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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 25, 2025 | Ironvine Capital Partners | - | 7.7% | AAPL, APH, CAR, CSX, DE, GOOGL, HON, META, NSC, UNH, UNP, WSO | aerospace, AI, Distribution, HVAC, infrastructure, Railroads, technology, value | Union Pacific represents a crown jewel of North American freight transportation with strong positions in heavy commodity and hazardous materials. Under CEO Jim Vena's leadership, the company has achieved record network efficiency with on-time service levels nearing 100%. The operational improvements have enabled strong pricing power and freight revenue growth despite industrial headwinds. | WSO HON UNP DE |
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| 2025 Q2 | Jul 22, 2025 | American Century Equity Income Fund | -0.3% | - | AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS | Consumer Staples, Defensive, financials, healthcare, income, Quality, value | The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company. This value-oriented approach has historically resulted in a less volatile portfolio versus the benchmark. | View | |
| 2025 Q2 | Jul 19, 2025 | Appalaches Capital | 7.4% | 6.9% | ACGL, ASML, AZO, CNI, CSX, EFX, EXP, GOOG, LRCX, MLM, SGOV, VMC | Barriers, Building Materials, durability, Quality, Railroads, semiconductors, Trade Policy, value | Manager discusses how tariff threats caused market panic in Q2, leading to 20%+ drawdowns in some indices. While tariffs were subsequently reduced or delayed, the threat remains though investors seem less reactive now. Trade policy uncertainty continues to affect businesses assessing supply chain impacts. | EXP ASML US LRCX US EXP US |
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| 2023 Q2 | Jul 18, 2023 | Artemis US Select Fund | 10.4% | - | AMZN, AVTR, BLDR, CEG, CPRT, CSX, DXCM, EXP, MCK, MCO, META, NVDA, ORCL, VMC | AI, Cloud, earnings, Housing, infrastructure, Recovery, technology | Technology holdings including Amazon, Meta Platforms, Oracle and Nvidia all contributed to performance. Meta Platforms reported strong results driven by artificial intelligence applications in their advertising business. Nvidia was purchased ahead of their blowout earnings when they provided specific guidance on AI business size. | DXCM ALTG|AREN|CVGI|PBPB|QBTS|QMCO|SCOR|TURN CSX VMC BLDR EXP ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AMZN |
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| 2023 Q1 | Apr 17, 2023 | EdgePoint Global | 4.1% | 4.1% | BERY, CSX, DE, MC.PA, QSR, TSLA | consumer, Cyclical, growth, Industrial, Long Term, technology, value | Berry Global demonstrated resilient cash flow through economic cycles, with counter-cyclical margin expansion during downturns. The company successfully integrated RPC Group acquisition and grew EPS by 60% over three years while deleveraging. | View | |
| 2025 Q1 | Apr 16, 2025 | The Bristol Gate U.S. Equity Strategy | -0.5% | -0.5% | AMAT, AVGO, CSX, CTVA, DOL.TO, DPZ, GE, IFC.TO, JWEL.TO, LLY, LOW, MA, MCHP, MCK, MCO, MMC, MSCI, PBH.TO, SJ.TO, TFII.TO, WAB, X.TO | AI, dividends, growth, healthcare, semiconductors, tariffs, value | Bristol Gate focuses on companies with positive dividend growth potential, with eight holdings announcing dividend increases in Q1 averaging approximately 15%. The strategy prioritizes companies capable of sustained high dividend growth over traditional defensive sectors offering higher yields but lower growth potential. | DPZ WAB LLY |
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| 2025 Q1 | Mar 31, 2025 | Miller Howard Investments Infrastructure | - | - | AMT, ATO, AWK, CCI, CEG, CMCSA, CSX, EQIX, ETR, EXC, HCA, NI, SRE, T, TMUS, TRGP, UPS, WCN, WM, WMB | Data centers, Defensive, dividends, infrastructure, Telecom, Utilities, Waste management | Infrastructure sector outperformed S&P 500 by widest margin in 20 years, providing downside protection amid market uncertainty. Portfolio focuses on essential service providers with high barriers to entry, stable cash flows, and attractive risk-adjusted returns with strong up/down capture ratios. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | 005930.KS, 036570.KS, 6857.T, AAP, AMGN, AMP, AN, AON, AVGO, AVY, BABA, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, MPC, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, VSCO | free cash flow, large cap, Leverage, Quality, selectivity, small cap, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital International | 0.0% | 10.9% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | free cash flow, international, Quality, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% free cash yield compared to 4.9% for the S&P 500. | View | |
| 2023 Q3 | Nov 10, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | Credit Stress, free cash flow, large cap, Mega Caps, risk management, selectivity, value | Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. | View | |
| 2023 Q3 | Oct 9, 2023 | Artemis US Select Fund | 2.6% | - | BX, CEG, CSX, DXCM, KHC, META, SAIA, TFII | active management, energy, healthcare, large cap, stock selection, technology, Transportation | Meta's significant incremental investment in AI and datacentre infrastructure will lead to meaningful new revenue opportunities both through growing in existing markets and entirely new product categories. Constellation Energy benefits indirectly from the AI wave as energy-intensive data centres are being built in the states that Constellation serves. | ABX TFII AER|AWI|MUSA|NEU|SAIA|WTM CSX DXCM ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO CEG |
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| 2025 Q3 | Oct 20, 2025 | Appalaches Capital | 7.0% | 14.4% | ACGL, AMZN, AZO, BRK-B, CME, COST, CP, CSX, GOOGL, LRCX, PGR | Concentration, insurance, long-term, Railroads, semiconductors, value | Progressive represents a scale economies shared model where the company maintains a 96% combined ratio target, passing scale efficiencies to customers through lower premiums. This creates a flywheel effect attracting more customers and enabling further cost reductions through better data and economies of scale. | LRCX CSX PGR LRCX CSX PGR |
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| 2025 Q3 | Oct 19, 2025 | American Century Equity Income Fund | 5.3% | - | AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS | Consumer Staples, dividends, financials, healthcare, income, Quality, Utilities, value | The portfolio focuses on higher-quality stocks that may offer resilience amid continuing inflation and uncertain macroeconomic conditions. The team emphasizes companies with stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions. | View | |
| 2025 Q3 | Oct 19, 2025 | EdgePoint Global | - | - | 6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX | active management, AI, Concentration, global, Quality, technology, value | Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns. | Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM |
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| 2024 Q4 | Jan 21, 2025 | The Bristol Gate U.S. Equity Strategy | -5.2% | 9.1% | AMAT, ATD.TO, AVGO, BN.TO, CARR, CIGI.TO, CNR.TO, CSX, CTAS, CTVA, DOL.TO, EFN.TO, EQB.TO, ESL.TO, IFC.TO, LLY, MCHP, MCK, OTEX.TO, PBH.TO, SJ.TO, TFII.TO, TRI.TO, UNH, V, WAB, WCN, X.TO, ZTS | AI, Concentration, dividends, semiconductors, underperformance, value | Bristol Gate focuses on companies with sustainable and fast-growing dividend streams, believing dividend growth rates are good predictors of returns over time. Their portfolio companies grew dividends by approximately 15% over the last twelve months compared to 6% for the S&P 500 Index. | View | |
| 2024 Q3 | Sep 30, 2024 | Miller Howard Investments Infrastructure | 0.0% | 0.0% | AEE, AMT, AWK, CEG, CNP, CSX, ETR, HCA, LNG, MPC, NEE, NEP, NI, PAGP, TMUS | Data centers, dividends, infrastructure, Midstream, Natural Gas, Power, REITs, Utilities | Datacenter proliferation is driving accelerating power demand, benefiting utilities and midstream sectors. Natural gas will be used to meet incremental demand as intermittent renewable power requires dispatchable generation supplementation. | View | |
| 2024 Q3 | Sep 30, 2024 | Appalaches Capital | 3.0% | 7.1% | AZO, CME, CNI, CPNG, CSX, GOOGL, LAD, OCI, TELL | Auto Aftermarket, E-Commerce, Event-Driven, Exchanges, Railroads, spinoffs, value | North American railroads have not seen volume growth over 20 years despite being the cheapest, cleanest, and safest freight transportation due to poor reliability. Recent implementation of scheduled railroading by CSX and Canadian National should improve service metrics and drive real volume growth. Both companies are reinvesting in service rather than just cutting costs. | View | |
| 2025 Q1 | Apr 21, 2025 | Appalaches Capital | 0.5% | 0.5% | ACGL, ASML, AZO, CME, CNI, CSX, GOOG, LAD, LRCX, SGOV | Cyclical, insurance, Quality, Railroads, semiconductors, tariffs, Trade Policy, value | New tariff policies announced in February and March have created market volatility, with reciprocal tariffs causing the S&P 500 to drop 20% below recent highs. The manager draws parallels to historical trade restrictions but believes current policies will not end American hegemony due to strong institutional foundations. | LRCX ASML ACGL |
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| 2024 Q4 | Jan 18, 2025 | Appalaches Capital | 0.7% | 7.9% | AZO, CME, CNI, CPNG, CSX, GOOG, LAD, MKL, SAFT, SGOV | Concentration, insurance, Railroads, small caps, technology, value | Manager observes excessive risk-seeking behavior in markets, with crypto currencies obtaining market capitalizations large enough for S&P 600 inclusion and quantum computing stocks inflating to unbelievable valuations despite minimal revenues. This frothy environment makes the manager uneasy despite being wrong about pessimism last year. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | CSX Corporation | Industrials | Railroads | Neutral | NASDAQ | Cyclical Recovery, freight transportation, industrial transportation, Management Transition, railroad, Shipping Volumes | View Pitch |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | CSX Corporation | Industrials | Rail Transportation | Bull | NASDAQ | freight transportation, operating leverage, railroad, Service Performance, Transportation, Volume Recovery | View Pitch |
| Nov 29, 2025 | Fund Letters | Jake Keys | CSX Corp. | Industrials | Railroads | Bear | NASDAQ | Competition, execution risk, Leadership Change, network effects, Pricing pressure, Rail consolidation | View Pitch |
| Nov 28, 2025 | Fund Letters | Jake Keys | CSX Corp. | Industrials | Railroads | Bear | NASDAQ | Competition, execution risk, Leadership Change, network effects, Pricing pressure, Rail consolidation | View Pitch |
| Sep 1, 2025 | Substack | Pacific Northwest Edge | CSX Corporation | Industrials | Railroads | Neutral | competitive moat, CSX Corporation, duopoly, earnings growth, Free Cash Flow, market downturn, Norfolk Southern Railway, railroad, Share Buybacks, supply chain | 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 |
|---|---|---|---|---|---|---|---|---|
| Andreas Halvorsen | Viking Global Investors | $37.7B | $500.9M | 1.33% | 13,817,539 | -2,130,180 | -13.36% | 0.6534% |
| Daniel Loeb | Third Point | $7.3B | $18.1M | 0.25% | 500,000 | +500,000 | +100.00% | 0.0236% |
| Irving Kahn | Kahn Brothers | $560.9M | $1.4M | 0.24% | 37,531 | -3,200 | -7.86% | 0.0018% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $1.2M | 0.00% | 32,000 | -129,400 | -80.17% | 0.0015% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $285.2M | 0.33% | 7,868,459 | -264,100 | -81.31% | 0.3721% |
| Ray Dalio | Bridgewater Associates | $27.4B | $25.0M | 0.09% | 690,967 | +535,979 | +345.82% | 0.0327% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $500,250 | 0.00% | 13,800 | -781,500 | -98.26% | 0.0007% |
| Israel Englander | Millennium Management LLC | $233.2B | $19.0M | 0.01% | 523,189 | -6,394,601 | -92.44% | 0.0247% |
| Jeremy Grantham | GMO LLC | $39.1B | $8.8M | 0.02% | 241,475 | -98,157 | -28.90% | 0.0114% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $99.8M | 0.08% | 2,753,452 | -510,300 | -15.64% | 0.1302% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $1.7M | 0.00% | 47,200 | -2,661 | -5.34% | 0.0022% |
| Cliff Asness | AQR Capital Management | $190.6B | $89.0M | 0.05% | 2,454,288 | -366,702 | -13.00% | 0.1161% |
| Louis Bacon | Moore Capital Management | $6.8B | $24.6M | 0.36% | 679,023 | -1,225,795 | -64.35% | 0.0321% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $460,266 | 0.01% | 12,697 | +860 | +7.27% | 0.0006% |
| Eric Mandelblatt | Soroban Capital Partners | $14.3B | $144.6M | 1.01% | 4,072,561 | -3,660,381 | -47.33% | 0.1886% |
| Rich Handler | Jefferies | $19.3B | $8.3M | 0.04% | 228,502 | +159,202 | +229.73% | 0.0108% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $33,647 | 0.00% | 928 | +23 | +2.54% | 0.0000% |