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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	ClearBridge Investments Large Cap Value	-	-	APD, AVGO, AXP, COP, EIX, INTC, ITW, LRCX, MCHP, MCK, NESN.SW, ORLY, PH, SBUX, SCHW, SHW, SRE, UPS, XPO	industrials, large cap, Quality, semiconductors, technology, Utilities, value	The strategy focuses on high-quality, less commoditized and less cyclical stocks with strong franchise characteristics. These businesses generate higher returns and compound value at more sustainable rates than deeper value peers, though they tend to lag in very strong markets.	PH AVGO SBUX ORLY APD SHW MCK INTC	View
2023 Q2	Aug 4, 2023	Eagle Capital Management	-	-	AMZN, AON, BAYRY, COF, COP, GOOGL, META, MSFT, NFLX, SHEL, UNH	AI, Cloud, Data, disruption, Distribution, energy, technology	Eagle views AI as creating both opportunities and risks across three categories: automation, personalization, and generative AI. The firm believes distribution control and data moats provide defensive advantages, while atoms businesses face less disruption than bits businesses.		View
2025 Q2	Aug 27, 2025	Cullen Enhanced Equity Income Fund	-1.2%	4.5%	AAPL, AMZN, COP, CVX, DOW, GOOGL, JCI, META, MSFT, NSC, NVDA, PCAR, PPG, RTX, TSLA	AI, defensives, dividends, energy, growth, Options, tariffs, value	The strategy focuses on dividend-paying stocks with a 4.2% annualized dividend yield. Dividend increases improved to 5%, declared by 15 of the 33 active holdings. Value and High Dividend stocks have underperformed over the past several years, presenting a compelling opportunity as investor interest in dividend strategies is near record lows.	NSC COP PPG PCAR NSC COP PPG PCAR	View
2025 Q2	Aug 27, 2025	Cullen Value Fund	7.0%	8.5%	AAPL, AMAT, AMZN, AXP, AXTA, C, CI, COP, CVX, GOOGL, JPM, KVUE, MDT, META, MS, MSFT, NVDA, ORCL, TSLA	AI, financials, growth, tariffs, technology, value	Value stocks continue to trade at a meaningful discount relative to the broader market and Growth equities. The valuation gap between Growth and Value stocks has reached historically extreme levels, with Growth stocks trading at a 130% premium to Value stocks. This valuation gap, combined with the potential for a shift in sentiment and improving asset flows as relative growth rates converge, serves as a catalyst for improved relative performance.	KVUE AMAT ORCL	View
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	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	View
2025 Q2	Jul 17, 2025	Oakmark Fund- International Small Cap	4.4%	-	AMZN, BWA, C, COP, CRM, CVS, FI, GOOGL, GPN, KR, NKE, SCHW, ZBH	AI, Buybacks, financials, large cap, technology, US, value	The fund focuses on purchasing stocks at meaningful discounts to intrinsic value estimates. During tariff-related market turmoil, they repositioned toward stocks offering greater risk-adjusted return potential, reducing holdings where prices held up well and adding where prices declined more than their view of intrinsic value. This opportunistic approach enhances margin of safety and potential returns.	ZBH CRM NKE AMZN ZBH CRM NKE AMZN GPN C	View
2025 Q2	Jul 10, 2025	Guinness Global Energy	-	5.3%	BP, CNQ, COP, CVE, CVX, DVN, E, ENB, EOG, EQNR, FANG, GALP.LS, IMO, KMI, OMV.VI, PTR, REP.MC, SHEL, SU, TTE, XOM	dividends, energy, Geopolitical, Natural Gas, oil, Opec, valuation	Oil prices rose sharply intra-month due to Israel-Iran conflict, with Brent reaching $80/bl before falling back to $68/bl. OPEC+ continues increasing production quotas while US shale production growth slows due to lower rig counts and capital discipline.		View
2024 Q2	Jun 30, 2025	Barometer Capital Management	-	-	AGI.TO, AVGO, CNQ.TO, COP, COST, CS.TO, DIS, DOL.TO, EFN.TO, ETN, K, L.TO, LLY, MSFT, MSI, NVDA, QSR.TO, RIO, TRI.TO, VLO, VMC	AI, Canada, Consumer Staples, energy, healthcare, materials, technology	The firm continues to benefit from exposure to generative AI proliferation through NVIDIA, Broadcom, and Microsoft. NVIDIA remains the supplier of choice for GPUs used for AI development with explosive growth. Broadcom serves as the trusted partner for companies developing custom chips for AI. Thomson Reuters emerges as an AI darling in Canada, integrating AI into their legal and tax accounting business.		View
2025 Q2	Jun 30, 2025	Oakmark Select Fund	4.2%	-	ABNB, CNC, COF, COP, CRL, CRM, FCNCA, GOOGL, ICLR, IQV, KDP, PAYC, SCHW	financials, healthcare, Opportunistic, technology, value, volatility	Alphabet continues substantial AI investments across business units with potential payoff remaining underappreciated by the market. The company is improving margins while making these investments, suggesting efficient capital allocation in AI development.	CRM ICLR CRL IQV GOOGL	View
2025 Q2	Jun 30, 2025	Oakmark Global Fund	6.0%	-	3626.T, ADS.DE, AHT.L, AKZA.AS, ALV.DE, BAYN.DE, BDX, BMW.DE, BNP.PA, BUD, COP, DSV.CO, FI, IQV, KDP, LBRDK, LLOY.L, MOH	financials, global, healthcare, industrials, Logistics, Trade Policy, value	President Trump's Liberation Day announcement led to significant market volatility with companies perceived as more impacted by tariffs falling meaningfully while others held up better. The fund used this volatility to trim positions that performed well and buy companies where the discount to intrinsic value widened significantly.	MOH KDP BNP.PA BMW.DE AHT.L ADS.DE BDX DSV.CO	View
2023 Q2	Jun 30, 2023	Oakmark Global Select Fund	5.7%	-	BABA, COP, DHR, GOOGL	China, energy, global, healthcare, technology, value	Alphabet upgraded Bard to run on its more powerful PaLM language model and showcased impressive AI-powered consumer tools at its developer conference. CEO compared AI's evolution to the transition from desktop to mobile computing, with significant capital expenditure increases for AI infrastructure including data centers and servers.	DHR COP BABA GOOGL	View
2024 Q1	Jun 15, 2024	Goehring & Rozencwajg Associates, LLC	0.0%	0.0%	7203.T, BHP.AX, CCJ, COP, CVX, DVN, EOG, FCX, Gold, HAL, MRO, NEM, OXY, PXD, RELIANCE.NS, RIO, RRC, SHOP.TO, SLB, XOM	Agriculture, AI, Copper, Energy Transition, gold, Natural Gas, oil, uranium	North American natural gas market has reached a turning point with production likely peaking in December 2023 while demand is set to surge from LNG exports and AI data centers. The firm expects a structural deficit to emerge as shale production falters just as new LNG capacity comes online and data center proliferation drives unprecedented electricity demand.		View
2026 Q1	May 13, 2026	AMG Yacktman Fund	5.7%	5.7%	005930 KS, CNQ, COP, EOG, FANG, FOXA, MSFT, UHAL, WBD	AI, energy, Geopolitical, large cap, semiconductors, value		UHAL FOXA MSFT CNQ 005930.KS	View
2026 Q1	May 13, 2026	Shelton Equity Income Strategy	-0.2%	-0.2%	AKAM, BAC, BSX, COP, CTSH, DIS, LRCX, MRK, SYF, VZ, XOM	dividends, energy, income, Options, volatility			View
2025 Q1	Apr 30, 2025	Guinness Global Energy	9.4%	9.4%	BP, CNQ, COP, CVE, CVX, DVN, E, ENB, EOG, EQNR, FANG, GALP.LS, IMO, KMI, OMV.VI, PTR, REP, SHEL, SU, TTE, XOM	dividends, energy, Geopolitical, global, Natural Gas, oil, value	Oil prices remained robust with Brent averaging $75/bl in Q1 2025, supported by lower supply expectations and geopolitical tensions. The managers believe oil remains good value at around 2.7% of global GDP, well below historical averages. They see potential for higher prices driven by OPEC+ production management and geopolitical supply disruptions.		View
2024 Q1	Apr 30, 2024	Guinness Global Energy	-	10.2%	BP, CNQ, COP, CVE, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO, OMV.VI, PTR, PXD, REP.MC, SHEL, SU, TTE, XOM	dividends, energy, free cash flow, Gas, oil, Opec, valuation	Oil prices strengthened in March driven by tighter supply/demand fundamentals, Middle Eastern tensions, and good OPEC+ compliance. Brent rose 16% year-to-date while 5-year forward prices increased 5%. The fund sees oil remaining affordable at current levels, representing only 2.8% of global GDP versus 30-year average of 3%.		View
2026 Q1	Apr 21, 2026	BNY Mellon Global Equity Income Fund	2.4%	2.4%	BARC.L, COP, FANG, MSFT, PSX, PUB.PA, SGOB.PA, UMG.AS	AI, dividends, energy, Geopolitical, income, rates, valuation			View
2026 Q1	Apr 18, 2026	ACATIS Investment	-	-	1810 HK, AIXA.DE, BNTX, CCJ, COP, EQNR, HAL, IFX.DE, KHC, KWS.DE, LYB, NEM, PBR, ROST, SHEL, SU.PA, VIST, WPM, YAR.OL	AI, China, commodities, Fertilizers, geopolitics, Iran War, nuclear, oil, Precious Metals, Value Investing			View
2026 Q1	Apr 18, 2026	Madison Dividend Income Fund	5.9%	5.9%	COP	defensives, dividends, energy, Quality, Utilities, value			View
2025 Q1	Apr 15, 2025	Hosking Partners	-	-	9435.T, AAL, AMAT, AVGO, BAB.L, BTU, COP, HAFN.OL, IMP.L, IPCO.TO, JEF, NVDA, OXY, SYF, TDW, VAL	AI, Capital Cycle, energy, Japan, regime change, semiconductors, tariffs, value	The strategy has positioned further into value territory with underweight to Magnificent Seven declining to 3% versus 19% benchmark weight. The team seeks capital-starved areas trading at steep discounts to replacement value, believing value businesses offer compelling propositions given different supply dynamics.	TDW IPC.TO IMP.JO 9435.T BAB.L	View
2025 Q1	Apr 12, 2025	Alpha Wealth Funds – The Insiders Fund	-	-	ADBE, APPF, COP, CYH, DVN, ET, GRAL, INBX, LLY, LULU, LUV, MPLX, MSCI, MSFT, ROK, SNBR, ZBRA	Automation, concentrated, energy, healthcare, insider buying, tariffs, technology	The fund is significantly impacted by Trump tariff policies, with the manager reducing exposure to manufacturing or sales in China. The tariff regime is described as expansive with few places to hide, forcing portfolio adjustments across multiple positions.	INBX ROK ZBRA APPF ADBE MSCI ET GRAL	View
2026 Q1	Mar 31, 2026	Diamond Hill Large Cap Strategy	-2.4%	-2.4%	ABT, ADBE, CARR, COF, COP, FANG, IP, KMB, MSFT, TXN	AI, energy, Geopolitical, large cap, technology, value		CARR KMB MSFT	View
2026 Q1	Mar 31, 2026	Oakmark Fund- International Small Cap	-2.5%	-2.5%	ACN, ADBE, COP, CRM, MMC, NFLX, RJF, ROP, SYF, SYY	AI, Buybacks, energy, large cap, software, technology, value			View
2026 Q1	Mar 31, 2026	Harris Associates Concentrated Strategy	-8.0%	-8.0%	COF, COP, CRM, IQV, IT, PSX, TRGP	AI, Buybacks, concentrated, energy, financials, software, value		IT COF IQV CRM TRGP COP PSX	View
2025 Q1	Mar 31, 2025	Miller Howard North American Energy Fund	-	-	AESI, AR, COP, CVE, CVX, EQT, GPOR, HES, KMI, LBRT, SM, SOBO, SU, TRGP, WTTR, XOM	Canada, dividends, energy, Midstream, Natural Gas, oil, Trade Policy	Oil prices remained flat during the quarter despite energy sector outperformance. The portfolio focuses on producers with long drilling inventory to reduce volatility from short-term oil price fluctuations. Permian Basin production analysis shows rapid well decline rates, making longer-term price stability more likely than short-term volatility.		View
2025 Q1	Mar 31, 2025	Harris Associates Concentrated Strategy	-0.1%	-0.1%	COP, CRM, DE, FCNCA, FI, GOOGL, ICE, IQV, MOH	AI, Buybacks, Cloud, energy, financials, healthcare, large cap, value	The manager argues that despite recent outperformance of value over growth, a large valuation imbalance still exists between value and growth equities. They believe this imbalance will fuel better long-term performance for value equities going forward.	MOH FCNCA IQV GOOGL COP DE ICE	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
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
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	View
2024 Q4	Dec 31, 2024	Oakmark Select Fund	6.0%	14.2%	ABNB, CNC, COP, CRM, EFX, FCNCA, FI, IQV, KDP, PAYC, PSX, WFC	energy, financials, healthcare, large cap, Quality, technology, value	The fund focuses on investing in high-quality businesses at attractive prices with wide spreads in valuation multiples providing opportunities. They believe this approach provides both margin of safety and potential for superior future returns despite broad market valuations being above historic averages.	KDP EFX ABNB IQV PAYC	View
2022 Q4	Dec 31, 2022	Diamond Hill Large Cap Strategy	12.1%	-13.1%	ABT, AIG, AMZN, CAT, COP, FCX, GOOG, HD, MSFT, TFC, UNP	-			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	View
2023 Q3	Nov 16, 2023	Auxier Asset Management	7.4%	0.0%	AFL, AIG, AON, BP, BRK-A, COP, CVX, ELV, KR, LLY, MA, MCD, MDT, MMC, MRK, MSFT, NVO, PEP, PM, PSX, SBUX, TRV, TSM, UNH, V, VLO	energy, healthcare, insurance, rates, technology, value	Bond vigilantes emerged as longer-term rates rose due to growing government deficits and defense spending. The current bond bear market is the worst in US history with 30-year bonds down over 50% from 2020 highs. Higher rates are becoming the new normal, ending the era of free money.		View
2023 Q3	Nov 10, 2023	Eagle Capital Management	0.7%	-	AMZN, COP, GOOGL, META, MSFT, OXY, SHEL, V	Capital Allocation, energy, Magnificent Seven, oil, technology, value	Eagle built positions in three energy stocks over 16 months based on attractive long-term supply-demand balance, quality assets well-positioned on the global cost curve, and strong capital allocation by management teams. The thesis centers on supply investment being subdued due to pressure from shareholders, regulators, and environmental groups, while decline rates require 9% annual new supply creation to meet demand growth. Electric vehicles represent a paradox - their threat to demand is actually depressing supply investment before the world is ready, creating opportunity.	DOXY SHEL COP	View
2024 Q3	Oct 30, 2024	Guinness Global Energy	-	7.8%	0857.HK, BP, CNQ.TO, COP, CVE.TO, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO.TO, OMV.VI, PXD, REP.MC, SHEL, SU.TO, TTE, XOM	CashFlow, dividends, energy, Gas, oil, Opec, valuation	Brent and WTI oil prices strengthened in September on OPEC+ supply cuts and declining inventories. Saudi Arabia and Russia extended voluntary production cuts through year-end, keeping markets undersupplied at 1.5m b/day. Global oil inventories declined 300m barrels over six months to late 2022 lows.		View
2022 Q3	Oct 26, 2022	Diamond Hill Large Cap Strategy	7.9%	14.7%	ABT, AIG, COP, DE, GOOG, NDAQ, PFE, SYK, VFC	-			View
2024 Q3	Oct 2, 2024	LRT Capital Management	0.0%	15.8%	ABG, ALGN, AMT, APO, BALL, CAAP, CGNX, CHE, CIGI, COP, DINO, EXPO, FIX, MCK, NOC, PAGS, RLI, SAIA, SSD, TSM	Alpha Generation, Long/Short, quantitative, risk management, Systematic			View
2025 Q3	Oct 19, 2025	Smead Value Fund	10.7%	4.7%	AMGN, APA, AXP, CACC, COP, CSCO, CVE, DHI, FANG, INTC, LEN, MAC, MRK, MSFT, NVR, OXY, SPG, TGT, UHAL, UNH	AI, commodities, energy, Homebuilders, technology, value	Energy positions delivered meaningful contributions despite WTI crude oil averaging around $65 per barrel. At current levels near $60 WTI, few bullish factors are reflected in market pricing while companies make disciplined acquisitions and maintain strong balance sheets.	MRK SPG DHI APA	View
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	View
2023 Q3	Oct 16, 2023	Smead Value Fund	5.1%	11.1%	AMGN, AXP, BAC, COP, DHI, LEN, MRK, NVR, OVV, OXY, PFE, PXD, SPG, TGT, UHAL, XOM	Bear Market, commodities, Financial Euphoria, Homebuilders, Millennials, oil, value	The fund sees a once-in-a-lifetime opportunity in oil and gas shares, believing they are in the early stages of a commodity super-cycle. Oil and gas stocks have dramatically underperformed the price of oil this year, creating an excellent short-term buying opportunity. The fund expects consolidation in the industry with 40% of existing companies potentially merging into larger entities within 10 years.		View
2025 Q3	Oct 14, 2025	Guinness Global Energy	-	14.2%	BKR, BP, COP, CVE, CVX, E, EOG, EQNR, FANG, GALP.LS, HAL, OMV.VI, REP.MC, SHEL, SLB, SU, TTE, VLO, WMB, XOM	energy, global, Natural Gas, oil, Opec, Russia, Ukraine	Oil prices remained mixed in September with WTI falling slightly while Brent stayed flat. Ukrainian attacks on Russian oil infrastructure and OPEC production decisions continue to drive price volatility. The fund expects oil prices to move higher over the next twenty years due to population growth, developing world industrialization, and diminishing fossil fuel supplies.	EOG REP SM HAL VAL	View
2023 Q3	Oct 10, 2023	Oakmark Global Fund	7.5%	0.0%	ALV.DE, AMZN, BC, CHTR, CNHI, COP, CSCO, FLS, GOOGL, IPG, NVST, ORCL, PH, PRU.L, STJ.L, THC	Cloud, global, Networking, software, technology, Telecommunications, value	Oracle's cloud business is showing strong momentum with infrastructure cloud services growing 72% and strategic back office cloud reaching $6.9 billion in run-rate revenue. The company signed several deals greater than $1 billion in total value during the quarter and booked an additional $1.5 billion in the first week of the second quarter.	CSCO ABC ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO STJ.L CHTR	View
2024 Q4	Jan 6, 2025	LRT Capital Management	0.0%	15.8%	AAPL, ABG, BURL, CGNX, CHE, CIGI, COP, DECK, DINO, EXPO, FIX, GPN, IESC, PRI, RLI, TSLA, TSM, WH, WMT, WSM	AI, fundamentals, Long/Short, momentum, Overvaluation, Systematic, value	Manager criticizes momentum-driven markets where fundamentals have been ignored for three years. Value factor declined 17% in 2024 while momentum returned 57%. The fund maintains a fundamentals-based approach despite challenging environment for value investing.		View
2025 Q4	Jan 24, 2026	Miller Howard Investments Income-Equity Strategies	15.6%	15.6%	ABBV, C, COP, CSCO, EMN, ETR, GILD, GPS, GSK, HRB, HRL, JEF, JNJ, JPM, MPLX, MTB, PAYX, RF, STT, VICI, VZ	AI, dividends, income, productivity, value	AI represents a transformative technology that could drive step-change improvements in economic productivity. The manager believes AI's greatest impact will come from companies using it as an input to improve operations rather than those selling AI products. Many dividend-paying companies in labor-intensive industries could benefit significantly from AI adoption through process automation and efficiency gains. The portfolio focuses on high dividend yields approximately 3x the S&P 500, with strong dividend coverage ratios and projected dividend growth. Six companies increased dividends in the quarter, led by MPLX with a 13% increase. The strategy emphasizes collecting high and rising dividends while compounding real cash returns through disciplined reinvestment. The portfolio trades at significant discounts to the broad market, with P/E ratios 40-42% below the S&P 500. The manager believes many steady-growing companies are overlooked by markets focused on AI winners, creating opportunities in businesses with lower assumed margins and productivity that could benefit from AI adoption.		View
2025 Q4	Jan 21, 2026	Guinness Global Energy	0.0%	9.0%	BP, CNQ.TO, COP, CVX, FANG, SHEL, SU.TO, TTE, VLO, XOM	energy, Exploration, Gas, Integrated, oil, Production	The letter positions global energy equities as long-term beneficiaries of population growth, industrialization, and constrained fossil fuel supply, which together support structurally higher energy prices. Energy companies are viewed as a partial hedge against inflation given their linkage to real assets and commodity pricing. A disciplined, value-biased approach combines top-down energy market analysis with bottom-up stock selection in a concentrated portfolio of large, established energy producers.		View
2024 Q3	Sep 30, 2024	Diamond Hill Large Cap Strategy	7.9%	14.7%	ACN, AON, BLDR, CAT, COP, CVX, FANG, GOOGL, HCA, HON, HUM, NVR, PH, SBAC	energy, healthcare, industrials, large cap, rates, technology, value	The Federal Reserve cut US rates 50 basis points in September and signaled several more rate cuts are on the table. Several other major global central banks cut rates too, including the European Central Bank, Swiss National Bank and People's Bank of China. The apparent end of the higher interest-rate cycle helped spur markets higher in September.	BLDR ACN AON	View
2024 Q3	Sep 30, 2024	Auxier Asset Management	7.4%	0.0%	AFL, BAC, BK, BRK.B, COP, CVX, GOOGL, KR, MA, MMC, MRK, MSFT, NVDA, PM, PSX, TRV, UNH, UNM, V, VLO	AI, Buybacks, energy, financials, nuclear, Onshoring, value	Manager discusses massive $200+ billion investment into AI by top four hyperscalers this year, questioning returns on investment. Sees better potential in smaller companies focused on inference and small language models that are more economical and not cloud-dependent. Next wave of AI PCs expected to be more powerful and affordable.		View
2023 Q3	Sep 30, 2023	Diamond Hill Large Cap Strategy	7.9%	14.7%	ABT, AIG, CAT, COP, CVX, DIS, EXR, FANG, GM, HCA, KKR, KMX, LH, SHW, TGT, TXN, VZ	energy, fundamentals, large cap, rates, real estate, Utilities, value	Energy sector had the best Q3 performance with 12% gains driven by rising oil prices. Portfolio benefited from holdings in ConocoPhillips and Chevron which outpaced the index. Added Diamondback Energy as a pure-play Permian operator with strong operational capabilities and intelligent capital allocation.		View
2023 Q3	Sep 30, 2023	Oakmark Fund- International Small Cap	7.4%	0.0%	BAC, CHTR, CNC, COF, COP, CSCO, CTVA, CVS, DHR, GM, META, ORCL, PSX, SCHW	energy, financials, healthcare, large cap, technology, value	The fund focuses on finding cheap stocks on traditional value metrics amid a challenging environment where growth has outperformed value by 2,300 basis points year to date. The manager emphasizes investing in companies trading at discounts to intrinsic value estimates.	CVS CSCO DIPSX CNC CTVA DHR	View
2024 Q2	Jul 31, 2024	Guinness Global Energy	0.0%	10.3%	BP, CNQ, COP, CVE, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO, OMV.VI, PTR, REP.MC, SHEL, SNP, SU, TTE, XOM	dividends, energy, Free Cash, global, Natural Gas, oil, Opec, valuation	Oil prices strengthened in June with WTI closing at $81.5/bl and Brent at $87/bl. OPEC+ maintained production quotas while aspiring to add spare capacity back in 2025. The managers see oil demand growth of 1.0-1.3m b/day in 2024, with aviation being a key driver as global flights are now 13% above 2019 levels.		View
2024 Q2	Jul 26, 2024	Diamond Hill Large Cap Strategy	7.9%	14.7%	AAPL, AMZN, BAC, COP, EXR, GOOGL, IP, KKR, KMX, LEA, META, MMC, MRO, MSFT, NVDA, RRX, SBUX, TGT, TXN	AI, Cloud, large cap, semiconductors, technology, value	AI-related stocks have driven increasingly narrow market performance with a small number of massive technology stocks driving the majority of index returns. NVIDIA alone has contributed nearly one-third of equity market returns with its +150% increase year to date.	SBUX IP	View
2024 Q2	Jun 30, 2024	ClearBridge Investments Large Cap Value	0.0%	0.0%	APD, BAC, CHTR, COP, CVS, GOOGL, INTC, MCK, MSI, NESN.SW, SHW, SRE, TRV, UPS, XPO	AI, financials, healthcare, industrials, large cap, technology, value	The massive ramp up in AI spending has crowded out spending in other technology verticals, creating a market where AI winners enjoy strong multiple expansion while perceived AI losers are severely punished. The divergence in valuations between perceived AI winners and losers has created attractive opportunities where high-quality companies are being underappreciated.		View
2024 Q2	Jun 30, 2024	Oakmark Fund- International Small Cap	7.4%	0.0%	ACN, BAC, CHTR, COP, CRBG, CSCO, FCNCA, GE, GM, GME, GOOGL, HD, HON, IBM	AI, Buybacks, growth, large cap, momentum, P/E Ratios, technology, value	Oakmark Fund has its lowest Morningstar value score ever at 73, much deeper in value territory than the Russell 1000 Value Index. The fund finds low P/E stocks at barely half the market multiple unusually attractive, with an average forward P/E of 11 times compared to 15 for Russell 1000 Value and 21 for the S&P 500.	GM GOOGL	View
2023 Q2	Jun 30, 2023	Oakmark Global Fund	7.5%	0.0%	AIG, AMZN, ARNC, BABA, BAC, BUD, CNHI, COP, CRBG, CWK, DHR, GLEN.L, GOOGL, IQV, MBG.DE, NOV, ORCL, RYAAY, THC	energy, global, insurance, Life Sciences, technology, value	The fund initiated positions in Danaher and IQVIA Holdings, both leaders in life sciences. Danaher maintains a portfolio focused on bioprocessing, life science tools, genomics and diagnostics with secular growth opportunities. IQVIA is positioned at the heart of trends toward advanced therapeutics and personalized medicine as the most levered CRO to decentralized clinical trials.	IQV DHR CRBG	View
2023 Q2	Jun 30, 2023	Oakmark Select Fund	8.1%	0.0%	APA, COP, FCNCA, LAD, WBD	consumer discretionary, energy, financials, large cap, value	The fund's outperformance highlights the advantage of focusing on intrinsic value, which enables uncovering undervalued opportunities not captured by traditional value metrics. The underperformance of traditional value indexes is creating new opportunities to invest in strong businesses at cheap prices.	COP	View
2023 Q1	May 23, 2023	ClearBridge Investments Large Cap Value	0.0%	0.0%	AXP, BAC, BDX, COP, CVX, DISH, ELV, GOOGL, HON, JNJ, JPM, MCK, META, MSFT, MSI, PGR, SCHW, TEL, UNH, USB	Banking, financials, healthcare, large cap, Quality, technology, value	The banking crisis in March highlighted risks in less diversified banks with concentrated deposit bases. The strategy's bias toward larger banks with strong deposit bases provided defensive positioning during the selloff.	MCK ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO AVGO\|LLY\|MRK\|NVDA\|ORCL\|PGR SCHW	View
2023 Q1	Mar 31, 2023	Oakmark Global Fund	7.5%	0.0%	AIG, BAC, BAYRY, CAP.PA, COF, COP, GLEN.L, GOOGL, ICE, MA, NOV, NVST, TEL	Banking, financials, global, Opportunistic, value	Banking sector turmoil created opportunities as Silicon Valley Bank and Signature Bank failed due to duration risk and uninsured deposits. The fund added two new financials with strong balance sheets at attractive prices after sector-wide selloff.	NVST DICE COP COF CAP FP AIG	View
2022 Q3	Feb 11, 2022	ClearBridge Investments Large Cap Value	0.0%	0.0%	COP, MLM	-			View
2024 Q4	Jan 20, 2025	Alpha Wealth Funds – The Insiders Fund	-	7.6%	BIOHAVEN, CARR, COP, CRK, DVN, EQT, ET, GRAL, INBX, LBRT, LLY, LULU, LUV, MSFT, RXST, SEDG, SMCI, SNBR, TMCI	AI, Biotechnology, Concentration, energy, Insider Trading, Long/Short, value	Energy Transfer is positioned as a prime beneficiary of Trump administration's LNG export growth plans. Devon Energy holds substantial natural gas reserves that appear undervalued despite recent sector price increases. ConocoPhillips offers diversified energy exposure with strong shareholder returns.		View
2023 Q4	Jan 16, 2024	Smead Value Fund	5.1%	11.1%	APA, AXP, BAC, COP, DHI, DVN, FITB, HD, JPM, LEN, MAC, MTB, NVR, OVV, OXY, PFE, SPG, TGT, UHAL, WAL	banks, consumer, energy, Homebuilders, inflation, value	Home builders were weighed down by rapidly rising mortgage rates and recessionary fears that reemerged fears of a 2008-like housing crisis. The fund focused on supply demand dynamics rather than emotional fears and was handsomely rewarded with strong performance from D.R. Horton, Lennar, and NVR.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 7, 2026	Fund Letters	Harris Associates Concentrated Strategy	ConocoPhillips	Oil & Gas E&P	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	capital allocation, E&P, Energy Prices, Equity, geopolitical risk, High Quality Assets, oil and gas	View Pitch
Apr 28, 2026	Fund Letters	Eagle Capital Management	ConocoPhillips	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	Alaska, capital allocation, cash flow, E&P, energy, Long-cycle Projects, Oil & Gas, Shale, shareholder returns	View Pitch
Apr 28, 2026	Fund Letters	Oakmark Select Fund	ConocoPhillips	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	capital allocation, dividends, energy, Exploration & Production, Liquified Natural Gas, LNG, Oil & Gas, share repurchases, undervalued, Value	View Pitch
Apr 28, 2026	Fund Letters	Oakmark Global Select Fund	ConocoPhillips	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	capital return, dividends, energy, Exploration & Production, LNG, Oil & Gas, share repurchase	View Pitch
Apr 27, 2026	Fund Letters	Oakmark Global Fund	ConocoPhillips	Energy	Oil & Gas Exploration & Production	Bull	NYSE	energy, Free Cash Flow, Low-cost producer, Oil & Gas E&P, production growth, value creation	View Pitch
Apr 15, 2026	Fund Letters	Oakmark Global Select Fund	ConocoPhillips	Oil & Gas E&P	Oil, Gas & Consumable Fuels	Bull	New York Stock Exchange	capital allocation, commodity prices, energy, geopolitical, Independent E&P, oil and gas, Upstream	View Pitch
Apr 13, 2026	Fund Letters	Cullen Enhanced Equity Income Fund	ConocoPhillips	Energy	Oil & Gas Exploration & Production	Bull	NYSE	capital allocation, dividend, energy, Exploration, Free Cash Flow, Oil & Gas, Production, shareholder returns, Value	View Pitch
Apr 13, 2026	Fund Letters	Miller Howard Investments Income-Equity Strategies	ConocoPhillips	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	Capital Cycle, cash flow generation, Drilling Inventory, energy, Equity, Oil and Gas Producer, Permian Basin, Pure-Play	View Pitch
Apr 13, 2026	Fund Letters	Harris Associates Concentrated Strategy	ConocoPhillips	Energy	Oil & Gas Exploration & Production	Bull	NYSE	capital investment, Free Cash Flow, Marathon Acquisition, Oil & Gas E&P, production growth, shareholder returns, synergies	View Pitch
Apr 13, 2026	Fund Letters	Eagle Capital Management	ConocoPhillips	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	capital allocation, Cyclical, energy, High Free Cash Flow, Modest Growth, Oil & Gas, Value	View Pitch
Jan 8, 2026	Fund Letters	Tony Coniaris	ConocoPhillips	Energy	Oil & Gas Exploration & Production	Bull	New York Stock Exchange	buybacks, Commodities, energy, Freecashflow, Upstream	View Pitch
Dec 5, 2025	Fund Letters	James Cullen	ConocoPhillips	Energy	Oil & Gas Exploration & Production	Bull	NYSE	buybacks, CapEx, dividends, FCF, oil	View Pitch
Nov 29, 2025	Fund Letters	Adam Fackler	ConocoPhillips	Energy	Oil & Gas Exploration & Production	Bull	NYSE	buybacks, cash flow, dividends, Gas, oil, Permian, Projects	View Pitch

BSD Shareholders of COP

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

COP

COP

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of COP

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