DHI

DHI

DHI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q4	Dec 31, 2024	Parnassus Core Equity Fund	0.3%	18.5%	AMZN, AVGO, BAC, BALL, CI, CME, CRM, DE, DHI, FERG, FI, INTL, KLAC, LIN, LLY, MDLZ, O, ORCL, SYY, VRTX, WDAY	-			View
2024 Q4	Dec 31, 2024	Parnassus Value Equity Fund	-1.5%	12.0%	ABNB, ALGN, AMAT, AMZN, AVGO, AZN, BALL, BAX, BIIB, BK, DHI, DIS, FIS, GOOG, GPN, INTL, MU, NICE, NTR, NVO, ORCL, PGR, SCHW, TSM, V	-			View
2024 Q4	Dec 31, 2024	Impax US Sustainable Economy Fund	-0.8%	20.4%	DHI, ELV, GILD, HUBS, TEAM, ZTS	-			View
2025 Q3	Oct 9, 2025	Heartland Mid Cap Value Fund	1.6%	2.1%	CNC, DHI, LRCX	Artificial Intelligence, Housing, Quality, semiconductors, Value Investing	The Heartland Mid Cap Value Fund lagged benchmarks as investors chased AI and speculative growth, while fundamentals-driven names lagged. The team remains focused on valuation discipline and quality amid rate and employment uncertainty. Strong performers included D.R. Horton and Lam Research, while Centene detracted; the fund stresses long-term fundamentals over short-term momentum.	LRCX DHI	View
2024 Q3	Oct 28, 2024	Parnassus Core Equity Fund	5.5%	18.2%	ADBE, AMAT, AMZN, CHTR, DHI, GOOG, ICE, INTC, MU, O, SHW, SNPS, SYK, WM	-			View
2024 Q3	Oct 28, 2024	Parnassus Value Equity Fund	7.3%	13.7%	AMZN, AXP, BIIB, BK, CBRE, CHTR, DHI, GOOG, INTC, MU, ORCL, PGR, SCHW, UNH	-			View
2025 Q3	Oct 24, 2025	Meridian Hedged Equity Fund	1.6%	-	DHI, FIGR, ICE, JNJ, KVUE, LBRDK	AI, Covered Calls, downside protection, interest rates, Quality	The fund combines unhedged quality longs with a systematic covered-call overlay to dampen volatility and protect downside while still participating in upside. Management sees AI enthusiasm, policy easing, and softening labor trends as key market drivers, but stresses valuation discipline and risk management. Positioning remained ~38% unhedged with the balance in covered calls to balance growth and protection.	JNJ DHI ICE KVUE LBRDK JNJ DHI ICE KVUE LBRDK	View
2025 Q3	Oct 15, 2025	Parnassus Value Equity Fund	7.5%	-	ABNB, ABT, BALL, BK, CMI, DE, DHI, HD, NICE, NVO, ORCL, SPGI, SYK, TSM, WDC	Artificial Intelligence, Health Care, Medical Devices, Rate Cuts, Value Investing	Parnassus outperformed its benchmark as AI-related holdings such as Oracle and TSMC boosted returns. The fund trimmed IT exposure after strong gains, reallocating into healthcare names like Abbott and Stryker to capture durable medical device growth. Management expects value stocks to outperform amid declining rates, stable growth, and rich overall market valuations.		View
Q4 2025	Jan 23, 2026	Baron Real Estate Fund	-1.4%	4.9%	AMH, AMT, BX, CSGP, DHI, FBIN, GDS, GMG.AX, H, HLT, IRM, JLL, PLD, RKT, SKY, TMHC, TREX, VNO, VTR, WELL	Commercial, Data centers, Housing, Industrial, real estate, REITs, Travel	Fund invests in leading commercial real estate services companies CBRE, JLL, and Cushman & Wakefield that benefit from outsourcing trends, institutionalization of commercial real estate, and market share opportunities in a fragmented industry. These companies are expected to generate 15%+ annual earnings growth as commercial real estate sales and leasing activity rebounds. Multi-year setup for data centers is as strong as ever with expanding demand from cloud computing, IT outsourcing, and AI workloads from Magnificent 7 companies. New supply is constrained due to elevated construction costs and power constraints while rents are rising. Fund owns Equinix, Digital Realty Trust, GDS Holdings, and Goodman as multi-year beneficiaries. Travel companies benefit from favorable shift in consumer preferences away from goods spending to prioritizing travel experiences. Fund owns best-in-class hotel companies Hilton and Hyatt which should continue benefiting from these secular trends including flexible work arrangements allowing more travel and cyclically depressed business activity creating opportunities. Despite near-term housing market challenges from affordability issues and buyer/seller strikes, there is structural underinvestment in housing relative to demographic needs. US builds same number of homes today as 1960 despite 160 million more people. Fund sees long-term bullish opportunity in companies like Toll Brothers and Champion Homes as housing market rebounds. Industrial real estate benefits from multi-year demand drivers including e-commerce growth, last mile infrastructure needs, onshoring trends, and shift from just-in-time to just-in-case inventory management. AI's physical manifestation through robotics and automation will require more industrial facilities. Fund owns Prologis, EastGroup Properties, and Terreno Realty.	IRM VTR WELL FBIN SKY CSGP H PLD JLL	View
2025 Q4	Jan 22, 2026	Third Avenue Real Estate Value Fund	-1.8%	11.3%	AMH, BKG.L, BRK-A, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WY	Commercial, Homebuilders, real estate, REIT, Residential, value	Fund maintains significant exposure to commercial real estate platforms including real estate services, asset management, industrial and logistics properties, and self-storage facilities. These holdings represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate with structural demand drivers and limited maintenance capital expenditure requirements. Fund holds positions in major U.S. homebuilders including Lennar Corp., D.R. Horton, PulteGroup, and Champion Homes. These companies are supported by near-record low levels of for-sale inventories, near-record high demand for affordable product, and industry dynamics favoring scaled players over time. Fund focuses on well-capitalized enterprises with discounted securities trading at more than a 20% discount to estimated Net Asset Value at year-end. The strategy targets strategic real estate at value prices with prospects to compound capital over time. Multiple portfolio companies engaged in share repurchase activities during the quarter, including Lennar Corp. completing an exchange offer that effectively acted as an accelerated share repurchase program, exchanging Millrose Properties shares for 5% of its outstanding A shares.	DBK GR BIRG ID 2330 TT HBR LN CS CN LUN CN HCC	View
2025 Q4	Jan 21, 2026	Smead Value Fund	0.3%	5.1%	AMGN, APA, AXP, CVE, DHI, EBAY, FANG, HD, LEN, MAC, MRK, OXY, SPG, UHAL	contrarian, energy, healthcare, Homebuilders, long-term, Market Extremes, S&P 500, value	The fund maintains a concentrated value approach designed to maximize long-term returns. The managers position themselves as contrarians, being greedy when others are fearful and fearful when others are greedy. They believe deeply out of favor parts of the index like healthcare, energy and homebuilders could receive money coming out of growth stocks. Higher rates have continued to weigh on the homebuilder space as well as an increase in inventory. The fund regards homebuilders' capacity to maintain construction activity throughout the cycle as a key competitive strength, with less resilient competitors likely to exit the market during prolonged cyclical downturns.		View
2025 Q4	Jan 21, 2026	Meridian Hedged Equity Fund	0.1%	0.0%	ABNB, AMZN, CB, DHI, DHR, DKNG, GEO, LNG, LW, LYV, MGM, MTCH, VST, YOU	energy, gaming, Hedged Equity, Homebuilders, Options, Travel, value	The fund holds positions in gaming companies including MGM Resorts International and DraftKings. MGM benefited from record results in Macau properties and BetMGM achieving profitability. DraftKings faced near-term pressures from earnings shortfalls and competitive pressures but maintains long-term earnings potential. The fund maintains exposure to energy companies including Vistra Corp and Cheniere Energy. Vistra is positioned to benefit from surging electricity demand driven by data centers and electrification trends, operating attractive nuclear and natural gas generation assets in tight power markets. The fund has exposure to travel-related companies including MGM Resorts and Clear Secure. Clear Secure provides biometric identity solutions for travelers and benefited from robust travel demand and operational efficiency during the quarter. The fund holds D.R. Horton as a top position, representing exposure to the homebuilding sector. The company is positioned in the residential construction market.	YOU DHR MGM VST DKNG LW	View
2022 Q2	Jun 30, 2022	Third Avenue Real Estate Value Fund	15.7%	0.0%	CBRE, DHI	-			View
2025 Q1	Apr 14, 2025	Smead Value Fund	-3.1%	-3.1%	DHI, EBAY, SPG	-			View
2025 Q1	Apr 14, 2025	Parnassus Core Equity Fund	-2.4%	-2.4%	AMD, AMZN, AVGO, AZO, BRO, CI, CRM, DE, DHI, ICE, MAR, SNPS, VZ, WM	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Nov 29, 2025	Fund Letters	Bill Smead	D.R. Horton Inc.	Consumer Discretionary	Homebuilding	Bull	NYSE	construction, growth, Housing, Real Estate, Value	View Pitch
Nov 29, 2025	Fund Letters	Clayton Freeman	D.R. Horton Inc.	Consumer Discretionary	Homebuilding	Bull	NYSE	affordability, buybacks, homebuilding, Margins, ROIC, Sunbelt demand	View Pitch
Nov 29, 2025	Fund Letters	Colin McWey	D.R. Horton, Inc.	Consumer Discretionary	Homebuilding	Bull	NYSE	affordability, Book Value, buybacks, homebuilding, Orders, ROIC, scale	View Pitch
Nov 29, 2025	Fund Letters	Clayton Freeman	D.R. Horton Inc.	Consumer Discretionary	Homebuilding	Bull	NYSE	affordability, buybacks, homebuilding, Margins, ROIC, Sunbelt demand	View Pitch
Oct 2, 2025	Seeking Alpha	Seeking Alpha	D.R. Horton, Inc.		Residential Construction	Bull		affordable housing, D.R. Horton, economic recovery, homebuilding, housing demand, interest rate cuts, market outperformance, mortgage rates, subprime risk	View Pitch

BSD Shareholders of DHI

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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