CMCSA

CMCSA

CMCSA

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2022 Q1	Apr 22, 2022	Ironvine Capital Partners, LLC	-7.2%	-7.2%	CHTR, CMCSA, DLTR	-			View
2025 Q4	Feb 10, 2026	Kopernik Global All-Cap Fund	8.0%	64.8%	015760.KS, 3690.HK, BHP, CMCSA, CNC, CVE.TO, GLEN.L, Gold, MOH, NAK, NG, PDN.AX, RGLD, RRC, SDF.DE, SEA.TO, SQM, TPK.L, TWE.AX, VALE	diversification, global, materials, Mining, Precious Metals, undervaluation, value	Gold prices rose 65% in 2025, with precious metals miners performing strongly. The fund trimmed gold positions significantly from 15% to 9% of the portfolio due to strong performance, rolling gains into platinum and industrial metals where more upside is seen. Platinum group metals producers were among the largest contributors for the second consecutive quarter. South African companies Valterra and Impala had strong returns of 20.7% and 26.4% respectively, with substantial upside potential remaining relative to risk-adjusted intrinsic value estimates. After over a decade of underperformance, value stocks had a strong fourth quarter with Russell 1000 Value up 3.3% versus 1.2% for growth. The manager believes the market is beginning to recognize value, emphasizing buying good companies for less than they are worth. Conglomerates performed well with Cresud up 48.7% and LG Corp up 9.1%. The manager notes conglomerates are complex and difficult to analyze, frequently ignored by the market, providing significant opportunities for fundamental bottom-up analysis.	IMP SJ VAL SJ	View
2025 Q4	Dec 31, 2025	Burke Wealth Managament The Focused Growth Strategy	2.0%	7.4%	AAPL, ADBE, ASML, BWXT, CMCSA, CRM, GOOGL, ISRG, META, MU, NOW, NVDA, ORCL, SNOW, TDG	AI, Data centers, Enterprise Software, growth, semiconductors, technology, Trade Policy	The AI revolution continues to gain steam with expectations for a slowdown in data center infrastructure spend proving incorrect. The manager believes the current AI investment cycle is different from the dot.com bubble because we don't have enough compute capacity to meet today's needs, driven by three mega-trends: transition from CPU to GPU dominated data centers, replacement of recommender systems with AI-driven systems, and future robotics and digital agents. Companies are spending hundreds of billions of dollars per year to build massive data centers capable of delivering enormous compute power. The infrastructure buildout of massive amounts of compute power needed to drive the next generation of AI applications is viewed as the most secure part of the AI food chain. The manager maintains continued investment in Nvidia and ASML and has made a relatively new investment in Micron, viewing the infrastructure buildout as the most secure part of the AI food chain. GPU dominated servers are replacing CPU servers for cheaper running of traditional workloads. The enterprise software sector faces heightened uncertainty due to the threat of AI disintermediation. The manager consolidated investments into platform companies Service Now and Salesforce while exiting Adobe, believing platforms that connect workflows across organizations are less at risk than best-of-breed apps. 2025 saw the global trade order re-written through executive orders and tweets, with tariffs being a central topic. The manager expects tariffs could remain a central topic in early 2026 depending on upcoming Supreme Court rulings on the legality of Trump tariffs imposed under the International Emergency Economic Powers Act.		View
2024 Q4	Dec 31, 2024	ClearBridge Investments All Cap Growth	-	-	BIIB, CMCSA, CMG, ICLR	-			View
2024 Q4	Dec 31, 2024	FPA Crescent Fund	1.1%	14.0%	003550 KS, CMCSA, GLEN LN, HEIA NA	-			View
2025 Q3	Nov 8, 2025	Cullen Value Fund	6.8%	15.9%	BDX, BWA, CI, CMCSA, KVUE, MBGYY, NEE, ORCL, SRE, UNH	Concentration, dividends, growth vs value, Speculation, Valuations	The commentary emphasizes extreme valuation dispersion, with Growth trading at a 110% premium to Valuenear historic highs. AI-driven capex cycles have pushed mega-cap concentration to records, elevating speculative behavior while defensive sectors sit at multi-decade lows. These dynamics create compelling setup conditions for Value and Dividend strategies as sentiment normalizes and earnings growth broadens.	UNH SW BDX	View
2025 Q3	Oct 28, 2025	Hotchkis & Wiley Global Value Fund	5.3%	19.2%	CMCSA, ELV, GOOG, JDEP NA, WBD, WPP LN	Cloud Computing, Communication Services, Growth Stocks, semiconductors, tariffs	AI: AI infrastructure spending in semiconductors, hardware, and cloud drove earnings and performance leadership. Trade: Global equities advanced despite tariff risks and policy uncertainty, with volatility rising but North America outperforming. Value: Growth outperformed value amid investor preference for secular visibility and scale.		View
2025 Q3	Oct 28, 2025	Hotchkis & Wiley Large Cap Fundamental Value	6.4%	12.0%	AIG, APA, C, CMCSA, WBD, WPP LN	Energy E&P, Fed Funds, Market Concentration, S&P 500, Value Stocks	Rates: A 25 bps Fed rate cut with inflation near 3% supported multiples and risk appetite. Valuation: The S&P 500 traded at historically high forward P/E while the portfolio remained discounted, emphasizing margin-of-safety positioning. Energy: Select E&Ps benefited from disciplined capex, improving project pipelines, and strong free-cash-flow yields.		View
2022 Q3	Oct 25, 2022	FMI All Cap Equity	-1.8%	11.2%	AVY, BLK, CMCSA, FERG	-			View
2025 Q3	Oct 22, 2025	First Eagle Global Fund	8.9%	24.9%	7309 JP, CHRW, CMCSA, CRM, ELV, GOOG, ORCL, PM	AI, Cloud, Fiscal Deficit, geopolitics, gold	The Global Fund outperformed its benchmark with gains in gold, AI-driven technology, and Asian equities. Holdings in Oracle, Alphabet, and Alibaba benefited from AI and cloud expansion, while gold exposure provided a hedge against fiscal deficits and currency debasement. Managers stress disciplined capital recycling and valuation awareness amid rising geopolitical and debt risks.	CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL	View
2025 Q3	Oct 19, 2025	Miller Howard Investments Income-Equity Strategies	3.6%	-	ABBV, BK, C, CAG, CMCSA, COP, ELS, EMN, GSK, HRL, JNJ, ORI, PAYX, TTE, TXN	AI, cash flow, dividends, financials, value	Income-Equity portfolios outperformed on dividend strength from financials and healthcare while contrasting AI-driven spending by large-cap tech firms. The strategy emphasizes high and growing income from undervalued cash-generative companies, avoiding speculative AI capex cycles.	TTE HRL ELS COP	View
2025 Q3	Oct 19, 2025	Miller Howard Investments Infrastructure	3.0%	-	AMT, CCI, CMCSA, ENB CN, ETR, KMI, OKE, PPL, SRE, TRP CN, UPS	AI, dividends, energy, infrastructure, Utilities	Infrastructure assets gained from AI-related data center expansion and natural gas project growth. Utilities and midstream firms benefit from AI-driven energy consumption and capital projects, while cell towers underperformed amid slowing growth. The portfolio remains positioned for stable income and dividend growth from regulated assets.	PPL SRE ETR ENB CN CCI	View
2025 Q4	Jan 29, 2026	8th Wonder Investments	0.0%	0.0%	AAPL, AMZN, CMCSA, CRM, CSU.TO, DECK, DIS, GOOGL, HEI, LYV, META, MSFT, NFLX, NVDA, PARA, RH, SKX, TOI.TO, TSLA, WBD	aerospace, AI, Leadership, Luxury, M&A, Media, software, value	Warner Bros. Discovery represents a special situation investment driven by CEO David Zaslav's shift toward shareholder value creation and aggressive debt paydown. The company announced plans to split into two entities and received multiple takeover bids, with Netflix ultimately winning the bidding war. The market fears AI will disrupt vertical market software by eliminating switching costs and seat-based pricing. However, AI agents will likely increase demand for systems of record and control point software rather than replace them, as enterprises need guardrails for non-deterministic AI outputs. Constellation Software and Topicus represent the core thesis of acquiring mission-critical vertical market software businesses with high switching costs, recurring revenue, and defensive moats. These businesses serve niche markets where switching is painful and alternatives offer minimal benefits. The fund employs covered call strategies to generate income and reduce cost basis while building positions. This options-based approach allows for larger position sizing in balance sheet challenged businesses while providing downside protection. HEICO represents an antifragile business model in aftermarket aerospace components that gains market share during economic stress as airlines extend fleet life. The company demonstrates seamless leadership transition and decentralized operations that thrive on adversity. RH under Gary Friedman exemplifies exceptional leadership combining capital allocation with creative genius, transforming the company from near-bankruptcy into a luxury lifestyle brand with galleries that redefine retail and 30% EBITDA margins.	TOI CN CSU CN RH HEI WBD	View
2025 Q4	Jan 29, 2026	Hotchkis & Wiley Global Value Fund	3.8%	23.8%	AIG, BNP.PA, CMCSA, CRM, ELV, ERIC, FFIV, FISV, GEHC, GOOGL, UNH, USB, WBD, WDAY	AI, financials, global, healthcare, software, technology, valuation, value	The portfolio trades at 13x forward earnings and less than 10x normal earnings, representing attractive valuations relative to the broad market. The fund focuses on opportunities outside the Magnificent 7 where overall valuations remain near average despite elevated market multiples. The fund views AI as more likely to be a tailwind for application software vendors like Workday as they incorporate AI-powered features into their software suites. Google delivered strong new AI products that appear to be taking material share of Consumer Chatbot activity from OpenAI's ChatGPT. The fund has significant exposure to cloud-based enterprise software companies like Workday and Salesforce, which provide human capital management, financial management, and analytics solutions. These companies benefit from sticky customer bases and recurring revenue models.		View
2025 Q4	Jan 29, 2026	Hotchkis & Wiley Large Cap Fundamental Value	4.5%	17.1%	AIG, APA, C, CMCSA, CRM, CRWD, CVS, ERIC, FDX, FFIV, FISV, GM, NFLX, PLTR, UNH, WBD, WDAY, WPP	banks, energy, financials, healthcare, large cap, software, valuation, value	The portfolio trades at 13x forward earnings and less than 10x normal earnings, both in line with historical averages. The manager emphasizes attractive valuations outside the Magnificent 7, with the S&P 500 excluding these stocks trading at 18x forward P/E versus a 35-year average of 17.4x. The fund focuses on undervalued quality businesses with strong fundamentals. Software is the portfolio's largest industry exposure on both absolute and relative basis. The manager views prospects of select software companies as highly compelling, citing sticky customer bases, recurring revenues, and predictable businesses. Major purchases included Workday and Salesforce, which trade at discounts to their own history despite being higher quality businesses. The portfolio's banks returned 13% compared to 6% for the index in Q4, with an average weight of 12% that returned nearly 40% for the year. The manager took capital out of the group as valuations increased. Banks were the top contributing industry to relative performance both quarterly and annually. The portfolio remains overweight in healthcare, noting the sector's return is about half that of the rest of the market over the past decade. Healthcare's P/E ratio is less than 80% of the broad market's P/E, trading at a deeper discount only 8% of the time since 1990. The manager views this as an attractive opportunity given the quality of businesses and growth prospects. Energy exposure spans both exploration & production companies as well as oilfield services. While these businesses are not as structurally attractive as software or healthcare, energy remains among the most attractively valued areas of the portfolio. The group trades at less than 7x normal earnings and offers an expected free cash flow yield of 11%.		View
2025 Q4	Jan 29, 2026	Weitz Multi Cap Equity Fund	-1.5%	3.2%	ACN, BRK-B, CDW, CHTR, CMCSA, CSGP, DHR, GOOGL, HEI, IDXX, IEX, IT, KMX, LBRDA, LH, LKQ, META, PRM, SIRI, TECH	healthcare, multi-cap, technology, Telecom, underperformance, value	Google's Gemini AI surpassed expectations with latest release, moving to front of pack among frontier models according to industry benchmarks. Investors questioning value of Gartner's research offerings in rapidly evolving GenAI landscape. Heightened competition continues weighing on broadband investments including Liberty Broadband and Charter Communications. Charter's capital investment cycle beginning to ease, expected to improve free cash flow and support share repurchases at depressed prices. CarMax faces challenging environment with constrained availability and affordability of late model used vehicles. Online competitor Carvana taking share while CarMax's omni-channel investments have yet to deliver improvements, leading to strategic changes and CEO departure.	CHTR KMX PRM	View
2025 Q4	Jan 29, 2026	FPA Crescent Fund	3.1%	17.7%	ADI, AMZN, AVTR, BDX, C, CHTR, CMCSA, CRM, GOOGL, HEIA.AS, IFF, JEF, KMX, META, MSFT, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY	AI, global, healthcare, Quality, small caps, technology, value	The fund emphasizes being value aware, focusing on cases where both quality and value intersect. They avoid speculative areas where reward for taking risks is insufficient relative to potential returns. The strategy has generated equity-like returns while placing equal importance on capital preservation and appreciation over 30 years. The fund is actively investing in small to mid-cap global securities, believing the investment community is casting its gaze away from these market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. Recent purchases demonstrate their commitment to this thesis. The fund discusses AI extensively through Microsoft's transformation and growth prospects. They analyze how AI/cloud developments transformed Microsoft's business model and examine the massive revenue growth required for current AI valuations to make sense, questioning whether Microsoft can add revenue equivalent to multiple major software companies combined.	MSFT	View
2025 Q4	Jan 20, 2026	Sawgrass Asset Management – Large Cap Quality Growth	3.2%	0.0%	AMAT, AMD, AVGO, AZO, CMCSA, DHR, INCY, LLY, NOW, UTHR, WDAY, ZTS	AI, Biotechnology, growth, healthcare, Quality, Rotation, semiconductors, technology	Doubts about the circularity of AI revenue deals began to surface, with some chip stocks avoiding negative sentiment while software stocks were depressed by AI threats to subscription revenues. Investors posit that coming AI efficiencies could reduce future subscription volumes for software companies. Chip-related stocks helped portfolio performance as some avoided negative sentiment plaguing other AI/chip stocks. Advanced Micro Devices, Broadcom, and Applied Materials performed well despite broader concerns about AI revenue circularity. Biotech stocks contributed positively to strong Q4 performance as part of broad rotation into healthcare sector. Incyte and United Therapeutics were specifically mentioned as contributors to portfolio gains.		View
2025 Q4	Jan 18, 2026	Dodge & Cox Stock Fund	2.5%	13.7%	AON, AVTR, BAC, BK, BN, CHTR, CMCSA, CVS, FDX, FI, GILD, GOOGL, GSK, JCI, MET, MSFT, OXY, REGN, RTX, SCHW, TSM, WFC, WTW	contrarian, financials, industrials, technology, valuation, value	The fund maintains its value-oriented investment approach despite a fully valued U.S. equity market. The portfolio trades at an attractive valuation of 14.6 times forward earnings, representing a significant discount to the S&P 500 at 22.9 times. The fund continues to find opportunities where long-term fundamentals are not fully reflected in current prices. The fund reduced its overall weighting in the Financials sector while shifting exposure across industries. They trimmed more cyclical bank holdings like Wells Fargo and Bank of America, while increasing exposure to insurance brokers and alternative asset managers. Despite headwinds, they added to Fiserv as its valuation compressed significantly.	FISV	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
2025 Q4	Jan 14, 2026	Hardman Johnston Large Cap Equity	4.3%	0.0%	7269.T, AMZN, AZN, BDX, CCO.TO, CMCSA, EL, EW, GOOGL, HDB, ILMN, IQV, MA, META, MMC, PYPL, SCHW, SLB, SN, TMUS	AI, Genomics, growth, healthcare, large cap, Lithium, technology	AI remains an important driver for portfolio performance, with investments made years ago benefiting from the surge in AI spending. The manager sees AI as particularly relevant in healthcare where it can help achieve both innovation and efficiency while controlling healthcare spending growth. Albemarle is benefiting from a surge in lithium prices due to near-term production disruptions at competitors, improving outlook for global EV penetration, and investment in batteries as energy storage platforms for alternative energy supplies. Illumina, with almost 70% market share in gene sequencing, has weathered a storm of life science funding cuts and competitive entries. While challenges remain, they are well positioned to benefit from any acceleration in clinical and research spending in life sciences.	OLED AEIS ILMN ALB	View
2023 Q3	Sep 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	CEG, CMCSA, FWRD	-			View
2022 Q3	Sep 30, 2022	Aristotle Core Equity Fund	2.9%	21.3%	BALL, CMCSA, CTLT, DAR, HAL	-			View
2023 Q1	Apr 13, 2023	Atai Capital Management	6.5%	4.4%	ALOT, ATVI, CABO, CHTR, CMCSA	-			View
2023 Q1	Mar 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AMT, CMCSA	-			View
2022 Q3	Feb 11, 2022	ClearBridge Investments All Cap Growth	0.0%	0.0%	BIIB, CMCSA, FIS, META, PATH, TEAM	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Nov 29, 2025	Fund Letters	Julien Albertini	Comcast Corporation Class A	Communication Services	Cable & Satellite	Bull	NASDAQ	broadband, buybacks, cash flow, Content, Convergence, Parks, scale	View Pitch
Nov 28, 2025	Fund Letters	Julien Albertini	Comcast Corporation Class A	Communication Services	Cable & Satellite	Bull	NASDAQ	broadband, buybacks, cash flow, Content, Convergence, Parks, scale	View Pitch
Nov 10, 2025	Seeking Alpha	Seeking Alpha	Comcast Corporation		Telecom Services	Bull		broadband, cash flows, Comcast, cost advantages, growth, infrastructure, media, scale, shareholder returns, telecommunications	View Pitch
Nov 10, 2025	Seeking Alpha	Seeking Alpha	Comcast Corporation		Telecom Services	Bull		broadband subscribers, Comcast, content innovation, financial performance, integrated business model, market position, media, Scale Advantages, shareholder returns, telecommunications	View Pitch
Aug 13, 2025	Seeking Alpha	Moretus Research	Comcast Corporation	Communication Services	Telecom Services	Bull	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	The Dividend Guy	Comcast Corporation	Communication Services	Telecom Services	Neutral	NASDAQ	—	View Pitch

BSD Shareholders of CMCSA

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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