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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 25, 2025 | Lyrical Asset Management | 12.7% | 11.9% | CPAY, FLEX, GPN | cash flows, fundamentals, Mean reversion, valuation dispersion, value | The letter emphasizes valuation-driven investing amid elevated market concentration and speculative excess. Management argues that high-quality businesses with durable cash flows are trading at meaningful discounts due to short-term macro fears and momentum-driven markets. The outlook favors disciplined stock selection and mean reversion as fundamentals reassert themselves. | View | |
| 2025 Q2 | Jul 27, 2025 | RS Large Cap Val Strategy | 3.6% | 5.2% | CACI, CPAY | Balance Sheets, downside protection, ROIC, valuation, value | The commentary focuses on value investing anchored in improving returns on invested capital rather than headline multiples. Management emphasizes downside protection, balance-sheet quality, and disciplined valuation in an uncertain policy and rate environment. Volatility is viewed as beneficial for active value investors. | View | |
| 2024 Q2 | Jun 30, 2024 | Orbis Global Equity | - | - | AAPL, CPAY, GOOG, META, MSFT | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Orbis Global Equity | - | - | CPAY, HWM | - | View | ||
| 2025 Q3 | Oct 20, 2025 | Pelican Bay Capital Management | 7.8% | 11.2% | CPAY, ELV, EOG, FIS, GOOG, ODFL, UNH | AI, Freight, gold, Health Insurance, value | Pelican Bay reports strong returns from gold miners and AI-linked technology companies, including Barrick and Micron. The fund initiated new positions in Old Dominion Freight and Elevance Health, emphasizing durable competitive advantages, strong balance sheets, and discounted valuations. Management expects normalization in healthcare margins and sees long-term compounding potential in quality value stocks. | ELV ODFL GOOG MU ELV ODFL MU |
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| 2025 Q3 | Oct 2, 2025 | Middle Coast Investing | - | - | AL, AVGO, BHF, CPAY, ECG, FILA IM, GOGO, GOOG, HI, LULU, LYFT, PGR, TFSL, TRIP | AI, Alphabet, Automation, Broadcom, M&A | The letter focuses on opportunistic value investing driven by company-specific fundamentals rather than macro forecasts. Mispricing created by fear, forced selling, or neglect is seen as the primary source of return. Patience and independent thinking are central to the process. | AL US TFSL US BHF US HI US GOGO US CORP US |
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| 2025 Q4 | Jan 9, 2026 | Middle Coast Investing | 2.7% | 16.9% | AAPL, ABM, AER, AMZN, APOG, ATKR, ATRO, AVGO, BHF, CCK, COF, CPAY, ECG, FG, GOGO, GOOG, HI, HNI, HURC, LULU, LYFT, MLKN, OMAB, PAGS, PGR, PTLO, SCHW, TRIP, WS | Bottom-up, Cash, Defensive, Office Furniture, risk management, value | Manager emphasizes bottom-up investing approach, looking for companies that will do better in years ahead when stocks are priced attractively. Seeks good companies at fair prices to protect against market struggles while avoiding missing big years. Primary goal is to avoid blowing up and survive through bad times. Uses rules like not buying whole positions at once, demanding 50% upside, watching leverage, and knowing when to double down. Maintains defensive portfolio positioning. Decade-long investment theme in office furniture companies including Kimball International, Steelcase, and HNI Corporation. Believes return to office theme hasn't played out but might be soon, with order growth showing improvement across major players. | View | |
| 2025 Q4 | Jan 6, 2026 | Vltava Fund | 0.0% | 0.0% | CPAY | emerging markets, inflation, Institutional, Latin America, payments, technology, Travel | Latin America demonstrates how inflation destroys wealth and institutions over decades. Hyperinflationary environments force short-term defensive behavior, erode trust in institutions, and make long-term investment impossible. Even 2-4% annual inflation erodes significant purchasing power over a generation. Corpay represents a technology-driven solution for corporate payment automation and cross-border transactions. The business benefits from recurring revenue, high switching costs, and the ongoing digitization of business payment flows with strong cash generation potential. The region shows enormous natural resource wealth but persistent institutional failures that prevent capital accumulation. Recent political shifts toward market-oriented policies in several countries could create new investment opportunities if institutional improvements prove sustainable. | CPAY |
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| 2025 Q4 | Jan 26, 2026 | ClearBridge Mid Cap Growth Strategy | 0.0% | 0.0% | APG, ARE, ARGX, BSY, CHDN, CHWY, CMPO, CPAY, CWST, DKNG, DOCS, DT, EXPE, LNW, PFGC, PTC, RBLX, RESI, TDY, TYL, XPO | AI, dispersion, fundamentals, gaming, mid cap, real estate, stock selection, technology | AI-driven disruption concerns weighed on software businesses as investor sentiment weakened amid heightened sensitivity to earnings expectations. The market showed unusually concentrated focus on AI and its immediate beneficiaries throughout 2025, with limited investor attention for performance not tied to artificial intelligence. Gaming holdings provided positive contributions with Light & Wonder rebounding following technical selling pressure and Churchill Downs advancing as operating trends normalized. The gaming sector showed resilience despite broader market headwinds affecting other areas of the portfolio. Online travel platforms contributed positively with Expedia benefiting from improved execution in its consumer business and continued strength in its business-to-business segment. The travel sector demonstrated solid fundamentals amid the challenging market environment. Real estate was a significant source of pressure, particularly Alexandria Real Estate Equities which declined due to slowdown in biopharma research spending and excess laboratory capacity weighing on leasing demand and rental growth expectations. The position was exited due to ongoing uncertainty and dividend cut. | CPAY CWST ARE CHDN EXPE LNWO |
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| 2024 Q2 | Aug 23, 2024 | Third Point Partners | 3.9% | 14.0% | AAPL, CPAY, ICE | - | View | ||
| 2024 Q2 | Jun 30, 2024 | RS Large Cap Val Strategy | 1.0% | 13.9% | CPAY, TEVA | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 28, 2026 | Fund Letters | Brian Angerame | Corpay, Inc. | Financials | Transaction & Payment Processing Services | Bull | New York Stock Exchange | Automation, cashflow, Margins, Payments, recurring revenue | View Pitch |
| Jan 27, 2026 | Fund Letters | Daniel Gladiš | Corpay Inc | Financials | Transaction & Payment Processing | Bull | New York Stock Exchange | cashflow, FX, Payments, Recurringrevenue, scale | View Pitch |
| Oct 15, 2025 | Value Investors Club | JohnnyFinance | Corpay Inc. | Information Technology | IT Services / B2B Payments & Cross-Border FX | Bull | NYSE | B2B payments, Cross-border FX, Inflation beneficiary, Multiple rerating, Share Buybacks, Stablecoin optionality | 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. | ||||||||