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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Matrix Dividend Income | - | - | AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH | dividends, financials, tariffs, technology, value, volatility | The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The ultimate resolution of reciprocal tariff negotiations remains the biggest risk, with potential for short-term bumps that could hurt the economy and equity market. | FI AMAT |
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| 2025 Q2 | Aug 7, 2025 | Matrix Large Cap Value Strategy | - | - | AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH | dividends, financials, large cap, tariffs, technology, value, volatility | The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The biggest risk going forward continues to be the ultimate resolution of reciprocal tariff negotiations, which could hurt the economy and equity market if not resolved favorably. | UNH FI AMAT AMAT |
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| 2025 Q2 | Aug 5, 2025 | Auxier Asset Management | 2.5% | 8.7% | ABT, BAC, BDX, BK, BKNG, BRK.B, CAE, CI, ELV, GLW, GOOGL, KR, LINC, MA, META, MSFT, PM, UNH, V, ZBH | AI, Buybacks, healthcare, tariffs, technology, Travel, value | AI disruption has been a growing concern for investors as they are uncertain of long-term consequences. Apple research shows current LLMs only present an illusion of thinking and reasoning, producing results based on patterns rather than true reasoning. The largest tech companies expect to spend over $300 billion on AI infrastructure in 2025 alone. | BKNG GOOGL GOOGL |
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| 2025 Q2 | Jul 22, 2025 | American Century Equity Income Fund | -0.3% | - | AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS | Consumer Staples, Defensive, financials, healthcare, income, Quality, value | The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company. This value-oriented approach has historically resulted in a less volatile portfolio versus the benchmark. | View | |
| 2025 Q2 | Jul 22, 2025 | Harbor Mid Cap Value Fund | 4.9% | 2.1% | ADT, BK, CNHI, FLEX, FOXA, HIG, HPQ, JAZZ, JBL, KR, MCK, NRG, ORI, PHM, SNX, STT, SYF, TAP, TXT, WDC | earnings, energy, financials, mid cap, technology, value | Value stocks were left behind in the market rally and continue to trade at significant discounts to their growth counterparts, enhancing the potential for outperformance if valuations between growth and value stocks revert to a more normal, historical average. The Fund trades at just over 10x forward earnings and 7x cash flow, which are significant discounts to the core and value benchmark. | MCK ADT |
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| 2025 Q2 | Jul 22, 2025 | Miller Howard Investments Income-Equity Strategies | 3.8% | - | AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN | AI, Banking, dividends, financials, income, technology, value | AI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among Magnificent 7 companies, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain. | HRL ELS COP |
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| 2025 Q2 | Jul 17, 2025 | Dodge & Cox Stock Fund | 3.8% | 7.5% | ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW | Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value | The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index. | View | |
| 2024 Q2 | Jul 12, 2024 | Parnassus Value Equity Fund | 7.3% | 13.7% | ALGN, AVGO, BAC, BALL, BAX, BEP, BK, CMCSA, CSCO, GOOGL, GPN, INTC, MSFT, MU, NICE, ORCL, SPGI, SYY, TSM, VZ | AI, financials, healthcare, large cap, semiconductors, technology, value | The fund maintains strategic investments in Information Technology that should benefit from AI advancements. AI-related storylines continued to drive investor focus during the quarter. The fund sees upside from AI infrastructure spend through holdings like Broadcom. | View | |
| 2025 Q2 | Jun 30, 2025 | The Gabelli Dividend Growth Fund | 6.3% | - | AMETEK, AMZN, AXP, BATRA, BK, BRK.A, CAT, CHWY, CNH, CR, CVS, CZR, DEERE, DTE.DE, ELAN, FOX, FRPT, IDXX, IVG.DE, MA, MFI.TO, MLI, MSFT, MSGS, NEM, NESN.SW, NFG, NFLX, NVDA, PETCO, RR.L, RSG, SBGI, SONY, TDS, TGNA, TMUS, TRATON.DE, TRUP, WBD, ZTS | AI, defense, gold, M&A, Pet Care, Sports, tariffs, Utilities | The Trump administration implemented sweeping tariffs on April 2nd (Liberation Day), creating significant market volatility. While initial tariff rates were very high, bilateral trade deals with the UK, China, Vietnam, and India reduced effective rates. The administration appears intent on rolling back globalization, with tariffs serving as both negotiation tactics and policy tools. | WCC KR |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli International Small Cap Fund | 13.8% | - | AAPL, AME, AMZN, AVGO, AXP, BATRA, BK, BMI, BMY, BRK.B, C, CAT, CHWY, CR, CVS, CVX, CW, DAN, DE, ELAN, EVRG, FRPT, GATX, GOOGL, GPC, HES, IDXX, ITT, JPM, KKR, LION, MA, META, MFI.TO, MLI, MSFT, MSGS, NEE, NEM, NFG, NFLX, NVDA, ORCL, PARA, RSG, SONY, SPGI, STT, T, TMUS, TRUP, V, WFC, ZTS | defense, energy, gold, Sports, tariffs, technology, Utilities | The Trump administration's tariff policies dominated market sentiment in Q2 2025, with Liberation Day (April 2) introducing sweeping tariffs that initially triggered a 21% market drawdown. However, a 90-day pause and bilateral trade agreements with key partners helped stabilize markets. The administration appears intent on rolling back globalization, with effective weighted average tariff rates potentially reaching 18%. | 5444 JP TCAP LN |
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| 2024 Q1 | May 23, 2024 | Auxier Asset Management | 7.4% | 0.0% | AAPL, AMZN, ASML, BAC, BK, C, CPF, CSCO, GOOGL, KR, MA, META, MSFT, MU, NVDA, TSLA, TSM, USB, V, WMT | AI, Buybacks, financials, infrastructure, technology, Travel, Utilities, value | Top US tech firms are ramping up capital spending into AI infrastructure toward the $200 billion mark for 2024, benefiting hardware firms like Nvidia, Micron, ASML and Taiwan Semiconductor. Microsoft and OpenAI are working on a new data center and supercomputer project that could cost as much as $100 billion. High spending in the service industry on AI infrastructure could prove to be a long-term driver of inflation. | View | |
| 2026 Q1 | May 11, 2026 | Auxier Asset Management | 1.7% | 1.7% | BK, MSFT, UNH | AI, defense, energy, Geopolitical, industrials, software, technology, value | MSFT UNH BK |
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| 2025 Q1 | Apr 8, 2025 | Matrix Dividend Income | - | - | ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB | dividends, financials, healthcare, tariffs, technology, value, volatility | The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports caused significant market disruption. Tariffs are viewed as policy mistakes that will increase inflation, slow economic growth, and force businesses and consumers to pull back on investments and spending. | TGT PEP GNRC |
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| 2025 Q1 | Apr 8, 2025 | Matrix Large Cap Value Strategy | - | - | ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB | dividends, financials, healthcare, tariffs, technology, value, volatility | The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports created significant market disruption and economic uncertainty. The manager views these tariffs as a policy mistake that will lead to inflation and economic slowdown, comparing them to an act of war that taxes goods and disrupts the post-war economic system. | TGT PEP GNRC |
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| 2025 Q1 | Mar 31, 2025 | The Gabelli Equity Income Fund | 1.9% | 1.9% | BK, CR, DE, GATX, GPC, HES, MLI, MSFT, NFG, STT | dividends, energy, income, tariffs, Utilities, value | President Trump announced tariffs far higher than market expectations on April 2nd Liberation Day, with 10% base tariff on all imported goods and reciprocal tariffs totaling 25%-30% for most countries. This uncertainty overwhelmed positives from pro-growth policies and drove market volatility. | View | |
| 2025 Q1 | Mar 31, 2025 | Harbor Mid Cap Value Fund | -2.7% | -2.7% | AIG, ALSN, AMKR, ATKR, BK, DOX, EBAY, FOXA, HIG, HPQ, KR, NFG, NRG, ORI, PHM, PVH, STT, TOL, UAL, UGI | consumer discretionary, financials, mid cap, Trade Policy, Utilities, value | The fund maintains a deep value discipline with stretched valuation spreads remaining historically wide. The portfolio continues to trade at discounts relative to the benchmark, focusing on high-quality, profitable companies that generate strong cash flow, pay dividends, and actively buy back shares. | 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 | Auxier Asset Management | -2.1% | 11.3% | AAPL, AMP, AMZN, BAC, BK, BRK.B, C, GOOGL, KR, MA, META, MSFT, NVDA, PLTR, PM, TRV, TSLA, UNH, UNM, V | AI, Buybacks, financials, growth, insurance, real estate, technology, value | Technology and communication were the best performing sectors driven by AI excitement reaching new highs. The Magnificent Seven companies drove about half of the S&P 500's gain in 2024, with these companies expected to report 33% earnings growth versus 4% for the remaining S&P 500 companies. The manager is concerned by the large capital investment in AI by leading tech firms and government, with Wedbush projecting $2 trillion over the next three years. | View | |
| 2024 Q4 | Dec 31, 2024 | Parnassus Value Equity Fund | -1.5% | 12.0% | ABNB, ALGN, AMAT, AMZN, AVGO, AZN, BALL, BAX, BIIB, BK, DHI, GOOGL, GPN, INTC, MU, NICE, ORCL, PGR, SCHW, TSM | AI, financials, healthcare, large cap, semiconductors, technology, value | The fund benefited from AI-driven performance in holdings like Broadcom, which achieved record revenues from AI projects and custom chips for AI infrastructure. Oracle gained market share in cloud-based training of generative AI models through strategic partnerships. Applied Materials was added as a leading supplier of wafer fabrication equipment critical for AI semiconductor manufacturing. | V AMAT NVO AZN ABNB |
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| 2024 Q4 | Dec 31, 2024 | The Gabelli Equity Income Fund | -2.7% | 6.9% | BK, CR, DE, FLS, GATX, GPC, MA, MLI, MSFT, STT | banks, dividends, financials, income, value | The fund focuses on dividend-producing equity securities as part of its income strategy. The manager notes that investments in dividend producing equity securities may limit appreciation potential during broad market advances but provide income generation. | View | |
| 2023 Q4 | Dec 31, 2023 | Auxier Asset Management | 7.4% | 0.0% | ABT, ACGL, AFL, AIG, AON, BAC, BK, BKNG, BRK-A, C, ELV, GOOGL, KR, MA, MCD, MDLZ, MMC, MRK, MSFT, PM, TRV, UNH, V, WFC | AI, Banking, energy, healthcare, insurance, small caps, technology, value | Artificial Intelligence drove significant investments in new AI programs and increased data center capacity. In a CNBC survey of top technology companies, 47% of respondents said that AI is their #1 budget item for the next 12 months. AI integration into cloud services benefited companies like Microsoft. | View | |
| 2023 Q4 | Dec 31, 2023 | Matrix Dividend Income | 0.0% | 0.0% | AEP, BK, CMCSA, GILD, JPM, MDT, MSFT, PNC, UNP, USB | dividends, financials, income, large cap, value | The portfolio focuses on high-quality companies that pay strong dividend yields with a long history of continually growing those dividends. The strategy generated high current and growing income with a 3.10% dividend yield and 6.43% average annual dividend growth. | View | |
| 2025 Q3 | Nov 16, 2025 | The Gabelli ABC Fund | 3.0% | - | AAPL, AMETEK, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, MSGS, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, energy, financials, gold, M&A, rates, technology, Trade | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | OR US ECG US |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Dividend Growth Fund | 6.8% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CHWY, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, gold, growth, M&A, Markets, rates, technology, Trade | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | MSGS US |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Equity Income Fund | 6.1% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, Buybacks, defense, gold, M&A, rates, Trade, Utilities | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | POLR LN 3110 JP |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Global Content & Connectivity Fund | 12.3% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, COST, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, Federal Reserve, gold, M&A, Pet Care, technology, Trade Policy, Value Investing | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to ~$380bn. | View | |
| 2025 Q3 | Nov 16, 2025 | Matrix Dividend Income | - | - | ACN, AMAT, BA, BK, CSCO, FI, GD, LHX, LMT, NESN.SW, NSC, SBUX, STZ, TEL, TGT, TSN, UNP | defense, dividends, financials, healthcare, technology, value | Technology and Communications sectors led the market rally in Q3, accounting for close to 70% of the S&P 500's performance. Many companies within these sectors benefit from investor enthusiasm for artificial intelligence including the Magnificent 7. The manager expects corporations to continue finding new ways to run their businesses more efficiently as they incorporate AI. | LMT STZ ACN |
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| 2025 Q3 | Nov 16, 2025 | Matrix Large Cap Value Strategy | - | - | ACN, AMAT, BA, BK, CSCO, FI, GD, LHX, LMT, NESN.SW, NSC, SBUX, STZ, TEL, TGT, TSN, UNP | AI, defense, dividends, financials, large cap, rates, technology, value | Technology and Communications sectors led the market rally, accounting for 70% of S&P 500 performance in Q3, driven by investor enthusiasm for artificial intelligence including the Magnificent 7. Companies are expected to continue incorporating AI to run businesses more efficiently and drive earnings growth. | View | |
| 2025 Q3 | Nov 13, 2025 | Auxier Asset Management | 5.4% | - | BA, BAC, BK, C, CAT, DEO, GD, GLW, GOOGL, KR, LMT, MA, META, MSFT, PH, PM, PSX, RTX, TAP, VLO | AI, Banking, credit, defense, energy, infrastructure, Speculation, technology | Robust capital investment boom in Artificial Intelligence is boosting the US economy and market, with up to half of 3.8% GDP gain attributable to tech capital spending. Companies like Alphabet, Microsoft and Meta are putting up exceptional growth in cloud computing, AI and digital advertising. The massive infrastructure buildout to expand data center capacity has boosted demand for traditional machinery and power solutions. | View | |
| 2023 Q3 | Oct 31, 2023 | Davis New York Venture Fund | 0.0% | 0.0% | 2318.HK, AMAT, AMZN, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, OC, TECK, TXN, USB, VTRS, WFC | Banking, fundamentals, healthcare, Quality, Resilience, technology, undervalued, value | The fund focuses on companies trading at attractive valuations despite strong fundamentals. Portfolio companies trade at 11.4x forward earnings, a 45% discount to the S&P 500, while growing earnings faster than market averages. The end of the easy-money era has created opportunities in undervalued, high-quality businesses. | View | |
| 2024 Q3 | Oct 28, 2024 | Parnassus Value Equity Fund | 7.3% | 13.7% | AMZN, AXP, BAC, BALL, BIIB, BK, CBRE, CHTR, DE, DHI, GOOGL, INTC, MU, ORCL, PGR, SCHW, SPGI, SYY, UNH, VZ | financials, healthcare, large cap, rates, technology, value | The fund pursues strong risk-adjusted returns by owning a concentrated portfolio of U.S. large cap stocks that are temporarily out of favor relative to their history or peers. Recent additions of UnitedHealth Group and Amazon exemplify purchasing high-quality businesses at discounted valuations during temporary issues. | AMZN UNH |
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| 2025 Q3 | Oct 19, 2025 | Miller Howard Investments | - | - | AR, BK, CAG, CCI, CMCSA, CNP, COP, DINO, ELS, ENB, EPD, GEL, GS, HESM, HRB, HRL, JPM, NI, NRG, STT, TTE, WTTR | AI, dividends, energy, financials, inflation, infrastructure, Natural Gas, Utilities | Miller/Howard emphasizes dividend increases as the strongest signal of management confidence, with 70% of financial holdings raising dividends by an average 14% in the quarter. The firm projects 2025 dividend growth of 5.0% for Income-Equity and 4.9% for the no-MLP version, maintaining their focus on high current income and dividend growth as core investment principles. | View | |
| 2025 Q3 | Oct 19, 2025 | Miller Howard Investments Income-Equity Strategies | 3.6% | - | AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN | AI, dividends, energy, financials, income, technology, value | AI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among the Magnificent 7, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion dollars by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain. | TTE HRL ELS COP |
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| 2025 Q3 | Oct 19, 2025 | American Century Equity Income Fund | 5.3% | - | AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS | Consumer Staples, dividends, financials, healthcare, income, Quality, Utilities, value | The portfolio focuses on higher-quality stocks that may offer resilience amid continuing inflation and uncertain macroeconomic conditions. The team emphasizes companies with stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions. | View | |
| 2025 Q3 | Oct 15, 2025 | Parnassus Value Equity Fund | 7.5% | - | ABNB, ABT, BAC, BALL, BK, CBRE, CMI, DE, DHI, GOOGL, HD, JPM, MA, NICE, NVO, ORCL, SPGI, SYK, TSM, WDC | AI, financials, healthcare, large cap, Quality, technology, value | The AI megatrend is fueling demand for high-capacity, cost-effective storage and driving positive sentiment toward IT holdings. Oracle continues to benefit from the AI megatrend with accelerating cloud growth, while Taiwan Semiconductor Manufacturing Company benefits from growing demand for AI chips. | View | |
| 2025 Q3 | Oct 14, 2025 | Dodge & Cox Stock Fund | 3.1% | 10.9% | ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW | Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value | The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index. | View | |
| 2024 Q4 | Jan 8, 2025 | Matrix Dividend Income | - | - | AMGN, BDX, BK, CSCO, DG, GILD, HUM, MS, PEP, PNC, UNH | dividends, financials, growth, healthcare, rates, technology, value | Manager expects Value stocks to outperform Growth after more than a decade of underperformance. They anticipate market rotations and regression to the mean for Growth stocks, creating favorable conditions for Value investing. | PEP DG AMGN |
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| 2024 Q4 | Jan 8, 2025 | Matrix Large Cap Value Strategy | - | - | AMGN, BDX, BK, CSCO, DG, GILD, HUM, MS, PEP, PNC, UNH | dividends, financials, growth, healthcare, inflation, rates, technology, value | Manager expects Value to outperform Growth after more than a decade of underperformance. They anticipate market rotations in 2025 and a regression to the mean for Growth stocks, creating a favorable environment for Value investing that would provide a tailwind for Matrix's portfolios. | PEP DG AMGN |
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| 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 | Dodge & Cox Stock Fund | 7.2% | 16.3% | APD, BAX, BK, CHTR, CVS, FDX, FI, GE, GOOGL, JCI, MET, META, MSFT, NVDA, OXY, RTX, SBAC, SCHW, SNY, WFC | energy, financials, healthcare, industrials, technology, value | The Fund trades at an attractive valuation of 14.4 times forward earnings, compared to 22.5 times for the S&P 500. The valuation disparity between value and growth stocks diminished but still remains wide, with Russell 1000 Value trading at 17.9 times forward earnings versus 29.0 times for Russell 1000 Growth. Value stocks outperformed growth stocks in the quarter for the first time since 2022. | View | |
| 2024 Q3 | Sep 30, 2024 | Auxier Asset Management | 7.4% | 0.0% | AFL, BAC, BK, BRK.B, COP, CVX, GOOGL, KR, MA, MMC, MRK, MSFT, NVDA, PM, PSX, TRV, UNH, UNM, V, VLO | AI, Buybacks, energy, financials, nuclear, Onshoring, value | Manager discusses massive $200+ billion investment into AI by top four hyperscalers this year, questioning returns on investment. Sees better potential in smaller companies focused on inference and small language models that are more economical and not cloud-dependent. Next wave of AI PCs expected to be more powerful and affordable. | View | |
| 2024 Q3 | Sep 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | ABBV, BAC, BK, CAH, CNQ, EPD, ETR, GILD, GS, HST, JEF, JPM, KO, LAMR, MRK, NTR, OGE, ORI, PSX, TXN | AI, dividends, financials, Market Concentration, Utilities, value | The firm focuses on high-yield dividend stocks that offer yields over 2.5x the S&P 500. They had 7 dividend increases in the quarter and believe their portfolios are well-positioned for dividend growth throughout the full market cycle. The relationship between market breadth and high-yield dividend stock performance is central to their investment thesis. | ETR |
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| 2023 Q3 | Sep 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA | AI, dividends, energy, inflation, infrastructure, Midstream, Recession, Utilities | The letter emphasizes dividend investing as a reliable strategy, noting that dividends have been the most dependable source of investment returns over time. The firm focuses on high-dividend-yield stocks that continue to produce income during recessions and suggests mature management views their business positively long-term. | View | |
| 2023 Q3 | Sep 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA | AI, dividends, energy, income, inflation, Recession, Utilities, value | The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide income during downturns. The portfolio yields 3.9% and 3.6% respectively for the with-MLP and no-MLP versions. | View | |
| 2023 Q3 | Sep 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA | AI, dividends, energy, income, inflation, Utilities, value | The firm emphasizes dividend-paying stocks as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They advocate for dividend investing as a strategy that relies on the power of compounding income over time rather than heroic forecasts. | View | |
| 2023 Q3 | Sep 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | AM, BK, CAG, CEG, CMCSA, EPD, GS, HESM, JPM, MPC, MPLX, NEE, NS, NTR, PAYX, SO, SUN, TRGP, TXN, VST | AI, dividends, energy, income, inflation, interest rates, Midstream, Utilities | The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide downside protection. | View | |
| 2024 Q3 | Sep 30, 2024 | The Gabelli Equity Income Fund | 8.7% | 0.0% | BF.B, BK, CC, DE, GATX, GPC, MLI, MSFT, SSC, TXT | banks, dividends, equity income, rates, Utilities, value | The Federal Reserve lowered short-term rates by 50 basis points in the third quarter to 5.0%. The manager expects continued gradual rate reductions over the next year as inflation has come down considerably to below 3% annually. | View | |
| 2023 Q1 | Aug 5, 2023 | Matrix Dividend Income | 0.0% | 0.0% | AEP, AMZN, APD, BK, EBAY, HD, KMB, KO, MDT, MTB, PARA, PNC, SLB, TFC, TSN, UNP, USB | Banking, dividends, financials, healthcare, rates, technology, value | Three U.S. banks failed in March, creating market volatility and concerns about banking system stability. Manager believes the selloff in regional bank stocks is overdone and will be short-lived, expecting strong rebounds in high-quality financials. Portfolio includes well-capitalized banks like PNC Financial that are likely to gain market share. | SUNP IN PNC |
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| 2023 Q1 | Aug 5, 2023 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | AEP, AMZN, APD, BK, EBAY, HD, KMB, KO, MDT, MTB, PARA, PNC, SLB, TFC, TSN, UNP, USB | Banking, dividends, financials, healthcare, rates, technology, value | Three U.S. banks failed in March including Silicon Valley Bank, creating concerns about banking system stability. Manager believes the selloff in regional bank stocks is overdone and will be short-lived, expecting strong rebounds in high-quality financials. Added PNC Financial and increased positions in other regional banks during the quarter. | SUNP IN PNC |
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| 2024 Q2 | Jul 31, 2024 | Auxier Asset Management | 7.4% | 0.0% | AAPL, BAC, BK, GLW, GOOGL, KO, KR, LINC, MA, META, MNST, MRK, MSFT, NVDA, PEP, PM, RTX, TAP, UNH, V | AI, infrastructure, risk management, small caps, Speculation, technology, value | AI investment boom continues driving massive capital spending on tech infrastructure, with cloud service providers potentially investing $300 billion into AI hardware this year. The AI industry would need to generate $600 billion in annual revenue to justify current infrastructure spending. Companies like Alphabet and Microsoft are accelerating capital spending significantly. | View | |
| 2024 Q2 | Jul 25, 2024 | Davis New York Venture Fund | 0.0% | 0.0% | 005930.KS, 2318.HK, AMAT, AMZN, BAER.SW, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, MGM, OC, TECK, USB, VTRS, WFC | banks, healthcare, interest rates, Quality, technology, value | The fund emphasizes valuation discipline and seeks companies trading at attractive prices relative to fundamentals. Portfolio trades at only 12 times forward earnings, a 46% discount to S&P 500 despite strong earnings growth. The end of the free money era has created opportunities for value-conscious investors. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | banks, dividends, energy, free cash flow, infrastructure, Natural Gas, Utilities | Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. The firm views regular dividends as a signal of management confidence in future profitability and prefers them over buybacks for capital returns. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | banks, dividends, energy, free cash flow, Natural Gas, Utilities, value | Miller/Howard argues dividend-paying stocks are underappreciated due to misleading free cash flow comparisons with non-dividend payers. After adjusting for stock-based compensation, dividend payers show superior free cash flow margins and yields. Regular dividends signal management confidence in future profitability and provide more predictable returns than buybacks. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | banks, dividends, energy, free cash flow, Midstream, Natural Gas, Utilities | Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. Dividend payers return 91% of free cash flow to shareholders versus 53% for non-dividend payers. Regular dividends are viewed as management commitments that signal confidence in future profitability. | View | |
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS | Banking, Data centers, dividends, Energy Infrastructure, free cash flow, Natural Gas, Utilities | The letter extensively analyzes dividend-paying stocks versus non-dividend payers, arguing that dividend payers have higher quality free cash flow after adjusting for stock-based compensation. Regular dividend payers return 91% of free cash flow to shareholders through dividends and buybacks, compared to 53% for non-dividend payers. | View | |
| 2023 Q2 | Jun 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB | dividends, energy, infrastructure, interest rates, Recession, small caps, technology, Utilities | 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 growth prospects and views regular dividends as management confidence signals. | View | |
| 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 Q2 | Jun 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB | dividends, energy, income, infrastructure, technology, Utilities, value | 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 emphasizes dividend growth as a key investment criterion across all strategies, with multiple holdings announcing dividend increases during the quarter. | View | |
| 2023 Q2 | Jun 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB | dividends, energy, income, infrastructure, Recession, technology, Utilities, volatility | The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. During recessions, dividend increases still outnumber decreases by 3-to-1, with companies having lower leverage and stronger fundamentals more likely to maintain dividend growth. | View | |
| 2024 Q1 | May 4, 2024 | Davis New York Venture Fund | 0.0% | 0.0% | 005930.KS, 2318.HK, AMAT, AMZN, BAER.SW, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, MGM, OC, TECK, USB, VTRS, WFC | banks, financials, healthcare, Quality, rates, technology, value | The fund emphasizes the end of the free money era that began in 2008-2009, with the Federal Reserve raising rates 11 consecutive times starting March 2022. This normalization creates headwinds for speculative growth companies but tailwinds for durable, attractively valued businesses with strong fundamentals. The managers view this as a return to normalcy where valuation discipline matters again. | View | |
| 2023 Q1 | Mar 31, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, BAC, BK, BOKF, FAF, GNRC, Gold, GS, JNJ, KKR, LAZ, LH, LMT, MHK, MOS, NTRS, ORCL, REZI, SNA, WU, ZBH, ZBRA, ZIMV | Banking, Fed Tightening, industrials, Recession, technology, value | The fund emphasizes low PE stocks as core to their approach, trading at significantly lower multiples compared to both value indices and the broad market. This value emphasis has been a near-term performance headwind but positions them well as the market begins to look past Fed tightening. | View | |
| 2023 Q3 | Mar 10, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, BK, BWA, CVX, GNRC, GS, JNJ, KVUE, LAZ, LESL, MHK, PHIN, SPHR, WU, ZBH | Buybacks, capital returns, discount, energy, large cap, value | The fund holds multiple energy positions including APA Corporation and Chevron Corporation. APA continues delivering strong earnings with solid production volumes and expects to hit oil production guidance. Chevron is viewed as competitively advantaged with sustainable growth pathway and expects double-digit return of capital employed by 2027. | PHIN KVUE CVX GNRC MHK LESL ^GSPC WU ADNT|APA|BPOP|FLR|KOS|OLN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 12, 2026 | Fund Letters | Auxier Asset Management | Bank of New York Mellon | Banks - Diversified | Asset Management & Custody Banks | Bull | New York Stock Exchange | AI implementation, asset management, capital allocation, Custody Bank, financial services, Interest income, operational efficiency, share repurchase | 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. | ||||||||