BAM

BAM

BAM

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q2	Sep 11, 2024	Saltlight Capital	15.6%	35.6%	BAM, BN, KARO, MSFT, SE	AI, Capital Allocation, compounders, E-Commerce, energy, Second Acts, South Africa	The fund shifted from AI infrastructure to AI software beneficiaries and continues to see healthy returns. AI's high energy intensity requires unprecedented electricity build-out over the next two decades. Gigawatt-size data centres will likely be on the horizon in the next few years as AI reaches the point where it will augment human intelligence.	BAM SE	View
2025 Q2	Aug 25, 2025	Saltlight Capital	24.5%	-	0700.HK, BAM, BIDU, BLU.JO, GOOGL, NVDA, RBLX, UBER	AI, Data centers, infrastructure, Long/Short, Multi-Geography, private credit, semiconductors, technology	AI is viewed as a multi-decade technology epoch spanning 40-60 years, currently in the installation phase marked by significant capital expenditure. The manager sees AI as capital-intensive, with $300-400 billion projected spending this year, building strategic positions for future robotics and physical AI applications.	GOOGL	View
2025 Q2	Aug 22, 2025	Baron Real Estate Fund	3.6%	-3.5%	ABNB, AMH, AMT, AVB, BAM, BN, BXP, CBRE, CHDN, CSGP, EQIX, EQR, EXR, GDS, IRT, JLL, LPX, PLD, SITE, SPG, TOL, WELL, WYNN	Data centers, Homebuilders, real estate, Recovery, REITs, Travel, Valuations	Fund invests across REITs and non-REIT real estate categories with focus on demand exceeding supply dynamics. Manager sees compelling valuations with many properties trading below replacement cost and expects transaction market recovery.		View
2024 Q2	Jul 3, 2024	GoodHaven Capital Management	0.0%	18.9%	ARHS, ARW, ASO, BAC, BAM, BRK-B, CB, EXO.MI, GIC, GOOG, JEF, JPM, KKR, PGC, PGR, TVK.TO, VTS.TO	Concentration, financials, Long Term, mid cap, value	The fund has material exposure to financial companies including commercial banking, investment banking, asset management, and insurance. These sectors have remained undervalued over recent years due to various investor concerns but the manager sees potentially more positive tailwinds today than when first investing in this space.	BAC GOOGL TVIFF	View
2025 Q2	Jul 22, 2025	Third Avenue Real Estate Value Fund	6.8%	6.4%	AMH, BAM, BN, CBRE, DHI, FMCC, FNMA, FPH, FR, GRI.L, JLL, JM.SI, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WCC, WY	GSEs, Industrial, Manufacturing, Onshoring, real estate, REITs, Residential, value	Supply chain disruptions from Covid-19 have accelerated efforts to reshore critical industries including defense, pharmaceuticals, semiconductors, and materials. U.S. manufacturing investment has increased three-fold over five years to $230 billion annually, with nearly $2 trillion of reshoring initiatives announced since 2023.	J36.SI SKY WCC PLD JAR LN SKY WCC PLD	View
2024 Q1	Apr 28, 2024	Akre Focus Fund	11.8%	18.6%	AMT, BAM, BN, CSGP, CSU.TO, KKR, MA, MCO, ORLY, ROP, SBAC, TOI.TO, V	active management, Concentration, large cap, Passive investing, technology, value	The fund discusses the shift to passive index-replicating ETFs and mutual funds, questioning whether this trend has gone too far and whether the stock market is now broken. They argue that passive investing depends on active investors for price discovery and value judgments.		View
2026 Q1	Apr 13, 2026	Mawer International Equity Fund	0.2%	0.2%	0700.HK, AD.PA, AON, APH, BAM, BHP.AX, BNZL.L, BWXT, CACI, DB1.DE, EQNR, HDB, MSFT, NOC, SHOP.TO, SII.TO, SKE.TO	AI, defense, diversification, energy, Geopolitical, inflation, Quality			View
2025 Q1	Mar 31, 2025	The Davenport Value & Income Fund	3.8%	3.8%	AVY, BAM, BMY, BRK.B, BUD, CMCSA, CVX, ELV, FDX, HP, HSY, JNJ, LHX, NEE, NSC, ORCL, PM, SNY, STZ, UPS	Buybacks, Consumer Staples, Defensive, dividends, healthcare, value	Sixteen of DVIPX's holdings raised their dividends during the quarter, led by double-digit percentage increases at Walmart, Brookfield Corp, and others. The average DVIPX constituent has raised its dividend 8% year-over-year, which exceeds the S&P 500's 6%. The Fund is both higher yielding and possesses higher dividend growth than the benchmarks.		View
2025 Q1	Mar 31, 2025	FPA Queens Road Small Cap Value Fund	-2.5%	-2.5%	AAP, ARW, AX, BAM, CNO, CNXC, CSWI, IDCC, LFUS, MDU, NJR, OSK, PVH, REVG, SCHL, SFM, SYNA, UGI, UPBD, VSH	consumer, Electronics, Quality, small caps, tariffs, Utilities, value	Manager emphasizes that small-caps are extremely cheap relative to large-caps but warns of the relative junkiness of small-cap indices. Quality small companies are still expensive but becoming more attractive from a valuation perspective as the market declines.		View
2024 Q4	Dec 31, 2024	Madison Mid Cap Fund	-1.9%	10.3%	ACGL, ANET, APH, BAM, BRO, CDW, CPRT, CSL, DLTR, FND, IT, LAD, LBRDK, LH, PCAR, ROST, TDY, THO, WAT, WRB	Autos, Cyclical, fundamentals, insurance, mid cap, Quality, technology, value	The fund holds positions in auto-related companies including Lithia Motors, which reported quarterly results suggesting some COVID-induced elevated profitability levels may be more sustainable than previously thought. The fund also sold CarMax during the quarter, believing it will be harder for the company to continue gaining market share due to changing industry dynamics.		View
2022 Q4	Dec 31, 2023	Zelikovic Investments	-	-	BAM, EXO NA, HEI, IAC, KKR, MSFT, ODFL, TPL	-			View
2022 Q4	Dec 31, 2022	Third Avenue Real Estate Value Fund	15.7%	0.0%	BAM	-			View
2019 Q4	Dec 31, 2019	Aquamarine	-	24.6%	AAPL, AIG, AMZN, BAM, BRK/A, JNJ, KKR, TOO, TSLA, WE	-			View
2023 Q2	Dec 7, 2023	Madison Mid Cap Fund	7.2%	12.4%	ABG, ACGL, ANET, APH, BAM, BRO, CDW, CFR, CHTR, CPRT, CSL, EXPD, FND, FWONA, FWONK, GBCI, GCI, GGG, IT, KNSL, LAD, LBRDA, LH, MC, MCHP, MEDP, MKSI, PCAR, ROST, TDY, TECH, THO, TREX, WAT, WRB	AI, mid cap, Quality, semiconductors, technology, value	AI-related data center spending is driving strong performance in technology holdings like Amphenol and Arista Networks. The fund is participating in this surge while also noting strength in other business areas beyond AI for these companies.		View
2024 Q3	Nov 18, 2024	Saltlight Capital	15.6%	35.6%	0700.HK, APP, BAM, BLU.JO, RBLX, SE	Advertising, AI, gaming, global, growth, technology	The gaming industry is maturing with growth slowing to 2-4% and undergoing structural consolidation into three buckets: dominant franchise builders, user-generated content platforms, and traditional hit-driven studios. The fund has exposure across all three segments through companies like Tencent, Roblox, AppLovin, and Sea Ltd.	RBLX SE 0700.HK APP	View
2022 Q3	Nov 14, 2022	Saltlight Capital	15.6%	35.6%	BAM, KARO, MELI	-			View
2023 Q3	Oct 25, 2023	Third Avenue Real Estate Value Fund	15.7%	0.0%	0004.HK, 1113.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FR, GRI.L, INA.AX, INVH, JLL, LEN, LOW, NSA, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY	Cap Rates, Commercial Property, interest rates, NAV, real estate, REITs, Residential, value	Fund maintains 31% allocation to commercial real estate enterprises focused on secular trends including industrial properties, self-storage facilities, and last-mile fulfillment. Holdings include companies capitalizing on structural changes driving demand for these property types.	BYG.L SUI	View
2022 Q3	Oct 25, 2022	Third Avenue Real Estate Value Fund	15.7%	0.0%	BAM, DHC, FNF, LEN, NWDHU	-			View
2024 Q3	Oct 17, 2024	ROCKLINC Partners Fund	3.8%	12.2%	AAPL, ADSK, AEM.TO, ALS.TO, AMZN, APG, BAM, BUR, CCO.TO, CHD, DHR, FNV.TO, GROY, MEG.TO, MKL, OR.TO, RGLD, ROP, SE, SSL.TO, SU.TO, TSU.TO, WPM.TO	Canada, energy, gold, infrastructure, Litigation, Precious Metals, royalties, value	Gold jumped 13.4% during the quarter and is up 42.5% over the past twelve months, finishing at $2,634. The manager believes long-term trends for precious metals are to the upside and continues building positions in this sector. Many precious metals mining companies and royalty businesses are undervalued relative to gold and silver prices.	BUR	View
2025 Q4	Jan 13, 2026	Fenimore Value Strategy	-1.2%	4.9%	ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA	AI, fundamentals, mid cap, Quality, Speculation, value	Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks.	FAST AZO BRO APH MKL	View
2024 Q2	Jul 31, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	AAN, AGCO, ALTM, ARW, AX, BAM, CNO, CNXC, CSGS, CSWI, DAR, DCO, DECK, EQC, ESGR, FN, FSTR, GGG, GIII, GPK	active management, earnings, Quality, small caps, value	The fund emphasizes quality companies with consistent earnings and high returns on capital. They analyze earnings consistency as a key quality metric, showing that quality small-cap companies trade at lower valuations than large-cap peers with similar quality characteristics.		View
2024 Q2	Jul 19, 2024	Third Avenue Real Estate Value Fund	15.7%	0.0%	1CKH.HK, 4WH.HK, AMH, BAM, BKG.L, BYG.L, CBRE, DHI, FMCC, FNMA, FR, GRI.L, JLL, LEN, LOW, PLD, SEGRO.L, SUI, SVS.L, WCC	Commercial, Data centers, Grid Upgrade, infrastructure, real estate, REITs, Residential, value	Fund has approximately 30% of capital invested in companies with ties to the data center value chain, including leasing powered shells, realizing higher-and-better use opportunities by repositioning land for data center development, and providing energy and logistics services. The rapid adoption of AI and accelerated build out of energy-intensive data centers is driving demand for electrical grid infrastructure.	PLD WCC	View
2023 Q1	Apr 30, 2023	Alphyn Capital Management	8.9%	13.5%	3690.HK, 700.HK, BAM, BUR.L, CNHI, CRSS, ENOV, ESAB, EXOR.MI, FFH.TO, KMX, PRX.AS, RACE, STLA, W, WAND.L	Concentration, Fraud, insurance, Litigation, technology, turnaround, value	CarMax faces challenging macro conditions with high used car prices and rising interest rates impacting affordability. The company is investing heavily in omnichannel capabilities and online tools while maintaining market share discipline to preserve margins.		View
2025 Q1	Mar 31, 2025	Third Avenue Real Estate Value Fund	-0.5%	-0.5%	4.HK, AMH, BAM, BN, CBRE, DHI, FMCC, FNF, FNMA, FPH, GRI.L, INA.AX, JLL, LEN, PHM, RYN, SUI, SVS.L, UTG.L, WY	Commercial, demographics, Homebuilders, Mortgage, real estate, Student Housing, value	Fund initiated position in PulteGroup, recognizing demographic tailwinds from millennials entering prime home-buying years. Large-scale builders like Pulte, Lennar, and D.R. Horton have evolved to more defensive business models with land options versus ownership, strengthened balance sheets with net cash positions, and gained significant market share. These companies are positioned to maintain profitability and sustain share repurchases despite near-term headwinds.	UTG.L PHM	View
2022 Q4	Mar 2, 2023	Saltlight Capital	15.6%	35.6%	BAM, RBLX, TCEHY	-			View
2023 Q4	Jan 31, 2024	Third Avenue Real Estate Value Fund	15.7%	0.0%	1113.HK, 4.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FRT, GRI.L, ING.AX, IVT, JLL, LEN, LOW, NSA, PLD, RYN, SGRO.L, SUI, SVS.L, TPHS, UHAL, WY	Commercial, Homebuilders, interest rates, real estate, REITs, Residential, value	Fund has 33% invested in commercial real estate enterprises focused on secular trends including industrial properties, self-storage, and last-mile fulfillment. Holdings include companies capitalizing on structural demand changes and urban densification.		View
2024 Q4	Jan 14, 2025	Mawer International Equity Fund	-1.2%	14.6%	AAPL, AHT.L, AON, APH, ASM.AS, ASML, AVGO, BAM, CME, CPG.L, CTS.TO, IAG.TO, META, NFLX, NVDA, TSLA, TSM, TVK.TO, V, WKL.AS	AI, financials, global, long-term, Quality, semiconductors, value	Mawer believes they are in the earlier stages of AI deployment and therefore long-term winners and losers are too difficult to predict. They maintain diversified exposure toward companies that benefit from AI use cases as well as those focused on building AI infrastructure. Taiwan Semiconductor Manufacturing Co. performed well on strong AI-driven demand and advanced chip technologies, while Amphenol continued its positive trajectory with AI-related products driving significant growth.		View
2023 Q4	Jan 14, 2024	Madison Mid Cap Fund	7.2%	12.4%	ACGL, ANET, BAM, BF.B, BRO, CDW, CPRT, CSL, DLTR, FWONA, GBCI, IT, KMX, LBRDA, LH, MKL, PCAR, PGR, ROST, WAT	Banking, insurance, mid cap, retail, technology, value	The fund holds multiple insurance positions including Arch Capital Group, Markel Group, and Brown & Brown. Arch Capital benefits from attractive market conditions boosting underwriting profits, with favorable supply-demand dynamics in both reinsurance and primary insurance expected to keep profits elevated.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 12, 2026	Seeking Alpha	Seeking Alpha	Brookfield Asset Management Ltd.	Financial Services	Asset Management	Bull	New York Stock Exchange	alternative asset management, Brookfield Asset Management, capital-light model, credit ratings, Dividend Growth, EPS growth, Fundraising, Liquidity, Oaktree acquisition, undervaluation	View Pitch
Apr 13, 2026	Fund Letters	Saltlight Capital	Brookfield Asset Management	Financials	Asset Management & Custody Banks	Bull	NYSE	AI, alternative investments, asset management, capital deployment, data centers, energy transition, infrastructure, Real assets, renewable energy	View Pitch
Aug 8, 2025	Seeking Alpha	Daniel Schönberger	Brookfield Asset Management	Financials	Asset Management	Neutral	NYSE	—	View Pitch
Aug 8, 2025	Seeking Alpha	Veltri Capital Insights	Brookfield Asset Management	Financials	Asset Management	Bull	NYSE	—	View Pitch

BSD Shareholders of BAM

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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