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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | AMG Yacktman Focused Fund | 7.6% | 7.6% | BOL FP, CNQ, CTSH, K, UHAL | - | View | ||
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Fund | 6.2% | 19.8% | 000660.KS, 005930.KS, 012330.KS, AAPL, CNQ, FOXA, GOOGL, MSFT, MU, NFLX, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA, WBD | AI, Electric Vehicles, free cash flow, long-term, Media, semiconductors, South Korea, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and owner's mindset investing with long-term focus on underlying business performance. Samsung was late relative to competitors in HBM design wins with NVIDIA but was awarded HBM qualification with NVIDIA in 2025 and ramped production quickly. Memory chips are ubiquitous in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The country may eventually be re-rated by MSCI from Emerging Market to developed market, with investor access and index flows beginning to close the 30-year Korean discount. Samsung has three primary lines of business including memory, foundry, and phones. The company has long been a leader in memory including NAND, DRAM, and now HBM. Samsung has focus on U.S. foundry with massive fab outside Austin in Taylor, Texas. Hyundai Mobis benefitted from share gain and electrical vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline. The company is one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position along with other sizeable media holdings. After legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging process and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2025 Q4 | Feb 4, 2026 | Azvalor Internacional | 0.0% | 0.0% | CNQ, Gold, SII, VIST | Concentration, discount, Europe, global, Mining, Quality, Upside, value | Azvalor focuses on finding good businesses well-managed by trustworthy teams that the market offers at attractive prices due to clouds hanging over their short-term outlook. Their portfolios trade at around a 50% discount to broader markets with significant upside potential across all funds. Azvalor built significant positions in gold and silver mining companies when they were largely ignored by the market and have now exited these investments entirely, crystallizing substantial capital gains from all of them as latest arrivals show signs of intoxication. The portfolios remain highly concentrated with top holdings representing 53-57% of assets in a limited number of high-conviction investments that are companies they know in depth and have followed closely for many years. | View | |
| 2025 Q4 | Jan 24, 2026 | Miller Howard North American Energy Fund | 1.0% | 6.1% | CHRD, CNQ, CVE, CVX, EQT, GPOR, HES, LBRT, MPC, OKE, OXY, PBA, PSX, RRC, SM, SU, VLO, XOM | Data centers, dividends, energy, Natural Gas, North America, oil, Refiners | Pressure pumpers are seeing growing interest in supplying power to data centers under long-term contractual arrangements. Mobile generation equipment can be deployed within weeks at competitive efficiency levels. Liberty Energy announced a positive 1GW data center power generation project by year-end 2027. Natural gas prices rallied sharply amid a cold start to winter in the US, supported by strong LNG exports and rising data center power demand. The portfolio reduced natural gas price exposure by selling EQT Corp and trimming Range Resources Corp. Oil prices drifted lower on a near-term supply glut and closed the quarter in the mid-$50/bbl range. Adjusted for inflation, prices are near century lows. At current prices, E&Ps are expected to further rein in production with US supply likely to decline in 2026. The portfolio increased Valero and Phillips 66 on strong refinery dynamics. Marathon Petroleum had a rare refinery earnings miss on operational items believed to be one-time, with favorable 2026 capex guidance. The portfolio currently offers an indicated yield of 3.2% that is well supported down to roughly $45/bbl oil, with potential for significantly larger variable capital returns at higher commodity prices. Suncor Energy raised its dividend 5.3% amid strong buybacks. | View | |
| 2023 Q3 | Sep 30, 2023 | Diamond Hill International | 5.7% | 12.4% | 4GNA GR, CFR SJ, CNQ, CPG LN, DNOPY, FFH CN, HDB, HWDN LN, K34 GR, SNN | - | View | ||
| 2023 Q2 | Jul 19, 2023 | Moon Capital Management | 0.0% | 23.0% | CNQ, FAF, FHN, MLNK | - | View | ||
| 2024 Q1 | May 4, 2024 | AMG Yacktman Fund | 7.5% | 7.5% | BOL FP, CNQ, DAR, EAF, EMBC, FANG, K, UHAL | - | View | ||
| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | CNQ, EOG, EWBC | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 13, 2025 | Seeking Alpha | Gen Alpha | Canadian Natural Resources | Energy | Oil & Gas E&P | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Veltri Capital Insights | Canadian Natural Resources Limited | Energy | Oil & Gas E&P | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||