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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Fenimore Dividend Focus Strategy | 5.6% | - | AJG, APH, AVY, BR, CDW, CTAS, ENTG, HEI, HLI, MCHP, MLM, PAYX, POOL, ROS, STE, SYK, TT, VRSK, WSO | AI, dividends, mid cap, Quality, Rate Cuts, semiconductors, value | 26 out of 27 names in the portfolio increased their dividend in the past 12 months with an average year-over-year increase of 10.4%. The top three dividend growers were Amphenol Corp. at 57%, Cintas Corp. at 16%, and Verisk Analytics at 15%. | View | |
| 2024 Q1 | May 17, 2024 | SouthernSun SMID Cap | 8.8% | 13.9% | AWI, BDC, BOOT, BR, DAR, DY, MGPI, SAM, THO, USPH | Concentration, long-term, Quality, small cap, SMID Cap, value | Fiber construction demand remains bright with private equity investment and public funding through ARPA, RDOF, and BEAD programs. The $40 billion BEAD program is expected to begin deployments in 2025, providing multi-year tailwinds. With only 43% of US homes passed with fiber, there is a long runway for penetration. | SAM MGPI BOOT DY |
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| 2026 Q1 | Apr 29, 2026 | Jensen Investment | -2.5% | -2.5% | AON, BR, CDNS, FDS, G, HOLX, KEYS, KR, LH, LULU, ON, ROST, SHW, TTC | AI, competitive advantages, energy, mid cap, Quality, ROE, value | View | ||
| 2025 Q1 | Apr 25, 2025 | SouthernSun SMID Cap | -8.8% | -8.8% | AEIS, AGCO, AWI, BDC, BOOT, BR, DHR, GNRC, IEX, MOD, PII, SAM, TKR, USPH, WSO | fundamentals, Quality, Resilience, small caps, SMID Cap, tariffs, Trade Policy, value | The manager believes small- to mid-cap U.S. companies with strong fundamentals are poised to shine as the market transitions from speculative excess to substance-focused investing. They see this as a shift from a sugar high to a carnivore diet - stripped of fluff and rooted in what's healthy and enduring. | MOD PII USPH BOOT WSO BR |
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| 2024 Q1 | Apr 15, 2024 | Ensemble Capital | 0.0% | 8.0% | AAPL, AMZN, BR, CMG, FAF, FAST, GOOGL, HEI, IEX, MASI, META, MSFT, NFLX, NKE, NOW, NTDOY, NVDA, NVR, RACE, TDG | growth, industrials, large cap, Luxury, Quality, technology, value | Ferrari demonstrates exceptional pricing power with average selling prices approaching €400,000, up €100,000 over five years. The company successfully expanded its appeal through new form factors like the Purosangue SUV while maintaining exclusivity. Management has built one of the strongest luxury brands with a robust business model that plays to these strengths. | IEX RACE |
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| 2025 Q1 | Apr 15, 2024 | The London Company Small-Mid Cap | -6.6% | -6.6% | AER, BR, CABO, CACC, CHDN, DECK, SAIA, THG, ZBRA | Defensive, Quality, Recession, SMID Cap, tariffs, value | The manager emphasizes their Quality factor approach, noting that Quality factors have historically posted their best relative returns during periods of decelerating growth and through recessions. They believe they may be late in the economic cycle, which bodes well for Quality factors over the next few years. | SAIA |
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| 2026 Q1 | Apr 14, 2026 | Fenimore Dividend Focus Strategy | -4.0% | -4.0% | AJG, APH, BR, ENTG, GIL, HEI, ROST, TT | AI, dividends, earnings, insurance, mid cap, Quality, software | View | ||
| 2025 Q1 | Mar 31, 2025 | Fenimore Dividend Focus Strategy | 1.5% | 1.5% | A, AJG, APH, BR, CDW, CTAS, ENTG, HEI, IEX, MCHP, MKC, PAYX, POOL, ROST, RSG, STE, SYK, TT, VRSK | dividends, insurance, mid cap, Quality, Trade Policy, value | The first quarter was marked by significant volatility driven by the new administration's tariff announcements, which sparked fears of higher inflation and potential recession. The economic impact of tariffs will take time to manifest as businesses scramble to adjust to a rapidly changing landscape. | View | |
| 2025 Q1 | Mar 31, 2025 | Fenimore Value Strategy | -1.1% | -1.1% | AJG, APH, AZO, BN, BR, BRK.B, BRO, CDW, FAST, HEI, IEX, KEYS, MKL, PAYX, PGR, ROST, RSG, SYK, TT, ZBRA | financials, insurance, mid cap, Quality, tariffs, Trade Policy, value | The first quarter was marked by significant volatility driven by the new administration's tariff announcements, which sparked fears of higher inflation and potential recession. The economic impact of tariffs will take time to manifest as businesses scramble to adjust to a rapidly changing landscape. Fenimore's portfolio companies have diversified their supplier bases and are more prepared for tariff impacts than in previous years. | View | |
| 2024 Q1 | Mar 31, 2024 | Fenimore Value Strategy | 10.9% | 10.9% | AJG, APH, BR, BRO, BRO.TO, CDW, DG, ENTG, IEX, KEYS, MCHP, MKL, PGR, PNFP, ROST, RSG, SYK, TROW, TT, VMC | financials, insurance, mid cap, semiconductors, technology, value | Brown & Brown continues to benefit from an extended favorable rate environment in the property and casualty insurance markets that it serves as a broker. Progressive Corporation is benefiting from previous rate actions taken to cover the cost of litigation and automobile repairs, which have improved their loss ratio and underwriting profitability significantly. | View | |
| 2024 Q4 | Dec 31, 2024 | SouthernSun SMID Cap | -6.2% | 11.1% | APG, AWI, BCO, BR, DY, MGPI, PII, SEIC, TKR, USPH | Balance Sheet, Cyclical, management, Patience, Research, SMID Cap, value | The U.S. presidential election outcome led to market anticipation of policy shifts towards tax extensions and deregulation, viewed as pro-growth. However, potential new trade policies, particularly tariffs, introduced elements of uncertainty that the firm closely monitored. Global trade adjustments, particularly with major economies like China, continue to shape investment decisions. | BCO MGPI AWI SEIC |
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| 2024 Q4 | Dec 31, 2024 | Fenimore Small Cap Strategy | -1.1% | 12.5% | APH, BIPC, BR, BROS, CBIZ, CDW, CIGI, CTAS, DFH, EXLS, EXPO, FND, MCHP, MLM, PAYX, SITE, SSB, STE, TRRSF, VRSK | Homebuilders, Outsourcing, Quality, small cap, technology, value | Fenimore focuses on finding quality companies with strong leadership that can push through changes and continue driving profits higher over the medium and long term. They seek robust businesses that make their own luck through hiring producers, creating new products, and taking market share from fragile competitors. | View | |
| 2024 Q4 | Dec 31, 2024 | Fenimore Dividend Focus Strategy | -5.2% | 7.6% | APH, BIPC, BR, BROS, CBIZ, CDW, CIGI, CTAS, DFH, ENTG, EXLS, EXPO, FND, MCHP, MLM, PAYX, SITE, SSB, TRRSF, VRSK | dividends, mid cap, Quality, technology, value | 26 out of 27 names in the fund increased their dividend in the past 12 months with an average year-over-year increase of 9.7%. The top three dividend growers were Amphenol Corp at 50%, Cintas Corp at 16%, and Verisk Analytics at 15%. | View | |
| 2025 Q3 | Nov 30, 2025 | Bell Global Emerging Companies Fund | - | - | 3064.T, 3769.T, 6146.T, ATD.TO, AUTO.L, BR, CHKP, CLH, COR, DB1.DE, DXCM, FBIN, JKHY, KEYS, MONC.MI, MSCI, PCTY, RMV.L, SCI, VEEV, WOLW.L | AI, Fintech, global, healthcare, payments, Quality, SMID Cap, technology | Several portfolio holdings faced pressure from perceived AI disruption risk throughout the year. The manager believes market fears are significantly overstated for many businesses and has added to positions as valuations became compelling. Where serious disruption concerns developed, positions were exited, such as Gartner due to structural threats to its business model from AI-driven competition. | AUTO LN 3769 JP JKHY |
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| 2023 Q3 | Oct 31, 2023 | The London Company SMID Cap | 9.2% | 9.2% | AER, BKI, BR, CABO, CHDN, CWST, DECK, ICE, LANC, LW, MTN, NEU, RBA, ST, WAT, ZBRA | Automation, Quality, SMID Cap, Travel, value, Waste management | Initiated position in Casella Waste Systems, the 5th largest waste company in the U.S. and #1 player in the dense Northeast. The Northeast hasn't approved a new landfill permit in 30 years, creating scarcity value. CWST has significant pricing power due to vertical integration and rural market exposure. | ZBRA WAT ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA CWST |
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| 2023 Q3 | Oct 31, 2023 | Ensemble Capital | 0.0% | 8.0% | ADI, BKNG, BR, GOOGL, ILMN, MA, MASI, NFLX, TXN | growth, interest rates, large cap, payments, semiconductors, technology, value | The 10-year treasury yield rose 0.73% in Q3 as investors recalibrated long-term interest rate expectations. The Fed shifted from expecting recession to a more positive economic outlook, forecasting they would not need to cut rates as soon or by as much. Higher rates driven by real economic growth rather than inflation have mixed but generally positive impacts on equity valuations. | View | |
| 2025 Q3 | Oct 28, 2025 | The London Company SMID Cap | 0.8% | -6.6% | ACIW, AWI, BR, CWST, DECK, JKHY, NEU, REYN, SGI, WAT | AI, Fed, growth, Quality, small cap, SMID Cap, value, volatility | The portfolio maintains a Quality-at-a-Reasonable-Price discipline focused on companies with durable advantages, strong balance sheets, and steady free cash flow. Quality factors have been headwinds during the high beta rally but historically regain leadership when fundamentals reassert themselves. | DECK ACIW JKHY CWST WAT NEU SGI AWI DECK ACIW JKHY CWST WAT NEU SGI AWI |
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| 2025 Q3 | Oct 28, 2025 | The London Company Small-Mid Cap | 0.8% | -6.6% | ACIW, AWI, BR, CWST, DECK, JKHY, NEU, REYN, SGI, WAT | Fed Cuts, high beta, Quality, SMID Cap, value, volatility | The manager emphasizes their Quality-at-a-Reasonable-Price discipline, noting that quality factors were headwinds during the high beta rally but historically regain leadership when fundamentals reassert themselves. They remain confident in holdings with durable advantages, strong balance sheets, and steady free cash flow. | View | |
| 2025 Q3 | Oct 24, 2025 | Diamond Hill Small-Mid Cap Strategy | 6.2% | 7.3% | BR, CIEN, COO, COOP, ENOV, EQH, GDDY, HII, KMX, LOB, NVST, OZK, PRGO, PRGS, RHP, RRR, RVTY, TRIN, TTC, WCC | AI, mid cap, Quality, small cap, technology, value | AI-fueled boom in technology continues driving market returns, with sentiment around AI's potential to radically change life remaining high. However, the manager believes sentiment is at least partially disconnected from reality given AI's potential is yet to be fully borne out. Markets are rewarding companies with even minimal AI exposure while punishing those at risk from AI disruption. | RVTY COO TTC HII CIEN HII WCC CIEN |
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| 2024 Q4 | Jan 7, 2025 | The London Company Small-Mid Cap | 1.7% | 6.5% | AER, AWI, BR, CHDN, DECK, ENTG, MUSA, POST, WAT, WTM | concentrated, downside protection, Quality, SMID Cap, value | The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 16.7% pre-tax ROC versus 8.4% for the Russell 2500 and lower leverage at 2.1x net debt/EBITDA versus 3.4x for the benchmark. | View | |
| 2025 Q4 | Jan 18, 2026 | Rewey Asset Management | 3.6% | 13.1% | BR, CADE, DFIN, HOLX, LAKE, MEC | AI, Gdp, inflation, rates, small caps, technology, value | Manager believes small cap value sector remains attractively valued and neglected by investors. Small cap outperformance in 4Q25 viewed as early sign of portfolio rebalancing away from large-cap indices. Expects continued momentum into 2026 driven by strong GDP environment and lower Fed rates. AI adoption creating productivity gains but also sustained negative headwind for labor market as companies choose not to backfill roles. While positive for earnings through cost savings, AI-driven job weakness could force Fed to cut rates further. Large-cap tech AI valuations questioned by investors. Fed cuts of 175 bps over last 15 months expected to re-spark growth in financing-dependent cyclical industries. Weak job growth and dual mandate may force Fed to cut rates more than preferred. Lower rates viewed as positive catalyst for small cap sector. Extreme valuation differentials between large and small caps create opportunity. S&P 500 trades at 23.56x 2026 PE while Russell 2500 Value at 15.69x and Russell 2000 Value at 14.11x. Manager focuses on financially strong companies at attractive valuations with 2-3 year value creation plans. | DFIN LAKE MEC |
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| 2023 Q4 | Jan 17, 2024 | Ensemble Capital | 0.0% | 8.0% | BKNG, BR, DIS, GOOGL, ILMN, MA, MASI, NFLX, NKE, NOW, NTDOY, PAYX, WBD | AI, earnings, growth, Streaming, technology | The fund extensively discusses artificial intelligence adoption across portfolio companies. Booking Holdings rolled out an AI trip planner using natural language processing. Broadridge deployed BondGPT and OpsGPT for bond trading and operations. ServiceNow launched Now Assist for workflow automation. | AAPL|MSFT|NFLX|NVDA|UNH |
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| 2025 Q4 | Jan 13, 2026 | Fenimore Dividend Focus Strategy | -4.4% | 1.9% | AJG, APH, AVY, BR, CDW, CTAS, HEI, HLI, IEX, JKHY, MCHP, MLM, PAYX, ROST, RSG, STE, SYK, TT, VRSK, WSO | AI, dividends, healthcare, mid cap, Quality, technology, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation. Quality as a factor remained out of favor despite many businesses showing strong long-term fundamental prospects. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run. AI excitement and related infrastructure builds continued to drive the market, drawing capital away from nearly every other area. Investor enthusiasm was driven toward businesses with AI-related exposures. Amphenol benefited from data center buildouts supporting AI, with its IT Datacom segment growing 128% organically. Dividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). Valuations for portfolio companies are becoming more attractive while other indices become more overvalued. The fund sees compelling valuations within the portfolio, which management believes sets the fund up for solid future performance. Many quality franchises are trading at relative multi-year lows. | TT APH JKHY ROST |
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| 2025 Q4 | Jan 13, 2026 | Fenimore Value Strategy | -1.2% | 4.9% | ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA | AI, fundamentals, mid cap, Quality, Speculation, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks. | FAST AZO BRO APH MKL |
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| 2023 Q3 | Sep 30, 2023 | SouthernSun SMID Cap | 8.8% | 13.9% | BCO, BDC, BR, DAR, DY, LPX, MUSA, SAM, TKR, USPH | Biofuels, Convenience Stores, self-help, SMID Cap, Telecommunications, value | Murphy USA benefits from its position as a low-cost, high-volume fuel retailer with advantaged locations on Walmart outparcels. The company continues to grow same-store sales and sees opportunities for new store additions while maintaining capital discipline through share repurchases. | ALDAR.AD ABDY.L AER|AWI|MUSA|NEU|SAIA|WTM SAM |
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| 2023 Q1 | Apr 20, 2023 | The London Company Small-Mid Cap | 2.0% | 4.8% | BR, CHDN, ENTG, IAA, JKHY, LW, MBI, MUSA, RBA, STOR | Banking, Quality, Recession, semiconductors, SMID Cap, value | The manager emphasizes the durable profitability, strong free cash flow, and balance sheet flexibility of their companies as they face an economic slowdown with higher cost of capital. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility. | AER|AWI|MUSA|NEU|SAIA|WTM ENTG ABLLW CHDN |
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| 2023 Q1 | Apr 20, 2023 | The London Company SMID Cap | 9.2% | 9.2% | BR, CHDN, ENTG, IAA, JKHY, LW, MBI, MUSA, RBA, STOR | Banking, Capital Allocation, Quality, Recession, SMID Cap, value | The manager emphasizes the durable profitability, strong free cash flow, and balance sheet flexibility of their companies as they face an economic slowdown with higher cost of capital. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility. | AER|AWI|MUSA|NEU|SAIA|WTM ENTG ABLLW CHDN |
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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 | Mar 31, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | AAP, ADM, AIG, ALGT, ALK, ALL, ARW, ASH, BHF, BKU, BOKF, BR, BRBR, BRO, BSX, BWA, CALM, CHKP, CIEN, CIVI, COOP, CTRA, CTSH, CUBE, DEI, ENOV, ERII, ESAB, ESGR, FA, FCX, FIBK, FIS, FWONA, GTES, HBI, HIG, ITGR, JLL, KEX, KMX, L, LANC, LOB, MTN, NVR, NXPI, OZK, PH, POST, PRG, RHP, RNR, RRR, RRX, RYN, SANM, SF, SRCL, SSNC, ST, UDR, UGI, VFC, WBS, WCC, WNS, WTW, WWW, WY | financials, industrials, mid cap, small cap, value | View | ||
| 2023 Q4 | Feb 15, 2024 | SouthernSun SMID Cap | 8.8% | 13.9% | AWI, BCO, BDC, BOOT, BR, DY, FND, LPX, MGPI, PII, SAM | Construction, consumer, industrials, Onshoring, SMID Cap, Telecommunications, value | Companies continue to adapt to security of supply, labor, and technology adoption issues through on-shoring, re-shoring, and near-shoring strategies. With escalation of armed regional conflicts impacting shipping and supply chains, companies are aggressively evaluating and adjusting their strategies to ensure competitive advantages. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO SAM BBDC4.SA AER|AWI|MUSA|NEU|SAIA|WTM ABDY.L |
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| 2023 Q4 | Jan 23, 2024 | The London Company SMID Cap | 9.2% | 9.2% | BR, CABO, DAVA, DECK, HAS, HAYW, MBI, TREX, WTM | consumer discretionary, Quality, rates, small caps, value, volatility | The manager emphasizes quality as the antidote to uncertainty, believing solid company fundamentals will lead to strong risk-adjusted returns in the long run. Portfolio characteristics remain attractive and well-positioned for an uncertain future. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM CABO ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AER|AWI|MUSA|NEU|SAIA|WTM TREX DECK KAMBI SS |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 23, 2026 | Fund Letters | BBH Select Series - Mid Cap Fund | Broadridge Financial Solutions | Information Technology Services | IT Services | Bull | New York Stock Exchange | Direct Indexing, Distributed Ledger, Financial infrastructure, Governance Solutions, Post-Trade Processing, Proxy Services, Separately Managed Accounts, Tokenization | View Pitch |
| Apr 13, 2026 | Fund Letters | SouthernSun SMID Cap | Broadridge Financial Solutions, Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | asset-light, financial services, M&A, Proxy Processing, recurring revenue, SaaS, technology | 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. | ||||||||