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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% | AHELQ, AHT.L, ASB, BLDR, FFBB, NBN, TIGO, TVK.TO, UBAB, VTY.L | Banking, Consolidation, Distribution, Homebuilders, small caps, value | Holdings in car dealerships, branded capital equipment dealerships, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Focus on high-velocity dealerships with superior inventory turns in markets around the world. | View | |
| 2025 Q2 | Sep 10, 2025 | Bonhoeffer Capital Management | 8.7% | - | ABG, ART.JO, ARW, ASO, BLDR, TIGO, TVK.TO, VTY.L | banks, Buybacks, Consolidation, Construction, deep value, Distribution, small cap, value | Holdings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world, with distribution firms representing 49% of the portfolio. | View | |
| 2025 Q2 | Aug 7, 2025 | Robotti Value Investors | - | - | AMC, BBBY, BLDR, DHI, GME, PHM, TDW | Buybacks, cash flow, fundamentals, private equity, public markets, value, volatility | Manager emphasizes disciplined value investing based on company fundamentals and valuation as a reliable compass for long-term success. Focuses on buying cash flows at discounted prices and trusting that fundamental value will eventually be recognized by the market. | BLDR TDW IFP CN |
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| 2024 Q2 | Jul 9, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ARCH, BLDR, HCC, LXU, POU.TO | Buybacks, Coal, credit, cyclicals, energy, small cap, value | ARCH and Warrior are leading US producers of high-quality metallurgical coal used for steelmaking. Met coal demand is projected to climb for the next 25 years driven by economic development and urbanization in India and Southeast Asia. There has been severe lack of investment in met coal due to ESG concerns with investment peaking in 2014. | LXU |
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| 2025 Q2 | Jul 7, 2025 | GoodHaven Capital Management | - | -5.9% | ABG, ARW, BAC, BLDR, BRK-B, CB, CPT, EXOR.MI, JEF, KKR, LEN.B, PGR, TOL, TVK.TO | Buybacks, Capital markets, Homebuilders, insurance, Long/Short, Trade Policy, value | The White House announced materially higher tariffs for many countries, followed by counter measures and economic volatility. Current average tariff is 18% compared to 3% during 2018 trade war. Material tariffs increase risk of higher inflation and potentially hinder economic growth. | BRK.B TVK.TO JEF BLDR TVK |
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| 2023 Q2 | Jul 26, 2023 | Pelican Bay Capital Management | 9.1% | 11.5% | AAPL, AMZN, APAM, BATRA, BLDR, CPRI, EXPE, FLT, GNRC, GOOGL, META, MSFT, NTR, NVDA, PSX, TOL, TSLA | Fertilizers, Homebuilders, Speculation, Travel, Valuations, value | Homebuilders are benefiting from record low inventory of existing homes as high rates discourage homeowners with 3% rates from moving. They can buy down mortgage rates to 4-5% instead of offering traditional incentives, making new homes more attractive than existing properties with 7% mortgages. The sector continues to trade at reasonable valuations despite recent gains. | View | |
| 2024 Q2 | Jul 23, 2024 | Pelican Bay Capital Management | -6.3% | 0.8% | ALB, BLDR, CPAY, CPRI, CVS, EXPE, FANG, FIS, GNW, GOOG, TOLL, TPR, ULTA | Concentration, Homebuilders, Quality, retail, technology, value | The fund employs a concentrated value strategy seeking high-quality companies trading at steep discounts to intrinsic value. Portfolio companies have higher operating margins and returns on invested capital than the index while trading at 13.5x forward P/E versus 16.3x for Russell 1000 Value. The manager believes these higher-quality companies should trade at a premium to the market over time. | ULTA |
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| 2023 Q2 | Jul 18, 2023 | Artemis US Select Fund | 10.4% | - | AMZN, AVTR, BLDR, CEG, CPRT, CSX, DXCM, EXP, MCK, MCO, META, NVDA, ORCL, VMC | AI, Cloud, earnings, Housing, infrastructure, Recovery, technology | Technology holdings including Amazon, Meta Platforms, Oracle and Nvidia all contributed to performance. Meta Platforms reported strong results driven by artificial intelligence applications in their advertising business. Nvidia was purchased ahead of their blowout earnings when they provided specific guidance on AI business size. | DXCM ALTG|AREN|CVGI|PBPB|QBTS|QMCO|SCOR|TURN CSX VMC BLDR EXP ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AMZN |
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| 2025 Q2 | Jul 11, 2025 | Giverny Capital Asset Management | 9.1% | 5.4% | AAON, ALGN, ANET, BLDR, BRK.A, CSU.TO, FERG, FI, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, MEDP, META, MTB, PGR, SCHW | AI, Banking, insurance, Quality, technology, value | The US appears to be the global leader in Artificial Intelligence, with hundreds of billions of dollars being invested in AI data centers over the next few years. Close to one-third of the portfolio has considerable exposure to AI through positions in Arista, Alphabet, Meta, AAON, and a new holding that is critical to the buildout of AI and cloud computing data centers. | FI KNSL PGR MTB GOOG FISV KNSL |
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| 2025 Q2 | Jul 11, 2025 | Pelican Bay Capital Management | 5.9% | 3.1% | BF.B, BLDR, CSCO, EXPE, GNRC, MU, ON, RPRX, SLB, ULTA, VZ | concentrated, energy, semiconductors, Spirits, technology, Travel, value | Technology stocks, particularly semiconductors Micron and On Semiconductor, were primary performance drivers with gains of 42% and 29% respectively during the quarter. The manager views this as recovery from previous underperformance. | BF-B VZ BF/B SLB |
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| 2025 Q2 | Jul 10, 2025 | Black Bear Value Partners | -10.5% | -11.7% | ABG, AN, BLDR, CNR, FLG, HCC | catalysts, Concentration, free cash flow, Shorts, turnaround, value | Auto dealerships generate strong free cash flow even in soft markets with over 50% of profits from parts and services. The businesses are priced as if there will be no growth despite scale advantages and consolidation runway with 90% of dealerships privately owned. | View | |
| 2024 Q2 | Jul 10, 2024 | Artemis US Select Fund | 2.4% | 20.1% | AAPL, BLDR, COHR, ELV, GOOGL, LW, META, MU, NVDA, SAIA, SYK, TSLA, WDC | AI, growth, large cap, semiconductors, technology, US | Nvidia finds itself in a unique situation as the only company that can supply the means to develop AI models. Its customers are the largest, most cash-generative companies in the world who are extremely motivated to make their own AI tools. The fund identified key beneficiaries of AI infrastructure buildout including companies supplying network cabling, lasers, and memory chips integral for training large language models. | NVDA |
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| 2025 Q2 | Jun 30, 2025 | Parnassus Mid Cap Growth Fund | 13.3% | - | ALC, ALNY, BLDR, CSGP, DDOG, EFX, GWRE, HLT, HOOD, JBHT, KLAC, MELI, NET, ODFL, POOL, RCL, RGEN, SARO, SN, WDC | AI, Cyclical, growth, Logistics, mid cap, semiconductors, software | The fund maintains thematic focus on artificial intelligence exposure through software and semiconductor companies. Portfolio includes companies like Guidewire, Autodesk and Cadence that are well positioned with large datasets and existing customer relationships to train AI technology for specific use cases. | View | |
| 2024 Q1 | Jun 16, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, AHT, ARW, AZO, BLDR, ODFL, TIGO, WBD | Asia, Buybacks, Consolidation, Distribution, Electronics, small caps, Specialty Finance, value | The fund focuses on high-velocity dealerships and distributors across multiple sectors including auto dealerships, building products, and capital equipment. Arrow Electronics represents a major new investment in electronic components distribution with 15% global market share and strong consolidation opportunities. | ARW |
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| 2025 Q1 | May 20, 2025 | Bonhoeffer Capital Management | -3.4% | -3.4% | ABG, ARW, AXOS, BLDR, FFBB, MSBC, NBN, TIGO, TRVS.TO, UBAB, VTY.L | banks, Consolidation, deep value, Distribution, infrastructure, real estate, small cap, value | Holdings in car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors comprise 54% of portfolio. Focus on highest velocity distributors with strong inventory turns in markets worldwide. Distribution firms include Builders First Source, Asbury Automotive, Arrow Electronics, Ferrycorp, Terravest and Autohellas. | MSBC 161560.KS TTVS.TO |
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| 2026 Q1 | May 18, 2026 | Robotti Value Investors | - | - | BLDR, FCX, LXU, SUBCY, TDW | energy, Fertilizers, Homebuilders, inflation, LNG, Offshore, oil, value | BLDR LXU SUBCY TDW |
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| 2025 Q1 | Apr 8, 2025 | Black Bear Value Partners | -1.3% | -1.3% | ABG, BLDR, CNR, FLG, HCC | Auto Dealers, Banking, Coal, Homebuilders, Opportunistic, tariffs, value, volatility | Tariffs will likely slow economic growth, decrease corporate confidence, increase prices and shake up supply chains. This creates opportunities for companies with pricing power, healthy capital structures, staying power, low cost advantages and capable management. The manager is repositioning the portfolio in anticipation of tariff announcements. | CNR |
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| 2024 Q1 | Apr 30, 2024 | GoodHaven Capital Management | 0.0% | 18.9% | BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR | 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. | View | |
| 2024 Q1 | Apr 27, 2024 | White Brook Capital | 0.0% | 6.5% | AFYA, BLDR, GBX, GPRE, KAR, KNX, LTH, PETQ, PTLO, RILY | consumer, healthcare, Pet Care, small caps, Trade Down, value | The manager sees pet care as benefiting from aging pet populations requiring more medications and supplements, while less affluent consumers trade down to cost-effective products like PetIQ's offerings. The company benefits from pets' continued existence rather than just initial purchases, with supplements becoming their largest business segment. | PETQ |
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| 2024 Q1 | Apr 25, 2024 | Pelican Bay Capital Management | 7.6% | 7.6% | BLDR, BRK-B, CBOE, CPRI, EOG, EXPE, FANG, FIS, Gold, GOOG, ON, RSG, TOL, TPR, VZ | Concentration, energy, gold, Homebuilders, Quality, value | Homebuilders have become less financially leveraged and cyclical, mitigating past concerns about rising interest rates. The manager believes investors are recognizing this shift and starting to value homebuilders based on price-to-earnings ratios rather than historical price-to-book metrics. Recent relative strength of homebuilders has lots of runway left. | Gold |
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| 2025 Q1 | Apr 24, 2025 | Diamond Hill Small-Mid Cap Strategy | -4.2% | -4.2% | ALGT, ALK, BLDR, CIEN, COOP, CTRA, HII, ILMN, INFA, LOB, MGY, RRX, RYN, SXT, TFX, TRU, VRSN, WCC, WNS | defense, mid cap, small cap, tariffs, Trade Policy, value, volatility | President Trump announced significant tariffs including a 104% tariff on China in response to retaliation, creating tremendous uncertainty around trade policy shifts. Markets are struggling to digest whether tariffs are negotiation tactics or permanent reshaping of world trade order. The US-China trade relationship is front and center in this showdown with potential for full-blown trade war. | View | |
| 2024 Q1 | Apr 23, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ABG, ALS.TO, AN, BLDR, CEIX, PAG | Auto Dealers, Buybacks, Coal, commodities, Concentration, energy, Homebuilders, value | Auto dealers operate a razor-razorblade model in a fragmented industry, with over 50% of profits coming from parts and services. Large dealer groups have transitioned to omni-channel models reducing operating costs. The manager expects dealers to make less per car but sell more volume as prices drop. | PAG AN ALS.TO |
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| 2026 Q1 | Apr 20, 2026 | Pelican Bay Capital Management | 4.3% | 4.3% | BLDR, ELV, EOG, FANG, FDS, FIS, MU, SLB, ULTA, ZM | Concentration, energy, oil, Quality, software, value | ZM |
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| 2026 Q1 | Apr 17, 2026 | Parnassus Mid Cap Growth Fund | -7.0% | -7.0% | ARES, BILL, BLDR, CSGP, DKS, EW, HOOD, HUBG, KLAC, ODFL, RDDT, RKLB, ROK, TER, VMC | AI, growth, Housing, industrials, mid cap, semiconductors, technology | View | ||
| 2026 Q1 | Apr 14, 2026 | Black Bear Value Partners | 13.2% | 13.2% | BLDR, FLG, FPH, PSK.TO, TDW | commodities, energy, Housing, Long/Short, private credit, Regional Banks, value | TDW PSK.TO FLG FPH BLDR TDW PSK.TO FPH |
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| 2023 Q1 | Apr 12, 2023 | Pelican Bay Capital Management | 2.2% | 2.2% | BLDR, CBOE, CPRI, CSCO, CVS, EOG, FANG, FIS, GOOG, PSX, RIO, TOL | Banking, energy, healthcare, Homebuilders, technology, value, volatility | Manager emphasizes constructing a portfolio favoring high-quality companies with attractive valuations and dividend yields. The Concentrated Value portfolio trades at 12.0x forward P/E versus 15.4x for Russell 1000 Value Index, with superior margins and returns on capital. | View | |
| 2025 Q1 | Mar 31, 2025 | GoodHaven Capital Management | -0.6% | -0.6% | BAC, BLDR, BRK-B, CB, DVN, EXOR, GOOG, JEF, LEN.B, TVK.TO | Concentration, energy, financials, 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. | View | |
| 2025 Q1 | Mar 31, 2025 | Sands Capital Global Growth Fund | -6.0% | -6.0% | ADYEN.AS, AMZN, AXON, BAJFINANCE.NS, BLDR, DASH, EVD.DE, GOOGL, IOT, IRTC, ISRG, MELI, NFLX, NOW, NVDA, SHOP.TO, SPOT, SQ, TSM, V | AI, E-Commerce, global, growth, payments, semiconductors, technology | AI remains a foundational driver of long-term growth despite first quarter volatility. The emergence of DeepSeek triggered concerns about AI infrastructure spending sustainability, but hyperscalers' capital expenditure guidance suggests the AI investment cycle remains strong. Evidence shows scaling laws remain intact and real-world applications are emerging across portfolio holdings in fraud detection, content creation, and workflow automation. | View | |
| 2025 Q4 | Feb 5, 2026 | Black Bear Value Partners | 0.1% | -12.6% | BLDR, FLG, HCC, PSK.TO, TDW | banks, Coal, energy, Housing, Shorts, turnaround, value | Structural shortage of housing in the USA with higher mortgage rates reducing existing home supply as homeowners are locked into low-rate mortgages. New homebuilders capturing increasing share of home sales as they can buy-down mortgages to lower rates. Significant underinvestment in metallurgical coal which is a needed input for worldwide steel consumption, particularly in Asia and India where high-grade met coal resources are limited. Minimal worldwide met coal resource development over the last 10 years could lead to tight supply when steel production improves. Significant underinvestment in natural gas, oil and thermal coal which are necessary for the world's economies to function and grow. While renewables will play an increasing role, the change will occur over decades, not years. Lack of global investment in energy development creates opportunities. Flagstar has exceptional management and board that are ahead of the game in turning their business around after balance sheet issues. Trading at significant discount to conservatively marked balance sheet compared to similar banks. While AI will have an impact on lives, we are still very early in its lifecycle. Many businesses are transforming to benefit from investor excitement with questionable business plans but intense stock promotion. Weak business fundamentals should become more apparent over time. The space has become very popular with lots of LP money chasing returns. Some sponsors have paid extremely high prices and lent on unfavorable terms. Many have also lent into the AI/data-center space to businesses with questionable futures. | 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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| 2024 Q4 | Dec 31, 2024 | Diamond Hill Large Cap Strategy | -2.2% | 12.1% | AMZN, BAC, BLDR, CL, EXR, FCX, GM, HCA, HUM, LEA, LULU, PEP, SBAC, SYK, WFC | Banking, consumer, healthcare, large cap, REITs, technology, value | Trade policy uncertainty has fueled a rise in the US dollar and is roiling local politics globally. President-elect Trump's tariff threats are creating market shifts and uncertainty among central banks, with the Bank of Japan explicitly citing uncertainty around Trump's policies as reason for pausing rate increases. | View | |
| 2025 Q3 | Dec 23, 2025 | Bonhoeffer Capital Management | 1.3% | - | ABG, BLDR, CZBS, FERREYCORP, FFBC, FFH.TO, FTT.TO, LOTTE, MRZTY, MSBC, NBN, OTOEL.AT, TVK.TO, UBAB | Acquisitions, banks, Consolidation, Distribution, Float, insurance, ROE, value | Holdings in car dealerships, branded capital equipment dealerships and building product distributors comprise 52% of portfolio. Focus on highest velocity distributors globally with strong inventory turns. Includes Builders First Source, Asbury Automotive, Ferreycorp, Terravest and Autohellas. | View | |
| 2023 Q3 | Dec 20, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, BLDR, CNSL, NOA.TO | Construction, Distribution, international, Mining Services, small caps, Telecom, value | Holdings include car dealerships, branded capital equipment dealerships, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Key performance indicator is velocity or inventory turns, with the fund owning some of the highest-velocity dealerships globally. Recovery seen in markets previously hit by COVID like South Africa and Latin America. | NOA.TO |
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| 2024 Q3 | Dec 15, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, AHT.L, ARW, BLDR, FFBB, LOTTE.KS, NBN, NOA.TO, TIGO, TVK.TO, UBAB, VST.L | Asia, banks, Buybacks, Consolidation, Construction, Distribution, growth, value | Holdings in car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors comprise 51.6% of portfolio. Focus on highest-velocity distributors with strong inventory turns in markets worldwide. Arrow Electronics exemplifies the model with modest earnings growth and aggressive buybacks. | View | |
| 2024 Q3 | Nov 6, 2024 | Artemis US Select Fund | -2.7% | - | AVGO, AVTR, BLDR, CEG, FWONA, GOOGL, INTC, MCK, META, MSFT, NVDA, PH, V, VST, WDC | AI, clean energy, energy, large cap, technology, US Equities, Utilities | AI infrastructure remains a key focus with memory chips being critical to AI development. NVIDIA experienced volatility due to Blackwell chip delays and broader AI concerns, but the manager maintains long-term optimism. Broadcom was added as a beneficiary of datacenter efficiency investments. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | 005930.KS, 036570.KS, 6857.T, AAP, AMGN, AMP, AN, AON, AVGO, AVY, BABA, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, MPC, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, VSCO | free cash flow, large cap, Leverage, Quality, selectivity, small cap, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital International | 0.0% | 10.9% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | free cash flow, international, Quality, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% free cash yield compared to 4.9% for the S&P 500. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | Credit Stress, free cash flow, large cap, Mega Caps, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2023 Q1 | Nov 4, 2023 | Black Bear Value Partners | -6.7% | -1.4% | AAPL, ABG, BLDR, BRK-A, CVEO, POU.TO | Auto Dealers, Banking, energy, Homebuilders, Short Selling, value | Concentrated investments in energy have been a drag on YTD performance but the manager maintains conviction. The thesis is that insufficient energy resources have been developed to satisfy near and medium-term global needs. Paramount Resources joins Civeo in the top 5 holdings, with energy being a main investment theme. | POU.TO CVEO BLDR BRK.A ABG |
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| 2025 Q3 | Oct 8, 2025 | Black Bear Value Partners | -1.0% | -12.7% | BLDR, FLG, HCC, LXS.DE, TDW | Banking, Chemicals, Coal, cyclicals, energy, Homebuilding, Shorts, value | Structural housing shortage in the USA with higher mortgage rates reducing existing home supply as homeowners are locked into low-rate mortgages. Homebuilders can buy-down mortgages to lower rates and accept healthy margins. Local governments beginning to loosen red tape for home construction which should help. | 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.TO | Coal, credit, energy, Hedging, Homebuilders, rates, value | Manager expects rates to remain higher than the post-GFC period, with 10Y treasury likely in 4-4.5% range versus current 3.8%. Maintains short positions in long-term interest rate instruments and credit, believing market is too optimistic about return to 2% rates. | POU.TO BLDR HCC CEIX ARCH |
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| 2025 Q3 | Oct 31, 2025 | GoodHaven Capital Management | - | 6.8% | BAC, BLDR, BRK-B, CB, DVN, EXOR.MI, GOOG, JEF, MKL, PGR, TVK.TO | concentrated, energy, financials, industrials, 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. | View | |
| 2024 Q3 | Oct 30, 2024 | GoodHaven Capital Management | 0.0% | 18.9% | BAC, BLDR, BRK-B, DVN, EXOR, GOOG, JEF, LEN.B, TVK.TO, VNOM | Concentration, 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. | View | |
| 2024 Q3 | Oct 23, 2024 | Pelican Bay Capital Management | 11.8% | 12.8% | BLDR, CPRI, CSCO, CVS, EOG, FANG, GOOGL, MO, SLB, TOL, ULTA | Concentration, energy, Homebuilders, Oil Services, Quality, value | Home builders rebounded significantly as interest rates declined, offsetting weak first-half performance. Companies like Builders FirstSource and Toll Brothers contributed 3.8% to portfolio gains as two of the largest holdings. | SLB CVS MO |
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| 2024 Q3 | Oct 22, 2024 | White Brook Capital | 0.0% | 6.5% | AFYA, BLDR, DNUT, GPRE, LTH, MOS, OKTA, PETQ, W | consumer, Housing, M&A, Midcap, technology, value | White Brook maintains a housing recovery thesis backed by a healthy US consumer, investing in Wayfair and Builders First Source. The fund expects lower mortgage rates and housing supply deficits to drive performance over the next 3 years, with hurricane rebuilding providing near-term support. | BLDR GPRE AFYA DNUT OKTA W |
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| 2023 Q3 | Oct 20, 2023 | White Brook Capital | 0.0% | 6.5% | AFYA, BLDR, BOX, GBX, KNX, MOS, U | Autos, Homebuilders, interest rates, Rail Equipment, small caps, value | Manager believes small and midcap stocks are very attractive for long term capital and systemically penalized by recession fears despite better outcomes becoming more probable. Small companies are newly competitive against larger peers as supply chain pressures have receded. | BLDR DFGBX |
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| 2025 Q3 | Oct 16, 2025 | White Brook Capital | - | - | AMS, BLDR, BOF, CCLDO, CVEO, FND, GOOG, INFU, JAKK, MSFT, NVDA, PAYS, PTLO, QIPT, RGTI, RPID, TGT, TSM, TTSH | AI, Bubble, cash flow, growth, Homebuilders, small caps, value | Manager views AI spending as creating a bubble with mixture of substance and hype. Compares to fiber optic cable overinvestment but notes silicon processors have much shorter lifespans. Sees problematic warrant and share issuances in AI ecosystem deals. | TGT US PTLO US |
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| 2025 Q3 | Oct 14, 2025 | Warden Capital | 4.6% | 2.3% | BLDR, NVDA, PLYM | AI, Bubble, Cash, Defensive, mania, Recession, Shorts | The manager believes we are in a full-blown AI bubble led by Nvidia and OpenAI, with circular vendor financing deals reminiscent of the dot-com era. OpenAI has committed over $1 trillion in spending over several years despite losing $7.8 billion in H1 2025 on $4.3 billion revenue. The AI industry needs revenues to increase 16x just to break even on current capex investments, which appears unlikely given slowing model improvement and lack of clear path to AGI. | QUBT NVDA |
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| 2022 Q3 | Oct 12, 2022 | Pelican Bay Capital Management | -4.7% | -10.7% | ATUS, BLDR, EOG, RSG, VZ | - | View | ||
| 2024 Q3 | Oct 1, 2024 | Night Watch Investment Management | -2.9% | 10.3% | 1126.HK, 2318.HK, ATRO, BC, BLDR, DSGR, JOE, LEG, SEG, VAL, XFAB.PA | Automotive, catalysts, energy, global, Offshore, semiconductors, value | X-FAB is positioned to benefit from the expected bottoming of the semiconductor cycle after 4-6 quarters of downturn. Order intake has turned sharply higher since Q1 with book-to-bill of 1.2x in both quarters. The automotive sector is expected to return to growth in Q4 with industrial and medical recovering during 2025. | XFAB.PA |
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| 2023 Q2 | Oct 7, 2023 | Black Bear Value Partners | -6.7% | -1.4% | ABG, BLDR, CEIX, HCC, POU.TO | Auto Dealers, Coal, credit, energy, Homebuilders, Long/Short, value | Manager has large investments across energy and commodity spaces, believing the world hasn't developed enough energy resources to satisfy near and medium-term needs. Positions include CONSOL Energy (coal export producer) and Paramount Resources (E&P with no debt and management owning 47%). | HCC POU.TO CEIX BLDR ABG |
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| 2024 Q4 | Jan 9, 2025 | Black Bear Value Partners | -7.0% | -1.0% | ABG, ARCH, BLDR, CEIX, FLG, HCC, POU.TO | banks, Coal, Concentration, energy, Foreign, Housing, Long/Short, value | Met coal demand projected to climb for next 25 years driven by economic development in India and Southeast Asia. Severe underinvestment since 2014 due to ESG concerns while 60% of world's population lives in Asia where local sources are limited. | FLG ABG |
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| 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 | 10.8% | 29.5% | AAPL, AMZN, AVTR, BLDR, CEG, COHR, CPRI, ELV, FI, FWONK, GS, IP, KKR, LIN, NVDA, SAIA, TPG, UNH, VST, WMT | AI, Capital markets, energy, large cap, stock selection, technology, Trump | The mega caps' massive spending on AI has lifted various businesses from clean power producers to companies providing skilled labor to build data centers. This theme is likely to continue in the race to develop the best AI offering, though questions remain about forward returns impact. | 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% | APAM, BLDR, CPRI, CSCO, EOG, EXPE, GNRC, GOOGL, MO, NTR, ON, PXD, TOL, XOM | concentrated, energy, Fertilizers, Homebuilders, Quality, semiconductors, Travel, value | Homebuilding-related stocks were top performers in Q4 with Toll Brothers up 39% and Builders FirstSource rising 32% as interest rates dropped from 5.0% to 3.8%. The manager made tactical position sizing adjustments in BLDR, trimming at $143 in summer and adding back at $117 in October before shares rebounded to $170. | EOG 6ON GR |
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| 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% | AAPL, ACN, AMZN, APTV, AVGO, BLDR, CTAS, EL, GOOGL, GWW, META, MSFT, NVDA, PYPL, SHW, TEAM, TSLA, TSM, UNH, WOLF | AI, Cyclical, Defensive, growth, large cap, semiconductors, technology, value | AI-driven growth stocks led the market for most of 2023 and first half of 2024. The Strategy maintains significant position in Nvidia while being underweight semiconductors versus benchmark. AI has driven upside in data centers while PCs and handsets are at cycle lows. | View | |
| 2024 Q3 | Sep 30, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | ACN, AON, BLDR, CAT, COP, CVX, FANG, GOOGL, HCA, HON, HUM, NVR, PH, SBAC | energy, healthcare, industrials, large cap, rates, technology, value | The Federal Reserve cut US rates 50 basis points in September and signaled several more rate cuts are on the table. Several other major global central banks cut rates too, including the European Central Bank, Swiss National Bank and People's Bank of China. The apparent end of the higher interest-rate cycle helped spur markets higher in September. | BLDR ACN AON |
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| 2024 Q3 | Sep 30, 2024 | Robotti Value Investors | - | - | BLDR, LZ, NEU, TDW | Bottom-up, Consolidation, Patience, small caps, value, Zombies | Manager focuses on finding value in discounted companies trading at 2x normalized earnings, emphasizing that valuation matters and provides margin of safety. The firm identifies businesses with demonstrable asset values and earnings potential that are ignored in public security valuations. | TDW BLDR NEU |
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| 2023 Q3 | Sep 30, 2023 | GoodHaven Capital Management | 0.0% | 18.9% | BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR | Concentration, 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. | View | |
| 2022 Q4 | Sep 3, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | 036800 KS, 0QRV LN, BLDR, KT, TIGO, TIT IM | - | View | ||
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | Concentration, large cap, Quality, stability, valuation, value | The S&P 500 has reached extraordinary concentration levels with the top 5 stocks comprising over 24% of the index, the highest since 1980. Seven largest stocks contributed 74% of the market's H1 gains while the other 493 stocks averaged just 7% returns. This concentration creates diversification risks and exposes investors to company-specific risks. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital International | 0.0% | 10.9% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | AI, Concentration, large cap, Quality, risk management, technology, valuation, value | The letter extensively discusses valuation concerns, particularly around the largest stocks in the S&P 500. The mega-cap six stocks now trade at 40x expected free cash flow versus their historical discount to the market. The manager emphasizes that despite strong business fundamentals, rich valuations create problematic risk/reward profiles when substantial optimism is already priced in. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | free cash flow, Leverage, Outperformance, Quality, Russell 2000, small caps, value | Manager emphasizes avoiding expensive megacap stocks and focusing on attractively valued companies with strong fundamentals. The strategy targets stocks with high free cash flow yields while avoiding the richly valued largest stocks that are depressing overall market valuations. | View | |
| 2024 Q2 | Jun 30, 2024 | Fidelity Growth Strategies Fund | 6.3% | 17.9% | ALGN, ALNY, ATKR, BLDR, CAH, DXCM, EME, IDXX, IQV, MDB, MOH, ON, PLTR, PODD, PWR, RMD, SPOT, TDG, ULTA, VST | AI, growth, healthcare, industrials, Mid-cap, technology, value | The fund is watching for AI-related strength to expand across the mid-cap universe. To date, most positive AI-related movement among mid-caps has been in industrials and utilities sectors. The fund believes there could be many beneficiaries as firms build new AI-capable data centers. | View | |
| 2024 Q2 | Jun 30, 2024 | White Brook Capital | - | - | AFYA, BLDR, GPRE | AI, Biofuels, Brazil, Homebuilders, Rate Cuts, small caps, undervalued, value | Manager expresses skepticism about current AI valuations and technology approach, particularly questioning large language models and AI hallucination as features rather than bugs. Notes that mega-cap AI companies are worth more than entire countries' public markets. | AFYA GPRE BLDR |
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| 2022 Q3 | May 10, 2022 | Praetorian Capital Management | -2.3% | 4.9% | BLDR, JOE | - | View | ||
| 2023 Q4 | May 3, 2024 | RIT Capital | 0.0% | 8.8% | BARN.SW, BLDR, CP, CPNG, GLNG, HELIOS.L, ICE, KDP, LEN, MA, TALEN, TMO, TPG, V, VTY.L | credit, global, healthcare, Japan, Multi-Asset, nuclear, private equity, value | The fund has exposure to AI through Scale AI, which specializes in labeling objects in photos and videos for self-driving cars, virtual/augmented reality, and U.S. Department of Defense applications. Scale AI has expanded its product offerings to assist in teaching computers how to generate content using AI. The company is positioned as a picks-and-shovels opportunity that can benefit from AI breakthroughs without committing to a specific foundational model. | TPG TALEN |
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| 2025 Q1 | Apr 15, 2025 | Giverny Capital Asset Management | -3.4% | -3.4% | AAON, ANET, BLDR, BRK-B, CSU.TO, FIVE, GOOGL, HEI, KMX, KNSL, MEDP, META, PGR, SCHW, TWFG | Construction, insurance, Quality, technology, Trade Policy, value | Trump's tariff policies created significant market volatility, with the manager viewing the tariff plan as economically damaging. The manager believes exiting global trade agreements would lead to rising prices and weaker corporate profits, creating a less favorable investing environment. | BLDR AAON TWFG |
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| 2025 Q1 | Apr 14, 2025 | Parnassus Mid Cap Growth Fund | -10.0% | -10.0% | A, APP, ARES, BILL, BLDR, BR, CMG, CTAS, DDOG, EFX, FTNT, GWRE, HLT, HOOD, ICLR, JBHT, KLAC, MELI, NTRA, ODFL, ORLY, ROST, SQ, TER, TTD, VRSK, WDAY, WST | AI, growth, Housing, industrials, Logistics, mid cap, semiconductors, technology | DeepSeek's emergence as a Chinese AI challenger triggered sharp selloffs in AI software and infrastructure stocks. The market faced concerns about slowing AI capex spending, affecting momentum-led growth stocks significantly. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital International | 0.0% | 10.9% | 005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, international, Leverage, Quality, rates, selectivity, value | Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. | View | |
| 2024 Q4 | Mar 14, 2025 | Bonhoeffer Capital Management | 9.7% | - | ABG, ASO, BECN, BLDR, FFBB, NBN, TIGO, UBAB | Banking, Buybacks, Consolidation, deep value, Distribution, small cap, value | Holdings include car dealerships, branded capital equipment dealerships, building product distributors and electrical component distributors. The fund owns some of the highest velocity distributors in markets around the world. Asbury Automotive exemplifies this theme with its model to grow earnings through merger and acquisition or buy back shares if acquisition targets are not available for a reasonable price. | View | |
| 2023 Q4 | Feb 29, 2024 | Ashva Capital Management | 23.0% | 0.0% | BLDR, META, NVDA, NVR, RCL, UBER | Fed policy, Goldilocks, Housing, Recession, Soft Landing, technology | Manager believes millennials reaching home ownership age face a housing shortage that could last decades due to insufficient construction following the 2008 housing bubble. This structural shortage supports long-term investment in housing-related companies. | View | |
| 2023 Q4 | Feb 22, 2024 | Robotti Value Investors | 0.0% | 0.0% | BLDR | Consolidation, cyclicals, growth, industrials, small caps, value | Manager emphasizes disciplined value investing approach, buying companies trading far below intrinsic value with substantial growth levers. Portfolio focuses on consolidated industries with barriers to entry that trade at Ben Graham cigar butt prices despite being better businesses today. | View | |
| 2023 Q4 | Feb 13, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | ABG, BLDR, CNSL, NOA.TO | Buybacks, Construction, Distribution, international, Mining Services, small caps, value | Holdings include car dealerships, branded capital equipment dealerships, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Key performance indicator is velocity or inventory turns, with the fund owning some of the highest-velocity dealerships globally. Recovery seen in markets previously hit by COVID like South Africa and Latin America. | NOA.TO |
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| 2023 Q2 | Feb 10, 2023 | Bonhoeffer Capital Management | 11.3% | 0.0% | ASO, BERY, BLDR, CNSL, TMIC, VSTO | Buybacks, Construction, Distribution, Korea, LatAM, small cap, value | Holdings include car dealerships, branded capital equipment dealerships, convenience stores, building product distributors, automobile transportation logistics, and capital equipment leasing firms. Key performance indicator is velocity or inventory turns, with the fund owning some of the highest-velocity dealerships globally. Recovery seen in markets previously hit by COVID like South Africa and Latin America. | ASO |
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| 2023 Q4 | Jan 30, 2024 | Black Bear Value Partners | -6.7% | -1.4% | ABG, ALS.TO, BLDR, CEIX, POU.TO | Auto Dealers, Coal, concentrated, energy, Homebuilders, royalties, Short Selling, value | Auto dealerships operate a razor-razorblade model with over 50% of profits from parts and services. Large dealer groups have transitioned to omni-channel models reducing operating costs. While GPU margins will normalize, volume increases should offset some pressure as used car prices drop. | ALS.TO POU.TO CEIX BLDR ABG |
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| 2023 Q4 | Jan 29, 2024 | GoodHaven Capital Management | 0.0% | 18.9% | BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR | concentrated, energy, financials, Mid-cap, 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. | View | |
| 2024 Q4 | Jan 28, 2025 | CrossingBridge Advisors | - | - | BLDR, LTH, LTRPA, MGNI | credit, fixed income, high yield, loans, rates | High yield credit spreads are historically tight at 292 bp, 132 bp tighter than fair value according to econometric models. Manager sees parallels to 2005-06 pre-GFC levels and warns that overvalued asset classes can become more overvalued but questions sustainability. | LTRPA BLDR MGNI |
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| 2024 Q4 | Jan 27, 2025 | White Brook Capital | - | - | AFYA, BLDR, BOX, DNUT, GBX, GPRE, INFU, KAR, LTH, MOS, OKTA, PTLO, RPID, W | Brazil, Fertilizers, Food, healthcare, Housing, mid cap, technology, value | Two portfolio companies have significant Brazilian operations affected by currency devaluation of over 25% in 2024. Brazilian government passed fiscal measures reducing spending in late 2024, and currency pressures have abated. The manager expects significant returns if Brazil's currency stabilizes or improves versus the dollar. | View | |
| 2023 Q4 | Jan 25, 2024 | White Brook Capital | 0.0% | 6.5% | AFYA, BLDR, GBX, GPRE, MOS, RILY | AI, Biofuels, commodities, Fertilizers, Homebuilders, mid cap, private credit, value | Manager expresses skepticism about AI valuations and implementation challenges. Discusses unresolved issues around data utility, monetization models, and the gap between investment levels and practical effectiveness. Notes that current AI applications like Microsoft Copilot are expensive to develop and poor value for money. | RILY GPRE IMOS BLDR |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 19, 2026 | Fund Letters | Robotti Value Investors | Builders FirstSource, Inc. | Building Products & Equipment | Building Products | Bull | NASDAQ | Building Products, Cyclical Recovery, Demographics, Free Cash Flow, Housing, market consolidation, share repurchases, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | White Brook Capital | Builders FirstSource Inc | Materials | Building Products | Bull | NASDAQ | Building materials, Distribution, Fixed Percentage Model, Free Cash Flow, homebuilding, Housing shortage, Private-label | View Pitch |
| Apr 28, 2026 | Fund Letters | Black Bear Value Partners | Builders FirstSource | Industrials | Building Products | Bull | NASDAQ | Building materials, Free Cash Flow, Housing shortage, Pricing power, residential construction, Share Buybacks, Value-Add Products | View Pitch |
| Apr 28, 2026 | Fund Letters | White Brook Capital | Builders FirstSource | Industrials | Building Products | Bull | NASDAQ | Building Products, construction materials, Free Cash Flow, Homebuilder Supplier, Housing shortage, Housing supply, interest rate impact, Renovation Activity | View Pitch |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | Builders FirstSource Inc | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Building materials, Demographics, Distributor, homebuilding, Housing, New Construction, Structural Shortage | View Pitch |
| Apr 28, 2026 | Fund Letters | Black Bear Value Partners | Builders FirstSource Inc | Industrials | Building Products | Bull | NASDAQ | Building materials, Free Cash Flow, Housing shortage, residential construction, share repurchases, Value-added products | View Pitch |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | Builders FirstSource Inc | Industrials | Trading Companies & Distributors | Bull | NYSE | Building materials, construction, Early-Stage Construction, homebuilding, Siding, Trusses | View Pitch |
| Apr 27, 2026 | Fund Letters | Black Bear Value Partners | Builders FirstSource | Industrials | Building Products | Bull | NASDAQ | Building materials, Cyclical, free cash flow yield, Housing shortage, residential construction, Share Buybacks, transformation, Value-added products | View Pitch |
| Apr 23, 2026 | Fund Letters | Black Bear Value Partners | Builders FirstSource | Building Products & Equipment | Building Products | Bull | NASDAQ | Building materials, Equity, Free Cash Flow, Housing shortage, residential construction, Value-added products | View Pitch |
| Apr 13, 2026 | Fund Letters | Giverny Capital Asset Management | Builders FirstSource Inc. | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Building Products Distribution, Construction Labor Shortage, Cyclical Value, Housing recovery, Off-Site Assembly, Share Buybacks, value-added services | View Pitch |
| Apr 13, 2026 | Fund Letters | Robotti Value Investors | Builders FirstSource Inc. | Materials | Building Products | Bull | NASDAQ | Building Products, Cyclical, homebuilding, market mispricing, materials, residential construction, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | GoodHaven Capital Management | Builders FirstSource Inc. | Materials | Building Products | Bull | NASDAQ | Building Products, capital allocation, Cyclical, Housing, insider buying, Lumber, materials, Share Buybacks | View Pitch |
| Apr 13, 2026 | Fund Letters | White Brook Capital | Builders First Source | Materials | Building Products | Bull | NASDAQ | Building materials, construction, Cyclical, homebuilding, Housing supply, materials, mortgage rates | View Pitch |
| Apr 13, 2026 | Fund Letters | Black Bear Value Partners | Builders FirstSource | Industrials | Building Products | Bull | NASDAQ | Building materials, Free Cash Flow, Homebuilders, Housing shortage, Pricing power, residential construction, Share Buybacks, Structural Transformation, Value-Add Products | View Pitch |
| Apr 13, 2026 | Fund Letters | White Brook Capital | Builders FirstSource, Inc | Industrials | Building Products | Bull | NASDAQ | Building Products, construction materials, Housing Permits, Housing recovery, Hurricane Rebuilding, mortgage rates, political support, supply deficit | View Pitch |
| Apr 13, 2026 | Fund Letters | CrossingBridge Advisors | Builder's First Source | Materials | Building Products | Bull | NASDAQ | Building materials, construction, Cyclical, Fragmented Market, high yield, Housing, LBO Candidate, M&A Target | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill Large Cap Strategy | Builders FirstSource Inc | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Acquisitions, Building materials, Digital Solutions, Housing Construction, Lumber, market share, Prefabricated Products | View Pitch |
| Apr 13, 2026 | Fund Letters | Robotti Value Investors | Builders FirstSource | Industrials | Building Products | Bull | NASDAQ | Bottom-up Research, Building Products, capital allocation, Cyclical Investing, Free Cash Flow, Housing recovery, industry consolidation, Patient Capital, Share Buybacks, Volatility Management | View Pitch |
| 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 |
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| No investor data available. | ||||||||