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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 25, 2025 | Davis Global Fund | - | 14.1% | 005930.KS, 3690.HK, 8058.T, 9999.HK, APP, COF, CVS, META, NTES, SE, TCOM, VTRS | AI, China, financials, gaming, healthcare, technology, Valuations | Chinese companies remain attractively valued and are increasingly at the forefront of cutting-edge industries. China leads in electric vehicle production, battery cell production, solar panel production, and is growing in biotech and robotics. The MSCI China Index trades at a 39% discount to MSCI ACWI. | SVM 8001.T NTES META 8001 JP NTES SOLV |
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| 2025 Q2 | Aug 25, 2025 | Davis New York Venture Fund | - | 11.5% | AMAT, AMZN, BRK-B, COF, CVS, DANSKE.CO, DGX, HUM, META, MGM, OC, SOLV, TECK, TOU.TO, TSN, TXN, UNH, USB, VTRS, WFC | AI, Concentration, financials, inflation, Quality, technology, Transition, value | GenAI is likely the most transformational technological development in modern history, driving major advances across industries while creating significant competitive, economic and social risks. The market for AI products and services is still in early days with fierce competition, making it risky to project long-term winners based on recent performance. AI will prove disruptive to once stable industries in ways difficult to anticipate. | View | |
| 2025 Q2 | Aug 11, 2025 | BlackRock Mid-Cap Value Fund | 5.6% | 4.9% | BAX, BDX, CAH, CVS, FCNCA, FIS, LHX, SSNC, STM, WDC | AI, dividends, financials, healthcare, Mid-cap, technology, value | Optimism about artificial intelligence endures, with companies emphasizing it in earnings calls and delivering strong results. The fund views AI as a continuing driver of market performance despite broader volatility. | View | |
| 2025 Q2 | Jul 31, 2025 | Impax US Sustainable Economy Fund | 9.9% | 3.6% | AAPL, AMZN, AVGO, CVS, LLY, MA, META, MRK, MSFT, NVDA, NVO, ORCL, PGR, PLTR, QCOM, TSLA, V | AI, Esg, healthcare, large cap, semiconductors, sustainability, technology | AI-related holdings including semiconductors, systems software, and technology hardware outperformed during the quarter. Nvidia hit all-time highs driven by strong chip demand and growth in AI infrastructure with new opportunities in robotics. Oracle reported strong earnings with customer commitments projected to double next year and announced plans to purchase $40bn worth of Nvidia chips for collaboration with OpenAI. | PGR MRK LLY NVDA AVGO ORCL MRK NVDA AVGO ORCL |
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| 2025 Q2 | Jul 30, 2025 | Davis Opportunity Fund | - | 9.5% | AGCO, CI, COF, CVS, DGX, META, MKL, SOLV, TECK, TOU.TO, USB, VTRS, WCC | earnings, financials, growth, healthcare, industrials, technology, value | The portfolio focuses on dominant healthcare companies, predominantly healthcare services that are both cheap and underestimated. Holdings range over managed insurance, lab and diagnostics services, generic pharmaceuticals and medical supply businesses. As the population ages, aggregate healthcare spend in absolute terms will continue to climb over the coming decade. | View | |
| 2024 Q2 | Jul 3, 2024 | Vltava Fund | 0.0% | 0.0% | BWY.L, CRST.L, CVS, OSB.L | Banking, Portfolio Management, Position Sizing, small caps, United Kingdom, value | The fund focuses on finding undervalued companies trading below intrinsic value, particularly in segments ignored by passive investors. OSB Group exemplifies this approach, trading at 0.8 times book value with a P/E near 5 despite strong fundamentals. The manager emphasizes preferring investments with lower expected returns but higher probability of success over speculative higher-return opportunities. | OSB.L CVS |
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| 2024 Q2 | Jul 23, 2024 | Pelican Bay Capital Management | -6.3% | 0.8% | ALB, BLDR, CPAY, CPRI, CVS, EXPE, FANG, FIS, GNW, GOOG, TOLL, TPR, ULTA | Concentration, Homebuilders, Quality, retail, technology, value | The fund employs a concentrated value strategy seeking high-quality companies trading at steep discounts to intrinsic value. Portfolio companies have higher operating margins and returns on invested capital than the index while trading at 13.5x forward P/E versus 16.3x for Russell 1000 Value. The manager believes these higher-quality companies should trade at a premium to the market over time. | ULTA |
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| 2025 Q2 | Jul 17, 2025 | Dodge & Cox Stock Fund | 3.8% | 7.5% | ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW | Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value | The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index. | 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 |
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| 2025 Q2 | Jul 15, 2025 | Coho Relative Value Equity | - | - | AAPL, ABT, AMZN, BAX, CAG, COR, CVS, DG, DIS, GOOGL, MCHP, MDT, META, MMC, MSFT, NKE, NVDA, SJM, TMO, TOST, TSLA | AI, Concentration, Consumer Staples, GLP1, healthcare, multiples, technology, value | AI euphoria following ChatGPT release sparked impressive but narrowly led market rally in Information Technology sector. The excitement surrounding AI potential caused investors to ignore typical inverse correlation between rates and P/E multiples. AI-driven momentum propelled sectors Coho tends to underweight. | View | |
| 2024 Q2 | Jul 10, 2024 | Dodge & Cox Stock Fund | 7.2% | 16.3% | ALNY, CI, COHR, CVS, FI, GE, GOOGL, GSK, HPE, HUM, JCI, MCHP, MET, MSFT, OXY, RTX, SCHW, SNY, WFC, ZBH | Concentration, financials, healthcare, large cap, technology, value | The Fund takes a cautious approach towards stocks with very optimistic outlooks for growth and margins, finding more opportunities in companies with lower valuations and less economic sensitivity. The Fund trades at an attractive valuation of 13.9 times forward earnings compared to 21.6 times for the S&P 500. | View | |
| 2025 Q2 | Jun 30, 2025 | The Gabelli Dividend Growth Fund | 6.3% | - | AMETEK, AMZN, AXP, BATRA, BK, BRK.A, CAT, CHWY, CNH, CR, CVS, CZR, DEERE, DTE.DE, ELAN, FOX, FRPT, IDXX, IVG.DE, MA, MFI.TO, MLI, MSFT, MSGS, NEM, NESN.SW, NFG, NFLX, NVDA, PETCO, RR.L, RSG, SBGI, SONY, TDS, TGNA, TMUS, TRATON.DE, TRUP, WBD, ZTS | AI, defense, gold, M&A, Pet Care, Sports, tariffs, Utilities | The Trump administration implemented sweeping tariffs on April 2nd (Liberation Day), creating significant market volatility. While initial tariff rates were very high, bilateral trade deals with the UK, China, Vietnam, and India reduced effective rates. The administration appears intent on rolling back globalization, with tariffs serving as both negotiation tactics and policy tools. | WCC KR |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli International Small Cap Fund | 13.8% | - | AAPL, AME, AMZN, AVGO, AXP, BATRA, BK, BMI, BMY, BRK.B, C, CAT, CHWY, CR, CVS, CVX, CW, DAN, DE, ELAN, EVRG, FRPT, GATX, GOOGL, GPC, HES, IDXX, ITT, JPM, KKR, LION, MA, META, MFI.TO, MLI, MSFT, MSGS, NEE, NEM, NFG, NFLX, NVDA, ORCL, PARA, RSG, SONY, SPGI, STT, T, TMUS, TRUP, V, WFC, ZTS | defense, energy, gold, Sports, tariffs, technology, Utilities | The Trump administration's tariff policies dominated market sentiment in Q2 2025, with Liberation Day (April 2) introducing sweeping tariffs that initially triggered a 21% market drawdown. However, a 90-day pause and bilateral trade agreements with key partners helped stabilize markets. The administration appears intent on rolling back globalization, with effective weighted average tariff rates potentially reaching 18%. | 5444 JP TCAP LN |
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| 2025 Q1 | Apr 7, 2025 | Moon Capital Management | - | - | AAPL, AMZN, CI, CVS, FHN, GOOGL, GS, KKR, META, MSFT, NTB, NVDA, SYF, TSLA | Corrections, financials, healthcare, Trade Policy, value, volatility | Manager provides detailed analysis of Trump tariffs, estimating $3,500 annual cost increase per household based on Goldman Sachs analysis. Discusses uncertainty around timing and scope creating business caution, with potential for retaliation and supply chain disruptions. | View | |
| 2025 Q1 | Apr 7, 2025 | Patient Capital Management | -9.6% | -9.6% | AAL, AMZN, C, CVS, DAL, GOOGL, META, MSFT, NCLH, NVDA, QXO, RPRX, UAL | AI, Airlines, Recession, semiconductors, tariffs, technology, Travel, value | The manager views AI as a transformational technology comparable to electricity or the Internet, with every knowledgeable tech CEO believing we are in early stages. Despite recent selloffs in AI stocks, the manager sees current valuations as reasonable given growth prospects and emphasizes that AI compute demand exceeds supply unlike the tech bubble peak. | C GOOGL CVS RPRX QXO AMZN NCLH DAL UAL |
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| 2025 Q1 | Apr 5, 2025 | ClearBridge Investments Dividend Strategy | - | - | AIG, APO, AVGO, CVS, EIX, GILD, GOOGL, ITX.MC, KO, MSFT, NESN.SW, NOC, RTX, SAP, SRE, TEL, TMUS, WMB, XOM | defense, dividends, energy, tariffs, Utilities, value | The strategy focuses on companies with ability to deliver continued, robust dividend growth. Portfolio emphasizes quality compounders with steady dividend policies like Inditex. | TEL ITX.MC CVS |
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| 2024 Q1 | Apr 15, 2024 | Ariel Global Fund | 6.9% | 0.0% | 033780.KS, 7270.T, 7832.T, ADM.L, APTV, BIDU, COF, CVS, DOX, DTG.DE, DVA, ELE.MC, INTC, JD, MUV2.DE, NESN.SW, PM, SIE.DE, SRG.MI, STLA, TDC | Automotive, global, healthcare, long-term, technology, undervalued, value | Artificial intelligence is driving investor enthusiasm and market performance. Companies like Baidu are investing heavily in AI with their Ernie Bot launch, while Capital One is rated as a leading bank in AI implementation. | View | |
| 2023 Q1 | Apr 12, 2023 | Pelican Bay Capital Management | 2.2% | 2.2% | BLDR, CBOE, CPRI, CSCO, CVS, EOG, FANG, FIS, GOOG, PSX, RIO, TOL | Banking, energy, healthcare, Homebuilders, technology, value, volatility | Manager emphasizes constructing a portfolio favoring high-quality companies with attractive valuations and dividend yields. The Concentrated Value portfolio trades at 12.0x forward P/E versus 15.4x for Russell 1000 Value Index, with superior margins and returns on capital. | View | |
| 2026 Q1 | Mar 6, 2026 | Fairfax Financial Holdings | - | - | CLF, CVS, OXY, UA | Buybacks, Decentralization, energy, Float, India, insurance, Underwriting, value | View | ||
| 2025 Q1 | Mar 31, 2025 | Pzena Investment Management | - | - | 005930.KS, AKE.PA, BABA, BAER.SW, BAX, BIRG.L, CABK.MC, CVS, DOW, GSK.L, HUN, KOP, ML.PA, NVDA, NVTA, SBRY.L, TCEHY, TESCO.L, TSM, TSMC, UIS | AI, Banking, Chemicals, Europe, risk management, semiconductors, tariffs, value | Broad-based tariffs announced in April created significant market volatility and uncertainty. The firm uses its risk framework to assess tariff impacts on portfolio companies, examining business models, balance sheets, and competitive positioning. Many holdings have reduced Chinese exposure since 2018-2019 tariffs. | 005930.KS |
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| 2025 Q1 | Mar 31, 2025 | BlackRock Mid-Cap Value Fund | -0.6% | -0.6% | BAX, CAH, CVS, EA, FCNCA, FIS, LH, LHX, SEE, SSNC | AI, dividends, financials, healthcare, mid cap, Quality, Trade Policy, value | Trade tensions and AI infrastructure spending scrutiny have driven rotation into value stocks, which outperformed growth stocks due to attractive valuations and earnings growth convergence. The fund emphasizes discipline in selecting high-quality businesses with strong fundamentals and reasonable valuations. | View | |
| 2025 Q1 | Mar 31, 2025 | Columbia Dividend Opportunity Fund | 3.4% | 3.4% | ABBV, AFG, ALL, AVGO, CSCO, CVS, CVX, DLR, EIX, HD, HPE, IBM, JNJ, JPM, KO, MRK, PEG, PM, TGT, XOM | defensives, dividends, energy, large cap, Trade Policy, Utilities, value | The fund focuses on companies with historically consistent and increasing dividends. Dividend-paying stocks held up reasonably well in Q1 despite broader market weakness, benefiting from rotation into defensive areas. The fund maintains positions in core dividend-paying holdings across sectors. | View | |
| 2025 Q1 | Mar 31, 2025 | Hotchkis & Wiley Mid-Cap Value Fund | -5.6% | -5.6% | ADNT, AIG, APA, BPOP, CFG, CVS, ERIC, FFIV, FLR, KOS, MGA, OLN, SMR | energy, financials, healthcare, inflation, mid cap, Recession, tariffs, value | The portfolio trades at 6x normal earnings versus Russell Midcap Value at 16x and Russell Midcap Growth at 28x. The fund exhibits an 11% earnings yield, providing attractive valuation particularly considering broad market frothy price multiples. The manager believes fundamentals should drive the market in an environment conducive to their value investment approach. | ADNT FLR KOS FFIV CVS AIG |
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| 2025 Q1 | Mar 31, 2025 | Hotchkis & Wiley Global Value Fund | 6.0% | 6.0% | AIG, BAB.L, CMCSA, CVS, D, ELV, ERIC, FFIV, FIS, GOOGL, HEINY, SHEL, SIE.DE, WDAY, WPP | Europe, global, healthcare, industrials, Outperformance, technology, valuation, value | Value significantly outperformed growth in Q1 2025, with MSCI World Value returning +4.8% versus -7.8% for growth. The valuation spread between growth and value remains wide at 27x vs 15x price to normal earnings, suggesting promising outlook for value investing. The portfolio trades at an attractive 9x price to normal earnings ratio. | WDAY GOOGL WPP SIE.DE BAB.L CVS |
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| 2025 Q1 | Mar 31, 2025 | Hotchkis & Wiley Large Cap Fundamental Value | 2.5% | 2.5% | AIG, APA, C, CMCSA, CVS, D, ELV, ERIC, FFIV, GM, GOOGL, MGA.TO, OLN, WFC | earnings, healthcare, large cap, Quality, valuation, value | The fund emphasizes value investing with the portfolio trading at 8x normal earnings versus Russell 1000 Value at 17x. The manager believes value dislocations exist across market segments and expects further correction/normalization, drawing parallels to early 2000s market conditions. | View | |
| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments Large Cap Value | - | - | AAP, AVGO, BRK-B, CVS, CVX, EIX, GOOGL, LLY, MCHP, MCK, META, NOC, NVO, ORCL, ORLY, PGR, RTX, SRE, TRV, VNOM | AI, defense, energy, financials, healthcare, large cap, Utilities, value | The managers have taken advantage of expensive momentum-driven stocks to reallocate capital into areas where valuations are more reasonable yet fundamentals remain stable and defensive. The valuation gap between growth and value had reached historically extreme levels, making a reversion long overdue. | View | |
| 2025 Q1 | Mar 31, 2025 | Dodge & Cox Stock Fund | 3.5% | 3.5% | AMZN, AVTR, BUD, CHTR, CVS, FDX, FI, GILD, GOOGL, JCI, MET, RTX, SCHW, SNY, WFC | contrarian, financials, healthcare, industrials, tariffs, value, volatility | The fund trades at only 14.1 times forward earnings compared to 20.9 times for the S&P 500, representing a significant discount to the broader market. The valuation disparity between value and growth stocks narrowed during the quarter, with value outperforming growth substantially. | View | |
| 2025 Q1 | Mar 31, 2025 | Pzena Focused Value strategy | 1.0% | 1.0% | BAC, BAX, CVS, DAL, DG, EQH, FNF, LKQ, NWL, PVH, UHS | consumer, earnings, financials, healthcare, Trade Policy, value | Value stocks outperformed the broad market in the quarter, though the Focused Value strategy underperformed its benchmark. The manager emphasizes that starting point valuations remain extremely attractive in the portfolio today. | View | |
| 2024 Q4 | Mar 1, 2025 | Columbia Dividend Opportunity Fund | -1.6% | 15.5% | ABBV, APO, AVGO, BAC, CSCO, CVS, CVX, GRMN, GS, HD, IBM, JNJ, JPM, KO, MRK, SWK, TPG, VST, WFC, XOM | AI, dividends, financials, large cap, semiconductors, value | The fund invests in companies that have historically paid consistent and increasing dividends. Dividend-paying companies lagged considerably in Q4 due to missing out on growth stock rallies and pressure from rising bond yields. The fund's dividend focus creates compelling relative values across the investment universe. | 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 | Distillate Capital Fundamental Stability & Value | - | 12.8% | AAPL, AMZN, AVGO, BMY, COST, CSCO, CVS, DKS, GDDY, KO, META, MO, MSFT, NFLX, NVDA, ORCL, TMUS, TSLA, WMT, WSM | AI, Concentration, large cap, Quality, technology, valuation, value | The S&P 500 has experienced significant valuation expansion with prices rising 43% while free cash flows increased only 9.6%. The most expensive 15 mega-cap stocks trade at an 83% premium to the rest of the market and account for nearly 40% of total market cap. Distillate's strategy offers a 5.8% free cash flow yield versus the S&P 500's 3.5%, representing a record premium. | View | |
| 2024 Q4 | Dec 31, 2024 | Distillate Capital International | - | -0.3% | ABT, ADBE, AMGN, AVGO, BMY, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, NVDA, PG, QRVO, TMUS, UNH, WSM | AI, Concentration, Quality, risk management, small caps, valuation, value | Large U.S. equities are up 43% since October 2023 while underlying free cash flows increased only 9.6%, creating significant valuation risk. The most expensive 15 mega-cap stocks trade at an 83% premium to the rest of the market and account for almost 40% of total market capitalization. Distillate's strategies offer attractive valuations with free cash flow yields well above market levels. | View | |
| 2024 Q4 | Dec 31, 2024 | Distillate Capital Large Cap Value | - | 13.3% | ABT, ADBE, AMGN, AVGO, BKNG, BMY, CI, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, PG, QRVO, TMUS, UNH, WSM | cash flow, fundamentals, large cap, Quality, risk, valuation, value | The letter extensively discusses valuation disparities between expensive mega-cap stocks and the rest of the market. Distillate's strategy focuses on high-quality companies at attractive valuations, with their portfolio offering a 5.8% free cash flow yield versus the S&P 500's 3.5%. The firm emphasizes being disciplined on valuation and avoiding expensive stocks. | View | |
| 2024 Q4 | Dec 31, 2024 | Distillate Capital Small/Mid Cap Quality & Value | - | 2.9% | ABT, ADBE, AMGN, AVGO, BKNG, BMY, CI, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, PG, QRVO, TMUS, UNH, WSM | free cash flow, fundamentals, Quality, small caps, valuation, value | The letter extensively discusses valuation disparities between large expensive mega-cap stocks and smaller companies. Distillate's strategies focus on attractive valuations with their Small/Mid QV offering 9.1% free cash to enterprise value yield compared to expensive broader markets. The firm emphasizes being disciplined on valuation and finding high quality companies at attractive prices. | View | |
| 2024 Q4 | Dec 31, 2024 | Ariel Global Fund | -3.7% | 7.1% | 000660.KS, 6460.T, ABBV, BARC.L, BEZ.L, BMY, CMA, CNP, COF, CVS, GSK, JD, ORAN | AI, Banking, global, healthcare, Telecommunications, Utilities, value | Markets worldwide were led by U.S. mega-cap technology companies and investor enthusiasm for artificial intelligence themed stocks. The narrow ascent of AI themed stocks have driven market returns in recent years, though opportunities should broaden to companies utilizing AI to create real-world efficiencies. SK Hynix is positioned to benefit from increased deployment of its leading-edge High Bandwidth Memory products experiencing rapid demand growth to power Artificial Intelligence. | 6460.T 000660.KS REE.MC ORAN.PA CNP BEZ.L BARC.L ABBV COF |
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| 2024 Q4 | Dec 31, 2024 | Polaris Global Equity | -5.8% | 6.2% | 000660.KS, 005930.KS, 066570.KS, 6758.T, ALSN, CFR, COF, CROX, CVS, ELV, GD, GILD, JAZZ, JPM, ML.PA, SAIC, SBH, SLM, TGLS, UNH | banks, financials, Geopolitical, global, inflation, value | Portfolio positioned as value-oriented with strong current earnings and cash flows, expected to benefit from higher-for-longer interest rates. Manager continues to find and add attractively priced companies to supplement compelling valuation profile. | View | |
| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Large Cap Fundamental Value | -0.9% | 12.8% | APA, C, CMCSA, CVS, ELV, ERIC, FFIV, GM, MDT, OLN, WFC | Defensive, financials, healthcare, large cap, valuation, value | The fund maintains a value-oriented approach despite challenging market conditions. The portfolio trades very near its long-term average valuation despite passive indices trading well above their historical averages. The fund continues to find attractive risk/return opportunities in a challenging market by focusing on valuation balanced against fundamental risks. | OLN CVS ELV WFC GM FFIV |
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| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Global Value Fund | -3.0% | 9.4% | 005930.KS, AIG, CMCSA, CVS, ELV, ERIC, FFIV, GM, GOOGL, MDT, SIEGY, WDAY, WPP | global, healthcare, industrials, semiconductors, technology, value | The fund maintains a value-oriented approach, noting that value stocks lagged growth for the full year but believing valuation disparities create opportunities for active management. The spread between growth and value indices is wide, suggesting a promising outlook for value investing. | GM FFIV 005930.KS CVS ELV |
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| 2024 Q4 | Dec 31, 2024 | Burke Wealth Managament The Focused Growth Strategy | 2.7% | 28.4% | AAPL, ACN, ADBE, AMZN, CHTR, CMCSA, CRM, CRWD, CVS, GOOGL, HUM, LLY, MSFT, NOW, NVDA, NVO, SNOW, UNH | AI, growth, healthcare, large cap, regulation, software, technology, Telecommunications | The manager discusses the dawn of the Agentic Age where AI agents will solve problems and complete business tasks, with marginal cost of labor approaching zero for tasks AI can complete. AI agents will allow knowledge workers to operate at the top of their degree and eliminate mindless tasks. The manager expects this to drive productivity gains and help solve labor shortage issues. | View | |
| 2024 Q4 | Dec 31, 2024 | Coho Relative Value Equity | - | - | AMZN, AZO, CVS, DG, GOOGL, MCHP, META, MSFT, MSTR, NVDA, UNH, WRB | Bubble, Concentration, defensives, technology, valuation, value | Coho maintains adherence to valuation discipline despite underperformance, believing they would sacrifice downside protection by chasing Technology stocks higher. The market is objectively expensive by most measures with the S&P 500 trailing P/E at its fourth highest levels in the past 125 years. Studies show valuation often does not matter in the short term, but it always matters in the long term. | View | |
| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments Large Cap Value | - | - | AVGO, AXP, BAC, BDX, COF, CVS, DE, ELV, INTC, JPM, MCHP, MCK, ORCL, PEP, SRE, TMO, UNH, V, XPO | financials, healthcare, materials, Quality, technology, Utilities, value | The Strategy follows a diversified, valuation-sensitive approach investing in high-quality franchises within durable, growing markets at reasonable valuations. The managers saw a large valuation divergence in 2024 that provided opportunities as high-quality companies weren't attracting capital. They maintained valuation discipline by trimming positions in American Express and JPMorgan Chase due to strong performance. | View | |
| 2024 Q4 | Dec 31, 2024 | Davis Global Fund | - | 22.7% | 005930.KS, 0700.HK, 2318.HK, 3690.HK, AMAT, AMZN, BRK-A, COF, CVS, ENT.L, GOOGL, HUM, META, MGM, NPN.L, PRX.AS, TCOM | AI, China, gaming, global, semiconductors, Stimulus, technology, value | Fund positioning for AI emergence through established market leaders with proven business models either using AI to improve platforms or key semiconductor players building AI ecosystem. Meta using AI for content suggestions and ad targeting. Tencent benefiting from AI-driven ranking improvements. Cloud providers Amazon and Alphabet seeing revenue acceleration from AI workloads. | View | |
| 2024 Q4 | Dec 31, 2024 | Dodge & Cox Stock Fund | -1.5% | 14.5% | AMZN, AVTR, BUD, CHTR, CVS, FDX, FI, GILD, GOOGL, JCI, MET, RTX, SCHW, SNY, WFC | contrarian, financials, healthcare, industrials, large cap, value | The fund trades at only 14.1 times forward earnings compared to 20.9 times for the S&P 500 and 17.2 times for the Russell 1000 Value. The valuation disparity between value and growth stocks narrowed during the quarter, with value outperforming growth substantially. | View | |
| 2025 Q3 | Nov 5, 2025 | ClearBridge Investments Large Cap Value | - | - | AMT, AMZN, APD, AVGO, CMCSA, CVS, DE, GOOGL, HLN.L, INTC, JNJ, MCHP, ORLY, PNC, SRE, TMO, TSM, UNH, USB, WEC | AI, healthcare, Outperformance, Quality, semiconductors, technology, Utilities, value | The massive surge in spending on artificial intelligence continues to bolster chip providers like Broadcom, whose custom-designed chips are gaining broader adoption with hyperscalers. Taiwan Semiconductor leads in advanced semiconductor manufacturing with dominant market share in leading-edge nodes being adopted by nearly all major AI companies. The Strategy neutralized the powerful AI trade by initiating positions in Taiwan Semiconductor and Amazon.com while increasing Alphabet position. | 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 | |
| 2024 Q2 | Nov 7, 2022 | Patient Capital Management | 5.6% | 15.8% | AAPL, AMZN, BIIB, CVS, DAL, EVRI, EXPE, GOOGL, IAC, ILMN, KOS, META, MSFT, NCLH, NVDA, RPRX, TSLA, UAL | AI, energy, healthcare, small caps, technology, Travel, value | Manager recognizes AI bubble potential but believes it may still be early. Nvidia captured bulk of AI profits with significant market lead and competitive advantages. Current AI/quality compounder momentum could get more extreme before ending. | EXPE EVRI KOS IAC NVDA |
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| 2025 Q3 | Oct 7, 2025 | Oakmark Fixed Income | - | - | ARE, CNC, CVS, ELV, UNH | credit, fixed income, fundamentals, healthcare, Simplicity, value | The market is offering yields above Treasuries for healthcare businesses as if they are permanently impaired, despite strong balance sheets and competitive positions. Healthcare credits like Alexandria Real Estate, Centene, and CVS represent durable franchises trading at spreads that more than compensate for their risk, with temporary headwinds creating value opportunities. | CVS US CNC US ARE US |
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| 2025 Q3 | Oct 28, 2025 | BlackRock Mid-Cap Value Fund | 5.5% | 10.7% | BAX, BDX, CAH, CVS, FCNCA, FIS, MMS, WDC, XBI | dividends, financials, healthcare, mid cap, technology, value | The fund maintains a value-oriented strategy focused on companies with resilient earnings, strong balance sheets, and attractive valuations. This fundamentals-first approach provides a solid foundation and positions portfolios to navigate volatility effectively while seizing opportunities through active management. | View | |
| 2025 Q3 | Oct 24, 2025 | Pzena Focused Value strategy | 0.9% | 4.7% | BAX, C, CHTR, CVS, MGA, PPG, RHI, SOLV, TEL | financials, healthcare, industrials, underperformance, value | The strategy focuses on undervalued companies with characteristics for improved valuations. PPG Industries is trading at a discounted valuation due to concerns around tepid organic growth, which the manager sees as overly discounted. Solventum presented an attractive entry point due to operational challenges and margin pressure concerns. | View | |
| 2024 Q3 | Oct 23, 2024 | Pelican Bay Capital Management | 11.8% | 12.8% | BLDR, CPRI, CSCO, CVS, EOG, FANG, GOOGL, MO, SLB, TOL, ULTA | Concentration, energy, Homebuilders, Oil Services, Quality, value | Home builders rebounded significantly as interest rates declined, offsetting weak first-half performance. Companies like Builders FirstSource and Toll Brothers contributed 3.8% to portfolio gains as two of the largest holdings. | SLB CVS MO |
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| 2025 Q3 | Oct 20, 2025 | Pelican Bay Capital Management | 7.8% | 11.2% | CPAY, CVS, ELV, EOG, FANG, FIS, GOOGL, KNSL, MU, ODFL, ON, TOL, ULTA, UNH | AI, energy, gold, healthcare, insurance, technology, Trucking, value | Gold miners benefited from heightened investor excitement as bullion prices increased 17% in Q3. Barrick Mining jumped 60% and contributed 3.4% to portfolio returns. Despite strong gains, current stock prices still reflect an underlying gold price of $3,000-$3,400 per ounce, well below the current spot price of $4,300 per ounce. | ELV ODFL GOOG MU ELV ODFL MU |
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| 2024 Q3 | Oct 20, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FDX, FISV, HD, HUM, LMT, MCK, PH, QCOM, TMUS, TOL, UNH, WSM | large cap, Quality, risk management, small cap, valuation, value | The market shows extreme valuation risk with the S&P 500 trading at just the 13th percentile of historical free cash flow yields. Over 40% of the S&P 500 trades at NTM P/E ratios above 30x, similar to 2000 bubble conditions. The most expensive 15 megacap stocks account for 40% of market cap while trading at a 72% premium to the rest of the market. | View | |
| 2024 Q3 | Oct 20, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FIS, HD, HUM, LMT, MCK, PH, PYPL, QCOM, TMUS, TOL, UNH, WSM | free cash flow, large cap, Quality, risk management, valuation, value | The market shows extreme valuation risk with the S&P 500 trading at expensive levels historically. Current trailing free cash flow yield of 3.2% ranks in just the 13th percentile of history. Over 40% of the S&P 500 trades at NTM P/E over 30x, similar to 2000 bubble conditions. | View | |
| 2025 Q3 | Oct 2, 2025 | Vltava Fund | - | - | CVS, FI, LLY, NVO | Europe, Financial Services, Growth Traps, healthcare, payments, Pharmaceuticals, technology, Value Investing | Manager emphasizes rigorous value investing approach focused on buying stocks significantly below intrinsic value with adequate margin of safety. Discusses the artificial division between value and growth stocks, arguing that growth is a component of value and both categories can offer attractive opportunities when priced below intrinsic worth. | MRX FISV |
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| 2025 Q3 | Oct 16, 2025 | Polaris Global Equity | 5.0% | 18.5% | 000660.KS, 005930.KS, 055550.KS, 5019.T, 6758.T, 8306.T, 8591.T, ABBV, ALSN, BARRY.SW, BPOP, CAP.PA, CG, CVS, DHL.DE, DTG.DE, ELV, GD, IAG.L, IPS.PA, JAZZ, LKQ, LNTH, LUN.TO, MEOH, MG, MKSI, MNDI.L, MPC, NEE, PUB.PA, SBH, SLM, UNH, UTHR, VIPS | AI, Energy Transition, financials, global, healthcare, semiconductors, Trade Policy, Valuations | The current two-speed economy is characterized by a narrow AI-driven boom versus subdued growth across most other industries. Just seven mega-cap U.S. tech stocks drove nearly 60% of the S&P 500 gains in 2025 to date. The frothy valuations in the AI tech sector should make investors cautious, as concentrated indices could face material correction if the AI boom busts. | View | |
| 2025 Q3 | Oct 14, 2025 | Dodge & Cox Stock Fund | 3.1% | 10.9% | ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW | Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value | The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index. | View | |
| 2024 Q3 | Oct 10, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FDX, FI, HD, HUM, LMT, MCK, PH, QCOM, TMUS, TOL, UNH, WSM | large cap, Quality, risk management, small caps, valuation, value | The market shows extreme valuation risk with the S&P 500 trading at expensive levels historically. Over 40% of the S&P 500 trades at NTM P/E over 30x, similar to 2000 bubble conditions. The most expensive 15 megacap stocks trade at a 72% premium to the rest of the market and account for almost 40% of total market cap. | 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% | BRK-B, CVS, GS, KKR | Capital markets, financials, healthcare, technology, valuation, value | Manager emphasizes value-focused process and fair value calculations based on present value of cash flows. Multiple positions were liquidated when they reached or exceeded fair value estimates. The approach focuses on mathematical analysis rather than market timing or predictions. | KKR GS CVS |
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| 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 Q3 | Sep 30, 2024 | Dodge & Cox Stock Fund | 7.2% | 16.3% | APD, BAX, BK, CHTR, CVS, FDX, FI, GE, GOOGL, JCI, MET, META, MSFT, NVDA, OXY, RTX, SBAC, SCHW, SNY, WFC | energy, financials, healthcare, industrials, technology, value | The Fund trades at an attractive valuation of 14.4 times forward earnings, compared to 22.5 times for the S&P 500. The valuation disparity between value and growth stocks diminished but still remains wide, with Russell 1000 Value trading at 17.9 times forward earnings versus 29.0 times for Russell 1000 Growth. Value stocks outperformed growth stocks in the quarter for the first time since 2022. | View | |
| 2024 Q3 | Sep 30, 2024 | BlackRock Mid-Cap Value Fund | 7.8% | 12.5% | BAX, CAH, CVS, FCNCA, FIS, KHC, LHX, SEE, SSNC, WDC | dividends, financials, healthcare, industrials, mid cap, value | The fund invests in mid-capitalization companies that pay attractive, sustainable and growing dividends with the aim of providing mid-capitalization equity returns with less volatility. | View | |
| 2024 Q3 | Sep 30, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | AMZN, BAX, CVS, DG, KDP, KO, MCHP, NVDA, STZ, WMT | Beverages, defensives, earnings, healthcare, Quality, value | The manager emphasizes their value-oriented approach, noting that while they have underperformed growth-oriented indices, they expect a broadening of market participation as the earnings gap between the Magnificent 7 and other stocks narrows. They highlight their portfolio's stability and predictability compared to benchmarks. | View | |
| 2024 Q3 | Sep 30, 2024 | Hotchkis & Wiley Global Value Fund | 5.6% | 12.8% | 005930.KS, AC.PA, CVS, ELV, ERIC, FFIV, GOOGL, MDT, QAN.AX, SIE.DE, WDAY, WLN.PA, WPP | energy, financials, global, semiconductors, technology, Utilities, value | The fund focuses on identifying undervalued assets with durable balance sheets, sustainable returns on equity, stable free cash flow, and attractive valuations relative to expected earnings. The strategy centers on effective risk management and seeking better risk-adjusted returns. | GOOGL WLN.PA 005930.KS QAN.AX ERIC FFIV |
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| 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 |
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| 2024 Q2 | Jul 31, 2024 | Ariel Global Fund | 6.9% | 0.0% | ALL, BG.VI, CS.PA, CVS, DHI, EMAAR.DU, IFX.DE, INTC, LEN, NTAP, STLA, TSM, VT | AI, financials, global, Homebuilders, insurance, semiconductors, technology, value | AI investment boom driving significant demand for semiconductor hardware. Apple's announcement on Apple Intelligence kickstarted an Edge AI race which will likely drive greater than expected semiconductor growth in smartphones. TSMC benefits from dominant position in relevant chip manufacturing and packaging for AI applications. | STLA CVS INTC ACKB BB TSM NTAP |
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| 2024 Q2 | Jul 31, 2024 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | CMCSA, CSCO, CVS, GD, GILD, HD, LOW, MDT, PEP, QCOM, SBUX, TSN | AI, dividends, financials, healthcare, large cap, technology, value | Technology and Communications Services sectors, holding many stocks benefiting from the booming interest in artificial intelligence, continued to lead market returns in Q2 2024. The market action in June focused almost exclusively on the AI Mega Tech melt up and left most other areas in the dust, feeling like it is hitting extremes. | MDT LOW |
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| 2024 Q2 | Jul 31, 2024 | Matrix Dividend Income | 0.0% | 0.0% | CMCSA, CSCO, CVS, GD, GILD, HD, LOW, MDT, PEP, QCOM, SBUX, TSN | AI, dividends, financials, healthcare, large cap, rates, technology, value | The Matrix Dividend Income portfolio continues to deliver on its three objectives: generating high current and growing income, downside protection, and capital appreciation. In Q2, eight portfolio holdings raised their dividends by an average of 5.9%, and fifteen holdings raised dividends by an average of 6.7% in the first six months. The portfolio maintains a 3.03% dividend yield compared to 1.33% for the S&P 500. | MDT LOW |
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| 2024 Q2 | Jul 25, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, large cap, Quality, small cap, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital International | 0.0% | 10.9% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, international, Quality, small caps, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, free cash flow, large cap, Quality, valuation, value | AI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices the market is willing to pay. | View | |
| 2024 Q2 | Jul 25, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, free cash flow, Quality, small caps, valuation, value | The letter extensively discusses valuation disparities across markets, with the S&P 500's expensive Big 12 stocks trading at 74% premium to the rest of the market. Distillate's strategies maintain valuation discipline while the broader market experiences significant valuation expansion driven by AI enthusiasm. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | Concentration, large cap, Quality, stability, valuation, value | The S&P 500 has reached extraordinary concentration levels with the top 5 stocks comprising over 24% of the index, the highest since 1980. Seven largest stocks contributed 74% of the market's H1 gains while the other 493 stocks averaged just 7% returns. This concentration creates diversification risks and exposes investors to company-specific risks. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital International | 0.0% | 10.9% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | AI, Concentration, large cap, Quality, risk management, technology, valuation, value | The letter extensively discusses valuation concerns, particularly around the largest stocks in the S&P 500. The mega-cap six stocks now trade at 40x expected free cash flow versus their historical discount to the market. The manager emphasizes that despite strong business fundamentals, rich valuations create problematic risk/reward profiles when substantial optimism is already priced in. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAP, AAPL, ABBV, AMZN, AVGO, BMY, CSCO, CVS, DHR, FTNT, GIS, GOOGL, JBL, META, MSFT, NVDA, TSLA, UNH | AI, Concentration, Mega Cap, Quality, technology, valuation, value | Manager emphasizes avoiding richly valued mega-cap stocks that are trading at 40x free cash flow while focusing on the remaining 494 S&P stocks that offer more attractive 5.1% free cash yields. The strategy targets high quality stocks at attractive valuations with a 6.9% free cash yield versus 4.5% for the overall S&P 500. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | free cash flow, Leverage, Outperformance, Quality, Russell 2000, small caps, value | Manager emphasizes avoiding expensive megacap stocks and focusing on attractively valued companies with strong fundamentals. The strategy targets stocks with high free cash flow yields while avoiding the richly valued largest stocks that are depressing overall market valuations. | 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 | Polaris Global Equity | 6.9% | 12.7% | 000270.KS, 000660.KS, 066570.KS, 2338.HK, 8001.T, 8002.T, ALSN, ANTO.L, BARN.SW, CG, CVS, DG.PA, DTG.DE, ELV, FTK.DE, GNC.L, JAZZ, LKQ, LUN.TO, MEOH, MG, MPC, MSFT, MUV2.DE, NEE, NVS, OTEX, SRBANK.OL, SVEG.OL, TEP.PA, TSN, U11.SI, UNH, UTHR, WBS, WMB | AI, Copper, Energy Transition, financials, global, healthcare, value | Copper prices increased over 20% from mid-February to late May due to tight supply and high demand from energy transition applications like electric vehicles and AI automation. Lundin Mining and Antofagasta benefited from this copper price momentum. | View | |
| 2024 Q2 | Jun 30, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | ABT, AMGN, CAG, CVS, DG, DIS, GPN, NKE, NVDA, STZ, UNH | AI, Concentration, growth, healthcare, technology, value | The manager emphasizes their value-focused approach, noting the portfolio trades at an uncharacteristically meaningful discount to the S&P 500 Index. They believe the market is mispricing risk and undervaluing the earnings, cash flow, and dividend growth potential of their portfolio. The valuation gap between their portfolio and the market is expected to close as market breadth expands. | View | |
| 2023 Q2 | Jun 30, 2023 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | ABBV, ABNB, AES, CLH, CP, CVS, EQT, GILD, META, MRVL, ORCL, PFE, SQ, VMC | AI, financials, Recession, small caps, technology, value | Artificial intelligence furor and speculation that benefits will accrue to mega cap incumbents explains much of the tech rally. Time will tell whether AI aids mega cap tech or helps unseat them, but market indicators point to a harder road for their outperformance going forward. | CLH AIR FP|ICLR|LIN|MRVL|NOW|TSM |
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| 2023 Q4 | May 1, 2024 | Vltava Fund | 0.0% | 0.0% | ABG, ATD.TO, BRK-A, BUR.L, CVS, JPM, LH | Banking, Concentration, Japan, Quality, small caps, value | Manager emphasizes investing in high-quality companies trading at attractive valuations while avoiding expensive large-cap stocks. Portfolio trades at 9.3x P/E despite 26% average ROE, creating significant value opportunity compared to overvalued mega-cap stocks. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, ADBE, AMZN, CI, CVS, FIS, FTNT, GOOGL, JBL, JNJ, META, MO, MSFT, NVDA, PM, SWKS, TMUS, TSLA, UNH, V | Banking, Concentration, Leverage, Quality, rates, technology, value | The fund focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieved a 7.0% free cash flow yield compared to 4.8% for the S&P 500, with significant valuation advantages across all strategies versus their benchmarks. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital International | 0.0% | 10.9% | 005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, international, Leverage, Quality, rates, selectivity, value | Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, ADBE, AMZN, CI, CVS, FIS, FTNT, GOOGL, JBL, JNJ, META, MO, MSFT, NVDA, PM, SWKS, TMUS, TSLA, UNH, V | Banking, inflation, Leverage, Quality, rates, technology, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The firm's U.S. FSV strategy achieves a 7.0% free cash flow yield compared to 4.8% for the S&P 500, highlighting substantial valuation advantages across all strategies. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. | View | |
| 2025 Q1 | Mar 31, 2025 | Ariel Global Fund | 6.3% | 6.3% | 0002.HK, 2474.TW, 7832.T, AQN, BAC, BBNI.JK, BIDU, CHKP, CVS, DVA, ELE.MC, ISP.MI, LEN, NTAP, OC, TDC, TSM | AI, financials, global, tariffs, value, volatility | Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund's international and global holdings currently trade at compelling valuations relative to their growth prospects, while maintaining the financial strength needed for operational resilience. | View | |
| 2025 Q1 | Mar 31, 2025 | Polaris Global Equity | 4.1% | 4.1% | 000660.KS, 005930.KS, 066570.KS, ABBV, ALSN, ARW, CFR, CG, CVS, DCOM, DG.PA, DNB.OL, DTE.DE, EBC, ENI.MI, FTK.DE, GILD, HNR1.DE, IAG.L, INCH.L, IPG, LOOM.ST, MEOH.TO, MGA.TO, MKSI, MPC, MSFT, MTB, MUV2.DE, NTRS, NXT.L, OTEX.TO, PFS, PUB.PA, SBH, SDZ, SW, TTE, UTHR, VIPS, WBS, WMB, WSBC | AI, energy, Europe, financials, global, tariffs, technology, Trade | The Trump Administration has initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, with broader-than-expected tariffs causing market volatility. By disrupting natural trade flows, tariffs can lead to reduced economic efficiency and slower global growth. | View | |
| 2023 Q4 | Feb 23, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | AAPL, ABT, AMZN, BAX, CAG, COR, CVS, DG, DIS, GOOGL, MCHP, MDT, META, MMC, MSFT, NKE, NVDA, SJM, TMO, TSLA | AI, Consumer Staples, GLP1, healthcare, Quality, technology, Valuations, value | AI euphoria following ChatGPT release drove Information Technology sector returns over 40% in 2023. The excitement surrounding AI potential caused investors to ignore typical inverse correlation between rates and P/E multiples. AI-related stocks dominated market performance but created narrow market breadth. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, AMZN, AVGO, CSCO, CVS, GOOGL, HRL, IBM, JBLU, LRCX, META, MSFT, NVDA, OC, PG, PYPL, TSLA, WMT, WSM | Concentration, free cash flow, Leverage, Quality, selectivity, small caps, value | Manager emphasizes finding attractive valuations through selectivity, avoiding richly valued mega-cap stocks while focusing on parts of the market that offer better free cash flow yields. The strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500. | View | |
| 2024 Q4 | Jan 13, 2025 | Patient Capital Management | - | - | AMZN, BIIB, COST, CVS, DAL, EXPE, FBTC, GOOGL, KOS, META, NCLH, NVDA, OMF, PGEN, PLAY, RPRX, SDRL, TSLA, UAL | AI, Bull Market, Cyclical, energy, healthcare, technology, Travel, value | Manager believes we are in the midst of a technological revolution driven by AI. The most brilliant technology experts agree AI will transform the world, with massive data and capital requirements creating advantages for scaled incumbents like the Mag 7. This supports the manager's view that we're still early in the AI cycle. | BIIB CVS RPRX SDRL KOS FBTC OMF PGEN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Oakmark Fund | CVS Health | Health Care | Health Care Services | Bull | NYSE | Free Cash Flow, Healthcare Conglomerate, Legislative Concerns, managed care, market leader, Medicare Advantage, Pharmacy Benefits, Retail Pharmacy | View Pitch |
| Apr 13, 2026 | Fund Letters | ClearBridge Investments Dividend Strategy | CVS Health Corporation | Health Care | Health Care Services | Bull | NYSE | contrarian, Health Care Services, health insurance, Medicare Advantage, Pharmacy Services, turnaround, underwriting | View Pitch |
| Apr 13, 2026 | Fund Letters | Patient Capital Management | CVS Health Corporation | Health Care | Health Care Providers & Services | Bull | NYSE | defensive, Equity, health insurance, Healthcare services, Integrated Healthcare, Pharmacy, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Vltava Fund | CVS Health Corporation | Health Care | Health Care Services | Bear | NYSE | Acquisitions, capital allocation, Health Care Services, Management Quality, Pharmacy, turnaround, Value trap | View Pitch |
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Mid-Cap Value Fund | CVS Health Corp. | Health Care | Health Care Services | Bull | NYSE | Aetna, Diversified Healthcare, health insurance, healthcare, Medicare Advantage, Pbm, Retail Pharmacy | View Pitch |
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Global Value Fund | CVS Health Corp. | Health Care | Health Care Services | Bull | NYSE | debt reduction, health insurance, Healthcare services, margin expansion, Pharmacy Benefits Manager, Retail Pharmacy, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Global Fund | CVS Health Corporation | Health Care | Health Care Providers & Services | Bull | NYSE | Aetna, Healthcare services, Insurance, Integrated Healthcare, Medicare Advantage, Pharmacy | View Pitch |
| Apr 13, 2026 | Fund Letters | Moon Capital Management | CVS Health Corporation | Health Care | Health Care Services | Bear | NYSE | capital allocation, Equity, Health Care Services, managed care, Medicare Advantage, Pbm, Pharmacy, Regulatory risk, turnaround, vertical integration | View Pitch |
| Apr 13, 2026 | Fund Letters | Patient Capital Management | CVS Health | Health Care | Health Care Services | Bull | NYSE | activist investor, defensive, dividend yield, Equity, Healthcare services, insurance underwriting, new management, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Large Cap Fundamental Value | CVS Health Corp. | Health Care | Health Care Services | Bull | NYSE | Annual Repricing, Diversified Healthcare, health insurance, Integrated Model, Margin recovery, Pbm, Retail Pharmacy | View Pitch |
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Global Value Fund | CVS Health Corp | Health Care | Health Care Providers & Services | Bull | NYSE | Aetna, Annual Repricing, Diversified Healthcare, health insurance, Margin recovery, Pharmacy Benefits Manager, Retail Pharmacy | View Pitch |
| Apr 13, 2026 | Fund Letters | Pelican Bay Capital Management | CVS Health Corporation | Health Care | Health Care Services | Bear | NYSE | Acquisitions, capital allocation, Earnings Power, Healthcare services, management execution, Medical Expenses, Medicare Insurance, Pharmacy Benefits, Premium Caps | View Pitch |
| 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. | ||||||||