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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 26, 2024 | Moon Capital Management | 0.0% | 23.0% | BTI | - | 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 | Dec 31, 2025 | Fortress – Fixed Income Fund | 0.6% | 5.5% | 005930.KS, 0700.HK, 1288.HK, 1585.HK, 1878.T, 2318.HK, 392.HK, 3968.HK, 6920.T, 8035.T, 916.HK, ACN, AMAT, AXP, BABA, BBDO, BNZL.L, BRK.B, BTI, CHTR, FMC, GMEXICOB.MX, GRMN, HSY, ITUB, IX, JNJ, LOGI, MC.PA, MRK, NTES, NVO, ORLY, PDD, PHM, ROG.SW, SBS, SNA, TSM, UNH, VALE, VRTX, WKL | AI, Bonds, emerging markets, healthcare, international, technology, Trade Policy, value | Artificial intelligence remained the primary focus for investors in U.S. markets, driving strength in technology names while masking moderation in other economic areas. The AI investment boom continued to power corporate capital expenditures and supply growth, though consumer confidence readings suggest potential underlying softness that could emerge if AI investment moderates. The manager sees excellent value opportunities globally, particularly in international and emerging markets despite strong recent performance. U.S. healthcare and consumer staples have been left behind by the AI frenzy and trade at appealing valuations. Portfolio companies show attractive price/earnings ratios with meaningful long-term return potential. Recent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. | View | |
| 2025 Q3 | Oct 1, 2025 | Eagle Point Capital LLC | - | - | BTI, CHTR, LULU | CLO, credit, floating rate, Refinancing, Yield | The manager reinforces the primacy of low absolute valuations and high free cash flow yields. Paying a low price reduces the risk of permanent capital loss and improves asymmetry. Mean reversion in growth and profitability underpins the value thesis. | BTI LN |
View |
| 2022 Q4 | Feb 28, 2023 | Ashva Capital Management | 23.0% | 0.0% | BTI, MO | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 19, 2026 | Seeking Alpha | Seeking Alpha | British American Tobacco p.l.c. | Tobacco | Cigarettes | Bull | London Stock Exchange | British American Tobacco, digital nicotine, dividend yield, ESG considerations, global markets, inflation hedge, Pricing power, tobacco industry, valuation gap, value investing | View Pitch |
| Feb 17, 2026 | Seeking Alpha | Seeking Alpha | British American Tobacco p.l.c. | Consumer Staples | Tobacco | Neutral | New York Stock Exchange | AI optimization, balance sheet, British American Tobacco, consumer trends, cost-cutting, dividend yield, Intangible Assets, market volatility, smokeless products, strategic pivot | View Pitch |
| Jan 10, 2026 | Seeking Alpha | Seeking Alpha | British American Tobacco p.l.c. | Consumer Goods | Tobacco | Bull | London Stock Exchange | British American Tobacco, cash flow, deleveraging, dividend yield, EPS growth, new product categories, share repurchase, tobacco industry, total shareholder yield, valuation | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Philipp Brohl | British American Tobacco | Consumer Staples | Tobacco | Neutral | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | The Asian Investor | British American Tobacco | Consumer Staples | Tobacco | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Sensor Unlimited | British American Tobacco p.l.c. | Consumer Staples | Tobacco | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Michael B Howard | British American Tobacco | Consumer Staples | Tobacco | Bear | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | RB Equity | British American Tobacco p.l.c. | Consumer Staples | Tobacco | Bull | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||