BRK-A-3

BRK-A-3

BRK-A-3

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Fenimore Value Strategy	9.2%	-	AME, APH, BN, BRK-A, BRO, CDW, IEX, KMX, MCHP, MKL, PGR, ROS, SYK, VMC	AI, Buybacks, earnings, mid cap, Quality, rates, value	The Federal Reserve cut the benchmark federal funds rate by half a percentage point in September, its first cut in more than four years. Lower rates are expected to help fuel purchases of expensive items like homes and automobiles, lead to more commercial construction, and improve consumer confidence.		View
2024 Q3	Sep 30, 2024	City Different Investments – Multi-Cap Core	5.3%	17.2%	BRK-A, EMR, PG	AI, dividends, tax policy, uncertainty, Valuations, value	Manager emphasizes the importance of dividend-paying stocks, noting that over the last 50 years dividend payers in the S&P 500 returned 9.2% annually versus 4.3% for non-payers. Companies that pay dividends demonstrate consistent profitability and judicious cash management.		View
2023 Q3	Sep 30, 2023	Fenimore Value Strategy	-2.8%	-	AVY, BKNG, BRK-A, BRN, CDW, DG, EOG, EXLS, FIS, GGG, IEX, ITW, MKL, PGR, ROST, STRY, TROW, VMC, WAT, ZBRA	Balance Sheets, fundamentals, interest rates, mid cap, Quality, value	Fenimore emphasizes high-quality companies with strong fundamentals, attractive pricing, ethical management, straightforward business models, strong balance sheets, clear competitive advantages, ample free cash flow, and growing profits. These companies held up better during the third quarter market decline.		View
2023 Q3	Sep 30, 2023	Guinness Global Innovators	-	20.9%	AAPL, AMZN, BRK-A, GOOGL, JPM, META, MSFT, NVDA, TSLA	AI, Debt, diversification, long-term, rates, tariffs, technology	AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The letter notes that top companies today are mostly technology-oriented and tied to artificial intelligence possibilities.		View
2025 Q2	Aug 5, 2025	Horos Asset Management	6.6%	11.9%	AAPL, ANA.MC, ATALAYA.L, AXP, AZM.MI, BRK-A, DIA.MC, GEST.MC, GOOGL, KO, MCO, MEL.MC, MSFT, NFLX, NPN.L, SEM.LS, VRA.PA	Buybacks, catalysts, energy, Europe, Hotels, Spain, Telecommunications, value	The letter extensively discusses value investing philosophy and its evolution, addressing the recurring question of whether value investing is dead. The manager emphasizes the need to evolve the investment process by focusing more on catalysts that can unlock value rather than simply waiting for market recognition.		View
2024 Q2	Aug 12, 2024	Springview Capital Management	-3.2%	7.7%	BRK-A, COKE, CR, CRH, EXO, FFH, FMX, HLT, MCY, NTDOY, WOR, WRB	Concentration, fundamentals, insurance, Long/Short, value	The manager discusses property/casualty insurance cycle concerns and skeptical investor sentiment about near-term profit outlook. Despite market volatility, the manager believes prospects for insurance holdings remain unchanged and reports strong fundamental progress with W.R. Berkley showing 37% Y/Y increase in operating EPS and Fairfax increasing book value per share by 17% Y/Y.		View
2023 Q2	Jul 5, 2023	Longriver Investment Partners	3.1%	-	0700.HK, AMD, AMZN, BFF.MI, BRK-A, EVVTY, GAW.L, HDB, TOI.TO, TSM, TTI	Asia, Concentration, global, growth, Process, Quality, technology, value	US Big Tech's ability to cut costs quickly and lean into a new investment cycle driven by AI has led to a rally in their stocks, lifting US equity indices out of their bear market. AI fever took hold during the quarter, prompting the manager to trim AMD position though he was early.	AMD AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM TTI	View
2025 Q2	Jul 30, 2025	REQ Global Compounders	-	-	ADDT-B.ST, BEIJ-B.ST, BERG-B.ST, BRK-A, CSU.TO, DCC.L, HEI.A, HMS.ST, INDU-A.ST, LAGR-B.ST, LIFCO-B.ST, LMN.TO, NCAB.ST, NIBE-B.ST, TOI.TO	Acquisitions, compounders, Decentralization, Europe, long-term, Nordics, Quality	REQ focuses on acquisition-driven compounders that reinvest 75-80% of cash flow into organic growth and acquisitions at high returns. These companies demonstrate sustained exponential earnings growth through high reinvestment rates, strong returns on invested capital, and long duration of growth opportunities.	ROKO.ST	View
2024 Q2	Jul 30, 2024	Montaka Global Investments	-	-	AAPL, AMD, AMZN, BRK-A, BX, GOOGL, KD, KKR, MC.PA, META, MSFT, NVDA, SPOT, TSLA	AI, Cloud, Compounding, Concentration, growth, technology, value	The letter emphasizes AI as a huge boost to mega-cap tech companies, with Nvidia taking advantage of its stranglehold on insatiable demand for AI chips in a supply constrained market. Amazon and Microsoft's hyperscale cloud platforms AWS and Azure are positioned to keep winning big from the AI revolution.		View
2024 Q2	Jul 3, 2024	St. James Investment Company	0.0%	0.0%	BRK-A, NVDA	AI, China, Geopolitical, inflation, momentum, risk management, Valuations	The U.S. has experienced persistent inflation above 3% for thirty-seven consecutive months, with overall prices up over 19.5% in less than four years. Current fiscal and monetary policies strongly support the transition to an inflationary world, with the U.S. running a budget deficit approaching seven percent of GDP at full employment. The manager views this as a fundamental shift from the deflationary world of the past four decades.		View
2025 Q2	Jul 28, 2025	Crypto Native Capital	22.3%	-	AAPL, AMZN, BRK-A, COST, GOOGL, META, MSFT, NVDA, TSLA	Bitcoin, Compounding, Concentration, crypto, moats, returns	Bitcoin dominates the digital store-of-value market with 99.6% market share and expanding moats that strengthen with scale. While altcoins face structural competition and constant pressure to innovate, Bitcoin compounds relentlessly with superior risk-adjusted returns. The fund emphasizes Bitcoin concentration over diversified crypto approaches.	BTC-USD	View
2025 Q2	Jul 27, 2025	Weitz Partners III Opportunity Fund	2.5%	1.9%	AMZN, AVGO, BRK-A, CHTR, GCI, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN	AI, Hyperscalers, Long/Short, Quality, technology, value	Early days of AI infrastructure buildout with chip makers like Nvidia and Broadcom as biggest winners so far. Hyperscalers including Amazon, Alphabet, Meta and Microsoft hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses.	KMX	View
2023 Q2	Jul 24, 2023	RVK	-	-	AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM	AI, Consistency, large cap, Market Leadership, Patience, Quality, technology	Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error.		View
2025 Q2	Jul 2, 2025	Tapasya Investment Fund	-	11.7%	AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM	AI, Discipline, Patience, Quality, rates, small caps, technology	The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire index.		View
2025 Q2	Jul 18, 2025	Alpine Capital Research	-	-	AMZN, BN, BRK-A, CRM, CWEB, F, GLXY.TO, GM, LRCX, MA, MU, SOXX, TGT, V	AI, Data centers, Dollar, growth, semiconductors, technology, Trade Policy, US Markets	AI is reshaping markets as a present force, not a distant promise. The Magnificent 7 companies are investing $330.7 billion in capex for 2025, primarily for AI infrastructure including data centers and advanced AI models. AI currently handles 30-50% of critical functions at companies like Salesforce, with expectations of further expansion and workforce reductions as AI-driven efficiencies are implemented.	V MU LRCX GLXY.TO V MU LRCX GLXY CN	View
2025 Q2	Jul 16, 2025	Pittenger & Anderson	-	-	AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM	AI, diversification, long-term, Quality, tariffs, technology, volatility	AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings.		View
2025 Q2	Jul 16, 2025	Peak Asset Management	-	-	BRK-A, EMR, PG	AI, Data centers, dividends, tax policy, uncertainty, value	Dividends continue to play an important role in the portfolio strategy. Over the last 50 years, dividend payers in the S&P 500 delivered 9.2% annualized returns compared to just 4.3% for non-payers. Companies that pay dividends demonstrate consistent profitability and judicious cash deployment.		View
2025 Q2	Jul 15, 2025	Smead Value Fund	-2.4%	-5.4%	AMGN, AXP, BRK-A, CSCO, CVE, DHI, DVN, EBAY, INTC, JPM, LEN, MAC, MRK, MSFT, NVR, OXY, SPG	energy, Homebuilders, Long Term, underperformance, value	The fund positions itself as a value-oriented strategy, drawing parallels to Warren Buffett's underperformance during the dot-com bubble. The managers emphasize their focus on neglected companies while money flows into popular growth stocks and the Magnificent Seven.		View
2024 Q2	Jul 10, 2024	QV Investors	-	-	AAPL, AMZN, AVGO, BRK-A, GOOGL, LLY, META, MSFT, NVDA, POOL, SBUX	AI, consumer, credit, Economic Cycle, Market Concentration, rates, Risk Appetite, Valuations	AI-driven bull market continues with Nvidia driving significant market returns. Seven AI-related stocks drove the entire S&P 500 return in Q2. Current AI enthusiasm parallels historical tech bubble patterns with extreme concentration and high expectations.		View
2025 Q2	Jun 30, 2025	Mar Vista Global Equity Fund	-	13.0%	AAPL, AVGO, BRK-A, COLOB.CO, GE, MSFT, NVDA, ORCL, TDG	aerospace, AI, Cloud, global, large cap, Quality, technology, Trade Policy	AI-focused stocks rebounded strongly in Q2 2025, with NVIDIA benefiting from demand for next-generation Blackwell platform and reasoning-based applications requiring 10x more compute power. Microsoft's Azure AI services accelerated, while Oracle gained market share in hyperscale cloud for generative AI workloads. The AI market remains in early stages of multi-year infrastructure build-out.	GE BRK-A AAPL NVDA ORCL MSFT GE BRK.B AAPL NVDA ORCL MSFT	View
2025 Q2	Jun 30, 2025	Mar Vista US Quality Select	-	12.4%	AAPL, AVGO, BRK-A, GE, GOOGL, HEI, JNJ, MSFT, ORCL, SAP, V	aerospace, AI, Cloud, large cap, Quality, semiconductors, technology, Trade Policy	AI-focused stocks rebounded strongly in Q2, with Microsoft benefiting from accelerating demand for AI-related Azure services and robust bookings. Oracle gained momentum with its OCI Gen 2 platform well-suited for generative AI workloads, securing large contracts including one expected to generate over $30 billion annually. The AI-driven rally regained momentum despite earlier concerns about returns on large-scale AI capex investments.	GE BRK-A JNJ AAPL ORCL AVGO MSFT AAPL ORCL AVGO MSFT	View
2025 Q2	Jun 30, 2025	Merchant West	-	-	BP, BRK-A, COLB.CO, CVX, DHR, ISRG, NPN.JO, SHEL, SHP.JO, SYK, TTE, XOM	demographics, energy, healthcare, Investment Management, liquidity, policy, South Africa, technology	JSE liquidity has been declining with trading concentrated in fewer stocks. Large asset managers face significant challenges building meaningful positions in illiquid stocks without moving prices. This creates opportunities for boutique managers who can access under-researched small and mid-cap companies.	TTE TTE FP	View
2025 Q2	Jun 30, 2025	YCG Investment	-	-	AAPL, BRK-A, EFX, EIX, EXPN.L, FICO, HE, KO, MCO, PCG, PEP, SPGI, TRU, UNH, VRSK	Network Effects, Pricing Power, Quality, regulation, tariffs, value	YCG emphasizes owning businesses with enduring pricing power and unregulated pricing as a key driver of positive convexity. They believe businesses with dominant networks, conservative balance sheets, and ownership-minded management can maintain or increase inflation-adjusted pricing over time, creating superior risk-adjusted returns.	FICO AAPL	View
2024 Q2	Jun 30, 2024	Peterson Investment Fund	1.0%	7.9%	BABA, BRK-A, DJCO, NPN.L	Compounding, Concentration, dividends, long-term, Quality, value	The fund follows a concentrated value investing philosophy, focusing on owning thriving businesses with high-quality management teams trading at discounts to their growing intrinsic value. The strategy emphasizes ownership of the world's leading business models at deep discounts to intrinsic value.		View
2024 Q2	Jun 30, 2024	City Different Investments – Global Equity	5.3%	22.5%	AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM	AI, Consistency, large cap, Market Leadership, Patience, Quality, technology	Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error.		View
2025 Q1	May 21, 2025	HMC Capital Partners Fund I	-	-	BRK-A	Business Ownership, competitive advantages, Employee Empowerment, long-term, value	The letter emphasizes buying ownership interests in businesses at attractive prices based on understanding their economics and competitive advantages. The manager focuses on identifying outstanding businesses trading below fair value rather than making predictions based on macro events.		View
2025 Q1	May 2, 2025	Tweedy, Browne Value Fund	6.3%	6.3%	0220.HK, 0700.HK, 086280.KS, 2551.T, 3405.T, 4091.T, 4955.T, 7203.T, 7958.T, 9635.T, AKE.PA, ATE.PA, BA.L, BRK-A, CCC.L, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FRE.DE, GOOGL, HEIA.AS, HUSQ-B.ST, INCH.L, IONS, JNJ, KEMIRA.HE, KOF, KRN.DE, LAS-A.TO, MEGA.MX, MGCL.T, NA.TO, NESN.SW, NOVN.SW, P911.DE, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOL.MI, SOP.PA, TEP.PA, TFC, TKTT.PA, TREL-B.ST, TTE, TXGN.SW, U11.SI, UHAL, USB, VRTX, WFC, WPK.TO, ZURN.SW	defense, Europe, healthcare, Hedging, industrials, international, value	Tweedy Browne maintains their disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. They emphasize their bottom-up, fundamentally driven investment process focused on businesses with sound balance sheets and enduring competitive advantages.		View
2023 Q1	May 2, 2023	Tall Oak Capital Advisors	-	-	ATVI, AZO, BRK-A, CCJ, CNQ, COST, DVN, FCX, IFC.TO, JNJ, LLY, MCD, MSFT, NEM, NVO, PEP, SLB, SU, TSM, UNH	Banking, energy, healthcare, inflation, Quality, technology, value	The fund's Energy transition thesis hurt returns to start the year. The manager maintains exposure to this theme despite underperformance in Q1.		View
2024 Q1	May 18, 2024	Horizon Kinetics	0.0%	0.0%	AAPL, AMAT, AVGO, BRK-A, CMGI, CSCO, GBTC, GLW, INTC, LLY, META, MSB, MSFT, MU, NVDA, SBR, TPL, V	Bitcoin, Bubble, Compounding, Concentration, long-term, royalties, technology, valuation	The letter discusses AI chips and their impact on technology stocks, particularly noting how AI chip technology has driven recent outperformance in companies like Nvidia and Micron. The manager views AI as part of the current technology bubble similar to previous cycles.		View
2025 Q1	Apr 4, 2025	Vltava Fund	-	-	ABG, AMAT, ATD, BMW.DE, BN, BRK-A, CVE, JPM, LRCX, MKL, NVR, OSB.L, QUCO.MX, STLA, URI, WSM	Berkshire, Capital Allocation, Intrinsic Value, long-term, Quality, Speculation, value	Manager emphasizes long-term value investing approach focused on companies trading below intrinsic value with high returns on capital. Portfolio demonstrates value principles through holdings like Berkshire Hathaway purchased at significant discount to book value.	URI BRK-A	View
2025 Q1	Apr 3, 2025	St. James Investment Company	-	-	BRK-A, CSCO, GME, NVDA, QCOM, TSLA	AI, energy, fundamentals, Speculation, technology, value	The letter discusses AI as part of speculative narratives driving market behavior, noting that technology companies benefited disproportionately from government post-COVID deficits which fed into enormous capital expenditures for AI. AI is characterized as the latest speculative call from Wall Street commentators and hedge fund managers.		View
2024 Q1	Apr 29, 2024	Springview Capital Management	11.3%	11.3%	BRK-A, CPRT, CRH, EXO.MI, FFH, FMX, HLN.L, HLT, MSGS, NTDOY, WRB	Concentration, global, insurance, Long/Short, value	The fund holds significant positions in W.R. Berkley and Fairfax Financial, which were top contributors to performance. The manager uses sector ETF shorts to hedge insurance sector exposure, indicating concentrated exposure to this sector.		View
2024 Q1	Apr 25, 2024	GreensKeeper Value Fund	4.7%	16.7%	AXP, BRK-A, MRK, SNAP, SPGI	financials, large cap, Pharmaceuticals, Quality, Resilience, value	GreensKeeper maintains a steadfast focus on finding high-quality businesses trading at attractive earnings multiples. The firm restricts portfolio investments to situations that check all their investment boxes, requiring obvious undervaluation relative to earnings power and prospects. They emphasize that great opportunities are rare and fleeting, requiring preparation and conviction to make sizable bets when the right price is offered.	SPGI MRK AXP BRK-B	View
2025 Q1	Apr 23, 2025	Pelican Bay Capital Management	-2.6%	-2.6%	BRK-A, CBOE, CME, CPAY, EXPE, GNRC, Gold, GOOGL, ON, RPRX, SLB, TOLL, ULTA, VZ	Exchanges, gold, Pharmaceuticals, Quality, value, volatility	The portfolio focuses on high-quality companies trading at steep discounts to intrinsic value, seeking wide margins of safety. The manager emphasizes identifying significant differences between market value and intrinsic value as the core investment opportunity.	RPRX	View
2025 Q1	Apr 21, 2025	Kovitz Core Equity	-2.3%	-2.3%	ADBE, ADI, AMAT, AMD, AMZN, ANET, ASHTY, BDX, BRK-A, DEO, FI, GOOG, GOOGL, ICE, J, JPM, MSFT, PM, TMO, UMG.AS	AI, financials, Quality, Resilience, technology, Trade Policy, volatility	New administration's tariff policies creating significant uncertainty with rates of 145% on China and potential decoupling of the two largest global economies. Policy fluidity makes forecasting business fundamentals nearly impossible, causing business leaders and consumers to freeze economic decisions.	MSFT ASHTY ADBE	View
2023 Q1	Apr 17, 2023	RVK	-	-	AAPL, AMZN, BRK-A, GOOGL, JPM, META, MSFT, NVDA, TSLA	AI, diversification, long-term, Market Volatility, tariffs, technology	AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The letter notes that top companies today are mostly technology-oriented and tied to artificial intelligence possibilities.		View
2024 Q1	Apr 15, 2024	Tweedy, Browne International Value II	2.4%	8.3%	6302.T, AALB.AS, BA.L, BRK-A, ENVS, FMC, FRE.DE, HEIA.AS, MUV2.DE, NA.TO, NESN.SW, NOVN.SW, RHM.DE, RMS.PA, ROG.SW, SAF.PA, SCR.PA, SOL.MI, TEP.PA, TREL-B.ST, WPK.TO	defense, Diversified, global, industrials, international, value	Defense companies led industrial returns with strong performance from BAE Systems, Safran, and Rheinmetall AG. The aerospace and defense sector was among the leading industries during the quarter.		View
2024 Q1	Apr 15, 2024	Tweedy, Browne International Value II	4.8%	8.3%	AZO, BAE.L, BRK-A, CNH, D05.SI, DGE.L, DHL.DE, FMC, GOOGL, IONS, JNJ, NESN.SW, NOVN.SW, RHM.DE, ROG.SW, SAF.PA, SCR.PA, TREL-B.ST, TTE, U11.SI	Currency, defense, Diversified, industrials, international, value	Aerospace & defense businesses led results during the quarter, driven primarily by BAE Systems, Safran, and Rheinmetall AG. These companies benefited from increased defense spending and strong performance in the defense sector.		View
2024 Q1	Apr 15, 2024	Tweedy, Browne Value Fund	2.8%	7.6%	BA.L, BRK-A, CNHI, DEO, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, NWLI, RHM.DE, RUI.PA, SAF.PA, SCRYY, TP.PA, TTE, U11.SI, WFC	defense, financials, global, healthcare, industrials, value	Aerospace & defense businesses led results during the quarter, driven primarily by BAE Systems, Safran, and Rheinmetall AG. These holdings were among the top contributors to fund performance.		View
2024 Q1	Apr 15, 2024	Tweedy, Browne Worldwide High Dividend	6.4%	9.8%	6302.T, AALB.AS, BA.L, BRK-A, FMC, FRE.DE, HEIA.AS, MUV2.DE, NA.TO, NESN.SW, NOVN.SW, NVTA, RHM.DE, RMS.PA, ROG.SW, SAF.PA, SCR.PA, SOL.MI, TEP.PA, TREL-B.ST, WPK.TO	defense, dividends, global, High Dividend, value	Aerospace & defense businesses led results during the quarter, driven primarily by BAE Systems, Safran, and Rheinmetall AG. Defense companies were among the top contributors to fund performance.		View
2024 Q1	Apr 15, 2024	Manole Capital Management	0.0%	0.0%	AAPL, AMZN, AXP, BRK-A, GOOGL, KO, META, MSFT, NVDA, TSLA	Economic Growth, Federal Reserve, Fintech, inflation, interest rates, payments, technology	Manager emphasizes FINTECH as core investment focus, expecting revenue and earnings growth at 2-3x the overall market. All holdings generate free cash flow with operating margins and ROE significantly higher than S&P 500 average. Environment remains positive for FINTECH stocks with companies executing on business fundamentals.		View
2024 Q1	Apr 11, 2024	GDS Investments	-	-	BRK-A	Discipline, Focus, long-term, Quality, value	The fund focuses on identifying and partnering with companies that create empowering and collaborative work environments for employees. They believe supporting great employee empowerment companies is their most reliable way to compound capital at meaningful rates over long periods while doing good for society.		View
2025 Q1	Apr 1, 2025	Focus Wealth Management	-	-	AAPL, AMZN, BLK, BRK-A, BX, GOOGL, META, MSFT, NVDA, TSLA	AI, Europe, infrastructure, Multi-Asset, private credit, real estate, tariffs, Trade Policy	President Trump unleashed aggressive protectionist policies including a 10% baseline tariff on all imports and sweeping reciprocal tariffs, marking the most aggressive shift since the Great Depression. These tariffs are expected to be inflationary and weaken economic growth globally.		View
2025 Q1	Mar 31, 2025	Mar Vistas U.S. Quality	-3.1%	-3.1%	AAPL, APH, AVGO, BRK-A, CRM, GOOGL, JNJ, META, MSFT, NVDA, ORCL, PEP, TSLA, V	AI, inflation, large cap, Quality, semiconductors, Stagflation, technology, Trade Policy	AI market remains in preliminary stages with fast-paced innovation. DeepSeek's efficient model sparked debate around capital efficiency, but hyperscalers increased 2025 capex guidance despite awareness of progress. Integration of reasoning capabilities into LLMs significantly increases computing intensity, with some estimates showing up to 100x more computing demand for inferencing models with reasoning.	PEP NVDA MSFT CRM AVGO V JNJ BRK-B	View
2025 Q1	Mar 31, 2025	American Century Equity Income Fund	4.7%	4.7%	BDX, BRK-A, C, CSCO, EPD, JNJ, JPM, KVUE, MCHP, MDT, MLM, NSC, PM, TROW, WFC, XOM	dividends, financials, healthcare, industrials, Quality, value, volatility	The fund continues to focus on higher-quality companies with stable revenues and profits, low indebtedness, stable cash flows and predictable business models that are less sensitive to economic conditions. This approach is driven by continuing inflation and uncertain macroeconomic and policy conditions.		View
2025 Q1	Mar 31, 2025	Weitz Large Cap Equity Fund	-3.8%	-3.8%	AON, BRK-A, CHTR, CRM, CSGP, DHR, FIS, GOOGL, GPN, IDXX, IEX, IT, LH, META, MSFT, ORCL, SPGI, TECH, V, VEEV	AI, financials, large cap, Life Sciences, technology, value	Investors questioned returns on gargantuan capital spending needed to drive the AI revolution after early enthusiasm. Microsoft is well positioned as an AI infrastructure player with attractive long-term upside potential.	TECH IDXX MSFT	View
2025 Q1	Mar 31, 2025	Weitz Multi Cap Equity Fund	0.8%	0.8%	ACN, BRK-A, CMCSA, DHR, GOOGL, HEI, IDXX, IEX, LBRDA, LICT, LKQ, META, PRM, TECH, V	aerospace, AI, healthcare, Multi Cap, technology, Trade Policy, value	The AI Trade was dealt a setback in late January after Chinese firm DeepSeek announced its advanced AI model had been developed at a fraction of the cost of U.S. competitors. This led to greater investor scrutiny of U.S. firms' spending plans. Alphabet's Google unit is on the front lines of the Traditional Search vs. GenAI battle.		View
2025 Q1	Mar 31, 2025	Weitz Partners III Opportunity Fund	-0.6%	-0.6%	ACN, ADBE, AMZN, AON, BRK-A, DHR, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, PRM, ROP, TECH, TMO, V	AI, Concentration, large cap, Long/Short, technology, Trade Policy, value	The AI Trade faced a significant setback in late January when Chinese firm DeepSeek announced its latest AI model was developed at a fraction of the cost of U.S. competitors. This caused investors to take much harder looks at AI spending plans at U.S. technology firms and shifted market sentiment overnight.		View
2025 Q1	Mar 31, 2025	City Different Investments – Global Equity	-6.5%	17.5%	BRK-A, FINV	China, Concentration, Construction, Fintech, software, value	Manager emphasizes deep value investing approach with concentrated portfolio of 5 stocks. Holdings include companies trading at significant discounts to intrinsic value, such as GSJ priced at €400m with €350m net cash. Focus on patient capital and long-term value realization following Buffett principles.	FINV CLA GSJ	View
2025 Q1	Mar 31, 2025	Tarkio Fund	-	-	BRK-A	Business Ownership, Employee Empowerment, long-term, Quality, value	The fund focuses on identifying and partnering with companies that create fulfilling, empowering, and collaborative work environments for employees. They believe supporting great employee empowerment companies is their most reliable way to compound capital at meaningful rates over long periods while doing good for society.		View
2024 Q1	Mar 31, 2024	City Different Investments – Global Equity	16.4%	46.0%	AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM	AI, diversification, long-term, tariffs, technology	AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The top companies today are mostly technology-oriented and tied to artificial intelligence possibilities.		View
2023 Q1	Mar 31, 2023	Burke Wealth Managament The Focused Growth Strategy	18.6%	18.6%	AAPL, ACN, AMZN, BRK-A, CRM, CVX, GOOGL, ISRG, JNJ, JPM, MA, META, MSFT, NVDA, ORCL, PG, TSLA, UNH, V, XOM	AI, Banking, growth, large cap, semiconductors, technology	The public launch of ChatGPT marked AI's iPhone moment, representing the fourth major computing revolution after PC, internet, and mobile. Artificial intelligence will drive profound impacts on corporate productivity and society, with enterprises incorporating massive data lakes into language models for business-specific applications.	ISRG CRM ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2025 Q4	Feb 8, 2026	Auxier Asset Management	2.0%	15.2%	BK, BRK-A, BTI, C, CAT, CVX, FI, GE, GLW, GOOGL, HD, LOW, MSFT, MU, NOW, PH, QCOM, RTX, UNH, VLO	AI, Banking, Buybacks, defense, energy, healthcare, technology, value	Technology hyperscalers spent close to $400 billion in 2025 on AI infrastructure with potential to reach $527 billion in 2026. However, an MIT study found 95% of generative AI pilots failing to deliver measurable returns, raising concerns about overinvestment similar to the dot-com era. Supply demand dynamics favored US stocks with $1.1 trillion in total stock buybacks versus only $46 billion in IPOs. Energy leaders like Chevron rewarded shareholders with aggressive stock buybacks alongside strong production and growing dividends. Over 100 countries dramatically increased defense spending in 2025, providing a boost for the aerospace and defense sector. Jet engine production and maintenance soared, benefiting firms like Parker Hannifin, GE, RTX and Berkshire's Precision Castparts. In the fourth quarter, investors shifted toward undervalued, high-quality companies with strong free cash flow yields. Healthcare led with an 11.25% catch-up return as its valuation metrics remain at a significant discount to the broader market. Larger banks enjoyed steepening yield curves and robust capital markets activity, with Bank of New York and Citigroup showing strong fundamentals at cheap valuations. JPMorgan predicts a breakout year for IPOs in 2026 with names like SpaceX, OpenAI and Anthropic potentially entering the market.		View
2025 Q4	Feb 25, 2026	Semper Augustus	-	41.4%	AAPL, AMZN, BRK-A, COST, DECK, DG, DLTR, FIVE, GOOGL, KGC, KHC, KO, META, MSFT, NEM, NVDA, TSLA	Artificial Intelligence, Capital discipline, Energy Infrastructure, Intrinsic Value, Valuation risk	The letter emphasizes disciplined value investing amid extreme narrative-driven markets, warning that concentrated enthusiasm around artificial intelligence mirrors past episodes like the 201415 oil collapse where capital overextended beyond fundamentals. While AI represents genuine technological progress, rising energy costs, grid constraints, and capital intensity introduce economic and regulatory frictions that challenge assumptions of frictionless scalability. The strategy prioritizes intrinsic value, balance sheet strength, and resilience, seeking to avoid overpaying for certainty embedded in elevated multiples.		View
2025 Q4	Feb 23, 2026	Mott Capital Management	0.0%	0.0%	AAPL, AMZN, BRK-A, BSX, GOOGL, GRAIL, META, MSFT, ORCL, OXY, ZTS	AI, Debt, energy, Rotation, technology, underperformance, valuation	Manager expresses significant concerns about AI bubble conditions, citing excessive debt accumulation and CAPEX spending by major tech companies. Believes AI fears are being realized as software stocks decline and valuations become problematic. Questions sustainability of current AI investment levels and competitive dynamics. Manager initiated position in Occidental Petroleum, viewing energy sector as underperforming since dot-com bubble. Believes oil prices are currently depressed and energy represents contrarian opportunity given poor relative performance versus S&P 500.	OXY MSFT	View
2025 Q4	Feb 20, 2026	Aquamarine	0.0%	0.0%	1211.HK, AXP, BAC, BRK-A, EXO.MI, IEX.NS, MA, MC.PA, MCO, NESN.SW, RACE	Compounding, global, Health, large cap, liquidation, Quality, value	The manager emphasizes shifting toward durable, time-friendly compounders where time is our friend and the range of outcomes runs from decent to superb with very low chance of permanent loss. He focuses on companies that can rinse, repeat, and grind through, moving away from binary outcomes toward inevitable businesses. The portfolio review demonstrates a value-oriented approach, learning from masters like Warren Buffett and Charlie Munger. The manager reverse-engineered thinking from successful value investors and applied similar principles to find undervalued companies with strong fundamentals across various markets.		View
2025 Q4	Feb 11, 2026	Tweedy, Browne Value Fund	4.8%	21.6%	005930.KS, BRK-A, CNHI, CVS.L, DHLG.DE, ENVB, FDX, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, NVST.SW, PRU.L, RMS.PA, ROG.SW, SAF.PA, TTE, U11.SI, WFC	defense, global, healthcare, industrials, international, Pharmaceuticals, technology, value	Health care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. The fund continues to focus on financially sound enterprises purchased at attractive valuations where company stock prices are more than collateralized by underlying intrinsic value. The gap in valuation between US and non-US equities remains quite significant and should serve the fund well going forward. Defense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in the 4th Quarter. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals.		View
2025 Q4	Dec 31, 2025	ACATIS Investment	0.0%	0.3%	ADBE, AMR, BARC.L, BKNG, BNTX, BRK-A, CLS, CRM, DHR, EBS.VI, EL.PA, EPAM, GLE.PA, GOOGL, KKR, LRCX, NVDA, PGR, TSMC, ZTS	AI, Asia, Banking, Europe, Geopolitical, semiconductors, technology, value	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.	PLTR KOG NO DB1 GR 1177 HK 600183 CH DHR BARC LN AMR ADBE TUNE LN FAA AV EBS AV EPAM	View
2024 Q4	Dec 31, 2024	Fenimore Value Strategy	0.0%	15.6%	ADI, APH, BKNG, BN, BRK-A, CDW, EXLS, GGG, IEX, KMX, MCHP, MKL, PGR, PNFP, ROST, SSB, SYK, VMC	concentrated, long-term, mid cap, Quality, value	Fenimore focuses on finding quality companies with strong leadership that can push through economic cycles and policy changes. They seek robust businesses that drive profits higher over the medium and long term through actions like hiring producers, creating new products, and taking market share from fragile competitors.		View
2024 Q4	Dec 31, 2024	Davis Global Fund	-	22.7%	005930.KS, 0700.HK, 2318.HK, 3690.HK, AMAT, AMZN, BRK-A, COF, CVS, ENT.L, GOOGL, HUM, META, MGM, NPN.L, PRX.AS, TCOM	AI, China, gaming, global, semiconductors, Stimulus, technology, value	Fund positioning for AI emergence through established market leaders with proven business models either using AI to improve platforms or key semiconductor players building AI ecosystem. Meta using AI for content suggestions and ad targeting. Tencent benefiting from AI-driven ranking improvements. Cloud providers Amazon and Alphabet seeing revenue acceleration from AI workloads.		View
2024 Q4	Dec 31, 2024	PM Capital Australian Companies Fund	-8.1%	-5.0%	BRK-A, EMR, PG	AI, dividends, large cap, uncertainty, Valuations, value	Manager emphasizes the importance of dividend-paying stocks, noting that over the last 50 years dividend payers in the S&P 500 returned 9.2% annually versus 4.3% for non-payers. Companies that pay dividends demonstrate consistent profitability and judicious cash management.		View
2023 Q4	Dec 31, 2023	Auxier Asset Management	7.4%	0.0%	ABT, ACGL, AFL, AIG, AON, BAC, BK, BKNG, BRK-A, C, ELV, GOOGL, KR, MA, MCD, MDLZ, MMC, MRK, MSFT, PM, TRV, UNH, V, WFC	AI, Banking, energy, healthcare, insurance, small caps, technology, value	Artificial Intelligence drove significant investments in new AI programs and increased data center capacity. In a CNBC survey of top technology companies, 47% of respondents said that AI is their #1 budget item for the next 12 months. AI integration into cloud services benefited companies like Microsoft.		View
2023 Q4	Dec 31, 2023	Avenir Corporation	-	-	AAPL, AMT, AMZN, BRK-A, CPRT, DBRG, MKL, MSFT, SBAC	AI, Cloud, growth, large cap, Quality, technology	AI emerged in early 2023 and is discussed as revolutionary as electricity and the internet. The technology has terrific promise and will affect many aspects of society profoundly. Primary beneficiaries have been large software and hardware providers, though many companies are incorporating AI into business processes.	AMT DBRG AMZN AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2024 Q4	Dec 4, 2025	Saga Partners	-	112.2%	AAPL, AMZN, BRK-A, CVNA, F, GM, GOOGL, META, MGI, MSFT, NFLX, RDFN, RKT, ROKU, SPOT, TRUP, TTD, WISE.L, WMT, WU	Advertising, disruption, E-Commerce, growth, payments, Platform, Streaming, technology	Carvana demonstrates a superior customer value proposition versus traditional dealerships with a structurally lower cost model at scale. The company has achieved industry-leading unit economics with gross profit per unit reaching $6,900 in 2024, up from $3,000 in 2022, while maintaining high Net Promoter Scores.		View
2023 Q3	Nov 16, 2023	Auxier Asset Management	7.4%	0.0%	AFL, AIG, AON, BP, BRK-A, COP, CVX, ELV, KR, LLY, MA, MCD, MDT, MMC, MRK, MSFT, NVO, PEP, PM, PSX, SBUX, TRV, TSM, UNH, V, VLO	energy, healthcare, insurance, rates, technology, value	Bond vigilantes emerged as longer-term rates rose due to growing government deficits and defense spending. The current bond bear market is the worst in US history with 30-year bonds down over 50% from 2020 highs. Higher rates are becoming the new normal, ending the era of free money.		View
2023 Q3	Nov 14, 2023	Tall Oak Capital Advisors	-	-	ADBE, BABA, BRK-A, BSX, CAT, CCO.TO, CNQ.TO, COST, EQIX, GOOGL, LLY, MA, MAR, MCD, MSFT, NVO, PEP, SLB, SU.TO, UNH	Defensive, dividends, energy, fixed income, healthcare, Quality	Growing demand for nuclear energy as a clean power source driven by climate change concerns and energy security. Uranium consumption has surged past pre-Fukushima levels with supply concentrated among state-owned enterprises. Small Modular Reactors expected to bolster long-term demand.	ALLY CCO.TO	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	View
2025 Q3	Oct 7, 2025	Palm Valley Capital Management	2.4%	3.8%	AAPL, AMD, AMZN, AVA, AVGO, BRK-A, DOX, FLO, GOOGL, INTC, LKQ, META, MSFT, NVDA, PHYS, PSLV, RHI, SEB, TFX, TSLA	AI, Bull Market, Fed policy, gold, small caps, technology, Valuations	Managers question whether AI valuations are justified, noting that while AI may change the world, current leaders like Nvidia face sustainability challenges with 50%+ margins. They argue that even if AI continues and current beneficiaries remain entrenched, valuations already reflect their moats.		View
2025 Q3	Oct 31, 2025	Tweedy, Browne International Value II	2.1%	18.8%	003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 6302.T, 6777.T, 7267.T, 7716.T, 7741.T, 7844.T, 7988.T, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNH, DEO, FDX, GOOGL, GRAF.L, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NVS, NVST, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TFC, TP.PA, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC	Currency, dividends, Europe, Hedging, international, Japan, value	The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance.	AZE	View
2025 Q3	Oct 31, 2025	Tweedy, Browne International Value II	1.4%	23.2%	003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7716.T, 7988.T, AALB.AS, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, D05.SI, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, INCH.L, IONS, J36.SI, JNJ, JSG.L, KOF, MEGACPO.MX, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SOP.PA, SW.PA, TFC, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC, ZURN.SW	Currency, dividends, ETFs, Europe, Hedging, international, Japan, value	The firm emphasizes investing in companies that combine financial strength, reasonable valuations, and capacity to weather uncertain times. They focus on businesses trading at discounts to conservative estimates of underlying intrinsic value. The valuation gap between US and non-US equities remains significant despite recent outperformance.	AZE	View
2025 Q3	Oct 31, 2025	Tweedy, Browne Worldwide High Dividend	1.0%	18.9%	003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7846.T, 7988.T, AZE.BR, BA.L, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SW.PA, TP.PA, TREL-B.ST, TTE, U11.SI, WFC	Buybacks, Currency, dividends, Europe, international, Japan, value	The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance.	SUBARU DBS SWAN RUI NESN	View
2024 Q3	Oct 30, 2024	Penn Davis McFarland	-	-	BRK-A, FTRE, SIRI	Biotechnology, Fed policy, rates, Recession, special situations, value	The Federal Reserve lowered interest rates by half a percentage point in September, marking a historic policy shift as they pivot from fighting inflation to supporting employment. The Fed is working to ensure previous rate hikes don't damage the job market further, with bond market signals suggesting economic downturn risks.	SIRI FTRE	View
2025 Q3	Oct 28, 2025	Weitz Partners III Opportunity Fund	0.0%	1.9%	AMZN, AVGO, BRK-A, CHTR, GCIA, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN	AI, Buybacks, Long/Short, Quality, technology, value	The fund acknowledges AI as a dominant theme with early returns accruing to chip makers like Nvidia and Broadcom. They remain on the sidelines of pure-play AI investments due to uncertain long-term growth forecasts, preferring exposure through hyperscalers like Amazon, Alphabet, Meta, and Microsoft who can invest in AI while maintaining durable core businesses.		View
2023 Q3	Oct 25, 2023	Templeton & Phillips Capital Management	0.0%	0.0%	AMZN, BRK-A, FFH.TO, UNH	competition, healthcare, insurance, interest rates, uncertainty, value	Higher interest rates create a luxurious backdrop for investment decision-making not seen in almost twenty years, providing real returns in risk-free assets and patience to do nothing. The rise from zero-bound rates has restored competition between asset classes for investor capital.	AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2025 Q3	Oct 23, 2025	Semper Augustus	3.3%	19.7%	AHT.L, BF-A, BRK-A, CFR.SW, CMCSA, DASH, GOOGL, HEIA.AS, JPM, MA, MLM, NFLX, NSRGY, NVDA, PM, RI.PA, UBER	AI, Brand Loyalty, Concentration, Consensus, global, long-term, Value Investing	AI represents a transformative investment opportunity requiring massive capital deployment in semiconductors, data centers, and infrastructure. The manager discusses NVIDIA's central role in AI development through GPU technology, Google's AI capabilities, and the broader ecosystem of companies benefiting from AI infrastructure buildout including construction materials and equipment providers.	NESN SW PM GOOG	View
2025 Q3	Oct 2, 2025	Pittenger & Anderson	-	-	AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM	AI, Consistency, Discipline, large cap, Patience, Quality, technology	The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire S&P 500 index.		View
2024 Q3	Oct 15, 2024	Smead International Value Fund	0.7%	11.6%	BARC.L, BAWG.VI, BKT.MC, BRK-A, CVE.TO, FRO, G.MI, MEG.TO, NWG.L, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO	banks, Compounding, energy, Europe, returns, value	The fund focuses on finding businesses that produce strong double-digit returns where investors are not overpricing them. They seek companies trading at significant discounts to economic value, exemplified by their European bank holdings which continue to be appraised at substantial discounts despite improving fundamentals.		View
2025 Q3	Oct 13, 2025	GreensKeeper Value Fund	4.0%	0.2%	ADBE, AXP, BRK-A, CBOE, CFR.PA, FI, GD, GOOG, ICE, ICLR, NVO, V	AI, Capitalism, defense, GLP1, healthcare, technology, Trade Policy, value	Alphabet's Gemini AI models are gaining momentum, with Gemini gaining meaningful share of Global Search Instances at ChatGPT's expense. The company launched Gemini Enterprise with enterprise security and privacy features. Adobe faces concerns that AI products pose a threat to its core Photoshop and Illustrator franchises, though the manager believes Adobe is well-positioned to integrate AI into its Creative Cloud suite.	ADBE NVO FI GD ICLR GOOG	View
2025 Q3	Oct 13, 2025	Hourglass Capital	-	14.6%	BRK-A, FHI, LYB, OXY	AI, Labor, rates, technology, valuation, value	AI continues to compel investors to buy into technology regardless of costs or potential for adequate returns. The manager draws parallels to the late 1990s tech boom, noting that AI promises to change information usage and displace workforce portions, but costs are massive and ROI is years away while valued as if having infinite promise.	OXY US LYB US FHI US	View
2024 Q3	Oct 10, 2024	GreensKeeper Value Fund	4.7%	16.7%	AXP, BRK-A, CSCO, FI, GOOGL, MRK	alignment, concentrated, long-term, Quality, Skin in Game, value	The fund maintains a concentrated value investing approach, focusing on companies trading below intrinsic value. The manager emphasizes long-term capital appreciation through disciplined stock selection and patient capital deployment.	MRK GOOGL FI AXP BRK-B	View
2023 Q3	Oct 10, 2023	Pittenger & Anderson	-	-	BRK-A	Competitive Advantage, Employee Empowerment, long-term, Quality, value	The fund focuses on identifying companies with long-term competitive advantages and outstanding business characteristics. They emphasize understanding business economics and what gives one business an advantage over its peers, with knowledge that compounds over time.		View
2024 Q3	Oct 1, 2024	Guinness Global Innovators	-	15.5%	BRK-A, FINV	China, Concentration, Construction, Fintech, technology, value	Manager emphasizes deep value investing approach with concentrated portfolio of 5 stocks trading at significant discounts to intrinsic value. GSJ trades at €400m with €350m net cash, implying core business valued at €50m despite generating €32m net earnings. CLA priced at 6.5x FCF for software publishing segment with recurring revenues. FINV offers 30% FCF yields when including cash position.	FINV CLA GSJ	View
2023 Q4	Jan 9, 2024	Guinness Global Innovators	-	32.1%	AAPL, AMZN, BRK-A	AI, large cap, Market Leadership, Patience, Quality, technology	The Big Tech/AI trade continues to drive market performance. Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies like Apple and Amazon. Market leadership remains very narrow around AI-focused companies.		View
2025 Q4	Jan 7, 2026	INN8	0.0%	0.0%	AMZN, AU, BRK-A, CSCO, GFI, GOOGL, HMY, IMPUY, MRP.JO, PIK.JO, SBSW, SHP.JO, SPP.JO, TFG.JO, TRU.JO, WHL.JO	AI, Defense Spending, diversification, Global Markets, gold, rates, Trade Policy	AI remained the dominant theme driving US equity markets with the S&P 500 up 17.8% and Nasdaq gaining 21%. The AI trade broadened beyond chips to include data center companies, with three of the S&P 500's top 10 performers being data storage companies. Investment in AI infrastructure is reaching unprecedented levels with trillions in spending, though questions remain about whether revenue can justify the massive capital deployment. President Trump's hardline tariff agenda became one of the most consequential stories of 2025, lifting average tariff rates to nearly 17% from less than 3% at the end of 2024. The tariffs generated roughly $30 billion monthly for the US Treasury and brought world leaders to Washington seeking trade deals. Despite multiple rounds of meetings, a final agreement with China remains incomplete, with China using its leverage in rare earth minerals to push back against further tariffs. Safe-haven gold gained 65% in 2025, its best annual gain since 1979, driven by geopolitical uncertainties, expectations of US rate cuts, strong central bank buying, and the de-dollarisation trend. Gold mining companies delivered massive returns with Gold Fields up 200%, AngloGold up 242%, Harmony up 124%, Sibanye up 313%, and Implats up 204%. European defense shares surged 56% driven by pledges of higher defense spending across Europe. Germany is expected to spend up to a trillion euros on defense and infrastructure, reflecting the broader commitment to increased military expenditure across the region. The Fed cut interest rates three times in 2025, lowering the benchmark rate to 3.5%-3.75% range as employment growth slowed and unemployment rose. However, new projections show only one rate cut expected this year with further cuts likely on hold until inflation falls or unemployment rises more than anticipated.		View
2024 Q4	Jan 6, 2025	Vltava Fund	0.0%	0.0%	000660.KS, 005930.KS, 8035.T, AMAT, ASML, BRK-A, KLAC, LRCX, MU, TSM, WSM	Concentration, Equipment, semiconductors, technology, value	The fund added Applied Materials and Lam Research to join existing holding KLA Corporation, creating exposure to three companies that operate as oligopolies in semiconductor equipment manufacturing. These companies have dominant global positions with net margins around 27% and ROCE of 30%, manufacturing equipment essential for advanced chip production. The manager views this as one collective investment into a critical segment of the global economy with high barriers to entry and sustainable competitive advantages.	LRCX AMAT	View
2025 Q4	Jan 5, 2026	Douglass Winthrop	0.0%	0.0%	AMZN, BRK-A, COST, FAST, GOOGL, MA, MSFT, NVDA, ORCL, UBER	AI, inflation, Quality, technology, Trade Policy, value	AI represents a transformative technology but current valuations appear stretched with thin margins of safety. The firm believes winners will be companies embedding AI into workflows rather than those selling AI directly. They prefer established players like Alphabet and Microsoft over pure-play AI companies. The firm emphasizes seeking investments with wider margins of safety and focuses on quality common stocks with recurring revenue, pricing power, and fortress balance sheets. They highlight opportunities in undervalued quality companies like Amazon and Berkshire Hathaway. The letter discusses concerns about protectionism and tariff policies, noting that tariffs erode national wealth by raising consumer costs and restricting supply. Government intervention in markets through golden shares and royalties on exports complicates strategic planning for companies.		View
2025 Q4	Jan 30, 2026	Sorfis Investments	0.0%	0.0%	BRK-A	AI, Capital Expenditures, technology, Valuations, value, volatility	AI is expected to have an impact significantly greater than the internet on our lives. Companies involved in AI are spending unprecedented amounts of money, with formerly capital-light businesses becoming among the most capital-intensive in the world as demand for data centers and infrastructure drives capital expenditures to a scale never seen in U.S. economic history. Key uncertainties include the return on this spending, duration of the boom, energy resource adequacy, and financing methods. The manager identifies as value investors at heart and notes that value stocks generally performed well in the first quarter of 2025, underperformed major indices for most of the year after Liberation Day, and finished with solid gains. They continue to find good value outside of major indices and expect to find more opportunities if volatility returns to markets. The manager expects volatility to eventually return to markets as it always does, which would create more value opportunities. They reference volatility around Liberation Day that provided opportunities to add to holdings, and note that savvy investors may have less time than previously thought to prepare and protect portfolios given historical patterns of capital expenditure booms.		View
2025 Q4	Jan 30, 2026	Star Magnolia Capital Limited	-	-	0700.HK, BRK-A, CVNA, KMX, SPY	Asia, Compounding, Europe, Geographic Diversification, long-term, manager selection, Relationships	The letter emphasizes the importance of long-term investing and staying invested despite volatility. The manager discusses how distance from markets and structural design matter more than temperament for successful long-term investing. Examples include Berkshire Hathaway shareholders who stayed invested for decades and achieved compounding returns. The firm focuses on building long-term relationships with investment managers rather than transactional approaches. They maintain relationships averaging 7.1 years with current managers and emphasize investing in people rather than just businesses. The letter details their process for both building and terminating manager relationships. The firm is increasing exposure to Asian markets as part of geographic diversification away from Americas where valuations are viewed as frothy. The team conducted extensive travel across China, Indonesia, and other Asian markets for research and relationship building. The firm is expanding European relationships and published research on European shareholder activism. They view Europe as an attractive alternative to expensive American markets and are building manager relationships in the region.		View
2024 Q4	Jan 30, 2025	Penn Davis McFarland	-	-	BRK-A	Cash, energy, healthcare, inflation, rates, value	Manager expresses concern about inflation running at 3% and potential for it to tick up due to loose monetary policy, new tariffs, or immigration policy changes affecting labor costs. Views inflation as a 'silent tax' preferred by politicians over openly reducing benefits.		View
2025 Q4	Jan 29, 2026	Ironvine Capital Partners	0.0%	0.0%	ADI, AMAT, AMZN, AON, APH, ASML, BRK-A, HEI, MA, MCO, MSFT, SPGI, TSM, V	aerospace, AI, Capital markets, infrastructure, payments, Quality, semiconductors, technology	Amazon's e-commerce marketplace connects massive customer base with millions of third-party sellers, providing unmatched breadth and depth at competitive prices. Its increasingly dense fulfillment network enables faster delivery speeds at lower cost, with 10% reduction in average travel distance for packages and 10% fewer touches compared to 2024. Amazon Web Services powers much of the digital world with approximately 30% market share and structurally lower unit costs than competitors. AWS offers more than 200 fully featured services and has consistently reinvested scale advantages into developer tools and proprietary chips, making customer workloads 20-40% more cost-effective. Semiconductors are the most fundamental technology in modern economies, with consumption expected to approach $1 trillion annually by end of decade. The industry has consolidated into dominant players at each key step in the value chain, resulting in deep customer relationships and prolific free cash flow generation. AI demand is driving explosive growth in datacenter interconnect requirements where companies like Amphenol are winning outsized market share. Microsoft's strategic partnership with OpenAI has created valuable new customer sources, while continued AI investments are driving demand for advanced chips across the semiconductor supply chain. HEICO benefits from aerospace industry supply chain problems as manufacturers struggle to ramp production of new aircraft. Rising air travel demand served through greater utilization of existing fleet has created higher maintenance demand, parts shortages, and price inflation - a perfect environment for HEICO to gain market share. Global payment networks Visa and Mastercard are uniquely durable businesses deeply embedded in global commerce plumbing. The digitization of payments continues as a multi-decade growth tailwind, particularly in underpenetrated geographies in Asia and Latin America, with value-added services providing additional monetization opportunities. Moody's and S&P Global operate near monopolies in credit ratings assignment, with regulatory requirements making their ratings industry standard. Both companies are on pace to set new highs in revenue and profitability driven by credit market conditions fueling widespread growth in debt issuance across the economy.	BRK.B AON MSFT V MCO HEI AMZN	View
2025 Q4	Jan 29, 2026	Weitz Partners III Opportunity Fund	0.7%	3.2%	AMZN, AON, BRK-A, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDA, LH, MA, META, MSFT, ROP, SIRI, TECH, TMO, V	AI, Biotechnology, contrarian, healthcare, Long/Short, technology, value	The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, averaging roughly 16% of Fund assets in 2025. Google's latest Gemini AI release surpassed expectations with benchmarks showing performance moved to the front of the pack. The fund's deep value stocks averaging roughly 16% of portfolio assets had a disproportionately negative impact on returns in 2025. As value-oriented investors, the managers are comfortable taking contrarian positions but must be clear-eyed about how companies' prospects change. The portfolio's life sciences investments representing roughly 18% of average assets experienced a lost year in 2025. The industry began with pressure on research budgets and heightened scrutiny of healthcare apparatus, reorienting around a new normal before organic growth pickup spurred a rally.	BRK.B PRM CHTR KMX GOOGL	View
2025 Q4	Jan 26, 2026	Davis Financial Fund	0.0%	29.3%	AXP, BAER.SW, BK, BRK-A, CB, COF, D05.SI, DIS, FI, FITB, JPM, MKL, PNC, RE, RKT, RNR, USB, WFC	Banking, capital, financials, insurance, regulation, returns, value	Banks continue to represent the majority of holdings with strong tailwinds across credit, spreads, expenses, and regulation. Interest spreads have begun widening as fixed rate assets roll over at higher yields, revealing attractive economics of low-cost deposit franchises. Many banks are generating returns on tangible equity in the mid-to-high teens with management targets suggesting sustainability in the medium term. Capital markets firms were among the drivers of S&P Financials Index performance and contributed to fund outperformance. The regulatory environment has been moving in a favorable direction with capital rules being finalized that are far less onerous than under the prior administration. Regulators are more willing to consider M&A transactions with relief on certain supervisory limitations. Property & casualty reinsurers were added to the portfolio as capital was redeployed from trimmed bank positions. Pricing trends in insurance markets have been strong in recent years. Chubb has consistently generated returns on equity comfortably ahead of the industry owing to advantaged lines of business with disciplined underwriting and operating culture. Payments and consumer lending companies were the biggest contributors to relative performance including Capital One, American Express and Rocket Companies. Capital One's transformational acquisition of Discover Financial closed with anticipated annual cost synergies of $1.5 billion and network synergies of $1.2 billion from transitioning card volumes into Discover's networks. Financial stock valuations have begun to reset higher with price-to-tangible book value multiples expanding by over 70% on average in the past three years. The portfolio in aggregate is valued at approximately 13x this year's earnings, representing a significant discount to both the broader S&P 500 Index and S&P Financials Index.	CB WFC COF	View
2025 Q4	Jan 22, 2026	Third Avenue Real Estate Value Fund	-1.8%	11.3%	AMH, BKG.L, BRK-A, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WY	Commercial, Homebuilders, real estate, REIT, Residential, value	Fund maintains significant exposure to commercial real estate platforms including real estate services, asset management, industrial and logistics properties, and self-storage facilities. These holdings represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate with structural demand drivers and limited maintenance capital expenditure requirements. Fund holds positions in major U.S. homebuilders including Lennar Corp., D.R. Horton, PulteGroup, and Champion Homes. These companies are supported by near-record low levels of for-sale inventories, near-record high demand for affordable product, and industry dynamics favoring scaled players over time. Fund focuses on well-capitalized enterprises with discounted securities trading at more than a 20% discount to estimated Net Asset Value at year-end. The strategy targets strategic real estate at value prices with prospects to compound capital over time. Multiple portfolio companies engaged in share repurchase activities during the quarter, including Lennar Corp. completing an exchange offer that effectively acted as an accelerated share repurchase program, exchanging Millrose Properties shares for 5% of its outstanding A shares.	DBK GR BIRG ID 2330 TT HBR LN CS CN LUN CN HCC	View
2025 Q4	Jan 22, 2026	Resilient Asset Management	-	-	BRK-A	AI, diversification, international, long-term, uncertainty	Manager discusses AI's permeating influence on stock market sectors and society, noting uncertainty about its ultimate impact ranging from white collar job obsolescence to being just another technology tool. Highlights unusual venture capital activity with AI startups raising massive funding without clear products.		View
2025 Q4	Jan 21, 2026	Zeno	0.0%	0.0%	BRK-A, DHR, FTV, GE, ITW, JCI, NVST, VRLT	Biotechnology, Capital Allocation, Conglomerates, Ownership, Spin-Offs, value creation	Danaher has transformed into a pure play Bioprocessing, Life Sciences and Diagnostics business through strategic acquisitions and spin-offs. The company acquired Pall Systems for $14 billion to gain foothold in bioprocessing space and later acquired GE Biopharma, focusing on manufacturing and sales of consumables and equipment used in production of biotech drugs. The letter discusses how executives typically monetize stock options regularly in the market through stock ownership programs, contrasting this with founder-owners who maintain substantial long-term shareholdings. This highlights different approaches to capital allocation and ownership alignment.	DHR	View
2024 Q3	Sep 30, 2024	Weitz Multi Cap Equity Fund	10.4%	16.3%	BRK-A, CHTR, GOOGL, GWRE, LBRDA, LICT, LKQ, META, MLM, PMS, SIRI, VRSN	interest rates, Media, Multi Cap, Quality, technology, value	The fund employs a Quality at a Discount framework as an enduring advantage of their multi-cap investing strategy. They focus on investing in high quality businesses of all sizes, with valuation remaining their North Star for investment decisions.		View
2024 Q3	Sep 30, 2024	Weitz Partners III Opportunity Fund	9.1%	14.1%	AMZN, AON, BRK-A, FIS, GOOGL, GPN, IEX, KMX, LBRDA, LBTYA, LH, LYV, META, MSFT, NVDA, PRM, SIRI, SPY, TMO	Broadband, Long/Short, Quality, Rate Cuts, technology, value	The fund focuses on owning high quality businesses trading at discounts to intrinsic value. Liberty Broadband traded at a significant discount to its Charter stake value, and SiriusXM Holdings appears undervalued with investors overly pessimistic about future cash flows at current prices.		View
2024 Q3	Sep 30, 2024	Fidelity Dividend Growth Fund	4.4%	25.2%	AAPL, ABBV, ALSN, AMZN, APO, AVGO, BA, BN, BRK-A, CMCSA, CVX, EPD, ET, EXC, GEV, GOOGL, HD, JNJ, JPM, META, MRVL, MSFT, MU, NVDA, QCOM, TSLA, VST, XOM	aerospace, AI, dividends, energy, large cap, technology, Utilities, value	The fund sees explosive growth of AI as a key advantage in semiconductors and semiconductor equipment. AI's influence was reflected in the roughly 19% advance for the utilities sector, which benefited from its key role in providing electricity needed to power massive data centers used for AI. The fund maintains notable overweights in AI-related semiconductor names like Qualcomm, Marvell Technology and Micron Technology.		View
2024 Q3	Sep 27, 2024	St. James Investment Company	0.0%	0.0%	AAPL, AMZN, BRK-A, GOOGL, META, MSFT, NVDA	Bubbles, Cash, Speculation, technology, valuation, value	The letter extensively discusses the challenges facing value investing in the current market environment, noting that only one in twenty large-cap value funds strictly follows their stated value investing style. The manager emphasizes that valuations remain critically important to every economic transaction despite being dismissed by momentum-driven strategies. Value investing has underperformed since 2007 and bottomed in summer 2020 when value stocks traded cheaper relative to growth stocks than at the dot-com bubble peak.		View
2023 Q4	May 1, 2024	Vltava Fund	0.0%	0.0%	ABG, ATD.TO, BRK-A, BUR.L, CVS, JPM, LH	Banking, Concentration, Japan, Quality, small caps, value	Manager emphasizes investing in high-quality companies trading at attractive valuations while avoiding expensive large-cap stocks. Portfolio trades at 9.3x P/E despite 26% average ROE, creating significant value opportunity compared to overvalued mega-cap stocks.		View
2025 Q1	Apr 23, 2025	Bretton Fund	-1.0%	-1.0%	AXP, AZO, BAC, BRK-A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	durability, Franchises, Pricing Power, tariffs, Trade Policy, value	The fund discusses the current administration's frequent U-turns on tariff policy, attempting to balance imposing high tariffs while preventing market crashes. They view trade wars as wealth-destructive and believe the current policies will eventually end.		View
2025 Q1	Mar 31, 2025	Mar Vista Global Equity Fund	-3.0%	-3.0%	AAPL, AVGO, BRK-A, CRM, GOOGL, MSFT, NESN.SW, NVDA, SAF.PA, TSLA	AI, Cloud, global, Quality, semiconductors, Stagflation, technology, Trade Policy	The AI market remains in preliminary stages with fast-paced innovation. DeepSeek's efficiency breakthrough sparked debate around capital efficiency, but hyperscalers increased 2025 capex guidance despite awareness of these developments. Integration of reasoning capabilities into leading LLMs is significantly increasing computing intensity, with some experts estimating up to 100x more computing demand for inferencing models with reasoning.	MSFT CRM AVGO NVDA	View
2023 Q4	Feb 23, 2024	Semper Augustus	0.0%	10.8%	AAPL, AMZN, AXP, BAC, BRK-A, COST, CVX, DG, GOOGL, KHC, KO, META, MSFT, NVDA, OXY, TSLA	Berkshire, Buybacks, China, energy, inflation, value	Portfolio trades at 10.3x earnings versus S&P 500's 22.3x multiple, representing significant undervaluation. Manager emphasizes buying quality businesses at discounts to intrinsic value as core investment philosophy.		View
2024 Q4	Feb 21, 2025	Semper Augustus	-	7.0%	AAPL, AMZN, BRK-A, COST, DG, DLTR, FIVE, GOOGL, MCO, META, MSFT, NVDA, SBUX, TSLA	AI, Berkshire, Buybacks, Concentration, inflation, Secular Peak, value	Portfolio trades at 10.3x earnings versus S&P 500's 25.2x multiple, representing significant undervaluation. Manager emphasizes buying businesses at discounts to intrinsic value with dual margins of safety in price and business quality.		View
2023 Q4	Jan 31, 2024	Manole Capital Management	0.0%	0.0%	AAPL, AFRM, AMZN, AXP, BRK-A, GOOGL, KO, META, MSFT, NVDA, PYPL, SHOP, SQ, TSLA	consumer, E-Commerce, Fintech, inflation, payments, rates, technology	Manager focuses on FINTECH businesses as their core investment strategy, analyzing how these companies perform in the current economic environment. They model revenue growth, operating margins, and cash flow for their FINTECH portfolio companies. The letter emphasizes their bottom-up fundamental research approach to understanding FINTECH business prospects.		View
2024 Q4	Jan 29, 2025	Weitz Partners III Opportunity Fund	1.1%	15.4%	AMZN, BRK-A, CCRD, CHTR, CSGP, DHR, FIS, GOOGL, GPN, LBRDA, MA, META, MSFT, PRM, ROP, SIRI, TECH, TMO, TXN, V	Life Sciences, Long/Short, Megacap, payments, technology, value	Investor enthusiasm around artificial intelligence drove outsized returns on a handful of megacap tech stocks. While the fund stayed true to its investment philosophy and avoided chasing trends, many portfolio companies are actively exploring AI applications to enhance their operations and drive long-term growth.		View
2024 Q4	Jan 24, 2025	Giverny Capital Asset Management	0.8%	21.1%	AHT.L, ALGN, ANET, BRK-A, CACC, CSU.TO, FERG, FI, FIVE, GOOGL, HEI.A, IBP, JPM, KNSL, MA, MEDP, META, MTB, PGR, SCHW	AI, Concentration, growth, mid cap, technology, value	Artificial Intelligence data centers are driving massive investment in networking equipment, with Arista Networks benefiting as the leader in that sector. The market appears to see that AI data centers will require robust investment in networking equipment.	MEDP ALGN KNSL FERG FI IBP AHT MTB	View
2024 Q4	Jan 21, 2025	Tweedy, Browne Value Fund	-5.8%	1.4%	BRK-A, CNHI, DGE.L, DHL.DE, FDX, FMC, GOOGL, HEIA.L, JNJ, NESN.SW, NVST, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TP.PA, TTE, U11.SI, UHAL, WFC	financials, global, Japan, technology, valuation, value	The fund maintains its value investing approach, seeking securities trading at significant discounts to intrinsic value estimates. Portfolio positioning focuses on parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities.		View
2023 Q4	Jan 16, 2024	Pantera Capital	0.0%	0.0%	BRK-A, META	AI, Bitcoin, Blockchain, crypto, DeFi, Predictions, Web3	Bitcoin dominance rose from 38% to 52% in 2023, with three major catalysts for 2024: the fourth Bitcoin halving, expected bitcoin spot ETF approvals, and increased programmability features. The letter analyzes bull market phases where bitcoin outperforms early, then altcoins outperform later. Current cycle shows bitcoin up 2.8x versus altcoins up 1.7x.		View
2024 Q4	Jan 15, 2025	Warden Capital	-	8.5%	ANF, AVGO, BRK-A, ILPT, MAC, NVDA, PK, SPOT, SPWH, VNO	AI, rates, real estate, small caps, tariffs, technology, value	Manager analyzes massive AI capex spending (~$220B) versus minimal end-user revenues (~$15B), questioning ROI sustainability. Deepseek's 30x cheaper pricing model threatens industry economics. Compares current situation to 2000 tech bubble with potential for capital overspending.		View
2023 Q3	Jan 11, 2023	Tweedy, Browne International Value II	2.4%	8.3%	BA.L, BRK-A, CNHI, D05.SI, DGE.L, DHLG.DE, FMC, GOOGL, HEIA.AS, IONS, JNJ, KOF, NESN.SW, NOVN.SW, ROG.SW, SAF.PA, TREL-B.ST, TTE, U11.SI, ZURN.SW	Diversified, Hedged, international, Multinational, value			View
2023 Q3	Jan 11, 2023	Tweedy, Browne Value Fund	2.8%	7.6%	AZO, BRK-A, CNHI, DGE.L, DHL.DE, FDX, FMC, FRE.DE, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, ROG.SW, SAF.PA, SCOR.PA, TREL-B.ST, TTE, U11.SI, WFC	Diversified, fundamentals, international, Quality, value	The fund maintains a value investing approach across multiple international and domestic markets. Portfolio holdings are selected based on fundamental analysis and intrinsic value assessments. The fund's diversified value strategy spans multiple geographies and sectors.		View
2023 Q3	Jan 11, 2023	Tweedy, Browne Worldwide High Dividend	6.4%	9.8%	BAE.L, BRK-A, D05.SI, DGE.L, DHL.DE, FRE.DE, GOOGL, GSK.L, INCH.L, JNJ, KEMIRA.HE, MEGACPO.MX, NESN.SW, NVS, PGR, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, TREL-B.ST, U11.SI	dividends, global, high yield, Quality, value	The fund focuses on high dividend yield value investing with an average-weighted dividend yield of 3.92% on fund stocks versus 2.10% for the MSCI World Index. The fund's strategy emphasizes companies with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Mar Vista US Quality	Berkshire Hathaway Inc.	Financials	Multi-Sector Holdings	Bull	NYSE	capital allocation, Cash management, conglomerate, Insurance, Opportunistic Investing, value investing	View Pitch
Apr 13, 2026	Fund Letters	Mar Vista Global Equity Fund	Berkshire Hathaway Inc.	Financials	Multi-Sector Holdings	Bull	NYSE	capital allocation, Cash management, conglomerate, dividend policy, Insurance, Opportunistic Investing, value investing	View Pitch
Apr 13, 2026	Fund Letters	Vltava Fund	Berkshire Hathaway Inc.	Financials	Multi-Sector Holdings	Bull	NYSE	Book Value, capital allocation, compounding, conglomerate, Equity, financial services, Long-term holding, value investing	View Pitch

BSD Shareholders of BRK-A-3

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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