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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, BAC, BKNG, BRK.B, CPRT, META, MSFT, SPGI | Compounding, Concentration, long-term, Quality, technology, value | The fund focuses on concentrated portfolio of 15-25 understandable, high quality companies with wide moats, long reinvestment runways, and outstanding capital allocation. They seek businesses with durable competitive advantages, high returns on invested capital, and strong free cash flow generation. | BKNG AZO SPGI |
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| 2024 Q3 | Sep 30, 2024 | Latitude Global Fund | - | - | BAC, COR, DLTR, GOOGL, GS, IBKR, JPM, MCK, RYAAY, TSCO.L, UNH | Airlines, banks, Defensive Growth, Europe, healthcare, trading, value | Added Ryanair as a full position after shares fell 38% on weaker fare guidance. The company has the lowest cost structure in European short-haul market with decisive counter-cyclical investments in fleet. Market share has grown from 5% to 20% over twenty years with passenger numbers expected to grow another 50%. | UNH COR RYA.L |
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| 2024 Q3 | Sep 30, 2024 | Fortress – Caribbean Growth Fund | 6.8% | - | BAC, JPM | Consumer Sentiment, Economic Data, Fed policy, inflation, tariffs, Trade Policy | Trump announced reciprocal tariffs with a 90-day pause for most countries while maintaining higher tariffs on Chinese imports. The tariff announcement caused significant market volatility with the S&P 500 dropping over 12% in four trading days. Markets are digesting the ramifications of trade policy uncertainty and its potential impact on corporate earnings and economic growth. | View | |
| 2025 Q2 | Aug 5, 2025 | Auxier Asset Management | 2.5% | 8.7% | ABT, BAC, BDX, BK, BKNG, BRK.B, CAE, CI, ELV, GLW, GOOGL, KR, LINC, MA, META, MSFT, PM, UNH, V, ZBH | AI, Buybacks, healthcare, tariffs, technology, Travel, value | AI disruption has been a growing concern for investors as they are uncertain of long-term consequences. Apple research shows current LLMs only present an illusion of thinking and reasoning, producing results based on patterns rather than true reasoning. The largest tech companies expect to spend over $300 billion on AI infrastructure in 2025 alone. | BKNG GOOGL GOOGL |
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| 2024 Q2 | Aug 2, 2024 | Tweedy, Browne International Value II | 2.4% | 8.3% | 000858.SZ, 003550.KS, 005930.KS, 0700.HK, 3407.T, 4182.T, 6302.T, 6849.T, AZO, BA.L, BAC, BRK-B, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FP.PA, FRE.DE, GOOGL, GSK.L, HEIA.AS, INCP.L, IONS, JNJ, KEMIRA.HE, MEGACPO.MX, NESN.SW, NOVN.SW, NVST, PGR, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, U11.SI, UBI.PA, VRTX, WFC, WPK.TO, ZURN.SW | Europe, financials, industrials, international, small caps, value | The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger cap counterparts. The fund remains heavily weighted to industrial and financial segments which represent solid value in an environment of escalating equity valuations. | View | |
| 2024 Q2 | Aug 2, 2024 | Tweedy, Browne International Value II | 4.8% | 8.3% | 000858.SZ, 0700.HK, 2357.PS, 3405.T, 4182.T, 601009.SS, 6277.T, 6302.T, 6849.T, AALB.AS, BAC, CNHI, D05.SI, DEO, FRE.DE, GOOGL, IONS, KEMIRA.HE, KOF, NVS, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, U11.SI, UBI.PA, VRTX, WFC | Asia, Diversified, Europe, international, small cap, value | The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger counterparts. | View | |
| 2024 Q2 | Aug 2, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | 000858.SZ, 005930.KS, 0700.HK, BA.L, BAC, BIDU, BRK-B, CNHI, D05.SI, DEO, DHL.DE, FMC, FRE.DE, GOOGL, GSK, HEIA.AS, IONS, JNJ, KEMIRA.HE, KOF, NESN.SW, NVS, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, TTE, U11.SI, VRTX, WFC, ZURN.SW | Asia, Diversified, Europe, financials, industrials, international, small caps, value | The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger cap counterparts. | View | |
| 2024 Q2 | Aug 2, 2024 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | 000858.SZ, 2357.PS, 3405.T, 4182.T, 601919.SS, 6277.T, 6302.T, 6849.T, 700.HK, AALB.AS, BAC, CNHI, D05.SI, DEO, FRE.DE, GOOGL, IONS, KEMIRA.HE, KOF, NOVN.SW, RHM.DE, ROG.SW, RRI.PA, RUI.PA, SAF.PA, SCOR.PA, U11.SI, UBI.PA, VRTX, WFC | dividends, financials, global, industrials, small cap, value | The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger counterparts. | View | |
| 2025 Q2 | Aug 11, 2025 | BlackRock Advantage Global Fund | 10.7% | 9.5% | AAPL, AMZN, BAC, GOOGL, MS, MSFT, NVDA, NVS, PFE, SPGI | AI, defense, energy, Europe, Global Equities, Japan, technology | The fund benefited from macro-thematic impulses that correctly captured evolving AI themes. AI leaders regained market leadership following stronger-than-expected earnings and guidance from technology stalwarts. The AI theme broadened from enablers to infrastructure providers, supporting positioning in European energy companies. | View | |
| 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 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 |
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| 2025 Q2 | Jul 31, 2025 | Fidelity Dividend Growth Fund | 13.5% | 7.5% | AAPL, ALSN, AMZN, AVGO, BA, BAC, BRK.A, BRK.B, EPD, ET, GEV, GOOGL, META, MSFT, NVDA, OWL, PAYC, TSLA, TSM, WDC | aerospace, AI, dividends, energy, industrials, large cap, Quality, technology | The fund benefited from AI-driven demand across multiple sectors. Taiwan Semiconductor Manufacturing gained 23% amid strong demand for AI processors as tech firms continued spending on data centers. The utilities sector was boosted by AI-driven demand for electricity to power data centers. The transformative potential of generative artificial intelligence drove outperformance in technology and communication services sectors. | 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 |
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| 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 22, 2025 | Brandes Core Plus Fixed Income Fund | 1.3% | 4.0% | BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP | Corporate Bonds, Credit Risk, duration, Fed policy, fixed income, Treasury, Yield Spreads | The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core CPI is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026. | View | |
| 2025 Q2 | Jul 22, 2025 | Columbia Dividend Opportunity Fund | 2.7% | - | ABBV, AMT, AVGO, BAC, C, CSCO, CVX, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM | AI, dividends, financials, healthcare, technology, value | The fund focuses on companies with historically consistent and increasing dividends, though dividend-paying stocks underperformed the broader market during the quarter. The manager believes undervalued dividend stocks continue to offer opportunities for individual security selection. | MCHP |
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| 2025 Q2 | Jul 22, 2025 | John Hancock Bond Fund | 1.4% | 4.2% | AVGO, BAC, DELL, ET, F, JPM | Bonds, credit, duration, Fed policy, fixed income, rates, yield curve | The Fed cut interest rates by a quarter point in September, its first reduction since December 2024, driven by softening labor market conditions. Investors are factoring in potential for further Fed easing before year end and additional cuts in 2026, despite inflation remaining above the central bank's long-term target. The fund expects the Fed will continue to take a cautious, data-driven approach. | View | |
| 2024 Q2 | Jul 12, 2024 | Parnassus Value Equity Fund | 7.3% | 13.7% | ALGN, AVGO, BAC, BALL, BAX, BEP, BK, CMCSA, CSCO, GOOGL, GPN, INTC, MSFT, MU, NICE, ORCL, SPGI, SYY, TSM, VZ | AI, financials, healthcare, large cap, semiconductors, technology, value | The fund maintains strategic investments in Information Technology that should benefit from AI advancements. AI-related storylines continued to drive investor focus during the quarter. The fund sees upside from AI infrastructure spend through holdings like Broadcom. | View | |
| 2025 Q2 | Jul 1, 2025 | Regency Wealth Management | - | - | BAC, JPM | Consumer Sentiment, Economic Data, inflation, Market Volatility, rates, Trade Policy | President Trump announced reciprocal tariffs with a 90-day pause for most countries while maintaining higher tariffs on Chinese imports. The tariff announcement caused significant market volatility with the S&P 500 dropping over 12% in four trading days. Markets are digesting the implications of trade policy uncertainty on corporate earnings and economic growth. | View | |
| 2025 Q2 | Jun 30, 2025 | The Gabelli Global Content & Connectivity Fund | 9.3% | - | AAPL, AMZN, BAC, BRK.A, CVX, GOOGL, HD, JNJ, JPM, MA, META, MSFT, NFLX, NVDA, PG, TSLA, UNH, V, WMT, XOM | defense, energy, gold, growth, Sports, tariffs, technology, value | Trump administration announced sweeping tariffs on April 2 (Liberation Day) causing significant market volatility. Initial tariff rates were very high but were later moderated through bilateral trade deals. The effective weighted average tariff rate is estimated at 18%, down from initial Liberation Day levels but still significantly higher than the prior administration's 2.5%. | MSFT |
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| 2024 Q2 | Jun 30, 2024 | Airlie Small Companies Fund | -1.6% | 7.3% | BAC, JPM | Consumer Sentiment, Economic Data, Fed policy, inflation, Market Volatility, Trade Policy | President Trump announced reciprocal tariffs with a 90-day pause for most countries while raising tariffs on Chinese imports. The tariff announcement sent shockwaves to global capital markets with the S&P 500 dropping over 12% in four trading days. Markets feared a full-blown global trade war and its negative consequences on corporate earnings and economic growth. | 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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| 2024 Q1 | May 23, 2024 | Auxier Asset Management | 7.4% | 0.0% | AAPL, AMZN, ASML, BAC, BK, C, CPF, CSCO, GOOGL, KR, MA, META, MSFT, MU, NVDA, TSLA, TSM, USB, V, WMT | AI, Buybacks, financials, infrastructure, technology, Travel, Utilities, value | Top US tech firms are ramping up capital spending into AI infrastructure toward the $200 billion mark for 2024, benefiting hardware firms like Nvidia, Micron, ASML and Taiwan Semiconductor. Microsoft and OpenAI are working on a new data center and supercomputer project that could cost as much as $100 billion. High spending in the service industry on AI infrastructure could prove to be a long-term driver of inflation. | View | |
| 2024 Q1 | May 15, 2024 | Gator Capital Management | 10.8% | 24.3% | AX, BAC, BCS, CNOB, CUB, DCOM, ESQ, FBP, FCNCA, GNW, HOOD, JXN, NYCB, OFG, OSBC, PNFP, ROOT, SLM, UMBF, WAL, WBS | Credit Risk, financials, interest rates, Regional Banks, SMID Cap, value | Manager sees selective opportunities in small-to-mid-sized regional banks despite sector headwinds. Believes stock investors are overly pessimistic about credit concerns while the real issues are interest rate risk and loan volume growth. Groups favorites into Puerto Rican banks, growth banks, and small banks with unique stories. | View | |
| 2026 Q1 | May 13, 2026 | Shelton Equity Income Strategy | -0.2% | -0.2% | AKAM, BAC, BSX, COP, CTSH, DIS, LRCX, MRK, SYF, VZ, XOM | dividends, energy, income, Options, volatility | View | ||
| 2024 Q1 | Apr 8, 2024 | TEAM Asset Management | - | - | 1928.HK, BAC, BHP, CGF.AX, CNI.AX, CRN.AX, FCX, FDV.AX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN | banks, Copper, defense, Europe, global, infrastructure, tariffs, valuation | Tariffs have become the primary market driver, creating uncertainty across global markets. The impact varies from direct effects on European holdings to second-order effects on consumer sentiment and corporate capital expenditure. Increasing US protectionist policies have accelerated Europe's decision to significantly increase infrastructure and defense spending. | View | |
| 2024 Q1 | Apr 30, 2024 | GoodHaven Capital Management | 0.0% | 18.9% | BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR | concentrated, energy, financials, Housing, Quality, technology, value | Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. | View | |
| 2024 Q1 | Apr 27, 2024 | Parnassus Fixed Income Fund | 4.8% | 4.5% | ARE, ARES, BAC, CHRW, CP, GPN, MKC, MS, ORCL, SQ, SYY, TFC, YUM | Corporate Bonds, duration, Esg, fixed income, rates | The fund maintains a 60% overweight allocation to corporate bonds versus the 25% benchmark weight, believing they provide the best long-term returns due to higher initial yields. Corporate bonds aided performance as tight spreads and strong economic growth supported healthy profitability and cash flows. | View | |
| 2024 Q1 | Apr 27, 2024 | Parnassus Value Equity Fund | 7.3% | 13.7% | BAC, BALL, BEPC, BIIB, BMRN, CHTR, CMI, DOX, FIS, GILD, INTC, MU, NICE, ORCL, PFE, PGR, SPGI, SYY, VZ, WDC | AI, financials, large cap, semiconductors, technology, value | The artificial intelligence related momentum and optimism that characterized much of 2023's market activity continued in the quarter, especially within the Semiconductor industry. NICE is positioned to benefit as enterprises continue to embrace AI and cloud-based solutions for customer experience software. | View | |
| 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 | Brandes Core Plus Fixed Income Fund | 0.1% | 0.1% | BAC, GOOGL, GS, IRM, JPM, KSS, PNC, USB | Corporate Bonds, credit, duration, fixed income, inflation, private credit, Treasuries | View | ||
| 2024 Q1 | Apr 20, 2024 | Cedar Grove Capital Management | 21.0% | 0.0% | AAPL, ACI, BAC, CCJ, CPRI, DJT, FVRR, IRBT, LULU, MTCH, ONON, OXY, PTON, RH, SAVE, TPR | arbitrage, Consolidation, Frontrunning, portfolio, rates, risk management, Speculation | Manager notes AI taking front-row seat despite most companies not understanding how to use it beyond buzzwords and chatbots. Expects capital investment to taper off, ending parabolic growth in semiconductor names. | View | |
| 2026 Q1 | Apr 16, 2026 | Ariel Focus Fund | 7.3% | 7.3% | APA, BAC, BIO, CVX, FDS, FISV, GS, ORCL, SLB | Banking, energy, Geopolitical, large cap, oil, technology, value | View | ||
| 2023 Q1 | Apr 12, 2023 | Montaka Global Investments | - | - | AMD, BAC, GOOGL, MSFT | AI, Banking, China, credit, geopolitics, Microsoft, semiconductors, technology | The release of OpenAI's GPT-4 represents a historically momentous occasion with implications not yet understood. The model can ace university-level exams and shows extreme improvement rates. Microsoft is integrating GPT-4 into its Office suite, creating opportunities for software leaders to charge premiums while disrupting others' business models. | AMD ABAC |
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| 2023 Q1 | Apr 12, 2023 | Sandhill Investment Management | - | 9.4% | 1928.HK, BAC, BHP, CGF.AX, CNI.AX, COR.AX, FCX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, QUB.AX, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN | banks, Buybacks, Copper, defense, Europe, infrastructure, tariffs, valuation | Tariffs have become the primary market driver, creating uncertainty across global markets. The impact varies from direct effects on European holdings to second-order effects on consumer sentiment and corporate capital expenditure. Increasing US protectionist policies have accelerated Europe's decision to significantly increase infrastructure and defense spending. | View | |
| 2024 Q1 | Apr 10, 2024 | Purpose Investment Partners | 3.0% | 3.0% | AAPL, BAC, BN.TO, CVE.TO, DISH, MCD, RY.TO, TCNNF, TD.TO, TLN, VST | credit, energy, high yield, inflation, Power Generation, Preferred, Resilience | The U.S. economy demonstrates remarkable resilience with GDP growth forecasts increasing to 2.2% for 2024 from 1.3% at year start. First-time unemployment claims remain at 1960s levels despite 100 million more people, indicating strong labor market conditions. This resilience stems from excess liquidity from pandemic-era government spending and unique 30-year mortgage structures. | CVE.TO |
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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 Q1 | Mar 31, 2025 | abrdn Emerging Markets Fund | 0.9% | 0.9% | 0700.HK, 1211.HK, 1810.HK, 2015.HK, 2222.SR, 2308.TW, 2317.TW, 2318.HK, 2327.TW, 2454.TW, 300274.SZ, 3968.HK, 4904.TW, ADIB.AD, ALDAR.AD, BABA, BAC, GLOB, INDHOTEL.NS, JBCHEPHARM.NS, POWERGRID.NS, TSM | AI, China, emerging markets, India, semiconductors, tariffs, technology | DeepSeek's AI model announcement triggered a sharp rally in Chinese tech stocks, particularly benefiting cloud providers like Alibaba and Tencent. However, concerns emerged that more efficient AI models might reduce demand and capex in the tech value chain, pressuring semiconductor and tech hardware stocks. | View | |
| 2025 Q1 | Mar 31, 2025 | BlackRock Advantage Global Fund | -1.1% | -1.1% | AAPL, AMZN, BAC, GOOGL, META, MSFT, NVDA, NVS, SHEL, SPGI | AI, Europe, global, Japan, Quality, Sentiment, technology | The fund's positioning in the IT sector began to evolve toward artificial intelligence adopters over enablers, which helped stem losses in March as large-cap technology winners capitulated. However, cooling sentiment toward the AI opportunity emerged after Chinese companies released rival, low-cost AI models. | View | |
| 2025 Q1 | Mar 31, 2025 | Fidelity Dividend Growth Fund | -5.3% | -5.3% | AAPL, ALSN, AMZN, AVGO, BA, BAC, BN, BRK.B, EME, EPD, ET, GEV, GOOGL, META, MRVL, MSFT, NVDA, TSLA, V, WFC | aerospace, AI, dividends, energy, industrials, large cap, value | Manager views generative AI as a transformative long-term trend but has tempered enthusiasm for the AI space in the short term due to cyclical weakness. The fund reduced semiconductor exposure after DeepSeek's release raised questions about AI infrastructure spending and valuations of chipmakers. | View | |
| 2025 Q1 | Mar 31, 2025 | Bramshill Income Performance Fund | 1.6% | 1.6% | BAC, BPLN, CFG, GS, JPM, JPST, SCHW, SRE, T, TLT | credit, duration, fixed income, Multi-Asset, rates, Tactical, value | The fund actively manages duration exposure and rotates across various interest rate environments. Duration positioning ranges from historical low of 1.6 to historical high of 8.4 years, with current duration at 8.79 years. The fund demonstrated ability to generate positive returns during rising rate periods through tactical positioning. | View | |
| 2025 Q1 | Mar 31, 2025 | Brandes Core Plus Fixed Income Fund | 2.6% | 2.6% | ADT, BAC, C, CCI, F, GS, JPM, NFLX, PBI, RIG, RRC, SCHW, TNL, USB | Corporate Bonds, credit spreads, duration, Fed policy, fixed income, tariffs, Treasuries | Trump administration introduced tariffs during the quarter that were more draconian than market expectations. The manager references historical context of Hawley-Smoot tariffs in 1930 and their negative economic impact. Tariff policy appears central to the current administration's approach and creates market uncertainty. | View | |
| 2025 Q1 | Mar 31, 2025 | GoodHaven Capital Management | -0.6% | -0.6% | BAC, BLDR, BRK-B, CB, DVN, EXOR, GOOG, JEF, LEN.B, TVK.TO | Concentration, energy, financials, Quality, technology, value | Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. | View | |
| 2025 Q1 | Mar 31, 2025 | Pzena Focused Value strategy | 1.0% | 1.0% | BAC, BAX, CVS, DAL, DG, EQH, FNF, LKQ, NWL, PVH, UHS | consumer, earnings, financials, healthcare, Trade Policy, value | Value stocks outperformed the broad market in the quarter, though the Focused Value strategy underperformed its benchmark. The manager emphasizes that starting point valuations remain extremely attractive in the portfolio today. | View | |
| 2025 Q1 | Mar 31, 2025 | John Hancock Bond Fund | 2.7% | 2.7% | BAC, ET, F, JPM, NRG, WFC | Bonds, credit, duration, Fed policy, fixed income, MBS, rates | The Trump administration's tariff approach led to concerns about economic growth slowdown, reviving expectations for Fed rate cuts in 2025. More rate-sensitive assets like longer-dated Treasuries registered the largest gains in this environment. | View | |
| 2025 Q1 | Mar 31, 2025 | Nixon Capital | - | - | BAC, JPM | Consumer Sentiment, Fed policy, inflation, Resilience, tariffs, Trade Policy | President Trump announced reciprocal tariffs with a 90-day pause for most countries while maintaining higher tariffs on Chinese imports. The tariff announcement caused significant market volatility with the S&P 500 dropping over 12% in four trading days. Markets fear a full-blown global trade war and its negative consequences on corporate earnings and economic growth. | View | |
| 2025 Q1 | Mar 31, 2025 | PM Capital Enhanced Yield Fund | 1.1% | 1.1% | 1928.HK, BAC, BHP, CGF.AX, CNI.AX, COR.AX, FCX, GMEXICOB.MX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN | Coal, Copper, European Banks, Global Equities, infrastructure, tariffs, Valuations | President Trump's tariff policies created uncertainty and market correction, with direct impacts on European holdings and second-order effects on consumer discretionary companies. Tariffs ranging from 10% to almost 50% across all US trading partners were announced in early April. | View | |
| 2023 Q1 | Mar 31, 2023 | Latitude Global Fund | - | - | BAC, GS, JPM | Banking, Credit Stress, Fed policy, financials, rates, valuation | The letter extensively discusses the banking crisis triggered by Silicon Valley Bank and Credit Suisse failures, analyzing how rapid interest rate increases caused mark-to-market losses on bank securities portfolios. The manager explains the mechanics of bank balance sheet stress and deposit flight risks in the digital banking era. | ABAC JPM AZO COR MCK COR US UNH US KO US ULVR LN DLTR US V US BAC US JPM US IBKR US UNH DG FP IBKR GOOGL US AI FP AZO US MCK US 6758 JP WEC US DGE LN TSCO LN SHEL LN EQNR NO BAC JPM |
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| 2024 Q4 | Mar 1, 2025 | Columbia Dividend Opportunity Fund | -1.6% | 15.5% | ABBV, APO, AVGO, BAC, CSCO, CVS, CVX, GRMN, GS, HD, IBM, JNJ, JPM, KO, MRK, SWK, TPG, VST, WFC, XOM | AI, dividends, financials, large cap, semiconductors, value | The fund invests in companies that have historically paid consistent and increasing dividends. Dividend-paying companies lagged considerably in Q4 due to missing out on growth stock rallies and pressure from rising bond yields. The fund's dividend focus creates compelling relative values across the investment universe. | View | |
| 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 3, 2026 | John Hancock Bond Fund | 1.0% | 7.7% | AAL, BAC, DELL, F, FMCC, FNMA, JPM, WFC | Bonds, credit, duration, Fed policy, fixed income, Mortgage | The fund maintained significant overweight positions in agency MBS, focusing on middle coupon stack securities (4.0% to 5.5% coupons) for higher income and prepayment protection. Agency MBS was the top performing market segment and remained attractive versus corporates despite tightening spreads. The managers reduced allocations to investment-grade and high-yield corporates due to very tight yield spreads versus history. They focused on optimizing income through security selection rather than adding material risk given current tight valuations. The Fed enacted two quarter-point rate cuts in Q4, bringing total 2025 reductions to 75 basis points. The fund maintained neutral duration positioning and retained bias for yield curve steepening through intermediate-term overweights. | View | |
| 2025 Q4 | Feb 3, 2026 | Fidelity Freedom 2055 Fund | 3.8% | 23.7% | BAC, GEV, UPS, WFC | asset allocation, diversification, equities, global, target date, Valuations | The fund emphasizes portfolio diversification as a key strategy, particularly highlighting the need for diversification in fixed income and inflation-resistant assets to hedge against macro risks including government debt, global fragmentation, aging demographics and new technology impacts. The fund views elevated asset valuations, particularly for U.S. stocks, as providing little cushion against near-term risks. However, they believe valuations outside of the AI epicenter are reasonable, with many sectors showing improving growth expectations. | View | |
| 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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| 2023 Q4 | Dec 31, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP | dividends, energy, income, infrastructure, small cap, Utilities, value | The letter extensively analyzes dividend increases as an underappreciated tailwind for wealth building. Higher interest rates have magnified the importance of dividend increases for investors to ensure portfolio income overtakes bond yields. The firm demonstrates how annual dividend increases compound to substantially higher income over time. | View | |
| 2023 Q4 | Dec 31, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP | dividends, energy, income, infrastructure, Quality, Utilities, value | The letter extensively analyzes dividend increases as an underappreciated tailwind for wealth building. Higher interest rates have magnified the importance of dividend increases for investors to ensure portfolio income overtakes bond yields. The firm demonstrates how annual dividend increases compound to substantially higher income over time. | View | |
| 2023 Q4 | Dec 31, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | ABBV, AVGO, BAC, CAG, CEQP, EOG, HEP, HESM, HST, HUN, MAA, MDT, MLPX, MPLX, MRK, MSM, NS, OGE, POR, RY, TRGP | dividends, energy, income, infrastructure, Midstream, MLPs, Utilities | The letter extensively discusses dividend increases as an underappreciated tailwind for wealth building. Miller/Howard analyzes dividend growth patterns across the Russell 1000, showing that companies with higher free cash flow yields and earnings growth are more likely to announce larger dividend increases. The firm emphasizes using bond conventions to measure dividend increases in basis points rather than percentages. | View | |
| 2024 Q4 | Dec 31, 2024 | Oakmark Global Select Fund | -5.0% | 4.7% | 005930.KS, BAC, BAYRY, CNC, COF, DEO, ELV, FI, GOOGL, IQV, SCHW | Beverages, consumer, financials, global, healthcare, regulation, value | The fund holds multiple financial services companies including Capital One Financial, Charles Schwab, and Elevance Health. Capital One benefited from improved credit outlook and post-election optimism about looser regulations. Schwab faces temporary headwinds from deposit outflows but offers long-term value through its scale advantages. | ELV DEO SCHW BAYRY COF |
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| 2024 Q4 | Dec 31, 2024 | Diamond Hill Large Cap Strategy | -2.2% | 12.1% | AMZN, BAC, BLDR, CL, EXR, FCX, GM, HCA, HUM, LEA, LULU, PEP, SBAC, SYK, WFC | Banking, consumer, healthcare, large cap, REITs, technology, value | Trade policy uncertainty has fueled a rise in the US dollar and is roiling local politics globally. President-elect Trump's tariff threats are creating market shifts and uncertainty among central banks, with the Bank of Japan explicitly citing uncertainty around Trump's policies as reason for pausing rate increases. | View | |
| 2024 Q4 | Dec 31, 2024 | Auxier Asset Management | -2.1% | 11.3% | AAPL, AMP, AMZN, BAC, BK, BRK.B, C, GOOGL, KR, MA, META, MSFT, NVDA, PLTR, PM, TRV, TSLA, UNH, UNM, V | AI, Buybacks, financials, growth, insurance, real estate, technology, value | Technology and communication were the best performing sectors driven by AI excitement reaching new highs. The Magnificent Seven companies drove about half of the S&P 500's gain in 2024, with these companies expected to report 33% earnings growth versus 4% for the remaining S&P 500 companies. The manager is concerned by the large capital investment in AI by leading tech firms and government, with Wedbush projecting $2 trillion over the next three years. | View | |
| 2024 Q4 | Dec 31, 2024 | BlackRock Advantage Global Fund | -0.7% | 18.6% | AAPL, AMZN, BAC, CME, GOOGL, MS, MSFT, NVDA, SHEL, TT | Election, global, large cap, Macro, Sentiment, technology | The fund struggled with security selection in the IT sector as perceived artificial intelligence winners evolved throughout the quarter. AI-related technology stocks were part of the speculative growth rally that dominated markets. | View | |
| 2024 Q4 | Dec 31, 2024 | Parnassus Core Equity Fund | 0.3% | 18.5% | AMZN, AVGO, BAC, BALL, CI, CME, CRM, DE, DHI, FERG, FI, INTC, KLAC, LIN, LLY, O, ORCL, SYY, VRTX, WDAY | Cloud, Esg, healthcare, large cap, materials, Pharmaceuticals, technology, value | AI remained a dominant theme throughout 2024, with companies like Oracle gaining market share in cloud-based training of generative AI models and Broadcom benefiting from AI chip sales. The fund expects the path and continuation of frontier AI model scaling to be a notable driver of investment returns in 2025, along with greater AI usage and workflow integration across consumer and enterprise businesses. | VRTX KLAC WDAY LLY FERG |
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| 2024 Q4 | Dec 31, 2024 | Brandes Core Plus Fixed Income Fund | -2.6% | 2.3% | BAC, C, F, GS, NFLX, RRC, S, SCHW, SPR, USB | credit, duration, Fed policy, fixed income, Treasury | Fed delivered a hawkish 25 basis point cut in December, reducing projected 2025 rate cuts from 100 to 50 basis points. The neutral fed funds rate may ultimately be higher than forecasted, with fundamental data suggesting rates may need to remain elevated given strong economic conditions and persistent services inflation. | View | |
| 2024 Q4 | Dec 31, 2024 | Hardman Johnston Global Equity | -0.2% | 22.0% | AMZN, BAC, BSX, COTY, ELAN, FTI, GOOGL, HWM, IQV, LEN, LLY, MA, MELI, META, NVO, PRX, STAN.L, TMUS, UNH, VRTX | Agriculture, AI, Data centers, Deregulation, energy, financials, healthcare, technology | AI is driving accelerating demand for data centers, with companies like Vertiv benefiting from AI-driven data center demand and Howmet Aerospace seeing emerging growth from industrial gas turbines used in gas power plants for AI data centers. The manager views AI as a long-term play that creates opportunities throughout its value chain globally. | 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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| 2024 Q4 | Dec 31, 2024 | Latitude Global Fund | - | - | AI.PA, AZO, BAC, BP, COR, DEO, DG.PA, DLTR, FGR.PA, GOOGL, GS, HEIA.AS, IBKR, IMB.L, JPM, KO, MCK, RYA.L, SHEL, SONY, TSCO.L, UL, UNH, V, WEC | Banking, Consumer Staples, Defensive, energy, global, healthcare, value | Strong performance from US banks with Goldman Sachs +52%, JP Morgan +44%, and Bank of America +34%. Banks benefiting from consolidation, technology investments, and potential regulatory improvements under Trump administration. Credit risks remain low with income-driven rather than credit-driven economic expansion. | View | |
| 2023 Q4 | Dec 31, 2023 | Auxier Asset Management | 7.4% | 0.0% | ABT, ACGL, AFL, AIG, AON, BAC, BK, BKNG, BRK-A, C, ELV, GOOGL, KR, MA, MCD, MDLZ, MMC, MRK, MSFT, PM, TRV, UNH, V, WFC | AI, Banking, energy, healthcare, insurance, small caps, technology, value | Artificial Intelligence drove significant investments in new AI programs and increased data center capacity. In a CNBC survey of top technology companies, 47% of respondents said that AI is their #1 budget item for the next 12 months. AI integration into cloud services benefited companies like Microsoft. | View | |
| 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 | |
| 2023 Q4 | Dec 31, 2023 | Latitude Global Fund | - | - | AAP, AI.PA, AZO, BAC, DEO, DG.PA, EIFFAGE.PA, EQNR, GOOGL, GS, JPM, MCK, SHEL, SONY, TSCO.L, V, WEC | Buybacks, Consumer Staples, dividends, earnings, energy, global, Utilities, value | Manager holds significant allocation to consumer staples companies including Tesco, Unilever, Diageo, Imperial Brands, Heineken, and Coca-Cola. Sector trades at lowest valuation relative to market in 30 years aside from dot-com bubble. Expects earnings growth of 5-10% with potential for 20-50% valuation improvement as margins expand following input cost pressures. | 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 | ||
| 2025 Q3 | Nov 8, 2025 | Cullen Value Fund | 6.8% | 15.9% | AMAT, BAC, BDX, BMY, BWA, C, CI, CMCSA, DIS, JPM, KVUE, LOW, MBGYY, MDLZ, MS, MU, NEE, ORCL, SRE, UNH | AI, dividends, financials, growth, healthcare, technology, value | AI investments have propelled markets higher with euphoria around AI driving the Magnificent 7 to record valuations. Trillions of dollars are being invested into agentic AI that will eventually need to be monetized. Capital expenditures among top hyperscalers have surged as they race to establish leadership in generative AI, creating a self-perpetuating cycle of investment. | UNH SW BDX |
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| 2025 Q3 | Nov 5, 2025 | Fidelity Dividend Growth Fund | 8.4% | 16.6% | AAPL, ALSN, AMZN, AVGO, BA, BAC, BRK.A, BRK.B, EPD, ET, GEV, GOOGL, META, MSFT, NVDA, OWL, PAYC, TSLA, TSM, WDC | dividends, energy, industrials, large cap, Quality, technology, value | AI-driven demand for electricity to power data centers boosted utilities sector performance. Strong demand for AI processors supported Taiwan Semiconductor Manufacturing's 23% quarterly gain. Tech firms continued spending on building data centers amid AI-related growth. | View | |
| 2025 Q3 | Nov 3, 2025 | BlackRock Core Bond Fund | 2.1% | 6.1% | BAC, EQT, GS, JPM, MS | Agency MBS, credit, duration, emerging markets, fixed income, Securitized, yield curve | The fund adjusted duration to neutral and focused positioning on the belly and long end of the yield curve. The manager expects the yield curve may flatten amid expectations that terminal rates could settle below market pricing. U.S. rates exposure hampered performance as the Fed resumed rate cuts. | View | |
| 2025 Q3 | Nov 13, 2025 | Auxier Asset Management | 5.4% | - | BA, BAC, BK, C, CAT, DEO, GD, GLW, GOOGL, KR, LMT, MA, META, MSFT, PH, PM, PSX, RTX, TAP, VLO | AI, Banking, credit, defense, energy, infrastructure, Speculation, technology | Robust capital investment boom in Artificial Intelligence is boosting the US economy and market, with up to half of 3.8% GDP gain attributable to tech capital spending. Companies like Alphabet, Microsoft and Meta are putting up exceptional growth in cloud computing, AI and digital advertising. The massive infrastructure buildout to expand data center capacity has boosted demand for traditional machinery and power solutions. | View | |
| 2025 Q3 | Oct 31, 2025 | GoodHaven Capital Management | - | 6.8% | BAC, BLDR, BRK-B, CB, DVN, EXOR.MI, GOOG, JEF, MKL, PGR, TVK.TO | concentrated, energy, financials, industrials, Quality, technology, value | Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. | View | |
| 2024 Q3 | Oct 30, 2024 | GoodHaven Capital Management | 0.0% | 18.9% | BAC, BLDR, BRK-B, DVN, EXOR, GOOG, JEF, LEN.B, TVK.TO, VNOM | Concentration, energy, financials, Housing, Quality, technology, value | Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. Companies trading at significant discount to intrinsic value. | View | |
| 2025 Q3 | Oct 28, 2025 | BlackRock Advantage Global Fund | 8.9% | 19.2% | 0700.HK, AAPL, AMZN, BAC, GOOGL, JPM, MS, MSFT, NVDA, PFE | AI, global, growth, large cap, momentum, semiconductors, technology | The fund maintained overweight allocations to communication services and semiconductors to capture artificial intelligence themes. AI-related positioning helped drive positive performance as style leadership reinforced investor belief in the AI theme, powering further positive performance in IT stocks. | MSFT |
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| 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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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Global Equity | 5.0% | 23.1% | 6501.T, AIR.PA, AMZN, ASML, BAC, BSX, CBK.DE, CTVA, EL, GOOGL, HWM, IBN, IFX.DE, LLY, MA, MELI, META, MRVL, MSFT, NVDA, OLED, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, STM, TEAM, TMUS, TSM, UBER, VRTX | AI, Equity, Europe, financials, global, semiconductors, technology, Trade | Markets oscillate between fear and fear of missing out regarding AI technology. While AI has productivity potential, current valuations raise questions about whether capital investment will deliver justified returns. AI exposure extends beyond tech names to utilities through electrical grid hardening needs. | TSM ADYEN STAN |
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| 2025 Q3 | Oct 21, 2025 | Brandes Core Plus Fixed Income Fund | 1.7% | 5.7% | BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP | credit, duration, Fed policy, fixed income, inflation, rates, Treasuries | The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core inflation is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026. | SABR SABR |
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| 2025 Q3 | Oct 19, 2025 | John Hancock Bond Fund | 2.3% | 6.6% | AVGO, BAC, DELL, ET, F, JPM | Bonds, credit, duration, Fed policy, fixed income, rates, yield curve | The Fed cut interest rates by a quarter point in September, its first reduction since December 2024, driven by softening labor market conditions. Investors are factoring in potential for further Fed easing before year end and additional cuts in 2026, despite inflation remaining above the central bank's long-term target. The fund expects the Fed will continue to take a cautious, data-driven approach. | View | |
| 2025 Q3 | Oct 19, 2025 | EdgePoint Global | - | - | 6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX | active management, AI, Concentration, global, Quality, technology, value | Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns. | Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM |
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| 2023 Q3 | Oct 19, 2023 | Montaka Global Investments | - | - | AMZN, BAC, CRM, META, MSFT, NOW, SPOT, STJ.L, U | active management, AI, Cloud, Concentration, geopolitics, Streaming, technology | Recent advances in the AI revolution are moving at the fastest pace of all. ChatGPT can now see, hear and talk. Microsoft is releasing its Copilot. Meta AI is being infused into Meta's properties and hardware. Spotify is using AI to translate podcasts. ServiceNow is using generative AI to dramatically increase productivity of service assistants. | View | |
| 2025 Q3 | Oct 17, 2025 | Hosking Partners | 3.4% | 6.1% | 0700.HK, BABA, BAC, BTU, C, CFG, CRDA.L, DGE.L, FCX, HBAN, JEF, KWR, LXS.DE, LYB, NVDA, PNC, RCO.PA, RI.PA, SYNT.L, WFC | AI, broadening, Capital Cycle, China, Japan, Mining, small caps, value | The strategy sees speculative excess in AI with hyperscalers dramatically increasing capital bases for datacentres, creating a classic capital cycle with real risk of over-build. Nvidia represents 8% of S&P 500 and 5% of MSCI ACWI, creating alarming concentration. The AI bet must pay off given the weight in global indices. | SAGA LN FCX US |
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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 | |
| 2025 Q3 | Oct 15, 2025 | Parnassus Value Equity Fund | 7.5% | - | ABNB, ABT, BAC, BALL, BK, CBRE, CMI, DE, DHI, GOOGL, HD, JPM, MA, NICE, NVO, ORCL, SPGI, SYK, TSM, WDC | AI, financials, healthcare, large cap, Quality, technology, value | The AI megatrend is fueling demand for high-capacity, cost-effective storage and driving positive sentiment toward IT holdings. Oracle continues to benefit from the AI megatrend with accelerating cloud growth, while Taiwan Semiconductor Manufacturing Company benefits from growing demand for AI chips. | 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 14, 2025 | Columbia Dividend Opportunity Fund | 6.1% | - | ABBV, AVGO, BAC, C, CSCO, CVX, DRI, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM | AI, dividends, financials, healthcare, technology, value | Technology sector strength was propelled by positions in companies that have emerged as potential beneficiaries of AI over the past year, including Corning and Seagate Technology. AI's positive impact on earnings growth is being seen in the technology and utilities sectors. | View | |
| 2023 Q3 | Oct 10, 2023 | Purpose Investment Partners | 1.2% | 2.1% | AAPL, BAC, MCD | Commercial real estate, credit, high yield, liquidity, rates, Treasury | Corporate debt remains compelling vs. equities with high-yield debt yielding 9.2% and investment grade at 6.1%, representing equity-like returns with lower risk due to contractual nature and balance sheet ranking. Fund maintains 9% internal yield with significantly less interest rate risk than conventional bond indices. | View | |
| 2023 Q3 | Oct 1, 2023 | Lexington Wealth Management | - | - | 1928.HK, BAC, BHP, CGF.AX, CNI.AX, CRN.AX, FCX, HEIA.AS, IMD.AX, ING, JPM, MIN.AX, NEE, RPRX, SHEL, SIE.DE, SMR.AX, SNY, WDS.AX, WYNN | Copper, European Banks, global, infrastructure, tariffs, valuation | Tariffs have become the primary market driver, creating uncertainty across global markets. The fund analyzes both direct impacts on holdings and second-order effects including consumer sentiment, inflation, and corporate capital expenditure decisions. | 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 | |
| 2024 Q4 | Jan 31, 2025 | WestEnd Capital | - | 50.8% | BAC, JPM | Consumer Sentiment, Economic Data, inflation, rates, tariffs, Trade Policy | Trump announced reciprocal tariffs with a 90-day pause for most countries while raising tariffs on Chinese imports. The tariff announcement sent shockwaves to global capital markets with the S&P 500 dropping over 12% in four trading days. Markets feared a full-blown global trade war and its negative consequences on corporate earnings and economic growth. | MKSI SNOW BA |
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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 28, 2026 | Fidelity Freedom 2045 Fund | 3.7% | 23.8% | BAC, GEV, UPS, WFC | asset allocation, diversification, equities, fixed income, global, Target-Date | The fund emphasizes portfolio diversification as a key strategy to navigate macro-oriented themes including government debt, global fragmentation, aging demographics and new technology. Diversification in fixed income and inflation-resistant assets remains attractive to hedge these risks. Active risk is at the low end of the historical range based on elevated asset valuations, particularly for U.S. stocks, which provide little cushion against near-term economic and geopolitical risk. Valuations outside of the AI epicenter are considered reasonable. | View | |
| 2025 Q4 | Jan 24, 2026 | Miller Howard Investments | - | - | AAPL, AMZN, BAC, BRK-B, GOOG, GOOGL, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WMT, XOM | Concentration, dividends, Indices, Magnificent 7, nuclear, SMRs, value | The US is on the cusp of a nuclear renaissance driven by rising electricity demand, policy support, and emerging technologies like small modular reactors. Nuclear capacity could quadruple by 2050, though regulatory, economic, and execution risks remain significant challenges. Miller/Howard maintains strict dividend focus across portfolios, avoiding Magnificent 7 stocks in income-oriented strategies. The firm emphasizes high current income and growth of income as core differentiators in an increasingly concentrated market. Index reconstitutions have compromised style integrity by adding growth-oriented Magnificent 7 stocks to value indices. This creates concentration risk and challenges traditional value investing principles based on lower valuations and higher dividend yields. | View | |
| 2025 Q4 | Jan 18, 2026 | Dodge & Cox Stock Fund | 2.5% | 13.7% | AON, AVTR, BAC, BK, BN, CHTR, CMCSA, CVS, FDX, FI, GILD, GOOGL, GSK, JCI, MET, MSFT, OXY, REGN, RTX, SCHW, TSM, WFC, WTW | contrarian, financials, industrials, technology, valuation, value | The fund maintains its value-oriented investment approach despite a fully valued U.S. equity market. The portfolio trades at an attractive valuation of 14.6 times forward earnings, representing a significant discount to the S&P 500 at 22.9 times. The fund continues to find opportunities where long-term fundamentals are not fully reflected in current prices. The fund reduced its overall weighting in the Financials sector while shifting exposure across industries. They trimmed more cyclical bank holdings like Wells Fargo and Bank of America, while increasing exposure to insurance brokers and alternative asset managers. Despite headwinds, they added to Fiserv as its valuation compressed significantly. | FISV |
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| 2025 Q4 | Jan 18, 2026 | Parnassus Value Equity Fund | 5.4% | 19.0% | A, AMD, BAC, BALL, BK, CBRE, CMCSA, CMI, CMS, DE, GOOGL, GPN, HD, JPM, MA, MSFT, MU, NICE, NVO, ORCL, REGN, SCHW, SPGI, SYY, WDC, WM | AI, financials, healthcare, large cap, Quality, technology, value | The broadening AI megatrend continues to fuel demand across sectors, with AI developments boosting returns particularly in Industrials. The manager believes AI has potential to impact every sector over time, driving productivity gains and business model innovation across a much broader range of industries than currently appreciated by investors. Value stocks outperformed growth stocks in Q4 as high market valuations for growth stocks create attractive risk/reward potential in value stocks. The manager expects the current market environment to continue favoring value stocks given elevated growth stock valuations and relatively benign economic backdrop. Strong growth in distribution and power systems segments driven by data center demand, with companies like Cummins benefiting from robust sales results. Data center demand is supporting performance across multiple portfolio holdings. | WM HD WDC |
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| 2025 Q4 | Jan 15, 2026 | Columbia Dividend Opportunity Fund | 2.8% | 15.9% | ABBV, ALB, BAC, BLK, BRX, C, CSCO, DRI, GOOGL, GPC, GPS, GS, HD, IBM, IP, JNJ, JPM, LUV, MCD, MO, MRK, MU, PM, QRVO, SBUX, SWKS, T, UDR, XOM | AI, Banking, dividends, financials, Lithium, technology, value, Yield | The fund focuses on companies with historically consistent and increasing dividends, though dividend stocks generally underperformed during the quarter as investors favored speculative companies over defensive characteristics. The manager maintains a positive view on dividend-paying stocks as an out-of-favor segment largely devoid of speculative activity. The market remained supported by ongoing enthusiasm about the artificial intelligence theme, though there was a brief stretch of concern in November about a possible AI bubble. The manager sees potential for improved relative performance if excitement surrounding AI begins to cool. The quarter was characterized by broadening market leadership away from mega-cap technology companies, contributing to relative strength in the value style. The fund's investment universe offers fundamentally sound companies trading with attractive yields and reasonable valuations. A new position in mandatory convertible securities of lithium producer Albermarle made a sizable contribution as lithium prices rose due to reduced supply from China, and market participants became more optimistic about the metal's potential use in energy storage applications. | View | |
| 2025 Q4 | Jan 14, 2026 | Hardman Johnston Global Equity | 2.9% | 0.0% | 6501.T, AMZN, BAC, C, CCO, CTVA, EL, ELAN, GOOGL, HDFCBANK.NS, LLY, MELI, META, PRX.AS, RHM.DE, STAN.L, TMUS, UBER, VRT, VRTX | AI, banks, Data centers, defense, financials, global, nuclear, technology | The manager sees AI as having long-term potential to drive productivity gains and positions to take advantage of that growth. However, they remain cautious about AI becoming the only game in town and continue to monitor exposure closely. They note that excitement about AI has stretched beyond IT into energy, utilities and other businesses in the AI value chain, creating concentration risk. The manager remains positive on defense fundamentals and long-term growth potential despite sporadic pullbacks. They see a clear structural shift toward defense after years of underinvestment, with visible growth stretching years into the future through strong orders, high backlogs, and political will to invest in national security. Banks were leading sector contributors with strong performance from Standard Chartered and Citigroup. Standard Chartered benefits from wealth management platform growth and cross-border services, while Citigroup's transformation strategy is paying off with improved deal activity and better regulatory environment expected in 2026. The manager re-entered Vertiv given the long-term secular data center infrastructure story and strong fundamentals. They reference approximately 100GW of incremental data-center capacity additions from 2024-2029, representing meaningful revenue upside for companies with global presence in thermal and electrical equipment. The manager initiated a position in Cameco, citing structural shifts away from Russian uranium sourcing and reinvigorated nuclear development due to AI energy needs and low carbon merits. Westinghouse's agreement with the US Department of Commerce to support at least $80bn of new reactor construction materially increases earnings power. Estée Lauder drove Consumer Staples performance as the company progresses through its turnaround with outperformance in sales, margins, China, US and Travel Retail. Beauty overall is described as one of the more resilient categories enjoying both volume and value growth, with luxury beauty positioned well in the K-shaped economy. | VRTX TMUS CTVA VRT HDB ELAN CCJ 6501 JP LLY MELI UBER RHM GR EL C |
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| 2025 Q4 | Jan 13, 2026 | GoodHaven Capital Management | 0.0% | 7.1% | BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, LEN.B, TVK.TO, VNOM | concentrated, energy, financials, Housing, Quality, technology, value | Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. Companies trading at significant discount to intrinsic value. Strong balance sheets and capital levels indicate enduring competitive advantages. Attractive businesses to take advantage of recovery cycles. Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital. Broader pricing strength supportive of suppliers. Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players. | MKL |
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| 2023 Q4 | Jan 12, 2024 | Purpose Investment Partners | 3.3% | 5.4% | AAPL, BAC, M, MCD, SATS | credit, Fed policy, fixed income, high yield, rates, Treasury | Fund focuses on credit investing with emphasis on business cycle timing and maintaining liquidity for dislocations. Manager discusses credit quality in Canadian preferred equity space and high-yield debt exposure. Credit profile de-risking mentioned with third-party validation of underlying asset value. | 0MCB LN SATS |
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| 2024 Q3 | Sep 30, 2024 | Auxier Asset Management | 7.4% | 0.0% | AFL, BAC, BK, BRK.B, COP, CVX, GOOGL, KR, MA, MMC, MRK, MSFT, NVDA, PM, PSX, TRV, UNH, UNM, V, VLO | AI, Buybacks, energy, financials, nuclear, Onshoring, value | Manager discusses massive $200+ billion investment into AI by top four hyperscalers this year, questioning returns on investment. Sees better potential in smaller companies focused on inference and small language models that are more economical and not cloud-dependent. Next wave of AI PCs expected to be more powerful and affordable. | View | |
| 2024 Q3 | Sep 30, 2024 | Columbia Dividend Opportunity Fund | 9.5% | 0.0% | ABBV, BAC, BBY, BX, BXP, CSCO, CVX, F, GS, IBM, JNJ, JPM, K, KO, MMM, MRK, SWK, VST, WFC, XOM | AI, dividends, large cap, rates, Utilities, value | The fund focuses on companies with historically consistent and increasing dividends. The improving interest rate outlook helped fuel robust gains for dividend payers. The manager remains optimistic about dividend stock prospects given steady economic growth and falling interest rates. | View | |
| 2024 Q3 | Sep 30, 2024 | BlackRock Advantage Global Fund | 5.3% | 19.5% | AAPL, AMZN, BAC, GOOGL, JNJ, LMT, MSFT, NVDA, NVS, WMT | global, large cap, quantitative, rates, Sentiment, technology | The fund maintained an overweight allocation to the information technology sector, though macro-thematic insights around technology positioning proved unsuccessful during market rotations. Technology earnings were softer in July, initiating a rotation away from large-cap technology stocks. | View | |
| 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 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | ABBV, BAC, BK, CAH, CNQ, EPD, ETR, GILD, GS, HST, JEF, JPM, KO, LAMR, MRK, NTR, OGE, ORI, PSX, TXN | AI, dividends, financials, Market Concentration, Utilities, value | The firm focuses on high-yield dividend stocks that offer yields over 2.5x the S&P 500. They had 7 dividend increases in the quarter and believe their portfolios are well-positioned for dividend growth throughout the full market cycle. The relationship between market breadth and high-yield dividend stock performance is central to their investment thesis. | ETR |
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| 2023 Q3 | Sep 30, 2023 | GoodHaven Capital Management | 0.0% | 18.9% | BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR | Concentration, energy, financials, Housing, Quality, technology, value | Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. | View | |
| 2023 Q3 | Sep 30, 2023 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | BAC, CHTR, CNC, COF, COP, CSCO, CTVA, CVS, DHR, GM, META, ORCL, PSX, SCHW | energy, financials, healthcare, large cap, technology, value | The fund focuses on finding cheap stocks on traditional value metrics amid a challenging environment where growth has outperformed value by 2,300 basis points year to date. The manager emphasizes investing in companies trading at discounts to intrinsic value estimates. | CVS CSCO DIPSX CNC CTVA DHR |
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| 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 | |
| 2024 Q2 | Jul 31, 2024 | Auxier Asset Management | 7.4% | 0.0% | AAPL, BAC, BK, GLW, GOOGL, KO, KR, LINC, MA, META, MNST, MRK, MSFT, NVDA, PEP, PM, RTX, TAP, UNH, V | AI, infrastructure, risk management, small caps, Speculation, technology, value | AI investment boom continues driving massive capital spending on tech infrastructure, with cloud service providers potentially investing $300 billion into AI hardware this year. The AI industry would need to generate $600 billion in annual revenue to justify current infrastructure spending. Companies like Alphabet and Microsoft are accelerating capital spending significantly. | View | |
| 2024 Q2 | Jul 26, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AAPL, AMZN, BAC, COP, EXR, GOOGL, IP, KKR, KMX, LEA, META, MMC, MRO, MSFT, NVDA, RRX, SBUX, TGT, TXN | AI, Cloud, large cap, semiconductors, technology, value | AI-related stocks have driven increasingly narrow market performance with a small number of massive technology stocks driving the majority of index returns. NVIDIA alone has contributed nearly one-third of equity market returns with its +150% increase year to date. | SBUX IP |
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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 | Jul 15, 2024 | Parnassus Core Equity Fund | 5.5% | 18.2% | AAPL, ADBE, AMAT, AVGO, BAC, BALL, COST, CRM, DE, FI, GOOGL, INTC, LIN, MA, MSFT, MU, NTR, NVDA, O, ORCL, RHHBY, VRSK | AI, Esg, growth, large cap, Quality, semiconductors, technology, value | AI-related narratives drove the largest positive and negative contributions to performance. Companies like Alphabet, Applied Materials, and Oracle rose on confidence about AI infrastructure build-out and adoption. The fund continues to focus on companies well positioned to capitalize on emerging AI opportunities. | View | |
| 2024 Q2 | Jun 30, 2024 | ClearBridge Investments Large Cap Value | 0.0% | 0.0% | APD, BAC, CHTR, COP, CVS, GOOGL, INTC, MCK, MSI, NESN.SW, SHW, SRE, TRV, UPS, XPO | AI, financials, healthcare, industrials, large cap, technology, value | The massive ramp up in AI spending has crowded out spending in other technology verticals, creating a market where AI winners enjoy strong multiple expansion while perceived AI losers are severely punished. The divergence in valuations between perceived AI winners and losers has created attractive opportunities where high-quality companies are being underappreciated. | View | |
| 2024 Q2 | Jun 30, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | ACN, BAC, CHTR, COP, CRBG, CSCO, FCNCA, GE, GM, GME, GOOGL, HD, HON, IBM | AI, Buybacks, growth, large cap, momentum, P/E Ratios, technology, value | Oakmark Fund has its lowest Morningstar value score ever at 73, much deeper in value territory than the Russell 1000 Value Index. The fund finds low P/E stocks at barely half the market multiple unusually attractive, with an average forward P/E of 11 times compared to 15 for Russell 1000 Value and 21 for the S&P 500. | GM GOOGL |
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| 2024 Q2 | Jun 30, 2024 | Mapfre US Forgotten Value Fund | -3.1% | 6.0% | BAC, BATRA, GOOGL, HHH, IAC, LEVI, LH, MKL, MODG, MSGS, NWSA, UBER, WBD | Forgotten, small caps, undervalued, US, value | The fund focuses on companies undervalued by the market, particularly those outside the investment community's focus. These include companies with complex capital structures, enterprises in temporarily out-of-favor sectors, and lower capitalization companies followed by fewer analysts. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | banks, dividends, energy, free cash flow, infrastructure, Natural Gas, Utilities | Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. The firm views regular dividends as a signal of management confidence in future profitability and prefers them over buybacks for capital returns. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | banks, dividends, energy, free cash flow, Natural Gas, Utilities, value | Miller/Howard argues dividend-paying stocks are underappreciated due to misleading free cash flow comparisons with non-dividend payers. After adjusting for stock-based compensation, dividend payers show superior free cash flow margins and yields. Regular dividends signal management confidence in future profitability and provide more predictable returns than buybacks. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | banks, dividends, energy, free cash flow, Midstream, Natural Gas, Utilities | Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. Dividend payers return 91% of free cash flow to shareholders versus 53% for non-dividend payers. Regular dividends are viewed as management commitments that signal confidence in future profitability. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | Banking, Data centers, dividends, Energy Infrastructure, free cash flow, Natural Gas, Utilities | The letter extensively analyzes dividend-paying stocks versus non-dividend payers, arguing that dividend payers have higher quality free cash flow after adjusting for stock-based compensation. Regular dividend payers return 91% of free cash flow to shareholders through dividends and buybacks, compared to 53% for non-dividend payers. | View | |
| 2023 Q2 | Jun 30, 2023 | Oakmark Global Fund | 7.5% | 0.0% | AIG, AMZN, ARNC, BABA, BAC, BUD, CNHI, COP, CRBG, CWK, DHR, GLEN.L, GOOGL, IQV, MBG.DE, NOV, ORCL, RYAAY, THC | energy, global, insurance, Life Sciences, technology, value | The fund initiated positions in Danaher and IQVIA Holdings, both leaders in life sciences. Danaher maintains a portfolio focused on bioprocessing, life science tools, genomics and diagnostics with secular growth opportunities. IQVIA is positioned at the heart of trends toward advanced therapeutics and personalized medicine as the most levered CRO to decentralized clinical trials. | IQV DHR CRBG |
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| 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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| 2023 Q1 | May 4, 2023 | St. James Investment Company | 0.0% | 0.0% | AAPL, AMC, AMD, AMZN, BAC, BBBY, BP, CRM, GE, GOOGL, HEI, META, MKL, MSFT, NVDA, TSLA | Market cycles, Patience, risk management, Speculation, Valuations, Value Investing | The manager extensively discusses elevated market valuations, comparing current market cap to GDP ratio at 155% to historical peaks in 2000 and 2008. They argue that starting valuations are critical to long-term success and current levels suggest poor future returns of only 3-5% annually. | View | |
| 2023 Q1 | Apr 30, 2023 | Tweedy, Browne International Value II | 2.4% | 8.3% | 0179.HK, 3405.T, 4182.T, 4368.T, 6302.T, 7988.T, ALV.ST, BABA, BAC, BIDU, BRE.DE, CCC.L, CSCO, D05.SI, FDX, FRE.DE, GOOGL, HUSQ-B.ST, IONS, JNJ, KBC.BR, MEGACPO.MX, ROG.SW, SKF, TFC, TREL.ST, TTE, TXGN.SW, U11.SI, USB, VRTX, WFC | Banking, China, energy, Europe, international, small caps, value | The manager believes a reset is afoot in capital markets that could favor value stocks over growth counterparts. They emphasize that price matters again and their portfolios trade at attractive valuation multiples with owner earnings yields of 7-8% or higher for new buys. | View | |
| 2023 Q1 | Apr 30, 2023 | Tweedy, Browne International Value II | 4.8% | 8.3% | 0179.HK, 3405.T, 4182.T, 4368.T, 6250.T, 6302.T, 7988.T, ALV.ST, BABA, BAC, BIDU, BRE.DE, CCC.L, CSCO, D05.SI, FDX, FRE.DE, GOOGL, HUSQ-B.ST, IONS, JNJ, KBC.BR, MEGACPO.MX, ROG.SW, SKF, TFC, TREL.ST, TTE, TXGN.SW, U11.SI, USB, VRTX, WFC | Banking, diversification, energy, international, Non-US, value | The fund emphasizes trading at significant discounts to intrinsic value estimates. Portfolio holdings generally trade at reasonably attractive weighted average valuation multiples. Owner earnings yields for new buys typically around 7-8% or higher. | View | |
| 2023 Q1 | Apr 30, 2023 | Tweedy, Browne Value Fund | 2.8% | 7.6% | BABA, BAC, BIDU, CSCO, D05.SI, FDX, GOOGL, IONS, JNJ, ROG.SW, SKF, TRU, TTE, UOB.SI, USB, VRTX, WFC | Banking, China, Europe, international, small caps, value | The manager emphasizes that price matters again in the current environment, with their funds positioned to take advantage of attractive valuations. They believe the reset in capital markets could favor value stocks over growth counterparts, with their portfolios trading at reasonably attractive weighted average valuation multiples. | View | |
| 2023 Q1 | Apr 30, 2023 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | BABA, BAC, BAESY, BIDU, BRK-B, CSCO, DGE.L, FDX, GOOGL, JNJ, NESN.SW, NVS, RHHBY, SAF.PA, TFC, TTE, UL, USB, VRTX, WFC | Banking, dividends, international, Reset, value | The manager believes a reset is afoot in capital markets that could favor value stocks over growth counterparts. They emphasize that price matters again and their portfolios trade at attractive valuation multiples. The owner earnings yield for many new buys has typically been around 7-8% or higher. | View | |
| 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 16, 2025 | Rowan Street Capital | - | - | ADYEY, BAC, BKNG, CMG, DKS, MCK, META, NVO, SHOP, SPOT, TSCO, TTD | Compounding, Discipline, growth, long-term, Patience, Quality, technology, value | The fund focuses on high-quality growth businesses that can compound capital at double-digit rates over the long run. They emphasize finding companies with expanding competitive moats, long growth runways, and the ability to reinvest capital at high rates of return. | View | |
| 2025 Q1 | Apr 14, 2025 | Parnassus Value Equity Fund | -2.0% | -2.0% | A, ALGN, AMD, AMZN, AVGO, BAC, BIO, CI, DE, GILD, GOOGL, JPM, MA, PGR, ROST, SPG, SPGI, SYY, V, VZ | financials, healthcare, large cap, moats, Quality, technology, uncertainty, value | The fund maintains exposure to AI adoption through cloud and semiconductor companies despite near-term softness. They added Advanced Micro Devices to capitalize on AI accelerator opportunities and the adoption of accelerated computing as AMD's competitive GPUs and CPUs continue to take market share. | JPM AMD |
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| 2025 Q1 | Mar 31, 2025 | Ariel Global Fund | 6.3% | 6.3% | 0002.HK, 2474.TW, 7832.T, AQN, BAC, BBNI.JK, BIDU, CHKP, CVS, DVA, ELE.MC, ISP.MI, LEN, NTAP, OC, TDC, TSM | AI, financials, global, tariffs, value, volatility | Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund's international and global holdings currently trade at compelling valuations relative to their growth prospects, while maintaining the financial strength needed for operational resilience. | View | |
| 2025 Q1 | Mar 31, 2025 | Hardman Johnston Global Equity | 0.4% | 0.4% | AIR.PA, AMZN, BAC, BN, BSX, ELAN, GOOGL, HWM, IFX.DE, LLY, MA, MELI, META, MRVL, PRX.AS, RHM.DE, STAN.L, TMUS, TSM, VRT | aerospace, AI, China, defense, Europe, global, semiconductors, Trade Policy | European defense spending is structurally higher following geopolitical shifts. Germany changed its Constitution to release fiscal debt brakes, enabling unlimited defense spending. Europe announced massive defense and infrastructure spending framework with financing mechanisms. | View | |
| 2023 Q1 | Mar 31, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, BAC, BK, BOKF, FAF, GNRC, Gold, GS, JNJ, KKR, LAZ, LH, LMT, MHK, MOS, NTRS, ORCL, REZI, SNA, WU, ZBH, ZBRA, ZIMV | Banking, Fed Tightening, industrials, Recession, technology, value | The fund emphasizes low PE stocks as core to their approach, trading at significantly lower multiples compared to both value indices and the broad market. This value emphasis has been a near-term performance headwind but positions them well as the market begins to look past Fed tightening. | View | |
| 2023 Q1 | Mar 31, 2023 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AIG, AMZN, BAC, COF, DEO, GOOGL, JNJ, JPM, LIN, MET, META, MSFT, NVDA, ORCL, PFE, PNC, SAP, TSLA, UNH, USB | Banking, dividends, financials, interest rates, Quality, value | The strategy emphasizes high-quality dividend compounders as particularly well-suited for the current environment of potentially higher interest rates for longer. Healthy dividends provide cushion in volatile markets and can benefit from dividend growth to offset inflation and preserve purchasing power. | View | |
| 2023 Q1 | Mar 31, 2023 | Oakmark Global Fund | 7.5% | 0.0% | AIG, BAC, BAYRY, CAP.PA, COF, COP, GLEN.L, GOOGL, ICE, MA, NOV, NVST, TEL | Banking, financials, global, Opportunistic, value | Banking sector turmoil created opportunities as Silicon Valley Bank and Signature Bank failed due to duration risk and uninsured deposits. The fund added two new financials with strong balance sheets at attractive prices after sector-wide selloff. | NVST DICE COP COF CAP FP AIG |
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| 2022 Q1 | Mar 30, 2022 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | AXTA, BAC, BN, CB, CCJ, DLB, FMC, LEN, WBA | - | View | ||
| 2023 Q4 | Mar 18, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, AMZN, BAC, BRK-B, BRO, CMG, GOOGL, MCD, META, MSFT, MTB, NVDA, NVO, NVR, OZRK, SCHW, TSLA | Banking, Canada, long-term, Quality, technology, value | Artificial Intelligence was a major topic in 2023, particularly generative AI machines like Google's Gemini and ChatGPT. The manager notes that companies selling server equipment for AI are benefiting from an explosion in investment spending from major tech companies, though these expenses may not always be recurring in the future. | View | |
| 2022 Q4 | Mar 15, 2023 | Peterson Investment Fund | -3.5% | 21.7% | BAC, CYTH SW, DRTT, HBI, IEP, INDV, SRG | - | View | ||
| 2023 Q1 | Mar 4, 2023 | Boyar Value Group | 0.0% | 0.0% | AAPL, AMZN, BAC, IBM, JPM, MSFT, NVDA, T | Banking, Crisis, growth, interest rates, opportunity, value | Regional banks experienced massive withdrawals and stress due to asset-liability mismatches between short-term deposits and long-term securities. SVB, Signature Bank, and First Republic faced solvency concerns as uninsured depositors withdrew funds en masse following unrealized losses on investment portfolios. | 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 | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne International Value II | 2.4% | 8.3% | 0010.HK, 1169.HK, 4324.T, 4401.T, 6277.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DGE.L, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, PGR, RNO.PA, ROG.SW, RTE.PA, SAF.PA, SEE, SOL.MI, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | industrials, inflation, international, Japan, small caps, value | The fund continues to focus on companies meeting investment criteria with competitive moats, pricing power, and strong balance sheets. They believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again and they are highly optimistic about the future for price-sensitive strategies. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne International Value II | 4.8% | 8.3% | 0010.HK, 1169.HK, 4324.T, 4401.T, 6297.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NVS, PGR, RNO.PA, ROG.SW, RTE.PA, SAF.PA, SEE, SOL.MI, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | industrials, inflation, international, Japan, rates, value | The fund continues to focus on companies purchased at significant discounts to intrinsic value estimates. The managers believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again and they are highly optimistic about price-sensitive strategies like theirs. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | 0010.HK, 1882.HK, 4324.T, 4401.T, 6277.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, PGR, ROG.SW, SAF.PA, SCOR.PA, SEE, SOL.MI, TEP.PA, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | global, industrials, inflation, interest rates, value | The fund continues to focus on companies meeting their investment criteria that they believe have competitive moats, pricing power, and strong balance sheets, purchased at prices representing attractive value. They believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | 0010.HK, 1169.HK, 4324.T, 4401.T, 6297.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, PGR, RNO.PA, ROG.SW, SAF.PA, SEE, SOL.MI, TEP.PA, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | dividends, global, High Dividend, industrials, value | The fund focuses on high dividend yield value investing with an average-weighted dividend yield of 3.84% on fund stocks alone versus 1.97% for the MSCI World Index. The fund specifically targets companies with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. | View | |
| 2023 Q4 | Jan 31, 2024 | Sequoia Strategy | 7.1% | 20.8% | AHT.L, BAC, CACC, COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, KMX, LBRDK, META, NFLX, RR.L, SAP, SCHW, TSM, UMG.AS, UNH | Concentration, financials, healthcare, Intrinsic Value, long-term, Quality, technology, value | Alphabet has been building world-class AI capabilities for over a decade through Google Brain and DeepMind. The company merged these organizations to accelerate development of Gemini, their state-of-the-art model. Management sees significant opportunity to bring world-class AI to their entire suite of products, while committing to grow profits in line with or faster than revenue. | View | |
| 2023 Q4 | Jan 31, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 005930.KS, 1810.HK, 4507.T, 4519.T, 6301.T, 6383.T, 8306.T, ADYEY, ALFVY, ATD, ATLKY, BAC, BBVA, BHP, D05.SI, DASTY, ENNEF, FMX, IFX.DE, KRYAY, LOGI, MFC, NZYMF, OR.PA, PNGAY, RIO, SAP, SBGSY, SYSMF, TSM | emerging markets, Europe, financials, growth, industrials, international, Quality, technology | The manager emphasizes their focus on high-quality companies that provide stability against market turbulence. They seek quality combined with high growth, noting that quality companies often generate higher risk-adjusted returns due to more predictable profitability and earnings growth. | View | |
| 2023 Q4 | Jan 29, 2024 | GoodHaven Capital Management | 0.0% | 18.9% | BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR | concentrated, energy, financials, Mid-cap, Quality, technology, value | Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. | View | |
| 2023 Q4 | Jan 28, 2024 | Oakmark Global Select Fund | 8.8% | 0.0% | 005930.KS, AIG, BAC, CHTR, CNHI, COF, FI, GOOGL, ICE, LLOY.L | financials, global, large cap, technology, value | View | ||
| 2024 Q4 | Jan 21, 2025 | Tweedy, Browne International Value II | -5.3% | 2.5% | BAC, D05.SI, DEO, DHL.DE, EPD, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, KOF, NESN.SW, NVS, RHM.DE, ROG.SW, TX.SW, UOB.SI, VRTX, WFC | financials, industrials, international, Japan, valuation, value | The fund maintains rigorous valuation requirements that have excluded dominant technology companies from portfolios. Management believes they are positioned in parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities. | View | |
| 2024 Q4 | Jan 21, 2025 | Tweedy, Browne Worldwide High Dividend | -8.7% | 0.2% | 005930.KS, 2531.T, 3105.T, 7203.T, ALTEN.PA, BAC, D05.SI, DEO, DHL.DE, EPD, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, KOF, NESN.SW, NVS, P911.DE, RHM.DE, ROG.SW, TEP.PA, TX.SW, UOB.SI, UPI.HK, VRTX, WFC | dividends, financials, global, high yield, value | The fund remains positioned in parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities. The managers believe their attractive positioning has not produced good relative returns but gives reason to believe they are close to an inflection point in equity markets. | 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 | |
| 2023 Q2 | Jan 7, 2023 | Manole Capital Management | 0.0% | 0.0% | AAPL, AMZN, BAC, COF, GOOGL, INTU, JPM, MA, META, MSFT, NVDA, PACW, PNC, PYPL, SCHW, SQ, SYF, USB, V, WFC | Banking, credit, Digital Wallets, Federal Reserve, Fintech, inflation, payments, technology | Manager discusses digital wallets, P2P payments, and how fintech companies like PayPal and Square are trying to become online banks. Emphasizes transaction-based businesses with recurring revenue as preferred investments over traditional credit-sensitive banks. | View | |
| 2023 Q4 | Jan 2, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AAPL, AIG, ALL, AMZN, BAC, BDX, BWA, CARR, CVX, GOOGL, HON, KKR, META, MSFT, NVDA, PFE, TGT, TSLA, UNP | energy, financials, large cap, Quality, rates, technology, value | The fund focuses on finding good companies with solid fundamentals trading at attractive discounts to intrinsic value estimates. They emphasize their rigorous, bottom-up approach to identifying compelling investing opportunities despite market uncertainty. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 4, 2026 | Seeking Alpha | Seeking Alpha | Bank of America Corporation | Financial Services | Banking | Bull | New York Stock Exchange | Bank of America, capital appreciation, common stock, Dividend coverage, financial performance, forced conversion, investment strategy, net interest income, preferred shares, yield | View Pitch |
| Apr 13, 2026 | Fund Letters | GoodHaven Capital Management | Bank of America Corporation | Financials | Banks | Bull | NYSE | banking, Book Value, dividend, Interest rates, investment banking, Merrill Lynch, Value, wealth management | View Pitch |
| Nov 29, 2025 | Fund Letters | Freddie Lait | Bank of America Corp. | Financials | Diversified Banks | Bull | NYSE | Banks, Deposits, profitability, Regulation, valuation | View Pitch |
| Oct 7, 2025 | Seeking Alpha | Seeking Alpha | Bank of America Corporation | Banks - Diversified | Neutral | asset management, Bank of America, conservative provisioning, JPMorgan Chase, loan-to-deposit ratio, net interest income, regional banks, trading revenue, U.S. unemployment rate, valuation | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | Moretus Research | Bank of America Corporation | Financials | Banks - Diversified | Neutral | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Daniel Urbina | Bank of America | Financials | Banks - Diversified | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Vladimir Dimitrov, CFA | Bank of America Corporation | Financials | Banks - Diversified | Neutral | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | The Alpha Analyst | Bank of America Corporation | Financials | Banks - Diversified | Neutral | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | On the Pulse | Bank of America Corp. | Financials | Banks - Diversified | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | The Asian Investor | Bank of America | Financials | Banks - Diversified | 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 |
|---|---|---|---|---|---|---|---|---|
| Daniel Sundheim | D1 Capital Partners | $10.7B | $68.5M | 0.64% | 1,245,247 | -4,279,300 | -77.46% | 0.0175% |
| David Hoeft | Dodge & Cox | $185.3B | $110.5M | 0.06% | 2,009,022 | -13,337,999 | -86.91% | 0.0283% |
| Andreas Halvorsen | Viking Global Investors | $37.7B | $247.2M | 0.66% | 4,494,629 | -7,005,661 | -60.92% | 0.0633% |
| Glenn Greenberg | Brave Warrior Advisors | $4.3B | $1.5M | 0.03% | 26,532 | +0 | +0.00% | 0.0004% |
| Jo Taylor | Ontario Teachers' Pension Plan | $4.3B | $149.9M | 3.45% | 2,725,808 | -356,702 | -11.57% | 0.0384% |
| Irving Kahn | Kahn Brothers | $560.9M | $576,620 | 0.10% | 10,484 | -642 | -5.77% | 0.0001% |
| David Einhorn | Greenlight Capital Inc | $9.9B | $107.2M | 1.09% | 2,437,795 | +357,440 | +17.18% | 0.0356% |
| Chris Davis | Davis Selected Advisers | $22.2B | $63.2M | 0.28% | 1,149,873 | -1,151,305 | -50.03% | 0.0162% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $49.4M | 0.09% | 897,898 | -70,400 | -23.27% | 0.0127% |
| Steven Halverson | Private Capital Management | $1.0B | $492,457 | 0.05% | 8,954 | +1 | +0.01% | 0.0001% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $205.2M | 0.24% | 3,731,069 | -424,700 | -38.97% | 0.0526% |
| Zach Schreiber | PointState Capital | $6.8B | $78.0M | 1.15% | 1,418,828 | -1,625,174 | -53.39% | 0.0200% |
| Richard Pzena | Pzena Investment Management | $33.4B | $356.4M | 1.07% | 6,480,095 | -23,676 | -0.36% | 0.0913% |
| David Katz | Matrix Asset Advisors | $1.1B | $3.2M | 0.28% | 57,421 | -327 | -0.57% | 0.0008% |
| Robert Pohly | Samlyn Capital | $6.3B | $518.3M | 8.26% | 9,423,453 | +3,001,926 | +46.75% | 0.1328% |
| Chris Rokos | Rokos Capital Management | $9.9B | $107.2M | 1.09% | 2,437,795 | +357,440 | +17.18% | 0.0356% |
| Bill Smead | Smead Capital Management | $4.8B | $174.3M | 3.62% | 3,169,803 | -219,624 | -6.48% | 0.0447% |
| Ray Dalio | Bridgewater Associates | $27.4B | $55.6M | 0.20% | 1,010,393 | +439,309 | +76.93% | 0.0142% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $28.4M | 0.04% | 517,000 | -1,254,000 | -70.81% | 0.0073% |
| Israel Englander | Millennium Management LLC | $233.2B | $133.8M | 0.06% | 2,433,108 | -7,767,679 | -76.15% | 0.0343% |
| Jeremy Grantham | GMO LLC | $39.1B | $61.1M | 0.16% | 1,110,699 | +62,199 | +5.93% | 0.0157% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $895.7M | 0.72% | 16,285,931 | -1,765,399 | -9.78% | 0.2295% |
| Murray Stahl | Horizon Kinetics | $7.4B | $1.1M | 0.02% | 20,560 | -4,801 | -18.93% | 0.0003% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $22.5M | 0.03% | 408,349 | -4,550,896 | -91.77% | 0.0058% |
| Cliff Asness | AQR Capital Management | $190.6B | $338.6M | 0.18% | 6,156,118 | +1,118,631 | +22.21% | 0.0867% |
| Oliver Murray | Brandes Investment | $13.1B | $241.2M | 1.84% | 4,386,202 | -604,823 | -12.12% | 0.0618% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $21.5M | 0.08% | 391,610 | +7,234 | +1.88% | 0.0055% |
| Bruce Kovner | Caxton Associates | $3.2B | $3.0M | 0.09% | 67,887 | +67,887 | +100.00% | 0.0008% |
| Mario Gabelli | GAMCO Investors | $10.4B | $26.4M | 0.25% | 479,345 | -7,493 | -1.54% | 0.0068% |
| Clint Carlson | Carlson Capital | $281.3M | $814,000 | 0.29% | 14,800 | -2,400 | -13.95% | 0.0002% |
| John Rogers | Ariel Investment | $9.3B | $28.5M | 0.31% | 517,442 | -22,217 | -4.12% | 0.0073% |
| Louis Bacon | Moore Capital Management | $6.8B | $113.9M | 1.69% | 2,070,080 | -558,400 | -21.24% | 0.0292% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $4.8M | 0.10% | 86,701 | +47,988 | +123.96% | 0.0012% |
| Arnold Van Den Berg | Van Den Berg Management I, Inc | $436.5M | $3.2M | 0.74% | 58,964 | -8,453 | -12.54% | 0.0008% |
| Li Lu | Himalaya Capital Management | $3.6B | $573.7M | 16.08% | 10,431,387 | +0 | +0.00% | 0.1470% |
| Warren Buffett | Berkshire Hathaway | $274.2B | $28.5B | 10.38% | 517,295,934 | -50,774,078 | -8.94% | 7.2892% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $632.6M | 2.11% | 11,502,051 | -977,314 | -7.83% | 0.1621% |
| Bob Wyckoff | Tweedy Browne CO LLC | $1.2B | $20.6M | 1.66% | 374,462 | -6,617 | -1.74% | 0.0053% |
| $25.6B | $35.0M | 0.14% | 636,900 | -18,000 | -3.29% | 0.0090% | ||
| Rich Handler | Jefferies | $19.3B | $9.0M | 0.05% | 164,130 | -107,196 | -39.51% | 0.0023% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $5.2M | 0.01% | 94,968 | -1,111 | -1.16% | 0.0013% |