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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Bianco Research | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, global, long-term, Private Capital, Public Companies, value creation | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to a significant re-rating of the shares. The manager took advantage of this performance to realize gains from Oracle. | View | |
| 2025 Q2 | Aug 27, 2025 | Global High Dividend ADR | 8.6% | 17.3% | 2899.HK, 8766.T, AVGO, BA.L, BTI, CVX, DUK, ET, IBE.MC, JCI, JNJ, JPM, MRK, MS, NVS, SGO.PA, SIE.DE, TSCO.L, UCG.MI, ZURN.SW | dividends, Dollar, Europe, financials, international, long-term, Quality, value | Global value has outperformed growth over the last one, three, five and seven years. Value remains more out of favor today over a trailing 10-year basis than during the peak of the Dot-Com Bubble. Key drivers include strong performance of financial companies benefiting from rising interest rates and industrial companies exposed to long-term secular tailwinds. | View | |
| 2024 Q1 | May 30, 2024 | Silver Beech Capital | 0.0% | 22.3% | BN, BTI, BUR, C, CROX, DNTL.TO, ET, FFH, FNF, GOOGL, SD, WSC | cash flow, Consolidation, infrastructure, Pricing Power, small cap, undervalued, value | Silver Beech focuses on finding undervalued companies trading below intrinsic value. The portfolio trades at significantly lower valuations than the S&P 500 while maintaining similar growth and operating metrics. The fund seeks to capitalize on market inefficiencies and human nature-driven boom and bust cycles. | DNTL.TO WSC |
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| 2026 Q1 | Apr 8, 2026 | Eagle Point Capital LLC | - | - | AZO, BN, BTI, CHGG, DG, INTC, MCK, NVDA, PM, TSM, WOSG.L | Concentration, durability, long-term, Physical Infrastructure, Quality, value | MCK |
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| 2024 Q1 | Apr 26, 2024 | Moon Capital Management | 0.0% | 23.0% | AAPL, AMZN, BTI, GOOGL, ITC.NS, META, MSFT, NVDA, PM, TSLA | earnings, Fed policy, Market Timing, rates, Tobacco, value | British American Tobacco represents a value opportunity trading at only 6x earnings despite generating robust free cash flows exceeding 16% yield. The company is successfully transitioning from traditional combustibles to reduced-risk products, with New Categories business growing 30% annually and turning profitable in 2023. BTI plans to use proceeds from ITC stake sales for share buybacks and debt reduction. | BTI |
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| 2025 Q1 | Apr 24, 2025 | Diamond Hill International | 4.0% | 4.0% | 2875.T, 6501.T, 8058.T, ABEV, BABA, BAER.SW, BAP, BEI-UN.TO, BTI, BYG.L, GLEN.L, GSK, IMB.L, MRO.L, NWC.TO, QURE, SAF.PA, SPOT, TSM | aerospace, AI, Asia, Europe, infrastructure, international, real estate, value | Chinese AI innovation, particularly DeepSeek, demonstrated capability to rival US technologies at significantly lower costs, underscoring intensifying global AI competition. Alibaba benefited from market optimism around its AI initiatives and expanded capital investment to bolster AI capabilities. | 6501.T BEI.UN.TO BYG.L MRO.L NWC.TO 2875.T IMB.L BTI QURE GLEN.L TSM SAF.PA SPOT BABA |
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| 2025 Q1 | Apr 23, 2025 | Oak Ridge investment | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | diversification, Funds, Long Term, NAV, Private Capital, Public Companies | Oracle, Microsoft and Alibaba Group were strongest performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to significant re-rating of the shares. The company took opportunity to realise gains from Oracle position given strong AI-driven performance. | View | |
| 2025 Q1 | Apr 1, 2025 | Guinness China | -0.1% | -0.1% | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | diversification, Funds, Long Term, NAV, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company took opportunity to realize gains from Oracle given the strong AI-driven performance. | View | |
| 2025 Q1 | Mar 31, 2025 | Evolve Private Wealth | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, Funds, Investment Trust, long-term, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to a significant re-rating of the shares. The company took the opportunity to realize gains from Oracle given the strong AI-driven performance. | 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 Q3 | Dec 4, 2025 | Global High Dividend ADR | 5.0% | 23.1% | BTI, C, DG.PA, ET, IBE.MC, JCI, JNJ, JPM, MO, MS, NVS, RIO, SIE.DE, UCG.MI | AI, dividends, Europe, financials, growth, international, technology, value | The strategy focuses on high-quality dividend-paying companies with strong balance sheets. 91% of portfolio companies increased dividends by an average of 10.9% year over year, with portfolio dividend income growing 9.2%. The managers remain committed to investing in companies with operational resilience to deliver progressive dividend growth over the long term. | DG FP |
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| 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 | Nov 25, 2025 | Caledonia Investment | - | 7.3% | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | AI, diversification, global, Private Capital, Public Companies, technology | Strong performance from Oracle, Microsoft and Alibaba Group driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of shares. AI developments are creating opportunities across technology holdings. | View | |
| 2024 Q3 | Oct 20, 2024 | Distillate Capital International | 0.0% | 10.9% | 000660.KS, 005930.KS, 6902.T, 9433.T, BABA, BTI, JD, PDD, RIO.L, TSM | Concentration, international, Quality, risk, valuation, value | The letter extensively discusses valuation risk in U.S. markets, comparing current conditions to the 2000 TMT bubble. The manager highlights that over 40% of the S&P 500 trades at NTM P/E ratios above 30x, while only 30% trades below 20x. International stocks now appear more attractive than U.S. stocks on a relative valuation basis after a long period of underperformance. | View | |
| 2025 Q3 | Oct 1, 2025 | Eagle Point Capital | - | - | BTI, CHTR, COST, LULU, SPOT, TSLA | dividends, free cash flow, Mean reversion, risk management, Tobacco, value | Eagle Point Capital emphasizes buying businesses at low absolute valuations, preferably with 10-15% free cash flow yields. They believe low valuations provide attractive base returns, low bars for positive surprises, and soft price floors that reduce risk while providing asymmetric returns. | BTI LN |
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| 2023 Q4 | Jan 5, 2024 | Sparrow Wealth Management | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, Funds, Investment Trust, Long Term, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company's AI focus contributed to strong returns across the Capital portfolio. | View | |
| 2024 Q4 | Jan 19, 2025 | Sharp Capital | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, global, Long Term, Private Capital, Public Companies, value | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company's AI focus contributed to strong returns across the Capital portfolio. | View | |
| 2024 Q2 | Aug 13, 2024 | Silver Beech Capital | 0.0% | 22.3% | BN, BTI, BUR, DNTL.TO, ET, FFH.TO, FNF, RCM, WSC | Concentration, Legal Finance, multiples, Outperformance, technology, value | Silver Beech focuses on companies trading at low multiples of normalized earnings power and below intrinsic value. The portfolio trades at 14.7x forward P/E versus 22.7x for the S&P 500, while maintaining similar growth and operating metrics. The fund seeks companies with strong competitive advantages that are misunderstood by the market. | BUR |
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| 2023 Q4 | May 16, 2024 | Tidefall Capital Management | 2.4% | 6.9% | BATS, BTI, BXMT, FFH.TO | Berkshire, Fairfax, insurance, Tobacco, Transformation, value | Manager discusses British American Tobacco extensively, noting the removal of menthol cigarette ban risk and explosive growth in nicotine pouches. Emphasizes transformation from big tobacco to big nicotine with strong growth prospects. | View | |
| 2024 Q1 | Apr 21, 2022 | Tidefall Capital Management | 2.4% | 6.9% | BTI, FFH.TO | Airports, Fairfax, Float, India, insurance, Tobacco, value | Bangalore International Airport represents a compelling value opportunity as India's aviation market is expected to grow dramatically from 208mn passengers in 2019 to 510m by 2030. BIAL trades at just 9.5x normalized free cash flow despite being positioned as one of the fastest growing airports globally, with passenger capacity expected to reach 90 million within 10 years. The airport's designation as Air India's second hub enhances prospects for lucrative international travellers. | FFH.TO |
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| 2023 Q1 | Apr 14, 2023 | Distillate Capital International | 0.0% | 10.9% | 005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, international, Leverage, Quality, rates, selectivity, value | Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. | View | |
| 2022 Q4 | Feb 28, 2023 | Ashva Capital Management | 23.0% | 0.0% | BTI, MO | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Bireme Capital | -2.0% | -2.0% | AAPL, AI, ARM, BTI, CLX, META, NFLX, ORI, RICK, TR, TSLA | fiscal policy, inflation, Magnificent 7, Shorts, technology, Tobacco, value | Manager emphasizes exploiting investor biases to find high-conviction investments in undervalued equities. Rebalanced from richly-valued positions to traditional value names with undemanding valuations. Continues to find enticing opportunities in US and overseas markets where valuations are more attractive. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 14, 2026 | Seeking Alpha | Seeking Alpha | British American Tobacco p.l.c. | Tobacco | Tobacco | Neutral | London Stock Exchange | Cost-saving initiatives, debt reduction, Flavored vaping products, Hold rating, market valuation, Non-combustible products, regulatory challenges, revenue decline, tobacco industry, Velo brand | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill International | British American Tobacco p.l.c. | Consumer Staples | Tobacco | Bull | London Stock Exchange | dividend, Free Cash Flow, India, Regulatory, tobacco, United Kingdom, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Moon Capital Management | British American Tobacco | Consumer Staples | Tobacco | Bull | NYSE | cash flow, deleveraging, dividend, E-cigarettes, Reduced-Risk Products, Share Buybacks, tobacco, transformation, Value | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Michael Price | Empyrean Capital Partners | $2.7B | $124.6M | 4.64% | 2,200,000 | +1,250,000 | +131.58% | 0.0976% |
| Sarah Ketterer | Causeway Capital Management LLC | $7.3B | $27.4M | 0.38% | 483,138 | +24,435 | +5.33% | 0.0214% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $2.4M | 0.00% | 42,000 | -359,400 | -89.54% | 0.0019% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $15.5M | 0.02% | 274,100 | +274,100 | +100.00% | 0.0122% |
| Lee Ainslie | Maverick Capital | $9.3B | $1.7M | 0.02% | 30,360 | -14,558 | -32.41% | 0.0013% |
| Ray Dalio | Bridgewater Associates | $27.4B | $167.1M | 0.61% | 2,952,078 | -790,642 | -21.12% | 0.1310% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $85.8M | 0.11% | 1,515,996 | +759,460 | +100.39% | 0.0673% |
| Israel Englander | Millennium Management LLC | $233.2B | $7.8M | 0.00% | 138,400 | -402,700 | -74.42% | 0.0061% |
| Jeremy Grantham | GMO LLC | $39.1B | $86.2M | 0.22% | 1,521,732 | -162,193 | -9.63% | 0.0675% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $134.0M | 0.20% | 2,366,970 | -16,975 | -0.71% | 0.1050% |
| Cliff Asness | AQR Capital Management | $190.6B | $11.7M | 0.01% | 206,746 | +36,535 | +21.46% | 0.0092% |
| Oliver Murray | Brandes Investment | $13.1B | $669,984 | 0.01% | 11,833 | -3,091 | -20.71% | 0.0005% |
| Rich Handler | Jefferies | $19.3B | $1.8M | 0.01% | 32,444 | -45,256 | -58.24% | 0.0014% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $1.7M | 0.00% | 30,298 | +133 | +0.44% | 0.0013% |