DHI

DHI

DHI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 7, 2025	Meridian Hedged Equity Fund	4.9%	-	ABNB, CVX, DHI, DHR, GEO, GFL, HUN, ICE, JPM, KVUE, MGM, MSFT, V, VST, YOU	energy, Hedged Equity, Options, Quality, risk management, technology, value	The fund benefits from AI-driven electricity demand through Vistra Corp, which is positioned to capitalize on surging power needs from AI data centers. Microsoft's AI monetization potential through OpenAI integration also contributed to performance.	HUN CVX KVUE MGM MSFT VST MGM MSFT VST	View
2025 Q2	Aug 7, 2025	Robotti Value Investors	-	-	AMC, BBBY, BLDR, DHI, GME, PHM, TDW	Buybacks, cash flow, fundamentals, private equity, public markets, value, volatility	Manager emphasizes disciplined value investing based on company fundamentals and valuation as a reliable compass for long-term success. Focuses on buying cash flows at discounted prices and trusting that fundamental value will eventually be recognized by the market.	BLDR TDW IFP CN	View
2025 Q2	Jul 22, 2025	Third Avenue Real Estate Value Fund	6.8%	6.4%	AMH, BAM, BN, CBRE, DHI, FMCC, FNMA, FPH, FR, GRI.L, JLL, JM.SI, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WCC, WY	GSEs, Industrial, Manufacturing, Onshoring, real estate, REITs, Residential, value	Supply chain disruptions from Covid-19 have accelerated efforts to reshore critical industries including defense, pharmaceuticals, semiconductors, and materials. U.S. manufacturing investment has increased three-fold over five years to $230 billion annually, with nearly $2 trillion of reshoring initiatives announced since 2023.	J36.SI SKY WCC PLD JAR LN SKY WCC PLD	View
2025 Q2	Jul 15, 2025	Smead Value Fund	-2.4%	-5.4%	AMGN, AXP, BRK-A, CSCO, CVE, DHI, DVN, EBAY, INTC, JPM, LEN, MAC, MRK, MSFT, NVR, OXY, SPG	energy, Homebuilders, Long Term, underperformance, value	The fund positions itself as a value-oriented strategy, drawing parallels to Warren Buffett's underperformance during the dot-com bubble. The managers emphasize their focus on neglected companies while money flows into popular growth stocks and the Magnificent Seven.		View
2025 Q2	Jul 11, 2025	Heartland Mid Cap Value Fund	-0.2%	0.5%	CNC, DHI, LRCX	AI, cyclicals, fundamentals, Homebuilders, mid cap, Quality, semiconductors, value	The market's ongoing fixation with AI and growing optimism surrounding the AI boom have helped power large- and mid-cap growth stocks to new highs regardless of business model quality or valuation. The managers believe AI is a disruptive technology, but many current perceived winners could fail to live up to the hype, similar to other disruptive technologies like the internal combustion engine and the internet.	CNC LRCX DHI HUBB EG	View
2024 Q1	May 7, 2024	Third Avenue Real Estate Value Fund	15.7%	0.0%	AMH, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, GRI.L, JLL, LEN, LOW, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY	active management, Data centers, Homebuilders, real estate, REITs, value	AI and LLM advancements are driving enormous capital requirements for data center buildout and colossal power needs. Data center demand expected to increase 10% annually through 2030, requiring 18 Gigawatts of incremental power. Fund avoids direct data center REIT exposure due to supply concerns and low free cash flow yields of 2.5%.		View
2024 Q1	Apr 30, 2024	Smead Value Fund	5.1%	11.1%	AMGN, APA, AXP, DHI, JPM, LEN, MAC, MRK, OVV, OXY, SPG, UHAL, WBD	energy, Euphoria, Homebuilders, large cap, Psychology, value	The fund focuses on investing at much lower P/E multiples in industries that have avoided euphoria. They believe caution is warranted when euphoric greed is dominant in the stock market, making this a good reason to fear stock market failure and seek value opportunities.		View
2024 Q1	Apr 15, 2024	Meridian Hedged Equity Fund	6.2%	0.0%	AMZN, CHTR, DHI, LBRDK, LYV, MGM, MSFT, NVDA, QCOM, RIVN, SBH, VST, YOU, ZM	energy, Hedging, large cap, Quality, risk management, technology	AI demand is driving strong performance for companies like Nvidia, whose GPUs have become industry standard for training large language models. The growing adoption of AI across enterprises and sovereign nations is expected to sustain growth in data center business. Amazon is also investing in AI and machine learning advancements.	AMZN NVDA VST RIVN LBRDA SBH	View
2025 Q1	Mar 31, 2025	Meridian Hedged Equity Fund	-0.2%	-0.2%	ABNB, ACVA, AMZN, DHI, DHR, GEO, GFL, ICE, LYV, MGM, V, YOU	Hedging, Options, Quality, tariffs, value, volatility	The first quarter witnessed marked shift in market volatility dynamics with VIX experiencing significant escalation from mid-February through March end. Higher volatility was driven by rising policy uncertainty from the new U.S. administration, specifically concerning aggressive tariff implementations. During periods of heightened uncertainty, investors are willing to pay more for options protection, potentially benefiting covered call writers.	AMZN ACVA MGM GEO V ICE	View
2024 Q4	Feb 10, 2025	Meridian Hedged Equity Fund	0.1%	13.1%	ABNB, AMT, AMZN, BABA, COTY, DHI, DHR, GEO, LYV, MGM, QCOM, V, VST, YOU	downside protection, Hedged Equity, large cap, Options, Quality, risk management	Amazon demonstrates strong positioning in digital commerce and cloud computing with secular growth drivers. The company delivered strong third-quarter results exceeding expectations despite mixed macro signals. Multiple value creation drivers include retail margin expansion, continued cloud growth, and scaling of high-margin businesses.	VST AMZN V COTY DHR AMT	View
2024 Q4	Dec 31, 2024	Third Avenue Real Estate Value Fund	0.4%	14.1%	1113.HK, AC.PA, AMH, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FPH, FR, JLL, LEN, PLD, RYN, SGRO.L, SUI, UHAL, WCC, WY	Commercial, Homebuilders, NAV, rates, real estate, REITs, Uk, value	Fund maintains significant exposure to commercial real estate through REITs and operating companies focused on industrial, logistics, self-storage, and real estate services. Holdings include platforms like Big Yellow self-storage, Prologis industrial, and CBRE services that benefit from structural demand drivers and limited maintenance capex requirements.	AC.PA BYG.L BKG.L	View
2024 Q4	Dec 31, 2024	Prosper Global Macro	0.6%	4.0%	ADBE, AM.PA, C, CBK.DE, DHI, DIS, FCX, GOOGL, MUFG, NFLX, V	Europe, inflation, Macro, Multi-Asset, oil, technology, value	The strategy is over-allocating to value equities which have been out of favour in recent months. The strategy owns equities which are trading 20% below the market estimated P/E ratio, but the market has rotated away from this type of stock.		View
2024 Q4	Dec 31, 2024	Parnassus Core Equity Fund	0.3%	18.5%	AMZN, AVGO, BAC, BALL, CI, CME, CRM, DE, DHI, FERG, FI, INTC, KLAC, LIN, LLY, O, ORCL, SYY, VRTX, WDAY	Cloud, Esg, healthcare, large cap, materials, Pharmaceuticals, technology, value	AI remained a dominant theme throughout 2024, with companies like Oracle gaining market share in cloud-based training of generative AI models and Broadcom benefiting from AI chip sales. The fund expects the path and continuation of frontier AI model scaling to be a notable driver of investment returns in 2025, along with greater AI usage and workflow integration across consumer and enterprise businesses.	VRTX KLAC WDAY LLY FERG	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, GOOGL, GPN, INTC, MU, NICE, ORCL, PGR, SCHW, TSM	AI, financials, healthcare, large cap, semiconductors, technology, value	The fund benefited from AI-driven performance in holdings like Broadcom, which achieved record revenues from AI projects and custom chips for AI infrastructure. Oracle gained market share in cloud-based training of generative AI models through strategic partnerships. Applied Materials was added as a leading supplier of wafer fabrication equipment critical for AI semiconductor manufacturing.	V AMAT NVO AZN ABNB	View
2024 Q4	Dec 31, 2024	Impax US Sustainable Economy Fund	-0.8%	20.4%	AAPL, AMZN, APD, AVGO, DHI, ELV, GILD, GOOGL, HIG, HUBS, LII, MA, MSFT, NVDA, PGR, TEAM, TSLA, UNP, V, ZTS	AI, Biotechnology, Energy Efficiency, Esg, healthcare, large cap, sustainability, technology	The portfolio's energy efficiency tilt detracted from performance as Energy Efficiency-related companies lagged the market while Energy stocks outperformed. The fund maintains allocations to energy efficiency solutions as part of its sustainable economy focus.		View
2025 Q3	Nov 3, 2025	Fairtree Global Equity Fund	8.9%	-	005930.KS, AAPL, AMZN, BABA, BRK-B, CNC, CROX, DHI, EVO.ST, FI, GOOGL, JD, KO, ORCL, V, WKL, ZTS	AI, China, Dollar, emerging markets, global, policy, semiconductors, technology	China rose 20.7% for the quarter, extending its rally on continued policy support particularly targeted at technology and property sectors. The government's ongoing push to expand domestic chip production by 2026 and maintain the US-China trade truce further bolstered investor confidence and lifted export-driven and tech-related equities.	FISV CROX CNC AAPL BABA GOOG	View
2025 Q3	Oct 9, 2025	Heartland Mid Cap Value Fund	1.6%	2.1%	CNC, DHI, LRCX	AI, healthcare, Homebuilders, mid cap, Recession, semiconductors, Unemployment, value	Growing optimism surrounding the AI boom and corresponding surge in electricity demand have helped power large- and mid-cap growth stocks to new highs regardless of business model quality or valuation. The manager believes AI is disruptive technology but many current perceived winners could fail to live up to the hype, similar to other disruptive technologies like the internal combustion engine and internet.	LRCX DHI	View
2024 Q3	Oct 28, 2024	Parnassus Core Equity Fund	5.5%	18.2%	ADBE, AMAT, AMZN, BALL, CHTR, CRM, DE, DHI, GOOGL, ICE, INTC, MA, MSFT, MU, NVDA, O, SHW, SNPS, SYK, WM	AI, financials, large cap, materials, Quality, semiconductors, technology	The fund maintains exposure to companies benefiting from the shift away from legacy computing infrastructure to AI infrastructure, including accelerated and cloud computing, semiconductors, software and other companies benefiting from these capabilities. They have a portfolio theme around companies with hyperscale exposure and are monitoring for overinvestment and excessive valuations.		View
2024 Q3	Oct 28, 2024	Parnassus Value Equity Fund	7.3%	13.7%	AMZN, AXP, BAC, BALL, BIIB, BK, CBRE, CHTR, DE, DHI, GOOGL, INTC, MU, ORCL, PGR, SCHW, SPGI, SYY, UNH, VZ	financials, healthcare, large cap, rates, technology, value	The fund pursues strong risk-adjusted returns by owning a concentrated portfolio of U.S. large cap stocks that are temporarily out of favor relative to their history or peers. Recent additions of UnitedHealth Group and Amazon exemplify purchasing high-quality businesses at discounted valuations during temporary issues.	AMZN UNH	View
2023 Q3	Oct 25, 2023	Third Avenue Real Estate Value Fund	15.7%	0.0%	0004.HK, 1113.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FR, GRI.L, INA.AX, INVH, JLL, LEN, LOW, NSA, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY	Cap Rates, Commercial Property, interest rates, NAV, real estate, REITs, Residential, value	Fund maintains 31% allocation to commercial real estate enterprises focused on secular trends including industrial properties, self-storage facilities, and last-mile fulfillment. Holdings include companies capitalizing on structural changes driving demand for these property types.	BYG.L SUI	View
2025 Q3	Oct 24, 2025	Meridian Hedged Equity Fund	1.6%	-	ABNB, CHTR, DHI, DHR, GEO, GFL, ICE, JNJ, KVUE, LBRDA, LNG, LYV, META, MGM, MTCH, ORCL, YOU	AI, healthcare, Hedged Equity, inflation, Options, technology, value	The AI narrative dominated equity performance with solid results from Oracle and massive infrastructure commitments from OpenAI and Meta fueling momentum. Markets demonstrated comfort with extended monetization horizons, valuing AI's disruptive capacity above traditional financial metrics. Valuations across AI-related technology appear elevated by historical standards.	JNJ DHI ICE KVUE LBRDK JNJ DHI ICE KVUE LBRDK	View
2025 Q3	Oct 21, 2025	Third Avenue Real Estate Value Fund	6.7%	-	AC.PA, AMH, BKG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FR, JLL, LEN, PHM, PLD, RYN, SUI, SVS.L, UHAL, UTG.L, WY	Commercial, global, Homebuilders, Mortgage, real estate, REITs, Residential, value	Fund holds 27.5% in North American commercial real estate companies including CBRE Group, JLL, Brookfield Corp, Prologis, First Industrial, Wesco, and U-Haul Holdings. These represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate that favor long-term investors with structural demand drivers, limited maintenance capex, and prospects to self-finance accretive reinvestment. Commercial banks are estimated to be lending significantly less to commercial real estate, with current pace at less than half of the previous 10-year average.	UTG CHMP ACCOR UTG CHMP AC ROG BOISE DBK OR HBR LUN CS	View
2025 Q3	Oct 19, 2025	Smead International Value Fund	9.1%	28.5%	AMGN, APA, AXP, BAWG.VI, BMPS.MI, CVE.TO, DHI, FRO, LEN, MAC, MEG.TO, MRK, NVR, PNDORA.CO, SCR.TO, SPG, UCG.MI, UMG.AS, WFG.TO	Banking, energy, Europe, Mergers, oil, Scale, value	The fund owns MEG Energy which has been subject to a bidding war between Cenovus Energy and Strathcona Resources. Cenovus expects $400 million in annual cost savings from combining with MEG, representing about 45% of MEG's market cap. The oil business is seeing significant value creation through mergers and acquisitions as companies seek to scale operations.	UCG MEG SCR CVE	View
2025 Q3	Oct 19, 2025	Smead Value Fund	10.7%	4.7%	AMGN, APA, AXP, CACC, COP, CSCO, CVE, DHI, FANG, INTC, LEN, MAC, MRK, MSFT, NVR, OXY, SPG, TGT, UHAL, UNH	AI, commodities, energy, Homebuilders, technology, value	Energy positions delivered meaningful contributions despite WTI crude oil averaging around $65 per barrel. At current levels near $60 WTI, few bullish factors are reflected in market pricing while companies make disciplined acquisitions and maintain strong balance sheets.	MRK SPG DHI APA	View
2023 Q3	Oct 16, 2023	Smead Value Fund	5.1%	11.1%	AMGN, AXP, BAC, COP, DHI, LEN, MRK, NVR, OVV, OXY, PFE, PXD, SPG, TGT, UHAL, XOM	Bear Market, commodities, Financial Euphoria, Homebuilders, Millennials, oil, value	The fund sees a once-in-a-lifetime opportunity in oil and gas shares, believing they are in the early stages of a commodity super-cycle. Oil and gas stocks have dramatically underperformed the price of oil this year, creating an excellent short-term buying opportunity. The fund expects consolidation in the industry with 40% of existing companies potentially merging into larger entities within 10 years.		View
2025 Q3	Oct 15, 2025	Parnassus Value Equity Fund	7.5%	-	ABNB, ABT, BAC, BALL, BK, CBRE, CMI, DE, DHI, GOOGL, HD, JPM, MA, NICE, NVO, ORCL, SPGI, SYK, TSM, WDC	AI, financials, healthcare, large cap, Quality, technology, value	The AI megatrend is fueling demand for high-capacity, cost-effective storage and driving positive sentiment toward IT holdings. Oracle continues to benefit from the AI megatrend with accelerating cloud growth, while Taiwan Semiconductor Manufacturing Company benefits from growing demand for AI chips.		View
2024 Q3	Oct 15, 2024	Smead Value Fund	5.1%	11.1%	AMGN, APA, AXP, BAC, DHI, LEN, MAC, MRK, NVR, OVV, OXY, SPG, WBD	commodities, contrarian, Euphoria, Homebuilders, oil, value	Home builders continued to show they are meeting an economic need and aren't the heavily cyclical companies they were in the past. D.R. Horton, Lennar and NVR rose sharply as the Federal Reserve cut interest rates.		View
2025 Q4	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
2024 Q3	Sep 30, 2024	Third Avenue Real Estate Value Fund	15.7%	0.0%	AMH, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, LOW, PLD, RYN, SGRO.L, SUI, SVS.L, UHAL, WCC, WY	Commercial real estate, Homebuilders, Hotels, Housing, real estate, REITs, value	Fund holds major homebuilders like Lennar and D.R. Horton positioned to benefit from persistent housing supply deficits and consolidation trends. Large publicly traded builders have increased market share to 55% from 40% five years ago by focusing on attainable housing and offering rate buydowns through captive mortgage subsidiaries.	WCC AC.PA	View
2024 Q3	Sep 30, 2024	Meridian Hedged Equity Fund	6.2%	0.0%	ABNB, AMZN, BABA, DHI, ICE, MGM, MSFT, PGNY, QCOM, SBH, V, VST, YOU	Beauty, Casinos, energy, Hedged Equity, Options, risk management, technology, Travel	Vistra Corp performed well due to tightening energy markets, strengthened pricing in forward-year energy contracts, and rising demand from data centers, electric vehicles, and manufacturing reshoring. These factors create a favorable pricing environment for Vistra's generation fleet, especially nuclear and gas assets.	AMZN MGM PGNY YOU SBH VST	View
2024 Q2	Jul 31, 2024	Ariel Global Fund	6.9%	0.0%	ALL, BG.VI, CS.PA, CVS, DHI, EMAAR.DU, IFX.DE, INTC, LEN, NTAP, STLA, TSM, VT	AI, financials, global, Homebuilders, insurance, semiconductors, technology, value	AI investment boom driving significant demand for semiconductor hardware. Apple's announcement on Apple Intelligence kickstarted an Edge AI race which will likely drive greater than expected semiconductor growth in smartphones. TSMC benefits from dominant position in relevant chip manufacturing and packaging for AI applications.	STLA CVS INTC ACKB BB TSM NTAP	View
2024 Q2	Jul 19, 2024	Third Avenue Real Estate Value Fund	15.7%	0.0%	1CKH.HK, 4WH.HK, AMH, BAM, BKG.L, BYG.L, CBRE, DHI, FMCC, FNMA, FR, GRI.L, JLL, LEN, LOW, PLD, SEGRO.L, SUI, SVS.L, WCC	Commercial, Data centers, Grid Upgrade, infrastructure, real estate, REITs, Residential, value	Fund has approximately 30% of capital invested in companies with ties to the data center value chain, including leasing powered shells, realizing higher-and-better use opportunities by repositioning land for data center development, and providing energy and logistics services. The rapid adoption of AI and accelerated build out of energy-intensive data centers is driving demand for electrical grid infrastructure.	PLD WCC	View
2024 Q2	Jul 15, 2024	Smead Value Fund	5.1%	11.1%	AMGN, APA, AXP, BAC, DHI, JPM, LEN, MAC, MRK, OVV, OXY, QCOM, SPG, WBD	Concentration, energy, Euphoria, financials, Homebuilders, value	The fund maintains its value discipline and eight criteria despite underperformance against popular growth stocks. The manager expects to be well rewarded when the current euphoria episode ends, as has happened following other difficult popular markets.		View
2024 Q2	Jun 30, 2024	Meridian Hedged Equity Fund	6.2%	0.0%	AMZN, BABA, DHI, DIS, LSXMK, LYV, MGM, MSFT, QCOM, RIVN, SBH, USB, V, VST, YOU	Covered Calls, Hedging, large cap, Quality, risk management, technology, value	Strong earnings from large-cap technology companies, particularly AI-related names, drove major index returns higher in the quarter. Vistra Corp was identified as a likely beneficiary of the projected growth of power-hungry data centers, spurred by the rise of generative AI. Amazon's cloud-computing revenue growth accelerated, driven by the ramp of generative AI workloads.	AMZN RIVN VST USB DIS LSXMK	View
2022 Q2	Jun 30, 2022	Third Avenue Real Estate Value Fund	15.7%	0.0%	CBRE, DHI	-			View
2023 Q1	Apr 15, 2023	Blue Tower Asset Management	8.8%	0.0%	DHI, LEN, SCHW	Banking, Crisis, Homebuilders, rates, Russia, value	The 2023 banking crisis created opportunities as banks face liquidity pressures from inverted yield curves and unrealized losses on held-to-maturity securities. The Federal Reserve's Bank Term Funding Program helps banks avoid forced liquidations of underwater securities.	SCHW	View
2025 Q1	Apr 14, 2025	Smead Value Fund	-3.1%	-3.1%	AMGN, APA, AXP, DHI, DVN, EBAY, LEN, MAC, MRK, NVR, OVV, OXY, SPG, TGT	energy, Homebuilders, Overvaluation, Quality, REITs, Scarcity, value	The fund emphasizes buying quality, well-selected common stocks at attractive valuations during a period when stocks are historically overpriced and overly popular. The manager believes investors are expecting what worked for the last ten years will work for the next ten years, creating opportunities for value-oriented approaches.		View
2025 Q1	Apr 14, 2025	Parnassus Core Equity Fund	-2.4%	-2.4%	AMD, AMZN, AZO, BCOM, BRO, CI, CRM, DE, DHI, GOOGL, ICE, MA, MAR, MSFT, NOW, NVDA, O, SNPS, VZ, WM	AI, Defensive, financials, industrials, large cap, Quality, semiconductors	The portfolio maintains positioning in AI beneficiaries including hyperscalers, semiconductor companies, and software companies that are building the computing foundation of the future. The fund added AMD and ServiceNow during the quarter to strengthen its AI theme exposure. Despite near-term volatility, the managers remain optimistic about long-term opportunities in AI infrastructure providers.		View
2025 Q1	Mar 31, 2025	Prosper Global Macro	1.0%	1.0%	6501.T, 8306.T, ADBE, AM.PA, ANF, BN.PA, C, CBZ.DE, DHI, FNV, GOOGL, IAG.L, KGC, KOG.OL, LLY, NFLX, ROG.SW, RR.L	defense, gold, inflation, Multi-Asset, tariffs, TIPS, Trade Policy	Trump's tariffs of 25% on imports from Mexico and Canada, plus hikes on Chinese goods, triggered fears of trade war, recession, and stagflation. The manager views these tariffs as a strategy to create leverage for better trade balances, expecting volatility but anticipating rollback on many tariffs during April following concessions.		View
2025 Q1	Mar 31, 2025	Third Avenue Real Estate Value Fund	-0.5%	-0.5%	4.HK, AMH, BAM, BN, CBRE, DHI, FMCC, FNF, FNMA, FPH, GRI.L, INA.AX, JLL, LEN, PHM, RYN, SUI, SVS.L, UTG.L, WY	Commercial, demographics, Homebuilders, Mortgage, real estate, Student Housing, value	Fund initiated position in PulteGroup, recognizing demographic tailwinds from millennials entering prime home-buying years. Large-scale builders like Pulte, Lennar, and D.R. Horton have evolved to more defensive business models with land options versus ownership, strengthened balance sheets with net cash positions, and gained significant market share. These companies are positioned to maintain profitability and sustain share repurchases despite near-term headwinds.	UTG.L PHM	View
2023 Q4	Jan 31, 2024	Third Avenue Real Estate Value Fund	15.7%	0.0%	1113.HK, 4.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FRT, GRI.L, ING.AX, IVT, JLL, LEN, LOW, NSA, PLD, RYN, SGRO.L, SUI, SVS.L, TPHS, UHAL, WY	Commercial, Homebuilders, interest rates, real estate, REITs, Residential, value	Fund has 33% invested in commercial real estate enterprises focused on secular trends including industrial properties, self-storage, and last-mile fulfillment. Holdings include companies capitalizing on structural demand changes and urban densification.		View
2023 Q4	Jan 16, 2024	Smead Value Fund	5.1%	11.1%	APA, AXP, BAC, COP, DHI, DVN, FITB, HD, JPM, LEN, MAC, MTB, NVR, OVV, OXY, PFE, SPG, TGT, UHAL, WAL	banks, consumer, energy, Homebuilders, inflation, value	Home builders were weighed down by rapidly rising mortgage rates and recessionary fears that reemerged fears of a 2008-like housing crisis. The fund focused on supply demand dynamics rather than emotional fears and was handsomely rewarded with strong performance from D.R. Horton, Lennar, and NVR.		View
2024 Q4	Jan 14, 2025	Smead Value Fund	-5.7%	4.8%	AMGN, APA, AXP, BAC, DHI, JPM, LEN, MAC, MRK, NVR, OVV, OXY, SPG	AI, banks, contrarian, energy, Euphoria, Housing, REITs, value	The fund practices contrarian value investing, with their portfolio trading at 13-times earnings versus 22.75-times on the S&P 500. They believe the market will eventually reestablish reasonableness and favor their undervalued positions over the current growth momentum.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Heartland Mid Cap Value Fund	D.R. Horton	Consumer Discretionary	Homebuilding	Bull	NYSE	capital allocation, deep value, Entry-level Housing, homebuilder, Manufacturing Model, ROE, Scale Advantages, share repurchases, Speculative Inventory	View Pitch
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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