DFH

DFH

DFH

Market Cap: $1.93B

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Fenimore Small Cap Strategy	12.7%	-	APH, ASGTF, BROS, CBZ, CHH, CIGI, CTAS, DFH, ENTG, ESAB, FSV, FTDR, LSTR, MCHP, PNFP, POOL, SITE, SSB, TT, VRSK	AI, interest rates, Quality, real estate, small caps, value	Increasing enthusiasm surrounding AI and considerable capital investments in its infrastructure have helped propel positive stock market returns this year. While no one knows exactly what the future of this technology holds, it's likely to help businesses improve efficiency by allowing them to organize and analyze data faster than ever before.		View
2025 Q2	Aug 23, 2025	Argosy Investors	-	-	DAVA, DFH, FERG, HOV, LLY, NVDA, NVO, POST, W	AI, Capital Allocation, Credit Stress, GLP1, Homebuilders, Portfolio Management, value	Detailed analysis of Tricolor subprime auto lender collapse and widespread fraud, highlighting how stability breeds instability in credit markets. Auto lending has deteriorated significantly since 2008 with higher LTVs, longer terms, and weaker underwriting standards.	NVO DAVA POST	View
2025 Q2	Jul 25, 2025	Bretton Fund	2.7%	-	AXP, AZO, BAC, BRK.A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	fundamentals, healthcare, insurance, technology, value	UnitedHealth Group faced severe challenges with Medicare Advantage patients consuming far more healthcare than expected, particularly public employee retirees, and OptumHealth division enrollees from exited plans requiring more care than anticipated. The company revised earnings guidance down significantly and management was replaced, but the stock now trades at attractive valuations around 10 times earnings.	UNH	View
2025 Q2	Jun 30, 2025	Fenimore Dividend Focus Strategy	5.7%	-	ADI, AME, APH, AVY, BN, BRO, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, HLI, KEYS, MCHP, MKC, NOMD, PGR, PNFP, ROST, SITE, TRRSF, TT, VRSK, WAT, WSO, ZBRA	AI, Quality, rates, small cap, tariffs, value	Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. These quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality businesses with low profitability, unstable earnings, and high debt levels.	GEHC ENTG	View
2025 Q2	Jun 30, 2025	Fenimore Small Cap Strategy	2.6%	-	APH, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, MCHP, MKC, NOMD, ROST, SITE, TRRSF, TT	AI, dividends, mid cap, Quality, small cap, tariffs, value	Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. They believe quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality, speculative businesses that outperformed in Q2.		View
2025 Q2	Jun 30, 2025	Fenimore Value Strategy	5.8%	-	APH, BWIN, CDW, CHE, CTAS, DFH, ENTG, EXLS, FND, FTDR, GEHC, HEI, HGTY, MCHP, MKC, NOMD, ROST, SITE, TRRSF, TT	AI, dividends, insurance, Quality, small cap, tariffs, value	Fenimore emphasizes high-quality companies with strong financials, durable business models, and proven management as the right approach for long-term investors. They believe quality profiles enable companies to endure downturns, compound returns, and manage risk more effectively compared to low-quality, speculative businesses that outperformed in Q2.		View
2024 Q2	Jun 30, 2024	Fenimore Small Cap Strategy	-5.8%	-	BIPC, BROS, CBZ, CHE, CHH, CIGI, DFH, ESAB, ESI, EXLS, EXPO, FND, HGTY, OLLI, OSW, PNFP, SITE, TSG	dividends, industrials, Quality, small caps, value	The fund focuses exclusively on small-cap investments, with the Russell 2000 Index serving as its benchmark. Small-cap stocks struggled in Q2 2024, with the Russell 2000 declining 3.28% as investors anticipated rate cuts and earnings for smaller companies waned.		View
2024 Q2	Jun 30, 2024	Fenimore Dividend Focus Strategy	-2.6%	-	ADI, APH, BIPC, BROS, CBZ, CTAS, DFH, ENTG, ESAB, EXPO, HEI.A, HLI, IEX, MCHP, MLM, OLLI, OSW, POOL, SITE, VRSK	AI, dividends, industrials, mid cap, technology, value	Artificial intelligence investment has been a driving force behind the S&P 500's rise this year. Several holdings are involved in the AI data center ecosystem and meet rigorous investment criteria. AI is expected to help businesses run operations more efficiently, bolstering performance and potentially driving stocks upward.	ESAB OSW HLI	View
2024 Q2	Jun 30, 2024	Fenimore Value Strategy	-4.7%	-	ADI, APH, BIPC, BROS, CBZ, CTAS, DFH, ENTG, ESAB, EXPO, HEI.A, HLI, IEX, MCHP, MLM, OLLI, OSW, POOL, SITE, VRSK	AI, dividends, industrials, Manufacturing, mid cap, technology, value	AI investment has been a driving force behind the S&P 500's rise this year. Several holdings are involved in the AI data center ecosystem and meet rigorous investment criteria. AI is expected to help businesses run operations more efficiently, bolstering performance and potentially driving stocks upward.		View
2023 Q2	Jun 30, 2023	Fenimore Small Cap Strategy	6.1%	-	BOC, CASS, CBZ, CHH, CIGI, CSV, DFH, EXLS, HST, LSTR, NOMD, PAG, PNFP, SITE, SPSC, SSB, TRRSF	AI, Quality, Recession, small caps, technology, value	Fenimore emphasizes their focus on high-quality equities with strong financials, stable earnings growth, competitive advantages, solid management, and consistent returns. They believe this approach will preserve and create the most value over longer time periods despite short-term underperformance.		View
2023 Q2	Jun 30, 2023	Fenimore Dividend Focus Strategy	4.7%	-	BOC, CASS, CBZ, CIGI, CSV, DFH, ENTG, EXLS, G, IEX, NOMD, PNFP, SITE, SPSC, SSB, STE, THG, VMC, VRSK, WSO	AI, dividends, industrials, mid cap, Quality, technology, value	Fenimore emphasizes investing in quality stocks with strong financials, stable earnings growth, competitive advantages, solid management, and consistent returns. They believe quality names are the most effective way to protect and grow wealth over the long term, even if they don't beat benchmarks every quarter.	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	View
2024 Q1	May 7, 2024	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	healthcare, insurance, large cap, Quality, value	Progressive demonstrated strong performance by increasing prices and adding customers as accident rates rose. The company was early to raise prices and now finds its rates competitive again as competitors follow suit, leading to 19% revenue growth from premiums.	UNH	View
2026 Q1	Apr 21, 2026	Bretton Fund	-9.1%	-9.1%	AXP, AZO, BAC, BRK/B, DFH, EXP, GOOGL, MA, MCO, MSFT, NVR, ROST, SPGI, TJX, UNH, V	AI, Concentration, infrastructure, payments, technology, value		AXP	View
2026 Q1	Apr 14, 2026	Fenimore Small Cap Strategy	-10.0%	-10.0%	BIP, BROS, BWIN, CBIZ, CIGI.TO, CWST, DFH, DSGX.TO, ESI, EXLS, LSTR, OSW, SPSC	AI, energy, Quality, small caps, software, value			View
2025 Q1	Mar 31, 2025	Fenimore Small Cap Strategy	-5.3%	-5.3%	AJG, APH, BWIN, CDW, CTAS, DFH, ENTG, HEI, HGTY, IEX, MCHP, MKC, POOL, ROST, RSG, SITE, SPSC, STE, TT, VRSK	insurance, Quality, small cap, tariffs, Trade Policy, value	The new administration's tariff announcements sparked market volatility and fears of higher inflation and potential recession. Companies are scrambling to adjust to the rapidly changing trade landscape, though many have diversified supplier bases since the first term and COVID.	BWIN	View
2024 Q1	Mar 31, 2024	Fenimore Small Cap Strategy	6.1%	6.1%	APD, BIP, BOC, CBZ, CIGI, CTAS, DFH, EXPO, FTDR, HEI, IEX, JKHY, MCHP, MLM, NOMD, PAYX, SYK, TROW, TT, VRSK	consumer, financials, Quality, small cap, value	The FAM Small Cap Fund rose 6.06% in the first quarter, outperforming the Russell 2000 Index by 88 basis points. The fund continues to focus on small and midsize businesses that meet strict investment criteria, with outperformance attributed to strength in financial and consumer holdings.		View
2024 Q1	Mar 31, 2024	Fenimore Dividend Focus Strategy	10.3%	10.3%	APD, BIP, BOC, CBZ, CIGI, CTAS, DFH, EXPO, FTDR, HEI, IEX, JKHY, MCHP, MLM, NOMD, PAYX, SYK, TROW, TT, VRSK	dividends, healthcare, industrials, mid cap, Quality, technology, value	The fund's holdings increased their cash dividends by 8.6% on average over the past 12 months. Top dividend growers included Microchip Technology at 25.7%, Cintas Corporation at 17.4%, and Verisk Analytics at 14.7%.		View
2023 Q1	Mar 31, 2023	Fenimore Small Cap Strategy	6.0%	6.0%	BOC, CHH, DFH, FND, FTDR, NVEI.TO, PAYA, PNFP, TSU.TO	Banking, consumer, Quality, small caps, technology	The fund focuses on small-cap quality stocks, which outperformed during the quarter. The Russell 2000 Growth Index gained 6.22% while the Russell 2000 Value Index declined by -0.66%. Quality stocks outperformed during the quarter, and the manager believes that the highest quality businesses should generate the best investment results over longer time periods.		View
2023 Q1	Mar 31, 2023	Fenimore Dividend Focus Strategy	4.6%	4.6%	ADI, AJG, APD, BOC, CHH, DFH, ENTG, FHB, FND, FTDR, G, JKHY, MCHP, NVEI.TO, PAYA, PNFP, SYK, TROW, TSU.TO, ZBRA	Banking, dividends, mid cap, Quality, technology, value	The fund focuses on dividend-paying companies with 11 of 27 holdings increasing dividends in 2023 with an average growth rate of 11.3%. Microchip Technology led with a 41.5% quarterly dividend increase year-over-year.		View
2024 Q4	Feb 6, 2025	Bretton Fund	-1.0%	20.3%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	consumer, financials, healthcare, technology, value	Dozens of new AI companies like OpenAI, Anthropic, and DeepSeek offer compelling alternatives to Google's search monopoly. Google has created Gemini AI app that is on par with competitors, but it's not the dominant platform like Google search. Microsoft has become the go-to provider of computing services for emerging AI companies, benefiting from the AI arms race.	UNH DFH NVR AZO GOOGL AXP PGR	View
2025 Q4	Feb 12, 2026	Bretton Fund	1.4%	11.6%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	AI, Banking, consumer, financials, Housing, technology, value	The fund views the overall market as fairly elevated but not in bubble territory regarding AI, though some parts of the AI craze appear bubble-like. Alphabet's AI chatbot Gemini exceeded expectations and was on par with leading AI models, contributing significantly to performance. The managers are comfortable missing out on highly speculative AI investments while focusing on long-term value. Banks had a strong year due to increased lending, reduced regulation, and moderately high interest rates. American Express cardholders continue spending with high payment rates, while the Platinum Card remains desirable despite competition. Credit and banking environment remained strong throughout the period. Off-price retailers TJX and Ross returned to form after struggling during post-Covid inflation, with strong stock performance. AutoZone faced challenges navigating tariff impacts on earnings, though the consolidated auto parts retail market historically passes through price increases. Consumer spending patterns showed resilience in certain segments. Housing investments had a weak year as high interest rates and hopes for lower rates left potential buyers on the sidelines. Home builders initially held up well when rates first rose in 2022, but continued high rates eventually impacted demand. The managers expect pent-up housing demand to eventually drive performance once the market unfreezes.	RVTY GOOG UNH	View
2024 Q4	Dec 31, 2024	Fenimore Small Cap Strategy	-1.1%	12.5%	APH, BIPC, BR, BROS, CBIZ, CDW, CIGI, CTAS, DFH, EXLS, EXPO, FND, MCHP, MLM, PAYX, SITE, SSB, STE, TRRSF, VRSK	Homebuilders, Outsourcing, Quality, small cap, technology, value	Fenimore focuses on finding quality companies with strong leadership that can push through changes and continue driving profits higher over the medium and long term. They seek robust businesses that make their own luck through hiring producers, creating new products, and taking market share from fragile competitors.		View
2024 Q4	Dec 31, 2024	Fenimore Dividend Focus Strategy	-5.2%	7.6%	APH, BIPC, BR, BROS, CBIZ, CDW, CIGI, CTAS, DFH, ENTG, EXLS, EXPO, FND, MCHP, MLM, PAYX, SITE, SSB, TRRSF, VRSK	dividends, mid cap, Quality, technology, value	26 out of 27 names in the fund increased their dividend in the past 12 months with an average year-over-year increase of 9.7%. The top three dividend growers were Amphenol Corp at 50%, Cintas Corp at 16%, and Verisk Analytics at 15%.		View
2023 Q4	Dec 31, 2023	Fenimore Small Cap Strategy	12.8%	20.1%	BIPC, BOC, BROS, CBZ, CHE, CHH, CIGI, CSV, DFH, EXLS, EXPO, HGTY, LSTR, NOMD, PNFP, SITE, SSB, TRRSF	consumer, financials, Quality, small cap, value	Fenimore maintains exclusive focus on high-quality businesses with strong balance sheets, ample cash for reinvestment or dividends, competitive advantages, and capable management. The fund's underperformance versus benchmark was attributed to being underweight in lower-quality firms that rallied on positive inflation news.		View
2023 Q4	Dec 31, 2023	Fenimore Dividend Focus Strategy	10.8%	19.7%	A, APD, BOC, CBZ, CHH, CIGI, CSV, CTAS, DFH, ENTG, FAST, G, MCHP, MKC, MLM, PAYX, STE, TROW, TT, VRSK	AI, dividends, mid cap, Quality, value	The fund's holdings increased their cash dividends by 9.5% over the past 12 months, well ahead of inflation. Every holding increased its dividend except for one, with top increases from Microchip Technology (33.8%), Cintas Corporation (17.4%), and Fastenal Company (12.9%).		View
2023 Q4	Dec 31, 2023	Fenimore Value Strategy	11.3%	16.1%	A, APD, BIPC, BOC, BROS, CBZ, CDW, CHH, CIGI, CSV, DFH, ENTG, EXPO, G, MKC, MKL, MLM, NOMD, PAYX, ROST, STE, TROW, TRRSF, TT, VRSK, WAT	dividends, financials, materials, mid cap, Quality, value	Fenimore invests exclusively in companies with durable value, including strong balance sheets, ample cash to reinvest in growth or pay dividends, strong competitive advantages, and capable, ethical management. The firm emphasizes high-quality businesses over short-term performers.		View
2025 Q3	Oct 30, 2025	Argosy Investors	-	-	DAVA, DFH, FERG, HOV, NVDA, NVO, POST, W	AI, Consumer Staples, Credit Stress, GLP1, Homebuilders, technology, value	Detailed analysis of subprime auto lender Tricolor's collapse due to fraudulent collateral pledging practices. Discussion of how post-2008 lending standards deteriorated in auto loans with higher LTVs, longer terms, and weaker underwriting. Highlights how stability breeds instability per Minsky's theory.	DFH NVO DAVA POST DFH NVO DAVA POST	View
2024 Q3	Oct 24, 2024	Bretton Fund	10.0%	0.0%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	financials, growth, Homebuilders, insurance, materials, technology, value	Progressive is highlighted as the most sophisticated auto insurer, leveraging vast driver data to recognize shifts in driver behavior and collision costs. The company was early to raise rates in 2021 to offset higher post-Covid costs, temporarily losing customers but now benefiting from comparatively attractive rates and highly profitable growth with premiums up 20% year-over-year.	GOOGL PGR	View
2025 Q3	Oct 22, 2025	Bretton Fund	8.2%	-	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	Antitrust, consumer, financials, healthcare, retail, technology	The fund benefited from favorable antitrust ruling for Alphabet's Google, where the judge mandated only limited sharing of search data rather than implementing harsher penalties like divesting Chrome browser or Android operating system. This left Google's core search business essentially intact, driving significant outperformance.	UNH GOOGL	View
2022 Q3	Oct 21, 2022	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BRK/A, DFH, GOOG, JPM, MA, MCO, MSFT, NVR, PGR, PKI, PRK, ROST, SPGI, TJX, UNH, UNP, V	-			View
2025 Q4	Jan 13, 2026	Fenimore Small Cap Strategy	-4.1%	-11.6%	APH, BIPC, BROS, BWIN, CASS, CHH, CIGI, DFH, EXLS, EXPO, FND, FSV, FTDR, JKHY, LSTR, NOVT, OSW, PNFP, ROST, SPSC, TRRSF	AI, Quality, small cap, Speculation, underperformance, value	The update highlights selective small-cap growth investing focused on companies with niche leadership, strong balance sheets, and long runway opportunities. Volatility is viewed as a source of opportunity to add to high-quality businesses at reasonable valuations. Small-cap growth is positioned for recovery as earnings growth reaccelerates.		View
2023 Q2	Aug 15, 2023	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, PKI, ROST, SPGI, TJX, UNH, UNP, V	AI, consumer discretionary, financials, Homebuilders, insurance, technology	Artificial intelligence appears promising and drove strong performance for tech holdings Alphabet and Microsoft. AI offers promise for drug discovery and development, with potential to sort molecules for therapeutic promise more effectively than ever.		View
2024 Q2	Jul 24, 2024	Bretton Fund	10.0%	0.0%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	Building Materials, financials, Homebuilders, large cap, Quality, technology, value	The fund sees long-term demand for wallboard and cement driven by structural housing shortage and infrastructure spending. Eagle Materials benefits from competitive advantages including low-cost gypsum sources, transportation barriers creating regional oligopolies, and locations in fast-growing Sun Belt markets.	EXP	View
2025 Q1	Apr 23, 2025	Bretton Fund	-1.0%	-1.0%	AXP, AZO, BAC, BRK-A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	durability, Franchises, Pricing Power, tariffs, Trade Policy, value	The fund discusses the current administration's frequent U-turns on tariff policy, attempting to balance imposing high tariffs while preventing market crashes. They view trade wars as wealth-destructive and believe the current policies will eventually end.		View
2023 Q1	Apr 21, 2023	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, PKI, ROST, SPGI, TJX, UNH, UNP, V	Banking, healthcare, Housing, technology, value	Regional banking crisis emerged with Silicon Valley Bank and First Republic facing deposit flight and liquidity issues. Megabanks like JPMorgan and Bank of America expected to benefit from flight to quality and increased regulation of community banks.	ABAC JPM CNVRG PM AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2023 Q4	Mar 29, 2024	Argosy Investors	10.6%	10.6%	ANGL, DFH, MLAB, ZROZ	Cash, Defensive, Homebuilders, Patience, selectivity, value	Manager focuses on finding businesses trading at attractive valuations, specifically mentioning Mesa Labs trading at low-double-digit multiples of cash flows after temporary challenges. The approach emphasizes patience and discipline in finding undervalued securities.	MLAB	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Bretton Fund	Dream Finders Homes, Inc.	Consumer Discretionary	Homebuilding	Bear	NASDAQ	Acquisitions, asset-light model, growth strategy, homebuilding, return on equity, Southeast Markets, Volatility Risk	View Pitch
Jan 8, 2026	Value Investors Club	Woodrow	Dream Finders Homes, Inc.	Industrials	Commercial Services & Supplies	Bear	New York Stock Exchange	industrial services, infrastructure, Logistics, manufacturing, Operations, Outsourcing	View Pitch
Nov 29, 2025	Fund Letters	Mike Loeb	Dream Finders Homes, Inc.	Consumer Discretionary	Homebuilding	Bear	NYSE	asset-light, backlog, deleveraging, housing cycle, Incentives	View Pitch
Nov 28, 2025	Fund Letters	Mike Loeb	Dream Finders Homes, Inc.	Consumer Discretionary	Homebuilding	Bear	NYSE	asset-light, backlog, deleveraging, housing cycle, Incentives	View Pitch

BSD Shareholders of DFH

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
Dmitry Balyasny	Balyasny Asset Management	$76.6B	$2.1M	0.00%	120,770	+72,448	+149.93%	0.1071%
Israel Englander	Millennium Management LLC	$233.2B	$6.5M	0.00%	382,170	+254,839	+200.14%	0.3388%
Cliff Asness	AQR Capital Management	$190.6B	$552,245	0.00%	32,295	+3,397	+11.76%	0.0286%
Francois Rochon	Giverny Capital	$3.0B	$550,654	0.02%	32,202	-64,404	-66.67%	0.0285%
Richard Kayne & John Anderson	Kayne Anderson Rudnick Investment Management	$37.3B	$75.7M	0.20%	4,424,576	-885,798	-16.68%	3.9219%

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