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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Mar 31, 2025 | The Gabelli Equity Income Fund | 1.9% | 1.9% | BK, DE, GATX, NFG | - | View | ||
| 2025 Q4 | Feb 8, 2026 | Auxier Asset Management | 2.0% | 15.2% | BK, BRK-A, BTI, C, CAT, CVX, FI, GE, GLW, GOOGL, HD, LOW, MSFT, MU, NOW, PH, QCOM, RTX, UNH, VLO | AI, Banking, Buybacks, defense, energy, healthcare, technology, value | Technology hyperscalers spent close to $400 billion in 2025 on AI infrastructure with potential to reach $527 billion in 2026. However, an MIT study found 95% of generative AI pilots failing to deliver measurable returns, raising concerns about overinvestment similar to the dot-com era. Supply demand dynamics favored US stocks with $1.1 trillion in total stock buybacks versus only $46 billion in IPOs. Energy leaders like Chevron rewarded shareholders with aggressive stock buybacks alongside strong production and growing dividends. Over 100 countries dramatically increased defense spending in 2025, providing a boost for the aerospace and defense sector. Jet engine production and maintenance soared, benefiting firms like Parker Hannifin, GE, RTX and Berkshire's Precision Castparts. In the fourth quarter, investors shifted toward undervalued, high-quality companies with strong free cash flow yields. Healthcare led with an 11.25% catch-up return as its valuation metrics remain at a significant discount to the broader market. Larger banks enjoyed steepening yield curves and robust capital markets activity, with Bank of New York and Citigroup showing strong fundamentals at cheap valuations. JPMorgan predicts a breakout year for IPOs in 2026 with names like SpaceX, OpenAI and Anthropic potentially entering the market. | View | |
| 2025 Q4 | Feb 18, 2026 | The Gabelli Equity Income Fund | 2.2% | 16.5% | BK, CR, CVX, DE, FCX, FLR, GATX, GPC, MSFT, NEM, NFG, STT | AI, dividends, energy, financials, gold, Utilities | Gold had its best year since 1979, rising 66% as a result of geopolitical uncertainty and central bank buying. Gold miners such as Newmont Corp. are levered to the price of gold, making it the biggest contributor to returns for both the fourth quarter and the full year. The Fund focuses on dividend-producing equity securities, though this may limit potential for appreciation during broad market advances. The prices of dividend-producing equity securities can be highly volatile. The American economy continues to embrace AI technology, and the prospect of large increases in productivity is spurring optimism. AI-related infrastructure and power demand are driving growth in various sectors. Natural gas demand in the Northeast is accelerating, driven in part by rising electricity consumption from data centers and AI-related load growth. Companies like National Fuel Gas benefit from strategic positioning near population centers. | NFG MSFT CVX |
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| 2024 Q4 | Dec 31, 2024 | Parnassus Value Equity Fund | -1.5% | 12.0% | ABNB, ALGN, AMAT, AMZN, AVGO, AZN, BALL, BAX, BIIB, BK, DHI, DIS, FIS, GOOG, GPN, INTL, MU, NICE, NTR, NVO, ORCL, PGR, SCHW, TSM, V | - | View | ||
| 2025 Q3 | Nov 16, 2025 | The Gabelli Equity Income Fund | 6.1% | - | BK, DE, NFG, STT | Balance Sheet, catalysts, dividends, income, valuation | The strategy highlights income-oriented equities benefiting from stabilizing rates, resilient balance sheets, and improving corporate fundamentals. The fund focuses on companies with sustainable dividends, conservative leverage, and catalysts such as operational improvements or asset monetizations. In a mixed macro backdrop, income equities provide attractive yields alongside potential for selective capital appreciation. | POLR LN 3110 JP |
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| 2024 Q3 | Oct 28, 2024 | Parnassus Value Equity Fund | 7.3% | 13.7% | AMZN, AXP, BIIB, BK, CBRE, CHTR, DHI, GOOG, INTC, MU, ORCL, PGR, SCHW, UNH | - | View | ||
| 2025 Q3 | Oct 19, 2025 | Miller Howard Investments Income-Equity Strategies | 3.6% | - | ABBV, BK, C, CAG, CMCSA, COP, ELS, EMN, GSK, HRL, JNJ, ORI, PAYX, TTE, TXN | AI, cash flow, dividends, financials, value | Income-Equity portfolios outperformed on dividend strength from financials and healthcare while contrasting AI-driven spending by large-cap tech firms. The strategy emphasizes high and growing income from undervalued cash-generative companies, avoiding speculative AI capex cycles. | TTE HRL ELS COP |
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| 2025 Q3 | Oct 15, 2025 | Parnassus Value Equity Fund | 7.5% | - | ABNB, ABT, BALL, BK, CMI, DE, DHI, HD, NICE, NVO, ORCL, SPGI, SYK, TSM, WDC | Artificial Intelligence, Health Care, Medical Devices, Rate Cuts, Value Investing | Parnassus outperformed its benchmark as AI-related holdings such as Oracle and TSMC boosted returns. The fund trimmed IT exposure after strong gains, reallocating into healthcare names like Abbott and Stryker to capture durable medical device growth. Management expects value stocks to outperform amid declining rates, stable growth, and rich overall market valuations. | View | |
| 2025 Q4 | Jan 26, 2026 | Davis Financial Fund | 0.0% | 29.3% | AXP, BAER.SW, BK, BRK-A, CB, COF, D05.SI, DIS, FI, FITB, JPM, MKL, PNC, RE, RKT, RNR, USB, WFC | Banking, capital, financials, insurance, regulation, returns, value | Banks continue to represent the majority of holdings with strong tailwinds across credit, spreads, expenses, and regulation. Interest spreads have begun widening as fixed rate assets roll over at higher yields, revealing attractive economics of low-cost deposit franchises. Many banks are generating returns on tangible equity in the mid-to-high teens with management targets suggesting sustainability in the medium term. Capital markets firms were among the drivers of S&P Financials Index performance and contributed to fund outperformance. The regulatory environment has been moving in a favorable direction with capital rules being finalized that are far less onerous than under the prior administration. Regulators are more willing to consider M&A transactions with relief on certain supervisory limitations. Property & casualty reinsurers were added to the portfolio as capital was redeployed from trimmed bank positions. Pricing trends in insurance markets have been strong in recent years. Chubb has consistently generated returns on equity comfortably ahead of the industry owing to advantaged lines of business with disciplined underwriting and operating culture. Payments and consumer lending companies were the biggest contributors to relative performance including Capital One, American Express and Rocket Companies. Capital One's transformational acquisition of Discover Financial closed with anticipated annual cost synergies of $1.5 billion and network synergies of $1.2 billion from transitioning card volumes into Discover's networks. Financial stock valuations have begun to reset higher with price-to-tangible book value multiples expanding by over 70% on average in the past three years. The portfolio in aggregate is valued at approximately 13x this year's earnings, representing a significant discount to both the broader S&P 500 Index and S&P Financials Index. | CB WFC COF |
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| 2025 Q4 | Jan 21, 2026 | Harbor Mid Cap Value Fund | 4.1% | 16.0% | AMKR, BK, CFG, COIN, EA, ENS, EXPE, FOXA, GM, GTX, HIW, HLF, HOG, HOOD, HPQ, JAZZ, KR, NEU, OC, PHM, PLAB, PVH, SNDK, STT, TXT, WBD, WDC | Buybacks, consumer discretionary, dividends, financials, mid cap, technology, value | The fund maintains its disciplined value investment approach, seeking high-quality, profitable companies that generate cash, pay dividends, and repurchase shares. Mid- and small-cap value stocks continue to trade at attractive multiples despite strong relative performance. AI-driven demand for storage led to strong earnings and increases in revenue growth and margins for technology holdings. AI-related technology stocks may appear priced to perfection, but the fund continues to identify opportunities among mid-cap value stocks. The fund seeks companies that repurchase shares, viewing aggressive stock buybacks positively. Several holdings including General Motors, Garrett Motion, and EnerSys have been aggressively buying back stock. | AMKR EA ENS GTX |
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| 2025 Q4 | Jan 18, 2026 | Dodge & Cox Stock Fund | 2.5% | 13.7% | AON, AVTR, BAC, BK, BN, CHTR, CMCSA, CVS, FDX, FI, GILD, GOOGL, GSK, JCI, MET, MSFT, OXY, REGN, RTX, SCHW, TSM, WFC, WTW | contrarian, financials, industrials, technology, valuation, value | The fund maintains its value-oriented investment approach despite a fully valued U.S. equity market. The portfolio trades at an attractive valuation of 14.6 times forward earnings, representing a significant discount to the S&P 500 at 22.9 times. The fund continues to find opportunities where long-term fundamentals are not fully reflected in current prices. The fund reduced its overall weighting in the Financials sector while shifting exposure across industries. They trimmed more cyclical bank holdings like Wells Fargo and Bank of America, while increasing exposure to insurance brokers and alternative asset managers. Despite headwinds, they added to Fiserv as its valuation compressed significantly. | FISV |
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| 2025 Q4 | Jan 18, 2026 | Parnassus Value Equity Fund | 5.4% | 19.0% | A, AMD, BAC, BALL, BK, CBRE, CMCSA, CMI, CMS, DE, GOOGL, GPN, HD, JPM, MA, MSFT, MU, NICE, NVO, ORCL, REGN, SCHW, SPGI, SYY, WDC, WM | AI, financials, healthcare, large cap, Quality, technology, value | The broadening AI megatrend continues to fuel demand across sectors, with AI developments boosting returns particularly in Industrials. The manager believes AI has potential to impact every sector over time, driving productivity gains and business model innovation across a much broader range of industries than currently appreciated by investors. Value stocks outperformed growth stocks in Q4 as high market valuations for growth stocks create attractive risk/reward potential in value stocks. The manager expects the current market environment to continue favoring value stocks given elevated growth stock valuations and relatively benign economic backdrop. Strong growth in distribution and power systems segments driven by data center demand, with companies like Cummins benefiting from robust sales results. Data center demand is supporting performance across multiple portfolio holdings. | WM HD WDC |
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| 2024 Q3 | Sep 30, 2024 | The Gabelli Equity Income Fund | 8.7% | 0.0% | BK, GATX, TXT | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $3.0B | 1.62% | 25,811,239 | -9,031,705 | -25.92% | 3.5837% |
| David Einhorn | Greenlight Capital Inc | $9.9B | $19.8M | 0.20% | 257,400 | +257,400 | +100.00% | 0.0343% |
| Chris Davis | Davis Selected Advisers | $22.2B | $60.6M | 0.27% | 521,722 | -1,499,640 | -74.19% | 0.0724% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $15.8M | 0.03% | 135,698 | -121,200 | -92.94% | 0.0188% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $47.4M | 0.05% | 408,175 | +2,154 | +0.53% | 0.0567% |
| David Katz | Matrix Asset Advisors | $1.1B | $30.3M | 2.73% | 261,427 | -7,168 | -2.67% | 0.0363% |
| Chris Rokos | Rokos Capital Management | $9.9B | $19.8M | 0.20% | 257,400 | +257,400 | +100.00% | 0.0343% |
| Ray Dalio | Bridgewater Associates | $27.4B | $40.6M | 0.15% | 349,688 | -51,059 | -12.74% | 0.0486% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.6M | 0.00% | 14,083 | +11,483 | +441.65% | 0.0020% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.7M | 0.00% | 23,200 | -200,587 | -45.90% | 0.0032% |
| Jeremy Grantham | GMO LLC | $39.1B | $7.7M | 0.02% | 66,472 | -25,323 | -27.59% | 0.0092% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $4.0M | 0.00% | 34,481 | -240 | -0.69% | 0.0048% |
| Murray Stahl | Horizon Kinetics | $7.4B | $1.4M | 0.02% | 11,864 | -100 | -0.84% | 0.0016% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $1.4M | 0.00% | 11,734 | -186,683 | -94.09% | 0.0016% |
| Cliff Asness | AQR Capital Management | $190.6B | $497.0M | 0.26% | 4,280,883 | +257,220 | +6.39% | 0.5944% |
| Oliver Murray | Brandes Investment | $13.1B | $44.4M | 0.34% | 382,234 | -79,172 | -17.16% | 0.0531% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $10.0M | 0.04% | 86,226 | +1,592 | +1.88% | 0.0120% |
| Mario Gabelli | GAMCO Investors | $10.4B | $141.0M | 1.36% | 1,214,848 | -91,162 | -6.98% | 0.1687% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $3.8M | 0.08% | 32,702 | -8 | -0.02% | 0.0045% |
| Donald Yacktman | Yacktman Asset Management | $7.1B | $42.5M | 0.59% | 365,736 | -28,993 | -7.35% | 0.0508% |
| Bob Wyckoff | Tweedy Browne CO LLC | $1.2B | $14.8M | 1.19% | 127,393 | -11,648 | -8.38% | 0.0177% |
| Rich Handler | Jefferies | $19.3B | $16.3M | 0.08% | 140,689 | +17,892 | +14.57% | 0.0195% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $38.8M | 0.10% | 334,565 | -12,234 | -3.53% | 0.0465% |