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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | Oakmark Global Select Fund | 8.8% | 0.0% | CHTR, CNC, FI, IQV, RKT LN | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Oakmark Global Fund | 7.5% | 0.0% | CNC, DTG GR, STJ LN | - | 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 | Dec 31, 2024 | Oakmark Fund- International Small Cap | 2.0% | 16.0% | ABNB, CG, CNC, ELV, GEHC, KDP, WFC | - | View | ||
| 2025 Q3 | Oct 9, 2025 | Heartland Mid Cap Value Fund | 1.6% | 2.1% | CNC, DHI, LRCX | Artificial Intelligence, Housing, Quality, semiconductors, Value Investing | The Heartland Mid Cap Value Fund lagged benchmarks as investors chased AI and speculative growth, while fundamentals-driven names lagged. The team remains focused on valuation discipline and quality amid rate and employment uncertainty. Strong performers included D.R. Horton and Lam Research, while Centene detracted; the fund stresses long-term fundamentals over short-term momentum. | LRCX DHI |
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| 2025 Q3 | Oct 7, 2025 | Oakmark Fixed Income | - | - | ARE, CNC, CVS | Bonds, Credit Risk, fixed income, healthcare, Simplicity | The letter highlights disciplined fixed income investing focused on simple, durable credit theses rather than macro forecasting. Healthcare credits are emphasized as offering attractive spreads despite solid fundamentals. Simplicity, balance sheet strength, and valuation discipline are positioned as key sources of excess return. | CVS US CNC US ARE US |
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| 2025 Q3 | Oct 28, 2025 | Hotchkis & Wiley Mid-Cap Value Fund | 7.7% | 5.4% | APA, CNC, FLR, OLN, WBD, WPP LN | Artificial Intelligence, earnings, energy, interest rates, Value Investing | The fund benefited from improving breadth in U.S. equities as AI optimism, Fed easing, and strong corporate earnings drove performance. Managers expect the environment to favor disciplined valuation strategies as rates decline and AI-related spending broadens across sectors. Energy, financials, and select consumer names contributed most, while technology and industrials detracted modestly amid cyclical volatility. | View | |
| 2025 Q3 | Oct 10, 2025 | Oakmark Fund- International Small Cap | 3.2% | 8.9% | CNC, GOOG, TRGP, UNP | Artificial Intelligence, energy, financials, industrials, Value Investing | Oakmark highlights continued strength in financials and energy while staying underweight in technology, emphasizing valuation discipline amid concentrated AI-driven markets. Top contributors included Alphabet and Citigroup, reflecting confidence in durable AI monetization and financial normalization. The fund added Targa Resources and Union Pacific, underscoring interest in quality cyclicals with infrastructure and logistics exposure. | UNP US TRGP US |
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| 2023 Q4 | Oct 1, 2024 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | CABO, CNC, NTRS | - | View | ||
| 2025 Q4 | Jan 7, 2026 | Packer & Co | - | 21.5% | 0001.HK, AQN, BABA, BIDU, CA.PA, CEO, CNC, GSK, J36.SI, NE, NXE, PBR, PRX.AS, PYPL, SDRL, VAL, VIPS | AI, Asia, Cash, Defensive, energy, gold, value | The AI boom has driven global stock markets with the Bloomberg AI index up 250% in three years, becoming a core driver of US economic growth. However, the manager draws parallels to the Dotcom bubble, noting over $3 trillion expected investment despite negligible revenue generation and intense competition that may destroy profitability. Gold was the Trust's largest investment and performed exceptionally well, rising 52% for the year. The manager maintains significant gold exposure as part of their defensive positioning amid market uncertainties and elevated valuations. The manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. | CA FP |
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| 2023 Q3 | Sep 30, 2023 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | 0R0K LN, CNC, CTVA, CVS CN, DHR, PSX | - | View | ||
| 2023 Q2 | Aug 22, 2023 | First Eagle Investments | 0.0% | 0.0% | CCL, CCSI, CNC, MERC, PFC, PRAA, UNFI | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Oakmark Select Fund | 8.1% | 0.0% | CNC, GOOG, PAYC | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | CNC, SRCL | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | CNC, IBKR, INGR, TDC | - | View | ||
| 2024 Q4 | Jan 21, 2025 | Greenlight Capital | - | 7.2% | AAPL, CNC, CNH, LIVN, MSTR, ODP, PTON | - | View | ||
| 2024 Q4 | Jan 13, 2025 | Heartland Mid Cap Value Fund | -5.5% | 3.6% | CNC, SYY, WTW | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | Cornelius Zeeman | Centene Corporation | Health Care | Managed Health Care | Bear | NYSE | guidance, healthcare, Insurance, Margins, Medicaid, Regulation, Risk, Utilization | View Pitch |
| Oct 21, 2025 | Value Investors Club | agape1095 | Centene Corporation | Health Care | Health Care Services | Bull | NYSE | ACA Marketplace, Centene, Medicaid, Medical costs, Re-rating | View Pitch |
| Oct 6, 2025 | Value Investors Club | agape1095 | Centene Corp | Health Care | Managed Health Care | Bull | NYSE | Medicaid, ACA, risk adjustment, EPS recovery, subsidies, valuation | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Daniel Jones | Centene Corporation | Health Care | Healthcare Plans | Neutral | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Trapping Value | Centene Corporation | Health Care | Healthcare Plans | Bull | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | James Foord | Centene Corporation | Health Care | Healthcare Plans | Bull | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | JR Research | Centene Corporation | Health Care | Healthcare Plans | Bear | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Juxtaposed Ideas | Centene Corporation | Other | - | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Hawkinvest | Centene Corporation | Health Care | Healthcare Plans | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Giacomo Bocanegra | Centene Corporation | Health Care | Healthcare Plans | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Substack | Waterboy Investing | Centene Corp. | Health Care | Healthcare Plans | Bull | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Larry Robbins | Glenview Capital Management | $4.9B | $76.4M | 1.55% | 1,855,894 | +1,483,922 | +398.93% | 0.3628% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $18.0M | 0.03% | 437,007 | -3,217,600 | -82.71% | 0.0854% |
| David Iben | Kopernick | $1.3B | $83.3M | 6.66% | 2,025,052 | -231,829 | -10.27% | 0.3958% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $40.9M | 0.05% | 993,400 | +980,800 | +7784.13% | 0.1942% |
| Ray Dalio | Bridgewater Associates | $27.4B | $3.9M | 0.01% | 94,532 | -581,727 | -86.02% | 0.0185% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $31.5M | 0.04% | 764,404 | -700,066 | -47.80% | 0.1494% |
| Israel Englander | Millennium Management LLC | $233.2B | $4.8M | 0.00% | 117,800 | -63,000 | -34.85% | 0.0230% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $1.8M | 0.04% | 43,600 | -19,800 | -31.23% | 0.0085% |
| Jeremy Grantham | GMO LLC | $39.1B | $3.1M | 0.01% | 75,476 | -686,014 | -90.09% | 0.0148% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $98.4M | 0.15% | 2,390,920 | -1,164,931 | -32.76% | 0.4673% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.3B | 0.69% | 31,798,738 | +17,143,904 | +116.98% | 6.2156% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $26.3M | 0.10% | 640,127 | -240,522 | -27.31% | 0.1251% |
| Bruce Kovner | Caxton Associates | $3.2B | $66.7M | 2.10% | 1,101,163 | +1,101,163 | +100.00% | 0.3169% |
| James E. Flynn | Deerfield Management | $6.9B | $265.3M | 3.86% | 6,447,998 | -2,598,002 | -28.72% | 1.2604% |
| Bob Wyckoff | Tweedy Browne CO LLC | $1.2B | $495,775 | 0.04% | 12,048 | +1,728 | +16.74% | 0.0024% |
| Jonathan Kolatch | Redwood Capital Management | $753.5M | $8.6M | 1.14% | 208,500 | +208,500 | +100.00% | 0.0408% |
| Rich Handler | Jefferies | $19.3B | $3.0M | 0.02% | 72,195 | -32,710 | -31.18% | 0.0141% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $3,878 | 0.00% | 94 | +16 | +20.51% | 0.0000% |