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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Apr 30, 2025 | Invesco Small Cap Value Fund | -14.6% | -14.6% | AVTR, CCK, IART, ICLR, NRG, QDEL | healthcare, industrials, small cap, tariffs, value, volatility | The fund uses an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. The team believes the difference between market price and estimated intrinsic value of holdings was very attractive at month end, indicating above-average capital appreciation potential. Recent market volatility has provided opportunities to purchase new holdings and add to existing positions at attractive prices. | View | |
| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | CCK, CNM, MEDP | Biotechnology, healthcare, packaging, small cap, value | Crown Holdings is the second largest manufacturer of aluminum beverage cans globally with high barriers to entry and stable margins. The industry structure, scale, and long-term contracts with inflationary pass-throughs result in solid returns and robust free cash flow. Aluminum cans are taking share from plastic as a more sustainable product. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, E-Commerce, Entertainment, large cap, software, technology, value | Live Nation is the world's largest live entertainment company operating in an industry that has grown in the high single-digits over the last two decades with demand continuing to exceed supply. Artists today make 90% of their revenue on tour as album sales and royalties become less important, with tours increasingly global and more shows per tour. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Capital markets, E-Commerce, Entertainment, software, technology, value | Live Nation is the world's largest live entertainment company with the industry growing in high single-digits over two decades. Demand continues to exceed supply with artists making 90% of revenue on tour as album sales become less important. Live Nation's comprehensive offerings and scale enable better pricing and venue organization decisions. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | Concentration, free cash flow, large cap, long-term, Margin Of Safety, value | Multiple portfolio companies are benefiting from cloud adoption trends. Amazon reported strong results with cloud transition as a secular tailwind. Salesforce continues to execute well in CRM and SFA software with strong free cash flow growth. NICE's cloud revenue has grown in line with expectations. | CHD SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Cloud, Entertainment, large cap, software, technology, value | Cloud revenue growth continues to meet expectations at NICE, with generative AI driving cloud adoption. Amazon's cloud transition remains a powerful secular tailwind. Microsoft's Azure cloud computing continues to execute well. | CCK SBUX KMX LYV |
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| 2025 Q1 | Apr 11, 2025 | Middle Coast Investing | - | - | AAPL, AER, AMZN, ATKR, ATRO, AVGO, BRK.B, CCK, DALN, DFS, ECG, FCNCA, LULU, OMAB, PGR, PTLO, SCHW, SCS, SON, TRIP | aerospace, Airports, infrastructure, insurance, technology, Trade Policy, volatility | Manager expects continued volatility due to Trump administration's erratic policy approach and indifference to stock market performance. Planning to be quicker about buying and selling to take advantage of volatility, with raised cash levels to navigate uncertain environment. | GOOG SON ECG |
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| 2025 Q1 | Mar 31, 2025 | Meridian Contrarian Fund | -7.6% | -7.6% | AXS, BEPC, CCJ, CCK, EVRG, FCNCA, HNST, KRNT, NGD, PRGO, PSIX, RDUS, VICI | contrarian, reshoring, small caps, tariffs, turnaround, value | The fund remains focused on identifying businesses that may benefit from long-term structural shifts such as the re-shoring of U.S. manufacturing—a theme they have been investing in for several years and one that gained traction post-pandemic. They note that reshoring and supply chain realignment takes years, so it is not surprising that so far, the beneficiaries have not escaped indiscriminate market volatility. | NGD AXS RDUS CCJ KRNT HNST |
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| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Small Cap | -7.3% | 1.3% | AMZN, CCK, CG, CRM, EG, ELV, FBHS, GOOGL, HEIA.AS, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH | Building Products, discount, Europe, Foodservice, Margin Of Safety, small caps, value | Small Cap is the most discounted portfolio in terms of price compared to intrinsic value estimates, providing the highest margin of safety. The manager believes the market is overly focused on short-term results and not properly recognizing long-term prospects of quality companies trading at discounts. | View | |
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Large Cap | -0.1% | 17.5% | AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.PA, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH | Alternative Asset Managers, global, healthcare, large cap, Margin Of Safety, technology, value | Manager emphasizes buying companies with stable values at attractive margins of safety. Price to value ratios remained relatively flat across strategies despite double-digit returns. Focus on allocating capital to companies with larger margins of safety as U.S. markets outperformed. | View | |
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Small Cap | -2.5% | 13.6% | AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SW.ST, UNH | Alternative Asset Managers, Concentration, healthcare, insurance, international, value | Manager emphasizes buying companies with stable values at attractive margins of safety. Portfolio price-to-value ratios remained relatively flat despite double-digit returns as capital was reallocated from companies whose prices rose faster than values into more discounted opportunities. | View | |
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Focus Plus | 6.3% | 26.1% | AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH | concentrated, Intrinsic Value, large cap, long-term, Margin Of Safety, value | Everest Group is a global reinsurance and insurance business known for disciplined underwriting. The company underwrites aggressively in hard markets and builds capacity during soft markets, focusing on growing intrinsic value per share over long-term rather than managing short-term earnings. | View | |
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Focus Plus | 7.4% | 27.5% | AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH | Alternative Asset Managers, Cloud, Concentration, Discipline, insurance, large cap, value | Vulcan follows a disciplined value approach, reallocating capital from companies whose prices rose faster than values into companies whose prices did not keep up with values. They maintain attractive price to value ratios despite double-digit returns and focus on companies with stable values and margins of safety. | View | |
| 2025 Q3 | Nov 16, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | ALNY, APP, ARGX, AXON, CASY, CCK, CHWY, DKNG, DT, EQT, EXPE, ICLR, IP, LNW, PFGC, QXO, REZI, TECH, UMBF, WSC | Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, policy, Rate Cuts, stock selection | Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam Pharmaceuticals advanced driven by accelerating uptake of its treatment for transthyretin cardiac amyloidosis. | View | |
| 2023 Q3 | Nov 10, 2023 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | AZPN, BKI, CASY, CCK, CLH, DOCS, EDR, ETSY, KEYS, NE, PCTY, PINS, PXD, RE, RJF, SPLK, VRT, WSC | Data centers, energy, growth, industrials, mid cap, value | Vertiv, a leader in power and thermal management for data centers, was the top performer driven by strong AI-related demand. The company benefits from improved margins and strong free cash flow generation, with long-term prospects enhanced by AI buildouts increasing demand for liquid-cooling products. | PINS AD8 AU|ARB AU|BAP AU|CAT AU|DHG AU|PME AU|PNI AU|RDX AU|TNE AU CASY MELI|NFLX|ORCL|TCOM|VRTX|YUMC |
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| 2025 Q3 | Oct 21, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | ALNY, APP, ARGX, ATS.TO, AVTR, AXON, BJ, CASY, CCK, CHWY, EMN, ICLR, IP, JLL, LNW, PFGC, QXO, RARE, TECH, UMBF | Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, Rate Cuts, stock selection, value | Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam advanced driven by accelerating uptake of its ATTR-CM treatment and raised full-year revenue guidance. | RBLX |
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| 2025 Q4 | Jan 9, 2026 | Middle Coast Investing | 2.7% | 16.9% | AAPL, ABM, AER, AMZN, APOG, ATKR, ATRO, AVGO, BHF, CCK, COF, CPAY, ECG, FG, GOGO, GOOG, HI, HNI, HURC, LULU, LYFT, MLKN, OMAB, PAGS, PGR, PTLO, SCHW, TRIP, WS | Bottom-up, Cash, Defensive, Office Furniture, risk management, value | Manager emphasizes bottom-up investing approach, looking for companies that will do better in years ahead when stocks are priced attractively. Seeks good companies at fair prices to protect against market struggles while avoiding missing big years. Primary goal is to avoid blowing up and survive through bad times. Uses rules like not buying whole positions at once, demanding 50% upside, watching leverage, and knowing when to double down. Maintains defensive portfolio positioning. Decade-long investment theme in office furniture companies including Kimball International, Steelcase, and HNI Corporation. Believes return to office theme hasn't played out but might be soon, with order growth showing improvement across major players. | View | |
| 2025 Q4 | Jan 21, 2026 | Meridian Contrarian Fund | 2.2% | 0.0% | AMD, AMSC, ATZ.TO, AXS, CACI, CCK, DLTR, FCNCA, HNST, LASR, MIR, NVST, PENG, TCBI | AI, contrarian, defense, energy, semiconductors, small cap, turnaround, value | The fund continues to see long runways supporting artificial intelligence as a core theme. AI-related earnings drove early-period performance in the quarter. AMD made progress establishing its GPU servers as a viable alternative to Nvidia's offerings in the AI space. AMD emerged from underperformance with competitive technology positioning against Intel and Nvidia. The company's GPU servers are establishing viability as alternatives to Nvidia in AI applications. Technology leadership is generating market share gains and improved profits. Defense represents one of the portfolio's core themes with long runways for growth. The fund holds positions in defense-related companies including those serving naval programs and defense electronics applications. Electric grid upgrades represent a significant growth driver for portfolio companies. American Superconductor is positioned to benefit from demand for electric grid infrastructure improvements and expanding power transmission needs. The portfolio benefits from electrification and power themes as core investment areas. Companies are positioned to capitalize on rising power demand, wind power expansion, and infrastructure investment in the energy transition. | AMD ATZ CN DLTR HNST AMSC PENG |
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| 2025 Q4 | Jan 13, 2026 | Upslope Capital Management | 2.0% | 14.8% | 6954.T, 8697.T, BAH, BIO, CCK, CME, DPLM.L, FCN, GOOGL, HOLN.SW, HSIC, HSY, INTC, MKTX, SAND.ST, SMIN.L, STE, TDY | AI, Automation, defense, healthcare, industrials, Japan, Long/Short, mid cap | Manager exited European defense stocks for the first time since early 2022, citing full valuations and expectations that the Ukraine conflict may wind down. However, maintains exposure through Booz Allen Hamilton and Korea Defense ETF, noting long-term secular tailwinds from rising geopolitical risks and defense spending. AI is described as everywhere, particularly on buyside analyst desktops, contributing to faster market pace and gambling-like behavior. Manager sees AI moving into the physical world as a catalyst for industrial automation companies like Fanuc, which is positioned to benefit from AI's expansion beyond digital applications. Fanuc holds ~50% market share in CNCs and is a leading factory robotics player, positioned to benefit from AI moving into the physical world and rising trade barriers boosting global reshoring. The company serves general industrial, automotive, electronics, and aerospace end markets with global diversification. Portfolio includes Japan Exchange Group benefiting from ongoing Japanese equity market structure reforms and corporate governance improvements. Fanuc represents exposure to leading Japanese industrials with fortress balance sheets and global market leadership in automation. | HSIC 6954 JP CCK BAH |
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| 2024 Q3 | Sep 30, 2024 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | APP, APTV, AVTR, CCK, CPAY, DKNG, ETSY, FIVE, FRSH, ICLR, PFGC, PINS, RARE, RRX, SBAC, SUI, THC, VST, VYX, WK | healthcare, industrials, interest rates, mid cap, Quality, technology, Value rotation | AppLovin represents one of the best examples of an AI beneficiary in the mid cap market, having already incorporated AI capabilities into its platform. This translates into more effective take rates on clients' mobile games and transactions, with mobile games representing only the tip of the iceberg of AppLovin's potential for its AI-enabled platform. | View | |
| 2023 Q1 | Mar 31, 2023 | Meridian Contrarian Fund | 6.9% | 0.0% | AIG, AMD, APA, CARS, CCK, FCNCA, HNST | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Small Cap | Crown Holdings Inc. | Materials | Metal & Glass Containers | Bull | NYSE | Aluminum cans, barriers to entry, Beverage Packaging, Consolidated Industry, Free Cash Flow, Inflationary Pass-Through, market share gains, Sustainability | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | Crown Holdings Inc. | Materials | Metal & Glass Containers | Bull | NYSE | Aluminum cans, Beverage Packaging, Consolidated Industry, high barriers to entry, market share gains, materials, Packaging, Sustainability | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - All Cap | Crown Holdings Inc. | Materials | Metal & Glass Containers | Bull | NYSE | Aluminum cans, Beverage Packaging, Consolidated Industry, Free Cash Flow, high barriers to entry, Inflationary Pass-Through, market share gains, Sustainability | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | Crown Holdings Inc. | Materials | Metal & Glass Containers | Bull | NYSE | Aluminum cans, barriers to entry, Beverage Packaging, Consolidated Industry, Free Cash Flow, Inflationary Pass-Through, market share gains, materials, Sustainability | View Pitch |
| Jan 27, 2026 | Fund Letters | George K. Livadas | Crown Holdings, Inc. | Materials | Aluminum | Bull | New York Stock Exchange | buybacks, defensive, EBITDA, leverage, Packaging | View Pitch |
| Oct 23, 2025 | Value Investors Club | Hal | Crown Holdings, Inc. | Materials | Metal & Glass Containers | Bull | NYSE | Aluminum cans, Ball Corp, Moat, oligopoly, Packaging, Recycling, Sustainability | 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. | ||||||||