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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 3, 2024 | Vltava Fund | 0.0% | 0.0% | CRST LN, CVS, OSB LN | - | View | ||
| 2025 Q1 | Apr 5, 2025 | ClearBridge Investments Dividend Strategy | - | - | CVS, TEL | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Ariel Global Fund | 6.9% | 0.0% | 7270 JP, 7832 JP, APTV, BIDU, COF, CVS, DTG, DVA, ELE SW, INTC, JD, STLA, TDC | - | View | ||
| 2023 Q1 | Apr 12, 2023 | Pelican Bay Capital Management | 2.2% | 2.2% | ARKO, BLDR, CBOE, CPRI, CSCO, CVS, EOG, FANG, GOOG, TOL | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Hotchkis & Wiley Mid-Cap Value Fund | -5.6% | -5.6% | ADNT, AIG, CVS, FFIV, FLR, KOS | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Hotchkis & Wiley Global Value Fund | 6.0% | 6.0% | BAB LN, CVS, GOOG, SEI GR, WDAY, WPP | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Hotchkis & Wiley Large Cap Fundamental Value | 2.5% | 2.5% | AIG, CVS, ELV, GOOG, MGA, OLN | - | View | ||
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments Large Cap Value | - | - | AVGO, CVS, EIX, GOOG, NVO, ORCL, ORLY, RTX, SRE | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Dodge & Cox Stock Fund | 3.5% | 3.5% | CVS | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Pzena US Focused Value Strategy | 1.0% | 1.0% | BAX, CVS, LKQ, NWL, PVH | - | View | ||
| 2025 Q4 | Feb 11, 2026 | BlackRock Mid-Cap Value Fund | 2.5% | 13.7% | BAX, BDX, CAH, CVS, FCNCA, FIS, MMS, SSNC, WCC, WDC | AI, dividends, financials, healthcare, industrials, inflation, mid cap, value | Manager notes exuberance driven by artificial intelligence and narrow leadership raises questions about durability. They see value investing as offering a risk-aware way to participate in secular themes, including AI. Large-scale AI-related capital spending could strain power, materials, and construction capacity. The fund explicitly follows a value investing approach, investing in mid-cap companies that pay attractive, sustainable and growing dividends. Manager emphasizes value investing offers a risk-aware way to participate in secular themes and argues for selectivity and disciplined risk control. | View | |
| 2024 Q4 | Dec 31, 2024 | Ariel Global Fund | -3.7% | 7.1% | 00660 KS, 6460 JP, ABBV, BCS, BEZ LN, BMPS, CDGE, CNP, COF, CVS, EMAAR, JD, ORA FP, RED SM | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Large Cap Fundamental Value | -0.9% | 12.8% | CVS, ELV, FFIV, GM, OLN, WFC | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Global Value Fund | -3.0% | 9.4% | 005930 KS, CVS, ELV, FFIV, GM, GOOGL | - | View | ||
| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments Large Cap Value | - | - | AVGO, CVS, DE, ELV, MCHP, SRE, UNH, V | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Davis Global Fund | - | 22.7% | 005930 KS, 2318 HK, 3690 HK, AMAT, AMZN, BRK/A, COF, CVS, ENT LN, GOOG, HUM, META, MGM, TCEHY, TCOM | - | View | ||
| 2025 Q3 | Oct 7, 2025 | Oakmark Fixed Income | - | - | ARE, CNC, CVS | Bonds, Credit Risk, fixed income, healthcare, Simplicity | The letter highlights disciplined fixed income investing focused on simple, durable credit theses rather than macro forecasting. Healthcare credits are emphasized as offering attractive spreads despite solid fundamentals. Simplicity, balance sheet strength, and valuation discipline are positioned as key sources of excess return. | CVS US CNC US ARE US |
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| 2024 Q3 | Oct 23, 2024 | Pelican Bay Capital Management | 11.8% | 12.8% | CBOE, CPRI, CVS, MU, SLB | - | View | ||
| 2022 Q3 | Oct 10, 2022 | Vltava Fund | 0.0% | 0.0% | ATD CN, BMW GR, BRK, CVS, JPM, LMT, Nikkei 225MKL | - | View | ||
| 2024 Q4 | Jan 8, 2025 | Moon Capital Management | - | 23.0% | CVS, GS, KKR | - | View | ||
| 2025 Q4 | Jan 29, 2026 | Hotchkis & Wiley Large Cap Fundamental Value | 4.5% | 17.1% | AIG, APA, C, CMCSA, CRM, CRWD, CVS, ERIC, FDX, FFIV, FISV, GM, NFLX, PLTR, UNH, WBD, WDAY, WPP | banks, energy, financials, healthcare, large cap, software, valuation, value | The portfolio trades at 13x forward earnings and less than 10x normal earnings, both in line with historical averages. The manager emphasizes attractive valuations outside the Magnificent 7, with the S&P 500 excluding these stocks trading at 18x forward P/E versus a 35-year average of 17.4x. The fund focuses on undervalued quality businesses with strong fundamentals. Software is the portfolio's largest industry exposure on both absolute and relative basis. The manager views prospects of select software companies as highly compelling, citing sticky customer bases, recurring revenues, and predictable businesses. Major purchases included Workday and Salesforce, which trade at discounts to their own history despite being higher quality businesses. The portfolio's banks returned 13% compared to 6% for the index in Q4, with an average weight of 12% that returned nearly 40% for the year. The manager took capital out of the group as valuations increased. Banks were the top contributing industry to relative performance both quarterly and annually. The portfolio remains overweight in healthcare, noting the sector's return is about half that of the rest of the market over the past decade. Healthcare's P/E ratio is less than 80% of the broad market's P/E, trading at a deeper discount only 8% of the time since 1990. The manager views this as an attractive opportunity given the quality of businesses and growth prospects. Energy exposure spans both exploration & production companies as well as oilfield services. While these businesses are not as structurally attractive as software or healthcare, energy remains among the most attractively valued areas of the portfolio. The group trades at less than 7x normal earnings and offers an expected free cash flow yield of 11%. | View | |
| 2025 Q4 | Jan 26, 2026 | Davis Opportunity Fund | 0.0% | 22.0% | AMAT, AMZN, COF, CTRA, CVS, DGX, GOOGL, META, MKL, SOLV, TECK, UNH, USB, VTRS, WCC | active management, energy, financials, healthcare, Outperformance, selectivity, technology, valuation | Davis advocates for active management over passive indexing given stretched valuations in major indexes. They believe active managers can be selective at the security level and maintain rational diversification, contrasting with passive indexes where weightings are determined by share price momentum. The fund was opportunistic in healthcare throughout 2025, investing decisively in managed care insurers when operating costs surged unexpectedly. They believe these businesses traded at low multiples on depressed earnings with good recovery potential, as small margin improvements can translate into large percentage increases in earnings power. Holdings span social media, online search, cloud computing and e-commerce including select Magnificent 7 positions. They also own semiconductor companies at reasonable valuations, including picks and shovels businesses like Applied Materials with strong competitive positions and long track records of value creation. The portfolio looks different from major passive indexes in financials. Capital One Financial is a core holding with strong consumer finance, deposit-rich banking, and payment processing capabilities. It trades at only 13-14 times forward earnings despite attractive economics and is the fifth-largest holder of AI-related patents among major US companies. The fund owns stakes in energy and commodities companies that they have been quietly building. Coterra represents their energy business holdings, while Teck Resources reflects interest in select commodities like copper that serve as critical inputs to the electrification trend. | WCC COF UNH |
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| 2025 Q4 | Jan 18, 2026 | Dodge & Cox Stock Fund | 2.5% | 13.7% | AON, AVTR, BAC, BK, BN, CHTR, CMCSA, CVS, FDX, FI, GILD, GOOGL, GSK, JCI, MET, MSFT, OXY, REGN, RTX, SCHW, TSM, WFC, WTW | contrarian, financials, industrials, technology, valuation, value | The fund maintains its value-oriented investment approach despite a fully valued U.S. equity market. The portfolio trades at an attractive valuation of 14.6 times forward earnings, representing a significant discount to the S&P 500 at 22.9 times. The fund continues to find opportunities where long-term fundamentals are not fully reflected in current prices. The fund reduced its overall weighting in the Financials sector while shifting exposure across industries. They trimmed more cyclical bank holdings like Wells Fargo and Bank of America, while increasing exposure to insurance brokers and alternative asset managers. Despite headwinds, they added to Fiserv as its valuation compressed significantly. | FISV |
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| 2024 Q2 | Jul 31, 2024 | Ariel Global Fund | 6.9% | 0.0% | ALL, BAWAY, CS FP, CVS, EMAAR UH, IFX GR, INTC, KB, NTAP, STLA, TSM | - | View | ||
| 2024 Q2 | Jul 31, 2024 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | CVS, LOW, MDT | - | View | ||
| 2024 Q2 | Jun 30, 2024 | ClearBridge Investments Large Cap Value | 0.0% | 0.0% | APD, BAC, CHTR, CVS, MCK | - | View | ||
| 2023 Q1 | Apr 27, 2023 | Greenlight Capital | 1.1% | 9.0% | BHF, BKI, CVS, GRBK, IBM, KD, OSH | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Ariel Global Fund | 6.3% | 6.3% | 7832 JP, AQN, BAC, BBNI IJ, CHKP, CVS, ISP IM, NTAP, OC, TDC, TSM | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Polaris Global Equity | 4.1% | 4.1% | ARW, CVS, DNB, DTE GR, ENI IM, FTK GR, MG CN, MSFT, MX CN, VIPSM | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 7, 2025 | Seeking Alpha | Edmund Ingham | CVS Health | Health Care | Healthcare Plans | Bear | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Envision Research | CVS Health Corporation | Health Care | Healthcare Plans | 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. | ||||||||