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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | American Century Small Cap Value Fund | -0.4% | - | ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS | banks, consumer discretionary, financials, industrials, Rate Cuts, small cap, value | The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle. | View | |
| 2024 Q2 | Jul 17, 2024 | EdgePoint Global | - | - | AAL, ACQ.TO, BBWI, CC, CNK, CWK, CZR, DISH, FDC, FTR, HCA, MTL.TO, O-I, OR.TO, PHII, PRM, PSD.TO, SMG, TEVA, WDC | active management, Benchmarks, credit, fixed income, portfolio construction, risk management | Manager argues that using indexes as benchmarks creates perverse incentives similar to Goodhart's Law, where the measure becomes the target and ceases to be a good measure. Fixed income indexes weight companies by debt issuance size, meaning the most indebted companies get the largest weights, which is counterintuitive for credit investing. | View | |
| 2024 Q2 | Jul 11, 2024 | SandbrooK Capital | 6.0% | 11.1% | BBWI, GTLB | alpha, consumer, earnings, Long/Short, Performance, software | Manager maintains a net long software bias despite sector underperformance. Focus on higher quality names in core coverage areas where duration can be taken given relative underperformance. Software positioning contributed to June performance challenges. | View | |
| 2024 Q1 | May 15, 2024 | Third Point Partners | 3.9% | 14.0% | AAP, AAPL, AMZN, BBWI, DD, GOOGL, HUM, INTC, LSEG.L, META, MRVL, MSFT, NFLX, NVDA, PCG, TSM, VST | AI, Data centers, energy, semiconductors, technology, value | AI is a key element of the thesis for nearly half of Third Point's equity positions. The technology favors incumbents who are deploying financial and intellectual war chests to win the AI arms race. Best-run legacy companies like Microsoft and Amazon have built enormous competitive advantages and seen their growth vectors accelerate. | View | |
| 2024 Q1 | Apr 15, 2024 | The Sound Shore Fund | 6.7% | 21.1% | BBWI, BKR, BRK-B, CAH, CNC, COF, ELV, FIS, GEHC, GM, HOLX, KHC, KMI, KR, LEN, MRK, OGN, PFE, PRGO, PVH, TEVA, TTE, WFC, WTW | Adaptability, contrarian, energy, large cap, Utilities, value | Sound Shore's contrarian investment process focuses on the adaptability and sustainability of company business models. The fund seeks companies that can best adapt and adjust to changing environments, as exemplified by holdings like Vistra and Constellation Energy that prepared their assets for dynamic markets while maintaining strong balance sheets. | AYI TEVA CEG VST |
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| 2023 Q3 | Nov 14, 2023 | Third Point Partners | 3.9% | 14.0% | BBWI, DHR, HTZ, J, MC.PA, MSFT, PCG, SHEL, UBS, VST | credit, Event-Driven, Leverage, Mortgage, private credit, rates, Structured Credit | The market's current obsession with balance sheet strength creates opportunities to distinguish companies with real versus perceived leverage problems. Third Point sees attractive opportunities in improving credits with bulletproof securities yielding 10%-13%, focusing on defensive industries like healthcare and telecommunications. | View | |
| 2025 Q3 | Oct 19, 2025 | American Century Small Cap Value Fund | 4.7% | - | ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS | banks, consumer, financials, industrials, semiconductors, small cap, value | The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle. | View | |
| 2024 Q3 | Oct 16, 2024 | Third Point Partners | 3.9% | 14.0% | AAP, AMZN, BBWI, CNK, DHR, DSV.CO, FYBR, GOOGL, INTC, KBH, LUMN, MSFT, PCG, VST, VZ | credit, Entertainment, Event-Driven, Logistics, Mortgage, Politics, value | DSV emerged as the leading bidder for DB Schenker, creating the largest freight forwarder with significant synergy potential. The company has a proven track record of consolidating the fragmented global freight forwarding industry with industry-leading margins. Rising complexity in global supply chains benefits DSV's unique network that guarantees capacity and on-time deliveries. | CNK DSV.CO |
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| 2025 Q4 | Jan 23, 2026 | American Century Small Cap Value Fund | -1.1% | -3.3% | AMKR, ARCB, ARW, AVT, AXS, BBWI, BC, BIRK, COLB, EEFT, ENOV, EVTC, GPK, HZO, MARA, OKLO, ONB, PATK, SSB, TKR, UMBF | banks, consumer discretionary, healthcare, industrials, semiconductors, small cap, value | The fund maintains significant overweight exposure to banks, remaining constructive on the industry due to continued positive inflection in net interest income and belief that fears of an extended negative credit cycle were overstated. Many holdings still trade meaningfully below historical multiples. Overweight positioning tilted toward higher-quality, unique businesses targeting high-end consumers including global consumer brands like Brunswick and Birkenstock. Specialty retail exposure includes marine dealers and Bath & Body Works. The sector remains attractive with overweight positioning in higher-quality industrials including machinery, distribution, and commercial services. Many holdings demonstrated strong pricing power during inflationary environment and returned cash to shareholders via dividends, buybacks and debt reduction. Information technology contributed through stock selection, with strong results from Amkor Technology benefiting from AI packaging solutions and domestic chip manufacturing trends. The company is one of two in the US capable of providing large-scale advanced packaging solutions. | View | |
| 2024 Q3 | Sep 30, 2024 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ASH, BBWI, CALM, CIVI, COOP, CTRA, CUBE, DEI, FTRE, HII, HLIO, LANC, LOB, NVR, RRX, WWW | defense, energy, Homebuilders, rates, small caps, value | Huntington Ingalls Industries is positioned as a critical supplier to the US Navy and Department of Defense, with high visibility into strong demand over the next 5 to 10 years given the long-cycle nature of defense products and preparation for potential Pacific conflict. | View | |
| 2024 Q3 | Sep 30, 2024 | The Sound Shore Fund | 6.7% | 21.1% | AVTR, BBWI, BKR, BRK-B, COF, CTRA, DIS, FDX, FIS, GM, Gold, KHC, KMI, KR, LEN, NXPI, PEG, PVH, PYPL, WFC | healthcare, Mining, nuclear, semiconductors, Utilities, value | Sound Shore focuses on attractively priced, out-of-favor stocks where managements are building value not yet recognized by Wall Street. The portfolio trades at a forward P/E of 11.5 times versus 21.5 times for the S&P 500, representing a meaningful discount despite strong balance sheets and free cash flow. | PEG AVTR Gold |
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| 2024 Q2 | Aug 23, 2024 | Third Point Partners | 3.9% | 14.0% | AAP, AAPL, AIR.PA, AMZN, BBWI, CPAY, FERG, FITB, GOOGL, ICE, JPM, LEN, MA, MSCI, MTB, NVDA, TSLA, TSM, V, VST | credit, energy, Event-Driven, Exchanges, Mortgages, payments, technology, volatility | Companies continue to invest in AI infrastructure and look for applications to their businesses. Apple's recently announced Apple Intelligence suite of AI-enabled smartphone features will drive meaningful new demand within Apple's installed base. The emergence of an AI layer on iOS will increasingly augment consumers' own agencies with those of the iPhone's AI features. | ICE CPAY AAPL |
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| 2024 Q2 | Jul 31, 2024 | The Sound Shore Fund | 6.7% | 21.1% | BBWI, GEHC, ORCL, TEVA | healthcare, long-term, Pharmaceuticals, retail, technology, value | The fund focuses on attractively valued companies trading below peer valuations, with the portfolio at 11.2x forward P/E versus 20.9x for S&P 500. They seek companies with internally driven earnings and sustainable competitive advantages. | TEVA ORCL GEHC BBWI |
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| 2023 Q2 | Jul 31, 2023 | Third Point Offshore Fund | 1.1% | -3.0% | 9988.HK, AMZN, BBWI, CRM, CSTM, DD, DHC, DHR, FIS, FYBR, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG, PNC | activism, credit, Equity, Long/Short, Structured | View | ||
| 2023 Q2 | Jul 31, 2023 | Third Point Partners | 3.9% | 14.0% | AMZN, BABA, BBWI, CRM, DD, DHR, FIS, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG | activism, credit, Hedge Fund, Long/Short, Structured Credit | View | ||
| 2022 Q4 | Jul 1, 2023 | Third Point Offshore Fund | 1.1% | -3.0% | AIG, BBWI, CL, DD, PCG | - | View | ||
| 2023 Q1 | May 17, 2023 | Third Point Offshore Fund | 1.1% | -3.0% | AIG, AMD, BABA, BBWI, CL, CRM, CS, DHR, DIS, FIS, GLEN.L, GOOGL, LVMH.PA, MSFT, PCG, SHEL | activism, credit, Hedge Fund, Multi-Strategy, Structured Credit | View | ||
| 2023 Q1 | Mar 31, 2023 | Third Point Partners | 3.9% | 14.0% | AIG, AMD, BABA, BBWI, CL, CRM, DHR, DIS, FIS, GLEN.L, GOOGL, MC.PA, MSFT, PCG, SHEL | activism, credit, Equity, Hedge Fund, Multi-Strategy | View | ||
| 2024 Q4 | Jan 13, 2025 | 13D Activist Fund | 0.8% | 1.7% | ALV, APD, AZTA, BBWI, ENV, EXEL, FTR, HR, JHG, LW, MDU, MRCY, NSIT, PSO, RIOT, RPD, SWX, THS, TWLO, VSTS | activism, Bitcoin, Corporate Governance, Data centers, M&A, Proxy Fights, SMID Cap, value | 2024 was a record year for shareholder activism with 128 new initiations in North America. Success rates continue to soar with activists achieving 96% success rate in 2023 and 86% in 2024 versus high 60s historically. Shareholder activism is becoming more mainstream with 40 non-activists launching new campaigns in 2024. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | The Sound Shore Fund | Bath & Body Works, Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Consumer products, Market expansion, personal care, share repurchases, Specialty retail, supply chain, Value | View Pitch |
| Oct 6, 2025 | Value Investors Club | Woodrow | Bath & Body Works Inc | Consumer Discretionary | Specialty Stores | Bull | NYSE | retail, turnaround, wholesale, international expansion, FCF | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||