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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q1 | Jun 15, 2026 | Turtle Creek Fund Test | -4.8% | -4.8% | ATS.TO, BFH, CE, CIGI.TO, ENSG, IR, MEDP, PBH.TO, PNTG | Buybacks, healthcare, Industrial, mid cap, Specialty Chemicals, value | PNTG MEDP IR ATS.TO CIGI PBH.TO CE |
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| 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 | |
| 2024 Q4 | Dec 31, 2024 | Oakmark Fund- International Small Cap | 2.0% | 16.0% | ABNB, CE, CG, CNC, CRM, DIS, EBAY, ELV, GEHC, GM, GS, HLT, IQV, KDP, MO, PHM, TFC, WFC | Banking, Buybacks, financials, healthcare, large cap, Quality, technology, value | The fund focuses on investing in high-quality businesses at attractive prices despite broad market valuations being above historic averages. The wide spread in valuation multiples provides opportunities for superior future returns with a margin of safety. | KDP GEHC ELV CG ABNB CNC WFC |
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| 2023 Q2 | Jun 30, 2023 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | AMZN, BAX, CE, CSL, FCNCA, GOOGL, IQV, TFC, WBD | Building Materials, healthcare, normalized earnings, Regional Banks, Specialty Chemicals, Traditional Value, value | The fund is finding cheap stocks on traditional value metrics despite value underperforming growth by 2400 basis points. Many new positions fall into traditional value category, replacing faster-growing stocks that outperformed this year. | IQV FCNCA ACEL CSL BAX |
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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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jun 16, 2026 | Fund Letters | Turtle Creek Fund Test | Celanese Corporation | Chemicals | Specialty Chemicals | Bull | New York Stock Exchange | Competitive Advantage, energy-intensive, Feedstock Costs, Free Cash Flow, materials, natural gas, specialty chemicals | 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 |
|---|---|---|---|---|---|---|---|---|
| Ronald Muhlenkamp | Muhlenkamp & Co Inc | $371.8M | $8.9M | 2.38% | 209,403 | +24,948 | +13.53% | 0.1464% |
| David Hoeft | Dodge & Cox | $185.3B | $647.1M | 0.35% | 15,304,050 | -57,554 | -0.37% | 10.6997% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $12.0M | 0.02% | 284,349 | -143,849 | -33.59% | 0.1988% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $53.2M | 0.06% | 1,259,306 | +1,052,380 | +508.58% | 0.8804% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.4M | 0.00% | 32,036 | -18,961 | -37.18% | 0.0224% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $7.5M | 0.01% | 176,937 | -67,943 | -27.75% | 0.1237% |
| Israel Englander | Millennium Management LLC | $233.2B | $71.1M | 0.03% | 1,682,436 | -13,001 | -0.77% | 1.1763% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $9.5M | 0.01% | 223,675 | +130,553 | +140.20% | 0.1564% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $3,322 | 0.00% | 78 | -29,119 | -99.73% | 0.0001% |
| Ray Dalio | Bridgewater Associates | $27.4B | $11.1M | 0.04% | 263,302 | +107,547 | +69.05% | 0.1841% |