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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | Carillon Eagle Growth & Income Fund | - | - | ABBV, ADP, AVGO, AZN, BLK, CVX, ETN, JPM, MCD, MRK, MSFT, NEE, RTX, TEL, UNH | AI, dividends, income, interest rates, large cap, Quality, technology | The fund remains committed to investing in companies that pay and increase their dividends on a consistent basis. Management is pleased with the dividend growth that their companies have produced in 2023 and believes that income and income growth will serve clients well in the future. | View | |
| 2025 Q2 | Aug 7, 2025 | Horizon Kinetics | - | - | 0388.HK, 6544.T, AAPL, AB, AMZN, CME, CVX, FCX, GOOGL, LSEG.L, MA, META, MSFT, NEM, NRG, NVDA, TPL, TREE, TSLA, V, XOM | AI, Data centers, ETFs, gold, Indexation, Japan, Owner-Operators, Scarcity | AI poses competitive threats to the Magnificent 7 companies through creative destruction. OpenAI's ChatGPT could provide competition to Google's search engine, while Sora Video Generator threatens YouTube's content model. The Private Mag 7 companies represent significant competitive risks to the Public Mag 7. | 6544.T AB 6544 JP |
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| 2025 Q2 | Aug 7, 2025 | Meridian Hedged Equity Fund | 4.9% | - | ABNB, CVX, DHI, DHR, GEO, GFL, HUN, ICE, JPM, KVUE, MGM, MSFT, V, VST, YOU | energy, Hedged Equity, Options, Quality, risk management, technology, value | The fund benefits from AI-driven electricity demand through Vistra Corp, which is positioned to capitalize on surging power needs from AI data centers. Microsoft's AI monetization potential through OpenAI integration also contributed to performance. | HUN CVX KVUE MGM MSFT VST MGM MSFT VST |
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| 2025 Q2 | Aug 27, 2025 | Global High Dividend ADR | 8.6% | 17.3% | 2899.HK, 8766.T, AVGO, BA.L, BTI, CVX, DUK, ET, IBE.MC, JCI, JNJ, JPM, MRK, MS, NVS, SGO.PA, SIE.DE, TSCO.L, UCG.MI, ZURN.SW | dividends, Dollar, Europe, financials, international, long-term, Quality, value | Global value has outperformed growth over the last one, three, five and seven years. Value remains more out of favor today over a trailing 10-year basis than during the peak of the Dot-Com Bubble. Key drivers include strong performance of financial companies benefiting from rising interest rates and industrial companies exposed to long-term secular tailwinds. | View | |
| 2025 Q2 | Aug 27, 2025 | Cullen Enhanced Equity Income Fund | -1.2% | 4.5% | AAPL, AMZN, COP, CVX, DOW, GOOGL, JCI, META, MSFT, NSC, NVDA, PCAR, PPG, RTX, TSLA | AI, defensives, dividends, energy, growth, Options, tariffs, value | The strategy focuses on dividend-paying stocks with a 4.2% annualized dividend yield. Dividend increases improved to 5%, declared by 15 of the 33 active holdings. Value and High Dividend stocks have underperformed over the past several years, presenting a compelling opportunity as investor interest in dividend strategies is near record lows. | NSC COP PPG PCAR NSC COP PPG PCAR |
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| 2025 Q2 | Aug 27, 2025 | Cullen Value Fund | 7.0% | 8.5% | AAPL, AMAT, AMZN, AXP, AXTA, C, CI, COP, CVX, GOOGL, JPM, KVUE, MDT, META, MS, MSFT, NVDA, ORCL, TSLA | AI, financials, growth, tariffs, technology, value | Value stocks continue to trade at a meaningful discount relative to the broader market and Growth equities. The valuation gap between Growth and Value stocks has reached historically extreme levels, with Growth stocks trading at a 130% premium to Value stocks. This valuation gap, combined with the potential for a shift in sentiment and improving asset flows as relative growth rates converge, serves as a catalyst for improved relative performance. | KVUE AMAT ORCL |
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| 2025 Q2 | Jul 9, 2025 | LRT Capital Management | - | 8.1% | ABG, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FN, GOOGL, GPI, ICLR, MKTX, NOC, PBR-A, RLI, SNEX, SSD, TTC, UNH | Consolidation, healthcare, infrastructure, Long/Short, Low Beta, Quality, Systematic | The manager emphasizes investing in category-defining enterprises with durable competitive moats, strong brand equity, and disciplined capital allocation. Holdings are characterized as best-in-class operators with fortress-like balance sheets and long-term compounding potential. | View | |
| 2025 Q2 | Jul 27, 2025 | 1290 SmartBeta Equity Fund | 7.2% | 7.8% | ABBV, AVGO, CVX, LLY, MCD, NFLX, NVDA, PEP, TT, XOM | Factor, global, Quality, SmartBeta, technology, Trade Policy, volatility | Trump's tariff policies dominated market movements throughout the quarter, with Liberation Day tariffs causing initial sell-offs followed by recovery as trade deals were negotiated with the UK and China. The fund navigated the initial Trump Tariff Turbulence well due to its low volatility exposure. | View | |
| 2025 Q2 | Jul 25, 2025 | Open Insights Capital | - | - | ATH.TO, CNQ.TO, CVE.TO, CVX, MEG.TO, OXY, SCR.TO, SU.TO, XOM | Carbon Capture, energy, M&A, oil, tariffs, Trade Policy | The US is engaged in a trade war with China, implementing tariffs as high as 145% on Chinese goods. The manager believes this decoupling strategy will ultimately fail as the US is already backtracking and softening positions. Trade frameworks lack substance and the market is betting on the TACO trade (Trump Always Chickens Out). | OXY MEG.TO OXY SCR CN MEG CN |
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| 2025 Q2 | Jul 22, 2025 | Columbia Dividend Opportunity Fund | 2.7% | - | ABBV, AMT, AVGO, BAC, C, CSCO, CVX, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM | AI, dividends, financials, healthcare, technology, value | The fund focuses on companies with historically consistent and increasing dividends, though dividend-paying stocks underperformed the broader market during the quarter. The manager believes undervalued dividend stocks continue to offer opportunities for individual security selection. | MCHP |
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| 2025 Q2 | Jul 20, 2025 | The London Company Income Equity | 4.5% | 9.1% | AAPL, APD, BRK.B, CB, CMCSA, CVX, D, GLW, MSFT, NSC, NTDOY, PGR, PM, UPS | Consumer Staples, dividends, healthcare, industrials, Quality, technology, value | AI infrastructure and applications drove strong performance for Microsoft during the quarter due to its leading position. The company's partnership with OpenAI remains strategically important despite recent tensions. AI provides strong optionality for Microsoft's entrenched operating system and productivity software businesses. | CB CB APD PM MSFT |
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| 2025 Q2 | Jul 15, 2025 | BNY Mellon Appreciation Fund | 8.8% | 5.2% | AAPL, AMZN, ASML, BA.L, BRK-B, CVX, GOOGL, INTU, MC.PA, META, MSFT, NVDA, TXN, UNH, V | AI, earnings, large cap, tariffs, technology, Trade Policy, volatility | President Trump announced sweeping tariffs on trade partners including 34% on China, 20% on EU, and 20-46% on Asian partners. After initial market shock, a 90-day pause was instituted with negotiations leading to tariff reductions. Trade policy uncertainty continues to weigh on investor sentiment and corporate investment plans. | View | |
| 2025 Q2 | Jul 10, 2025 | Guinness Global Energy | - | 5.3% | BP, CNQ, COP, CVE, CVX, DVN, E, ENB, EOG, EQNR, FANG, GALP.LS, IMO, KMI, OMV.VI, PTR, REP.MC, SHEL, SU, TTE, XOM | dividends, energy, Geopolitical, Natural Gas, oil, Opec, valuation | Oil prices rose sharply intra-month due to Israel-Iran conflict, with Brent reaching $80/bl before falling back to $68/bl. OPEC+ continues increasing production quotas while US shale production growth slows due to lower rig counts and capital discipline. | View | |
| 2025 Q2 | Jun 30, 2025 | Merchant West | - | - | BP, BRK-A, COLB.CO, CVX, DHR, ISRG, NPN.JO, SHEL, SHP.JO, SYK, TTE, XOM | demographics, energy, healthcare, Investment Management, liquidity, policy, South Africa, technology | JSE liquidity has been declining with trading concentrated in fewer stocks. Large asset managers face significant challenges building meaningful positions in illiquid stocks without moving prices. This creates opportunities for boutique managers who can access under-researched small and mid-cap companies. | TTE TTE FP |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli Global Content & Connectivity Fund | 9.3% | - | AAPL, AMZN, BAC, BRK.A, CVX, GOOGL, HD, JNJ, JPM, MA, META, MSFT, NFLX, NVDA, PG, TSLA, UNH, V, WMT, XOM | defense, energy, gold, growth, Sports, tariffs, technology, value | Trump administration announced sweeping tariffs on April 2 (Liberation Day) causing significant market volatility. Initial tariff rates were very high but were later moderated through bilateral trade deals. The effective weighted average tariff rate is estimated at 18%, down from initial Liberation Day levels but still significantly higher than the prior administration's 2.5%. | MSFT |
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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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| 2024 Q2 | Jun 30, 2024 | Carillon Eagle Growth & Income Fund | - | - | ADI, AVGO, AZN, CVX, ETN, GS, HD, JPM, MDT, MRK, MSFT, ORCL, PLD, PNC, PPG, TGT, TXN | AI, dividends, growth, large cap, Quality, semiconductors, technology | Technology stocks driven by artificial intelligence trend fueled remarkable S&P 500 performance in first half of 2024. Broadcom is a key beneficiary of AI spending which continues to accelerate. Oracle signed dozens of new customers including two leaders in generative artificial intelligence with strong growth appearing poised to accelerate. | View | |
| 2023 Q2 | Jun 30, 2023 | Carillon Eagle Growth & Income Fund | - | - | ABBV, AVGO, CCI, CVX, ETN, JPM, MRK, MSFT, TGT, WEC | AI, Banking, dividends, energy, large cap, Quality, technology | After a major chip manufacturer significantly increased revenue guidance in May because of much higher artificial intelligence spending, investors looked for other ways to participate in higher capital spending on AI. The emergence of artificial intelligence was a notable event during the quarter, transitioning from a powerful concept to a substantial earnings contributor much quicker than many observers expected. | View | |
| 2024 Q1 | Jun 15, 2024 | Goehring & Rozencwajg Associates, LLC | 0.0% | 0.0% | 7203.T, BHP.AX, CCJ, COP, CVX, DVN, EOG, FCX, Gold, HAL, MRO, NEM, OXY, PXD, RELIANCE.NS, RIO, RRC, SHOP.TO, SLB, XOM | Agriculture, AI, Copper, Energy Transition, gold, Natural Gas, oil, uranium | North American natural gas market has reached a turning point with production likely peaking in December 2023 while demand is set to surge from LNG exports and AI data centers. The firm expects a structural deficit to emerge as shale production falters just as new LNG capacity comes online and data center proliferation drives unprecedented electricity demand. | View | |
| 2026 Q1 | May 26, 2026 | The Gabelli Equity Income Fund | 2.3% | 2.3% | BK, CR, CVX, GPC, MSFT, NEM, NFG, SPGI | dividends, energy, financials, Geopolitical, Iran, oil, value | View | ||
| 2026 Q1 | May 26, 2026 | The Gabelli Dividend Growth Fund | 2.4% | 2.4% | CVX, FIS, HUBS, MRK, MRNA, TTWO | AI, dividends, energy, large cap, Pharmaceuticals, value | View | ||
| 2025 Q1 | May 22, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | AAPL, AMZN, AR, BMW.DE, CCJ, CVX, FANG, GOOGL, IMPUY, META, MSFT, NFLX, NVDA, OXY, PXD, RRC, SBSW, SHOP.TO, TSLA, XOM | commodities, Drought, energy, gold, Mining, natural resources, Platinum, Shale | The bear market in platinum and palladium is drawing to a close after 16 years for platinum and 4 years for palladium. Demand shifts favor PGMs as EV adoption disappoints and hybrid vehicles require more PGMs than traditional ICE vehicles. Both markets are in structural deficit with supply constraints from South Africa and declining recycled supply. | View | |
| 2025 Q1 | May 2, 2025 | LRT Capital Management | - | 6.0% | ABG, CBOE, CCI, CHE, CIGI, CMCSA, COR, CVX, DRI, FIX, GPI, MKTX, NOC, PBR-A, REXR, RLI, SSD, TTC, UNH, WH | Beta, Fiscal, Hedging, Long/Short, Trade Policy, volatility | President Trump's universal tariff plans have roiled global markets and created policy uncertainty. The manager views tariffs as economically detrimental, comparing them to Import Substitution Industrialization policies that have failed historically. Hastily implemented tariffs will negatively affect the U.S. economy through slower growth, higher inflation, higher interest rates, and economic weakness. | View | |
| 2026 Q1 | May 1, 2026 | Aristotle Value Equity Fund | -2.2% | -2.2% | CVX, MKC, MSFT, MSI, QCOM, TTE, VZ | Consumer Staples, dividends, energy, large cap, semiconductors, technology, Telecommunications, value | MSI CVX QCOM MSFT VZ TTE |
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| 2026 Q1 | May 1, 2026 | Aristotle/Saul Global Equity Fund | -2.4% | -2.4% | 3064.T, 4578.T, CVX, QCOM, TTE | energy, global, healthcare, long-term, technology, value | CVX QCOM 3064.T 4578.T TTE |
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| 2026 Q1 | Apr 8, 2026 | North Sky Capital, LLC | - | - | CVX, CX | AI, clean energy, Energy Storage, impact investing, infrastructure, Natural Gas, Secondaries, Solar | View | ||
| 2026 Q1 | Apr 8, 2026 | Stonehearth Capital Management | - | - | CVX, XOM | commodities, energy, Geopolitical, inflation, Iran, oil, value | View | ||
| 2025 Q1 | Apr 30, 2025 | Guinness Global Energy | 9.4% | 9.4% | BP, CNQ, COP, CVE, CVX, DVN, E, ENB, EOG, EQNR, FANG, GALP.LS, IMO, KMI, OMV.VI, PTR, REP, SHEL, SU, TTE, XOM | dividends, energy, Geopolitical, global, Natural Gas, oil, value | Oil prices remained robust with Brent averaging $75/bl in Q1 2025, supported by lower supply expectations and geopolitical tensions. The managers believe oil remains good value at around 2.7% of global GDP, well below historical averages. They see potential for higher prices driven by OPEC+ production management and geopolitical supply disruptions. | View | |
| 2024 Q1 | Apr 30, 2024 | Guinness Global Energy | - | 10.2% | BP, CNQ, COP, CVE, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO, OMV.VI, PTR, PXD, REP.MC, SHEL, SU, TTE, XOM | dividends, energy, free cash flow, Gas, oil, Opec, valuation | Oil prices strengthened in March driven by tighter supply/demand fundamentals, Middle Eastern tensions, and good OPEC+ compliance. Brent rose 16% year-to-date while 5-year forward prices increased 5%. The fund sees oil remaining affordable at current levels, representing only 2.8% of global GDP versus 30-year average of 3%. | View | |
| 2026 Q1 | Apr 25, 2026 | Fidelity Freedom 2055 Fund | -0.5% | -0.5% | 000660 KS, 005930 KS, CRH, CRM, CVX, HEI.DE, NWG.L, RHM.DE, TSM | asset allocation, commodities, diversification, inflation, target date, technology | View | ||
| 2026 Q1 | Apr 25, 2026 | Fidelity Freedom 2045 Fund | -0.4% | -0.4% | 000660 KS, 005930 KS, CRM, CVX, TSM | asset allocation, Bonds, commodities, diversification, equities, target date | View | ||
| 2026 Q1 | Apr 22, 2026 | Columbia Dividend Opportunity Fund | 5.2% | 5.2% | APO, ARES, BG, BX, CVX, GLW, IBM, NTR, STX, T, VLO, VZ, XOM | dividends, energy, income, large cap, Quality, value | View | ||
| 2026 Q1 | Apr 21, 2026 | BNY Mellon Appreciation Fund | -6.5% | -6.5% | AMZN, ASML, BAESY, CVX, GOOGL, INTU, META, MSFT, TSM, XOM | AI, energy, geopolitics, large cap, Quality, technology, Trade Policy | View | ||
| 2026 Q1 | Apr 18, 2026 | Carillon Eagle Growth & Income Fund | - | - | ABT, ACN, ADI, AVGO, CVX, GLW, IBM, MSFT, T, WMB | AI, energy, Geopolitical, growth, inflation, large cap, semiconductors, technology | ADI WMB CVX GLW |
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| 2026 Q1 | Apr 16, 2026 | Ariel Focus Fund | 7.3% | 7.3% | APA, BAC, BIO, CVX, FDS, FISV, GS, ORCL, SLB | Banking, energy, Geopolitical, large cap, oil, technology, value | View | ||
| 2026 Q1 | Apr 16, 2026 | Meridian Hedged Equity Fund | 0.1% | 0.1% | ACVA, CVX, EQIX, MSFT, PYPL, RPRX | AI, energy, Geopolitical, Hedged Equity, technology, value | PYPL MSFT ACVA RPRX EQIX CVX |
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| 2026 Q1 | Apr 13, 2026 | The Davenport Value & Income Fund | 1.9% | 1.9% | ACN, BDX, CMCSA, CSCO, CVX, ELV, ENB, FDX, NEE, NSC, NVO, SLB, TXN, UNH, UNP, VSNT, WAT, WY, XOM | AI, dividends, energy, Geopolitical, income, infrastructure, large cap, value | View | ||
| 2026 Q1 | Apr 13, 2026 | The London Company Income Equity | 4.2% | 4.2% | AAPL, APD, BRK/B, CVX, D, GLW, MSFT, NTDOY, QSR | dividends, energy, geopolitics, income, Iran, Quality, technology, value | QSR AAPL NTDOY MSFT APD CVX GLW |
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| 2025 Q1 | Mar 31, 2025 | Miller Howard North American Energy Fund | - | - | AESI, AR, COP, CVE, CVX, EQT, GPOR, HES, KMI, LBRT, SM, SOBO, SU, TRGP, WTTR, XOM | Canada, dividends, energy, Midstream, Natural Gas, oil, Trade Policy | Oil prices remained flat during the quarter despite energy sector outperformance. The portfolio focuses on producers with long drilling inventory to reduce volatility from short-term oil price fluctuations. Permian Basin production analysis shows rapid well decline rates, making longer-term price stability more likely than short-term volatility. | View | |
| 2025 Q1 | Mar 31, 2025 | The Davenport Value & Income Fund | 3.8% | 3.8% | AVY, BAM, BMY, BRK.B, BUD, CMCSA, CVX, ELV, FDX, HP, HSY, JNJ, LHX, NEE, NSC, ORCL, PM, SNY, STZ, UPS | Buybacks, Consumer Staples, Defensive, dividends, healthcare, value | Sixteen of DVIPX's holdings raised their dividends during the quarter, led by double-digit percentage increases at Walmart, Brookfield Corp, and others. The average DVIPX constituent has raised its dividend 8% year-over-year, which exceeds the S&P 500's 6%. The Fund is both higher yielding and possesses higher dividend growth than the benchmarks. | View | |
| 2025 Q1 | Mar 31, 2025 | Cullen Enhanced Equity Income Fund | 5.8% | 5.8% | AAPL, AMZN, BCE, BMY, CVX, DOC, DOW, GOOGL, KDP, META, MO, PM, PNC, RIO, TFC, TRV, TSLA, UPS, VICI, VZ | AI, dividends, growth, income, tariffs, value, volatility | The strategy is positioned for a potential secular shift from Growth to Value stocks, with Value trading at a 94% discount to Growth versus the historical average of 57%. Value defensive sectors like Healthcare and Consumer Staples are trading at historically low valuations, presenting compelling opportunities. | PNC KDP |
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| 2025 Q1 | Mar 31, 2025 | Global High Dividend ADR | - | - | AIBRF, BAESY, CVX, DNBBY, DUK, ENB, ET, IBE.MC, JNJ, KOF, MO, MURGF, NSRGY, NVS, SIE.DE, SVNLY, UNCRY, VICI, VOLVY, ZURVY | dividends, energy, Europe, financials, international, Utilities, value | Following four consecutive years of strong dividend growth, 82% of portfolio companies that declared dividends increased payments by an average of 9.7% year-over-year. Across the entire portfolio, dividend income grew 5.8% year-over-year. The strategy focuses on companies with balance sheet strength and operational resilience to deliver progressive dividend growth over the long term. | 2899.HK DTE.DE AIBG.L UCG.MI ENB.TO |
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| 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 | BNY Mellon Appreciation Fund | -3.3% | -3.3% | AAPL, AMZN, BA.L, BRK-B, CVX, GOOGL, META, MSFT, NVDA, PGR, TXN, V | AI, large cap, Quality, tariffs, technology, Trade Policy, value | The Trump administration announced 25% tariffs on Mexico and Canada, 20% on China, and 25% on foreign automobiles, with future reciprocal tariffs telegraphed. This created uncertainty over trade relationships and pressured equities as investors feared higher consumer costs and slower growth. | View | |
| 2025 Q1 | Mar 31, 2025 | Carillon Eagle Growth & Income Fund | - | - | ABBV, ABT, AVGO, CVX, DUK, ETN, GS, HPE, IBM, JPM, MCD, MSFT, ORCL, PG, TMUS, UNH | AI, Defensive, dividends, financials, healthcare, Quality, technology | The quarter witnessed mounting concerns regarding the sustainability of rapid AI investment pace. Chinese DeepSeek's competitive AI model created concerns for Microsoft's OpenAI stake, while the Stargate Project represents a $500 billion AI infrastructure investment over four years. | 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 | |
| 2024 Q1 | Mar 31, 2024 | Carillon Eagle Growth & Income Fund | - | - | AMGN, AMT, AVGO, CVX, ETN, GS, HD, JPM, MCD, MDLZ, MRK, MSFT, PNC, UNH, UNP | AI, dividends, growth, income, inflation, large cap, technology | The market continued to show excitement around AI and the potential earnings growth that should come with it. AI appears to be a very real, once-in-a-generation tech trend that is likely only in the early innings. However, there has been overexcitement in some areas that may not be able to deliver on the promises management teams are making. | View | |
| 2023 Q1 | Mar 31, 2023 | Burke Wealth Managament The Focused Growth Strategy | 18.6% | 18.6% | AAPL, ACN, AMZN, BRK-A, CRM, CVX, GOOGL, ISRG, JNJ, JPM, MA, META, MSFT, NVDA, ORCL, PG, TSLA, UNH, V, XOM | AI, Banking, growth, large cap, semiconductors, technology | The public launch of ChatGPT marked AI's iPhone moment, representing the fourth major computing revolution after PC, internet, and mobile. Artificial intelligence will drive profound impacts on corporate productivity and society, with enterprises incorporating massive data lakes into language models for business-specific applications. | ISRG CRM ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL|MSFT|NFLX|NVDA|UNH |
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| 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 8, 2026 | Auxier Asset Management | 2.0% | 15.2% | BK, BRK-A, BTI, C, CAT, CVX, FI, GE, GLW, GOOGL, HD, LOW, MSFT, MU, NOW, PH, QCOM, RTX, UNH, VLO | AI, Banking, Buybacks, defense, energy, healthcare, technology, value | Technology hyperscalers spent close to $400 billion in 2025 on AI infrastructure with potential to reach $527 billion in 2026. However, an MIT study found 95% of generative AI pilots failing to deliver measurable returns, raising concerns about overinvestment similar to the dot-com era. Supply demand dynamics favored US stocks with $1.1 trillion in total stock buybacks versus only $46 billion in IPOs. Energy leaders like Chevron rewarded shareholders with aggressive stock buybacks alongside strong production and growing dividends. Over 100 countries dramatically increased defense spending in 2025, providing a boost for the aerospace and defense sector. Jet engine production and maintenance soared, benefiting firms like Parker Hannifin, GE, RTX and Berkshire's Precision Castparts. In the fourth quarter, investors shifted toward undervalued, high-quality companies with strong free cash flow yields. Healthcare led with an 11.25% catch-up return as its valuation metrics remain at a significant discount to the broader market. Larger banks enjoyed steepening yield curves and robust capital markets activity, with Bank of New York and Citigroup showing strong fundamentals at cheap valuations. JPMorgan predicts a breakout year for IPOs in 2026 with names like SpaceX, OpenAI and Anthropic potentially entering the market. | View | |
| 2025 Q4 | Feb 25, 2026 | The D. E. Shaw Group | - | - | AAPL, AMZN, AVGO, BRK-B, CVX, GE, GOOGL, IBM, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WFC, XOM | active management, AI, Concentration, market structure, Mega Cap, portfolio construction, risk management, technology | Breakthroughs in artificial intelligence have helped drive notably strong performance in a handful of mega cap stocks. The concentration in tech and AI-related companies has contributed to the current market dynamics where the ten largest S&P 500 constituents account for more than 40% of the index's weight. The document extensively analyzes how market concentration affects portfolio risk characteristics and active management strategies. It discusses the implications for risk models, beta distributions, and the challenges concentration poses for traditional risk management approaches in equity portfolios. The analysis focuses on how equity market concentration impacts the fundamental law of active management, transfer coefficients, and breadth of investment opportunities. It examines the structural changes in capital markets that affect managers' ability to generate alpha and express investment views effectively. | View | |
| 2025 Q4 | Feb 18, 2026 | The Gabelli Equity Income Fund | 2.2% | 16.5% | BK, CR, CVX, DE, FCX, FLR, GATX, GPC, MSFT, NEM, NFG, STT | AI, dividends, energy, financials, gold, Utilities | Gold had its best year since 1979, rising 66% as a result of geopolitical uncertainty and central bank buying. Gold miners such as Newmont Corp. are levered to the price of gold, making it the biggest contributor to returns for both the fourth quarter and the full year. The Fund focuses on dividend-producing equity securities, though this may limit potential for appreciation during broad market advances. The prices of dividend-producing equity securities can be highly volatile. The American economy continues to embrace AI technology, and the prospect of large increases in productivity is spurring optimism. AI-related infrastructure and power demand are driving growth in various sectors. Natural gas demand in the Northeast is accelerating, driven in part by rising electricity consumption from data centers and AI-related load growth. Companies like National Fuel Gas benefit from strategic positioning near population centers. | NFG MSFT CVX |
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| 2024 Q4 | Dec 31, 2024 | Peterson Investment Fund | 8.8% | 8.8% | BABA, BOX, BRK.B, CVX, EBAY, GOOG, HOG, JNJ, JWN, ORCL, OXY, STX, T, UNH | AI, China, dividends, long-term, Options, technology, value | Portfolio positioned at forefront of AI revolution with Alphabet and Alibaba driving breakthrough innovations. Advanced AI technologies transforming analysis through proprietary AlphaOne platform. AI Agents represent next evolution in automation, fundamentally reshaping industries. | View | |
| 2023 Q4 | Dec 31, 2023 | Carillon Eagle Growth & Income Fund | - | - | AVGO, AZN, BLK, CVX, FDX, GPC, JPM, MSFT, NOC, PNC | AI, banks, dividends, energy, rates, technology, value | Broadcom appears to be one of the first real beneficiaries of generative artificial intelligence with meaningful revenue expected to show up in 2024. Microsoft's Azure cloud business has seen AI contribute strongly to its growth. | View | |
| 2023 Q4 | Dec 31, 2023 | Packer & Co | - | 6.2% | 0762.HK, 0941.HK, AAPL, AMZN, BABA, BAYRY, BKY.AX, CNOOC, CVX, ERA.AX, GOOGL, HES, META, MSFT, NHC.AX, NVDA, SRUUF, STNG, XOM, YCA.L | China, energy, oil, Recession, technology, uranium, value | The fund holds CNOOC as its largest position at 10.4%, China's premier oil company producing 2% of world oil. CNOOC trades at just 4x P/E and is rapidly expanding output with focus on offshore China and Guyana where it holds 25% interest in the enormous Stabroek discovery alongside Exxon and Hess. | 9988.HK ERA.AX 0941.HK HES CEO |
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| 2022 Q4 | Dec 31, 2022 | Madison Dividend Income Fund | 13.9% | -5.4% | CVX | - | View | ||
| 2023 Q3 | Nov 29, 2023 | Goehring & Rozencwajg Associates, LLC | 0.0% | 0.0% | BHP, CCO, CVX, GDX, HES, IVN, IVNEF, KAP, OIH, PXD, QQQ, RIO, RRC, SIL, URA, XLE, XOM, XOP | commodities, demand, energy, natural resources, nuclear, Renewables, Shale, Supply Deficit | Managers argue renewable energy investments represent history's worst malinvestment due to poor energy return on investment (EROI). Wind and solar have terrible EROIs compared to fossil fuels, requiring massive raw materials and energy inputs. Recent project cancellations and cost increases validate their contrarian view that renewables cannot replace conventional energy. | View | |
| 2023 Q3 | Nov 16, 2023 | Auxier Asset Management | 7.4% | 0.0% | AFL, AIG, AON, BP, BRK-A, COP, CVX, ELV, KR, LLY, MA, MCD, MDT, MMC, MRK, MSFT, NVO, PEP, PM, PSX, SBUX, TRV, TSM, UNH, V, VLO | energy, healthcare, insurance, rates, technology, value | Bond vigilantes emerged as longer-term rates rose due to growing government deficits and defense spending. The current bond bear market is the worst in US history with 30-year bonds down over 50% from 2020 highs. Higher rates are becoming the new normal, ending the era of free money. | View | |
| 2023 Q3 | Oct 31, 2023 | The London Company Income Equity | 10.4% | 14.6% | AAPL, CCI, CVX, NOC, NSC, PAYX, PFE, PGR, PM, TGT, TXN, VZ | defense, dividends, energy, large cap, Quality, technology, value | The Income Equity strategy focuses on higher overall dividend yield orientation and companies with attractive shareholder yields. The portfolio emphasizes dividend-paying companies as a significant component of expected total returns in the current environment. | View | |
| 2024 Q3 | Oct 30, 2024 | Guinness Global Energy | - | 7.8% | 0857.HK, BP, CNQ.TO, COP, CVE.TO, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO.TO, OMV.VI, PXD, REP.MC, SHEL, SU.TO, TTE, XOM | CashFlow, dividends, energy, Gas, oil, Opec, valuation | Brent and WTI oil prices strengthened in September on OPEC+ supply cuts and declining inventories. Saudi Arabia and Russia extended voluntary production cuts through year-end, keeping markets undersupplied at 1.5m b/day. Global oil inventories declined 300m barrels over six months to late 2022 lows. | View | |
| 2023 Q3 | Oct 15, 2023 | Madison Dividend Income Fund | 10.1% | 9.5% | BKR, CMCSA, CME, CSCO, CVX, EOG, HD, JNJ, MDT, MS | dividends, income, large cap, Quality, rates, value | The fund focuses on high-quality dividend paying stocks with above-average yields. At quarter end, the fund yielded 3.25% compared to S&P 500's 1.61%, representing the highest relative dividend yield versus benchmarks in over a decade. The manager believes dividend stocks are attractively priced after significant underperformance. | View | |
| 2025 Q3 | Oct 14, 2025 | Columbia Dividend Opportunity Fund | 6.1% | - | ABBV, AVGO, BAC, C, CSCO, CVX, DRI, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM | AI, dividends, financials, healthcare, technology, value | Technology sector strength was propelled by positions in companies that have emerged as potential beneficiaries of AI over the past year, including Corning and Seagate Technology. AI's positive impact on earnings growth is being seen in the technology and utilities sectors. | View | |
| 2025 Q3 | Oct 14, 2025 | Guinness Global Energy | - | 14.2% | BKR, BP, COP, CVE, CVX, E, EOG, EQNR, FANG, GALP.LS, HAL, OMV.VI, REP.MC, SHEL, SLB, SU, TTE, VLO, WMB, XOM | energy, global, Natural Gas, oil, Opec, Russia, Ukraine | Oil prices remained mixed in September with WTI falling slightly while Brent stayed flat. Ukrainian attacks on Russian oil infrastructure and OPEC production decisions continue to drive price volatility. The fund expects oil prices to move higher over the next twenty years due to population growth, developing world industrialization, and diminishing fossil fuel supplies. | EOG REP SM HAL VAL |
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| 2025 Q4 | Jan 24, 2026 | Miller Howard North American Energy Fund | 1.0% | 6.1% | CHRD, CNQ, CVE, CVX, EQT, GPOR, HES, LBRT, MPC, OKE, OXY, PBA, PSX, RRC, SM, SU, VLO, XOM | Data centers, dividends, energy, Natural Gas, North America, oil, Refiners | Pressure pumpers are seeing growing interest in supplying power to data centers under long-term contractual arrangements. Mobile generation equipment can be deployed within weeks at competitive efficiency levels. Liberty Energy announced a positive 1GW data center power generation project by year-end 2027. Natural gas prices rallied sharply amid a cold start to winter in the US, supported by strong LNG exports and rising data center power demand. The portfolio reduced natural gas price exposure by selling EQT Corp and trimming Range Resources Corp. Oil prices drifted lower on a near-term supply glut and closed the quarter in the mid-$50/bbl range. Adjusted for inflation, prices are near century lows. At current prices, E&Ps are expected to further rein in production with US supply likely to decline in 2026. The portfolio increased Valero and Phillips 66 on strong refinery dynamics. Marathon Petroleum had a rare refinery earnings miss on operational items believed to be one-time, with favorable 2026 capex guidance. The portfolio currently offers an indicated yield of 3.2% that is well supported down to roughly $45/bbl oil, with potential for significantly larger variable capital returns at higher commodity prices. Suncor Energy raised its dividend 5.3% amid strong buybacks. | View | |
| 2025 Q4 | Jan 21, 2026 | Guinness Global Energy | 0.0% | 9.0% | BP, CNQ.TO, COP, CVX, FANG, SHEL, SU.TO, TTE, VLO, XOM | energy, Exploration, Gas, Integrated, oil, Production | The letter positions global energy equities as long-term beneficiaries of population growth, industrialization, and constrained fossil fuel supply, which together support structurally higher energy prices. Energy companies are viewed as a partial hedge against inflation given their linkage to real assets and commodity pricing. A disciplined, value-biased approach combines top-down energy market analysis with bottom-up stock selection in a concentrated portfolio of large, established energy producers. | View | |
| 2025 Q4 | Jan 20, 2026 | Madison Dividend Income Fund | -0.2% | 8.3% | AAPL, AMZN, AVGO, BLK, CME, CVX, GOOGL, HON, JNJ, MDT, META, MS, MSFT, NEE, NVDA, TSLA, UNP, XOM | defensives, dividends, income, large cap, Quality, value | The fund focuses on high-quality, above-average dividend yield stocks with sustainable competitive advantages. Portfolio holdings increased dividends by 6% on average over the past year, well above inflation rates. The fund's absolute portfolio dividend yield of 2.53% compares favorably to 1.12% for the S&P 500. Many dividend paying companies are historically cheap compared to the broad market. The relative yield of the Dividend Income Fund was 2.25x the S&P 500 at year-end, at the very high end of historical ranges. The equal weight S&P 500 is trading at just half the valuation level of the S&P 500. The fund maintains a high-quality portfolio with strong balance sheets that could protect on the downside in a market correction. 94% of fund holdings are rated A- or better by Standard & Poor's, which compares favorably to the S&P 500 at 35% and the Russell 1000 Value at 22%. | View | |
| 2024 Q3 | Sep 30, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | ACN, AON, BLDR, CAT, COP, CVX, FANG, GOOGL, HCA, HON, HUM, NVR, PH, SBAC | energy, healthcare, industrials, large cap, rates, technology, value | The Federal Reserve cut US rates 50 basis points in September and signaled several more rate cuts are on the table. Several other major global central banks cut rates too, including the European Central Bank, Swiss National Bank and People's Bank of China. The apparent end of the higher interest-rate cycle helped spur markets higher in September. | BLDR ACN AON |
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| 2024 Q3 | Sep 30, 2024 | Auxier Asset Management | 7.4% | 0.0% | AFL, BAC, BK, BRK.B, COP, CVX, GOOGL, KR, MA, MMC, MRK, MSFT, NVDA, PM, PSX, TRV, UNH, UNM, V, VLO | AI, Buybacks, energy, financials, nuclear, Onshoring, value | Manager discusses massive $200+ billion investment into AI by top four hyperscalers this year, questioning returns on investment. Sees better potential in smaller companies focused on inference and small language models that are more economical and not cloud-dependent. Next wave of AI PCs expected to be more powerful and affordable. | View | |
| 2024 Q3 | Sep 30, 2024 | Columbia Dividend Opportunity Fund | 9.5% | 0.0% | ABBV, BAC, BBY, BX, BXP, CSCO, CVX, F, GS, IBM, JNJ, JPM, K, KO, MMM, MRK, SWK, VST, WFC, XOM | AI, dividends, large cap, rates, Utilities, value | The fund focuses on companies with historically consistent and increasing dividends. The improving interest rate outlook helped fuel robust gains for dividend payers. The manager remains optimistic about dividend stock prospects given steady economic growth and falling interest rates. | View | |
| 2024 Q3 | Sep 30, 2024 | Fidelity Dividend Growth Fund | 4.4% | 25.2% | AAPL, ABBV, ALSN, AMZN, APO, AVGO, BA, BN, BRK-A, CMCSA, CVX, EPD, ET, EXC, GEV, GOOGL, HD, JNJ, JPM, META, MRVL, MSFT, MU, NVDA, QCOM, TSLA, VST, XOM | aerospace, AI, dividends, energy, large cap, technology, Utilities, value | The fund sees explosive growth of AI as a key advantage in semiconductors and semiconductor equipment. AI's influence was reflected in the roughly 19% advance for the utilities sector, which benefited from its key role in providing electricity needed to power massive data centers used for AI. The fund maintains notable overweights in AI-related semiconductor names like Qualcomm, Marvell Technology and Micron Technology. | View | |
| 2024 Q3 | Sep 30, 2024 | Miller Howard North American Energy Fund | 0.0% | 0.0% | AESI, CHRD, CVE, CVX, DINO, HES, KMI, OXY, PBA, TRGP, TRP, WTTR, XOM | energy, Midstream, Natural Gas, oil, Pipelines, Shale | Portfolio rotation into natural gas-focused midstream stocks delivered strong returns this quarter, partially offsetting oil producer and refiner weakness. Kinder Morgan is seeing excitement around long-term exposure to AI-related natural gas developments. | AESI WTTR |
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| 2023 Q3 | Sep 30, 2023 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | ABT, AIG, CAT, COP, CVX, DIS, EXR, FANG, GM, HCA, KKR, KMX, LH, SHW, TGT, TXN, VZ | energy, fundamentals, large cap, rates, real estate, Utilities, value | Energy sector had the best Q3 performance with 12% gains driven by rising oil prices. Portfolio benefited from holdings in ConocoPhillips and Chevron which outpaced the index. Added Diamondback Energy as a pure-play Permian operator with strong operational capabilities and intelligent capital allocation. | View | |
| 2024 Q2 | Jul 31, 2024 | Guinness Global Energy | 0.0% | 10.3% | BP, CNQ, COP, CVE, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO, OMV.VI, PTR, REP.MC, SHEL, SNP, SU, TTE, XOM | dividends, energy, Free Cash, global, Natural Gas, oil, Opec, valuation | Oil prices strengthened in June with WTI closing at $81.5/bl and Brent at $87/bl. OPEC+ maintained production quotas while aspiring to add spare capacity back in 2025. The managers see oil demand growth of 1.0-1.3m b/day in 2024, with aviation being a key driver as global flights are now 13% above 2019 levels. | View | |
| 2023 Q2 | Jul 19, 2023 | Farnam Street | 0.0% | 0.0% | CVX, LOV | Capital Allocation, contrarian, energy, Post Mortem, small cap, value | Manager executed successful contrarian investment in Chevron during COVID-19 oil price collapse, buying at $76 and selling at $150 for 127% return. Thesis based on capital cycle theory and belief that oil demand would normalize after temporary disruption. | CVX CLOV |
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| 2024 Q2 | Jul 17, 2024 | White Falcon Capital Management | 6.0% | 8.5% | AMZN, ATZ.TO, CTS, CVX, DAVA, EPAM, FTRE, NU, NVDA, OXY, RTO.L, WBD | AI, IT Services, Quality, small caps, technology, value | AI is the new technology trend with investor emphasis on hardware investment. As hardware becomes widespread, focus will shift to creating and optimizing AI applications where EPAM and Endava will benefit. However, AI is still new and clients need time to identify best use cases, leading to cautious wait-and-see approach suppressing current IT services demand. | RTO.L ATZ.TO |
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| 2024 Q2 | Jun 30, 2024 | BNY Mellon Appreciation Fund | 3.7% | 10.7% | AAPL, AMZN, ASML, CP, CVX, GOOGL, MC.PA, MSFT, NKE, NVDA, NVO, SHW, TXN, UNH, V | consumer, growth, healthcare, large cap, Quality, technology | Large technology companies continue to focus capital expenditure on expanding artificial intelligence capabilities to meet burgeoning demand. Management teams from many companies across various industries discussed potential monetization opportunities and efficiency gains from deploying AI. | View | |
| 2023 Q1 | May 23, 2023 | ClearBridge Investments Large Cap Value | 0.0% | 0.0% | AXP, BAC, BDX, COP, CVX, DISH, ELV, GOOGL, HON, JNJ, JPM, MCK, META, MSFT, MSI, PGR, SCHW, TEL, UNH, USB | Banking, financials, healthcare, large cap, Quality, technology, value | The banking crisis in March highlighted risks in less diversified banks with concentrated deposit bases. The strategy's bias toward larger banks with strong deposit bases provided defensive positioning during the selloff. | MCK ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AVGO|LLY|MRK|NVDA|ORCL|PGR SCHW |
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| 2024 Q1 | May 4, 2024 | AMG Yacktman Fund | 7.5% | 7.5% | CNQ, CVX, DAR, EAF, EMBCF, FANG, GOOGL, HES, K, MSFT, NWSA, PEP, PG, PXD, SCHW, UHAL, VLO, XOM | Consumer Staples, energy, large cap, Media, technology, value | The energy sector had a strong first quarter with portfolio energy companies performing well. The thesis is based on a medium-term supply/demand imbalance and the shift to returning capital to shareholders. CNQ was Yacktman's first investment in the energy space in over a decade, followed by domestic exploration and production companies added in mid-2022. | BOL.PA K DAR CNQ.TO |
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| 2023 Q1 | Apr 20, 2023 | The London Company Large Cap | 8.1% | 14.6% | BLK, CVX, FDX, GOOG, NSC, ODFL, SCHW, STOR | Banking, energy, large cap, Quality, Recession, technology, Transportation | The manager emphasizes owning lower beta, higher quality holdings with durable profitability, strong free cash flow, and balance sheet flexibility. They believe quality portfolios provide a tangible advantage in an unpredictable world with greater economic volatility. | CVX BLK NSC SCHW GOOG ODFL FDX |
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| 2025 Q1 | Mar 31, 2025 | Ariel Focus Fund | -3.9% | -3.9% | AAPL, AMZN, BIO, CVX, Gold, GOOGL, HES, META, MSFT, NTRS, NVDA, ORCL, REZI, SJM, TSLA | energy, gold, large cap, Recession, technology, value, volatility | The fund is actively leaning into volatility by acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, creating attractive buying opportunities for patient investors. | ORCL BIO REZI SJM CVX Gold |
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| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | AES, AM, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, HESM, IPG, JPM, KMI, KO, LAMR, LBRT, LNG, MPC, NEE, NTR, OKE, ORI, PAGP, PCG, PEG, POR, SRE, STAG, TMUS, TRGP, TTE, UPS, VST, WM | dividends, energy, income, infrastructure, Midstream, Utilities, value | The letter extensively analyzes dividend investing, arguing that high-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. The manager believes dividend stocks are positioned for a revival as market concentration reverses. | View | |
| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments Utilities Plus | 0.0% | 0.0% | AAPL, AES, AM, AMZN, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, GOOGL, HESM, IPG, JNJ, JPM, KMI, KO, LAMR, LBRT, LNG, META, MPC, MSFT, NEE, NTAP, NTR, NVDA, OKE, ORCL, ORI, PAGP, PCG, PEG, POR, QCOM, SRE, STAG, TMUS, TRGP, TSLA, TTE, UPS, VST, WM | AI, dividends, energy, growth, Utilities, valuation | High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses. | View | |
| 2023 Q3 | Mar 10, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, BK, BWA, CVX, GNRC, GS, JNJ, KVUE, LAZ, LESL, MHK, PHIN, SPHR, WU, ZBH | Buybacks, capital returns, discount, energy, large cap, value | The fund holds multiple energy positions including APA Corporation and Chevron Corporation. APA continues delivering strong earnings with solid production volumes and expects to hit oil production guidance. Chevron is viewed as competitively advantaged with sustainable growth pathway and expects double-digit return of capital employed by 2027. | PHIN KVUE CVX GNRC MHK LESL ^GSPC WU ADNT|APA|BPOP|FLR|KOS|OLN |
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| 2023 Q4 | Feb 23, 2024 | Semper Augustus | 0.0% | 10.8% | AAPL, AMZN, AXP, BAC, BRK-A, COST, CVX, DG, GOOGL, KHC, KO, META, MSFT, NVDA, OXY, TSLA | Berkshire, Buybacks, China, energy, inflation, value | Portfolio trades at 10.3x earnings versus S&P 500's 22.3x multiple, representing significant undervaluation. Manager emphasizes buying quality businesses at discounts to intrinsic value as core investment philosophy. | View | |
| 2024 Q4 | Feb 22, 2025 | Berkshire Hathaway | - | 25.5% | 0700.HK, 7203.T, AAPL, AMZN, AXP, BAC, BHP.AX, BP.L, CVX, HSBA.L, KHC, KO, MC.PA, MCO, MSFT, OXY, RELIANCE.NS, SAP.DE, SHOP.TO, TSLA | energy, insurance, long-term, Manufacturing, Railroads, value | Insurance remains Berkshire's core business with significant underwriting profits and float generation. GEICO showed spectacular improvement under Todd Combs' leadership, while property-casualty pricing strengthened due to climate-related damage increases. | View | |
| 2023 Q4 | Jan 23, 2024 | The London Company Income Equity | 10.4% | 14.6% | APD, BLK, CVX, DEO, NSC, SCHW | dividends, income, large cap, Quality, US, value | The manager emphasizes balance sheet strength and quality as a core value proposition, believing it will become a tangible advantage in years ahead with economic slowdown and higher cost of capital. They focus on companies with sustainably high returns on capital, flexible balance sheets, and consistent cash flow generation. | DEO CVX APD NSC SCHW BLK |
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| 2023 Q4 | Jan 23, 2024 | The London Company Large Cap | 8.1% | 14.6% | AAPL, ALB, AMZN, BLK, CVX, FDX, GOOGL, HES, META, MLM, MSFT, NVDA, SCHW, TSLA | Buybacks, Concentration, dividends, financials, large cap, materials, Quality, value | The manager emphasizes quality factors as central to their investment approach, noting that quality factors were headwinds in Q4 but believing quality will help in the years ahead. They view quality as the antidote to uncertainty and focus on profitable, financially stable companies with strong fundamentals. | FDX CVX AALB.AS KMLM SCHW BLK |
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| 2024 Q4 | Jan 17, 2025 | Carillon Eagle Growth & Income Fund | - | - | AVGO, BBY, BLK, CVX, EMN, ETN, GS, JPM, MCD, MDLZ, MSFT, PG, PLD, PNC, TGT, WMB | AI, dividends, energy, financials, growth, income, large cap, technology | AI continued to drive market performance throughout 2024, with excitement around artificial intelligence remaining strong. Broadcom benefited significantly from expansion in addressable market for custom AI silicon offerings, positioning as a leader in data center connectivity and custom silicon for AI spending growth. | View | |
| 2023 Q4 | Jan 2, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AAPL, AIG, ALL, AMZN, BAC, BDX, BWA, CARR, CVX, GOOGL, HON, KKR, META, MSFT, NVDA, PFE, TGT, TSLA, UNP | energy, financials, large cap, Quality, rates, technology, value | The fund focuses on finding good companies with solid fundamentals trading at attractive discounts to intrinsic value estimates. They emphasize their rigorous, bottom-up approach to identifying compelling investing opportunities despite market uncertainty. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 12, 2026 | Seeking Alpha | Seeking Alpha | Chevron Corporation | Energy | Oil & Gas Integrated | Bull | New York Stock Exchange | Chevron, Dividend Growth, geopolitical impact, Guyana, LNG assets, oil market, operational efficiency, Permian Basin, Strait of Hormuz, Venezuela | View Pitch |
| May 4, 2026 | Fund Letters | Aristotle/Saul Global Equity Fund | Chevron Corporation | Oil & Gas Integrated | Integrated Oil & Gas | Bull | New York Stock Exchange | capital discipline, dividend, Free Cash Flow, Guyana, Integrated Oil & Gas, Kazakhstan, low-cost assets, Permian Basin, share repurchases, Stabroek, Tengiz, Upstream | View Pitch |
| May 4, 2026 | Fund Letters | Aristotle Value Equity Fund | Chevron Corporation | Oil & Gas Integrated | Integrated Oil & Gas | Bull | New York Stock Exchange | capital discipline, dividend, Free Cash Flow, Guyana, Integrated Oil & Gas, low-cost assets, Permian Basin, share repurchases, Upstream | View Pitch |
| Apr 29, 2026 | Fund Letters | The London Company Income Equity | Chevron Corporation | Oil & Gas Integrated | Integrated Oil & Gas | Neutral | New York Stock Exchange | commodity, energy, geopolitical, Integrated Oil, Iran Conflict, Management Quality, shareholder returns | View Pitch |
| Apr 28, 2026 | Fund Letters | The London Company Income Equity | Chevron | Energy | Integrated Oil & Gas | Bull | NYSE | conservative balance sheet, dividend, energy, Equity, Hess Acquisition, Integrated Oil, Kazakhstan, Oil & Gas | View Pitch |
| Apr 28, 2026 | Fund Letters | The London Company Large Cap | Chevron | Energy | Integrated Oil & Gas | Bull | NYSE | capital allocation, Commodity Exposure, conservative balance sheet, dividend, energy, Integrated Oil, M&A | View Pitch |
| Apr 28, 2026 | Fund Letters | Ariel Focus Fund | Chevron Corporation | Energy | Integrated Oil & Gas | Bull | NYSE | capital discipline, energy, Equity, High Barriers, Integrated Oil, Permian Basin, production growth, refining, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Farnam Street | Chevron Corp | Energy | Integrated Oil & Gas | Bull | NYSE | capital allocation, Capital Cycle, contrarian, Cyclical, dividend, energy, inflation hedge, Oil & Gas, Peak Pessimism, Value | View Pitch |
| Apr 27, 2026 | Fund Letters | The London Company Large Cap | Chevron Corporation | Energy | Integrated Oil & Gas | Bull | NYSE | balance sheet, capital allocation, dividend, energy, Exploration, Integrated Oil, Low cost, Production, share repurchases, Upstream | View Pitch |
| Apr 23, 2026 | Fund Letters | Meridian Hedged Equity Fund | Chevron Corporation | Oil & Gas Integrated | Integrated Oil & Gas | Bull | New York Stock Exchange | capital discipline, Dividend Growth, Downstream, energy, Free Cash Flow, Integrated Oil & Gas, Permian Basin, share repurchases, Upstream | View Pitch |
| Apr 23, 2026 | Fund Letters | Carillon Eagle Growth & Income Fund | Chevron | Oil & Gas Integrated | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Commodity Exposure, Cyclical, Energy security, geopolitical risk, Oil & Gas, Refining Margins, Upstream Energy | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Focus Fund | Chevron Corporation | Energy | Integrated Oil & Gas | Bull | NYSE | arbitration, energy production, global leader, Hess Corporation, Integrated Oil, Merger & Acquisition, Portfolio Enhancement, World-class Assets | View Pitch |
| Apr 13, 2026 | Fund Letters | Meridian Hedged Equity Fund | Chevron Corp. | Energy | Integrated Oil & Gas | Bull | NYSE | capital discipline, commodity prices, Free Cash Flow, Integrated Oil, Kazakhstan, Permian Basin, refining, share repurchases, Upstream | View Pitch |
| Feb 21, 2026 | Fund Letters | Mario J. Gabelli | Chevron Corporation | Energy | Integrated Oil & Gas | Bull | New York Stock Exchange | buybacks, dividend, Free Cash Flow, Guyana, Permian | View Pitch |
| Jan 17, 2026 | Seeking Alpha | Seeking Alpha | Chevron Corporation | Energy | Oil & Gas Integrated | Bull | New York Stock Exchange | AI data centers, Chevron Corporation, energy production, enhanced oil recovery, Free Cash Flow, oil and gas, Power generation, shareholder returns, Stabroek Block, Venezuela expansion | View Pitch |
| Jan 8, 2026 | Substack | Sleepy Sol | Chevron Corporation | Energy | Oil & Gas Integrated | Bull | New York Stock Exchange | asset seizure, Chevron, Energy Sector, geopolitical changes, investment risk, oil reserves, political stability, supply chain, US foreign policy, Venezuela | View Pitch |
| Oct 16, 2025 | Seeking Alpha | Seeking Alpha | Chevron Corporation | Oil & Gas Integrated | Bull | Dividend Growth, Dividend security, dividend yield, Energy Sector, EPS growth, Integrated energy company, Portfolio volatility, profitability | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | Envision Research | Chevron Corporation | Energy | Oil & Gas Integrated | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Gen Alpha | Chevron Corporation | Energy | Oil & Gas Integrated | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Bay Area Ideas | Chevron Corporation | Energy | Oil & Gas Integrated | Bear | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Mike Zaccardi, CFA, CMT | Chevron Corporation | Energy | Oil & Gas Integrated | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Louis Gerard | Chevron Corporation | Energy | Oil & Gas Integrated | Neutral | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Skeptical12 | Chevron Corporation | Energy | Oil & Gas Integrated | Bear | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | The Value Portfolio | Chevron Corporation | Energy | Oil & Gas Integrated | 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $32.4M | 0.02% | 212,714 | -10,557 | -4.73% | 0.0089% |
| Tom Russo | Gardner Russo & Quinn | $9.3B | $406,935 | 0.00% | 2,670 | +0 | +0.00% | 0.0001% |
| Irving Kahn | Kahn Brothers | $560.9M | $305,277 | 0.05% | 2,003 | -50 | -2.44% | 0.0001% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $94.2M | 0.18% | 617,943 | -974,500 | -89.14% | 0.0257% |
| Steven Halverson | Private Capital Management | $1.0B | $2.4M | 0.22% | 15,909 | -23 | -0.14% | 0.0007% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $39.9M | 0.05% | 261,800 | +229,900 | +720.69% | 0.0109% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $16.3M | 0.02% | 106,800 | -742,409 | -48.34% | 0.0044% |
| Israel Englander | Millennium Management LLC | $233.2B | $57.8M | 0.02% | 379,200 | -843,800 | -68.99% | 0.0158% |
| Jeremy Grantham | GMO LLC | $39.1B | $28.6M | 0.07% | 187,397 | -51,286 | -21.49% | 0.0078% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $367.7M | 0.29% | 2,412,287 | -88,361 | -3.53% | 0.1004% |
| Murray Stahl | Horizon Kinetics | $7.4B | $2.0M | 0.03% | 13,328 | -513 | -3.71% | 0.0006% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $5.8M | 0.01% | 38,290 | -3,332 | -8.01% | 0.0016% |
| Cliff Asness | AQR Capital Management | $190.6B | $191.5M | 0.10% | 1,256,977 | -279,494 | -18.19% | 0.0523% |
| Oliver Murray | Brandes Investment | $13.1B | $89.1M | 0.68% | 584,604 | -76,310 | -11.55% | 0.0243% |
| Bruce Kovner | Caxton Associates | $3.2B | $2.8M | 0.09% | 19,355 | +16,361 | +546.46% | 0.0008% |
| Mario Gabelli | GAMCO Investors | $10.4B | $4.4M | 0.04% | 28,807 | -311 | -1.07% | 0.0012% |
| Clint Carlson | Carlson Capital | $281.3M | $1.4M | 0.51% | 9,500 | +5,000 | +111.11% | 0.0004% |
| John Rogers | Ariel Investment | $9.3B | $6.3M | 0.07% | 41,499 | +3,736 | +9.89% | 0.0017% |
| Louis Bacon | Moore Capital Management | $6.8B | $15.2M | 0.23% | 100,000 | +95,753 | +2254.60% | 0.0042% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $9.4M | 0.20% | 61,780 | -104 | -0.17% | 0.0026% |
| Arnold Van Den Berg | Van Den Berg Management I, Inc | $436.5M | $685,235 | 0.16% | 4,496 | +886 | +24.54% | 0.0002% |
| Warren Buffett | Berkshire Hathaway | $274.2B | $19.8B | 7.24% | 130,156,362 | +8,091,570 | +6.63% | 5.4171% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $615.6M | 2.05% | 4,038,831 | +251,934 | +6.65% | 0.1681% |
| $25.6B | $82.2M | 0.32% | 539,500 | +539,500 | +100.00% | 0.0225% | ||
| Rich Handler | Jefferies | $19.3B | $74.1M | 0.38% | 486,435 | -561,246 | -53.57% | 0.0202% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $983,699 | 0.00% | 6,454 | -923 | -12.51% | 0.0003% |