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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 5, 2025 | Gator Capital Management | 14.5% | 13.8% | AX, BNP.PA, C, CG, FCNCA, FFBC, GLE.PA, HOOD, HOUS, SLM | Bank Valuations, Credit quality, financials, M&A, Regional Banks, yield curve | Manager maintains overweight position in small and mid-cap regional banks trading at 8x next year's earnings versus normal 10-14x range. Banks face headwinds from inverted yield curve but benefit from Fed rate cuts steepening the curve and loan repricing tailwinds. Recent credit quality concerns have led to reduced sector exposure. | FFBC VRTS WEX |
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| 2025 Q2 | Aug 18, 2025 | Baron Growth Fund | 0.8% | -3.5% | ACGL, ANSYS, BFAM, CG, CHH, CNS, CSGP, CWAN, DNUT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH | Casinos, growth, insurance, Long Term, Quality, small cap, Veterinary | The fund focuses on owning competitively advantaged businesses with superior financial attributes including higher margins, cash flow, and returns on capital. The portfolio generates 28.5% operating margins and 30.7% free cash flow margins, significantly above historical averages and benchmarks. | View | |
| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Small Cap | 8.1% | 3.6% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, tariffs, technology, value, volatility | Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and CEO transition. IQVIA Holdings added as largest CRO globally with strong positioning despite industry headwinds. Healthcare represents core value opportunity during market volatility. | View | |
| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Focus Plus | 9.5% | 3.2% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, tariffs, technology, value, volatility | Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both opportunity and risk with government policy exposure but stable underlying business models. | View | |
| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Focus Plus | 8.8% | 2.3% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, tariffs, technology, value, volatility | Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both value opportunities and operational turnaround situations with stable underlying business models. | FORT.L GOOGL AMZN LFUS ISS.CO ARES MSFT IQV UNH UNH |
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| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Large Cap | 7.0% | 4.7% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, tariffs, technology, value, volatility | Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both value opportunities and operational turnaround situations with stable underlying business models. | FORA.L GOOGL AMZN LFUS ISS.CO ARES MSFT IQV UNH |
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| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Small Cap | 6.7% | 1.9% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, private credit, tariffs, technology, value, volatility | Market volatility related to tariffs increased markedly during the second quarter, creating opportunities to execute investment philosophy. The tariff tantrum and Liberation Day created meaningful stock price declines, followed by moderation of tariff policies that led to rallies in previously discounted companies. | ISS DC MSFT IQV |
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| 2024 Q1 | May 9, 2024 | Polaris Global Equity | 6.9% | 12.7% | 000660.KS, 005930.KS, 066570.KS, ALSN, ANTO.L, CG, CROX, DCOM, DTG.DE, HNR1.DE, LUN.TO, MKSI, MSFT, MUV2.DE, NXT.L, OTEX, PUB.PA, SKG.L, SONY, TEP.PA | AI, Copper, financials, global, industrials, rates, technology, value | AI was a driving force behind divergent results for portfolio holdings. Publicis Groupe advanced after announcing a strategy to become the industry's first AI-powered Intelligent System. Teleperformance declined on concerns that generative AI will disrupt their call center business. Microsoft continues to benefit from AI demand despite no longer being the cheapest stock in the portfolio. | View | |
| 2026 Q1 | Apr 16, 2026 | Ariel Fund | -1.5% | -1.5% | CG, GNRC, JHG, MAT, NCLH, NVST, SMG, SPHR | energy, Entertainment, Geopolitical, inflation, small caps, technology, value | View | ||
| 2026 Q1 | Apr 16, 2026 | Ariel Fund | -1.5% | -1.5% | CG, GNRC, JHG, MAT, NCLH, NVST, SMG, SPHR | consumer, energy, Entertainment, industrials, small caps, technology, value | View | ||
| 2024 Q1 | Apr 15, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, BYD, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, LFUS, MC, MORN, MSCI, MSTR, MTD, MTN, NEOG, PENN, PRI, RRR, SMCI, TECH, TREX, VAC, WST | financials, growth, insurance, Long Term, real estate, small caps | Specialty insurers Kinsale Capital and Arch Capital both contributed significantly to performance with strong financial results. Market conditions remain favorable with rising premium rates and more business shifting to the excess and surplus lines market where Kinsale operates. | View | |
| 2024 Q1 | Apr 15, 2024 | Ariel Small Cap Value Strategy | 10.1% | 0.0% | CG, DNB, LAZ, LIND, MGPI, NVT, OSW, SPHR | AI, Electrical, Entertainment, small cap, Spirits, Travel, value | Investor enthusiasm around artificial intelligence drove broad-based market rally in Q1. AI-themed mega-cap stocks dominated performance, though their concentration and elevated valuations remain influential on overall market performance. | MGPI DNB OSW LIND NVT LAZ SPHR |
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| 2026 Q1 | Apr 10, 2026 | East72 Dynasty Trust | -4.6% | -4.6% | 0001.HK, 0066.HK, AKRBP.OL, AVAP.L, AVLT.SW, CG, ELF.TO, FFH.TO, LAGA.PA, ODET.PA, RBT.PA, SDB.PA, VIEL.PA, VIRT | Alternative Assets, Capital markets, ETFs, liquidity, Market Making, oil, private credit, volatility | VIRT |
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| 2025 Q1 | Mar 31, 2025 | Baron Growth Fund | -4.3% | -4.3% | ACGL, ALTR, ANSYS, ARE, BFAM, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH, TREX | growth, insurance, Quality, real estate, small caps, software | The fund holds multiple specialty insurers including Kinsale Capital Group and Arch Capital Group. Kinsale continues gaining market share in the excess and surplus market with industry-leading margins and robust returns on equity. The E&S insurance market conditions remain favorable with continued double-digit growth due to share gains from the standard market. | View | |
| 2025 Q1 | Mar 31, 2025 | AMG Frontier Small Cap Growth | -14.4% | -14.4% | AMTM, BECN, BILL, CACI, CG, CZR, DLB, DOCN, EPRT, FTAI, INDI, LTH, MAT, MDB, PGY, TXG, UCTT, UTHR | AI, Cloud, defense, healthcare, semiconductors, small caps, technology, Trade Policy | Technology was the largest detracting industry with underperformance from indie Semiconductor and Ultra Clean Holdings. indie faced weakness in China and tariff uncertainty affecting auto build rates globally, while Ultra Clean experienced product qualification delays at a Chinese customer and weakening semiconductor equipment demand in China. | 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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| 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 | |
| 2024 Q4 | Dec 31, 2024 | Ariel Appreciation Fund | -0.5% | 6.3% | AAPL, AMZN, CG, GOOGL, GS, IPG, META, MSFT, MSGE, NTRS, NVDA, OMC, SWK, TSLA, WBA | Deregulation, discount, Election, financials, mid cap, value | The fund focuses on investing in companies trading at significant discounts to private market value estimates. Multiple holdings including MSGE and CG are described as trading at healthy discounts to intrinsic value. | WBA IPG MSGE SWK CG NTRS GS |
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| 2024 Q4 | Dec 31, 2024 | Ariel Fund | -0.7% | 11.8% | ATGE, CG, LESL, MHK, MSGE, RCL | Capital markets, consumer, earnings, Entertainment, small caps, value | Royal Caribbean Group delivered strong quarterly earnings with robust consumer demand, healthy onboard spending, and solid pricing. The company benefits from new megaships, expanded island destinations, and a growing addressable market including younger demographics new to cruising. | MSGE LESL MHK CG ATGE RCL |
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| 2024 Q4 | Dec 31, 2024 | Baron Growth Fund | 6.0% | 4.8% | ACGL, ALTR, ANSYS, ARE, BFAM, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH, TREX | Compounding, growth, Long Term, Quality, small cap, underperformance | Fund focuses exclusively on high-quality durable growth assets with sustainable competitive advantages, sticky customer bases, and differentiated products. Manager emphasizes these businesses were out of favor during 2024 as investors preferred lower-quality, more volatile investments. The strategy prioritizes long-term compounding over short-term trends. | MTN CSGP IDXX |
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| 2025 Q3 | Nov 4, 2025 | Gator Capital Management | 11.3% | 26.7% | AX, BNP.PA, C, CG, FCNCA, FFBC, GLE.PA, HOOD, HOUS, SLM | Banking, Credit quality, financials, Long/Short, Regional Banks, value | Manager maintains overweight position in small and mid-cap regional banks despite recent volatility from fraud losses and disappointing credit metrics. Banks trade at 8x forward earnings versus normal 10-14x range, with tailwinds from steepening yield curve, loan repricing, and improved regulatory environment. | MBG GR |
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| 2025 Q3 | Nov 18, 2025 | Baron Growth Fund | -8.7% | -12.0% | ARCH, CG, CHH, CNS, CSGP, CWAN, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH | AI, Buybacks, financials, growth, Quality, small cap, technology, underperformance | The fund exclusively invests in high-quality stocks as defined by MSCI Barra, focusing on competitively advantaged businesses with exceptional management teams. The manager notes this has been the worst six-month period for high-quality stocks since 1975, as investors have rotated to more volatile, riskier stocks. The portfolio's operating margin has improved to 27.6%, which is 640bps above historical average and 1,880bps above benchmark. | View | |
| 2025 Q3 | Oct 16, 2025 | Polaris Global Equity | 5.0% | 18.5% | 000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, ABBV, ALSN, BARRY.SW, BPOP, CAP.PA, CG, CVS, DHL.DE, DTG.DE, ELV, GD, IAG.L, IPS.PA, JAZZ, LKQ, LNTH, LUN.TO, MEOH, MG, MKSI, MNDI.L, MPC, NEE, PUB.PA, SBH, SLM, UNH, UTHR, VIPS | AI, Energy Transition, financials, global, healthcare, semiconductors, Trade Policy, Valuations | The current two-speed economy is characterized by a narrow AI-driven boom versus subdued growth across most other industries. Just seven mega-cap U.S. tech stocks drove nearly 60% of the S&P 500 gains in 2025 to date. The frothy valuations in the AI tech sector should make investors cautious, as concentrated indices could face material correction if the AI boom busts. | View | |
| 2025 Q3 | Oct 1, 2025 | East72 Dynasty Trust | 1.6% | - | 1928.HK, AKER.OL, AVOL.SW, BIM.PA, BORR, CG, CNHI, CVNA, EXOR.MI, MANU, NNI, NVO, PARA, PHG, RACE, STLA, UHR.SW, UMG.AS, VIRT, VIVHY | Europe, Family, Holdings, Luxury, value | Manager focuses on quality businesses trading at significant discounts to intrinsic value under controlling shareholders. Emphasizes conservative valuation methods with margin of safety. Distinguishes between traditional value traps and companies with temporary pricing dislocations. | UHR SW |
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| 2025 Q4 | Jan 5, 2026 | East72 Dynasty Trust | -2.3% | 8.2% | 1928.HK, AVAP.L, AVOL.SW, CG, DGL.AX, DIE.BR, ELF.TO, EXO.MI, FFH.TO, FIH.TO, GOOGL, META, MFF.AX, NNI, RBT.PA, TSLA, UHR.SW, VIRT, VIV.PA | Aircraft, Controlled, Discounts, Europe, Holdings, Travel, value | Manager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. Strong underlying environment with 5-7% growth in international passengers, near 100% capacity utilization, and limited aircraft availability. Avation represents asymmetric opportunity trading at 18% discount to NAV despite improved financial position. International travel showing robust 5-7% growth with domestic passengers up 2-3%. Travel retail through Avolta benefits from solid growth and concession wins, while aircraft leasing capitalizes on passenger growth trends. | AVAP LN DIE BB HANA LN |
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| 2023 Q4 | Jan 28, 2024 | Montaka Global Investments | - | - | 0700.HK, AMZN, BABA, BX, CG, CRM, GOOGL, KKR, LVMH.PA, META, MSFT, NOW, SPGI, SPOT, V | AI, Alternative Assets, compounders, Digital Marketing, Financial Services, global, Luxury, technology | Montaka sees AI winners across three dimensions: those that can distribute AI benefits to customers (Microsoft, ServiceNow, Salesforce, Spotify), those that employ AI in their operations (Meta, Alphabet), and those that sell compute and services for AI applications (Amazon, Microsoft, Alphabet). The firm believes large-scale AI rollouts have not yet begun despite early experimentation. | ^VIX SPGI KKR ABX MC.PA |
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| 2025 Q4 | Jan 20, 2026 | Polaris Global Equity | 7.0% | 26.8% | 000270.KS, 000660.KS, 005930.KS, 1299.HK, 2318.HK, 5871.TW, 6758.T, 8001.T, 8002.T, 8591.T, 8729.T, ALSN, ARW, BABA, BARRY.SW, CAP.PA, CG, COF, DHL.DE, IAG.L, INGR, JAZZ, LIN, LNTH, LTM, LUN.TO, MG.TO, MKSI, ML.PA, MPC, NVS, NXT.L, SBH, SMWRQ, TSN, UTHR, VIPS, YAR.OL | AI, diversification, global, international, Outperformance, semiconductors, technology, value | AI demand drove performance across semiconductor and technology sectors, with memory chip suppliers benefiting from supply-demand constraints and expected price increases in 2026. Companies like SK Hynix, Samsung Electronics, and MKS Inc. delivered strong results driven by accelerating AI demand across semiconductor and advanced electronics end markets. Memory manufacturers in Korea were top contributors as supply-demand constraints benefit memory chip suppliers. The market expects memory price increases in 2026, further supporting performance of Samsung and SK Hynix. AI-driven demand across semiconductor end markets accelerated growth. The investment approach remains disciplined and focused on strong cash flows from quality companies selling essential products and services with good management teams creating shareholder value. The manager seeks situations where attractive valuations meet genuine business momentum, avoiding trends and distant promises. International equities outperformed after a decade of American dominance, driven by weaker U.S. dollar, more attractive valuations abroad, and slowing momentum in U.S. tech. This country and sector rotation validated the need for diversification instead of home bias, with attractive opportunities in targeted developed and emerging markets. Yara International benefited from partnerships for low-carbon ammonia projects in the U.S. and Middle East, positioning the company toward becoming an energy-transition and low-carbon fertilizer company while securing long-dated contracts. HD Hyundai Electric capitalized on increased demand to expand power infrastructure. | 267260 KS UTHR JAZZ CAP FP MKSI 000660 KS |
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| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMZN, BVS.PA, CBRE, CG, CIGI, CRM, CWK, DEO, DNB, FORT.L, IBTX.L, ISS.CO, JLL, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, V, VCP.L, VRTS | AI, Alternative Assets, Cloud, Commercial real estate, Concentration, large cap, value | Vulcan follows a disciplined value approach, investing in companies trading at discounts to intrinsic value with margins of safety. They reallocated capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety. | DNB LFUS FORT.L IBTX.L DEO |
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| 2024 Q3 | Sep 30, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, CG, CHH, CLRO, CNS, CSGP, DEI, DNUT, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, SMCI, TECH, TREX, WST | financials, growth, long-term, Outperformance, Quality, small caps, technology | The fund focuses on businesses with high barriers to entry, sustainable competitive advantages, recurring revenue, attractive margins, and strong cash generation. Management emphasizes investing in competitively advantaged companies with exceptional management teams that consistently reinvest to raise barriers to entry. | View | |
| 2024 Q2 | Jul 31, 2024 | Gator Capital Management | 10.8% | 24.3% | AX, BANC, BARC.L, CG, CUBI, EWBC, FBP, FCNCA, HOOD, JXN, PNFP, PYPL, SLM, UMBF, WAL, WBS, WTFC | credit, financials, Growth Banks, Rate Cuts, Regional Banks, valuation | Regional banks rallied strongly in July due to tame inflation, prospects of more favorable regulatory environment, and better-than-expected earnings. The Fund benefited from extreme negative positioning by other investors who had been using regional bank ETF as large short position. Manager believes regional banks remain cheap compared to history with coming rate cuts driving earnings higher. | View | |
| 2023 Q2 | Jul 31, 2023 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV | contrarian, Cruises, real estate, Recovery, small cap, value | Cruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged +109.9% and Norwegian up +77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. | View | |
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV | contrarian, Cruises, real estate, Recovery, small cap, value | Cruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. | View | |
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV | contrarian, Cruises, mid cap, real estate, small cap, value | Cruise lines were among the most contrarian holdings that drove the fund's biggest wins. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th as the vacation and leisure spaces are booming in response to isolating Covid lockdowns. The fund doubled down on these scorned holdings during the pandemic when they were trading at historic lows. | View | |
| 2024 Q2 | Jul 27, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, BYD, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MT, MTN, NEOG, PRI, RRR, TECH, TREX, WST | growth, insurance, Long Term, real estate, small cap, software | The fund holds multiple specialty insurance positions including Kinsale Capital Group and Arch Capital Group. Kinsale operates in the excess and surplus market with continued share gains despite slower premium growth. Arch Capital reported strong operating ROE of 21% and book value growth of 40%. | View | |
| 2024 Q2 | Jun 30, 2024 | Polaris Global Equity | 6.9% | 12.7% | 000270.KS, 000660.KS, 066570.KS, 2338.HK, 8001.T, 8002.T, ALSN, ANTO.L, BARN.SW, CG, CVS, DG.PA, DTG.DE, ELV, FTK.DE, GNC.L, JAZZ, LKQ, LUN.TO, MEOH, MG, MPC, MSFT, MUV2.DE, NEE, NVS, OTEX, SRBANK.OL, SVEG.OL, TEP.PA, TSN, U11.SI, UNH, UTHR, WBS, WMB | AI, Copper, Energy Transition, financials, global, healthcare, value | Copper prices increased over 20% from mid-February to late May due to tight supply and high demand from energy transition applications like electric vehicles and AI automation. Lundin Mining and Antofagasta benefited from this copper price momentum. | View | |
| 2023 Q2 | Jun 30, 2023 | Ariel Appreciation Fund | 9.9% | 0.0% | CAH, CBRE, CCL, CG, CRL, GS, IPG, KMT, KMX, LABH, LESL, MAT, MSGE, NCLH, NTRS, PARA, RCL, SCHW, SPHR, SWK | contrarian, Cruises, mid cap, real estate, Recovery, value | Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel for retirees and younger people alike. The vacation and leisure spaces are booming in direct response to the isolating Covid lock downs, with memories having more value than goods for many consumers. | View | |
| 2023 Q2 | Jun 30, 2023 | Ariel Fund | 12.1% | 0.0% | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV | contrarian, Cruises, mid cap, real estate, Recovery, small cap, value | Cruise lines were among the most derided areas during COVID but have become top performers as the vacation and leisure spaces boom in response to isolating lockdowns. Royal Caribbean and Norwegian Cruise Line are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. | View | |
| 2023 Q2 | Jun 30, 2023 | Ariel International Fund | 7.6% | 0.0% | BIDU, CAH, CBRE, CCL, CG, DB1.DE, Gold, LESL, MOS, MSFT, MSGE, NCLH, NTRS, ORCL, PARA, RCL, ROG.SW, SNA, SPHR, ZIMV | Asia, Europe, growth, international, liquidity, momentum, technology, value | The fund's investment approach encountered headwinds as growth stocks significantly outpaced value names. The MSCI ACWI Growth Index surged +9.19% during the quarter, while the MSCI ACWI Value Index only returned +2.98%. The manager believes the factors that hindered them this year will pivot in their favor once the effects of excessive monetary and fiscal stimulus abate. | View | |
| 2022 Q4 | May 3, 2023 | Ariel Appreciation Fund | 9.9% | 0.0% | BOKF, CG, ZBRA | - | View | ||
| 2022 Q4 | May 3, 2023 | Ariel Focus Fund | 10.6% | 0.0% | BOKF, CG, ZBRA | - | View | ||
| 2022 Q4 | May 3, 2023 | Ariel Fund | 12.1% | 0.0% | BOKF, CG, ZBRA | - | View | ||
| 2022 Q4 | May 3, 2023 | Ariel Global Fund | 6.9% | 0.0% | BOKF, CG, ZBRA | - | View | ||
| 2022 Q4 | May 3, 2023 | Ariel International Fund | 7.6% | 0.0% | BBSEY, BOKF, CG, DLG LN, RHO GR, ZBRA | - | View | ||
| 2025 Q1 | Apr 16, 2025 | East72 Dynasty Trust | 0.5% | 0.5% | 0165.HK, 2588.HK, AVLT.SW, BOL.PA, BORR, CFR.SW, CG, FFH.TO, FLOW.AS, HAL.AS, LPE.PA, MFG.AX, MMB.PA, NVO, ODET.PA, PAH3.DE, SRAD, VIE.PA, VIRT, VIV.PA | Aircraft Leasing, Controlled Companies, European Holdings, Luxury, Regional Aviation, Trade Policy, Value Investing | The fund features extensive analysis of the aircraft leasing industry, particularly focusing on regional aircraft and ATR turboprops. The manager discusses the trillion-dollar industry with limited public market exposure and highlights Avation PLC as a unique specialist lessor with significant optionality through ATR purchase rights. | AVAP.L VIV.PA |
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| 2025 Q1 | Mar 31, 2025 | Riverwater Sustainable Value Strategy | - | - | AGM, AM, CG, CIEN, CNX, COOP, IDCC, LMNR, PNFP, RRC, STE | Defensive, Energy Transition, Quality, Regional Banks, small caps, Trade Policy, value | The manager increased exposure to energy transition by adding Range Resources and Antero Midstream Corp. Both companies play critical roles in energy and electrification, with electrification expected to see significant demand growth in coming years and decades. Range is a low-cost natural gas producer while Antero specializes in transporting, gathering and processing natural gas. | AM RRC PNFP COOP LMNR |
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| 2025 Q1 | Mar 31, 2025 | Polaris Global Equity | 4.1% | 4.1% | 000660.KS, 005930.KS, 066570.KS, ABBV, ALSN, ARW, CFR, CG, CVS, DCOM, DG.PA, DNB.OL, DTE.DE, EBC, ENI.MI, FTK.DE, GILD, HNR1.DE, IAG.L, INCH.L, IPG, LOOM.ST, MEOH.TO, MGA.TO, MKSI, MPC, MSFT, MTB, MUV2.DE, NTRS, NXT.L, OTEX.TO, PFS, PUB.PA, SBH, SDZ, SW, TTE, UTHR, VIPS, WBS, WMB, WSBC | AI, energy, Europe, financials, global, tariffs, technology, Trade | The Trump Administration has initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, with broader-than-expected tariffs causing market volatility. By disrupting natural trade flows, tariffs can lead to reduced economic efficiency and slower global growth. | View | |
| 2023 Q1 | Mar 31, 2023 | Ariel Appreciation Fund | 9.9% | 0.0% | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV | contrarian, Cruises, mid cap, real estate, Recovery, value | Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with memories having more value than goods for many consumers. | View | |
| 2023 Q1 | Mar 31, 2023 | Ariel Global Fund | 6.9% | 0.0% | 9984.T, CAH, CBRE, CCL, CG, ELE.MC, Gold, LESL, MOS, MSFT, MSGE, NCLH, NTRS, ORCL, PARA, RCL, ROG.SW, SNA, SPHR, ZIMV | Fed policy, global, growth, liquidity, momentum, technology, value | The fund's investment approach encountered headwinds as growth stocks significantly outpaced value names. The MSCI ACWI Growth Index surged +9.19% during the quarter, while the MSCI ACWI Value Index only returned +2.98%. The manager believes the factors that hindered them this year will pivot in their favor once the effects of excessive monetary and fiscal stimulus abate. | View | |
| 2023 Q1 | Mar 31, 2023 | Ariel International Fund | 7.6% | 0.0% | CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZBH, ZIMV | Europe, growth, international, liquidity, momentum, technology, value | Manager emphasizes contrarian value approach, avoiding expensive U.S. market while leaning into undervalued opportunities in Europe and Emerging Markets. The fund's deliberate underweight in Technology and overweight in recession-resilient sectors reflects this value orientation. | View | |
| 2023 Q4 | Feb 20, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, BYD, CG, CHH, CNS, CSGP, CWAN, DEI, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, LFUS, MC, MORN, MSCI, MTD, MTN, NEOG, PENN, PRI, RRR, TECH, TREX, VAC, WST | growth, insurance, Long Term, Quality, real estate, small cap, technology, Travel | The fund holds significant positions in specialty insurers Kinsale Capital Group and Arch Capital Group. Both companies operate in the hard market for property and casualty insurance, with Kinsale showing 33% growth in gross written premiums and Arch demonstrating strong fundamentals with 23% growth in net premiums written. | View | |
| 2023 Q4 | Jan 31, 2024 | Ariel Appreciation Fund | 9.9% | 0.0% | BWA, CG, CLB, KKR, MAT, SCHW | Alternative Asset Managers, Electric Vehicles, Financial Services, mid cap, Oil Services, Toymakers, value | Both KKR and Carlyle delivered strong performance with positive investment results across product lines. KKR showed improving trends in fundraising, deployment and monetization, while Carlyle demonstrated early execution on strategic initiatives with continued growth and margin expansion expected. | BWA AMAT CLB SCHW KKR ACGL |
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| 2022 Q4 | Jan 24, 2023 | Gator Capital Management | 10.8% | 24.3% | CG | - | View | ||
| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMZN, BVS.PA, CG, CIGI, CRM, CWK, DEO, FORT.L, GOOGL, IBST.L, ISS.CO, JLL, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, VRTS | Alternative Assets, Concentration, large cap, Margin Of Safety, real estate, technology, value | Manager follows disciplined value approach, reallocating capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety. Focus on businesses trading at discount to estimated intrinsic value with inherently stable values and competitive advantages. | LFUS FORT.L IBTX.L DEO |
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| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMZN, CG, CRM, CWK, DNB, GOOGL, KKR, MSFT, TDG | AI, Alternative Assets, Cloud, Concentration, real estate, technology, value | Vulcan follows a disciplined value approach, investing in companies trading at discounts to intrinsic value estimates. They reallocated capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety. The firm maintains an MVP list of approximately 400 qualifying businesses with sustainable competitive advantages. | DNB LFUS FORT.L IBTX.L DEO |
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| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMZN, CBRE, CG, CIGI, CRM, CWK, DEO, FORT.L, GOOGL, IBST.L, ISS.CO, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, V, VRTS | AI, Alternative Assets, Cloud, Concentration, large cap, real estate, technology, Value Investing | Microsoft is benefiting from its investments in artificial intelligence. The company is well positioned from an AI standpoint which should further underpin sustainable cloud penetration and growth. Salesforce is constantly innovating with new products, features, and artificial intelligence to deepen customer relationships and grow the business. | DEO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Oakmark Fund | The Carlyle Group Inc. | Financials | Capital Markets | Bull | NASDAQ | Alternative Asset Manager, brand recognition, new management, Platform Diversification, Private Credit, private equity, Retail Channel, valuation discount | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Appreciation Fund | Carlyle Group Inc. | Financials | Asset Management & Custody Banks | Bull | NASDAQ | alternative assets, asset management, Capital markets, Discount Valuation, fee growth, private equity, Share Buybacks | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | Carlyle Group Inc. | Financials | Capital Markets | Bull | NASDAQ | alternative assets, asset management, Capital markets, Deregulation, Discount Valuation, fee growth, private equity | 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. | ||||||||