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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 11, 2025 | Heartland Value Plus Fund | 1.9% | -6.5% | BRC, MTRN, PBH, PHIN | Auto Parts, Buybacks, Capital Allocation, dividends, materials, Rate Cuts, small caps, value | For the first time since 2021, small-cap earnings have been growing year-over-year, signaling improved demand dynamics. The Russell 2000 Index gained 12.39% in the quarter, outperforming the S&P 500. Small companies are likely beneficiaries of lower financing costs and growing risk appetite from the Fed's rate-cutting cycle. | PBH MTRN PHIN BRC NVST SIMO GTES |
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| 2025 Q1 | May 6, 2025 | Lowell Capital | - | - | ASO, BOWL.L, BRC, DUR.AX, IWG.L, LNF.TO, LYTS, MACF.L, NSIT, QEPC | Canada, Cash, Defensive, Europe, free cash flow, small caps, value | Manager focuses on undervalued companies with low expectations and attractive valuations. Seeks good businesses with low valuations where market expectations are modest, believing these provide better risk-adjusted returns than growth stocks. | LNF.TO |
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| 2025 Q3 | Oct 9, 2025 | Heartland Value Plus Fund | 8.5% | 1.4% | BRC, MTRN, PBH, PHIN | Auto Parts, Buybacks, Capital Allocation, dividends, earnings, Rate Cuts, small caps, value | For the first time since 2021, small-cap earnings have been growing year-over-year, signaling improved demand dynamics. The Russell 2000 Index gained 12.39% in the quarter, outperforming the S&P 500. Small companies are likely beneficiaries of lower financing costs and growing risk appetite from the Fed's rate-cutting cycle. | PBH MTRN PHIN BRC |
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| 2024 Q3 | Sep 30, 2024 | Ariel Small Cap Value Strategy | 10.1% | 0.0% | BRC, CLB, JLL, LAZ, LESL, LIND, MHK, SRCL, WEX | energy, Manufacturing, payments, real estate, small caps, Travel, value | The fund focuses on small cap value investing, with the Russell 2000 Value Index outperforming growth in Q3. The manager believes patient investors who own differentiated businesses with solid competitive positioning and robust balance sheets will reap superior returns over time. | WEX CLB LIND LESL MHK LAZ JLL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Heartland Value Plus Fund | Brady Corp. | Industrials | Industrial Machinery | Bull | NYSE | Aerospace, data center, Dividend Growth, ID Solutions, Industrial Printers, Labels, restructuring, Share Buybacks, Tuck-in Acquisitions, Wire Marking, Workplace Safety | View Pitch |
| Nov 29, 2025 | Fund Letters | Bradford Evans | Brady Corporation | Industrials | Electronic Equipment, Instruments & Components | Bull | NYSE | buybacks, Consumables, data centers, dividends, Identification, margin expansion, Tuck-ins | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Matthew J. Smith | Brady Corporation | Industrials | Security & Protection Services | Bull | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Ray Dalio | Bridgewater Associates | $27.4B | $235,267 | 0.00% | 3,002 | -4,595 | -60.48% | 0.0052% |
| Israel Englander | Millennium Management LLC | $233.2B | $1.3M | 0.00% | 16,449 | -111,136 | -87.11% | 0.0287% |
| Jeremy Grantham | GMO LLC | $39.1B | $285,032 | 0.00% | 3,637 | -424 | -10.44% | 0.0063% |
| Cliff Asness | AQR Capital Management | $190.6B | $4.6M | 0.00% | 59,259 | -427 | -0.72% | 0.1033% |
| Oliver Murray | Brandes Investment | $13.1B | $4.8M | 0.04% | 61,573 | -16,818 | -21.45% | 0.1074% |
| John Rogers | Ariel Investment | $9.3B | $234,797 | 0.00% | 2,996 | -644 | -17.69% | 0.0052% |