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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | Fenimore Value Strategy | -2.8% | - | AVY, BKNG, BRK-A, BRN, CDW, DG, EOG, EXLS, FIS, GGG, IEX, ITW, MKL, PGR, ROST, STRY, TROW, VMC, WAT, ZBRA | Balance Sheets, fundamentals, interest rates, mid cap, Quality, value | Fenimore emphasizes high-quality companies with strong fundamentals, attractive pricing, ethical management, straightforward business models, strong balance sheets, clear competitive advantages, ample free cash flow, and growing profits. These companies held up better during the third quarter market decline. | View | |
| 2023 Q3 | Sep 30, 2023 | Centerstone Investors Fund | - | - | DG, FLT | Economic Cycles, Franchises, Intrinsic Value, Margin Of Safety, Recession, value | Centerstone continues to seek good businesses trading below intrinsic values with adequate margins of safety. The portfolio is evolving towards higher quality franchise businesses and away from cigar butt investments. They emphasize identifying companies with strong market positions, solid balance sheets, and good management teams. | 0TDG LN CFLT |
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| 2025 Q2 | Aug 7, 2025 | Matrix Dividend Income | - | - | AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH | dividends, financials, tariffs, technology, value, volatility | The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The ultimate resolution of reciprocal tariff negotiations remains the biggest risk, with potential for short-term bumps that could hurt the economy and equity market. | FI AMAT |
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| 2025 Q2 | Aug 7, 2025 | Matrix Large Cap Value Strategy | - | - | AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH | dividends, financials, large cap, tariffs, technology, value, volatility | The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The biggest risk going forward continues to be the ultimate resolution of reciprocal tariff negotiations, which could hurt the economy and equity market if not resolved favorably. | UNH FI AMAT AMAT |
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| 2025 Q2 | Aug 25, 2025 | Pzena Focused Value strategy | 2.7% | 3.8% | BMY, C, COF, DG, DOW, EQH, GPN, OSK, RHI, SWKS, TEL, WFC | consumer discretionary, financials, M&A, positioning, tariffs, value | Dollar General appreciated meaningfully as same-store sales improved and gross margins expanded, driven by increased traffic from middle-income consumers trading down to the discount channel. The company benefited from improved inventory control measures and a labor boost that helped reduce theft. | OSK DG OSK GPN |
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| 2025 Q2 | Jul 18, 2025 | Grey Owl Capital | - | - | DG, DLTR | All-Seasons, commodities, growth, inflation, Tactical, volatility | Manager expects inflation to reaccelerate through the back half of 2025, with 5-Year Breakeven climbing since mid-April and CPI projections showing continued acceleration. Portfolio is positioned with inflationary bent including inflation-protected securities and commodity exposure. | DLTR DG |
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| 2025 Q2 | Jul 15, 2025 | Coho Relative Value Equity | - | - | AAPL, ABT, AMZN, BAX, CAG, COR, CVS, DG, DIS, GOOGL, MCHP, MDT, META, MMC, MSFT, NKE, NVDA, SJM, TMO, TOST, TSLA | AI, Concentration, Consumer Staples, GLP1, healthcare, multiples, technology, value | AI euphoria following ChatGPT release sparked impressive but narrowly led market rally in Information Technology sector. The excitement surrounding AI potential caused investors to ignore typical inverse correlation between rates and P/E multiples. AI-driven momentum propelled sectors Coho tends to underweight. | View | |
| 2025 Q2 | Jun 30, 2025 | Packer & Co | - | - | 0001.HK, 017670.KS, AQN, BABA, BIDU, BKY.AX, CNOOC, DG, INDF.JK, JARDINE.SI, NE, NXE, PBR, PRX.AS, SDRL, SRUUF, VAL, VIPS, YCA.L | Asia, China, Defensive, gold, oil, technology, value | The manager has significantly increased exposure to Chinese technology companies, viewing them as attractively valued compared to US peers. Chinese tech giants trade at roughly half the valuation of US counterparts despite being industry leaders with solid balance sheets and growth potential. | INDF.JK 017670.KS 0001.HK JMHLY PBR CEO 0700.HK BIDU BABA VIPS |
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| 2024 Q2 | Jun 30, 2024 | Platinum International Brands Fund | -1.0% | - | AAPL, ADS.DE, AMZN, BEI.DE, COST, DG, GOOGL, HD, HEIN.AS, ITX.MC, LULU, MCD, META, NKE, NVDA, PUMA.DE, ULTA, V, WBA, ZTS | brands, consumer, E-Commerce, global, Luxury, Recovery, technology | Chinese consumer sentiment remains weak and the recovery lacklustre. There is increased anecdotal evidence this weakness is spreading to higher-end luxury brands and that discounting is picking up. European consumer activity is recovering, having been battered by the pickup in global inflation and the energy price shock following Russia's invasion of Ukraine. | View | |
| 2023 Q2 | Jun 30, 2023 | Fenimore Value Strategy | 4.4% | - | APH, BRO, CDW, DG, IEX, KMX, VMC | dividends, financials, 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 track records. The firm believes 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. | View | |
| 2024 Q1 | May 15, 2024 | Appleseed Fund | 0.0% | 0.0% | AER, AGNC, ARDX, BEI.TO, CCJ, CF, DG, EVR, GNK, HLF, HUM, ITRN, MOS, RHHBY, SFM, VFC, WCC | Defensive, gold, healthcare, inflation, value | Gold has risen 20% over six months to new all-time highs driven by monetary debasement, emerging market demand especially from China, central bank purchases exceeding 1,000 tonnes annually, and physical gold flows shifting from West to East. The fund expects gold to outperform the S&P 500 over the next decade. | AGNC HUM |
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| 2026 Q1 | Apr 8, 2026 | Eagle Point Capital LLC | - | - | AZO, BN, BTI, CHGG, DG, INTC, MCK, NVDA, PM, TSM, WOSG.L | Concentration, durability, long-term, Physical Infrastructure, Quality, value | MCK |
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| 2025 Q1 | Apr 8, 2025 | Matrix Dividend Income | - | - | ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB | dividends, financials, healthcare, tariffs, technology, value, volatility | The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports caused significant market disruption. Tariffs are viewed as policy mistakes that will increase inflation, slow economic growth, and force businesses and consumers to pull back on investments and spending. | TGT PEP GNRC |
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| 2025 Q1 | Apr 8, 2025 | Matrix Large Cap Value Strategy | - | - | ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB | dividends, financials, healthcare, tariffs, technology, value, volatility | The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports created significant market disruption and economic uncertainty. The manager views these tariffs as a policy mistake that will lead to inflation and economic slowdown, comparing them to an act of war that taxes goods and disrupts the post-war economic system. | TGT PEP GNRC |
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| 2025 Q1 | Apr 30, 2025 | Appleseed Fund | - | - | 005930.KS, AER, BABA, BW.TO, CF, DG, LITE, MOS | commodities, Dollar, Foreign Equities, Geopolitical, gold, inflation, real assets, tariffs | The Trump Administration proposed raising tariffs broadly starting at 10% and reaching as high as 154% for China, bringing average tariff rates above 20% to the highest level since the 1930s. This represents a shift toward industrial policy, onshoring, and bilateral trade agreements, moving away from the free trade era. | View | |
| 2025 Q1 | Apr 29, 2025 | Kinsman Oak | - | - | DG, RACE | inflation, Markets, policy, Recession, tariffs, Trade Policy, uncertainty, volatility | The letter extensively discusses the implementation of reciprocal tariffs following Liberation Day, describing them as the largest tariff increase in almost one hundred years. The manager analyzes the confusion around policy objectives, noting contradictory messaging about whether tariffs are negotiating tools or permanent revenue sources. The discussion covers knock-on consequences including supply chain disruption, margin compression, and economic uncertainty. | View | |
| 2026 Q1 | Apr 15, 2026 | The Bristlemoon Global Fund | -25.5% | -25.5% | APP, CSU.TO, DG, FICO, FND, GOOGL, GRDR, NOW, PAR, WDS.AX | Advertising, AI, E-Commerce, gaming, growth, software, technology, volatility | View | ||
| 2024 Q1 | Apr 15, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | COR, DG, DIS, GWW, LOW, MDLZ, NKE, PRGO, UNH, UPS | conviction, downside protection, large cap, Quality, US, value | The manager emphasizes their value-oriented philosophy focusing on downside protection and lower volatility. They note that growth continues to outperform value and high beta outperforms low beta, which runs counter to their investment approach. The team remains committed to their value disciplines despite recent underperformance. | View | |
| 2025 Q1 | Mar 31, 2025 | Pzena Focused Value strategy | 1.0% | 1.0% | BAC, BAX, CVS, DAL, DG, EQH, FNF, LKQ, NWL, PVH, UHS | consumer, earnings, financials, healthcare, Trade Policy, value | Value stocks outperformed the broad market in the quarter, though the Focused Value strategy underperformed its benchmark. The manager emphasizes that starting point valuations remain extremely attractive in the portfolio today. | View | |
| 2025 Q1 | Mar 31, 2025 | Spree Capital Advisers | - | - | DG | Automation, Discount Retail, E-Commerce, efficiency, Logistics, Margins, Trade Down | Dollar General operates as a discount retailer with 20,000 stores serving 75% of the US population within five miles, providing 40% discounts versus competitors. The company is fixing pandemic-era missteps including excess inventory and elevated shrink while implementing efficiency improvements. | DG |
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| 2025 Q1 | Mar 31, 2025 | Magellan Global Opportunities Fund No. 1 | 2.0% | 2.0% | 1211.HK, AMT, AMZN, DEO, DG, ES, F, GOOGL, LLOY.L, MA, META, MSFT, NESN.SW, NFLX, RB.L, SPOT, TSLA, TSM, VWAGY | Defensive, disruption, global, innovation, Quality, technology, Transportation | The transition from internal combustion engine vehicles to electric vehicles is no longer a question of if but when. Governments worldwide are setting targets to phase out new ICE vehicle sales, with automakers investing billions into the technology. The EV market opportunity extends beyond automakers to battery manufacturers, charging infrastructure, and electricity utilities. | View | |
| 2024 Q1 | Mar 31, 2024 | Fenimore Value Strategy | 10.9% | 10.9% | AJG, APH, BR, BRO, BRO.TO, CDW, DG, ENTG, IEX, KEYS, MCHP, MKL, PGR, PNFP, ROST, RSG, SYK, TROW, TT, VMC | financials, insurance, mid cap, semiconductors, technology, value | Brown & Brown continues to benefit from an extended favorable rate environment in the property and casualty insurance markets that it serves as a broker. Progressive Corporation is benefiting from previous rate actions taken to cover the cost of litigation and automobile repairs, which have improved their loss ratio and underwriting profitability significantly. | View | |
| 2024 Q1 | Mar 30, 2024 | Eagle Point Capital | - | - | AZO, DG, DPZ, DVA, MCK, META | contrarian, long-term, Quality, uncertainty, value | Eagle Point focuses on cockroach-like businesses with strong competitive positions that can survive virtually any environment. They prefer companies with pricing power like AutoZone that can raise prices without losing volume. The fund seeks businesses with durable cash flow and strengthening competitive positions. | View | |
| 2025 Q4 | Feb 25, 2026 | Semper Augustus | - | 41.4% | AAPL, AMZN, BRK-A, COST, DECK, DG, DLTR, FIVE, GOOGL, KGC, KHC, KO, META, MSFT, NEM, NVDA, TSLA | Artificial Intelligence, Capital discipline, Energy Infrastructure, Intrinsic Value, Valuation risk | The letter emphasizes disciplined value investing amid extreme narrative-driven markets, warning that concentrated enthusiasm around artificial intelligence mirrors past episodes like the 201415 oil collapse where capital overextended beyond fundamentals. While AI represents genuine technological progress, rising energy costs, grid constraints, and capital intensity introduce economic and regulatory frictions that challenge assumptions of frictionless scalability. The strategy prioritizes intrinsic value, balance sheet strength, and resilience, seeking to avoid overpaying for certainty embedded in elevated multiples. | View | |
| 2024 Q4 | Dec 31, 2024 | Coho Relative Value Equity | - | - | AMZN, AZO, CVS, DG, GOOGL, MCHP, META, MSFT, MSTR, NVDA, UNH, WRB | Bubble, Concentration, defensives, technology, valuation, value | Coho maintains adherence to valuation discipline despite underperformance, believing they would sacrifice downside protection by chasing Technology stocks higher. The market is objectively expensive by most measures with the S&P 500 trailing P/E at its fourth highest levels in the past 125 years. Studies show valuation often does not matter in the short term, but it always matters in the long term. | View | |
| 2024 Q4 | Dec 31, 2024 | Magellan Global Opportunities Fund No. 1 | 11.6% | 30.7% | 1299.HK, AMT, AMZN, BKNG, DG, ES, GOOGL, LLOY.L, MA, META, MSFT, NESN.SW, NFLX, RKT.L, TSM | E-Commerce, financials, global, Quality, Streaming, technology | Netflix demonstrates unique ability to aggregate live viewership across large subscriber base, with operating profit growing from $800m in 2017 to ~$10b in 2024. Scale advantage expanding as Netflix continues improving offering while peers pull back on content spend pursuing profitability. | NFLX |
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| 2023 Q4 | Dec 31, 2023 | Appleseed Fund | 0.0% | 0.0% | AER, BEI.UN.TO, CF, DG, MDT, MOS, PHYS, SSNC, VFC | Diversified, Esg, global, SMID Cap, value | View | ||
| 2024 Q3 | Nov 5, 2024 | Broyhill Asset Management | 6.0% | 0.0% | AVTR, BAX, BN.PA, DG, EPAM, EVO.ST, FI, NICE, PM, PYPL, ROL, RTO.L, SCHW | consumer, financials, gaming, healthcare, technology, value | Philip Morris is shifting business mix from combustible cigarettes towards reduced risk products and re-entering the US market through Swedish Match acquisition. Zyn has become wildly popular with supply constraints despite production expansion, while youth usage remains under 2%. | NICE EVO.ST RTO.L |
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| 2023 Q3 | Nov 16, 2023 | Broyhill Asset Management | 6.0% | 0.0% | ATVI, DG, DLTR, NFLX | gaming, M&A, retail, Rural Markets, value | Activision Blizzard acquisition by Microsoft faced regulatory hurdles from FTC and UK CMA but ultimately closed at $95 per share in October 2023. The deal involved transfer of cloud gaming rights to Ubisoft to satisfy regulatory concerns. | 0TDG LN ATVI |
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| 2024 Q3 | Nov 13, 2024 | Appleseed Fund | 0.0% | 0.0% | AER, AGNC, ARDX, CCJ, CF, DG, DLTR, DSX, EL, GRVY, HLF, HUM, MOS, MRC, MSFT, NVDA, SFM, SNV, SRUUF, WLFC | commodities, defensives, energy, inflation, Mining, nuclear, uranium, value | The fund sees a structural supply deficit in uranium markets driven by dramatically increasing demand from nuclear energy expansion while supply growth remains inadequate. Uranium prices have increased significantly over the past 5 years but the bull market is still in early innings due to persistent supply shortfalls. | SRUUF CCJ |
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| 2024 Q3 | Oct 8, 2024 | Mawer International Equity Fund | 6.9% | 16.0% | 3064.T, 6532.T, 9433.T, AON, ASM, ASML, BMW.DE, BNZL.L, CIGI.TO, CME, CPG.L, DG, EL, GRT.UN.TO, IAG.TO, ICE, MC.PA, NKE, NVO, ZZZ.TO | AI, China, consumer, international, Japan, rates, real estate | Central banks began cutting interest rates with the Fed making its first cut in September, joining the Bank of Canada and others. Interest rate sensitive sectors like real estate, utilities, and financials performed well as rates declined. The easing cycle provided relief for households and businesses struggling with higher rates. | View | |
| 2023 Q3 | Oct 30, 2023 | Appleseed Fund | 0.0% | 0.0% | 005930.KS, AER, ARDX, BEI-UN.TO, BOL.PA, CF, DG, FNMAS, FNMAT, GNK, HRTX, ITRN, MOS, MRC, SFM, SNV, VFC, WCC | Agriculture, Bonds, Defensive, Deficit, gold, inflation, Treasury, value | The fund believes inflation is not under control and expects it to remain persistently elevated. They view continued inflation as the politically palatable solution to reduce the U.S. debt burden and associated interest costs. | GNK WCC 0TDG LN |
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| 2024 Q3 | Oct 28, 2024 | Kinsman Oak | 0.0% | 0.0% | AMZN, DG, DLTR, GOOG, MSFT, RACE, RMS.PA, TGT, WMT | Bifurcated Economy, Dollar Stores, Hidden Segments, Luxury, nuclear, uranium, value | Mega-cap technology companies are turning to nuclear power to meet electricity demand for AI and data centers. Alphabet, Amazon, and Microsoft have all signed agreements for small modular reactors, indicating a dramatic shift in sentiment towards nuclear energy. | View | |
| 2023 Q3 | Oct 21, 2023 | FMI All Cap Equity | -1.8% | 11.2% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN, SYY, VVV, ZION | China, Concentration, defensives, Europe, small caps, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with U.S. Small Caps and European valuations at significant discounts. | CCEP SYY VVV |
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| 2023 Q3 | Oct 21, 2023 | FMI International Equity | -7.4% | 2.7% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | China, Concentration, defensives, international, small caps, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading at historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to benchmarks while investing in above-average businesses with strong balance sheets. | CCEP SYY VVV |
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| 2023 Q3 | Oct 21, 2023 | FMI Large Cap Equity | -4.0% | 10.5% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | Concentration, defensives, Quality, small caps, value | FMI emphasizes value investing opportunities as global value stocks trade near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to core benchmarks while investing in above-average businesses with strong balance sheets. | CCEP SYY VVV |
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| 2023 Q3 | Oct 21, 2023 | FMI Small Cap Equity | -0.8% | 10.7% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | China, Concentration, defensives, inflation, rates, small caps, valuation, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm expects any reversion to the mean should result in brighter days for value-oriented investors, with attractive relative values outside mega-cap companies. | CCEP SYY VVV |
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| 2023 Q3 | Oct 17, 2023 | Mawer International Equity Fund | 6.9% | 16.0% | ASML, CCA.TO, CME, CNQ.TO, DG, EQNR, KSPI.L, MC.PA, NVO, SHEL, SU.TO, T.TO, TSM, TXN, VZ | energy, global, healthcare, inflation, rates, semiconductors | Energy companies positioned to benefit from higher oil prices performed strongly during the quarter. Canadian Natural Resources, Suncor Energy, Equinor, and Shell were among the stronger performing holdings as oil prices moved higher. | View | |
| 2023 Q4 | Oct 2, 2024 | Broyhill Asset Management | 6.0% | 0.0% | ATVI, DG, DLTR, NFLX | gaming, M&A, operations, retail, Rural Markets, value | Activision Blizzard acquisition by Microsoft faced regulatory hurdles from FTC and UK CMA but ultimately closed at $95 per share in October 2023. The deal involved transferring cloud gaming rights to Ubisoft to satisfy regulatory concerns. | 0TDG LN ATVI |
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| 2024 Q4 | Jan 8, 2025 | Matrix Dividend Income | - | - | AMGN, BDX, BK, CSCO, DG, GILD, HUM, MS, PEP, PNC, UNH | dividends, financials, growth, healthcare, rates, technology, value | Manager expects Value stocks to outperform Growth after more than a decade of underperformance. They anticipate market rotations and regression to the mean for Growth stocks, creating favorable conditions for Value investing. | PEP DG AMGN |
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| 2024 Q4 | Jan 8, 2025 | Matrix Large Cap Value Strategy | - | - | AMGN, BDX, BK, CSCO, DG, GILD, HUM, MS, PEP, PNC, UNH | dividends, financials, growth, healthcare, inflation, rates, technology, value | Manager expects Value to outperform Growth after more than a decade of underperformance. They anticipate market rotations in 2025 and a regression to the mean for Growth stocks, creating a favorable environment for Value investing that would provide a tailwind for Matrix's portfolios. | PEP DG AMGN |
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| 2025 Q4 | Jan 29, 2026 | Pzena Focused Value strategy | 2.5% | 7.3% | BAX, C, CTSH, DAL, DG, DOX, FMC, KNX, MDT, PPG, QRVO, RHI, SWKS, WFC | Buybacks, Capital markets, earnings, Freight, Trade Down, value | Dollar General delivered strong same-store sales and margin improvement as customers traded down from grocery and pharmacy channels. This trade-down behavior provided a tailwind to margins that are expected to persist into 2026. Knight-Swift operates in a prolonged freight downturn with excess capacity added during the 2021 profit peak persisting despite weaker demand, pressuring rates and earnings. The company's scale and network efficiency should drive profitability recovery as conditions normalize. Citigroup rose amid strong capital markets activity and benign credit conditions. The company continued to repurchase stock and return capital to shareholders while transformation-related expenses are expected to decline next year. | View | |
| 2025 Q4 | Jan 18, 2026 | Magellan Global Opportunities Fund No. 1 | 1.3% | 13.0% | AMT, AMZN, DEO, DG, ES, GOOGL, LLOY.L, MA, META, MSFT, NESN.SW, SAP, TSM, UNH, ZBH | AI, Cloud, Consumer Staples, global, large cap, Quality, technology | AI continues to drive market leadership with companies like Alphabet demonstrating ability to leverage full stack approach. Microsoft's positioning affected by shifting views on AI leadership via OpenAI relationship. Meta investing heavily in superintelligence initiatives though scaling back Metaverse investments. Amazon AWS showing acceleration in Q3 growth as increased capex delivers returns. Microsoft Azure growth moderating but all incumbent cloud providers viewed as long-term winners. Cloud computing remains structural growth driver. Amazon well-positioned to benefit from structural growth in e-commerce with better-than-feared US consumption trends in December quarter. E-commerce remains key growth driver alongside cloud computing. Nestlé's coffee portfolio through Nescafé and Nespresso brands well-positioned to capture spending shifts across price points. Coffee viewed as attractive category due to experiential nature and brand loyalty, with Nestlé delivering positive volume growth despite high single-digit price increases. Nestlé's Purina line offers products from premium to budget in attractive pet care category. Pet foods benefit from brand preferences and nutrition focus rather than just price, with scale advantages in R&D and feed trials driving innovation. | View | |
| 2025 Q4 | Jan 18, 2026 | Magellan Global Opportunities Fund No. 2 | 1.4% | 0.0% | AMT, AMZN, CMG, CRM, DG, ES, GOOGL, MA, MELI, META, MSFT, NESN.SW, NVO, OR.PA, SAP, TSM | AI, Cloud, consumer, Defensive, global, Quality, technology | AI continues to drive market leadership with companies like Alphabet demonstrating ability to leverage full stack approach. Microsoft's positioning affected by shifting views on AI leadership through OpenAI relationship. Meta doubling down on AI investments despite uncertain returns from non-core initiatives. AWS showing acceleration in Q3 growth as increased capex delivers returns. All incumbent cloud providers viewed as long-term winners despite short-term performance variations. Microsoft Azure growth moderating but still positioned well. Consumer environment remains challenging heading into 2026. Dollar General delivering operational improvements. Nestlé positioned to adapt with leading brands in attractive categories like coffee and pet care despite near-term margin pressures. | View | |
| 2024 Q4 | Jan 16, 2025 | Ironvine Capital Partners | - | 10.5% | ADBE, ADI, AMAT, AMZN, CSGP, DG, DLTR, ENTG, GOOGL, MSFT, TSM, UNH | AI, growth, inflation, Quality, semiconductors, technology, value | The semiconductor industry has been an area of increasing interest over the past several years. Industry consolidation has created competitively advantaged businesses that will benefit from secular tailwinds despite significant cyclicality. The fund established new investments in three semiconductor businesses during the fourth quarter. | ENTG AMAT TSM |
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| 2025 Q4 | Jan 12, 2026 | QV Investors | 0.0% | 0.0% | 005930.KS, 0700.HK, BABA, CAT, CNI, DG, FTT.TO, GOOGL, MU, NVDA, TPZ.TO, UNP | AI, commodities, Dollar, financials, gold, international, Market Concentration, value | AI narrative shifted from Magnificent 7 to hardware providers building data centers. Memory chip providers like Micron and Samsung surged 240% and 120% respectively. Industrial businesses like Caterpillar and Finning benefited from AI-related capital spending for power generation equipment. Gold prices rose 64% as global central banks bolstered reserves and investors sought store of value amid geopolitical concerns and US deficit levels. Precious metals had their best year since 1979, contributing significantly to Canadian market returns. European financials rose 65.7% in 2025 as positive interest rates re-ignited profitability. Canadian bank stocks rose 43.4% as falling rates caused yield curve steepening. Over five years, European financials returned 111.5% versus S&P 500's 82.3%. Manager emphasizes opportunities in defensive areas like healthcare and consumer staples trading at historically low multiples. European cyclicals and smaller cap companies globally trade at low earnings multiples with depressed margins, offering reasonable returns with conservative assumptions. Industrial metals moved to new highs following precious metals surge. Manager sees opportunity in companies that manufacture raw materials into value-added products and pass through cost increases. Commodities rising alongside capital expenditure and fiscal stimulus. | TPZ CN FTT CN DG 005930 KS |
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| 2024 Q3 | Sep 30, 2024 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | DG, RHI, SNN | Cyclical, Fed policy, healthcare, mid cap, Staffing, value | The fund implements a two-bucket value strategy seeking both quality value companies trading at decent bargains and deeply discounted deep value companies with internal change agents. They establish four price targets for each stock to assess opportunities under various market conditions. | DG SNN RHI |
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| 2024 Q3 | Sep 30, 2024 | FMI All Cap Equity | -1.8% | 11.2% | ARMK, AVY, BJ, BKNG, BRK.B, CSL, DG, FERG, G, HLI, MAS, SCHW | Diversified, long-term, Quality, ROIC, valuation, value | Aramark operates in the $500 billion food and facilities services market with procurement advantages and defensible moat through quality, breadth, and digital capabilities. The company has a long runway to take market share from smaller operators and self-operators, with margin improvement potential from new business profitability ramp and operating leverage. | DG ARMK |
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| 2024 Q3 | Sep 30, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | ARMK, AVY, BKNG, BRK-B, CARR, CSL, DG, FERG, MAS, SCHW, UL | Foodservice, large cap, Quality, Trade Down, value | Aramark represents a large player in the food and facilities services industry with procurement advantages and defensible moat through quality, breadth, and digital capabilities. The company has margin improvement potential driven by profitability ramp of new business, lagged pricing benefits, supply chain efficiencies, and operating leverage. | DG ARMK |
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| 2024 Q3 | Sep 30, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | AMZN, BAX, CVS, DG, KDP, KO, MCHP, NVDA, STZ, WMT | Beverages, defensives, earnings, healthcare, Quality, value | The manager emphasizes their value-oriented approach, noting that while they have underperformed growth-oriented indices, they expect a broadening of market participation as the earnings gap between the Magnificent 7 and other stocks narrows. They highlight their portfolio's stability and predictability compared to benchmarks. | View | |
| 2023 Q3 | Sep 30, 2023 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | CB, DAR, DG, HAL, MCHP, META, ORCL, SPR | energy, growth, inflation, large cap, rates, technology, value | Oil prices hit their highest level of the year with both WTI and Brent eclipsing $90 a barrel. Higher commodity prices benefited companies like Halliburton as supply concerns and improving supply-demand fundamentals in 2024 drive growth expectations. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ESPR ALDAR.AD 0MCB LN COO|CW|DKNG|FSS|HALO|ZD |
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| 2024 Q2 | Jun 30, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | ABT, AMGN, CAG, CVS, DG, DIS, GPN, NKE, NVDA, STZ, UNH | AI, Concentration, growth, healthcare, technology, value | The manager emphasizes their value-focused approach, noting the portfolio trades at an uncharacteristically meaningful discount to the S&P 500 Index. They believe the market is mispricing risk and undervaluing the earnings, cash flow, and dividend growth potential of their portfolio. The valuation gap between their portfolio and the market is expected to close as market breadth expands. | View | |
| 2023 Q2 | Jun 30, 2023 | FMI All Cap Equity | -1.8% | 11.2% | 6268.T, AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, SSD, SW.PA, TRTN | Concentration, international, small cap, technology, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early adoption stages. Commercial revenue projections over next five years could be overblown despite the hype. Questions whether AI winners of today will be winners of tomorrow, noting historical precedent of leadership changes. | ROG.SW CDW ARHI |
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| 2023 Q2 | Jun 30, 2023 | FMI International Equity | -7.4% | 2.7% | AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, ROG.SW, SSD, SW.PA, TRTN | AI, Concentration, growth, international, small caps, technology, valuation, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early stages of adoption with overblown commercial revenue projections. The manager notes heavy technology investment in entertainment rather than productivity-enhancing applications, questioning whether AI will change the productivity trajectory. | ROG.SW CDW ARHI |
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| 2023 Q2 | Jun 30, 2023 | FMI Large Cap Equity | -4.0% | 10.5% | AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, ROG.SW, SSD, SW.PA, TRTN | AI, Concentration, growth, international, small caps, technology, Valuations, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early adoption stages. Commercial revenue projections over next five years could be overblown despite the hype. Questions whether AI winners of today will be winners of tomorrow. | ROG.SW CDW ARHI |
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| 2023 Q2 | Jun 30, 2023 | FMI Small Cap Equity | -0.8% | 10.7% | 6268.T, AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, SSD, SW.PA, TRTN | AI, Concentration, Europe, growth, small caps, technology, Valuations, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early adoption stages. Commercial revenue projections over next five years could be overblown despite the hype. The manager questions whether current AI winners will be tomorrow's winners, citing historical precedent. | ROG.SW CDW ARHI |
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| 2023 Q1 | Mar 31, 2023 | Coho Relative Value Equity | 0.0% | 6.1% | ABC, DG, GWW, LOW, MCHP, MDLZ, ROST, SYY, UNH, UPS | dividends, healthcare, Quality, technology, value | View | ||
| 2023 Q1 | Mar 31, 2023 | FMI International Equity | -7.4% | 2.7% | BJ, BKNG, BMEB.PA, CSL, DG, FBIN, GOOGL, HOWG.L, NSIT, PLXS, PRI, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION | Banking, growth, Housing, international, Quality, Travel, value | The firm discusses the global banking crisis including failures of Silicon Valley Bank, Signature Bank, and Silvergate Capital, along with Credit Suisse's rescue. They maintain positions in Zions Bancorporation and Charles Schwab despite volatility, believing both have sticky deposit bases and conservative balance sheets. The crisis highlights banking sector fragility and will likely lead to lower profitability and multiples going forward. | BKNG AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ AAPL|MSFT|NFLX|NVDA|UNH SCHW ZBRA |
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| 2023 Q1 | Mar 31, 2023 | FMI Large Cap Equity | -4.0% | 10.5% | BJ, BKNG, BME.L, CSL, DG, FBIN, GOOGL, HWDN.L, INSG, PLXS, PRI, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION | Banking, Housing, international, Quality, technology, value | The banking crisis highlighted the fragility of the sector, with three bank failures including Silicon Valley Bank. FMI maintains selective exposure to high-quality banks with sticky deposit bases like Zions and Schwab, viewing recent declines as overly punitive and adding to positions. | BKNG AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ AAPL|MSFT|NFLX|NVDA|UNH SCHW ZBRA |
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| 2023 Q1 | Mar 31, 2023 | FMI Small Cap Equity | -0.8% | 10.7% | BJ, BKNG, BME.L, CSL, D05.SI, DG, FBIN, GOOGL, HWDN.L, LLOY.L, NSIT, PLXS, PRI, ROG.SW, RXL.PA, SCHW, SKX, SLB, SONY, SW.PA, ULVR.L, UNH, ZION | Banking, contrarian, Crisis, Housing, international, Quality, value | The firm discusses the global banking crisis of Q1 2023, including failures of Silicon Valley Bank, Signature Bank, and Silvergate Capital. They maintain selective exposure to banks with sticky deposit bases like Zions and Schwab, viewing recent declines as overly punitive given their conservative balance sheets and quality management teams. | BKNG AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ AAPL|MSFT|NFLX|NVDA|UNH SCHW ZBRA |
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| 2023 Q4 | Feb 23, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | AAPL, ABT, AMZN, BAX, CAG, COR, CVS, DG, DIS, GOOGL, MCHP, MDT, META, MMC, MSFT, NKE, NVDA, SJM, TMO, TSLA | AI, Consumer Staples, GLP1, healthcare, Quality, technology, Valuations, value | AI euphoria following ChatGPT release drove Information Technology sector returns over 40% in 2023. The excitement surrounding AI potential caused investors to ignore typical inverse correlation between rates and P/E multiples. AI-related stocks dominated market performance but created narrow market breadth. | View | |
| 2023 Q4 | 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 21, 2025 | Semper Augustus | - | 7.0% | AAPL, AMZN, BRK-A, COST, DG, DLTR, FIVE, GOOGL, MCO, META, MSFT, NVDA, SBUX, TSLA | AI, Berkshire, Buybacks, Concentration, inflation, Secular Peak, value | Portfolio trades at 10.3x earnings versus S&P 500's 25.2x multiple, representing significant undervaluation. Manager emphasizes buying businesses at discounts to intrinsic value with dual margins of safety in price and business quality. | View | |
| 2023 Q4 | Jan 14, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | 005930.KS, ACGL, ARW, BJ, BME.L, CARR, DG, G, HSIC, KMX, MAS, MU, RHI, RYAAY, SAP, SCHW, SKX, SLB, SSD, UL | Concentration, Debt, international, Quality, small cap, technology, Valuations, value | FMI emphasizes value investing discipline amid speculative market behavior. The firm focuses on quality businesses trading at discount valuations with solid management teams and balance sheets, contrasting with expensive growth stocks that dominated 2023 performance. | DGE.L CARR BJ |
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| 2023 Q4 | Jan 14, 2024 | FMI International Equity | -7.4% | 2.7% | 005930.KS, ACGL, ARW, BJ, CARR, DG, DGE.L, G, HEI, KMX, MAS, MU, RHI, RYAAY, SAP, SCHW, SKX, SLB, SSD, UL | Concentration, Debt, international, Quality, technology, Travel, value | FMI emphasizes value investing discipline amid elevated U.S. market valuations. The firm focuses on quality businesses trading at discount valuations with solid management teams and balance sheets, particularly in international markets where valuations are more reasonable than U.S. Large Cap. | DGE.L CARR BJ |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Grey Owl Capital | Dollar General Corporation | Consumer Discretionary | General Merchandise Stores | Bull | NYSE | consumer staples, discount retail, inflation hedge, Pricing power, Rural Markets, Tactical Trade, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Spree Capital Advisers | Dollar General Corporation | Consumer Discretionary | General Merchandise Stores | Bull | NYSE | Consumables, defensive, digital commerce, Discount Retailer, Distribution Automation, Margin recovery, Rural Markets, Sku-rationalization, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Heartland Mid Cap Value Fund | Dollar General Corporation | Consumer Staples | General Merchandise Stores | Bear | NYSE | Competitive pressure, discount retail, exit, Low-Income Consumers, margin compression, Rural Markets, Tax Loss Harvesting, Walmart Competition | View Pitch |
| Apr 13, 2026 | Fund Letters | FMI All Cap Equity | Dollar General Corp | Consumer Discretionary | General Merchandise Stores | Bear | NYSE | Consumer Trade-Down, discount retail, exit strategy, Failed Thesis, inflation impact, management issues, Value retail | View Pitch |
| Apr 13, 2026 | Fund Letters | FMI Large Cap Equity | Dollar General Corp | Consumer Discretionary | General Merchandise Stores | Bear | NYSE | Consumer Trade-Down, Defensive Consumer, discount retail, execution risk, inflation impact, management issues, Value retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Matrix Dividend Income | Dollar General Corporation | Consumer Discretionary | General Merchandise Stores | Bull | NYSE | Budget Conscious, convenience stores, defensive, discount retail, Earnings-recovery, Low-Income Consumers, Multi-Year Low, Rural Markets, turnaround, Value retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Matrix Large Cap Value Strategy | Dollar General Corporation | Consumer Discretionary | General Merchandise Stores | Bull | NYSE | defensive, discount retail, Lower Income Consumers, Multi-year Lows, Rural Markets, turnaround, Value retail | View Pitch |
| Jan 27, 2026 | Fund Letters | Mathew Hermary | Dollar General Corporation | Consumer Staples | Discount Stores | Bull | New York Stock Exchange | Discountretail, Margins, recovery, turnaround, valuation | View Pitch |
| Jan 21, 2026 | Fund Letters | Alan Pullen | Dollar General Corporation | Consumer Staples | Consumer Staples Retailing | Bull | New York Stock Exchange | Discountretail, Execution, Margins, turnaround, Value | View Pitch |
| Jan 20, 2026 | Fund Letters | Michael Taylor | Dollar General Corp. | Consumer Staples | Consumer Staples Retailing | Bull | New York Stock Exchange | Consumers, discount retail, Execution, Margins, Value | View Pitch |
| Jan 11, 2026 | Substack | Rijnberk Invest Insights | Dollar General | Retail | Discount Stores | Bull | New York Stock Exchange | convenience, countercyclical, discount retail, Essential Products, Margin recovery, Rural Focus, store expansion, Structural Levers, traffic growth, Value Positioning | View Pitch |
| Jan 9, 2026 | Seeking Alpha | Seeking Alpha | Dollar General Corporation | Retail | Discount Stores | Bull | New York Stock Exchange | asset-light model, competitive edge, consumer environment, discount retail, expansion plans, Free Cash Flow, International Growth, Macro Tailwinds, market share, valuation | View Pitch |
| Jan 8, 2026 | Fund Letters | Daniel L. Babkes | Dollar General Corporation | Consumer Discretionary | General Merchandise Stores | Bull | New York Stock Exchange | discount retail, Inventory Control, Margins, Middle-Income Consumer, Shrink, tariffs, Trade-down | View Pitch |
| Sep 16, 2025 | Short Thesis | Guasty Winds Investment Ideas | Dollar General Corp | Consumer Discretionary | General Merchandise Stores | Bear | NYSE | Competition, inflation, Margins, retail, Shrink | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||