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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists) | 9.2% | - | AME, APH, BN, BRO, MCHP | - | View | ||
| 2024 Q2 | Sep 11, 2024 | Saltlight Capital | 15.6% | 35.6% | BN, SE | - | View | ||
| 2025 Q2 | Aug 22, 2025 | Baron Real Estate Fund | 3.6% | -3.5% | ABNB, AMT, BAM, BN, BXP, CHDN, CSGP, EQIX, EXP, GDS, IRT, PLD, WYNN | Balance Sheets, interest rates, real estate, REITs, rents | The commentary discusses public real estate equities amid higher interest rates and uneven property fundamentals. Management focuses on high-quality REITs with strong balance sheets, embedded rent growth, and long-term demand drivers such as logistics and residential housing. Valuation dispersion is creating selective opportunities despite near-term macro headwinds. | View | |
| 2025 Q2 | Jul 9, 2025 | Alphyn Capital Management | 12.4% | 8.0% | AMZN, BN, CCOI, FFH CN, FILA IM, KFS, KKR, KMX, OCSL | Discipline, free cash flow, moats, Quality, valuation | The commentary focuses on high-quality businesses with durable competitive advantages and strong free cash flow generation. The manager stresses disciplined valuation, long-term ownership, and avoidance of leverage-driven or speculative models. Market volatility is framed as an opportunity to add quality at attractive prices. | OCSL KMX CCOI AMZN KFS KKR BN FFH |
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| 2025 Q2 | Jul 22, 2025 | Templeton & Phillips Capital Management | - | - | BN | Currency, dislocation, Hard assets, inflation, Pricing Power | The commentary centers on U.S. dollar weakness, purchasing power erosion, and the role of real assets as inflation protection. Management argues that hard-asset businesses with pricing power offer superior long-term currency hedges. Market dislocations driven by tariffs and policy uncertainty are viewed as buying opportunities. | BN |
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| 2025 Q2 | Jul 17, 2025 | Hardman Johnston Global Equity | 16.7% | 17.2% | 6501 JP, BN, CBK GR, ELAN, HWM, LLY, MELI, MRVL, PRX NA, RHM GR, TEAM, TMUS, TSM, UNH, VRTX | AI Demand, Global Growth, industrials, Margins, stock selection | The commentary emphasizes global growth driven by industrial recovery, defense spending, and AI-related demand. Management highlights strong stock selection in companies with margin expansion, pricing power, and visible growth runways. Regional diversification and sector leadership underpin outperformance. | BN MRVL 6501 JP CBK GR UNH TSM LLY VRTX TMUS MELI RHM GR HWM TEAM |
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| 2025 Q2 | Jun 30, 2025 | FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists) | 5.8% | - | APH, BN, BRO, MKC | fundamentals, long-term, Quality, Valuation discipline, value | The commentary emphasizes valuation discipline combined with business quality as markets reward low-quality speculation. Management argues that durable franchises with strong management teams remain best positioned for long-term wealth creation. Short-term underperformance is viewed as cyclical. | View | |
| 2025 Q1 | Jun 16, 2025 | Silver Beech Capital | -2.8% | -2.8% | BN, FR | - | View | ||
| 2024 Q1 | May 7, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | BN, FPH, GRI LN, PLD, SGRO LN | - | View | ||
| 2024 Q1 | May 2, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, BN, CSL, DLTR | - | View | ||
| 2025 Q1 | Mar 31, 2025 | ACATIS Investment | -5.5% | -5.5% | 2413 JP, 3458 JP, 4088 JP, 4755 JP, 6920 JP, 8113 JP, ADI, BIDU, BN, BNTX, ELIS FP, HNR1 GR, INTU, LEMN SW, MC FP, META, NDA GR, NVO, SPGI, SWKS, SY1 GR, UBER | Artificial Intelligence, Data centers, Energy Infrastructure, Pricing Power, semiconductors | The report discusses the continued global race to scale artificial intelligence capabilities, emphasizing capital intensity in semiconductors, data centers, and energy infrastructure as structural drivers of corporate investment. Management highlights the migration of value from hardware build-out toward software monetization, while warning that elevated equity valuations and geopolitical fragmentation increase dispersion across regions and sectors. Portfolio positioning favors globally competitive companies with durable pricing power and exposure to long-term innovation cycles rather than cyclical beta. | UBER SPGI BN BIDU 8113 JP 4755 JP 6920 JP SWKS ELIS FP HNR1 GR |
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| 2025 Q4 | Feb 8, 2026 | Fidelity Dividend Growth Fund | 5.1% | 22.5% | 000660.KS, AAPL, ALSN, AMZN, BA, BN, EPD, GEV, GOOGL, LLY, META, MSFT, MU, NFLX, NVDA, ORCL, PAYC, TSLA, TSM, WDC | aerospace, AI, dividends, energy, large cap, semiconductors, technology | The fund remains optimistic about generative artificial intelligence prospects, believing current breakthroughs in large language models will have massive implications for developed economies. The impact is expected to be at least as significant as the transistor or World Wide Web development. The fund maintains significant exposure to semiconductor companies, particularly Taiwan Semiconductor Manufacturing and memory chip producers like SK Hynix. Strong demand for digital memory solutions has resulted in products being sold out through 2026. Commercial aviation represents a key theme as one of the few end markets not yet recovered to pre-pandemic production levels despite robust air travel recovery. Boeing remains the fund's largest overweight with improving fundamentals and strengthened balance sheet. The fund is positioned in companies benefiting from global electrification and decarbonization trends, including GE Vernova which makes gas turbines for electricity generation. The advent of generative AI is increasing global power needs. The fund's core investment philosophy centers on companies with favorable prospects to sustainably pay and grow dividends over time. Energy sector positioning is supported by corporate policies focused on returning capital through dividends and stock buybacks. | GEV AAPL PAYC 000660 KS GOOGL |
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| 2025 Q4 | Feb 4, 2026 | Aristotle International Equity Fund | 5.5% | 22.5% | 005930.KS, 5401.T, 6594.T, 6758.T, 6954.T, 7532.T, ALL.AX, BAP, BN, CCO, D05.SI, EBS.VI, EXPN.L, MUV2.DE, ROG.SW, SAF.PA | Asia, Automation, Banking, Europe, gaming, international, Quality, value | FANUC Corporation demonstrates leadership in factory automation and industrial robotics, with operating margins expanding to 21% and strong robot sales growth in China exceeding 80% year-over-year. The company maintains dominant positions in CNC systems and continues deepening competitive advantages through collaboration with NVIDIA on AI-driven robotics and digital twin capabilities. Aristocrat Leisure represents a compelling investment in the global gaming market with over 70% recurring revenue from slot machines and digital platforms. The company benefits from an oligopolistic industry structure and strong market positions across North American commercial and tribal gaming markets, supported by proprietary content franchises. Erste Group Bank delivered strong operating performance driven by healthy loan growth, resilient net interest income, and solid fee income across Central and Eastern European markets. The bank's diversified retail-oriented model and leading market positions support continued growth as regional economies develop and demand for financial services expands. The U.S.-China trade relationship showed improvement with a one-year trade truce reached at the APEC summit, reducing China's effective tariff rate to 47% and deferring export controls on rare earth materials. However, new tensions emerged with Japan over Taiwan, highlighting ongoing geopolitical complexities affecting global trade flows. | View | |
| 2024 Q4 | Feb 4, 2025 | Third Point Partners | 9.1% | - | BN, ENR GR, LYV, PCG | - | View | ||
| 2025 Q4 | Feb 11, 2026 | Pershing Square Holdings | -5.4% | 20.9% | AMZN, BN, CMG, FNMA, GOOG, HHH, HLT, HTZ, META, NKE, QSR, UBER, UMG | Activist Investing, AI Integration, Capital Allocation, Corporate Transformation, Megacap Growth | The presentation highlights strong NAV growth driven by concentrated investments in high-quality megacap companies benefiting from AI-driven earnings acceleration. The firm underscores its activist approach, strategic capital allocation, and the transformative transaction involving Howard Hughes as key long-term value drivers. Management believes structural earnings growth among dominant franchises supports current market multiples while selective volatility creates attractive entry points. | CMG HHH QSR HTZ FNMA META GOOG AMZN UBER BN |
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| 2024 Q4 | Feb 11, 2025 | Pershing Square Holdings | - | 10.2% | BN, CMG, CPKC, FMCC, FNMA, GOOG, HHH, HLT, NKE, QSR, UBER, UMG | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Zelikovic Investments / Tavor Capital | - | - | ATKR, BN, BUR LN, EXO NA, FFH CN, IAC, KKR, KNSL, MKL, TASE IT, TPL | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Alphyn Capital Management | 8.9% | 13.5% | ALVO, BN, EXO GR, FFX GR, GOOG, W, WAND LN | - | View | ||
| 2025 Q3 | Dec 15, 2025 | Qualivian Investment Partners | 6.4% | - | APH, BN, BRO, CPRT, GOOG, MCO, ORLY, TJX | Behavioral Finance, Capital Allocation, Compounding, moats, Quality | The commentary reinforces quality compounders as the most reliable path to long-term outperformance, drawing parallels between stock markets and probability-weighted betting outcomes. High-probability businesses with strong moats, pricing power, and capital allocation discipline are favored over speculative long shots. Behavioral biases are cited as a persistent reason why quality stocks can remain mispriced. | View | |
| 2023 Q4 | Dec 2, 2024 | Silver Beech Capital | 0.0% | 22.3% | BN, ET | - | View | ||
| 2024 Q3 | Nov 27, 2024 | Silver Beech Capital | 0.0% | 22.3% | BN, WSC | - | View | ||
| 2024 Q3 | Oct 8, 2024 | Alphyn Capital Management | 8.9% | 13.5% | AMZN, BN, CCOI, CRTA LN, FFH CN, GOOG, KKR, MRO LN, OCSL, PRX NA | - | View | ||
| 2024 Q3 | Oct 8, 2024 | Mawer International Equity Fund | 6.9% | 16.0% | 005930 KR, BN, CACI, SPOT, TCEHY | - | View | ||
| 2024 Q3 | Oct 3, 2024 | Vltava Fund | 0.0% | 0.0% | AAPL, BN, HUM, KLAC, MKL | - | View | ||
| 2025 Q3 | Oct 28, 2025 | Alphyn Capital Management | 3.0% | 11.2% | BN, BUR LN, CCOI, CRTA, FFH CN, GOOG, MRO LN, PRX NA, ROKOB SS, TVK CN | Artificial Intelligence, Capital Allocation, Compounding, gold, infrastructure | The fund highlighted AI as both a direct and indirect driver of returns through holdings like Alphabet, Amazon, and Brookfield, emphasizing infrastructure-led investment in data centers and renewable power. Management focused on disciplined capital allocation and compounding engines such as Prosus and Roko, which leverage scalable acquisition models. The letter also discussed golds strong rally amid fiscal deficits and currency debasement fears, framing it as a hedge against macro volatility. | CRTA LN FFH CN CCOI BUR TVK CN MRO LN BN GOOGL CRTA LN FFH CN CCOI TVK CN MRO LN BN GOOGL |
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| 2023 Q3 | Oct 19, 2023 | Akre Focus Fund | 11.8% | 18.6% | BN, CSGP | - | View | ||
| 2025 Q3 | Oct 14, 2025 | Madison Investors Fund | -2.2% | -0.1% | BN, FI, IT, LBRDK, MSCI | Artificial Intelligence, Financial Technology, industrials, Quality, retail | The fund underperformed due to its bias toward durable, high-quality companies while AI and momentum stocks surged. It emphasizes staying disciplined despite short-term underperformance, citing strong fundamentals in industrials, retail, and payments. The team added MSCI as a financial technology leader and remains cautious on AI speculation. | View | |
| 2025 Q4 | Jan 9, 2026 | Tsai Capital | 0.0% | 7.6% | AAPL, AMZN, BN, BRK-B, COST, GOOGL, IDXX, MA, META, MKL, MSCI, MSFT, NVDA, QXO, TSLA, TYL, V | Compounding, disruption, Ecosystems, growth, innovation, Networks, technology | Tesla is described as a leading artificial intelligence company with formidable competitive advantages. The manager believes Tesla's AI capabilities remain underestimated and undervalued, anticipating the company will eventually operate millions of autonomous vehicles and own the majority of the autonomous market. The letter extensively discusses robotics as a transformative medium that changes workplaces, economies, and society. Amazon's robotic warehouses are highlighted as exemplifying the medium's power, creating unparalleled logistics efficiency and competitive advantages. Tesla is positioned as leading the inexorable shift toward electric vehicles, steadily eroding the foundations of legacy automakers burdened by obsolescent infrastructure. The manager expects Tesla to significantly increase vehicle production as the overall EV market expands. Amazon Web Services is described as the undisputed leader in cloud computing, accounting for more than 50% of Amazon's aggregate operating profits. The transition from local servers to cloud environments is highlighted as a key growth driver. Amazon's e-commerce arm continues to capture additional market share with remarkable agility despite its immense scale. The shift from brick-and-mortar retail to digital marketplaces is identified as a key trend driving Amazon's revenue growth. | View | |
| 2025 Q4 | Jan 20, 2026 | Madison Large Cap Fund | 3.4% | 3.4% | A, ACGL, ADI, AMZN, BN, CDW, CPRT, DHR, FERG, FI, GOOGL, HON, KEYS, LOW, NKE, PCAR, PGR, PH, TXN, WDAY | AI, Automation, financials, industrials, large cap, Quality, technology, value | The portfolio is populated with high-quality, durable businesses across a wide range of industries, selling for reasonable prices. The fund invests in the proven over the promise, the long-term over the short-term, and durability over momentum. This focus on quality businesses has been a strong foundation for attractive long-term investment performance. Alphabet released new AI models that gave investors further confidence that the company is well positioned for growth. Workday is investing in commercializing AI agents, which should be additive to revenue growth. The fund acknowledges heightened concerns of AI-related disruption affecting some businesses. Honeywell is undergoing a portfolio transformation with the anticipated separation of the aerospace and automation businesses in the second half of 2026. This separation will further enhance the return on invested capital and growth opportunities for each business. | WDAY FISV |
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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 12, 2026 | Akre Focus Fund | -2.8% | 1.2% | ABNB, BN, CCC, CSGP, CSU.TO, FICO, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V | AI, Concentration, ETF, Quality, software, value | The manager believes AI concerns about their software holdings are overblown and that their businesses will be enormous beneficiaries of AI. They argue that much of the business and financial benefit from AI will accrue to already-advantaged users of AI tools rather than providers, particularly businesses with customer intimacy, ecosystem dominance, and proprietary data. AI is viewed as the first technological shift to favor incumbents over new entrants. The manager emphasizes their focus on quality businesses with durable competitive advantages, strong balance sheets, excellent returns on capital, and high profitability. They note that quality has historically outperformed over time, citing the S&P 500 Quality Index's superior long-term returns versus the S&P 500. The current performance disparity between quality and growth reminds them of 1999. The fund converted from mutual fund to ETF structure in October 2025. The manager discusses their unorthodox approach to ETF management, using cash-only create baskets to maintain opportunistic deployment rather than pro-rata approaches. They favor buying stocks at known prices rather than receiving shares in-kind at unknown prices through the ETF creation process. | View | |
| 2023 Q2 | Jun 7, 2023 | Alphyn Capital Management | 8.9% | 13.5% | 1YL GR, ALVO, AMZN, BN, CCOI, EXO GR, FFX GR, IAC, SPX IND, W, WAND LN | - | View | ||
| 2022 Q1 | Mar 30, 2022 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | AXTA, BAC, BN, CB, CCJ, DLB, FMC, LEN, WBA | - | View | ||
| 2023 Q2 | Jan 8, 2023 | Emeth Value Capital | 0.0% | 6.9% | BEP, BIP, BN, DKS | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Dr. Hendrik Leber | Brookfield Corporation | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | alternative assets, AUM growth, Distributions, Fundraising, Private markets, valuation gap | View Pitch |
| Feb 21, 2026 | Fund Letters | Bill Ackman | Brookfield Corporation | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Alternatives, carried_interest, compounding, infrastructure, Wealth | View Pitch |
| Feb 4, 2026 | Twitter / X | @CapexAndChill | Brookfield Corporation | Financials | Asset Management & Custody Banks | Bull | NYSE | AIInfrastructure, BehindTheMeter, datacenters, GridConstraints, InfrastructureInvesting, Naturalgas, Powergeneration | View Pitch |
| Feb 4, 2026 | Twitter / X | @CapexAndChill | Brookfield Corporation | Capital Markets | Asset Management & Custody Banks | Bull | New York Stock Exchange | asset management, Baseload, data centers, energy transition, Government partnerships, infrastructure, Nuclear, Power, Reindustrialization | View Pitch |
| Feb 4, 2026 | Twitter / X | @mply_cap | Brookfield Corporation | Capital Markets | Asset Management & Custody Banks | Bull | New York Stock Exchange | Canada, Dams, data centers, Electricity, Hydropower, Leases, Nuclear, Permitting, Power, TakeOrPay | View Pitch |
| Jan 23, 2026 | Twitter / X | @310Value | Brookfield Corporation | Financials | Other Financial Services | Bull | New York Stock Exchange | Annuities, Asset, Bam, Capital, Carry, Growing, Inclusion, process control | View Pitch |
| Jan 8, 2026 | Fund Letters | Cassandra A. Hardman | Brookfield, Corp. | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Capital markets, exit, Fundraising, monetization, tariffs | View Pitch |
| Jan 8, 2026 | Fund Letters | Lauren C. Templeton | Brookfield Corporation | Financials | Multi-Sector Holdings | Bull | New York Stock Exchange | AI data centers, alternative assets, capital deployment, Electrification, Hard assets, inflation hedge, infrastructure, Real Estate | View Pitch |
| Dec 3, 2025 | Fund Letters | Samer Hakoura | Brookfield Corp. | Financials | Asset Management & Custody Banks | Bull | NYSE | Alternatives, Decarbonization, Fees, infrastructure, Insurance | View Pitch |
| Nov 29, 2025 | Fund Letters | Samer Hakoura | Brookfield Corporation | Financials | Alternative Asset Management | Bull | NYSE | Alternatives, buybacks, data centers, duration, Free Cash Flow, Fundraising, Insurance, renewables | View Pitch |
| Nov 28, 2025 | Fund Letters | Samer Hakoura | Brookfield Corporation | Financials | Alternative Asset Management | Bull | NYSE | Alternatives, buybacks, data centers, duration, Free Cash Flow, Fundraising, Insurance, renewables | View Pitch |
| Oct 12, 2025 | Substack | Rijnberk Invest Insights | Brookfield Corporation | Financials | Asset Management | Bull | asset management, Bruce Flatt, Complexity discount, Distributable earnings growth, Global energy transition, Inflation-protected cash flows, infrastructure, Long-term compounder, renewable energy, undervalued | 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. | ||||||||