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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 26, 2026 | Davis Opportunity Fund | 0.0% | 22.0% | AMAT, AMZN, COF, CTRA, CVS, DGX, GOOGL, META, MKL, SOLV, TECK, UNH, USB, VTRS, WCC | active management, energy, financials, healthcare, Outperformance, selectivity, technology, valuation | Davis advocates for active management over passive indexing given stretched valuations in major indexes. They believe active managers can be selective at the security level and maintain rational diversification, contrasting with passive indexes where weightings are determined by share price momentum. The fund was opportunistic in healthcare throughout 2025, investing decisively in managed care insurers when operating costs surged unexpectedly. They believe these businesses traded at low multiples on depressed earnings with good recovery potential, as small margin improvements can translate into large percentage increases in earnings power. Holdings span social media, online search, cloud computing and e-commerce including select Magnificent 7 positions. They also own semiconductor companies at reasonable valuations, including picks and shovels businesses like Applied Materials with strong competitive positions and long track records of value creation. The portfolio looks different from major passive indexes in financials. Capital One Financial is a core holding with strong consumer finance, deposit-rich banking, and payment processing capabilities. It trades at only 13-14 times forward earnings despite attractive economics and is the fifth-largest holder of AI-related patents among major US companies. The fund owns stakes in energy and commodities companies that they have been quietly building. Coterra represents their energy business holdings, while Teck Resources reflects interest in select commodities like copper that serve as critical inputs to the electrification trend. | WCC COF UNH |
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| 2025 Q4 | Jan 14, 2026 | Riverwater Sustainable Value Strategy | 0.0% | 0.0% | ADEA, CIEN, CNK, DGX, EXEL, HAE, JLL, LMNR, LOPE, MDU, SNV, TGLS | AI, Banking, Quality, semiconductors, small caps, technology, value | The manager emphasizes focus on quality factors including profitability, strong returns on capital, solid balance sheets, and attractive valuations. Notes this has been one of the most challenging environments for quality-focused investors, with quality factors underperforming similar to the internet bubble period of 1999-2000. Strategy focuses on identifying high-quality companies at reasonable valuations. The manager notes periods favoring low-quality assets typically last only a few quarters and expects quality will ultimately reassert itself. The strategy targets small-cap equities with the Russell 2500 Value Index as benchmark. Manager is increasingly constructive on small-cap equities broadly for 2026, expecting a rotation back toward fundamentals with quality small-cap stocks outperforming lower-quality peers. CIEN benefited from AI datacenter network deployment as networking became a key bottleneck for deploying AI widely. ADEA's media IP portfolio includes AI technologies and computer vision capabilities. | MRX CNK ADEA SNV LMNR LOPE CIEN HAE |
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| 2024 Q2 | Jun 30, 2024 | FMI All Cap Equity | -1.8% | 11.2% | DGX, HSIC | - | View | ||
| 2024 Q2 | Jun 30, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | DGX | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Oct 6, 2025 | Value Investors Club | cuyler1903 | Quest Diagnostics Inc. | Health Care | Health Care Services | — | NYSE | diagnostics, healthcare services, LabCorp, duopoly, chronic disease, obesity, diabetes, early detection, long-term compounder | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Albert Anthony | Quest Diagnostics | Health Care | Diagnostics & Research | 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 |
|---|---|---|---|---|---|---|---|---|
| Eli Casdin | Casdin Capital | $1.6B | $8.7M | 0.54% | 50,000 | +50,000 | +100.00% | 0.0383% |
| Chris Davis | Davis Selected Advisers | $22.2B | $275.9M | 1.24% | 1,589,883 | -1,133,341 | -41.62% | 1.2168% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $532,390 | 0.00% | 3,068 | -26,300 | -88.26% | 0.0023% |
| Steven Halverson | Private Capital Management | $1.0B | $1.5M | 0.14% | 8,700 | +300 | +3.57% | 0.0067% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $17.4M | 0.02% | 100,301 | +100,301 | +100.00% | 0.0768% |
| Lee Ainslie | Maverick Capital | $9.3B | $4.1M | 0.04% | 23,895 | +5,717 | +31.45% | 0.0183% |
| Ray Dalio | Bridgewater Associates | $27.4B | $610,479 | 0.00% | 3,518 | -2,128 | -37.69% | 0.0027% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $294,133 | 0.00% | 1,695 | -219,808 | -99.23% | 0.0013% |
| Israel Englander | Millennium Management LLC | $233.2B | $8.4M | 0.00% | 48,416 | -136,200 | -72.60% | 0.0371% |
| Jeremy Grantham | GMO LLC | $39.1B | $315.1M | 0.81% | 1,816,060 | +69,660 | +3.99% | 1.3899% |
| Murray Stahl | Horizon Kinetics | $7.4B | $520,590 | 0.01% | 3,000 | -2,100 | -41.18% | 0.0023% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $8.3M | 0.01% | 47,984 | +47,984 | +100.00% | 0.0367% |
| Cliff Asness | AQR Capital Management | $190.6B | $11.7M | 0.01% | 67,217 | +17,149 | +34.25% | 0.0514% |
| Bruce Kovner | Caxton Associates | $3.2B | $375,641 | 0.01% | 2,490 | +2,490 | +100.00% | 0.0017% |
| James E. Flynn | Deerfield Management | $6.9B | $3.2M | 0.05% | 18,392 | +18,392 | +100.00% | 0.0141% |
| Rich Handler | Jefferies | $19.3B | $7.1M | 0.04% | 41,119 | +19,683 | +91.82% | 0.0315% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $355,216 | 0.00% | 2,047 | -763 | -27.15% | 0.0016% |