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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | May 14, 2024 | Maran Capital Management | 1.0% | 9.0% | APG, CLAR, CTT.LS, DK, SLGD, VTY.L | Buybacks, Europe, growth, small caps, special situations, value | Manager emphasizes owning cheap stocks as hedge against market sell-offs. Portfolio companies may not screen cheap on trailing earnings due to various changes, but believes holdings are universally undervalued using correct methodologies including normalized earnings power, private market value, and asset value. | VTY.L CTT.LS CLAR APG |
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| 2023 Q1 | Apr 28, 2023 | Maran Capital Management | 1.0% | 9.0% | APG, CDRE, CTT.LS, DK, DKL, RNGR, VTY.L | catalysts, energy, small caps, special situations, value | Ranger Energy Services provides onshore domestic oil services helping E&Ps service their wells once drilled. The company is well-run, unlevered, and should stay busy as long as oil stays above $50-60/barrel. Trading at attractive valuations with strong free cash flow generation and share buyback potential. | RNGR ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2025 Q1 | Mar 31, 2025 | Heartland Value Fund | -5.6% | -5.6% | CMCO, DK, NGD.TO, PCH | energy, gold, Industrial, small caps, Trade Policy, value | Holdings trading at just 10 times earnings for next 12 months, representing 10% earnings yield. Focus on attractively priced, well-managed businesses with sound finances using 10 Principles of Value Investing. Uncertainty creates fear and lower stock prices, providing opportunities for patient, disciplined value investors. | NGD.TO PCH CMCO |
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| 2024 Q4 | Jan 13, 2025 | Heartland Value Fund | 2.0% | 15.7% | AAPL, AMZN, DK, GOOGL, HSIC, PDCO, SEE, TSLA, XRAY | active management, contrarian, materials, Refiners, small caps, value | The fund focuses on attractively priced, well-managed businesses guided by their 10 Principles of Value Investing. They seek companies with earnings yields approaching 8% or more based on low price/earnings ratios. The manager believes value investing will outperform in the current environment where valuation is being ignored. | XRAY PDCO DK SEE |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Heartland Value Fund | Delek US Holdings, Inc. | Energy | Oil & Gas Refining & Marketing | Bull | NYSE | Cyclical Recovery, energy, insider buying, refining, Share Buyback, Sum-of-parts, Trucking, Value | View Pitch |
| Oct 6, 2025 | Value Investors Club | Mustang | Delek US Holdings Inc | Energy | Oil & Gas Refining & Marketing | — | NYSE | Refining, Logistics, Spin-off, MLP, Cost cuts, Upside | 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. | ||||||||