CBRE

CBRE

CBRE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Focus Plus	5.6%	18.6%	CBRE, KKR, LYV, MC FP	-			View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Focus Plus	5.9%	18.7%	CBRE, KKR, LYV	-			View
2024 Q3	Oct 28, 2024	Parnassus Value Equity Fund	7.3%	13.7%	AMZN, AXP, BIIB, BK, CBRE, CHTR, DHI, GOOG, INTC, MU, ORCL, PGR, SCHW, UNH	-			View
2025 Q3	Oct 21, 2025	Baron Real Estate Fund	10.2%	6.4%	AAON, ABNB, AMT, CBRE, CRH, IRM, JLL, WYNN	Housing, infrastructure, Property tech, real estate, REITs	The fund outperformed benchmarks, supported by strength in REITs, homebuilders, and travel-related real estate. Management sees real estate entering a recovery phase as supply tightens, rates ease, and institutional capital re-enters the sector. Long-term themes include housing affordability, infrastructure demand, and the rise of property technology.	FND AAON WYNN FND AAON WYNN	View
2025 Q3	Oct 17, 2025	Harbor Mid Cap Value Fund	4.1%	0.3%	ARW, CBRE, WWD	aerospace, industrials, Mid Caps, semiconductors, technology	The fund highlights opportunities in high-quality mid-cap companies across industrial and technology sectors, capitalizing on market volatility and durable earnings power. AI infrastructure investment continues to fuel demand for semiconductors and equipment makers, while defense and aerospace firms benefit from renewed government spending. The managers remain focused on fundamentals and valuation discipline amid macro-driven volatility.	WWD US	View
2025 Q3	Oct 14, 2025	Vulcan Value Partners – Large Cap	4.6%	9.5%	CBRE, FI, GOOG, KMX, MEDP	Buybacks, fundamentals, Quality, tariffs, value	The letter highlights disciplined investing in stable value companies like Fiserv and CBRE, focusing on margin of safety and repurchases at attractive valuations. Volatility from tariff-related uncertainty provided opportunities to redeploy capital toward discounted high-quality businesses. Vulcan stresses fundamentals over short-term macro trends.	GOOGL MEDP FISV	View
2024 Q3	Oct 10, 2024	Generation Investment Management Global Equity	-	-	CBRE, JLL	-			View
2025 Q4	Jan 30, 2026	BBH Select Series – Mid Cap Fund	-3.9%	-5.6%	ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA	AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value	AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations.	GWRE FOUR KEYS DAR	View
2025 Q4	Jan 22, 2026	Third Avenue Real Estate Value Fund	-1.8%	11.3%	AMH, BKG.L, BRK-A, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WY	Commercial, Homebuilders, real estate, REIT, Residential, value	Fund maintains significant exposure to commercial real estate platforms including real estate services, asset management, industrial and logistics properties, and self-storage facilities. These holdings represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate with structural demand drivers and limited maintenance capital expenditure requirements. Fund holds positions in major U.S. homebuilders including Lennar Corp., D.R. Horton, PulteGroup, and Champion Homes. These companies are supported by near-record low levels of for-sale inventories, near-record high demand for affordable product, and industry dynamics favoring scaled players over time. Fund focuses on well-capitalized enterprises with discounted securities trading at more than a 20% discount to estimated Net Asset Value at year-end. The strategy targets strategic real estate at value prices with prospects to compound capital over time. Multiple portfolio companies engaged in share repurchase activities during the quarter, including Lennar Corp. completing an exchange offer that effectively acted as an accelerated share repurchase program, exchanging Millrose Properties shares for 5% of its outstanding A shares.	DBK GR BIRG ID 2330 TT HBR LN CS CN LUN CN HCC	View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Small Cap	1.3%	10.7%	CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYSG, SSCC, SWKS, TRU, UNH	AI, Buybacks, insurance, Margin Of Safety, Quality, small caps, technology, value	AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager notes AI stocks accounted for approximately 61% of the S&P 500's return in 2025. Unlike the dot-com era, some AI leaders are real businesses financing substantial AI investments with self-generated cash flow, though valuations for some are attractive while others may be overvalued. The manager emphasizes following value investing discipline by purchasing only companies from their MVP list with stable values at discounted prices. They focus on businesses with sustainable competitive advantages trading below intrinsic value estimates, with portfolios showing improved price-to-value ratios across all strategies despite positive absolute returns. Small Cap returns have lagged Large Cap for an extended period, with Small Cap Value performing even worse. The manager notes conversations with clients questioning continued Small Cap allocation, spotty sell-side coverage, and an ignored segment creating opportunities. Their Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. The manager owns more insurance-related businesses, highlighting opportunities in the sector. They discuss Ryan Specialty Holdings as a commercial excess and surplus insurance broker, and Everest Group as a leading reinsurance company trading at discount to tangible book value despite producing underwriting profits. Share repurchases are highlighted as value-creating when companies buy back stock below intrinsic value. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value, giving shareholders 100% return on each dollar spent on buybacks.	FISV SWKS TRU KMX RYAN	View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Focus Plus	0.1%	7.1%	CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW, SWKS, TRU, UNH	AI, Buybacks, healthcare, insurance, small caps, technology, value	AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager believes AI is as real and transformational as the Internet, with approximately 61% of the S&P 500's return in 2025 coming from AI-related stocks. However, concerns exist about paying too much for AI businesses despite their real potential. The manager is finding tremendous opportunities in non-AI related companies that are steadily compounding their values but being ignored by the market. These 'old economy' companies are becoming increasingly discounted while AI stocks dominate returns, creating attractive value opportunities similar to the late 1990s dot-com era. Small Cap returns have lagged Large Cap for an extended period, with the manager noting conversations about whether to continue allocating to Small Caps. The Small Cap portfolio has a weighted average price to value ratio in the mid-50s, representing the most discounted portfolio. Sell-side coverage is spotty to nearly non-existent for many small cap holdings. Share repurchases are highlighted as a key value creation mechanism, with Medpace repurchasing over 8% of shares at approximately 50% of intrinsic value, effectively providing 100% returns on capital deployed. Companies are using strong balance sheets and free cash flow for opportunistic buybacks at discounted valuations.	MSFT CSGP CRM GOOG CBRE RYAN	View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Focus Plus	0.1%	6.2%	CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW.PA, SWKS, TRU, UNH	AI, healthcare, insurance, Quality, small caps, technology, value	Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio has improved price-to-value ratios across all strategies while delivering positive returns. Small Cap portfolio has weighted average price-to-value ratio in mid-50s, which manager considers incredible in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager believes AI is as transformational as the Internet but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, with Small Cap Value performing even worse. Manager sees this as opportunity, noting sell-side coverage is sparse and segment is ignored and unloved. Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. Manager focuses on MVP list of highest quality, most stable value companies in the world with sustainable competitive advantages. Lower quality companies have outperformed higher quality companies, especially in Small Cap, with companies having negative earnings accounting for 28% of Russell 2000 Value Index return. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value. Every dollar spent on share repurchases gave 100% return because they were purchasing at half of estimated fair value, increasing estimated value per share by 29% in single quarter.		View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Large Cap	-1.5%	7.9%	CBRE, CRM, CSGP, EVER, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RI.PA, RYAN, SSNC, STLA, SW, SWKS, TRU, UNH	AI, Buybacks, healthcare, insurance, small caps, technology, value	Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio weighted average price to value ratio improved to low 60s while maintaining positive returns. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing incredible opportunity in current environment. Artificial Intelligence is in early stages of disrupting numerous businesses, similar to Internet in 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager acknowledges AI as transformational technology but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Small Cap Value has been particularly weak. Manager notes sell-side coverage of Small Caps is much less robust, leading to ignored and unloved segment. Small Cap portfolio remains most discounted with weighted average price to value ratio in mid-50s. Share repurchases highlighted as value-creating activity when companies buy back stock below intrinsic value. Medpace repurchased over 8% of shares at approximately 50% of estimated intrinsic value, increasing estimated value per share by 29% in single quarter. Every dollar spent on buybacks provided 100% return due to purchasing at half of fair value.		View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Small Cap	3.2%	9.5%	CBRE, CRM, CSGP, FISV, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, STLA, SW.PA, SWKS, TRU, UNH	AI, discount, insurance, Quality, small cap, value	Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing significant margin of safety in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500 returns in 2025, creating market concentration risks reminiscent of dot-com era. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Manager notes sell-side coverage is sparse and segment is ignored and unloved, often indicating good allocation timing. Portfolio includes more insurance-related businesses including Everest Group reinsurance and Ryan Specialty excess and surplus insurance broker. These companies offer attractive risk-adjusted returns and capital allocation opportunities.	ITRN EG	View
2025 Q4	Jan 18, 2026	Parnassus Value Equity Fund	5.4%	19.0%	A, AMD, BAC, BALL, BK, CBRE, CMCSA, CMI, CMS, DE, GOOGL, GPN, HD, JPM, MA, MSFT, MU, NICE, NVO, ORCL, REGN, SCHW, SPGI, SYY, WDC, WM	AI, financials, healthcare, large cap, Quality, technology, value	The broadening AI megatrend continues to fuel demand across sectors, with AI developments boosting returns particularly in Industrials. The manager believes AI has potential to impact every sector over time, driving productivity gains and business model innovation across a much broader range of industries than currently appreciated by investors. Value stocks outperformed growth stocks in Q4 as high market valuations for growth stocks create attractive risk/reward potential in value stocks. The manager expects the current market environment to continue favoring value stocks given elevated growth stock valuations and relatively benign economic backdrop. Strong growth in distribution and power systems segments driven by data center demand, with companies like Cummins benefiting from robust sales results. Data center demand is supporting performance across multiple portfolio holdings.	WM HD WDC	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Focus Plus	5.6%	18.6%	AMZN, CBRE, CG, CRM, KKR, MSFT, TDG	-			View
2024 Q3	Sep 30, 2024	Oakmark Fund- International Small Cap	7.4%	0.0%	CBRE, GPC, MRK, SCHW	-			View
2024 Q3	Sep 30, 2024	Oakmark Select Fund	8.1%	0.0%	CBRE, GOOG	-			View
2024 Q3	Sep 30, 2024	Ariel Appreciation Fund	9.9%	0.0%	CBRE, CLB, LAZ, NOV, SCHW, SWK	-			View
2024 Q3	Sep 30, 2024	Artisan Mid Cap Fund	2.4%	6.6%	2019 HK, ARGX, CBRE, CELH, COHR, DXCM, EW, EXAS, ILMN, ONTO, RYTH, SPOT, TTEK, WST	-			View
2024 Q3	Sep 30, 2024	Impax US Sustainable Economy Fund	6.6%	21.4%	AMAT, CBRE, GILD, HUBS, PGR, PINS	-			View
2023 Q2	Jun 30, 2023	Ariel Appreciation Fund	9.9%	0.0%	CBRE, CG, LESL, MSGE, NTRS, PARA, RCL	-			View
2023 Q2	Jun 30, 2023	Ariel Fund	12.1%	0.0%	CBRE, CG, LESL, MSGE, PARA, RCL	-			View
2022 Q2	Jun 30, 2022	Third Avenue Real Estate Value Fund	15.7%	0.0%	CBRE, DHI	-			View
2023 Q1	Apr 20, 2023	The London Company Small-Mid Cap	2.0%	4.8%	BKI, CBRE, CPRT, ENTG, HAS, LW, MTB, STOR, SWKS, UNF	-			View
2023 Q1	Mar 31, 2023	Third Avenue Real Estate Value Fund	15.7%	0.0%	CBRE, INA AU, JLL, SVS LN	-			View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Focus Plus	5.9%	18.7%	AMZN, CBRE, CG, CRM, KKR, MSFT, TDG	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 21, 2026	Fund Letters	C.T. Fitzpatrick	CBRE Group, Inc.	Real Estate	Real Estate Services	Bull	New York Stock Exchange	Asset Rotation, capital discipline, commercial real estate, Cyclical Recovery, recurring revenue	View Pitch
Aug 7, 2025	Seeking Alpha	Lighting Rock Research	CBRE Group	Real Estate	Real Estate Services	Bull	NYSE	—	View Pitch

BSD Shareholders of CBRE

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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