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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 27, 2025 | First Eagle Global Fund | 7.2% | - | BA/ LN, BABA, BDX, META, ORCL, SLB, TSM, WTW | Fiscal, inflation, Labor, Resilience, wages | The commentary centers on the underappreciated risk of renewed inflation driven by labor market tightness, fiscal expansion, and demographic constraints. While markets appear to be pricing equilibrium, the manager argues that shrinking labor supply and sustained fiscal largesse could reignite wage pressures and destabilize monetary policy. The fund emphasizes resilience through diversified global assets positioned to withstand inflationary and policy shocks. | BABA WTW SLB BDX TSM META ORCL |
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| 2025 Q2 | Jul 23, 2025 | Aristotle Atlantic Core Equity Strategy | 14.3% | 7.5% | AVGO, BDX, CB, EXPE, ORCL, ZTS | Discipline, earnings growth, fundamentals, Pricing Power, Quality | The letter emphasizes strong corporate fundamentals despite macro uncertainty. Management focuses on high-quality businesses with pricing power, earnings durability, and secular tailwinds. The outlook remains constructive but valuation-aware following the market rebound. | ZTS EXPE CB BDX AVGO ORCL |
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| 2025 Q2 | Jul 22, 2025 | American Century Equity Income Fund | -0.3% | - | AOS, BDX, BRK/A, EL, EPD, KVUE, LUV, NEE, UNH | cash flow, defensiveness, dividends, income stability, payout ratios | The letter highlights the role of dividend-paying equities in generating stable income amid macro uncertainty and uneven growth. Management stresses balance sheet strength, sustainable payout ratios, and pricing power to support dividends through cycles. The outlook favors income resilience with moderate capital appreciation. | View | |
| 2025 Q2 | Jul 19, 2025 | Aristotle Core Equity Fund | 14.3% | 7.5% | AVGO, BDX, CB, EXPE, ORCL, ZTS | AI, earnings, fundamentals, growth, security selection | The letter highlights security selection as the primary driver of outperformance in a growth-led market. Management favors companies benefiting from AI, cloud infrastructure, and product cycles while managing valuation risk. The outlook supports selective growth exposure with fundamental backing. | ZTS EXPE CB BDX AVGO ORCL |
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| 2024 Q2 | Jul 16, 2024 | Kovitz Core Equity Strategy | -1.2% | 9.0% | BDX, DGE LN, ICE, KMX, MSI, PPG | - | View | ||
| 2025 Q2 | Jul 15, 2025 | Kovitz Core Equity Strategy | 7.9% | 5.4% | ADI, BDX, FI, FND, HAS, META, MSFT, MSI, ORCL, TMO | Balance Sheets, Capital discipline, Competitive Advantage, Concentration, Quality | The letter focuses on owning a concentrated portfolio of high-quality businesses with strong balance sheets and durable competitive advantages. Management prioritizes downside protection, conservative capital structures, and long holding periods. Patience and business fundamentals are emphasized over market timing. | View | |
| 2025 Q2 | Jul 11, 2025 | Heartland Mid Cap Value Fund | -0.2% | 0.5% | BDX, EG, HUBB | free cash flow, fundamentals, mid cap value, self-help, valuation extremes | The letter highlights a bifurcated opportunity set driven by valuation extremes within mid-cap equities. Management emphasizes free cash flow yield, self-help catalysts, and disciplined valuation as core drivers of long-term returns. Value investing is positioned to outperform as speculative excess fades. | HUBB EG |
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| 2025 Q1 | Apr 8, 2025 | Matrix Large Cap Value Strategy | - | - | ABBV, BDX, FI, GNRC, PEP, RTX, TGT | - | View | ||
| 2024 Q1 | Apr 12, 2024 | Kovitz Core Equity Strategy | 10.3% | 10.3% | AON, BDX, CHTR, GIL, GOOG, JPM, KMX, META, ORCL, PCAR, PPG, SPLK, SPOT | - | View | ||
| 2025 Q4 | Feb 13, 2026 | Hinde Group | -4.0% | 29.5% | BDX, GOOG, IBKR, NBN, NFLX, UBER | AI, Brokerage, Compounding, growth, technology, value | The AI investment boom continues to be an important source of strength for the U.S. economy. Big Tech companies announced plans to spend more than $660 billion on capital expenditures in 2026, mostly for AI chips and data centers, up almost 80% from 2025. The AI investment boom stimulates economic growth through both direct impact of AI-related investments and the wealth effect of soaring values for public and private AI-related equities. Interactive Brokers delivered stellar operating results with total customer accounts and customer equity growing 32% and 37% respectively. Commission revenue grew 26% and net interest income grew 13.2% despite multiple Fed rate cuts. Higher market volatility typically drives increased trading activity among IB's customers, with the VIX averaging 18.97 for 2025. | IBKR |
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| 2025 Q4 | Feb 11, 2026 | BlackRock Mid-Cap Value Fund | 2.5% | 13.7% | BAX, BDX, CAH, CVS, FCNCA, FIS, MMS, SSNC, WCC, WDC | AI, dividends, financials, healthcare, industrials, inflation, mid cap, value | Manager notes exuberance driven by artificial intelligence and narrow leadership raises questions about durability. They see value investing as offering a risk-aware way to participate in secular themes, including AI. Large-scale AI-related capital spending could strain power, materials, and construction capacity. The fund explicitly follows a value investing approach, investing in mid-cap companies that pay attractive, sustainable and growing dividends. Manager emphasizes value investing offers a risk-aware way to participate in secular themes and argues for selectivity and disciplined risk control. | View | |
| 2024 Q4 | Dec 31, 2024 | Oakmark Global Fund | -5.8% | 2.5% | BAYN GR, BDX, COF, DSV CN, ELV, MTN | - | View | ||
| 2025 Q3 | Nov 8, 2025 | Cullen Enhanced Equity Income Fund | 0.9% | 5.4% | BAX, BDX, CAG, RIO, SW | defensives, dividends, growth vs value, interest rates, Valuations | Market concentration and AI-driven exuberance have pushed valuations of growth sectors to multi-decade extremes, widening the gap between Growth and Value. High-quality defensive sectors have been neglected, creating favorable conditions for mean reversion as rate cuts make dividend yields more attractive. The fund argues that Value and Dividend strategies are well positioned amid overcrowded growth trades and elevated macro uncertainty. | SPGI |
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| 2025 Q3 | Nov 8, 2025 | Cullen Value Fund | 6.8% | 15.9% | BDX, BWA, CI, CMCSA, KVUE, MBGYY, NEE, ORCL, SRE, UNH | Concentration, dividends, growth vs value, Speculation, Valuations | The commentary emphasizes extreme valuation dispersion, with Growth trading at a 110% premium to Valuenear historic highs. AI-driven capex cycles have pushed mega-cap concentration to records, elevating speculative behavior while defensive sectors sit at multi-decade lows. These dynamics create compelling setup conditions for Value and Dividend strategies as sentiment normalizes and earnings growth broadens. | UNH SW BDX |
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| 2025 Q3 | Nov 16, 2025 | Aristotle Atlantic Core Equity Strategy | 7.1% | 15.1% | ADPT, AR, BDX, BKR, CEG, DAR, DXCM, HAL, NOW, ORCL | earnings, policy, tariffs, technology, Trade | The letter highlights tariff-driven volatility as a defining macro theme influencing U.S. growth, trade flows and sector earnings. Policy uncertainty has created dispersion across industries, while resilient corporate earningsparticularly in technologydemonstrate adaptability amid shifting trade dynamics. The manager emphasizes investing in companies with structural growth tailwinds, strong balance sheets and product-driven cycles that can endure policy shocks. | BDX BKR CEG DXCM ADPT ORCL AR DAR |
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| 2025 Q3 | Nov 11, 2025 | Hinde Group | 13.9% | 34.9% | BDX | AI, Cloud, DataCenters, megacaps, software | The generative AI boom is a primary economic and equity-market driver, supported by massive Big Tech CapEx and venture investment. Markets are pricing high confidence in the sustainability of AI-driven growth despite macro uncertainty. The letter stresses that AI infrastructure spending influences credit spreads, interest-rate expectations, and equity concentration. | BDX |
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| 2025 Q3 | Oct 14, 2025 | FMI All Cap Equity | - | - | BDX, OMF | Artificial Intelligence, Market Bubble, Mega Caps, risk management, valuation | The letter warns that record-high valuations and narrow market breadth signal speculative excess, driven by AI and mega-cap tech concentration. It compares the current AI investment cycle to the 2000 fiber-optic overbuild, cautioning that excessive capex may destroy capital. The firm emphasizes disciplined valuation, diversified exposure, and downside protection through quality stock selection. | OMF US |
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| 2025 Q3 | Oct 14, 2025 | FMI Large Cap Equity | - | - | BDX | Artificial Intelligence, Defensive Investing, Mega Caps, Quality, valuation | The letter underscores record valuation levels across major indices and likens the current AI frenzy to prior speculative booms. FMI stresses the risks of overconcentration in AI mega-caps and warns that returns may disappoint if capital intensity outpaces profitability. The firm maintains a defensive, value-driven allocation focused on quality balance sheets and cash flow resilience. | BDX US |
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| 2025 Q4 | Jan 29, 2026 | FPA Crescent Fund | 3.1% | 17.7% | ADI, AMZN, AVTR, BDX, C, CHTR, CMCSA, CRM, GOOGL, HEIA.AS, IFF, JEF, KMX, META, MSFT, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY | AI, global, healthcare, Quality, small caps, technology, value | The fund emphasizes being value aware, focusing on cases where both quality and value intersect. They avoid speculative areas where reward for taking risks is insufficient relative to potential returns. The strategy has generated equity-like returns while placing equal importance on capital preservation and appreciation over 30 years. The fund is actively investing in small to mid-cap global securities, believing the investment community is casting its gaze away from these market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. Recent purchases demonstrate their commitment to this thesis. The fund discusses AI extensively through Microsoft's transformation and growth prospects. They analyze how AI/cloud developments transformed Microsoft's business model and examine the massive revenue growth required for current AI valuations to make sense, questioning whether Microsoft can add revenue equivalent to multiple major software companies combined. | MSFT |
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| 2025 Q4 | Jan 23, 2026 | American Century Equity Income Fund | 1.8% | 11.9% | BDX, EPD, GOOGL, JNJ, JPM, MCD, MCHP, MDLZ, MDT, MMC, MU, NSC, PEP, PNC, RHHBY, SYY, TFC, UL | Consumer Staples, dividends, financials, healthcare, Quality, value | The fund continues to focus on higher-quality companies with stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions. This approach is viewed as offering resilience amid continuing inflation and uncertain macroeconomic conditions. Healthcare led all sectors in the fourth quarter after being beaten down for much of the year. The fund remains keen on healthcare stocks, particularly those in the healthcare equipment and supplies industry, because they are attractively valued and demand tends to be less susceptible to changes in the economic environment. The fund's investment objective focuses on current income and long-term capital growth, with a strategy of investing in companies believed to be undervalued. The portfolio positioning emphasizes income generation through dividend-paying stocks and preferred securities. | View | |
| 2023 Q4 | Jan 16, 2024 | Kovitz Core Equity Strategy | 10.4% | 26.8% | AAPL, ADSK, BDX, DGE LN, DLTR, GIL, GM, GOOG, LOW, PCAR | - | View | ||
| 2025 Q4 | Jan 14, 2026 | Hardman Johnston Large Cap Equity | 4.3% | 0.0% | 7269.T, AMZN, AZN, BDX, CCO.TO, CMCSA, EL, EW, GOOGL, HDB, ILMN, IQV, MA, META, MMC, PYPL, SCHW, SLB, SN, TMUS | AI, Genomics, growth, healthcare, large cap, Lithium, technology | AI remains an important driver for portfolio performance, with investments made years ago benefiting from the surge in AI spending. The manager sees AI as particularly relevant in healthcare where it can help achieve both innovation and efficiency while controlling healthcare spending growth. Albemarle is benefiting from a surge in lithium prices due to near-term production disruptions at competitors, improving outlook for global EV penetration, and investment in batteries as energy storage platforms for alternative energy supplies. Illumina, with almost 70% market share in gene sequencing, has weathered a storm of life science funding cuts and competitive entries. While challenges remain, they are well positioned to benefit from any acceleration in clinical and research spending in life sciences. | OLED AEIS ILMN ALB |
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| 2024 Q4 | Jan 13, 2025 | Generation Investment Management Global Equity | - | - | ADYEN NA, ASML NA, BDX, KSP ID, MSFT | - | View | ||
| 2023 Q1 | May 25, 2023 | RGA Investment Advisors | 0.0% | 0.0% | BDX, CTKB | - | View | ||
| 2023 Q4 | Feb 26, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | 0YXG LN, BDX, BMY, HAL, LLY, PEP, SPR, VRTX | - | View | ||
| 2023 Q4 | Feb 26, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | 0YXG LN, BDX, BMY, HAL, LLY, PEP, SPR, VRTX | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 15, 2026 | Seeking Alpha | Seeking Alpha | Becton, Dickinson and Company | Healthcare | Medical Instruments & Supplies | Bull | New York Stock Exchange | Becton, Dickinson, bioscience, debt reduction, diagnostics, divestment, equity stake, organic growth, shareholder value, strategic acquisition, Waters Corporation | View Pitch |
| Jan 13, 2026 | Seeking Alpha | Seeking Alpha | Becton, Dickinson & Co. | Medical Technology | Medical Devices | Bull | New York Stock Exchange | cash flow, Connected care, dividend yield, global reach, innovation, life sciences, medical technology, ROIC, total return, Undervalue | View Pitch |
| Dec 6, 2025 | Fund Letters | Julien Albertini | Becton, Dickinson and Company | Health Care | Medical Instruments & Supplies | Bull | NYSE | buybacks, Devices, diagnostics, dividends, Medtech | View Pitch |
| Dec 3, 2025 | Fund Letters | Owen Fitzpatrick | Becton, Dickinson and Company | Health Care | Health Care Supplies | Bear | NYSE | diagnostics, Funding, growth, guidance, Margins, Medtech, Policy, tariffs | View Pitch |
| Dec 3, 2025 | Fund Letters | Owen Fitzpatrick | Becton, Dickinson and Company | Health Care | Health Care Supplies | Bear | NYSE | diagnostics, Funding, growth, guidance, Margins, Medtech, Policy, tariffs | View Pitch |
| Nov 29, 2025 | Fund Letters | James Cullen | Becton, Dickinson and Company | Health Care | Medical Instruments & Supplies | Bull | NYSE | Consumables, deleveraging, Margins, Medtech, restructuring | View Pitch |
| Nov 29, 2025 | Fund Letters | Marc Werres | Becton, Dickinson and Company | Health Care | Medical Instruments & Supplies | Bull | NYSE | Consumables, deleveraging, Margins, Medtech, restructuring | View Pitch |
| Nov 29, 2025 | Fund Letters | Owen Fitzpatrick, Thomas Hynes, Jr, Brendan O’Neill | Becton, Dickinson and Company | Health Care | Medical Instruments & Supplies | Bear | NYSE | de-risking, divestiture, Funding, guidance, Medtech | View Pitch |
| Aug 8, 2025 | Seeking Alpha | The Value Investor | Becton, Dickinson and Company | Health Care | Medical Instruments & Supplies | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Harris Oakmark | Becton, Dickinson and Company | Health Care | Medical Instruments & Supplies | Bear | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||