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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Burke Wealth Managament The Focused Growth Strategy | -0.9% | 5.3% | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | Manager believes AI will drive increased adoption at higher prices for enterprise software companies like ServiceNow and Salesforce, rather than allowing Fortune 2000 clients to bypass them with internal custom applications. Both companies are transitioning to consumption pricing models for AI modules to capture value from productivity gains. | View | |
| 2023 Q3 | Sep 30, 2023 | Burke Wealth Managament The Focused Growth Strategy | -0.5% | 35.9% | AMZN, ASML, CHTR, CMCSA, CRM, DIS, GOOGL, ISRG, META, MSFT, NVDA, SNOW, SPOT | AI, Cable, growth, healthcare, semiconductors, Streaming, technology | The fund is positioned for the early stages of a massive technology investment cycle around generative AI, expecting above-trend earnings growth for many holdings over the next couple of years. There is currently insufficient high-speed GPU capacity to meet AI demand, with visibility extending well into 2024, and software solutions should follow hardware deployment by about six months. | View | |
| 2023 Q2 | Aug 9, 2023 | Brookfield Asset Management | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | The manager discusses the debate around whether AI will drive increased adoption of enterprise software or allow companies to bypass these platforms with internal solutions. He believes platform companies like ServiceNow and Salesforce will be critical partners for Fortune 2000 enterprises in implementing AI solutions, despite current market skepticism. | View | |
| 2025 Q2 | Aug 7, 2025 | Matrix Dividend Income | - | - | AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH | dividends, financials, tariffs, technology, value, volatility | The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The ultimate resolution of reciprocal tariff negotiations remains the biggest risk, with potential for short-term bumps that could hurt the economy and equity market. | FI AMAT |
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| 2025 Q2 | Aug 7, 2025 | Matrix Large Cap Value Strategy | - | - | AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH | dividends, financials, large cap, tariffs, technology, value, volatility | The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The biggest risk going forward continues to be the ultimate resolution of reciprocal tariff negotiations, which could hurt the economy and equity market if not resolved favorably. | UNH FI AMAT AMAT |
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| 2025 Q2 | Aug 27, 2025 | First Eagle Global Fund | 7.2% | - | 7309.T, BABA, CHRW, CMCSA, CRM, ELV, GOOGL, ORCL, PM | AI, Geopolitical, global, gold, monetary policy, technology, Valuations | AI spending continues to drive market performance with companies like Alphabet providing full stack AI solutions spanning research, infrastructure and end products. Oracle secured a substantial five-year cloud computing contract with OpenAI. Alibaba's cloud business has accelerated to capitalize on the AI boom in China with leading open-source models and a partnership with Nvidia. | CRM CMCSA PM ELV 7309.T CHRW BABA GOOGL ORCL BABA WTW SLB BDX TSM META ORCL |
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| 2024 Q2 | Aug 12, 2024 | Eagle Capital Management | 5.1% | 18.6% | AA, AAPL, AER, AMZN, AON, CHTR, CMCSA, COF, COP, DFS, ELV, GE, GEV, GOOGL, GS, HLT, HUM, LLY, META, MSFT, NVDA | Concentration, large cap, Passive, S&P 500, technology, valuation | The S&P 500 has approximately 35% of its capital in only 10 companies, nearly double the concentration the index has averaged over the past twenty years. Eight of the top ten companies are in technology, creating extreme sector concentration risk that makes the index riskier than historically. | View | |
| 2025 Q2 | Aug 10, 2025 | FPA Crescent Fund | 8.4% | 8.1% | 7974.T, ADI, AMRZ, AMZN, C, CMCSA, GLEN.L, GOOGL, HEIO.AS, HOLN.SW, ICLR, IFF, META, NXPI, SAF.PA, TEL | Defensive, global, risk management, SMID Cap, value, volatility | Valuations remain above average, partly justified by lower-than-average interest rates. US companies continue to trade more expensively relative to their historical average and when compared to those based outside the US. Large-capitalization stocks, particularly those that are growthier, have captured the minds and wallets of investors and now trade at unusually high valuations. | View | |
| 2025 Q2 | Jul 9, 2025 | LRT Capital Management | - | 8.1% | ABG, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FN, GOOGL, GPI, ICLR, MKTX, NOC, PBR-A, RLI, SNEX, SSD, TTC, UNH | Consolidation, healthcare, infrastructure, Long/Short, Low Beta, Quality, Systematic | The manager emphasizes investing in category-defining enterprises with durable competitive moats, strong brand equity, and disciplined capital allocation. Holdings are characterized as best-in-class operators with fortress-like balance sheets and long-term compounding potential. | View | |
| 2024 Q2 | Jul 9, 2024 | Palm Valley Capital Management | -0.1% | 4.2% | 0288.HK, AAPL, AVA, CHTR, CMCSA, CRI, DISH, DOX, EQC, HOFT, KELYA, LAI.TO, MAN, NVDA, NWN, PHYS, PSLV, RGP, T, TBI | consumer, Precious Metals, small caps, Staffing, Utilities, value | Small cap valuations have normalized more than large caps since 2021 peaks, with median profitable small cap P/E at 17.5x versus 24x for large caps. The fund sees selective opportunities among struggling smaller companies trading near multi-year lows. Quality small caps have underperformed recently but historically delivered strong returns. | CRI TBI DOX RGP |
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| 2023 Q2 | Jul 30, 2023 | Smoak Capital Management | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | Manager discusses the debate over whether AI will drive increased adoption of enterprise software or allow companies to bypass vendors with internal solutions. Believes platform companies like ServiceNow and Salesforce will be critical AI partners despite market skepticism. AI data center demand has added massive structural component to high bandwidth memory demand. | View | |
| 2025 Q2 | Jul 27, 2025 | Hotchkis & Wiley Global Value Fund | 6.9% | 13.3% | AIG, BAB.L, CMCSA, D, ELV, ERIC, FFIV, GEHC, GM, HEIA.AS, JDEP.AS, KHC, NOV, UNH, WDAY | energy, financials, global, healthcare, industrials, technology, value | UK and other European countries are investing more in defense spending, benefiting companies like Babcock International which has 60% of revenue from Ministry of Defense contracts. Revenue growth and profitability should continue as defense investment increases. | KHC NOV ELV JDEP.AS UNH BAB.L |
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| 2025 Q2 | Jul 27, 2025 | Hotchkis & Wiley Large Cap Fundamental Value | 3.4% | 5.3% | AIG, APA, C, CMCSA, D, ERIC, FFIV, GM, KHC, NOV, UNH, WDAY, WFC | AI, energy, financials, healthcare, large cap, Quality, technology, value | The portfolio maintains a value-oriented approach with price-to-earnings ratio in line with long-term averages. The manager is willing to pay higher multiples for quality businesses that are well capitalized and managed, noting a valuation dichotomy between value and growth indices that should benefit active investors focused on fundamentals. | KHC NOV APA FFIV C UNH |
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| 2025 Q2 | Jul 22, 2025 | Miller Howard Investments Income-Equity Strategies | 3.8% | - | AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN | AI, Banking, dividends, financials, income, technology, value | AI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among Magnificent 7 companies, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain. | HRL ELS COP |
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| 2025 Q2 | Jul 22, 2025 | Miller Howard Investments Infrastructure | - | - | AMT, CCI, CMCSA, ENB, ETR, KMI, OKE, PPL, SRE, TRP, UPS | AI, Data centers, dividends, energy, infrastructure, Natural Gas, Utilities | AI training requires increasingly more computational power and energy, with usage doubling every 5.5 months for compute and 1.2 years for energy. Major tech companies are investing billions in data center infrastructure and signing agreements to secure reliable energy. This trend is expected to continue for the next generation of AI models. | CMCSA CCI |
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| 2025 Q2 | Jul 20, 2025 | Brennan Asset Management | - | - | CHTR, CMCSA, CODI, GLV.L, LBRDA, MTRO.L, TIGO | Banking, Europe, international, M&A, tariffs, Telecom, Trade Policy, value | The Trump administration has implemented aggressive tariff policies with rates ranging from 20-200% across various countries and sectors. These tariffs are evolving from trade policy to countermeasures against any policy disagreements, creating substantial economic uncertainty and potential inflationary pressures. | CHTR CODI PTSB.L MTRO.L TIGO |
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| 2025 Q2 | Jul 20, 2025 | The London Company Income Equity | 4.5% | 9.1% | AAPL, APD, BRK.B, CB, CMCSA, CVX, D, GLW, MSFT, NSC, NTDOY, PGR, PM, UPS | Consumer Staples, dividends, healthcare, industrials, Quality, technology, value | AI infrastructure and applications drove strong performance for Microsoft during the quarter due to its leading position. The company's partnership with OpenAI remains strategically important despite recent tensions. AI provides strong optionality for Microsoft's entrenched operating system and productivity software businesses. | CB CB APD PM MSFT |
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| 2025 Q2 | Jul 17, 2025 | Hardman Johnston Large Cap Equity | 10.6% | 3.4% | 7269.T, AMZN, AZN, CMCSA, CW, GOOGL, HWM, IBN, MA, META, MMC, PYPL, SCHW, SLB, SN, TMUS, UBER, UNH, VRT, VRTX | aerospace, Data centers, healthcare, large cap, nuclear, technology, Trade Policy | Curtiss-Wright Corp performed well as the market expects demand for their nuclear power components to improve over the coming years. The company is positioned to benefit from the growing nuclear power sector. | View | |
| 2024 Q2 | Jul 12, 2024 | Parnassus Value Equity Fund | 7.3% | 13.7% | ALGN, AVGO, BAC, BALL, BAX, BEP, BK, CMCSA, CSCO, GOOGL, GPN, INTC, MSFT, MU, NICE, ORCL, SPGI, SYY, TSM, VZ | AI, financials, healthcare, large cap, semiconductors, technology, value | The fund maintains strategic investments in Information Technology that should benefit from AI advancements. AI-related storylines continued to drive investor focus during the quarter. The fund sees upside from AI infrastructure spend through holdings like Broadcom. | View | |
| 2024 Q2 | Jun 30, 2024 | Fortress – Caribbean Growth Fund | -2.7% | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | AI is driving massive structural demand for high bandwidth memory and enterprise software platforms. The manager believes AI will prove additive to enterprise software results despite current market skepticism about seat-based pricing models. AI data center demand has transformed memory from cyclical to more stable with HBM market growing from $8B in 2023 to expected $30B+ in 2026. | View | |
| 2023 Q2 | Jun 30, 2023 | Burke Wealth Managament The Focused Growth Strategy | 15.2% | 36.7% | ABNB, ACN, AMZN, ASML, CHTR, CMCSA, CRM, GOOGL, ISRG, META, NOW, NVDA, PYPL, SPOT, TSM, UNH | AI, Cloud, growth, large cap, semiconductors, software, technology | Manager views AI as the fourth major computing revolution after PC, internet, and mobile. Portfolio companies like ServiceNow, Salesforce, and Accenture are positioned to deliver AI applications to enterprises. The AI revolution creates opportunities for productivity gains and new business models across the portfolio. | View | |
| 2026 Q1 | May 6, 2026 | FPA Source Capital | -0.3% | -0.3% | ADI, AON, BDX, CHTR, CMCSA, FBHS, GLEN.L, GOOGL, KMI, KMX, TEL | Balanced, healthcare, international, private credit, SMID Cap, value | View | ||
| 2024 Q1 | May 29, 2024 | Silver Ring Value Partners | 0.0% | 0.0% | AAPL, AMZN, BWA, CMCSA, GTX, NFLX, PHIN, WBD | Automotive, Growth Duration, Media, Process Evolution, small caps, value | Manager emphasizes disciplined value investing based on first principles, seeking meaningful undervaluation combined with sufficient quality. Portfolio priced at 63% of base case value excluding cash, with focus on companies trading below intrinsic value estimates. | WBD PHIN |
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| 2024 Q1 | May 21, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALGN, CCI, CHE, CIGI, CMCSA, CSWI, DINO, EXPO, FIX, GNRC, GPN, LAD, NOC, PBR-A, RLI, SAIA, SSD, TXN, WH | Beta, Hedging, Long/Short, quantitative, SMID Cap, Systematic | The fund maintains cautious positioning with low market beta exposure of 16.63% at month end. The manager continues to be cautious on the overall market as evidenced by current low market beta. Despite poor April performance, the strategy seeks to generate positive returns while controlling downside risks. | View | |
| 2025 Q1 | May 2, 2025 | LRT Capital Management | - | 6.0% | ABG, CBOE, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FIX, GPI, MKTX, NOC, PBR-A, REXR, RLI, SSD, TTC, UNH, WH | Beta, Fiscal, Hedging, Long/Short, Trade Policy, volatility | President Trump's universal tariff plans have roiled global markets and created policy uncertainty. The manager views tariffs as economically detrimental, comparing them to Import Substitution Industrialization policies that have failed historically. Hastily implemented tariffs will negatively affect the U.S. economy through slower growth, higher inflation, higher interest rates, and economic weakness. | View | |
| 2024 Q1 | May 2, 2024 | Madison Dividend Income Fund | 10.1% | 9.5% | ADP, BLK, CMCSA, CME, EOG, FAST, HD, MDT, MS, NEE, XOM | dividends, energy, financials, income, industrials, Quality, value | Fund employs relative yield strategy buying stocks with dividend yield at least 1.1x the S&P 500. Portfolio has dividend yield of 2.84% with relative dividend yield of 2.1x S&P 500, the highest levels in 20 years. Manager believes dividend stocks are historically cheap versus broad market. | XOM |
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| 2026 Q1 | May 13, 2026 | Matrix Dividend Income | - | - | AAPL, ACN, ADP, AMZN, CMCSA, FDX, GNRC, INTU, MSFT, NKE, PEP, PG, QCOM, TSN | AI, dividends, financials, Geopolitical, oil, technology, value | PG ADP NKE INTU |
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| 2024 Q1 | May 10, 2024 | FPA Crescent Fund | 3.7% | 12.8% | 3659.T, 9988.HK, ADI, AMZN, AON, AVGO, C, CHTR, CMCSA, FERG, GBLB.BR, GOOGL, HLF, HOLN.SW, IFF, JDEP.AS, JEF, KMX, META, TEL | global, Opportunistic, Quality, value | JDE Peet's is the second largest coffee business in the world, currently navigating challenges including effects of war on Russian business, pandemic impact on out-of-home demand, and massive inflation in coffee prices. Management has struggled with these challenges leading to CEO replacement. | JDEP.AS |
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| 2022 Q1 | Apr 22, 2022 | Ironvine Capital Partners | -7.2% | -7.2% | CHTR, CMCSA, DLTR | - | View | ||
| 2026 Q1 | Apr 21, 2026 | abrdn High Income Opportunities Fund | -0.5% | -0.5% | CMCSA | Building Materials, credit, energy, gaming, Geopolitical, high yield | View | ||
| 2024 Q1 | Apr 20, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AMT, AMZN, AVGO, CMCSA, DEO, DIS, DTE, GOOGL, HLN.L, KO, KVUE, MA, META, MSFT, NESN.SW, NVDA, ORCL, SAP, TMUS, V | AI, Consumer Staples, diversification, dividends, large cap, technology, Utilities, value | The fund maintains a dividend-focused strategy, adding positions in companies with attractive upfront yields and solid free cash flow generation. They initiated a position in Meta after the company announced its inaugural dividend and expect steady dividend compounding across their holdings. | View | |
| 2025 Q1 | Apr 17, 2025 | Regency Wealth Management | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | AI is driving massive structural demand for high bandwidth memory and data center infrastructure. The manager believes AI will prove additive to enterprise software companies like ServiceNow and Salesforce despite current market skepticism about AI replacing traditional software licenses. | View | |
| 2026 Q1 | Apr 13, 2026 | The Davenport Value & Income Fund | 1.9% | 1.9% | ACN, BDX, CMCSA, CSCO, CVX, ELV, ENB, FDX, NEE, NSC, NVO, SLB, TXN, UNH, UNP, VSNT, WAT, WY, XOM | AI, dividends, energy, Geopolitical, income, infrastructure, large cap, value | View | ||
| 2026 Q1 | Mar 31, 2026 | ClearBridge Investments Large Cap Value | - | - | AXP, BKNG, CMCSA, COF, DE, DIS, HON, JNJ, MSFT, OTIS, TMUS, XPO | AI, Cyclical, energy, industrials, large cap, Quality, value | HON BKNG TMUS AXP COF MSFT JNJ DE XPO |
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| 2025 Q1 | Mar 31, 2025 | Miller Howard Investments Infrastructure | - | - | AMT, ATO, AWK, CCI, CEG, CMCSA, CSX, EQIX, ETR, EXC, HCA, NI, SRE, T, TMUS, TRGP, UPS, WCN, WM, WMB | Data centers, Defensive, dividends, infrastructure, Telecom, Utilities, Waste management | Infrastructure sector outperformed S&P 500 by widest margin in 20 years, providing downside protection amid market uncertainty. Portfolio focuses on essential service providers with high barriers to entry, stable cash flows, and attractive risk-adjusted returns with strong up/down capture ratios. | View | |
| 2025 Q1 | Mar 31, 2025 | Miller Howard Investments Income-Equity Strategies | - | - | CMCSA, CMS, CNQ, CSCO, EIX, EPD, EWBC, EXC, GILD, JEF, JPM, KO, LAMR, NTR, ORI, RHI, RY, STAG, TTE, VICI | dividends, financials, income, low volatility, tariffs, Utilities, value | Miller/Howard focuses on high and rising dividend income with over 40% of holdings announcing dividend increases in Q1. The strategy seeks companies with demonstrated earnings power and attractive valuations that can pay good dividends without stretching payout ratios. Portfolio yields 3.8% with strong dividend coverage ratios. | View | |
| 2025 Q1 | Mar 31, 2025 | The Davenport Value & Income Fund | 3.8% | 3.8% | AVY, BAM, BMY, BRK.B, BUD, CMCSA, CVX, ELV, FDX, HP, HSY, JNJ, LHX, NEE, NSC, ORCL, PM, SNY, STZ, UPS | Buybacks, Consumer Staples, Defensive, dividends, healthcare, value | Sixteen of DVIPX's holdings raised their dividends during the quarter, led by double-digit percentage increases at Walmart, Brookfield Corp, and others. The average DVIPX constituent has raised its dividend 8% year-over-year, which exceeds the S&P 500's 6%. The Fund is both higher yielding and possesses higher dividend growth than the benchmarks. | View | |
| 2025 Q1 | Mar 31, 2025 | Hotchkis & Wiley Global Value Fund | 6.0% | 6.0% | AIG, BAB.L, CMCSA, CVS, D, ELV, ERIC, FFIV, FIS, GOOGL, HEINY, SHEL, SIE.DE, WDAY, WPP | Europe, global, healthcare, industrials, Outperformance, technology, valuation, value | Value significantly outperformed growth in Q1 2025, with MSCI World Value returning +4.8% versus -7.8% for growth. The valuation spread between growth and value remains wide at 27x vs 15x price to normal earnings, suggesting promising outlook for value investing. The portfolio trades at an attractive 9x price to normal earnings ratio. | WDAY GOOGL WPP SIE.DE BAB.L CVS |
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| 2025 Q1 | Mar 31, 2025 | Hotchkis & Wiley Large Cap Fundamental Value | 2.5% | 2.5% | AIG, APA, C, CMCSA, CVS, D, ELV, ERIC, FFIV, GM, GOOGL, MGA.TO, OLN, WFC | earnings, healthcare, large cap, Quality, valuation, value | The fund emphasizes value investing with the portfolio trading at 8x normal earnings versus Russell 1000 Value at 17x. The manager believes value dislocations exist across market segments and expects further correction/normalization, drawing parallels to early 2000s market conditions. | View | |
| 2025 Q1 | Mar 31, 2025 | Eagle Capital Management | 0.7% | 0.7% | AA, AER, AMZN, AON, BAYRY, CHTR, CMCSA, COF, COP, DFS, EL, ELV, GE, GEV, GOOGL, HLT, HUM, INTU, LBRDK, LEN | AI, diversification, Geopolitical, long-term, Recession, tariffs, uncertainty, value | The administration is serious about changing trade flows and will implement significant tariffs, though ultimate levies expected to come down from headline rates. Tariffs are a form of consumption tax shared by consumers and foreign exporters, with corporate profits expected to be somewhat lower. Manufacturing capacity additions to the U.S. will be limited to quick-cycle projects with good returns on capital. | View | |
| 2025 Q1 | Mar 31, 2025 | FPA Crescent Fund | -0.2% | -0.2% | ADI, AON, C, CMCSA, FERG, GLEN.L, GOOG, GOOGL, HEIO.AS, HOLN.SW, ICLR, IFF, JEF, KMI, META, TEL | energy, global, Natural Gas, Valuations, value | The fund spoke to generally high stock valuations, particularly in the US, and took advantage of higher prices by reducing and selling some positions. With fewer appealing opportunities to redeploy capital, the fund's net exposure decreased significantly. | View | |
| 2025 Q1 | Mar 31, 2025 | Weitz Multi Cap Equity Fund | 0.8% | 0.8% | ACN, BRK-A, CMCSA, DHR, GOOGL, HEI, IDXX, IEX, LBRDA, LICT, LKQ, META, PRM, TECH, V | aerospace, AI, healthcare, Multi Cap, technology, Trade Policy, value | The AI Trade was dealt a setback in late January after Chinese firm DeepSeek announced its advanced AI model had been developed at a fraction of the cost of U.S. competitors. This led to greater investor scrutiny of U.S. firms' spending plans. Alphabet's Google unit is on the front lines of the Traditional Search vs. GenAI battle. | View | |
| 2024 Q1 | Mar 31, 2024 | Burke Wealth Managament The Focused Growth Strategy | 15.2% | 15.2% | AAPL, ABNB, ADBE, AMZN, CHTR, CMCSA, CRM, GOOGL, HD, LLY, LOW, META, MSFT, NOW, NVDA, NVO, PYPL, SNOW, TSLA | AI, growth, large cap, Pharmaceuticals, retail, semiconductors, technology | The artificial intelligence revolution is unfolding in three phases: infrastructure investment, application development, and productivity implementation. Nvidia dominates the infrastructure phase while companies like Meta are advancing in application development and implementation. | View | |
| 2024 Q1 | Mar 31, 2024 | Airlie Small Companies Fund | 9.1% | 9.1% | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | AI is driving massive productivity gains and creating new business models for enterprise software companies. The debate centers on whether AI will increase adoption at higher prices or allow companies to bypass traditional software vendors. ServiceNow and Salesforce are adapting pricing models to capture AI value through consumption-based structures. | View | |
| 2023 Q4 | Feb 21, 2024 | Eagle Capital Management | 10.2% | 38.1% | AMZN, AON, BAYRY, C, CHTR, CMCSA, COF, COP, ELV, GE, GOOGL, GS, HLT, IAC, LBRDK, MAR, META, MSFT, NFLX, OXY | energy, fiscal policy, inflation, Long Term, technology, value | After prolonged poor industry performance, structural supply/demand dynamics are attractive. Energy stocks trade at historically wide free-cash-flow-yield advantage to overall market. Geopolitical risks may cause energy price spikes, yet sector weighting is near all-time lows as percentage of overall market. | 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 |
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| 2024 Q4 | Feb 10, 2025 | Eagle Capital Management | - | - | AER, AMZN, AON, CMCSA, COP, GOOGL, HUM, LNSTY, MSFT, SHEL, UNH, WDAY, WWD | earnings, energy, healthcare, long-term, technology, value | Eagle defines value as a philosophy anchored in math, seeking investments that can generate double-digit returns by reaching a 10% yield on capital employed. The firm analyzes long-term earnings power rather than current multiples, as demonstrated by their 10-year forward earnings yield analysis of S&P 500 companies. | HUM UNH COP AMZN |
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| 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 | - | - | AMZN, AVGO, BIIB, CMCSA, CMG, ETSY, FCX, GOOGL, ICLR, ISRG, META, NFLX, NVDA, STX, TMO, TSLA, UBER, UNH, V, VRTX | AI, Biotechnology, growth, healthcare, large cap, momentum, technology | Nvidia continued to ride momentum as the key supplier of chips for AI applications, rising more than 170% in 2024. The team is targeting disruptors leveraging generative AI and rapidly taking market shares in the fastest-growing parts of the economy. Innovation is accelerating beyond technology-related businesses, including medical devices where Intuitive Surgical is making significant strides in providing feedback to surgeons using robotic instruments. | CMCSA BIIB CMG ICLR |
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| 2024 Q4 | Dec 31, 2024 | FPA Crescent Fund | 1.1% | 14.0% | 003550.KS, AAPL, AMZN, C, CINF, CMCSA, COST, GLEN.L, GOOGL, HEIO.AS, HOLN.SW, IRM, JDEP.AS, JEF, META, MSFT, NVDA, SHW, TSLA, WSO | contrarian, Exposure, global, momentum, risk, valuation, value | Momentum stocks have led the market, particularly in 2024. According to Morgan Stanley, momentum ruled more than any other factor, with high momentum stocks outperforming low momentum by +28% year-on-year as of Dec 11th, a two standard-deviation event. The current momentum run is one of the top momentum runs since 1995. | 003550.KS CMCSA GLEN.L HEIO.AS |
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| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Large Cap Fundamental Value | -0.9% | 12.8% | APA, C, CMCSA, CVS, ELV, ERIC, FFIV, GM, MDT, OLN, WFC | Defensive, financials, healthcare, large cap, valuation, value | The fund maintains a value-oriented approach despite challenging market conditions. The portfolio trades very near its long-term average valuation despite passive indices trading well above their historical averages. The fund continues to find attractive risk/return opportunities in a challenging market by focusing on valuation balanced against fundamental risks. | OLN CVS ELV WFC GM FFIV |
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| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Global Value Fund | -3.0% | 9.4% | 005930.KS, AIG, CMCSA, CVS, ELV, ERIC, FFIV, GM, GOOGL, MDT, SIEGY, WDAY, WPP | global, healthcare, industrials, semiconductors, technology, value | The fund maintains a value-oriented approach, noting that value stocks lagged growth for the full year but believing valuation disparities create opportunities for active management. The spread between growth and value indices is wide, suggesting a promising outlook for value investing. | GM FFIV 005930.KS CVS ELV |
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| 2024 Q4 | Dec 31, 2024 | Burke Wealth Managament The Focused Growth Strategy | 2.7% | 28.4% | AAPL, ACN, ADBE, AMZN, CHTR, CMCSA, CRM, CRWD, CVS, GOOGL, HUM, LLY, MSFT, NOW, NVDA, NVO, SNOW, UNH | AI, growth, healthcare, large cap, regulation, software, technology, Telecommunications | The manager discusses the dawn of the Agentic Age where AI agents will solve problems and complete business tasks, with marginal cost of labor approaching zero for tasks AI can complete. AI agents will allow knowledge workers to operate at the top of their degree and eliminate mindless tasks. The manager expects this to drive productivity gains and help solve labor shortage issues. | View | |
| 2024 Q4 | Dec 31, 2024 | Hardman Johnston Large Cap Equity | -1.3% | 17.3% | AMZN, AZN, BDX, CMCSA, ELAN, EW, FTI, GOOGL, IBN, LEN, MA, MELI, MMC, PYPL, SCHW, SLB, SN, STAN.L, SUZKY, TMUS | Data centers, healthcare, interest rates, large cap, technology, Trade Policy | Data center buildout remains strong with companies like Marvell and Vertiv playing key roles. Investment in data centers for artificial intelligence applications was strong during the quarter. Marvell has a strong position in data networking chips in data centers. | LEN MRVL SN |
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| 2024 Q4 | Dec 31, 2024 | Nixon Capital | - | - | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, growth, Memory, nuclear, semiconductors, software, Trade Policy | AI is driving massive structural demand for high bandwidth memory and data center infrastructure. Enterprise software companies like ServiceNow and Salesforce are developing AI-infused products with consumption pricing models to capture value from productivity gains. The manager believes AI will ultimately prove additive to software company results despite current market skepticism. | View | |
| 2023 Q4 | Dec 31, 2023 | Matrix Dividend Income | 0.0% | 0.0% | AEP, BK, CMCSA, GILD, JPM, MDT, MSFT, PNC, UNP, USB | dividends, financials, income, large cap, value | The portfolio focuses on high-quality companies that pay strong dividend yields with a long history of continually growing those dividends. The strategy generated high current and growing income with a 3.10% dividend yield and 6.43% average annual dividend growth. | View | |
| 2023 Q4 | Dec 31, 2023 | Burke Wealth Managament The Focused Growth Strategy | 12.8% | 53.2% | AAPL, AMD, AMZN, CHTR, CMCSA, CRM, GOOGL, META, MSFT, NOW, NVDA, SNOW, TMUS, TSLA, VZ | AI, Cloud, earnings, growth, large cap, semiconductors, technology | The manager believes the AI revolution will be transformational for business, with 2023 being a year of massive investment in data centers for generative AI compute power. 2024 needs to be the year AI applications come into clearer focus, with companies like Snowflake helping enterprises organize data while Salesforce and ServiceNow deliver custom AI applications. Software applications tend to follow hardware investments by 3-6 months, and early AI applications from portfolio companies are encouraging. | View | |
| 2025 Q3 | Nov 8, 2025 | Cullen Value Fund | 6.8% | 15.9% | AMAT, BAC, BDX, BMY, BWA, C, CI, CMCSA, DIS, JPM, KVUE, LOW, MBGYY, MDLZ, MS, MU, NEE, ORCL, SRE, UNH | AI, dividends, financials, growth, healthcare, technology, value | AI investments have propelled markets higher with euphoria around AI driving the Magnificent 7 to record valuations. Trillions of dollars are being invested into agentic AI that will eventually need to be monetized. Capital expenditures among top hyperscalers have surged as they race to establish leadership in generative AI, creating a self-perpetuating cycle of investment. | UNH SW BDX |
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| 2025 Q3 | Nov 5, 2025 | ClearBridge Investments Large Cap Value | - | - | AMT, AMZN, APD, AVGO, CMCSA, CVS, DE, GOOGL, HLN.L, INTC, JNJ, MCHP, ORLY, PNC, SRE, TMO, TSM, UNH, USB, WEC | AI, healthcare, Outperformance, Quality, semiconductors, technology, Utilities, value | The massive surge in spending on artificial intelligence continues to bolster chip providers like Broadcom, whose custom-designed chips are gaining broader adoption with hyperscalers. Taiwan Semiconductor leads in advanced semiconductor manufacturing with dominant market share in leading-edge nodes being adopted by nearly all major AI companies. The Strategy neutralized the powerful AI trade by initiating positions in Taiwan Semiconductor and Amazon.com while increasing Alphabet position. | View | |
| 2025 Q3 | Nov 27, 2025 | FPA Source Capital | 4.6% | 13.5% | C, CMCSA, GLEN.L, GOOGL, IFF, JDEPY, KMX, PRX, RI.PA, TE | Balanced, credit, equities, global, value | Source has 25.6% committed to private credit including called and uncalled capital as of quarter-end. The fund continues to look for opportunities to increase that exposure. | KMX IFF |
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| 2025 Q3 | Nov 21, 2025 | Shelton Equity Income Strategy | - | - | AAPL, AMZN, ANET, BSX, CMCSA, CTSH, DVA, FTNT, GM, GOOGL, META, MSFT, NEM, NVDA, PHM, TSLA | AI, equity income, Options, rates, technology, Trade Policy, volatility | The rally was sustained by enthusiasm for the AI trade, with the Magnificent Seven stocks reclaiming leadership after lagging earlier in the year. AI continues to drive market momentum and sector rotation. | View | |
| 2024 Q3 | Nov 19, 2024 | Eagle Capital Management | - | - | AMZN, AON, CHTR, CMCSA, COF, COP, DFS, ELV, GEV, GOOGL, GS, HLT, HUM, META, MSFT, NFLX, OXY, SAP, TSM, WWD | aerospace, Aftermarket, growth, Quality, value | Eagle views aerospace as one of the most attractive segments of the global economy, driven by strong demand growth and technical moats. The company highlights Woodward's unique position in aerospace aftermarket with tripled content share on new generation narrowbody aircraft. | WWD |
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| 2023 Q3 | Nov 10, 2023 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AMT, APO, CMCSA, ENB, GILD, MET, MSFT, PXD, RTX, TMUS, VMC, VZ, WMB | dividends, energy, financials, industrials, interest rates, value | The strategy focuses on high-quality dividend growers with strong balance sheets and pricing power. Portfolio companies have grown dividends at 10% on average over recent years, demonstrating quality and durability. The managers emphasize dividend growth as protection for investors' purchasing power in inflationary environments. | GILD TMUS HRTX APO |
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| 2025 Q3 | Oct 9, 2025 | ClearBridge Investments Dividend Strategy | - | - | AVGO, CMCSA, DEO, GOOGL, KO, LHX, META, MMC, NESN.SW, NOC, NSC, ODFL, ORCL, RTX, SRE, TEL, TMUS, TRV, UNH, UNP | AI, defense, dividends, large cap, Quality, risk management, technology, valuation | AI enthusiasm continued to propel the S&P 500 higher with sizable gains in IT and tech proxy sectors. The Strategy profited from AI exposure through holdings like TE Connectivity, Broadcom, and Oracle, though maintained disciplined risk management approach. | ODFL MARSH LHX TEL ORCL AVGO |
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| 2025 Q3 | Oct 31, 2025 | FPA Crescent Fund | 5.5% | 14.1% | 7974.T, ADI, AMZN, C, CMCSA, FERG.L, GLEN.L, GOOGL, HOLN.SW, IFF, KMX, META, PRX.AS, RI.PA, SAF.PA, TEL, WFC | consumer, financials, global, technology, value | Alphabet continues to enhance its existing search offering with new AI features that have been well-received and are continually evolving. Recent concerns include competitive threats in search, stemming from competing AI models, as well as antitrust scrutiny in the US and Europe. | View | |
| 2024 Q3 | Oct 30, 2024 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AMZN, AON, AVGO, C, CHTR, CMCSA, FBIN, GOOGL, HLF, HOLN.SW, IFF, JDEP.AS, JEF, KMX, META, RI.PA, SATS, TEL, VYX | Diversified, global, Long/Short, Opportunistic, risk management, value | JDE Peet's stock has declined over the past twelve months despite largely stable earnings. Record-high coffee bean prices and headwinds from the company's Russia business have led investors to view the glass as half-empty. The fund is hopeful that new management will prove up to the task of making entrepreneurial and cost-efficient investments to reinvigorate growth and put JDE Peets in a position to benefit from its position as the world's second-largest consumer coffee company. | View | |
| 2025 Q3 | Oct 28, 2025 | Hotchkis & Wiley Global Value Fund | 5.3% | 19.2% | AIG, CMCSA, D, ELV, ERIC, FFIV, GEHC, GOOGL, HEIA.AS, JDEP.AS, UNH, WBD, WDAY, WPP.L | AI, financials, global, healthcare, Media, technology, value | Artificial intelligence infrastructure spending and structural demand tied to AI drove significant performance in semiconductors and hardware companies. AI capabilities are viewed as key to digital transformation and turnaround plans for companies like WPP. | View | |
| 2025 Q3 | Oct 28, 2025 | Hotchkis & Wiley Large Cap Fundamental Value | 6.4% | 12.0% | AIG, APA, C, CMCSA, ELV, ERIC, FFIV, GEHC, GM, GOOGL, WBD, WDAY, WPP.L | energy, financials, large cap, Quality, technology, value | The portfolio trades at less than 13x consensus earnings and a little more than 9x normal earnings, in line with its historical average despite the broad market's elevated valuation. The manager emphasizes attractive valuation opportunities in segments of the equity market while noting the S&P 500 is fully valued or overvalued at 25x next year's consensus estimates. | View | |
| 2022 Q3 | Oct 25, 2022 | FMI All Cap Equity | -1.8% | 11.2% | AVY, BLK, CMCSA, FERG | - | View | ||
| 2025 Q3 | Oct 23, 2025 | Semper Augustus | 3.3% | 19.7% | AHT.L, BF-A, BRK-A, CFR.SW, CMCSA, DASH, GOOGL, HEIA.AS, JPM, MA, MLM, NFLX, NSRGY, NVDA, PM, RI.PA, UBER | AI, Brand Loyalty, Concentration, Consensus, global, long-term, Value Investing | AI represents a transformative investment opportunity requiring massive capital deployment in semiconductors, data centers, and infrastructure. The manager discusses NVIDIA's central role in AI development through GPU technology, Google's AI capabilities, and the broader ecosystem of companies benefiting from AI infrastructure buildout including construction materials and equipment providers. | NESN SW PM GOOG |
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| 2025 Q3 | Oct 22, 2025 | First Eagle Global Fund | 8.9% | 24.9% | 7309.T, BABA, CHRW, CMCSA, CRM, ELV, GOOGL, ORCL, PM | AI, Geopolitical, global, gold, risk management, technology, value | AI spending continues to drive market performance with companies like Alphabet providing full-stack AI solutions and Oracle securing substantial cloud computing contracts with OpenAI. Alibaba's cloud business has accelerated to capitalize on the AI boom in China through partnerships with Nvidia and leading open-source models. | CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL |
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| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Large Cap Equity | 6.0% | 9.6% | 7269.T, AAPL, ADBE, ADP, AEIS, ALB, AMZN, ASML, AZN, BDX, CMCSA, CTVA, CW, EL, EW, FMC, GOOGL, HWM, HXL, IBN, ILMN, IQV, MA, MDT, META, MMC, MRVL, MSFT, NVDA, OLED, PRY.MI, PYPL, SCHW, SLB, SN, SWK, TMUS, UBER, VRT, VRTX | aerospace, AI, healthcare, industrials, large cap, technology, value | The firm is debating how far artificial intelligence has to run and whether AI-related holdings are bargains, over-extended, or fairly valued. They believe they are at the beginning of a new productivity revolution and suspect current forecasts are too low for companies enabling this revolution. Both Vertiv and Advanced Energy sell power conditioning and management tools into the computing sector and are seeing a surge in business related to the AI buildout. | CTVA VRT PRY AEIS |
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| 2025 Q3 | Oct 19, 2025 | Miller Howard Investments | - | - | AR, BK, CAG, CCI, CMCSA, CNP, COP, DINO, ELS, ENB, EPD, GEL, GS, HESM, HRB, HRL, JPM, NI, NRG, STT, TTE, WTTR | AI, dividends, energy, financials, inflation, infrastructure, Natural Gas, Utilities | Miller/Howard emphasizes dividend increases as the strongest signal of management confidence, with 70% of financial holdings raising dividends by an average 14% in the quarter. The firm projects 2025 dividend growth of 5.0% for Income-Equity and 4.9% for the no-MLP version, maintaining their focus on high current income and dividend growth as core investment principles. | View | |
| 2025 Q3 | Oct 19, 2025 | Miller Howard Investments Income-Equity Strategies | 3.6% | - | AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN | AI, dividends, energy, financials, income, technology, value | AI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among the Magnificent 7, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion dollars by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain. | TTE HRL ELS COP |
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| 2025 Q3 | Oct 19, 2025 | Miller Howard Investments Infrastructure | 3.0% | - | AMT, CCI, CMCSA, ENB, ETR, KMI, OKE, PPL, SRE, TRP, UPS | AI, Data centers, dividends, energy, infrastructure, Natural Gas, Utilities | AI training requires increasingly more computational power and energy, with usage doubling every 5.5 months for compute and 1.2 years for energy. Major tech companies are investing billions in data center infrastructure and signing agreements to secure reliable energy for AI development. | PPL SRE ETR ENB CN CCI |
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| 2025 Q3 | Oct 16, 2025 | Distillate Capital Fundamental Stability & Value | - | 6.5% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | Benchmarks, Concentration, large cap, Quality, technology, valuation, value | Manager emphasizes systematic value investing approach focused on free cash flow valuation rather than book value. Strategy trades at 6.1% FCF yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. Systematic quarterly rebalancing allows proceeds from expensive stocks to flow into cheaper names with higher underlying cash flows. | View | |
| 2025 Q3 | Oct 16, 2025 | Distillate Capital International | - | 33.3% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, Quality, valuation, value | The manager emphasizes that while the Russell 1000 Value benchmark is intended to offer a counter to valuation risk, it suffers from being demarcated on book value which inadequately measures valuation in today's economy. Their U.S. FSV strategy offers substantially better valuation at 6.1% free cash flow yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. | CMCL LN |
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| 2025 Q3 | Oct 16, 2025 | Distillate Capital Small/Mid Cap Quality & Value | - | 3.4% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI Bubble, Benchmarks, Concentration, free cash flow, Quality, small caps, valuation, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting that their U.S. FSV strategy trades at a 6.1% free cash flow yield versus 3.9% for Russell 1000 Value and 3.1% for the S&P 500. They focus on finding quality companies trading at attractive valuations while avoiding the valuation and concentration risks in major benchmarks. | View | |
| 2025 Q3 | Oct 16, 2025 | Distillate Capital Large Cap Value | - | 9.0% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, free cash flow, Quality, valuation, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting their strategy's superior valuation metrics compared to benchmarks. They focus on finding quality companies trading at attractive levels while avoiding the valuation risks present in current market leadership. | IT US ACN US ADBE US CRM US |
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| 2024 Q3 | Oct 15, 2024 | WestEnd Capital | 0.7% | 32.8% | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | Manager believes AI will drive increased adoption at higher prices for enterprise software companies like ServiceNow and Salesforce, rather than allowing Fortune 2000 companies to bypass them with internal solutions. Both companies are adapting pricing models to consumption-based structures for AI modules to protect against headcount reduction concerns. | MU CRWD SMCI KWEB TSLA GTLB ZTS GILD MDT GE |
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| 2023 Q3 | Oct 15, 2023 | Madison Dividend Income Fund | 10.1% | 9.5% | BKR, CMCSA, CME, CSCO, CVX, EOG, HD, JNJ, MDT, MS | dividends, income, large cap, Quality, rates, value | The fund focuses on high-quality dividend paying stocks with above-average yields. At quarter end, the fund yielded 3.25% compared to S&P 500's 1.61%, representing the highest relative dividend yield versus benchmarks in over a decade. The manager believes dividend stocks are attractively priced after significant underperformance. | View | |
| 2025 Q3 | Oct 1, 2025 | Infuse Partners | 33.2% | - | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, free cash flow, international, Quality, small caps, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting that their U.S. FSV strategy trades at a 6.1% FCF yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. They focus on finding quality companies trading at attractive valuations while avoiding the valuation and concentration risks in major benchmarks. | TMDX US |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 2024 Q3 | Sep 30, 2024 | Fidelity Dividend Growth Fund | 4.4% | 25.2% | AAPL, ABBV, ALSN, AMZN, APO, AVGO, BA, BN, BRK-A, CMCSA, CVX, EPD, ET, EXC, GEV, GOOGL, HD, JNJ, JPM, META, MRVL, MSFT, MU, NVDA, QCOM, TSLA, VST, XOM | aerospace, AI, dividends, energy, large cap, technology, Utilities, value | The fund sees explosive growth of AI as a key advantage in semiconductors and semiconductor equipment. AI's influence was reflected in the roughly 19% advance for the utilities sector, which benefited from its key role in providing electricity needed to power massive data centers used for AI. The fund maintains notable overweights in AI-related semiconductor names like Qualcomm, Marvell Technology and Micron Technology. | View | |
| 2023 Q3 | Sep 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA | AI, dividends, energy, inflation, infrastructure, Midstream, Recession, Utilities | The letter emphasizes dividend investing as a reliable strategy, noting that dividends have been the most dependable source of investment returns over time. The firm focuses on high-dividend-yield stocks that continue to produce income during recessions and suggests mature management views their business positively long-term. | View | |
| 2023 Q3 | Sep 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA | AI, dividends, energy, income, inflation, Recession, Utilities, value | The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide income during downturns. The portfolio yields 3.9% and 3.6% respectively for the with-MLP and no-MLP versions. | View | |
| 2023 Q3 | Sep 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA | AI, dividends, energy, income, inflation, Utilities, value | The firm emphasizes dividend-paying stocks as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They advocate for dividend investing as a strategy that relies on the power of compounding income over time rather than heroic forecasts. | View | |
| 2023 Q3 | Sep 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | AM, BK, CAG, CEG, CMCSA, EPD, GS, HESM, JPM, MPC, MPLX, NEE, NS, NTR, PAYX, SO, SUN, TRGP, TXN, VST | AI, dividends, energy, income, inflation, interest rates, Midstream, Utilities | The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide downside protection. | View | |
| 2024 Q3 | Sep 30, 2024 | Matrix Dividend Income | 0.0% | 0.0% | ABBV, BDX, CMCSA, CSCO, DUK, GS, JPM, MDT, PYPL, QCOM, SBUX, UNP | dividends, financials, healthcare, large cap, rates, value | Matrix's Dividend Income portfolio continues to deliver on its three objectives: generating high current and growing income, downside protection, and capital appreciation. In Q3, three portfolio holdings raised their dividends by an average of 6.1%, and over the past 12 months 23 of 24 holdings increased their dividends by 6.1%. The portfolio maintains a 2.80% dividend yield compared to the S&P 500's 1.28% yield. | NESN.SW BDX MDT |
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| 2024 Q3 | Sep 30, 2024 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | ABBV, BDX, CMCSA, CSCO, DUK, GS, JPM, MDT, NESN.SW, PYPL, QCOM, SBUX, UNP | dividends, financials, healthcare, large cap, rates, value | Matrix's Dividend Income portfolio delivered strong performance with 19 holdings raising dividends by 6.4% average in nine months. The portfolio maintains a 2.80% dividend yield versus 1.28% for S&P 500, with 23 of 24 holdings increasing dividends over past 12 months by 6.1% average. | NESN.SW BDX MDT |
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| 2024 Q3 | Sep 30, 2024 | Hardman Johnston Large Cap Equity | 4.9% | 18.8% | 7269.T, AMZN, AZN, BDX, CMCSA, ELAN, EW, FTI, GOOGL, IBN, ILMN, MA, MELI, MMC, PYPL, SCHW, SLB, STAN.L, TMUS, XRAY | aerospace, AI, healthcare, large cap, rates, technology | The Federal Reserve cut interest rates by 0.5% in September, signaling a change in direction for major parts of the economy. After years of rapidly rising rates, this change will affect mortgage rates, credit card balances, savings, and business operations. Major sectors that have been moribund, especially housing, will have a chance to help the next expansion cycle get underway. | View | |
| 2023 Q3 | Sep 30, 2023 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AIG, ATVI, AVGO, CHTR, CMCSA, GOOGL, HLF, HOLCIM, IFF, JEF, KMX, META, NFLX, SBNY | credit, Long/Short, Multi Asset, risk management, value | Credit exposure increased during the quarter. While high-yield bonds do not look as attractive as they did earlier in the year, the fund continues to search for opportunities that meet their risk/reward criteria. | View | |
| 2023 Q3 | Sep 30, 2023 | Matrix Dividend Income | 0.0% | 0.0% | AAPL, AEP, AMGN, AMZN, BKNG, CMCSA, FDX, FI, GOOGL, JPM, LHX, META, MSFT, NEE, PFE, RTX, TXN, UL, UNH, ZBH | dividends, financials, large cap, rates, Utilities, value | The Dividend Income portfolio focuses on companies that pay regular dividends, with 17 companies announcing dividend increases in 2023 averaging 6.8%. The portfolio maintains a 3.35% dividend yield compared to 1.61% for the S&P 500, demonstrating the strategy's focus on generating strong and growing current income. | NEE HRTX |
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| 2023 Q3 | Sep 30, 2023 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | AAPL, AEP, AMGN, AMZN, BKNG, CMCSA, FDX, FI, GOOGL, JPM, LHX, META, MSFT, NEE, PFE, RTX, TXN, UL, UNH, ZBH | dividends, Fed policy, inflation, large cap, rates, value | Interest rates rose sharply in Q3 with 10-year Treasury reaching 4.57%, highest since 2007. The Fed raised rates by 0.25% and signaled higher for longer policy. Matrix believes the Fed is nearing the end of its hiking cycle and expects rate cuts in 2024 as economic slowdown becomes evident. | NEE HRTX |
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| 2022 Q3 | Sep 30, 2022 | Aristotle Core Equity Fund | 2.9% | 21.3% | BALL, CMCSA, CTLT, DAR, HAL | - | View | ||
| 2024 Q2 | Jul 31, 2024 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | CMCSA, CSCO, CVS, GD, GILD, HD, LOW, MDT, PEP, QCOM, SBUX, TSN | AI, dividends, financials, healthcare, large cap, technology, value | Technology and Communications Services sectors, holding many stocks benefiting from the booming interest in artificial intelligence, continued to lead market returns in Q2 2024. The market action in June focused almost exclusively on the AI Mega Tech melt up and left most other areas in the dust, feeling like it is hitting extremes. | MDT LOW |
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| 2024 Q2 | Jul 31, 2024 | Matrix Dividend Income | 0.0% | 0.0% | CMCSA, CSCO, CVS, GD, GILD, HD, LOW, MDT, PEP, QCOM, SBUX, TSN | AI, dividends, financials, healthcare, large cap, rates, technology, value | The Matrix Dividend Income portfolio continues to deliver on its three objectives: generating high current and growing income, downside protection, and capital appreciation. In Q2, eight portfolio holdings raised their dividends by an average of 5.9%, and fifteen holdings raised dividends by an average of 6.7% in the first six months. The portfolio maintains a 3.03% dividend yield compared to 1.33% for the S&P 500. | MDT LOW |
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| 2024 Q2 | Jul 31, 2024 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AMZN, AON, C, CHTR, CMCSA, ENT.L, GOOGL, HOLN.SW, IFF, JEF, KMX, META, MSFT, NVDA, TEL | Concentration, growth, large cap, Quality, risk management, value | The fund emphasizes value investing philosophy, noting that value managers have struggled significantly over the past decade with Value underperforming Growth by substantial margins. Many investors have capitulated and fired their Value managers, with some converting to Growth strategies. | KMX CHTR C HOLN.SW |
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| 2024 Q2 | Jul 17, 2024 | Madison Dividend Income Fund | 10.1% | 9.5% | ADP, AMZN, CMCSA, EOG, FAST, HD, HON, MDT, MS, NEE, TSLA, TXN | Concentration, dividends, Quality, technology, value | The fund focuses on high-quality dividend-paying stocks with above-average yields and sustainable competitive advantages. Portfolio holdings have increased dividends by nearly 8% on average over the past year, well above inflation rates. The fund's relative dividend yield of 2.20x versus the S&P 500 is at the highest level in 25 years. | View | |
| 2024 Q2 | Jun 30, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, APD, AVB, CMCSA, DEO, GOOGL, HLN.L, INTC, MA, MDLZ, META, MSFT, NESN.SW, NVDA, ORCL, PXD, SRE, TRV, V, VMC, WMB, XOM | Concentration, diversification, dividends, Passive investing, technology, valuation | The strategy focuses on companies with nicely growing dividends that provide cushion amid volatility and preserve purchasing power. Recent additions of Alphabet and Meta reflect the benefits of their flexible dividend approach, enabling quick moves after dividend announcements. They expect continued robust dividend growth from their companies. | View | |
| 2024 Q2 | Jun 30, 2024 | BlackRock Advantage Global Fund | 5.3% | 19.5% | AAPL, AMZN, CMCSA, GOOGL, JNJ, LRCX, MSFT, NVDA, QCOM, SPGI | AI, global, growth, large cap, momentum, technology | The fund successfully captured the dominant artificial intelligence theme through sentiment and macro-thematic insights. AI leaders drove strong earnings in May, igniting another rally as investor focus shifted to earnings momentum. The AI theme continued its persistent returns throughout the quarter. | View | |
| 2024 Q2 | Jun 21, 2024 | Bireme Capital | - | - | AAPL, AMC, ARKK, CMCSA, COST, CTAS, DIS, FSR, GME, NFLX, NKLA, NVDA, TSLA | AI, Bubble, Concentration, inflation, Japan, Short Selling, Streaming, value | Manager emphasizes value-conscious investing approach, noting that value stocks have given back all relative gains from 2022 resurgence and are back near record lows set at 2000 market peak. Believes current era will reward disciplined, discerning and value-conscious investors. | DIS |
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| 2025 Q1 | Mar 31, 2025 | Hardman Johnston Large Cap Equity | -6.5% | -6.5% | AMZN, AZN, BDX, CMCSA, GOOGL, HWM, HXL, IBN, MA, META, MMC, MRVL, PYPL, SCHW, SLB, SN, STAN.L, TMUS, VRT, VRTX | aerospace, AI, growth, tariffs, technology, volatility | The portfolio was significantly impacted by AI-related volatility following DeepSeek's R1 model release, which pressured AI compute and networking supply chains. Despite the selloff in holdings like Marvell and Vertiv, the manager believes the immediate reaction was an overreaction and that reasoning models should drive greater hardware demand over time. | View | |
| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | AAPL, AMZN, CMCSA, CMS, CNQ, CSCO, EOG, EPD, EWBC, EXC, GILD, GOOGL, IPG, JPM, KO, LAMR, META, MSFT, NTR, NVDA, ORI, STAG, TSLA, TTE, UPS | AI, dividends, energy, growth, income, infrastructure, Utilities, value | High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance driven by market concentration in mega-cap tech stocks with low dividend yields. Manager expects dividend investing revival as market concentration reverses. | View | |
| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | AAPL, AMZN, CMCSA, CMS, CNQ, CSCO, EOG, EPD, EWBC, EXC, GILD, GOOGL, IPG, JPM, KO, LAMR, META, MSFT, NTR, NVDA, ORI, STAG, TSLA, TTE, UPS | AI, dividends, energy, income, Market Concentration, Utilities, value, volatility | High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses. | View | |
| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | AES, AM, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, HESM, IPG, JPM, KMI, KO, LAMR, LBRT, LNG, MPC, NEE, NTR, OKE, ORI, PAGP, PCG, PEG, POR, SRE, STAG, TMUS, TRGP, TTE, UPS, VST, WM | dividends, energy, income, infrastructure, Midstream, Utilities, value | The letter extensively analyzes dividend investing, arguing that high-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. The manager believes dividend stocks are positioned for a revival as market concentration reverses. | View | |
| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | AAPL, AES, AM, AMZN, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, GOOGL, HESM, IPG, JNJ, JPM, KMI, KO, LAMR, LBRT, LNG, META, MPC, MSFT, NEE, NTAP, NTR, NVDA, OKE, ORCL, ORI, PAGP, PCG, PEG, POR, QCOM, SRE, STAG, TMUS, TRGP, TSLA, TTE, UPS, VST, WM | AI, dividends, energy, growth, Utilities, valuation | High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses. | View | |
| 2023 Q1 | Mar 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | AMT, CMCSA, CMS, CPT, CSCO, DINO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, LYB, MAA, MMP, MPLX, ORI, POR, PPL, SO, STAG, TRGP, TTE, UPS | Banking, dividends, energy, infrastructure, interest rates, real estate, Recession, Utilities | The firm emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in the Income-Equity Strategy and 7 in the MLP Strategy. They view dividend commitments as signals of management confidence in stable cash flows and believe dividend-paying stocks have historically outperformed with lower volatility. | View | |
| 2023 Q1 | Mar 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | AMT, CMCSA, CMS, CPT, CSCO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, MAA, MMP, MPLX, ORI, STAG, TTE, UPS | Banking, credit, dividends, infrastructure, interest rates, Recession, Utilities | The fund focuses on dividend-paying companies with a history of dividend increases. Almost half of holdings raised their regular dividend in the first quarter. The fund believes dividend-paying stocks outperformed over the past 30 years with lower volatility. | View | |
| 2023 Q1 | Mar 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | AMT, CMCSA, CMS, CPT, CSCO, EPD, EXR, GILD, GPC, HUN, IPG, KO, LAMR, MMP, MPLX, ORI, POR, STAG, TTE, UPS | Banking, dividends, energy, inflation, infrastructure, interest rates, Midstream, Recession | The firm emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in the Income-Equity Strategy and 7 in the MLP Strategy. They view dividend commitment as a signal of management confidence in stable cash flows and believe dividend-paying stocks have historically outperformed with lower volatility. | View | |
| 2023 Q1 | Mar 30, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | CMCSA, CMS, CPT, CSCO, DINO, EXR, GILD, GPC, HUN, IPG, KO, LAMR, MAA, ORI, POR, PPL, SO, STAG, TTE, UPS | Banking, dividends, energy, infrastructure, interest rates, real estate, Recession, Utilities | Miller/Howard emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in Q1 2023. The firm believes dividend commitments signal management confidence in stable cash flows and impose discipline on capital allocation. High-dividend-yield stocks outperformed the S&P 500 over 30 years with lower volatility. | View | |
| 2022 Q3 | Feb 11, 2022 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | BIIB, CMCSA, FIS, META, PATH, TEAM | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Global Fund | -6.7% | 10.5% | 0700.HK, 4613.T, AC.PA, ACI, AMG, BIO, CFR.SW, CMCSA, CNX, ENT.L, ERF.PA, EXO.MI, FBIN, FDX, FFH.TO, FIS, H, HFC, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, RKT.L, TCOM, TIGO, WBD, WMG | Buybacks, global, inflation, Media, Natural Gas, Spin-Offs, Trump, value | Fund trades at low-60s% price-to-value ratio with sub-10x price/earnings power multiple, dramatically different than the market. Manager emphasizes fundamental, appraisal-driven research and finding mispriced value outside of the US at the moment. | View | |
| 2023 Q4 | Jan 14, 2024 | Madison Dividend Income Fund | 10.1% | 9.5% | APD, BLK, BMY, CMCSA, CME, EOG, FAST, HD, MDT, MS, NEE, PFE | dividends, healthcare, Quality, staples, underperformance, Utilities, value | Fund focuses on above-average dividend yield stocks using Relative Yield process, investing in stocks yielding 1.1x the S&P 500 dividend yield. Portfolio holdings raised dividends 7% over the past year with continued dividend increases expected going forward. | View | |
| 2023 Q4 | Jan 13, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, AMZN, APTV, AVGO, BIIB, CMCSA, CRWD, CTAS, GH, GOOGL, HUBS, META, MSFT, MTCH, NFLX, NOW, NVDA, PANW, TGT, TSLA, U, UPS, WBD | diversification, growth, large cap, software, technology, volatility | AI remains a key trend supporting parts of technology sector. The managers expect AI to continue driving performance in certain technology segments while market participation broadens beyond the AI-focused Magnificent Seven stocks. | 0CUN LN AIR FP|ICLR|LIN|MRVL|NOW|TSM CTAS |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | First Eagle Global Fund | Comcast Corporation Class A | Communication Services | Cable & Satellite | Bull | NASDAQ | broadband, Cable TV, cash flow generation, Media Conglomerate, Streaming, telecommunications | View Pitch |
| Apr 13, 2026 | Fund Letters | Miller Howard Investments Infrastructure | Comcast Corporation | Communication Services | Cable & Satellite | Bear | NASDAQ | 5G, broadband, cable, Cord-cutting, Fiber Competition, Fixed wireless, media, telecommunications | View Pitch |
| Apr 13, 2026 | Fund Letters | ClearBridge Investments All Cap Growth | Comcast Corporation | Communication Services | Media | Bear | NASDAQ | broadband, Cable TV, Competitive pressure, Market Saturation, Media Conglomerate, Pricing power, secular decline, Subscriber Losses | View Pitch |
| Apr 13, 2026 | Fund Letters | FPA Crescent Fund | Comcast Corporation | Communication Services | Cable & Satellite | Bull | NASDAQ | Asymmetric Risk, broadband, cable, Fixed wireless, media, Pricing power, Subscriber Growth, telecommunications, Value, wireless services | View Pitch |
| 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 |
| 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. | ||||||||