BRK-B-3

BRK-B-3

BRK-B-3

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Fortress – Caribbean Growth Fund	2.8%	-	BRK-B	AI, Caribbean, diversification, emerging markets, global, rates, technology, value	Artificial intelligence remained the dominant theme supporting global stocks this quarter, with renewed frenzy in technology shares from the AI buildout bringing excitement and higher valuations. AI developments have played an enormous role in markets, fuelling momentum in shares of companies linked to AI, though valuations have not yet been a concern for investors.		View
2024 Q2	Sep 30, 2024	Qualivian Investment Partners	2.5%	-	AMZN, BRK-B, GOOGL, MA, META, MUSA, ORLY, TJX, URI, V	Compounding, Concentration, long-term, Quality, value	Qualivian focuses on a concentrated portfolio of 15-25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. They seek quality compounders expected to compound capital at mid-teens rates and hold them for extended periods.	URI MUSA	View
2023 Q3	Sep 30, 2023	Tarkio Fund	-	-	BRK-B, EMR, PG	AI, Data centers, dividends, uncertainty, 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 Q2	Aug 4, 2023	Springview Capital Management	3.9%	5.5%	ATVI, BRK-B, CPRT, EXO.MI, FFH, FMX, HLN.L, HLT, MKL, WRB, WTM	Buybacks, Concentration, insurance, Long/Short, Quality, value	The fund has significant concentration in property/casualty insurance at approximately 29% of assets. Insurance stocks are characterized as cheap, generating substantial cash flow, and run by trusted owner-operators. The competitive landscape remains favorable with firm pricing and rising interest rates enhancing investment income.	WRB FMX HLN.L	View
2025 Q2	Aug 25, 2025	Davis New York Venture Fund	-	11.5%	AMAT, AMZN, BRK-B, COF, CVS, DANSKE.CO, DGX, HUM, META, MGM, OC, SOLV, TECK, TOU.TO, TSN, TXN, UNH, USB, VTRS, WFC	AI, Concentration, financials, inflation, Quality, technology, Transition, value	GenAI is likely the most transformational technological development in modern history, driving major advances across industries while creating significant competitive, economic and social risks. The market for AI products and services is still in early days with fierce competition, making it risky to project long-term winners based on recent performance. AI will prove disruptive to once stable industries in ways difficult to anticipate.		View
2024 Q2	Aug 2, 2024	Tweedy, Browne International Value II	2.4%	8.3%	000858.SZ, 003550.KS, 005930.KS, 0700.HK, 3407.T, 4182.T, 6302.T, 6849.T, AZO, BA.L, BAC, BRK-B, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FP.PA, FRE.DE, GOOGL, GSK.L, HEIA.AS, INCP.L, IONS, JNJ, KEMIRA.HE, MEGACPO.MX, NESN.SW, NOVN.SW, NVST, PGR, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, U11.SI, UBI.PA, VRTX, WFC, WPK.TO, ZURN.SW	Europe, financials, industrials, international, small caps, value	The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger cap counterparts. The fund remains heavily weighted to industrial and financial segments which represent solid value in an environment of escalating equity valuations.		View
2024 Q2	Aug 2, 2024	Tweedy, Browne Value Fund	2.8%	7.6%	000858.SZ, 005930.KS, 0700.HK, BA.L, BAC, BIDU, BRK-B, CNHI, D05.SI, DEO, DHL.DE, FMC, FRE.DE, GOOGL, GSK, HEIA.AS, IONS, JNJ, KEMIRA.HE, KOF, NESN.SW, NVS, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, TTE, U11.SI, VRTX, WFC, ZURN.SW	Asia, Diversified, Europe, financials, industrials, international, small caps, value	The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger cap counterparts.		View
2025 Q2	Jul 7, 2025	GoodHaven Capital Management	-	-5.9%	ABG, ARW, BAC, BLDR, BRK-B, CB, CPT, EXOR.MI, JEF, KKR, LEN.B, PGR, TOL, TVK.TO	Buybacks, Capital markets, Homebuilders, insurance, Long/Short, Trade Policy, value	The White House announced materially higher tariffs for many countries, followed by counter measures and economic volatility. Current average tariff is 18% compared to 3% during 2018 trade war. Material tariffs increase risk of higher inflation and potentially hinder economic growth.	BRK.B TVK.TO JEF BLDR TVK	View
2024 Q2	Jul 7, 2024	Seeking Winners	2.3%	16.7%	AMZN, ATD.TO, BRK-B, EVVTY, MSFT, NVDA, ODFL	Buybacks, cash flow, Concentration, growth, Quality, technology, value	The manager views the current AI hype as reminiscent of the tech bubble, with companies trading at unsustainable valuations of 40 times sales. He criticizes the disconnect between inflated AI valuations and real-world performance, noting that insiders are selling while retail investors pile in at peak prices.	ODFL ATD.TO EVVTY	View
2023 Q2	Jul 31, 2023	Hinde Group	16.2%	28.9%	BRK-B	AI, Caribbean, diversification, emerging markets, global, technology, value	Artificial intelligence remained the dominant theme supporting global stocks this quarter. AI buildout brought excitement and higher valuations in an already expensive part of the equity market. Technology developments have played an enormous role in markets, fuelling momentum in shares of companies linked to AI.	NFLX	View
2024 Q2	Jul 3, 2024	GoodHaven Capital Management	0.0%	18.9%	ARHS, ARW, ASO, BAC, BAM, BRK-B, CB, EXO.MI, GIC, GOOG, JEF, JPM, KKR, PGC, PGR, TVK.TO, VTS.TO	Concentration, financials, Long Term, mid cap, value	The fund has material exposure to financial companies including commercial banking, investment banking, asset management, and insurance. These sectors have remained undervalued over recent years due to various investor concerns but the manager sees potentially more positive tailwinds today than when first investing in this space.	BAC GOOGL TVIFF	View
2025 Q2	Jul 22, 2025	Oak Ridge investment	-	-	BRK-B, JPM, MSFT, NVDA, PLTR	AI, Biotech, Fed policy, growth, healthcare, Mega Cap, tariffs, technology	Technology has been at the forefront with great excitement over transformative effects of AI, evidenced by sold-out Nvidia Blackwell chips and strong Microsoft Azure results. AI will likely continue to create transformative new opportunities at an unprecedented pace. The market concentration in AI-dominant fields is notable with all but Berkshire and J.P. Morgan among the top 10 S&P 500 constituents being in AI-dominant fields.		View
2025 Q2	Jul 2, 2025	Guinness China	-5.6%	-5.7%	BRK-B, JPM, MSFT, NVDA, PLTR	AI, Fed policy, growth, healthcare, Mega Cap, tariffs, technology	Technology has been at the forefront with great excitement over transformative effects of AI, evidenced by sold-out Nvidia Blackwell chips and strong Microsoft Azure results. AI will likely continue to create transformative new opportunities at an unprecedented pace. The market concentration in AI-dominant fields is notable with all but Berkshire and J.P. Morgan among the top 10 S&P 500 constituents being in AI-dominant fields.		View
2025 Q2	Jul 15, 2025	BNY Mellon Appreciation Fund	8.8%	5.2%	AAPL, AMZN, ASML, BA.L, BRK-B, CVX, GOOGL, INTU, MC.PA, META, MSFT, NVDA, TXN, UNH, V	AI, earnings, large cap, tariffs, technology, Trade Policy, volatility	President Trump announced sweeping tariffs on trade partners including 34% on China, 20% on EU, and 20-46% on Asian partners. After initial market shock, a 90-day pause was instituted with negotiations leading to tariff reductions. Trade policy uncertainty continues to weigh on investor sentiment and corporate investment plans.		View
2025 Q2	Jul 14, 2025	Emeth Value Capital	-	5.0%	ADBE, AMZN, BN, BRK-B, BYTZ.L, CDW, CTG.L, DHR, GOOGL, IBM, INTC, META, MO, MSFT, NOW, NSIT, ORCL, SWON.SW	Cloud, Enterprise, Leverage, Microsoft, Operating Leverage, software, technology	Manager explores various forms of leverage as force multipliers for extraordinary outcomes, including financial leverage, operating leverage through pricing power, and technology-enabled hyperscalability. Emphasizes one-sided operating leverage where downside is protected by durable cash flows while upside benefits from growth with operating leverage.	SWON.SW SWON SE	View
2025 Q2	Jul 1, 2025	MPD Partners	-	-	BRK-B	AI, Caribbean, diversification, emerging markets, global, rates, technology, value	Artificial intelligence remained the dominant theme supporting global stocks this quarter. AI buildout brought excitement and higher valuations in an already expensive part of the equity market. Technology developments have played an enormous role in markets, fuelling momentum in shares of companies linked to AI.		View
2025 Q2	Jun 30, 2025	Evolve Private Wealth	-	-	BRK-B, JPM, MSFT, NVDA, PLTR	AI, Fed policy, growth, healthcare, Mega Cap, tariffs, technology	Technology has been at the forefront with great excitement over transformative effects of AI, evidenced by sold-out Nvidia Blackwell chips and strong Microsoft Azure results. AI will likely continue to create transformative new opportunities at an unprecedented pace. The market concentration in AI-dominant fields is notable with all but Berkshire and J.P. Morgan among the top 10 S&P 500 constituents being in AI-dominant fields.		View
2025 Q2	Jun 30, 2025	Airlie Small Companies Fund	-	-	BRK-B	AI, Caribbean, diversification, emerging markets, global, technology, value	Artificial intelligence remained the dominant theme supporting global stocks this quarter, with renewed frenzy in technology shares from the AI buildout bringing excitement and higher valuations. AI fueled momentum in shares of companies linked to artificial intelligence, though valuations have not yet been a concern for investors.		View
2023 Q2	Jun 30, 2023	River Oaks Capital	-	10.3%	BRK-B	AI, diversification, emerging markets, global, rates, technology, value	Artificial intelligence remained the dominant theme supporting global stocks this quarter. AI buildout brought excitement and higher valuations in an already expensive part of the equity market. Technology developments have played an enormous role in markets, fuelling momentum in shares of companies linked to AI.		View
2024 Q1	May 7, 2024	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	healthcare, insurance, large cap, Quality, value	Progressive demonstrated strong performance by increasing prices and adding customers as accident rates rose. The company was early to raise prices and now finds its rates competitive again as competitors follow suit, leading to 19% revenue growth from premiums.	UNH	View
2025 Q1	May 3, 2025	Springview Capital Management	-1.8%	-1.8%	ABAC, AMZN, BRK-B, CPRT, CR, CRH, FFH, HLT, HOOD, MCY, NTDOY, SEG, SPOT, WRB, WS	Compounding, insurance, Long/Short, Quality, value, volatility	Manager embraces volatility as the price of admission to long-term compounding, viewing it as an opportunity rather than something to avoid. During April's sharp market decline, the fund maintained minimal trading activity and kept net exposure steady at 90-95%. The manager believes volatility is the one constant in markets and reflects human emotion reacting to uncertainty.	WS SEG MCY SPOT	View
2025 Q1	Apr 8, 2025	GreensKeeper Value Fund	3.0%	3.0%	AXP, BRK-B, CFR.SW, CHKP, ELV, FI, GOOG, ICE, ICLR, LULU, SPGI, V, VRTX	Buybacks, financials, healthcare, Quality, technology, Trade Policy, value	Trump's tariff announcement has created significant market volatility, erasing over $6 trillion in market value. The manager views the escalating trade war as potentially damaging to all involved but emphasizes the need to evaluate portfolio company impacts objectively rather than making political investment decisions.	ICLR GOOG CHKP VRTX BRK-B	View
2025 Q1	Apr 8, 2025	Bronte Capital Amalthea Fund	4.6%	4.6%	BRK-B, GOOGL, PM, REGN	diversification, global, Long/Short, risk management			View
2025 Q1	Apr 7, 2025	Brasada Focused Equity Strategy	-	-	AMZN, BA, BRK-B, GE, GM, HEI, NKE, PFE	aerospace, Cash Management, Market Volatility, Quality, tariffs, Trade Policy	The Trump Administration is implementing aggressive tariff policies to rebalance trade flows and bring manufacturing jobs back to the US. Countries like Vietnam and Cambodia are already offering to reduce their tariffs on US imports in exchange for reduced US tariffs, while China has raised their tariffs in retaliation. The outcome remains unpredictable with potential for either economic benefit if countries reduce tariffs or recession if trade war escalates.	HEI	View
2025 Q1	Apr 7, 2025	QuadCap Wealth Management	-	-	BRK-B	AI, Caribbean, diversification, emerging markets, global, rates, technology, value	Artificial intelligence remained the dominant theme supporting global stocks this quarter, with renewed frenzy in technology shares from the AI buildout bringing excitement and higher valuations. AI fueled momentum in shares of companies linked to artificial intelligence, though valuations have reached concerning levels.		View
2024 Q1	Apr 5, 2024	Sparrow Wealth Management	-	-	BRK-B, JPM, MSFT, NVDA, PLTR	AI, Fed policy, growth, healthcare, inflation, tariffs, technology	Technology has been at the forefront with great excitement over the transformative effects of AI, evidenced by sold-out Nvidia Blackwell chips and strong Microsoft Azure results. AI will likely continue to create transformative new opportunities at an unprecedented pace. The market concentration in AI-dominant fields is notable with all but Berkshire and J.P. Morgan among the top 10 S&P 500 constituents being in AI-dominant fields.		View
2024 Q1	Apr 30, 2024	GoodHaven Capital Management	0.0%	18.9%	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR	concentrated, energy, financials, Housing, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.		View
2024 Q1	Apr 27, 2024	Giverny Capital Asset Management	7.0%	20.2%	AHT.L, ALGN, AME, ANET, BRK-B, CACC, CSU.TO, EUFI.PA, FIVE, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, META, MTB, PGR, SCHW	Concentration, financials, long-term, Quality, technology, value	Manager emphasizes owning high-quality businesses with strong management teams who have their own net worth invested alongside clients. The portfolio consists of companies that grow earnings faster than the S&P 500 while earning higher returns on capital and using less debt. Focus on businesses rather than trading pieces of paper.		View
2024 Q1	Apr 25, 2024	Pelican Bay Capital Management	7.6%	7.6%	BLDR, BRK-B, CBOE, CPRI, EOG, EXPE, FANG, FIS, Gold, GOOG, ON, RSG, TOL, TPR, VZ	Concentration, energy, gold, Homebuilders, Quality, value	Homebuilders have become less financially leveraged and cyclical, mitigating past concerns about rising interest rates. The manager believes investors are recognizing this shift and starting to value homebuilders based on price-to-earnings ratios rather than historical price-to-book metrics. Recent relative strength of homebuilders has lots of runway left.	Gold	View
2025 Q1	Apr 24, 2025	Diamond Hill Large Cap Strategy	1.4%	1.4%	ABT, AIG, BRK-B, COF, D, GIS, GM, HCA, HD, LULU, MET, PH, RRX, TGT, WM	consumer, financials, healthcare, large cap, Trade Policy, value, volatility	President Trump announced significant tariffs including 104% on China in response to retaliation, creating widespread market uncertainty. The administration's determination to reshape global trade relationships is causing companies to preemptively invest in US operations to avoid tariffs.		View
2024 Q1	Apr 20, 2024	Vltava Fund	0.0%	0.0%	BRK-B, CE, LH, LMT, MSFT	Bubbles, Concentration, Philosophy, risk, technology, Valuations	Manager extensively analyzes historical market bubbles from Japanese stocks (1989) through dot-com, emerging markets, commodities, and Chinese stocks. Identifies current US market concentration in top 10 companies (33% of index, 23% of earnings) as displaying bubble characteristics with record high concentration and valuations.		View
2025 Q1	Apr 16, 2025	The Bristol Gate Canadian Equity	-	-	BRK-B, JPM, MSFT, NVDA, PLTR	AI, Fed policy, growth, healthcare, tariffs, technology	Technology has been at the forefront with great excitement over the transformative effects of AI, evidenced by sold-out Nvidia Blackwell chips and strong Microsoft Azure results. AI will likely continue to create transformative new opportunities at an unprecedented pace.		View
2024 Q1	Apr 15, 2024	Weitz Multi Cap Equity Fund	10.4%	16.3%	AAPL, BRK-B, CHTR, CSGP, GOOG, IT, LBRDA, LBTYK, LH, LICT, LILAK, LKQ, META, MKL, MLM, PRM, VMC, VRSN	Broadband, infrastructure, materials, Multi Cap, technology, value	Aggregates companies Martin Marietta Materials and Vulcan Materials benefited from continued healthy price increases and strong demand from public infrastructure projects. These companies were top contributors to performance during the quarter.	VRSN	View
2024 Q1	Apr 15, 2024	Weitz Partners III Opportunity Fund	9.1%	14.1%	AAPL, AMZN, BRK-B, CCRD, CHTR, FIS, GOOG, GS, LBRDA, LBTYK, META, MKL, MSFT, PRM, SPY	Broadband, Long/Short, Magnificent Seven, multi-cap, technology, value	The fund focuses on valuation-driven investment decisions, trimming positions like Meta Platforms, Microsoft and Amazon based on valuation considerations. The managers emphasize their multi-cap approach to finding undervalued businesses across all market capitalizations.		View
2024 Q1	Apr 15, 2024	Weitz Large Cap Equity Fund	7.8%	13.3%	ADBE, ADI, AMZN, AON, BRK-B, CHTR, CRM, CSGP, FIS, GOOGL, GPN, IT, LBRDK, LH, LIN, LLYVK, MA, META, SPGI, TMO, VMC	Broadband, large cap, Rotation, technology, valuation, value	The fund follows valuation discipline, methodically rotating from more fully priced stocks to those trading at healthier discounts to value estimates. The portfolio trades at a price-to-value in the mid 90s, offering adequate return potential over a multi-year period. Stock prices have generally risen faster than value estimates, leading to less valuation cushion at the portfolio level.		View
2024 Q1	Apr 15, 2024	The Sound Shore Fund	6.7%	21.1%	BBWI, BKR, BRK-B, CAH, CNC, COF, ELV, FIS, GEHC, GM, HOLX, KHC, KMI, KR, LEN, MRK, OGN, PFE, PRGO, PVH, TEVA, TTE, WFC, WTW	Adaptability, contrarian, energy, large cap, Utilities, value	Sound Shore's contrarian investment process focuses on the adaptability and sustainability of company business models. The fund seeks companies that can best adapt and adjust to changing environments, as exemplified by holdings like Vistra and Constellation Energy that prepared their assets for dynamic markets while maintaining strong balance sheets.	AYI TEVA CEG VST	View
2025 Q1	Apr 15, 2024	The London Company Large Cap	2.3%	2.3%	BLK, BRK-B, BRKR, ENTG, FDX, GOOG, HD, ODFL, PGR, RSG	Defensive, financials, large cap, Quality, semiconductors, technology, value	The portfolio's exposure to Lower Volatility and Quality factors performed well during market correction. Quality factors have historically posted their best relative returns during periods of decelerating growth and through recessions, and typically lag in early recovery but keep pace during mid-cycle years.	ENTG	View
2024 Q1	Apr 11, 2024	Horizon Investment	-	-	BRK-B, EMR, PG	AI, dividends, large cap, Market Valuation, uncertainty, US, 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
2025 Q1	Mar 31, 2025	The Davenport Core Leaders Fund	-3.5%	-3.5%	AAPL, ADBE, ADI, AMZN, AVGO, BN, BRK-B, DHR, ICE, MA, META, MSFT, NOW, NVDA, NVO, SPOT, TT, UBER, UNH, VRTX	AI, growth, large cap, Quality, risk management, technology	The artificial intelligence investment theme waned in Q1 as the Magnificent 7 cooled off and declined 15.79%. Markets were due for a rotation away from hot, momentum-oriented areas and this proved to be the case as the AI trade faltered. Although we maintain robust exposure to technology companies including six of the seven companies in the Magnificent 7, we continue to remain underweight the sector.		View
2025 Q1	Mar 31, 2025	BNY Mellon Appreciation Fund	-3.3%	-3.3%	AAPL, AMZN, BA.L, BRK-B, CVX, GOOGL, META, MSFT, NVDA, PGR, TXN, V	AI, large cap, Quality, tariffs, technology, Trade Policy, value	The Trump administration announced 25% tariffs on Mexico and Canada, 20% on China, and 25% on foreign automobiles, with future reciprocal tariffs telegraphed. This created uncertainty over trade relationships and pressured equities as investors feared higher consumer costs and slower growth.		View
2025 Q1	Mar 31, 2025	ClearBridge Investments Large Cap Value	-	-	AAP, AVGO, BRK-B, CVS, CVX, EIX, GOOGL, LLY, MCHP, MCK, META, NOC, NVO, ORCL, ORLY, PGR, RTX, SRE, TRV, VNOM	AI, defense, energy, financials, healthcare, large cap, Utilities, value	The managers have taken advantage of expensive momentum-driven stocks to reallocate capital into areas where valuations are more reasonable yet fundamentals remain stable and defensive. The valuation gap between growth and value had reached historically extreme levels, making a reversion long overdue.		View
2025 Q1	Mar 31, 2025	GoodHaven Capital Management	-0.6%	-0.6%	BAC, BLDR, BRK-B, CB, DVN, EXOR, GOOG, JEF, LEN.B, TVK.TO	Concentration, energy, financials, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.		View
2025 Q1	Mar 31, 2025	Peterson Investment Fund	26.4%	26.4%	BABA, BRK-B	China, Concentration, long-term, value, volatility	The fund maintains a disciplined value investing philosophy focused on acquiring world-class businesses with exceptional management, durable competitive advantages, and compelling prices. This patient, fundamental approach has compounded wealth for partners over a decade, with volatile environments offering the highest return on their structured value approach.		View
2024 Q1	Mar 31, 2024	TMR Partners Long Only	-	-	BRK-B	AI, Caribbean, diversification, emerging markets, global, technology, value	Artificial intelligence remained the dominant theme supporting global stocks this quarter. AI buildout brought excitement and higher valuations in an already expensive part of the equity market. Technology developments have played an enormous role in markets, fuelling momentum in shares of companies linked to AI.		View
2024 Q4	Feb 6, 2025	Bretton Fund	-1.0%	20.3%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	consumer, financials, healthcare, technology, value	Dozens of new AI companies like OpenAI, Anthropic, and DeepSeek offer compelling alternatives to Google's search monopoly. Google has created Gemini AI app that is on par with competitors, but it's not the dominant platform like Google search. Microsoft has become the go-to provider of computing services for emerging AI companies, benefiting from the AI arms race.	UNH DFH NVR AZO GOOGL AXP PGR	View
2025 Q4	Feb 25, 2026	The D. E. Shaw Group	-	-	AAPL, AMZN, AVGO, BRK-B, CVX, GE, GOOGL, IBM, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WFC, XOM	active management, AI, Concentration, market structure, Mega Cap, portfolio construction, risk management, technology	Breakthroughs in artificial intelligence have helped drive notably strong performance in a handful of mega cap stocks. The concentration in tech and AI-related companies has contributed to the current market dynamics where the ten largest S&P 500 constituents account for more than 40% of the index's weight. The document extensively analyzes how market concentration affects portfolio risk characteristics and active management strategies. It discusses the implications for risk models, beta distributions, and the challenges concentration poses for traditional risk management approaches in equity portfolios. The analysis focuses on how equity market concentration impacts the fundamental law of active management, transfer coefficients, and breadth of investment opportunities. It examines the structural changes in capital markets that affect managers' ability to generate alpha and express investment views effectively.		View
2023 Q4	Feb 21, 2024	Springview Capital Management	6.5%	15.3%	BRK-B, CPRT, CRH, EXOR.MI, FFH, FMX, HLN.L, HLT, MKL, NTDOY, UNP, WRB, WTM	Concentration, insurance, Long/Short, tax efficiency, underperformance, value	Fund holds three large property/casualty insurers (W.R. Berkley, White Mountains, Markel) that underperformed in 2023 as investors rotated away from companies benefiting from rising rates. Despite disappointing short-term performance, excellent underwriters like Berkley have historically earned solid returns across interest rate cycles.	FMX FFH SUNP IN MKL WRB	View
2024 Q4	Feb 16, 2025	Federated Hermes	-	-	BRK-B	AI, diversification, emerging markets, global, rates, technology, value	Artificial intelligence remained the dominant theme supporting global stocks this quarter. AI buildout brought excitement and higher valuations in an already expensive part of the equity market. Technology developments have played an enormous role in markets, fuelling momentum in shares of companies linked to AI.		View
2025 Q4	Feb 12, 2026	Bretton Fund	1.4%	11.6%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	AI, Banking, consumer, financials, Housing, technology, value	The fund views the overall market as fairly elevated but not in bubble territory regarding AI, though some parts of the AI craze appear bubble-like. Alphabet's AI chatbot Gemini exceeded expectations and was on par with leading AI models, contributing significantly to performance. The managers are comfortable missing out on highly speculative AI investments while focusing on long-term value. Banks had a strong year due to increased lending, reduced regulation, and moderately high interest rates. American Express cardholders continue spending with high payment rates, while the Platinum Card remains desirable despite competition. Credit and banking environment remained strong throughout the period. Off-price retailers TJX and Ross returned to form after struggling during post-Covid inflation, with strong stock performance. AutoZone faced challenges navigating tariff impacts on earnings, though the consolidated auto parts retail market historically passes through price increases. Consumer spending patterns showed resilience in certain segments. Housing investments had a weak year as high interest rates and hopes for lower rates left potential buyers on the sidelines. Home builders initially held up well when rates first rose in 2022, but continued high rates eventually impacted demand. The managers expect pent-up housing demand to eventually drive performance once the market unfreezes.	RVTY GOOG UNH	View
2025 Q4	Feb 11, 2026	Tweedy, Browne International Value II	4.2%	23.8%	005930.KS, 6869.T, 7958.T, BA.L, BRK-B, CNHI, CVSG.L, DGE.L, GOOGL, IONS, JNJ, JSG.L, NESN.SW, NOVN.SW, ROG.SW, RWM.DE, SAF.PA, SW.PA, TTE, WFC	defense, Europe, Hedging, international, Japan, Pharmaceuticals, 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. Defense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in Q4. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals. The firm continues to focus on financially sound enterprises in parts of the world where company stock prices are more than collateralized by underlying intrinsic value. They believe a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty.		View
2024 Q4	Feb 10, 2025	Springview Capital Management	5.4%	19.7%	AMZN, BRK-B, CPRT, CR, CRH, FFH, FMX, HLN.L, HLT, HOOD, MCY, MKL, MSGS, SEG, SPOT, V, VAC, WRB, WS, WTM	Capital Allocation, Concentration, long-term, P&C Insurance, risk management, value	The property/casualty insurance industry remains a favorite hunting ground for the partnership. The fund currently owns five P/C insurance companies (six including Berkshire Hathaway), with one being a special situation merger-arbitrage play. These insurers trade at attractive valuations, generate strong Returns on Equity, and have the ability to recycle and reinvest capital internally at high returns.		View
2025 Q4	Dec 31, 2025	Fortress – Caribbean Growth Fund	2.3%	13.3%	BRK-B, JNJ, MRK	AI, Bonds, Caribbean, emerging markets, global, healthcare, value	The Fund uses a value approach to invest primarily in Caribbean and international equities. The manager continues to see attractive opportunities for value conscious investors, particularly those with globally diversified portfolios. Healthcare and consumer staples shares have been left behind by the recent AI and technology frenzy and are still trading at very appealing valuations. Returns broadened beyond the narrow group of stocks linked to artificial intelligence. This quarter saw value outperform growth as valuation concerns took some steam out of the AI trade. Healthcare and consumer staples shares have been left behind by the recent AI and technology frenzy. Global equities, especially those outside the U.S., powered equity returns. In emerging markets, shares of companies linked to commodities were the strongest performers as commodities rallied. Even after a strong year for international and emerging markets shares, we still see some of the best value in the world in these areas.		View
2024 Q4	Dec 31, 2024	FMI All Cap Equity	-2.0%	11.0%	ALLE, ARMK, BJ, BKNG, BRK-B, FERG, G, GOOGL, HLI, OMC, RHI, SCHW	Diversified, long-term, Quality, ROIC, value	The fund holds Houlihan Lokey as its largest position at 4.1%, representing exposure to investment banking and financial advisory services. Charles Schwab represents another significant capital markets exposure at 4.0% of the portfolio.	OMC ALLE	View
2024 Q4	Dec 31, 2024	FMI Large Cap Equity	-4.0%	11.0%	ALLE, ARMK, AVY, BKNG, BRK-B, CARR, FERG, GOOGL, KMX, MAS, OMC, SCHW	Franchises, large cap, Quality, ROIC, valuation, value	The fund maintains a strong orientation to low absolute and relative valuation as key to executing their investment strategy. They purchase durable business franchises selling at a discount to intrinsic value. The portfolio trades at attractive valuations with P/E ratios below market levels.	OMC ALLE	View
2024 Q4	Dec 31, 2024	Davis New York Venture Fund	-	17.2%	005930.KS, AMAT, AMZN, BRK-B, CI, COF, DGX, GOOGL, HUM, META, MGM, OC, TECK.TO, TOU.TO, TSN, TXN, USB, VTRS, WFC	AI, Concentration, financials, healthcare, industrials, inflation, technology, value	Generative AI is likely one of the most transformational technological developments in modern history, creating new risks and driving major advances across industries. The market for AI products is still early with fierce competition, making it risky to project long-term winners based on recent performance. AI will likely prove disruptive to stable industries in ways difficult to anticipate.		View
2024 Q4	Dec 31, 2024	Aquamarine	-	18.6%	1211.HK, AXP, BAC, BRK-B, MA, MC.PA, NESN.SW, RACE	brands, Compounding, long-term, Luxury, Quality, value	Manager emphasizes luxury brands as powerhouse investments, highlighting Ferrari's Formula 1 success and brand strength. Discusses the unique allure of luxury brands like Hermès and their ability to command premium pricing and customer loyalty. Notes the importance of share of mind in luxury markets and the barriers to entry for smaller competitors.	MC.PA ISRG NESN.SW 1211.HK RACE	View
2023 Q4	Dec 31, 2023	Aquamarine	-	18.7%	1211.HK, AAPL, AXP, BABA, BAC, BRK-B, GOOGL, MA, MCO, NESN.SW, RACE	Compounding, India, long-term, Patience, Quality, value	The fund's core strategy focuses on long-term compounding through patient ownership of exceptional businesses. The manager emphasizes that compounding is what matters most and will get them to the promised land over time.		View
2023 Q3	Nov 7, 2023	African Lions Fund	-	7.0%	BRK-B	AI, Caribbean, diversification, emerging markets, global, technology, value	Artificial intelligence remained the dominant theme supporting global stocks this quarter. AI buildout brought excitement and higher valuations in an already expensive part of the equity market. Technology developments have played an enormous role in markets, fuelling momentum in shares of companies linked to AI.		View
2024 Q3	Nov 4, 2024	Brookfield Asset Management	-	-	BRK-B	Caribbean, diversification, emerging markets, global, technology, Valuations	Artificial intelligence remained the dominant theme supporting global stocks this quarter. AI buildout brought excitement and higher valuations to an already expensive part of the equity market. Technology developments have played an enormous role in markets, fuelling momentum in shares of companies linked to AI.		View
2025 Q3	Nov 3, 2025	Fairtree Global Equity Fund	8.9%	-	005930.KS, AAPL, AMZN, BABA, BRK-B, CNC, CROX, DHI, EVO.ST, FI, GOOGL, JD, KO, ORCL, V, WKL, ZTS	AI, China, Dollar, emerging markets, global, policy, semiconductors, technology	China rose 20.7% for the quarter, extending its rally on continued policy support particularly targeted at technology and property sectors. The government's ongoing push to expand domestic chip production by 2026 and maintain the US-China trade truce further bolstered investor confidence and lifted export-driven and tech-related equities.	FISV CROX CNC AAPL BABA GOOG	View
2023 Q3	Nov 10, 2023	Springview Capital Management	2.5%	8.2%	AAPL, AMZN, BRK-B, CPRT, EXO.MI, FFH, FMX, GOOGL, HLN.L, HLT, META, MKL, MSFT, NVDA, TSLA, V, WRB, WTM	Concentration, insurance, Long/Short, Quality, special situations, value	The fund has intentionally allocated significant capital to property/casualty insurers, which stand to benefit greatly from rising interest rates. Fairfax Financial continues to post exceptional numbers with operating ROE clocking in at 21%. W.R. Berkley staged a welcome recovery with excellent 21% return on equity as both underwriting profits and investment income surpassed expectations.		View
2023 Q3	Oct 9, 2023	Longriver Investment Partners	-10.7%	-	AHT.L, AMZN, BRK-B, EVO.ST, FUTU, GAW.L, GOOGL, HDB, NTES, TSM	Asia, gaming, global, Long/Short, semiconductors, technology, value	The gaming industry pendulum has swung from distribution control to content creation excellence. Netease demonstrates superior creative capabilities and IP development compared to Tencent, with successful releases like Eggy Party and Justice Online Mobile featuring AI-powered dialogue.		View
2025 Q3	Oct 31, 2025	GoodHaven Capital Management	-	6.8%	BAC, BLDR, BRK-B, CB, DVN, EXOR.MI, GOOG, JEF, MKL, PGR, TVK.TO	concentrated, energy, financials, industrials, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.		View
2023 Q3	Oct 31, 2023	Davis New York Venture Fund	0.0%	0.0%	2318.HK, AMAT, AMZN, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, OC, TECK, TXN, USB, VTRS, WFC	Banking, fundamentals, healthcare, Quality, Resilience, technology, undervalued, value	The fund focuses on companies trading at attractive valuations despite strong fundamentals. Portfolio companies trade at 11.4x forward earnings, a 45% discount to the S&P 500, while growing earnings faster than market averages. The end of the easy-money era has created opportunities in undervalued, high-quality businesses.		View
2024 Q3	Oct 30, 2024	GoodHaven Capital Management	0.0%	18.9%	BAC, BLDR, BRK-B, DVN, EXOR, GOOG, JEF, LEN.B, TVK.TO, VNOM	Concentration, energy, financials, Housing, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. Companies trading at significant discount to intrinsic value.		View
2024 Q3	Oct 3, 2024	Vltava Fund	0.0%	0.0%	AAPL, AMZN, BN, BRK-B, GOOGL, HUM, KLAC, META, MKL, MSFT, NVDA, OSB.L, STLA	AI, energy, fiscal policy, global, inflation, infrastructure, technology, value	The AI investment wave spans multiple sectors with first-tier beneficiaries being semiconductor companies like NVIDIA. Building AI clusters requires massive infrastructure investments including new semiconductor factories, energy sources, and associated infrastructure. The construction of AI centers may necessitate a 20% increase in US energy consumption over the next decade.	BN	View
2023 Q3	Oct 26, 2023	Seeking Winners	-2.0%	-	AMZN, BRK-B, CPRT, CSGP, CSU.TO, GOOGL, HEI, LMN.TO, MSFT, TOI.TO	Long Term, Quality, software, technology, value	The manager emphasizes owning enduring quality businesses and expresses satisfaction with the portfolio companies' quality. The strategy focuses on fractional ownership of great businesses, particularly when available at attractive valuations during potential recessions.		View
2024 Q3	Oct 24, 2024	Bretton Fund	10.0%	0.0%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	financials, growth, Homebuilders, insurance, materials, technology, value	Progressive is highlighted as the most sophisticated auto insurer, leveraging vast driver data to recognize shifts in driver behavior and collision costs. The company was early to raise rates in 2021 to offset higher post-Covid costs, temporarily losing customers but now benefiting from comparatively attractive rates and highly profitable growth with premiums up 20% year-over-year.	GOOGL PGR	View
2025 Q3	Oct 22, 2025	Bretton Fund	8.2%	-	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	Antitrust, consumer, financials, healthcare, retail, technology	The fund benefited from favorable antitrust ruling for Alphabet's Google, where the judge mandated only limited sharing of search data rather than implementing harsher penalties like divesting Chrome browser or Android operating system. This left Google's core search business essentially intact, driving significant outperformance.	UNH GOOGL	View
2024 Q3	Oct 22, 2024	Longriver Investment Partners	6.6%	23.0%	9435.T, AMZN, BRK-B, CSU.TO, META, PDD, TSM	Asia, Capital Allocation, Japan, long-term, value, volatility	Manager invested in Hikari Tsushin during August panic, describing it as the Berkshire Hathaway of Japan with strong capital allocation discipline. Sees opportunity in transformation of corporate Japan through companies with improved disclosure and governance.		View
2025 Q3	Oct 20, 2025	Appalaches Capital	7.0%	14.4%	ACGL, AMZN, AZO, BRK-B, CME, COST, CP, CSX, GOOGL, LRCX, PGR	Concentration, insurance, long-term, Railroads, semiconductors, value	Progressive represents a scale economies shared model where the company maintains a 96% combined ratio target, passing scale efficiencies to customers through lower premiums. This creates a flywheel effect attracting more customers and enabling further cost reductions through better data and economies of scale.	LRCX CSX PGR LRCX CSX PGR	View
2023 Q3	Oct 19, 2023	Giverny Capital Asset Management	7.0%	20.2%	AHT, AME, ANET, BRK-B, CIEN, CSU.TO, FERG, FI, FIVE, FND, GOOGL, HEI, IBP, KMX, META, PGR, SCHW, SSNC	growth, Midcaps, payments, small caps, technology, value	Tech giants Alphabet and Meta drove 59% of portfolio returns, rising 75% through September. The seven largest tech stocks constituted 27% of the S&P 500 and accounted for 84% of the index's total return. These companies trade at demanding valuations with forward PE of 27.6x versus 17x for the rest of the index.	FERG.L FISV AHT.L SCHW SSNC CIEN	View
2023 Q3	Oct 18, 2023	LVS Advisory – Event Driven	-	4.4%	BRK-B	AI, Caribbean, diversification, emerging markets, global, rates, technology, value	Artificial intelligence remained the dominant theme supporting global stocks this quarter, with renewed frenzy in technology shares from the AI buildout bringing excitement and higher valuations. AI fueled momentum in shares of companies linked to artificial intelligence, though valuations have not yet been a concern for investors.		View
2024 Q3	Oct 16, 2024	Wedgewood Partners	5.8%	22.4%	AAPL, BRK-B, CDW, CPRT, EW, GOOGL, META, MSFT, MSI, PYPL, UNH	Fed policy, growth, healthcare, large cap, technology, value	Meta has been a consistent beneficiary of artificial intelligence over the past several years, investing aggressively behind deep learning recommendation systems. Meta's AI investments, combined with its massive scale, allow the Company to quickly spin up new products across its digital advertising real estate. Apple is well situated to develop a suite of compelling, consumer-friendly AI services given its proprietary semiconductor development and the compute-intensive nature of AI applications.	MSI UNH META PYPL	View
2025 Q4	Jan 9, 2026	Tsai Capital	0.0%	7.6%	AAPL, AMZN, BN, BRK-B, COST, GOOGL, IDXX, MA, META, MKL, MSCI, MSFT, NVDA, QXO, TSLA, TYL, V	Compounding, disruption, Ecosystems, growth, innovation, Networks, technology	Tesla is described as a leading artificial intelligence company with formidable competitive advantages. The manager believes Tesla's AI capabilities remain underestimated and undervalued, anticipating the company will eventually operate millions of autonomous vehicles and own the majority of the autonomous market. The letter extensively discusses robotics as a transformative medium that changes workplaces, economies, and society. Amazon's robotic warehouses are highlighted as exemplifying the medium's power, creating unparalleled logistics efficiency and competitive advantages. Tesla is positioned as leading the inexorable shift toward electric vehicles, steadily eroding the foundations of legacy automakers burdened by obsolescent infrastructure. The manager expects Tesla to significantly increase vehicle production as the overall EV market expands. Amazon Web Services is described as the undisputed leader in cloud computing, accounting for more than 50% of Amazon's aggregate operating profits. The transition from local servers to cloud environments is highlighted as a key growth driver. Amazon's e-commerce arm continues to capture additional market share with remarkable agility despite its immense scale. The shift from brick-and-mortar retail to digital marketplaces is identified as a key trend driving Amazon's revenue growth.		View
2024 Q4	Jan 8, 2025	Moon Capital Management	-	23.0%	BRK-B, CVS, GS, KKR	Capital markets, financials, healthcare, technology, valuation, value	Manager emphasizes value-focused process and fair value calculations based on present value of cash flows. Multiple positions were liquidated when they reached or exceeded fair value estimates. The approach focuses on mathematical analysis rather than market timing or predictions.	KKR GS CVS	View
2024 Q4	Jan 8, 2025	GoodHaven Capital Management	-	-	ARW, BAC, BRK-B, CB, DVN, EXO.MI, FNMA, GIC, JEF, KKR, OXY, TVK.TO	Capital Allocation, Concentration, energy, ETFs, financials, value	The fund has significant exposure to investment banking through Jefferies, which gained market share and ranked as the world's 6th largest investment bank. Jefferies executed a successful capital allocation strategy with $6.4 billion returned to shareholders over seven years while strengthening its market position.		View
2024 Q4	Jan 7, 2025	Right Tail Capital	0.0%	10.3%	AAPL, AMZN, BRK-B, GOOGL, META, MSFT, NVDA, TSLA	Compounding, Concentration, long-term, Quality, value	The manager is studying artificial intelligence both for its potential impact on the world and ways to use it in investing processes. Google NotebookLM has been a positive discovery for uploading files and having them summarized into podcasts.		View
2024 Q4	Jan 7, 2025	The London Company Large Cap	0.6%	15.3%	AAPL, APD, BLK, BRK-B, FI, GOOG, HD, NSC, PGR, V	downside protection, financials, large cap, Quality, technology, value	The fund focuses on high-quality companies with sustainably high returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 25.2% pre-tax ROC versus 14.7% for the Russell 1000. The strategy emphasizes companies that consistently generate free cash flow and maintain strong financial stability.		View
2024 Q4	Jan 6, 2025	Bianco Research	-	-	BRK-B, JPM, MSFT, NVDA, PLTR	AI, Fed policy, growth, healthcare, large cap, tariffs, technology, Valuations	Technology has been at the forefront with great excitement over transformative effects of AI, evidenced by sold-out Nvidia Blackwell chips and strong Microsoft Azure results. AI will likely continue to create transformative new opportunities at an unprecedented pace. The market concentration in AI-dominant fields is notable with all but Berkshire and J.P. Morgan among the top 10 S&P 500 constituents being in AI-dominant fields.		View
2025 Q4	Jan 30, 2026	Unison Asset Management	0.0%	0.0%	AAPL, AMAT, AXP, BAC, BRK-B, CDW, DE, ELV, GOOGL, JPM, LMT, META, NOC, NU, NVDA, ONON, TSLA, TSM, UNH, WFC	AI, Cloud, Long Term, semiconductors, technology, value	AI continues to assert itself across markets and the real economy in ways that demand to be addressed. The race is for AGI, with wealth accruing to whoever reaches it first. Big Tech's AI spending accounts for roughly 90% of corporate capex and contributes an estimated half of total U.S. GDP growth in 2025. TSMC represents a durable bottleneck in the infrastructure layer—the point of least slack in the global silicon supply chain. All roads lead to TSMC, with approximately 67% share of global foundry revenue and roughly 90% share of leading-edge nodes. Alphabet's cloud business made meaningful progress with revenue expected to reach approximately $57 billion (+32% YoY), while operating profit is projected to nearly double. Revenue backlog is growing faster than reported revenue, underscoring the persistent supply-demand imbalance. By designing proprietary silicon and committing to capital outlays for data centers on a financial scale attainable by only a handful of nation-states, these firms have constructed a physical moat that is, for all practical purposes, unreplicable. On Holding represents a play on the growing scarcity of the real. As digital marketing becomes commoditized and AI floods the world with generic content, value migrates toward physical community and technical prestige. On is selling membership in a curated, physical ecosystem that AI cannot replicate.	AMRZ HOLN SW NU ONON BRK.B TSM GOOGL	View
2025 Q4	Jan 29, 2026	Weitz Multi Cap Equity Fund	-1.5%	3.2%	ACN, BRK-B, CDW, CHTR, CMCSA, CSGP, DHR, GOOGL, HEI, IDXX, IEX, IT, KMX, LBRDA, LH, LKQ, META, PRM, SIRI, TECH	healthcare, multi-cap, technology, Telecom, underperformance, value	Google's Gemini AI surpassed expectations with latest release, moving to front of pack among frontier models according to industry benchmarks. Investors questioning value of Gartner's research offerings in rapidly evolving GenAI landscape. Heightened competition continues weighing on broadband investments including Liberty Broadband and Charter Communications. Charter's capital investment cycle beginning to ease, expected to improve free cash flow and support share repurchases at depressed prices. CarMax faces challenging environment with constrained availability and affordability of late model used vehicles. Online competitor Carvana taking share while CarMax's omni-channel investments have yet to deliver improvements, leading to strategic changes and CEO departure.	CHTR KMX PRM	View
2025 Q4	Jan 27, 2026	Diamond Hill Large Cap Strategy	1.4%	5.7%	AIG, AON, BRK-B, CAT, CB, CL, COF, COO, DOV, EQT, GM, GOOGL, HCA, HIG, LH, MU, NDAQ, SOLV, SYY, WIX, ZTS	AI, Defensive, financials, healthcare, large cap, Quality, technology, value	The fund remains cautious of AI-driven market exuberance where investor sentiment often appears to outpace business fundamentals. AI optimism drove strong performance in information technology and communication services sectors, with hundreds of billions in AI-related capital spending supporting stocks like Micron and Sandisk. The fund continues to find attractive opportunities among high-quality, cash-generative businesses with defensive characteristics including Colgate, Aon and Berkshire Hathaway. These fundamentally stable businesses underperformed in 2025 but continue to perform in-line with expectations. The portfolio focuses on fundamentally stable, higher quality businesses trading at discounts to intrinsic value estimates. New positions like Dover Corp were initiated when stocks traded at significant discounts to estimated intrinsic value.	EQT SOLV WIX DOV COO SYY LH ZTS COF AIG GM	View
2025 Q4	Jan 24, 2026	Miller Howard Investments	-	-	AAPL, AMZN, BAC, BRK-B, GOOG, GOOGL, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WMT, XOM	Concentration, dividends, Indices, Magnificent 7, nuclear, SMRs, value	The US is on the cusp of a nuclear renaissance driven by rising electricity demand, policy support, and emerging technologies like small modular reactors. Nuclear capacity could quadruple by 2050, though regulatory, economic, and execution risks remain significant challenges. Miller/Howard maintains strict dividend focus across portfolios, avoiding Magnificent 7 stocks in income-oriented strategies. The firm emphasizes high current income and growth of income as core differentiators in an increasingly concentrated market. Index reconstitutions have compromised style integrity by adding growth-oriented Magnificent 7 stocks to value indices. This creates concentration risk and challenges traditional value investing principles based on lower valuations and higher dividend yields.		View
2025 Q4	Jan 23, 2026	GreensKeeper Value Fund	0.0%	0.0%	ADBE, AXP, BRK-B, CBOE, CFRUY, CHKP, ELV, FISV, GOOG, ICE, ICLR, LULU, MRK, NVO, SPGI, V, VRTX	AI, Concentration, Discipline, financials, Luxury, technology, value	The dominant narrative of 2025 was the market's evolving view of Alphabet's search business in an AI-first world. Alphabet aggressively transformed its research into consumer-ready products, deployed Gemini 3 which led key performance benchmarks, and launched AI Overviews within search. The company's proprietary Tensor Processing Units allowed efficient scaling while avoiding the Nvidia Tax. The fund maintains a disciplined value approach, refusing to abandon discipline simply because the market has become expensive. They deliberately prioritized capital preservation by trimming positions that reached price targets. The manager emphasizes that even wonderful businesses are not worth infinite prices and allocates capital elsewhere when valuations become stretched. Richemont's Jewelry Maisons continued to outperform the broader luxury market with stabilization of the Chinese consumer. The company maintained pricing integrity and brand stewardship, avoiding aggressive price hikes that peers used. This long-term thinking proved superior as luxury peers eroded brand value through discounting while Richemont maintained prestige.	ADBE ICLR NVO LULU FISV CFRUY AXP GOOG	View
2024 Q4	Jan 17, 2025	ROCKLINC Partners Fund	4.7%	17.4%	AAPL, ADSK, AEM, AMZN, BN, BRK-B, BUR.L, CCO, DHR, FNV, GROY, MEG.TO, MKL, OR.TO, RGLD, ROP, SAND, SE, TSU.TO, WPM	Canada, gold, inflation, insurance, Precious Metals, Quality, royalties, value	Gold finished up 27% over the past twelve months, continuing to power ahead despite the strong USD, indicating all fiat currencies are losing ground to hard assets. Many precious metals mining companies and royalty businesses are undervalued relative to the price of gold and silver, trading at discounts to intrinsic value.	MKL	View
2023 Q4	Jan 15, 2025	Longriver Investment Partners	9.3%	10.0%	0700.HK, 600519.SS, 9988.HK, AHT.L, AMD, AMZN, BRK-B, EVO.ST, GAW.L, HD, HDB, KNSL, META, NFLX, NTES, PDD, SHOP, SQ, TSM, VTY.L, X	China, efficiency, global, Homebuilders, real estate, technology, value	2023 was remarkable for how decisively corporate leaders confronted bloat, with Meta's Year of Efficiency as the poster child. Zuckerberg reduced headcount by almost a quarter and operating expenses by fifteen percent, leading to exploding margins. Amazon under Jassy is also focusing on efficiency by reducing headcount, shutting down middling projects, and creating new business models like Amazon 3PL.	VTY.L AHT.L AMZN	View
2025 Q4	Jan 13, 2026	Mar Vista US Quality Select	1.8%	18.2%	AAPL, AMT, AMZN, APH, AVGO, BRK-B, EFX, GOOG, META, MSFT, MTD, NFLX, NVDA, ORCL, ROP, TSM, VLTO	AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology	The structural shift driven by Artificial Intelligence is transitioning from proof-of-concept to demonstrable return on investment. Early monetization is visible in advertising, cloud computing, and semiconductors where companies are seeing tangible improvements in ROIC. The transition from infrastructure build-out to enterprise and consumer monetization will accelerate into 2026. Cloud computing continues to show strong growth with Google Cloud reaching 34% revenue growth and a $155 billion backlog. Microsoft's Azure platform remains capacity-constrained with accelerating growth. Premium AI cloud services are driving high utilization and multi-year contracts. Taiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. Semiconductor manufacturing barriers to entry continue rising due to escalating costs. Netflix has built a durable economic moat around its globally-scaled streaming business with over 300 million members. The company enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals. The acquisition of Warner Bros. Discovery represents a shift from streaming platform to global media powerhouse.	ROP EFX NFLX TSM MSFT META ORCL AAPL MTD GOOG ROP EFX NFLX TSM LIN MSFT ORCL DHR JNJ GOOG	View
2025 Q4	Jan 13, 2026	GoodHaven Capital Management	0.0%	7.1%	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, LEN.B, TVK.TO, VNOM	concentrated, energy, financials, Housing, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. Companies trading at significant discount to intrinsic value. Strong balance sheets and capital levels indicate enduring competitive advantages. Attractive businesses to take advantage of recovery cycles. Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital. Broader pricing strength supportive of suppliers. Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.	MKL	View
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	View
2024 Q4	Jan 11, 2025	Seeking Winners	-	26.6%	APPF, BRK-B, CMG.TO, CRM, CSGP, CSU.TO, HEI, IT, LMN.TO, NVDA, TOI.TO, TWLO	Capital Allocation, cash flow, Concentration, Quality, Research, software, technology	The manager acknowledges AI will fundamentally revolutionize numerous industries but maintains a cautious perspective on current AI-focused investments. They note the overwhelming market momentum concentrated in select AI stocks like Nvidia and express skepticism about long-term terminal values of AI ecosystem companies despite significant stock price appreciation.	IT	View
2024 Q3	Sep 30, 2024	Qualivian Investment Partners	2.4%	15.3%	AMZN, BRK-B, GOOGL, MA, META, MUSA, ORLY, TJX, URI, V	Compounding, Concentration, long-term, Quality, value	The fund focuses on concentrated portfolio of 15-25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. They expect these quality compounders to compound capital at mid-teens rate and hold them for extended periods.	URI MUSA	View
2024 Q3	Sep 30, 2024	FMI Large Cap Equity	-4.0%	10.5%	ARMK, AVY, BKNG, BRK-B, CARR, CSL, DG, FERG, MAS, SCHW, UL	Foodservice, large cap, Quality, Trade Down, value	Aramark represents a large player in the food and facilities services industry with procurement advantages and defensible moat through quality, breadth, and digital capabilities. The company has margin improvement potential driven by profitability ramp of new business, lagged pricing benefits, supply chain efficiencies, and operating leverage.	DG ARMK	View
2024 Q3	Sep 30, 2024	Bronte Capital Amalthea Fund	-3.7%	0.0%	AXP, BAC, BMY, BRK-B, C, COF, DFS, GOOGL, JPM, KRTX, REGN, SMMT, V	Antitrust, Biotechnology, Hedge Fund, Long/Short, payments, Short Selling	Fund discusses multiple biotech investments including Regeneron's platform for drug development using genetically modified mice and genetic databases. Also covers failed short position in Karuna Therapeutics which was acquired by Bristol-Myers Squibb for $14 billion, and Summit Therapeutics which developed a bispecific cancer drug targeting PD1 and VEGF pathways.	DFS V REGN	View
2024 Q3	Sep 30, 2024	Weitz Large Cap Equity Fund	7.8%	13.3%	ADBE, AMZN, AON, BRK-B, CHTR, CSU.TO, EFX, GOOGL, GPN, IEX, MCHP, META, ODFL, ORCL, ROP, SPGI, VEEV	concentrated, large cap, Quality, technology, value	The fund employs a Quality-at-a-Discount approach, seeking concentrated positions in undervalued companies. The portfolio trades at a price-to-value in the very low 90s, offering adequate return potential over a multi-year period. The manager emphasizes valuation-sensitive investing with discipline.		View
2024 Q3	Sep 30, 2024	Tweedy, Browne International Value II	2.4%	8.3%	005930.KS, 220.HK, 7003.T, 7270.T, 7276.T, AALB.AS, ALV.ST, ATE.PA, BRK-B, C6L.SI, CVSG.L, FRE.DE, HEIA.AS, HUSQ-B.ST, ROG.SW, RUI.PA, SCOR.PA, SOP.PA, TTE, U11.SI, UBI.PA, WPK.TO	dividends, Europe, Hedging, international, undervalued, value	The fund continues to focus on securities trading at discounts from conservative estimates of their respective intrinsic values. Portfolio positioning reflects areas where investors may still uncover undervalued securities. The managers emphasize their value investing approach throughout the letter.		View
2024 Q3	Sep 30, 2024	Tweedy, Browne International Value II	4.8%	8.3%	003550.KS, AZO, BRK-B, CNHI, D05.SI, DGE.L, DPW.DE, FMC, GOOGL, INCH.L, IONS, JNJ, KEF1V.HE, NESN.SW, NOVN.SW, ROG.SW, SAF.PA, TEP.PA, U11.SI, WPK.TO	Currency, dividends, Europe, Hedging, international, Japan, value	The fund continues to focus on securities trading at discounts from conservative estimates of their respective intrinsic values. Portfolio positioning reflects areas where investors may still uncover undervalued securities. The managers emphasize their value investing approach throughout the commentary.		View
2024 Q3	Sep 30, 2024	Tweedy, Browne Value Fund	2.8%	7.6%	BRK-B, DGE.L, DHL.DE, FDX, FMC, GOOGL, HEIA.AS, ISNS, JNJ, NESN.SW, NVST, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, U11.SI, UHAL, WFC	Diversified, global, risk management, valuation, value	The fund continues to focus on securities trading at discounts from conservative estimates of their respective intrinsic values. Portfolio positioning reflects areas where investors may still uncover undervalued securities. The managers emphasize their value investing approach throughout the commentary.		View
2024 Q3	Sep 30, 2024	Tweedy, Browne Worldwide High Dividend	6.4%	9.8%	005930.KS, 0220.HK, 4368.T, 7003.T, 7270.T, 7276.T, 7958.T, AALB.AS, ALV.ST, ATE.PA, BRK-B, C07.SI, CVSG.L, FRE.DE, HEIA.AS, HUSQ-B.ST, P911.DE, ROG.SW, RUI.PA, SCOR.PA, SOP.PA, TTE, U11.SI, UBI.PA, WPK.TO	dividends, global, high yield, international, value	The fund focuses on high dividend yield value investing with an average-weighted dividend yield of 3.80% on fund stocks versus 1.76% for the MSCI World Index. The fund seeks companies with sustainable and persistent dividend characteristics.		View
2024 Q3	Sep 30, 2024	The Sound Shore Fund	6.7%	21.1%	AVTR, BBWI, BKR, BRK-B, COF, CTRA, DIS, FDX, FIS, GM, Gold, KHC, KMI, KR, LEN, NXPI, PEG, PVH, PYPL, WFC	healthcare, Mining, nuclear, semiconductors, Utilities, value	Sound Shore focuses on attractively priced, out-of-favor stocks where managements are building value not yet recognized by Wall Street. The portfolio trades at a forward P/E of 11.5 times versus 21.5 times for the S&P 500, representing a meaningful discount despite strong balance sheets and free cash flow.	PEG AVTR Gold	View
2023 Q3	Sep 30, 2023	GoodHaven Capital Management	0.0%	18.9%	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR	Concentration, energy, financials, Housing, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.		View
2023 Q3	Sep 30, 2023	Mar Vista Strategic Growth Fund	5.5%	0.0%	AAPL, ADBE, AMT, BRK-B, DHR, DIS, GOOGL, HEI, INTU, MCO, MKL, MSFT, MTD, NKE, ORCL, TDG	AI, Cloud, growth, large cap, rates, technology, value	Alphabet benefits from one of the most disruptive trends in technology as a leader in generative AI. Oracle's OCI Gen 2 solution is particularly well-suited for generative AI workloads. Microsoft is effectively executing its strategy by offering businesses cutting-edge AI-driven solutions like ChatGPT.	DHR GOOGL INTU AAPL\|MSFT\|NFLX\|NVDA\|UNH ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO AAPL AMT ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	View
2023 Q4	Sep 3, 2024	Concentrated Compounding	0.0%	0.0%	AMZN, BRK-B, CHTR, CRM, CSU.TO, DHR, EPD, GOOGL, MA, MSFT, SPGI, SRT3.DE, TDG, TMO, V	Concentration, long-term, Quality, risk management, Treasuries, Valuations	Manager extensively discusses how stock valuations have moved from undervalued to fair value throughout 2023, leading to position trimming. Current market valuations are described as high relative to historical levels, with P/E ratios at 20-year highs excluding 2021.	SRT3.DE ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO DHR	View
2023 Q2	Aug 16, 2023	Bronte Capital Amalthea Fund	-3.7%	0.0%	BRK-B, GNS.L, GOOGL, NVDA, REGN	Agriculture, AI, Biotechnology, global, Long/Short, risk management, Speculation	The fund acknowledges AI as the hottest service driving markets, with ChatGPT and broader AI benefiting companies like NVIDIA. However, they express concern about irrational exuberance around garbage companies touting AI capabilities with clearly irrational pricing.	REGN GNS.L	View
2023 Q2	Aug 15, 2023	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, PKI, ROST, SPGI, TJX, UNH, UNP, V	AI, consumer discretionary, financials, Homebuilders, insurance, technology	Artificial intelligence appears promising and drove strong performance for tech holdings Alphabet and Microsoft. AI offers promise for drug discovery and development, with potential to sort molecules for therapeutic promise more effectively than ever.		View
2023 Q3	Aug 11, 2023	Weitz Partners III Opportunity Fund	9.1%	14.1%	AMZN, BKI, BRK-B, CCRD, CSGP, FIS, FTRE, GOOG, GS, KMX, LBRDA, LH, LSXMK, LYV, META, MSFT, PRM, QRTEP, SCHW, SIRI	efficiency, Media, Quality, technology, Tracking Stocks, value	The managers emphasize owning high-quality, durable businesses led by talented management teams capable of navigating uncertain times and potentially coming out stronger. They believe companies with competitive advantages, smart and flexible management teams, and solid finances will always find ways to move forward and build business value.		View
2023 Q4	Aug 3, 2024	Peterson Investment Fund	-3.5%	21.7%	BABA, BRK-B, DJCO, EBAY, ORCL, T, XOM	Cloud, compounders, concentrated, dividends, E-Commerce, real estate, technology, value	Fund employs concentrated value investing approach targeting undervalued companies with exceptional growth prospects and strong management teams. Uses deep fundamental analysis and structured value purchasing methods to acquire shares below intrinsic value.	BABA DJCO	View
2024 Q2	Jul 28, 2024	Weitz Multi Cap Equity Fund	10.4%	16.3%	ACIW, AON, BRK-B, CHTR, CSGP, GOOG, GWRE, HEI, IEX, LBRDA, LKQ, LLYVA, LSXMK, LYV, META, ODFL, PRM, SIRI, TXN, VRSN	Logistics, multi-cap, Quality, technology, value	The letter discusses an AI-driven feeding frenzy of tech stocks, with Meta Platforms and Alphabet garnering favor given their position at the vanguard of artificial intelligence development. However, their traditional ad-supported businesses continue to demonstrate strength and drive healthy business value growth.	ODFL	View
2024 Q2	Jul 28, 2024	Weitz Partners III Opportunity Fund	9.1%	14.1%	AAPL, AMZN, AON, BRK-B, CCRD, CSGP, FIS, GOOG, GPN, IEX, KMX, LBRDA, LLYVA, LSXMK, LYV, MA, META, MSFT, NVDA, ODFL, PRM, SIRI, TXN	Long/Short, Mega Cap, Multi Cap, technology, value	AI initiatives have captivated investors' interest as companies like Alphabet, Amazon, and Meta are at the forefront of developing and deploying artificial intelligence in consumer and business applications. While AI development drives investor enthusiasm, these companies' traditional businesses continue to outperform and generate significant cash flow.		View
2024 Q2	Jul 25, 2024	Davis Global Fund	0.0%	0.0%	005930.KS, 0700.HK, 1299.HK, 3690.HK, AMAT, AMZN, BAER.SW, BRK-B, COF, D05.SI, DANSKE.CO, DAR, GOOGL, HUM, INTC, META, NPSNY, PRX.AS, TSN, WFC	AI, China, global, semiconductors, technology, value	AI drove strong earnings for many portfolio companies including Meta, Amazon and Applied Materials. Meta is creating huge value by using AI to improve content and retool advertising to engage target audiences more precisely. Applied Materials benefits from AI demand through advanced packaging for high-bandwidth memory and multi-chip integration.		View
2024 Q2	Jul 25, 2024	Davis New York Venture Fund	0.0%	0.0%	005930.KS, 2318.HK, AMAT, AMZN, BAER.SW, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, MGM, OC, TECK, USB, VTRS, WFC	banks, healthcare, interest rates, Quality, technology, value	The fund emphasizes valuation discipline and seeks companies trading at attractive prices relative to fundamentals. Portfolio trades at only 12 times forward earnings, a 46% discount to S&P 500 despite strong earnings growth. The end of the free money era has created opportunities for value-conscious investors.		View
2024 Q2	Jul 24, 2024	Bretton Fund	10.0%	0.0%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	Building Materials, financials, Homebuilders, large cap, Quality, technology, value	The fund sees long-term demand for wallboard and cement driven by structural housing shortage and infrastructure spending. Eagle Materials benefits from competitive advantages including low-cost gypsum sources, transportation barriers creating regional oligopolies, and locations in fast-growing Sun Belt markets.	EXP	View
2023 Q2	Jul 20, 2023	Weitz Partners III Opportunity Fund	9.1%	14.1%	AMZN, AON, BRK-B, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDK, MA, META, MSFT, PMS, ROP, SIRI, TECH, TMO, V	AI, contrarian, large cap, Long/Short, technology, underperformance, value	The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, which averaged roughly 16% of fund assets in 2025. Alphabet was the fund's top performer in both the quarter and year, with the latest Gemini AI release surpassing expectations and moving to the front of the pack on several benchmarks.	LBRDA BRK/A\|CSGP\|KMX	View
2024 Q2	Jul 19, 2024	GreensKeeper Value Fund	4.7%	16.7%	AAPL, AMZN, BRK-B, CFRUY, ELV, FI, GOOGL, HSY, META, MSFT, NVDA, TSLA, V, VRTX	AI, Concentration, long-term, Quality, technology, value	GreensKeeper emphasizes buying high-quality companies at valuations that provide a large margin of safety. The manager explicitly states they stick to this approach and are immune from FOMO virus regarding must-own AI stocks. They focus on answering what a stock is worth rather than timing the market.	V BRK.B ELV VRTX GOOGL	View
2024 Q2	Jul 16, 2024	Giverny Capital Asset Management	7.0%	20.2%	AAPL, ADI, AHT.L, AMZN, ANET, BRK-B, CSU.TO, ERF.PA, FIVE, GOOGL, HEI, IBP, KMX, KSL, META, MSFT, NVDA, PGR, SCHW, TSLA	AI, Concentration, Quality, small caps, technology, value	AI is driving significant performance in tech stocks, particularly benefiting Arista Networks as a key supplier of networking equipment to AI data centers. The manager acknowledges AI's importance while noting the concentrated nature of AI-driven returns in the market.	KMX ERF.PA FIVE	View
2024 Q1	May 4, 2024	Davis New York Venture Fund	0.0%	0.0%	005930.KS, 2318.HK, AMAT, AMZN, BAER.SW, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, MGM, OC, TECK, USB, VTRS, WFC	banks, financials, healthcare, Quality, rates, technology, value	The fund emphasizes the end of the free money era that began in 2008-2009, with the Federal Reserve raising rates 11 consecutive times starting March 2022. This normalization creates headwinds for speculative growth companies but tailwinds for durable, attractively valued businesses with strong fundamentals. The managers view this as a return to normalcy where valuation discipline matters again.		View
2023 Q4	May 3, 2024	Bumbershoot Holdings	0.0%	0.0%	AE, AGM, AXR, BOX, BRK-B, CTRA, EVLV, FEIM, GENC, GHM, GOOGL, HCCI, HSII, IMKTA, KVHI, LGND, MDLZ, MSTR, MU, NR, ORN, PATI, PLAB, STXS, VKTX, ZION	Biotechnology, Fertilizers, fundamentals, healthcare, small caps, value	The fund maintains significant exposure to agricultural-fertilizer sector with positions in Intrepid Potash, Nutrien, Mosaic, and CF Industries. Despite being a significant detractor for the year, the manager remains highly constructive about long-term fundamentals within the fertilizer industry.		View
2023 Q1	Apr 30, 2023	Tweedy, Browne Worldwide High Dividend	6.4%	9.8%	BABA, BAC, BAESY, BIDU, BRK-B, CSCO, DGE.L, FDX, GOOGL, JNJ, NESN.SW, NVS, RHHBY, SAF.PA, TFC, TTE, UL, USB, VRTX, WFC	Banking, dividends, international, Reset, value	The manager believes a reset is afoot in capital markets that could favor value stocks over growth counterparts. They emphasize that price matters again and their portfolios trade at attractive valuation multiples. The owner earnings yield for many new buys has typically been around 7-8% or higher.		View
2023 Q1	Apr 21, 2023	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, PKI, ROST, SPGI, TJX, UNH, UNP, V	Banking, healthcare, Housing, technology, value	Regional banking crisis emerged with Silicon Valley Bank and First Republic facing deposit flight and liquidity issues. Megabanks like JPMorgan and Bank of America expected to benefit from flight to quality and increased regulation of community banks.	ABAC JPM CNVRG PM AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2025 Q1	Apr 15, 2025	Giverny Capital Asset Management	-3.4%	-3.4%	AAON, ANET, BLDR, BRK-B, CSU.TO, FIVE, GOOGL, HEI, KMX, KNSL, MEDP, META, PGR, SCHW, TWFG	Construction, insurance, Quality, technology, Trade Policy, value	Trump's tariff policies created significant market volatility, with the manager viewing the tariff plan as economically damaging. The manager believes exiting global trade agreements would lead to rising prices and weaker corporate profits, creating a less favorable investing environment.	BLDR AAON TWFG	View
2025 Q1	Mar 31, 2025	Madison Investors Fund	-0.9%	-0.9%	A, ACGL, ACN, ADI, ALC, AMZN, BN, BRK-B, DHR, ELV, FERG, FI, GOOGL, LOW, NKE, PACR, PGR, TXN, USB, V	concentrated, insurance, large cap, payments, Quality, tariffs, value	Three insurance companies topped the contributor list during the quarter's negative market returns. Industry fundamentals remain sound with defensive demand profiles and limited tariff exposure. Progressive continues benefiting from robust premium growth and strong underwriting margins.		View
2023 Q1	Mar 31, 2023	Weitz Partners III Opportunity Fund	9.1%	14.1%	AMZN, AON, BRK-B, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDK, LH, MA, META, MSFT, ROP, SIRI, TECH, TMO, V	AI, healthcare, Long/Short, technology, Telecommunications, value	The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, averaging roughly 16% of fund assets in 2025. Alphabet was the top performer with the latest Gemini AI release surpassing expectations and moving to the front of the pack on several benchmarks.	LBRDA BRK/A\|CSGP\|KMX	View
2023 Q4	Mar 18, 2024	Giverny Capital Asset Management	7.0%	20.2%	AAPL, AMZN, BAC, BRK-B, BRO, CMG, GOOGL, MCD, META, MSFT, MTB, NVDA, NVO, NVR, OZRK, SCHW, TSLA	Banking, Canada, long-term, Quality, technology, value	Artificial Intelligence was a major topic in 2023, particularly generative AI machines like Google's Gemini and ChatGPT. The manager notes that companies selling server equipment for AI are benefiting from an explosion in investment spending from major tech companies, though these expenses may not always be recurring in the future.		View
2024 Q4	Jan 29, 2025	Weitz Multi Cap Equity Fund	-0.6%	15.6%	AIF.TO, BRK-B, DHR, EFX, GOOGL, GWRE, HEI, KMX, LBRDK, LBTYK, MA, META, ODFL, PRM, SIRI, TECH, TXN, V, VRSN	inflation, Multi Cap, rates, small caps, 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 of their portfolio companies are actively exploring AI applications to enhance their operations and drive long-term growth.		View
2023 Q4	Jan 29, 2024	GoodHaven Capital Management	0.0%	18.9%	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR	concentrated, energy, financials, Mid-cap, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.		View
2023 Q4	Jan 27, 2024	Weitz Partners III Opportunity Fund	9.1%	14.1%	AMZN, BRK-B, CCRD, CHTR, CSGP, FIS, GOOG, GPN, GS, KMX, LBRDA, LSXMK, META, MKL, MSFT, PRM, QRTEP, ROP, SCHW, SIRI, SPY, V	large cap, Long/Short, Media, payments, technology, value	The fund initiated a new position in Global Payments, a leading provider of payments acceptance services with roughly four million merchant locations worldwide. Despite increased competition in the payments landscape, the managers believe Global Payments is more durable than feared and trades at a compelling valuation.	CGPN.L LBRDA 4IMPRINT CCRD	View
2023 Q3	Jan 11, 2023	Tweedy, Browne International Value II	4.8%	8.3%	BA.L, BRK-B, CNHI, D05.SI, DEO, DHL.DE, FMS.DE, GOOGL, INP.L, IONS, JNJ, MEGACPO.MX, NESN.SW, NVS, RMS.PA, ROG.SW, SAF.PA, TREL-B.ST, TTE, U11.SI	Currency, Diversified, international, value			View
2023 Q1	Jan 4, 2023	Vltava Fund	0.0%	0.0%	ABG, ATD, BMW.DE, BRK-B, JUNGF, MGA, MKL, NVR, QCPOF, SUS.L, WSM	Buybacks, Capital Allocation, dividends, Switzerland, Tourism, value	Share buybacks are viewed as potentially the best use of capital when executed at prices below intrinsic value, creating wealth transfer from selling shareholders to remaining ones. The manager prioritizes companies that place buying back shares at attractive prices at the top of their capital allocation considerations, with about 80% of the portfolio comprised of such companies.	JUNGN.SW CMG.TO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	GreensKeeper Value Fund	Berkshire Hathaway Inc.	Financials	Multi-Sector Holdings	Bull	NYSE	Acquisitions, cash, conglomerate, Diversified, Insurance, utilities, Value	View Pitch
Apr 13, 2026	Fund Letters	Mar Vistas U.S. Quality	Berkshire Hathaway	Financials	Multi-Sector Holdings	Bull	NYSE	cash position, conglomerate, defensive, Insurance, strategic investments, underwriting, value investing	View Pitch
Apr 13, 2026	Fund Letters	GreensKeeper Value Fund	Berkshire Hathaway Inc.	Financials	Multi-Sector Holdings	Bull	NYSE	cash position, conglomerate, diversification, Equity, Insurance, railroad, utilities, Value	View Pitch
Apr 13, 2026	Fund Letters	GreensKeeper Value Fund	Berkshire Hathaway Inc.	Financials	Multi-Sector Holdings	Bull	NYSE	cash generation, conglomerate, defensive, Insurance, manufacturing, railroad, utilities, Value	View Pitch

BSD Shareholders of BRK-B-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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