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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Oct 21, 2025 | Third Avenue Small-Cap Value Fund | 7.2% | - | ABAC, BATRK, BCC, BXC, COLL, CTAS, CTLP, ECPG, FRPH, HBB, HFWA, ITIC, KALU, LXU, MYRG, PB, PRA, ROG, SD, SUPN, TDW, UMBF, UNF, VSTO | Building Materials, financials, healthcare, industrials, Pharmaceuticals, small caps, technology, value | The fund focuses on buying companies trading at discounts to conservative estimates of net asset value, with shares not reflective of potential for business improvement or value creation. The investment approach emphasizes businesses well-financed and trading below intrinsic value with identifiable value creation levers. | ROG BOISE AMBC AMBC |
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| 2025 Q3 | Oct 21, 2025 | Third Avenue Value Fund | 11.9% | - | 7270.T, AC.TO, BCC, BIRG, BMW.DE, BZU.MI, CBG.L, CSTCF, DB, EZJ.L, HCC, HEI, IFP.TO, LUN.TO, MBG.DE, ORI, ROG, S4C.L, UGPA3.SA | Banking, contrarian, Copper, Europe, Forecasting, Mining, value | Copper prices have benefited from increasingly tight global supplies, a weak U.S. dollar, breakdown of trust in global trading norms, and operational disruptions at several large copper mines. These dynamics have benefited holdings like Capstone Copper and Lundin Mining, with rising gold prices also helping copper miners that produce gold as a byproduct. | AC ROG BOISE DBK OR HBR LUN CS |
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| 2023 Q4 | Oct 1, 2024 | Miller Value Partners Income Strategy | 11.7% | 11.7% | BCC, BKE, JXN, MED, OGN, RILY, WAL | dividends, high yield, rates, Regional Banks, value | The letter discusses the significant outperformance of long-dated US government bonds in Q4 2023, with TLT up 12.9%, marking the fifth-best calendar quarter in twenty years. This occurred without coinciding equity market drawdowns, suggesting a potential turning point in market psychology around inflation persistence. Fed officials are now discussing rate cuts and slowing balance sheet asset sales. | JXN BKE WAL |
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| 2023 Q2 | Jun 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | AES, AGO, AGRO, AM, BCC, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EME, EMN, ENB, ENLC, EPD, ETD, EVR, EXR, FFBC, FULT, GS, HCA, JHG, JNJ, JPM, KEY, KFY, KNF, LBRT, LNG, LYB, MATX, MDU, MED, MEI, MPC, MSFT, MSM, NGG, NSP, NVDA, OMAB, OMF, POR, PPL, PSX, QCRH, RRC, RY, SBAC, SLP, SO, SUN, UGI, UHT, VLO, VST, WINA, WMB | dividends, energy, income, technology, Utilities, value, volatility | The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard focuses on companies with strong dividend coverage and growth potential, with their Income-Equity strategies yielding 3.5-3.7% and positioned for dividend growth throughout market cycles. | View | |
| 2023 Q4 | Jan 19, 2024 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | BCC, BKE, JXN, MED, OGN, RILY, WAL | dividends, high yield, income, interest rates, Regional Banks, value | Western Alliance Bancorp was the top contributor with strong deposit growth and capital ratios. The bank reported deposits rising 6.5% sequentially to $54.3B with 82% insured and collateralized, while CET1 ratio expanded to 10.6%. | BCC JXN BKE WAL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | Boise Cascade | Materials | Forest Products | Bull | NYSE | balance sheet, Building materials, Cyclical, Forest Products, Value, Wood Products | 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. | ||||||||