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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 30, 2025 | Qualivian Investment Partners | 7.0% | - | AJG, AMZN, AZO, BKNG, CPRT, META, MSFT, SPGI | compounders, free cash flow, Pricing Power, Quality, returns on capital | The letter emphasizes long-term ownership of a small number of exceptional businesses with durable competitive advantages and long reinvestment runways. Quality is defined through high returns on capital, strong free cash flow, low leverage, and rational industry structures. The manager argues that premium-quality companies can justify high multiples when compounding is sustained over long horizons. | View | |
| 2025 Q2 | Aug 27, 2025 | Brown Advisors Global Leaders Strategy | 12.6% | 12.4% | AZO, COLOB DC, EXPN LN, GE, ILMN, INTU, MSFT, PBRI IJ, RHHBY, TSM, ZTS | Capital Allocation, downside protection, global franchises, IRR, Quality | The commentary emphasizes investing in a concentrated set of global franchises with strong customer outcomes and durable economics. Downside protection, disciplined capital allocation, and long-term IRR calibration are core to the process. Quality businesses are positioned to compound through cycles despite macro shocks. | View | |
| 2025 Q2 | Jun 30, 2025 | Latitude Global Fund | - | - | AZO, DEO, DLTR | CashFlow, consumer, drawdowns, retail, value | The manager emphasizes disciplined buy-and-wait investing, showcasing cases where deep drawdowns created long-horizon value opportunities. Businesses like AutoZone, Dollar Tree, and Diageo illustrate how sentiment overshoots can disconnect price from intrinsic quality and cash-flow durability. Value remains compelling when market narratives diverge from long-term fundamentals. | View | |
| 2025 Q1 | Jun 16, 2025 | Qualivian Investment Partners | 1.2% | 1.2% | AJC, AJG, AZO, BRK/B, BRO, CPRT, GOOG, MUSA, ORLY, URI | - | View | ||
| 2024 Q1 | Apr 27, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | AAPL, AMAT, AZO, CHTR, DE, FI, INTC, ORCL, RHO GR, SPGI | - | View | ||
| 2024 Q4 | Feb 6, 2025 | Bretton Fund | -1.0% | 20.3% | AXP, AZO, GOOG, MSFT, NVR, TJX | - | 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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| 2025 Q4 | Feb 11, 2026 | Latitude Global Fund | 0.0% | 21.0% | AI.PA, ASSA-B.ST, AZO, COR, DEO, DG.PA, DLTR, EIF.PA, GOOGL, ICE, JPM, MCK, RPRX, RYA.L, SHEL, TSCO.L, UNH, V | AI, Buybacks, Europe, growth, healthcare, infrastructure, retail, value | Lower-income Americans continue to feel the squeeze, and local stores like Dollar Tree present unbeatable value and convenience. Their investments in merchandising and distribution are key competitive advantages in a world of tariffs and potential inflation. The company's prospects are bright, especially if we do ever see a rise in unemployment, which tends to benefit discount stores. Healthcare stocks have broadly underperformed the market since the election of President Trump, due to a plethora of regulatory, pricing and tariff risks. However, the distribution model has proven its strong resilience, with companies having meaningfully reduced their dependence on drug pricing. They are in effect a toll road on the US healthcare system and the opposite of economic rent-seeking businesses. Covid, somewhat ironically given the cancellation of so many flights, impacted the industry positively, as around 10% of aircraft were withdrawn from the market due to bankruptcies. Moreover, post-Covid supply chain shocks at Boeing and Airbus mean that the fleet is not going to be replaced any time soon. Ryanair's cost advantage almost doubled from levels in 2019. Google would be best positioned in an AI world, given its vertically integrated model and its pedigree in AI. The AI revenue model is clearly highly uncertain and far from guaranteed, but the likely attributes of winners in this space are data, processing power and distribution. Google dominates all three. Investing in physical assets in a world with an infrastructure deficit, and the potential resurgence of inflation, is very appealing. The requirement for renewed infrastructure investment in Europe is in the early stages, and competition will remain low giving both Vinci and Eiffage a meaningful competitive advantage. Combining low valuations and high cash conversion, our companies will generate around a 7% of their market cap in free cash flow. We expect them to pay an average dividend of 2.6% and are committed to share buybacks of around the same level. This is a 5% annual tailwind to the portfolio's fundamental growth outlook over the coming years. | ICE JPM GOOGL RYAAY RPRX MCK AZO DLTR |
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| 2024 Q4 | Dec 31, 2024 | Brown Advisors Global Leaders Strategy | - | - | 1299 HK, AZO, B3SA3 BZ, BKRKY, EL, HDB, NVDA, RTO LN, ZTS | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Latitude Global Fund | - | - | AI FP, AZO, BP, COR, DEO, DG FP, DLTR, FGR FP, GOOG, HEIA NA, JPM, KO, MCK, RYA ID, SONY, TSCO, TXN, UEEC, ULVR LN, V, WEC | compounders, Macro, Resilience, Rotation, volatility | Dislocations driven by shifting global policy, sector rotations, and episodic volatility created opportunities to upgrade the portfolio into long-duration compounders. The manager emphasizes disciplined capital allocation amid uncertainty, focusing on resilient franchises with pricing power. Macro dispersion continues to shape relative value and entry points across global equities. | View | |
| 2023 Q4 | Dec 31, 2023 | Latitude Global Fund | - | - | AAP, AI FP, AZO, DEO, GOOG, MCK, SONY, TSCO, WEC | ConsumerStaples, emergingmarkets, EnergyTransition, financials, OilGas | ConsumerStaples: The fund is heavily invested in global consumer staples such as Tesco, Unilever, Diageo, Imperial Brands, Heineken and Coca-Cola, where underlying earnings growth remains solid but valuations are at multi-decade lows versus the market, setting up a prospective re-rating as emerging-market demand and easing input costs drive margins higher. Energy: The portfolio owns both utilities like WEC Energy and integrated oil majors such as Shell, seeing long runways from the energy transition, infrastructure upgrades, AI-driven data-centre power demand and disciplined capital returns via buybacks funded by high free cash flow at mid-cycle oil prices. Financials: Core positions in JPMorgan, Visa, Goldman Sachs and Bank of America are viewed as structural winners that benefit from inflation-linked fee bases and post-crisis consolidation as weaker competitors exit, enabling durable ad valorem earnings growth. | View | |
| 2025 Q3 | Oct 31, 2025 | Castlebay Investments | - | - | AZO, DOM LN, NVO | capital, confidence, Leverage, returns, solvency | Banks face structurally high leverage, low returns on equity, and confidence-sensitive funding models that make them unattractive long-term investments. Regulatory changes have reduced leverage but also constrained economic growth and profitability. Rising non-performing loans, liquidity risks, and misaligned incentives further weaken the investment outlook for the sector. | View | |
| 2025 Q3 | Oct 31, 2025 | Latitude Global Fund | - | - | AZO, COR, FGR FP, JPM, MCK, RYA ID, SONY | Airlines, Brokerage, DrugDistribution, GlobalEquities, infrastructure | Compounders: The letter highlights companies growing earnings 3050%+ while trading at reasonable valuations, such as Interactive Brokers, McKesson, Cencora, and Ryanair, demonstrating multi-year intrinsic-value growth. CapitalAllocation: Management teams deploying capital through buybacks, dividends, and reinvestment drive asymmetric outcomes, especially in businesses with scale advantages and high switching costs. GlobalDiversification: Exposure across six countries and ten sectors shows that the market rally is broadening beyond AI, supporting a valuation-driven, globally diversified strategy. :contentReference[oaicite:3]{index=3} | View | |
| 2024 Q3 | Oct 30, 2024 | FPA Queens Road Small Cap Value Fund | 7.5% | 8.2% | AAN, AAP, ALTM, AZO, CNXC, CSWI, DAR, DECK, FN, HMN, IDCC, ORLY, SFM, VSH | - | View | ||
| 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 | ||
| 2025 Q3 | Oct 15, 2025 | Parnassus Core Equity Fund | 2.6% | - | AAPL, AZO, BRO, BSX, DE, FI, GOOG, GWW, ICE, INTU, KLA GR, ORCL, TMO | Artificial Intelligence, quality growth, semiconductors, software, U.S. Equities | The fund remains bullish on U.S. equities, supported by resilient earnings and transformative AI infrastructure investment. It balances defensive holdings with strategic exposure to semiconductors and software leaders benefiting from rising AI monetization. The managers emphasize disciplined allocation toward high-quality, durable franchises capable of compounding through market cycles. | GWW US BSX US |
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| Q4 2025 | Jan 9, 2026 | Castlebay Investments | - | - | ADM.L, AJB.L, AZO, BATS.L, CPG.L, DGE.L, GRG.L, NXT.L | brands, Cornered Resource, Quality, regulation, United Kingdom, value | The fund focuses on high-quality companies with superior returns on equity (35% vs market 14%), higher operating profit margins (24% vs market 16%), and strong cash conversion (97%). These quality metrics remain intact despite recent underperformance, with the fund trading at attractive valuations with a 5.5% free cashflow yield versus 4.6% for the market. The fund has become increasingly attractive from a valuation perspective, with a 5.5% free cashflow yield compared to 4.6% for the market. Despite operational outperformance, share price performance has diverged materially from underlying fundamentals, creating compelling value opportunities as quality companies trade at discounted valuations. BAT represents a cornered resource through the intersection of brands, regulation and distribution. Regulatory barriers, licensing regimes and advertising restrictions create extraordinary barriers for new entrants, while incumbents retain rights to distribute, price and innovate within defined boundaries, transforming brand equity into a scarce economic asset. Diageo exemplifies brands crystallizing into cornered resources through production realities competitors cannot accelerate, including long-dated aging inventories and protected geographic distribution areas. Recent demand has softened following Covid-led surge, particularly in South America, requiring cost discipline under new leadership. | View | |
| 2025 Q4 | Jan 26, 2026 | Brown Advisors Global Leaders Strategy | 0.0% | 15.2% | ADBE, ALLE, ASML, AZO, EFX, EXPN.L, GE, GOOG, ILMN, LSEG.L, MA, MRVL, MSFT, ROG.SW, RTO.L, TSM, V, WDAY, WKL.AS, ZTS | AI, Data, global, infrastructure, Quality, technology | AI is incredibly fast moving with innovations from DeepSeek in China to chain of experts and reasoning models becoming default standards. The potential for disruption in advertising, call centers and software is running way ahead of current adoption. Three or possibly four LLMs have pulled away from the pack with feedback loops from reasoning models creating one-sided network effects from scale. Credit bureau market is effectively an oligopoly with extremely high barriers to entry due to uniqueness and scale of data. Equifax and Experian provide critical data and analytics services across various sectors with distinct growth drivers in workforce solutions, healthcare, marketing and international markets. Strategy focuses on high-quality companies with superior customer outcomes that can pass on prices and generate high levels of recurring revenue while requiring low financial leverage. Many quality compounders that were historically unjustifiably expensive have become significantly more attractive over the past couple of years. | View | |
| 2025 Q4 | Jan 20, 2026 | Appalaches Capital | 1.7% | 16.5% | ACGL, ASML, AZO, EXP, GOOGL, PGR, PM, VMC | alpha, Concentration, large cap, long-term, Patience, Quality, value | The manager emphasizes investing in companies with steep competitive advantages and durable value propositions. Portfolio construction focuses on 12-15 concentrated investments in unique, independent businesses with barriers to entry that protect economic profitability for decades. Earning acceptable returns requires buying at acceptable prices, which requires patience. The manager focuses on finding quality companies that are undervalued at specific points in time, rebalancing toward those with more attractive prices when discounts appear. | ASML GOOG |
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| 2025 Q4 | Jan 20, 2026 | Sawgrass Asset Management – Large Cap Quality Growth | 3.2% | 0.0% | AMAT, AMD, AVGO, AZO, CMCSA, DHR, INCY, LLY, NOW, UTHR, WDAY, ZTS | AI, Biotechnology, growth, healthcare, Quality, Rotation, semiconductors, technology | Doubts about the circularity of AI revenue deals began to surface, with some chip stocks avoiding negative sentiment while software stocks were depressed by AI threats to subscription revenues. Investors posit that coming AI efficiencies could reduce future subscription volumes for software companies. Chip-related stocks helped portfolio performance as some avoided negative sentiment plaguing other AI/chip stocks. Advanced Micro Devices, Broadcom, and Applied Materials performed well despite broader concerns about AI revenue circularity. Biotech stocks contributed positively to strong Q4 performance as part of broad rotation into healthcare sector. Incyte and United Therapeutics were specifically mentioned as contributors to portfolio gains. | View | |
| 2025 Q4 | Jan 18, 2026 | Parnassus Core Equity Fund | 1.6% | 11.6% | AAPL, AMAT, AMD, AZO, BALL, BRO, CRM, DHR, EFX, FISV, GOOGL, HD, KLAC, LIN, LLY, MSFT, ORCL, TMO, VRTX, WDAY | AI, growth, healthcare, large cap, Quality, semiconductors, technology, value | The fund views AI as a generational demand driver creating durable need for faster, more powerful and energy-efficient computing. They are likely in the early stages of a decade-long AI investment cycle, seeking upside capture while managing risks of rapid technological change, rising competition and growing financial leverage. The gap will widen between AI winners versus AI losers, favoring active portfolio management. The fund maintains exposure to semiconductor companies benefiting from AI-driven demand. Applied Materials and KLA gained from sustained AI-driven semiconductor demand with improving customer outlooks. The portfolio includes semiconductor manufacturing equipment suppliers and chip designers positioned for the AI infrastructure build-out. The fund invests in hyperscalers and cloud infrastructure companies. Alphabet showed improving growth in its cloud segment and renewed confidence in its vertically integrated AI strategy. The portfolio includes companies providing cloud services and infrastructure supporting the AI transformation. The fund holds pharmaceutical companies like Eli Lilly, which rebounded sharply as concerns around pricing, penetration and competitive dynamics for GLP-1 weight-loss drugs eased following stronger-than-expected demand data. The portfolio favors companies that continue to innovate to improve patient outcomes. The fund invests in life science tools companies such as Danaher and ThermoFisher that provide valuable equipment and services for clinical research. These companies benefited from improving sentiment around life sciences end markets as pharmaceutical customers signaled higher-than-expected spending on research and development. | View | |
| 2025 Q4 | Jan 13, 2026 | FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists) | -1.2% | 4.9% | ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA | AI, fundamentals, mid cap, Quality, Speculation, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks. | FAST AZO BRO APH MKL |
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| 2023 Q4 | Sep 2, 2024 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BRK/A, DFH, GOOG, MA, MSFT, NVR, PGR, RVTY, RXMD, UNH, UNP, V | - | View | ||
| 2023 Q2 | Jul 18, 2023 | Kinsman Oak | 0.0% | 0.0% | AZO, BIG | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Appalaches Capital | 3.0% | 7.1% | AZO, GOOG, LAD, PLX FP | - | View | ||
| 2024 Q2 | Jun 27, 2024 | Asheville Capital Management | 19.9% | 6.9% | 0RI1 LN, AAP, AZO | - | View | ||
| 2025 Q1 | Apr 21, 2025 | Appalaches Capital | 0.5% | 0.5% | ACGL, ASML, AZO, CNR CN, CSX, LAD, LRCX | - | View | ||
| 2025 Q1 | Apr 14, 2025 | Parnassus Core Equity Fund | -2.4% | -2.4% | AMD, AMZN, AVGO, AZO, BRO, CI, CRM, DE, DHI, ICE, MAR, SNPS, VZ, WM | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Coho Relative Value Equity | 4.0% | 4.0% | AZO, DIS, GPN, ROST | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Artisan Mid Cap Fund | -7.4% | -7.4% | ASC SJ, AZO, BBY, BFAM, BKR, CCCS, DASH, DDOG, DECK, MRVL, PLTR, SAIA, SNOW, SPOT, VKTX, WST | - | View | ||
| 2022 Q4 | Jan 25, 2023 | RGA Investment Advisors | 0.0% | 0.0% | AZO, FEVR LN, GOOG, MTCH, PYPL | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Freddie Lait | AutoZone, Inc. | Consumer Discretionary | Specialty Retail | Bull | New York Stock Exchange | Auto parts, Competition, expansion, Margins, retail | View Pitch |
| Jan 17, 2026 | Seeking Alpha | Seeking Alpha | AutoZone, Inc. | Retail | Automotive Parts | Bull | New York Stock Exchange | automotive parts, AutoZone, DIFM market, DIY market, e-commerce competition, economic environment, Free Cash Flow, international expansion, real estate holdings, Store growth | View Pitch |
| Jan 15, 2026 | Fund Letters | John Fox | AutoZone, Inc. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | Autoparts, buybacks, cashflow, Defensiveness, Margins | View Pitch |
| Nov 29, 2025 | Fund Letters | David Ridland | AutoZone Inc | Consumer Discretionary | Specialty Retail | Bull | buybacks, compounding, Defensibility, scale, valuation | View Pitch | |
| Nov 29, 2025 | Fund Letters | Freddie Lait | AutoZone, Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Accounting, aftermarket, buybacks, Fragmentation, retail, scale | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Cyn Research | AutoZone Inc. | Consumer Discretionary | Auto Parts | Neutral | 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. | ||||||||