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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q1 | Apr 14, 2026 | Mittleman Global Value Equity Fund | -4.6% | -2.3% | 0001.HK, 7270.T, 8715.T, AIM.TO, AMA.AX, BABA, BAYRY, CGX.TO, CLVT, FMS, GRFS, HAI.TO, MAT, NEXN, NFI.TO, NOMO, VTRS, VYX, WLN.PA, WPP, ZD | Concentration, global, Opportunistic, small caps, value | AIM.TO AMA.AX |
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| 2025 Q4 | Mar 4, 2026 | Cove Street Capital Small Cap Value Fund | - | - | AMZN, CLVT, CSCO, MA, MSFT, SAP, V | AI, liquidity, private credit, small caps, software, technology, value | AI represents a massive technology shift with trillion-dollar capex budgets, but the manager questions whether the multi-trillion AI landgrab will have uncertain outcomes and be wasteful. While AI is an outstanding white-collar tool that will assist good companies, it won't quickly change government, healthcare, banking, or military sectors due to switching costs, training requirements, and regulatory constraints. Over 20% of private credit funds are loans to software companies, creating potential systemic risk as institutional LPs want their money back and GPs don't like the bids on what they need to sell. The pricing of illiquid assets in a market with no bids presents challenges similar to the S&L crisis or 2008 financial crisis. The software business is not dead, but many software stocks are facing repricing as growth gets picked off by AI changes and terminal values need to come down. The manager sees opportunities in slower growth, rule of 30 companies with strong margins and free cash flow that have been less appreciated but are now changing in valuation. | View | |
| 2023 Q3 | Sep 30, 2023 | Baron Small Cap Fund | 9.6% | 14.5% | ASGN, AZPN, CGNX, CLVT, DXCM, FND, FOXF, GTLS, GWRE, ICON, INDI, INSP, IT, KNSL, LBRDA, PLNT, RRR, SITE, VRT, WASH | Automation, consumer discretionary, Data centers, healthcare, industrials, small cap, Specialty Insurance, technology | Vertiv Holdings, the fund's largest position, benefits from AI-driven growth in data center infrastructure. The company provides critical thermal management solutions for increasingly energy-dense data centers required for artificial intelligence applications. | View | |
| 2022 Q3 | Sep 30, 2022 | Baron Small Cap Fund | 9.6% | 14.5% | AVNT, AXNX, AZPN, CAKE, CLVT, GDYN, HLLY, ICLR, IT, KNSL, MRCY, RPAY, TTD | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | AAP, AVD, CLMB, CLVT, CMP, ECVT, IAC, KBR, LFCR, LGF.B, NEU, RDVT, RSSS, SIX, SSP, SXI, VSAT | Auto Parts, Concentration, Data Services, small cap, turnaround, value | Manager emphasizes tremendous specific opportunities in undervalued small cap stocks where the spring is very tightly coiled between intrinsic value estimates and current prices. Portfolio concentrated in best ideas with stocks trading at significant discounts to estimated intrinsic value. | RDVT CLVT AAP KBR VSAT CMP SSP |
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| 2023 Q4 | Jan 27, 2024 | Baron Small Cap Fund | 9.6% | 14.5% | ALTR, ASGN, CLVT, DPHC, DXCM, ENDV, ETWO, EWC, FND, FOXF, GTLS, GWRE, IBP, ICLR, IDXX, IT, KNSL, KTOS, NCNO, NEOG, ODD, PLNT, RRR, SBA, SHLS, SITE, SKIN, TDG, TREX, TTD, VRT | AI, consumer discretionary, Data centers, growth, industrials, rates, small caps, technology | Vertiv Holdings benefits from robust demand for data center cooling solutions, particularly as AI-related servers require more sophisticated cooling. The company held its first Analyst Day introducing long-term growth targets and margin expansion plans. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Cove Street Capital Small Cap Value Fund | Clarivate Plc | Industrials | Research & Consulting Services | Bull | NYSE | Aggregation, Data Services, high margins, Ip, life sciences, research, turnaround | View Pitch |
| Nov 1, 2025 | Substack | Pillars and Profits | Clarivate | Information Technology | Information Technology Services | Bear | Client Renewal, Data and Analytics, Exor Investment, Growth Strategies, Inorganic Growth, leadership changes, market challenges, Strategic Improvements, Subscription Revenues | View Pitch | |
| Oct 6, 2025 | Value Investors Club | Saltaire | Clarivate PLC | Information Technology | Research & Consulting Services (Data & Analytics) | — | NYSE | strategic review, SOTP, recurring revenue, PE interest, deleveraging, turnaround, data/analytics | 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. | ||||||||