 | -65,300 | -32.75% | 0.0208% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $16.9M | 0.02% | 45,568 | +27,600 | +358.44% | 0.0071% |
| David Katz | Matrix Asset Advisors | $1.1B | $1.1M | 0.10% | 3,066 | -2 | -0.07% | 0.0005% |
| Nick Train | Lindsell Train Ltd | $3.9B | $3.6M | 0.09% | 9,800 | -400 | -3.92% | 0.0015% |
| Bill Smead | Smead Capital Management | $4.8B | $284.3M | 5.90% | 768,431 | -53,421 | -6.50% | 0.1192% |
| Boaz Weinstein | Saba Capital Management | $3.3B | $1.9M | 0.06% | 5,200 | +5,200 | +100.00% | 0.0008% |
| Ray Dalio | Bridgewater Associates | $27.4B | $11.9M | 0.04% | 32,085 | -4,988 | -13.45% | 0.0050% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $50.8M | 0.07% | 137,270 | +91,993 | +203.18% | 0.0213% |
| Israel Englander | Millennium Management LLC | $233.2B | $76.1M | 0.03% | 205,739 | -141,674 | -40.78% | 0.0319% |
| Stephen Selver | Bramshill Investments | $1.8B | $554,925 | 0.03% | 1,500 | +0 | +0.00% | 0.0002% |
| Jeremy Grantham | GMO LLC | $39.1B | $8.8M | 0.02% | 23,884 | -34,726 | -59.25% | 0.0037% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $153.4M | 0.12% | 414,673 | -15,082 | -3.51% | 0.0643% |
| Murray Stahl | Horizon Kinetics | $7.4B | $249,716 | 0.00% | 675 | +20 | +3.05% | 0.0001% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $3.3M | 0.00% | 9,000 | +9,000 | +100.00% | 0.0014% |
| Cliff Asness | AQR Capital Management | $190.6B | $121.4M | 0.06% | 328,198 | +3,006 | +0.92% | 0.0509% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $14.9M | 0.06% | 40,360 | +550 | +1.38% | 0.0063% |
| Bruce Kovner | Caxton Associates | $3.2B | $1.4M | 0.04% | 4,575 | +4,575 | +100.00% | 0.0006% |
| Mario Gabelli | GAMCO Investors | $10.4B | $156.2M | 1.50% | 422,221 | -25,078 | -5.61% | 0.0655% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $122.2M | 2.55% | 330,400 | -444 | -0.13% | 0.0513% |
| Warren Buffett | Berkshire Hathaway | $274.2B | $56.1B | 20.46% | 151,610,700 | +151,610,700 | +100.00% | 23.5172% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $407.5M | 1.36% | 1,101,412 | -104,060 | -8.63% | 0.1708% |
| Bob Wyckoff | Tweedy Browne CO LLC | $1.2B | $23.9M | 1.93% | 64,592 | -1,645 | -2.48% | 0.0100% |
| $25.6B | $10.5M | 0.04% | 28,500 | +28,500 | +100.00% | 0.0044% | ||
| Rich Handler | Jefferies | $19.3B | $4.8M | 0.02% | 12,922 | -22,408 | -63.42% | 0.0020% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $3.0M | 0.01% | 8,187 | +1,918 | +30.59% | 0.0013% |