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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
| 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 |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Amit Wadhwaney | Moerus Capital Management LLC | $231.9M | $2.2M | 0.93% | 41,318 | -48 | -0.12% | 0.0026% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $298,623 | 0.00% | 5,700 | -11,500 | -66.86% | 0.0004% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $2.0M | 0.00% | 39,039 | +39,039 | +100.00% | 0.0024% |
| Israel Englander | Millennium Management LLC | $233.2B | $32.0M | 0.01% | 611,427 | -283,559 | -31.68% | 0.0381% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $5.0M | 0.00% | 95,352 | +82,344 | +633.03% | 0.0059% |
| Murray Stahl | Horizon Kinetics | $7.4B | $10.0M | 0.14% | 190,473 | -174 | -0.09% | 0.0119% |
| Cliff Asness | AQR Capital Management | $190.6B | $3.1M | 0.00% | 58,249 | +49,447 | +561.77% | 0.0036% |
| Arnold Van Den Berg | Van Den Berg Management I, Inc | $436.5M | $1.5M | 0.34% | 28,131 | +52 | +0.19% | 0.0018% |
| Rich Handler | Jefferies | $19.3B | $22.9M | 0.12% | 436,978 | +436,978 | +100.00% | 0.0273% |