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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 17, 2026 | Cullen Small Cap Value Equity | -5.6% | -0.4% | CTRA, CUZ, DOUG, EFSC, HIW, HP, JBSS, LDI, NMRK, POR, SSB, TREE | earnings, energy, financials, rates, small caps, Utilities, value | Small-cap equities ended 2025 on a positive but volatile note with the Russell 2000 returning 12.8% for the year. The outlook for small-cap equities entering 2026 is increasingly constructive, particularly within value-oriented segments, with consensus expectations pointing to meaningful acceleration in small-cap earnings growth in the low-to-mid teens. Value-oriented stocks remain attractively positioned with growth stocks continuing to trade at a meaningful premium to value across most valuation measures. Historically, periods of accelerating profits have favored value leadership, particularly within smaller-cap universes. The strategy's P/E is 12.2x forward earnings versus 15.0x for the Russell 2000 Value. The Federal Reserve's shift toward monetary easing represents an important inflection point for smaller companies, which tend to be more sensitive to changes in interest rates and credit conditions. Following a 25 basis point cut in September, the Federal Reserve cut rates twice in Q4 to the current range of 3.50% to 3.75%. Lower borrowing costs should support refinancing activity, capital investment, and margin recovery. Earnings are central to the manager's optimism with consensus expectations pointing to meaningful acceleration in small-cap earnings in 2026, with growth projected in the low-to-mid teens and exceeding that of large-cap companies. This anticipated rebound reflects easier year-over-year comparisons, improving operating leverage, and broadening demand across cyclical and value-oriented sectors. | JBSS |
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| 2025 Q4 | Feb 12, 2026 | Davis Real Estate Fund | 0.0% | -5.7% | AMT, ARE, AVB, BRX, BXP, CPT, CUZ, DEI, DLR, EQIX, EXR, GPOR.L, HPP, MAA, PLD, REXR, SHO, VTR, WELL | AI, Data centers, Passive flows, Performance, real estate, REITs, valuation | Fund focuses on real estate investment trusts across multiple sectors including senior housing, apartments, office, industrial, and life sciences. Performance was impacted by passive flows favoring larger companies and sector rotation dynamics. The fund maintains overweight positions in apartments and office while being underweight in senior housing. AI demand driving unprecedented data center space requirements with holdings in Digital Realty and Equinix benefiting from recent leasing deals. Risks include power availability constraints, transmission limitations, and potential technology disruption that could reduce data center demand over time. | DLR EQIX PLD ARE WELL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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 |
|---|---|---|---|---|---|---|---|---|
| Marc Rowan | Apollo Global Management | $10.6B | $14.3M | 0.13% | 553,678 | +553,678 | +100.00% | 0.3549% |
| Jo Taylor | Ontario Teachers' Pension Plan | $4.3B | $2.3M | 0.05% | 91,049 | +11,323 | +14.20% | 0.0584% |
| Chris Davis | Davis Selected Advisers | $22.2B | $12.9M | 0.06% | 499,615 | -525,095 | -51.24% | 0.3202% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $20.1M | 0.02% | 780,994 | +525,194 | +205.31% | 0.5006% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $8.9M | 0.01% | 344,908 | -560,923 | -61.92% | 0.2211% |
| Israel Englander | Millennium Management LLC | $233.2B | $39.8M | 0.02% | 1,542,384 | +1,400,164 | +984.51% | 0.9886% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $19.5M | 0.03% | 756,980 | +244,937 | +47.84% | 0.4852% |
| Cliff Asness | AQR Capital Management | $190.6B | $6.8M | 0.00% | 263,720 | -1,376 | -0.52% | 0.1690% |
| Rich Handler | Jefferies | $19.3B | $1.0M | 0.01% | 40,000 | +4,200 | +11.73% | 0.0256% |