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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Oct 28, 2025 | Harris Associates International Equity Strategy | 4.1% | 26.7% | AMV0 GR, BABA, BNZL LN, CNH, DSV DC, DSY FP, EDEN FP, GLEN LN, HEX NO, ITRK LN, KER FP, SHL GR | AI, commodities, Global Equities, industrials, Value Investing | The fund emphasized opportunities in undervalued international equities, noting strong contributions from Kering, Alibaba, and Glencore. Management highlighted AI as a structural growth driver, especially in China, with firms like Alibaba leveraging AI cloud capabilities. Industrials and commodities exposure, including Glencore and CNH Industrial, benefited from cyclical recovery and supportive copper market trends. | GLEN LN BABA GLEN LN BABA |
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| 2025 Q3 | Oct 10, 2025 | Oakmark International Fund | 3.9% | 26.3% | BNZL, CNH, DSY FP, FEMSAUBD MM, HEX NO, ITRK LN, KER FP, SHL GR | Automation, healthcare, industrials, Luxury, value | The commentary underscores international opportunities in European luxury, industrial automation, and healthcare technology. Holdings in Kering and Siemens Healthineers exemplify quality franchises undergoing operational recovery and margin expansion. Broader portfolio repositioning targets efficiency and long-term value realization. | SHL GR ITRK LN FEMSAUBD MM DSY FP BNZL LN |
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| 2025 Q4 | Jan 20, 2026 | Greenlight Capital | 8.5% | 9.0% | AR, BHF, CNH, DECK, FLR, GPK, GPN, GRBK, HPQ, HSIC, LXS.DE, MSTU, MSTX, PRKS, SMR, SOLB.BR, SPB, TEVA, VSCO, WBD | Copper, Cyclical, gold, Hedge Fund, Long/Short, Macro, value | Gold had an exceptional year appreciating 64%. The primary driver was countries seeking to reduce dollar exposure for reserves and trade as the U.S. loses hegemonic leadership. Foreign central banks are increasing gold reserves and establishing it as an alternative to settling global trade in dollars, effectively re-monetizing gold within official government channels. Copper prices rose about 40% in 2025 driven by AI world demand for more copper while supply remains limited. Several large mines around the world experienced production shortfalls, contributing to the price appreciation. The fund focuses on building a bottom-up portfolio of equity longs that are absolutely cheap and misunderstood, paired with overvalued shorts. Many cyclical businesses faced earnings shortfalls but P/E multiples failed to expand as typically expected during cyclical downturns. | CNR SPB HSIC GPN DECK AR TEVA VSCO FLR |
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| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Global Fund | 5.3% | 16.7% | ANGI, AVTR, BIO, CNH, CNX, DHER.DE, EXOR.MI, F, FI, GLAN.L, GRUMA.MX, IAC, JFC.PS, KHC, MAT, MGM, PHG, REGN, STLA, TIGO, UNH | Buybacks, FCF, global, Holdings, Media, Quality, value | The fund maintains a concentrated portfolio of undervalued stocks trading at low P/V ratios in the low-60s%. Management emphasizes finding defensive growers like consumer staples and timberland companies at better prices, similar to their successful positioning in 1999. They focus on companies with strong free cash flow generation and quality management partners. Multiple portfolio companies are actively repurchasing shares at attractive prices. MGM has repurchased over 40% of shares in five years, Glanbia added to buyback programs, and Exor executed efficient share repurchases via Dutch auction. The fund views these as value-creating capital allocation moves. Canal+ renewed exclusive UEFA Champions League rights for 2027-2031 at better economics than feared, reinforcing subscriber base quality. The company made operational progress across European and African platforms following the MultiChoice merger, though remains underfollowed as a French media company on London Stock Exchange. | AVTR BIO ANGI MGM KHC IAC TIGO GLB LN CAN LN |
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| 2024 Q2 | Jul 26, 2024 | Diamond Hill International | 5.7% | 12.4% | 700 HK, 8058 JP, ARVND IN, CNH, EVO, GXI GR, SPOT, TSM, WALMEX MM, WHC AU | - | View | ||
| 2024 Q2 | Jul 23, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | BIO, CNH, FDX, LBRDK, MAT | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Oakmark Global Select Fund | 8.8% | 0.0% | CNH, GOOG | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Oakmark Global Fund | 7.5% | 0.0% | CNH, DE, ETSY, GOOG | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Ariel Global Fund | 6.9% | 0.0% | BIDU, BMY, CNH, DSN0 GR, FUH0 GR, INTC, KB, O2D GR, TFC, VZ, WIZZ LN | - | View | ||
| 2024 Q4 | Jan 21, 2025 | Greenlight Capital | - | 7.2% | AAPL, CNC, CNH, LIVN, MSTR, ODP, PTON | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 28, 2026 | Fund Letters | David Herro | CNH Industrial N.V. | Industrials | Agricultural Machinery | Bear | New York Stock Exchange | agriculture, Cyclicality, machinery, tariffs, turnaround | View Pitch |
| Nov 1, 2025 | Substack | Pillars and Profits | CNH Industrial | Industrials | Farm & Heavy Construction Machinery | Neutral | Agricultural Equipment, Construction Equipment, Cyclical Pressures, Efficiency Improvement, Exor Involvement, global presence, Market Headwinds, operational efficiency, strategic initiatives | 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. | ||||||||