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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Sep 7, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | BLDR, FFBB, TIGO, VTY LN | - | View | ||
| 2025 Q2 | Sep 10, 2025 | Bonhoeffer Capital Management | 8.7% | - | ART SJ, ARW, BLDR, FFBB, NBN, TIGO, UBAB | Balance Sheets, contrarian, Mean reversion, normalization, valuation | The commentary focuses on deep value opportunities driven by mean reversion, balance sheet repair, and normalized earnings power. Management stresses disciplined valuation work and patience through cycles to unlock long-term returns. The environment is viewed as favorable for contrarian investors as dispersion remains elevated. | View | |
| 2025 Q2 | Aug 7, 2025 | Robotti Value Investors | - | - | BLDR, TDW | cash flow, Discipline, fundamentals, Intrinsic Value, volatility | The letter contrasts narrative-driven markets with fundamental investing anchored in cash flows and intrinsic value. Management argues that volatility and speculation create recurring opportunities to buy undervalued public companies. Patience and discipline are positioned as the core edge. | IFP CN |
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| 2024 Q2 | Jul 9, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ARCH, BLDR, HCC, LXU, POU CN | - | View | ||
| 2025 Q2 | Jul 7, 2025 | GoodHaven Capital Management | - | -5.9% | BLDR, BRK/A, JEF, TVK CN | dislocation, Intrinsic Value, long-term, Quality, volatility | The letter highlights market volatility driven by tariffs and geopolitical shocks as a source of opportunity rather than risk. Management emphasizes owning high-quality businesses trading below intrinsic value and using downturns to add to positions. Long-term compounding and downside protection remain central. | TVK |
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| 2023 Q2 | Jul 26, 2023 | Pelican Bay Capital Management | 9.1% | 11.5% | APAM, BATRA, BLDR, CPRI, GNRC, NTR, TOL | - | View | ||
| 2024 Q2 | Jul 23, 2024 | Pelican Bay Capital Management | -6.3% | 0.8% | BLDR, EXPE, FTC, ULTA | - | View | ||
| 2025 Q2 | Jul 21, 2025 | Sands Capital Global Growth Fund | 21.7% | 14.4% | ABNB, AXON, BLDR, CSL, ICE, MELI, NET, NFLX, NKE, NVDA, ONON, PME AU, TEAM, ZAL GR | AI, Cloud, growth, Platforms | NET MELI AXON NFLX NVDA |
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| 2025 Q2 | Jul 11, 2025 | Giverny Capital Asset Management | 9.1% | 5.4% | BLDR, FI, GOOG, HEI, KNSL, MTB, PGR | Balance Sheets, cash flow, long-term, niche leaders, Quality | The commentary stresses ownership of high-return, niche market leaders with conservative balance sheets amid elevated macro uncertainty. Management prioritizes businesses with durable competitive advantages, strong cash generation, and prudent capital structures. Lower exposure to mega-cap concentration is viewed as a deliberate long-term choice. | GOOG FISV KNSL |
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| 2025 Q2 | Jul 10, 2025 | Black Bear Value Partners | -10.5% | -11.7% | ABG, AN, BLDR, CNR, FLG, HCC | catalysts, free cash flow, mispricing, Shorts, value | The commentary emphasizes deep value investing supported by identifiable catalysts over a multi-year horizon. Many holdings are priced for pessimistic scenarios despite strong asset bases and cash generation potential. Short positions complement longs by exploiting speculative excesses. | View | |
| 2025 Q1 | Apr 8, 2025 | Black Bear Value Partners | -1.3% | -1.3% | ABG, BLDR, CNR, FLG, HCC | - | View | ||
| 2024 Q1 | Apr 25, 2024 | Pelican Bay Capital Management | 7.6% | 7.6% | BLDR, CPRI, Gold, RSG | - | View | ||
| 2025 Q1 | Apr 24, 2025 | Diamond Hill Small-Mid Cap Strategy | -4.2% | -4.2% | BLDR, COOP, ILMN, INFA, LOB, RRX, TFX, TRU, VRSN, WCC | - | View | ||
| 2024 Q1 | Apr 23, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ALS CN, AN, BLDR, CEIX, PAG | - | View | ||
| 2023 Q1 | Apr 12, 2023 | Pelican Bay Capital Management | 2.2% | 2.2% | ARKO, BLDR, CBOE, CPRI, CSCO, CVS, EOG, FANG, GOOG, TOL | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Sands Capital Global Growth Fund | -6.0% | -6.0% | AMZN, APNT IN, BAF IN, BLDR, ENTG, EVD GR, GOOG, IOT, IRTC, ISRG, MELI, NVDA, SNOW, SPOT, TSM, V, XYZ | - | View | ||
| 2024 Q4 | Mar 10, 2025 | Turtle Creek Fund Test | -2.7% | - | ABG, AHT LN, ASO, BLDR, DOO CN, FFBB, KNSL, TIGO, UBAB, WSC | - | View | ||
| 2025 Q4 | Feb 5, 2026 | Black Bear Value Partners | 0.1% | -12.6% | BLDR, FLG, HCC, LXS GR, PSK CN, TDW | Capital Investment Cycles, deep value, free cash flow, Mean reversion, Short Selling | The letter highlights a portfolio positioned for re-rating as multiple holdings near the end of capital investment cycles with permanent capital impairment viewed as remote. Black Bear emphasizes deep value opportunities in housing, energy, metallurgical coal, and foreign equities, while maintaining a substantial short book targeting speculative business models and over leveraged balance sheets. The manager expects normalized cash flows, capital returns, and mean reversion to drive significant upside as valuation meets reality. | LXS GR HCC FLG PSK CN TDW BLDR |
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| 2025 Q4 | Feb 3, 2026 | Robotti Value Investors | 0.0% | 0.0% | BLDR, HD, TDW | Consolidation, Cyclical, energy, gold, Homebuilders, Offshore, Recovery, value | Manager focuses on cyclical businesses emerging from prolonged downturns where consolidation has removed excess capacity and improved capital discipline. Years of underinvestment have shifted many businesses from persistent excess supply to recurring scarcity, creating structural improvements in earnings durability. Following years of underinvestment and restructuring, offshore energy services have experienced sharp supply-demand tightening. Companies like Tidewater emerged from restructuring with improved balance sheets and are positioned to benefit from consolidated fleets and restored pricing power. Building products distribution tied to homebuilders provides historical template for cyclical recovery. Following the 2009 housing collapse, capacity was rationalized and balance sheets repaired, with companies like Builders FirstSource emerging as ultimate winners despite multiple significant drawdowns. Continued rise in gold prices driven by sovereigns and institutions seeking safe allocation as the US increasingly uses dollar position as economic leverage tool. Growing demand for non-fiat monetary assets amid persistent inflation concerns and fiscal discipline challenges globally. Manager focuses on fundamental security analysis in abandoned corners of the market where scarcity of capital has driven consolidation and balance sheet repair. Gap between narrative and reality creates opportunities as entire industries are labeled permanently broken despite improving fundamentals. | TDW |
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| 2023 Q3 | Dec 20, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | 0P0T LN, BLDR, CNSL, ENX SJ, NOA CN, VTY LN | - | View | ||
| 2024 Q3 | Nov 6, 2024 | Artemis US Select Fund (Class I Accumulation Shares GBP) | -2.7% | - | BLDR, MCK, NVDA, VST, WDC | - | View | ||
| 2023 Q1 | Nov 4, 2023 | Black Bear Value Partners | -6.7% | -1.4% | ABG, BLDR, BRK/A, CVEO, POU CN, SIVBQ | - | View | ||
| 2025 Q3 | Oct 8, 2025 | Black Bear Value Partners | -1.0% | -12.7% | BLDR, FLG, HCC, LXS GR, TDW | commodities, cyclicals, energy, Housing, Value Investing | The letter underscores contrarian value investing in out-of-favor sectors and companies. Cyclical pessimism and short-term earnings pressure are seen as temporary rather than structural. Recovery in fundamentals can drive meaningful re-rating over time. | HCC TDW LXS FLG BLDR |
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| 2024 Q3 | Oct 8, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ARCH, BLDR, CEIX, HCC, POU CN | - | View | ||
| 2024 Q3 | Oct 22, 2024 | White Brook Capital | 0.0% | 6.5% | AFYA, BLDR, DNUT, OKTA, W | - | View | ||
| 2023 Q3 | Oct 20, 2023 | White Brook Capital | 0.0% | 6.5% | BLDR, GBX | - | View | ||
| 2022 Q3 | Oct 12, 2022 | Pelican Bay Capital Management | -4.7% | -10.7% | ATUS, BLDR, EOG, RSG, VZ | - | View | ||
| 2023 Q2 | Oct 7, 2023 | Black Bear Value Partners | -6.7% | -1.4% | ABG, BLDR, CEIX, HCC, POU CN | - | View | ||
| 2024 Q4 | Jan 9, 2025 | Black Bear Value Partners | -7.0% | -1.0% | ABG, ARCH, BLDR, CEIX, FLG, HCC, POU CN | - | View | ||
| 2025 Q4 | Jan 6, 2026 | Tapasya Investment Fund | 0.0% | 23.5% | 0700.HK, ADBE, ADYEN.AS, BABA, BLDR, CMG, CVNA, FNMA, GLBE, GOOG, IBKR, LULU, PRX.AS, UMG.AS | AI, Concentration, global, Homebuilders, long-term, Quality, technology, value | The manager extensively discusses whether we are in an AI bubble, noting that AI appears to be the most significant digital disruptor of our lifetime. While acknowledging extremely stretched valuations in AI-associated hardware and semiconductors, the fund avoids these sectors due to inability to forecast cash flows confidently. The fund employs value-based investing principles, focusing on concentrated investments in high-quality businesses at fair valuations. The manager notes they often underperform during periods of extreme sectoral valuation surges but expects long-term success from this approach. The anticipated recovery in the homebuilder sector has stalled due to persistent affordability issues driven by high home prices, despite lower interest rates and strong wages. The fund maintains conviction in Builder FirstSource despite the housing market recession. | View | |
| 2025 Q4 | Jan 5, 2026 | Greenfield Investment Management | 0.0% | 0.0% | BLDR, BNT.DE, CARR, CSU.TO, GOOGL, HEI.DE, INTC, JMHLY, MCK, OMC, POW.TO, RSHO, RYAAY, TAP, WCC | Airlines, Conglomerates, global, infrastructure, Pharmaceuticals, semiconductors, technology, value | Manager believes Heidelberg Materials will benefit from investment in and upgrading of infrastructure around the world. New bridges, highways, dams, tunnels, airports, ports, pipes, and railways require a lot of cement. McKesson investment viewed as similar to a royalty on Americans taking more pharmaceuticals over time. The pharmaceutical distribution company operates mainly in the United States and has climbed steadily despite earlier opioid crisis concerns. Manager follows value investing approach, buying companies at attractive valuations relative to earnings. Multiple examples given of purchasing stocks at low price-to-earnings multiples when they were out of favor. | View | |
| 2025 Q4 | Jan 31, 2026 | White Brook Capital | 0.0% | 0.0% | BLDR, FND, GOOG, JAKK, MSFT, MSTR, NVDA, PTLO, RPID, TSM | AI, crypto, growth, healthcare, inflation, semiconductors, small caps, value | The efficacy of AI expenditures started to be questioned during Q4 2025. Companies like Microsoft continue spending aggressively on cloud capacity, but value is now considered in customer context. The increasing competence of AI in performing tasks has begun impacting the software as a service sector, creating temporary losers in what was once an all-winners environment. Bitcoin treasury companies represent an ongoing investor mania that appears to be ending. These companies that turn bitcoin into stocks now trade meaningfully below the value of their bitcoin reserves, having broken the buck. They are trapped, unable to sell bitcoin to buy back shares or sell stock to buy bitcoin without driving down prices. The Small Cap Absolute Growth Strategy vastly exceeded expectations in 2025. Small and micro cap stocks offer potential for high returns for diligent, patient, and active investors. The strategy is concentrated in healthcare sector with 8 of the positions in healthcare, particularly technology, equipment, and tools industries. The manager owns Nvidia Corp and Taiwan Semiconductor Manufacturing Corporation as best in class operators in the process of realizing a double, based on earnings growth due to their ability to extract the last of the rents from the artificial intelligence investment wave. | View | |
| 2024 Q4 | Jan 28, 2025 | Artemis US Select Fund (Class I Accumulation Shares GBP) | 10.8% | 29.5% | AAPL, AMZN, AVTR, BLDR, FI, FWONK, GS, VST | - | View | ||
| 2025 Q4 | Jan 22, 2026 | Pelican Bay Capital Management | 8.5% | 20.6% | ACM, BF.B, BLDR, CME, CSCO, FDS, GNRC, Gold, GOOG, MU, ODFL, ON, TOL, ZTS | AI, concentrated, healthcare, Homebuilders, Quality, semiconductors, technology, value | Portfolio benefited from strong performance in AI-related businesses, particularly Alphabet which established itself as a leading player with its Gemini Large Language Model alongside Claude and ChatGPT. The manager notes perception has improved significantly since initially purchasing GOOG in March 2023 when consensus was that Google missed the AI boom. Core investment philosophy centers on investing in high-quality companies with durable competitive advantages when they trade at steep discounts to intrinsic value. The manager emphasizes the importance of maintaining wide margins of safety and only investing when securities trade below the bottom end of their intrinsic value ranges. Homebuilding companies were weak performers due to elevated mortgage rates and slowdown in new home sales souring investor sentiment. However, the manager remains bullish on long-term prospects believing there is a housing shortage and these companies trade at large discounts to intrinsic values, adding to positions in both BLDR and TOL. | GOOGL ONON ZTS FDS ACM |
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| 2025 Q4 | Jan 18, 2026 | Parnassus Mid Cap Growth Fund | -0.8% | 9.2% | ALC, APP, BILL, BLDR, DASH, GWW, HLT, HUBB, INSM, MORN, MPWR, ODFL, PWR, ROK, SN, SQ, TEAM, TER, WCN, WDAY | AI, growth, industrials, mid cap, portfolio, semiconductors, technology | The ongoing AI megatrend boosted demand for memory and storage while industry supply growth remained constrained. Holdings in Information Technology sector were dominant contributors through exposure to AI, primarily through semiconductor companies. The fund continues to see accelerating demand for AI models and cloud computing with no signs of slowdown. Semiconductor companies were primary beneficiaries of AI demand. Teradyne is starting to win new sockets and gain market share after investing in AI-semiconductor testers. KLA benefited from AI infrastructure build-out with strong earnings growth. The fund increased exposure to high-quality industrial businesses with potential for cyclical upturn. Added Quanta Services for AI data center build-out, Hubbell for electrical grid upgrades, Old Dominion for freight cycle recovery, and Waste Connections for secondary market focus. | MTD ROK KLA TER SNDK |
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| 2023 Q4 | Jan 16, 2024 | Pelican Bay Capital Management | 12.2% | 28.6% | BLDR, EOG, EXPE, NTR CN, ON, PXD | - | View | ||
| 2025 Q4 | Jan 13, 2026 | GoodHaven Capital Management | 0.0% | 7.1% | BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, LEN.B, TVK.TO, VNOM | concentrated, energy, financials, Housing, Quality, technology, value | Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. Companies trading at significant discount to intrinsic value. Strong balance sheets and capital levels indicate enduring competitive advantages. Attractive businesses to take advantage of recovery cycles. Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital. Broader pricing strength supportive of suppliers. Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players. | MKL |
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| 2025 Q4 | Jan 12, 2026 | Heartland Value Plus Fund | -0.1% | 1.1% | BLDR, LAMR, WCC | Advertising, Buybacks, dividends, industrials, real estate, small caps, value | Small-cap earnings continued to gain strength with expected profits to grow around 15% in 2026, slightly exceeding current forecasts for the S&P 500. Small caps are more sensitive to refinancing costs and should benefit disproportionately from falling rates. The market is beginning to broaden out as small value stocks outpaced the majority of the Magnificent 7. The strategy focuses on bottom-up fundamentals based on the 10 Principles of Value Investing, requiring attractive valuations, quality balance sheets, and sound business strategies. The team seeks undervalued companies with low debt, positive earnings dynamics, and competitive advantages. Value investments are confirmed by share buybacks, insider buying, and dividend growth. The team looks for improving fundamentals confirmed by active share buybacks as a sign of management confidence in future profits and cash flows. A majority of companies in the portfolio are active in buyback programs. LAMR has been active on its buyback program and BLDR has been a consistent acquirer of its own shares through buybacks. Growing dividends are viewed as confirmation of improving fundamentals and management confidence in future cash flows. The team seeks companies active in dividend growth as one of three focus areas for capital allocation. LAMR increased its dividend this year as part of its capital allocation strategy. Lamar Advertising was one of the top contributors to performance in the quarter as the nation's leading out-of-home advertising company. LAMR's pacings have been strong, which should lead to positive earnings growth in 2026, with additional boost expected from mid-term election cycle political advertising spending. Builders FirstSource is the largest distributor of lumber and building products materials for contractors and home builders. The company has been a consolidator of smaller regional lumberyards and made a push towards increasing value-add building products such as pre-assembled trusses to save builders time and labor. | BLDR WCC LAMR ALEX CMCO ITGR |
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| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | APTV, BLDR, EL, TEAM, WOLF | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | ACN, AON, BLDR, COP, HCA, HUM, NVR, PH, WTI | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Robotti Value Investors | - | - | BLDR | - | View | ||
| 2022 Q4 | Sep 3, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | 036800 KS, 0QRV LN, BLDR, KT, TIGO, TIT IM | - | View | ||
| 2024 Q2 | Jun 30, 2024 | White Brook Capital | - | - | AFYA, BLDR, GPRE | - | View | ||
| 2023 Q3 | Jun 10, 2023 | dl=0 | -6.7% | -1.4% | ABG, BLDR, CEIX, HCC, POU CN | - | View | ||
| 2023 Q2 | May 31, 2023 | GoodHaven Capital Management | 0.0% | 18.9% | BLDR, BRK/B, GOOG, LEN/B, META, VTS | - | View | ||
| 2022 Q3 | May 10, 2022 | Praetorian Capital Management | -2.3% | 4.9% | BLDR, JOE | - | View | ||
| 2025 Q1 | Apr 14, 2025 | Parnassus Mid Cap Growth Fund | -10.0% | -10.0% | APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOC, FTNT, GWRE, HOOD, ICLR, KLAC, MELI, NTRA, ORLY, ROST, SNDK, TER, TTD, VRSK, WST, XYZ | - | View | ||
| 2023 Q4 | Feb 13, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | 0N0B LN, ABG, AHT LN, ARW, AVT, BLDR, CNSL, FFBB, NBN, UBAB, VTY LN | - | View | ||
| 2023 Q2 | Feb 10, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | 005300 KS, ASO, BERY, BLDR, FRYCF, TDY | - | View | ||
| 2023 Q4 | Jan 30, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ABG, ALS CN, BLDR, CEIX, POU CN, SV4 GR | - | View | ||
| 2024 Q4 | Jan 28, 2025 | CrossingBridge Advisors | - | - | BLDR, LTH | - | View | ||
| 2023 Q4 | Jan 25, 2024 | White Brook Capital | 0.0% | 6.5% | BLDR, GPRE, MOS, RILY | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Adam Schwartz | Builders FirstSource | Industrials | Building Products | Bull | New York Stock Exchange | Capital Cycle, Free Cash Flow, Housing shortage, Margins, Value Added | View Pitch |
| Jan 28, 2026 | Fund Letters | Erin Greenfield | Builders FirstSource Inc | Industrials | Building Products | Bull | New York Stock Exchange | Building materials, consolidation, Cyclicality, Housing, Margins | View Pitch |
| Jan 27, 2026 | Fund Letters | Bradford Evans | Builders FirstSource, Inc. | Industrials | Building Products Distribution | Bull | New York Stock Exchange | buybacks, Cyclicality, Housing, Insiders, recovery | View Pitch |
| Jan 9, 2026 | Fund Letters | Pratik Kodial | Builder FirstSource Inc. | Industrials | Building Products | Bull | New York Stock Exchange | Buildingmaterials, buybacks, Capitalallocation, Fragmentation, Housing | View Pitch |
| Jan 8, 2026 | Seeking Alpha | Seeking Alpha | Builders FirstSource, Inc. | Building Materials | Construction Supplies & Fixtures | Bull | New York Stock Exchange | Acquisitions, Builders FirstSource, Building materials, capital management, Construction Supplies, Free Cash Flow, housing market, Long-term holding, market share, stock repurchases | View Pitch |
| Jan 8, 2026 | Seeking Alpha | Seeking Alpha | Builders FirstSource, Inc. | Building Materials | Construction Supplies & Fixtures | Bull | New York Stock Exchange | Builders FirstSource, Building materials, capital management, Construction Supplies, Housing Deficit, housing market, Industry Rebound, long-term investment, market share, Share Buybacks | View Pitch |
| Nov 29, 2025 | Fund Letters | Adam Schwartz | Builders FirstSource Inc. | Industrials | Building Products | Bull | NYSE | Building materials, buybacks, cash flow, construction, growth, Housing, leverage | View Pitch |
| Oct 6, 2025 | Value Investors Club | JohnKimble | Builders FirstSource | Industrials | Building Products | — | NYSE | housing starts, value-added components, pricing power, synergies, tuck-in M&A, underbuilt housing, lumber tailwind, installation services | 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. | ||||||||