CWK

CWK

CWK

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	NCG Small Cap Growth Strategy	12.7%	-1.9%	AAON, AGYS, ALHC, AVPT, CDNA, CELH, CRS, CWK, ELF, GDYN, GWRE, HXL, INOD, MTSI, RXST, SAIA, SPRY, STRL, TMDX, TTAN	growth, healthcare, infrastructure, rates, small cap, technology, Trade Policy	Small cap growth stocks participated in the recent market rally, but further opportunity exists. The rolling 10-year annualized return by small vs large stands at -7.3% and is the worst ever going back to 1926, and the valuation of the small cap sector relative to large caps is in the 5th percentile historically.		View
2024 Q2	Jul 17, 2024	EdgePoint Global	-	-	AAL, ACQ.TO, BBWI, CC, CNK, CWK, CZR, DISH, FDC, FTR, HCA, MTL.TO, O-I, OR.TO, PHII, PRM, PSD.TO, SMG, TEVA, WDC	active management, Benchmarks, credit, fixed income, portfolio construction, risk management	Manager argues that using indexes as benchmarks creates perverse incentives similar to Goodhart's Law, where the measure becomes the target and ceases to be a good measure. Fixed income indexes weight companies by debt issuance size, meaning the most indebted companies get the largest weights, which is counterintuitive for credit investing.		View
2025 Q1	Apr 9, 2025	Vulcan Value Partners – Small Cap	-4.5%	-4.5%	ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PRG, SW.PA, SWK, SWKS, TPG	Facilities Management, real estate, small cap, tariffs, value, volatility	Market volatility returned during the first quarter, creating opportunities for the firm to execute their dual investment discipline. The firm welcomes volatility as it provides opportunities to purchase stable value businesses at lower prices with larger margins of safety. Price to value ratios improved across all strategies during the quarter.	SODEXO.PA GOOGL MSFT AMZN CRM PRG ITRN ISS JLL SWKS TPG SWK MEDP	View
2025 Q1	Apr 9, 2025	Vulcan Value Partners – Large Cap	-2.1%	-2.1%	ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PRG, SW.PA, SWK, SWKS, TPG	healthcare, large cap, real estate, technology, value, volatility	Market volatility returned during the first quarter, creating opportunities to execute dual investment discipline by purchasing stable value businesses at lower prices with larger margins of safety. The firm welcomes volatility as it provides opportunities to improve price to value ratios across all strategies.	SODEXO.PA GOOGL MSFT AMZN CRM PRG ITRN ISS JLL SWKS TPG SWK MEDP	View
2025 Q1	Apr 9, 2025	Vulcan Value Partners – Small Cap	-4.1%	-4.1%	ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PGHN.SW, PRG, SW.PA, SWK, SWKS, TPG	Asset Management, real estate, tariffs, technology, value, volatility	Market volatility returned during the first quarter, creating opportunities for the firm to execute their dual investment discipline. The manager welcomes volatility as it provides opportunities to purchase stable value businesses at lower prices with larger margins of safety. Price to value ratios improved across all strategies during the quarter.	SW PRG ITRN ISS JLL SWKS TPG SWK MEDP	View
2025 Q1	Apr 9, 2025	Vulcan Value Partners – Focus Plus	-6.0%	-6.0%	ABT, AM, AMZN, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PGHN.SW, PRG, SW.PA, SWK, SWKS, TPG	Cloud, concentrated, large cap, technology, value, volatility	Market volatility returned during the first quarter, creating opportunities to execute dual investment discipline by purchasing stable value businesses at lower prices with larger margins of safety. The firm welcomes volatility as it provides opportunities to improve price-to-value ratios across all strategies.	SODEXO.PA SWKS PRG ITRN ISS JLL TPG SWK MEDP	View
2026 Q1	Apr 21, 2026	Renaissance Investment Management – International Small Cap Equity	-	-	CWK, EFXT, FELTY, PTXKY, SMSMY, TSEM, WBRBY	AI, China, Commercial real estate, energy, international, small cap, Trade Policy			View
2026 Q1	Apr 15, 2026	Riverwater Partners Small Cap Strategy	-	-	ADEA, ATRC, CCB, CWK, GOOS, MOD, PWP, TALK, TILE, TNC	AI, energy, Geopolitical, Quality, small caps, technology, value		CWK PWP TALK ATRC CCB ADEA MOD	View
2023 Q4	Feb 8, 2024	The Olstein Strategic Opportunities Fund	-	-	AAPL, AMZN, CFG, CWK, FA, FITB, GHM, GNRC, GOOGL, HRL, INTC, KTB, LKQ, LUV, META, MSFT, NVDA, RTX, SHYF, TPG, TSLA, USB, VNT, VSH, WRK, ZBH	financials, free cash flow, industrials, Magnificent Seven, undervalued, value	Manager believes market leaders are about to change from high-growth Magnificent Seven stocks to undervalued companies selling at large discounts to intrinsic value. Focus on companies with strong fundamentals trading below normalized free cash flow calculations.	HRTX	View
2024 Q4	Dec 31, 2024	Renaissance Investment Management – International Small Cap Equity	-	-	6481.T, 6849.T, ATAT, BB.PA, CLS, CSTM, CWK, ERO, FINV, IMAX, MRX.L, MTLS, NEXNY, OSW, PLYA, PRMB, RDWR, SPNS, STNG, TPK.L, UBI.PA, WNS	China, Europe, international, small cap, tariffs, Trade Policy	Trade tensions are front of mind for investors and likely to ratchet higher in 2025 after Trump takes office. Trump has floated ideas such as a 10% tariff on all imports and 60% tariff on Chinese imports. Countries running large trade deficits with the US are most at risk.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Small Cap	9.1%	9.4%	CBRE, CIGI, CWK, DNB, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, RE, SBUX, UNH	Commercial real estate, interest rates, real estate, small cap, United Kingdom, value	Multiple holdings in commercial real estate services including Colliers International, Cushman & Wakefield, and Jones Lang LaSalle. These companies are benefiting from falling interest rates and should see improved transaction volumes as the sector recovers from recent downturns.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Large Cap	8.2%	17.6%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value	Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like Jones Lang LaSalle, CBRE, Colliers International, and Cushman & Wakefield are positioned to benefit as interest rates decline and real estate markets recover from recent downturns.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Small Cap	8.1%	16.5%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Assets, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value	Multiple portfolio companies are commercial real estate service providers benefiting from falling interest rates and recovering transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned for recovery as the industry emerges from a downturn.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Focus Plus	5.6%	18.6%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, value	Multiple holdings in commercial real estate services including CBRE, Jones Lang LaSalle, Colliers International, and Cushman & Wakefield. These companies are positioned to benefit from falling interest rates and recovery in transaction volumes after weathering an industry downturn. The managers see these businesses as having diversified earnings streams and asset-light models.		View
2024 Q3	Oct 9, 2024	Vulcan Value Partners – Focus Plus	5.9%	18.7%	CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH	Alternative Assets, Commercial real estate, Concentration, interest rates, Luxury, Reinsurance, value	Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned to benefit from the recovery in real estate markets as rates decline.		View
2025 Q3	Oct 21, 2025	Renaissance Investment Management – International Small Cap Equity	-	-	CLS, CWK, FELTY, KOF, MRX, NOMD, RDWR, TIGO, TSEM, WBRBY	AI, China, emerging markets, Europe, international, semiconductors, small cap, Trade Policy	The emergence of an arms race in artificial intelligence has aligned China's government and its technology stocks with the goal of producing Chinese-made artificial intelligence infrastructure that can compete with American-made technology. Tower Semiconductor is capitalizing on high demand for data centers and artificial intelligence through increased capacity in Silicon Photonics and Silicon Germanium.	TSEM TSEM	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Focus Plus	5.6%	18.6%	AMZN, BVS.PA, CBRE, CG, CIGI, CRM, CWK, DEO, DNB, FORT.L, IBTX.L, ISS.CO, JLL, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, V, VCP.L, VRTS	AI, Alternative Assets, Cloud, Commercial real estate, Concentration, large cap, value	Vulcan follows a disciplined value approach, investing in companies trading at discounts to intrinsic value with margins of safety. They reallocated capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety.	DNB LFUS FORT.L IBTX.L DEO	View
2022 Q3	Sep 11, 2022	Vulcan Value Partners – Small Cap	8.1%	16.5%	APP, CIGI, CWK, LFUS, PBH CN, PK	-			View
2022 Q3	Sep 11, 2022	Vulcan Value Partners – Small Cap	9.1%	9.4%	CWK, LFUS, MLKN, PRCH, SMRT, TKR	-			View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMZN, CSGP, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS	AI, Cloud, free cash flow, large cap, payments, technology, value	Amazon's AWS continues to show strong customer pipeline despite growth deceleration, with significant technology workloads remaining on-premise. Microsoft drives digital cloud growth and benefits from AI wave while generating operating leverage. The managers remain confident in long-term cloud assumptions.	CHKP. ELV ENS PRG MEDP SFR DNB ^GSPC SSNC FISV	View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Small Cap	9.1%	9.4%	AMZN, CRNC, CSGP, CW, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS	AI, Cloud, free cash flow, healthcare, payments, small cap, technology, value	AWS growth continues to slow but significant technology workloads remain on-premise with strong new customer pipeline. Microsoft driving digital cloud growth and benefiting from AI wave while generating operating leverage.		View
2023 Q2	Jun 30, 2023	Oakmark Global Fund	7.5%	0.0%	AIG, AMZN, ARNC, BABA, BAC, BUD, CNHI, COP, CRBG, CWK, DHR, GLEN.L, GOOGL, IQV, MBG.DE, NOV, ORCL, RYAAY, THC	energy, global, insurance, Life Sciences, technology, value	The fund initiated positions in Danaher and IQVIA Holdings, both leaders in life sciences. Danaher maintains a portfolio focused on bioprocessing, life science tools, genomics and diagnostics with secular growth opportunities. IQVIA is positioned at the heart of trends toward advanced therapeutics and personalized medicine as the most levered CRO to decentralized clinical trials.	IQV DHR CRBG	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Small Cap	9.1%	9.4%	CIGI, CWK, DEO, FORT.L, IBST.L, ISS.CO, LFUS, MEDP, PK, SDIP.ST, VIC.L, VRTS	Commercial real estate, Concentration, infrastructure, interest rates, Margin Of Safety, small cap, value	Multiple small cap holdings are exposed to commercial real estate services and REITs. Interest rate declines in Q4 2023 drove outperformance across real estate-oriented companies. The sector faces challenges from higher rates and weak economic conditions but should benefit from Fed rate cuts expected in 2024.	LFUS FORT.L IBTX.L DEO	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMZN, BVS.PA, CG, CIGI, CRM, CWK, DEO, FORT.L, GOOGL, IBST.L, ISS.CO, JLL, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, VRTS	Alternative Assets, Concentration, large cap, Margin Of Safety, real estate, technology, value	Manager follows disciplined value approach, reallocating capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety. Focus on businesses trading at discount to estimated intrinsic value with inherently stable values and competitive advantages.	LFUS FORT.L IBTX.L DEO	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Small Cap	8.1%	16.5%	AMZN, CG, CRM, CWK, DNB, GOOGL, KKR, MSFT, TDG	AI, Alternative Assets, Cloud, Concentration, real estate, technology, value	Vulcan follows a disciplined value approach, investing in companies trading at discounts to intrinsic value estimates. They reallocated capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety. The firm maintains an MVP list of approximately 400 qualifying businesses with sustainable competitive advantages.	DNB LFUS FORT.L IBTX.L DEO	View
2023 Q4	Jan 17, 2024	Vulcan Value Partners – Focus Plus	5.9%	18.7%	AMZN, CBRE, CG, CIGI, CRM, CWK, DEO, FORT.L, GOOGL, IBST.L, ISS.CO, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, V, VRTS	AI, Alternative Assets, Cloud, Concentration, large cap, real estate, technology, Value Investing	Microsoft is benefiting from its investments in artificial intelligence. The company is well positioned from an AI standpoint which should further underpin sustainable cloud penetration and growth. Salesforce is constantly innovating with new products, features, and artificial intelligence to deepen customer relationships and grow the business.	DEO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 23, 2026	Fund Letters	Riverwater Partners Small Cap Strategy	Cushman & Wakefield plc	Real Estate Services	Real Estate Management & Development	Bull	New York Stock Exchange	AI disruption, commercial real estate, Global Platform, oligopoly, property management, Real Estate Services, recurring revenue	View Pitch
Jan 11, 2026	Seeking Alpha	Seeking Alpha	Cushman & Wakefield Limited	Real Estate	Real Estate Services	Bull	New York Stock Exchange	AI demand, balance sheet, Cushman & Wakefield, data centers, investment-grade rating, leasing revenue, market share, Real Estate Services, Secular tailwind, valuation multiple	View Pitch

BSD Shareholders of CWK

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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