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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 4, 2025 | Broyhill Asset Management | 3.7% | 6.6% | AVTR, DLTR, FI, IQV, PM, SCHW | dispersion, Mean reversion, small caps, stock picking, valuation gaps | The commentary emphasizes record valuation dispersion and fading market leadership as fertile ground for active stock pickers. Smaller and mid-sized companies trading at discounts to fundamentals are highlighted as key opportunities. Dispersion is positioned as a catalyst for mean reversion and long-term outperformance. | View | |
| 2024 Q3 | Sep 30, 2024 | Latitude Global Fund | - | - | DLTR, IBKR, MCK, RYA ID, TSCO | Airlines, banks, defensives, healthcare, Rotation | The manager discusses active rotation enabled by volatility, replacing maturing winners with new long-term compounders like Ryanair, Cencora, and UnitedHealth. Market dislocations create entry points into durable franchises with strong balance sheets and long track records of capital allocation. Rotation remains a powerful source of value as fundamentals, sentiment, and sector leadership evolve. | View | |
| 2023 Q2 | Jul 25, 2023 | Ironvine Capital Partners, LLC | - | 14.4% | ADBE, DLTR, HEI, ODFL, UNH | - | View | ||
| 2022 Q2 | Jul 21, 2022 | Kovitz Core Equity Strategy | -18.5% | -22.5% | ADI, ANET, C, CHTR, CVET, DLTR, ICE, KMX, PCAR, PWR | - | View | ||
| 2023 Q2 | Jul 17, 2023 | Kovitz Core Equity Strategy | 8.4% | 18.3% | AAPL, DGE LN, DLTR, GDDY, JPM, MSI, SCHW | - | View | ||
| 2025 Q2 | Jun 30, 2025 | Latitude Global Fund | - | - | AZO, DEO, DLTR | CashFlow, consumer, drawdowns, retail, value | The manager emphasizes disciplined buy-and-wait investing, showcasing cases where deep drawdowns created long-horizon value opportunities. Businesses like AutoZone, Dollar Tree, and Diageo illustrate how sentiment overshoots can disconnect price from intrinsic quality and cash-flow durability. Value remains compelling when market narratives diverge from long-term fundamentals. | View | |
| 2024 Q1 | May 2, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, BN, CSL, DLTR | - | View | ||
| 2025 Q1 | May 14, 2025 | Broyhill Asset Management | 2.8% | 2.8% | 7974 JP, AVTR, BAX, DLTR, FUN, PM, UBER | - | View | ||
| 2022 Q1 | Apr 22, 2022 | Ironvine Capital Partners, LLC | -7.2% | -7.2% | CHTR, CMCSA, DLTR | - | View | ||
| 2025 Q4 | Feb 12, 2026 | Broyhill Asset Management | 0.0% | 0.0% | AVTR, BAX, DLTR, FI, FUN, IQV, PM, RKT.L, TMO, WOSG.L | AI, Concentration, defensives, Europe, fundamentals, momentum, Speculation, value | The AI capital cycle has created extreme market concentration and speculative momentum, with AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. The manager views this as a bubble similar to historical infrastructure buildouts like railroads and electricity, where early investors suffered catastrophic losses while benefits ultimately accrued to users rather than producers. Current AI capex spending approaches 2.1% of GDP, nearing levels that coincided with previous market peaks. Value stocks are trading at some of the widest discounts on record, with the portfolio positioned in businesses trading at substantial discounts to normalized earnings power. The manager believes this disconnect reflects pessimism and exhaustion rather than permanent impairment, creating an extremely promising starting point for long-term outperformance as fundamentals reassert themselves. Momentum has been the single defining force across equity markets, with performance increasingly driven by narratives rather than fundamentals. The current cycle has been one for the record books, with the two years leading up to 2025 being the second strongest on record for momentum after the dot-com era. The manager expects mean reversion to eventually favor value strategies. Global defensive sectors have fallen to their lowest weighting since 2000, trading at discounts to both the market and their own histories amid deteriorating sentiment and unusually high short interest. These sectors offer significant upside potential and provide defense, as companies selling basic necessities tend to shine when the rest of the market is in trouble. | RKT LN WOSG LN FUN AVTR FISV DLTR IQV PM |
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| 2025 Q4 | Feb 11, 2026 | Latitude Global Fund | 0.0% | 21.0% | AI.PA, ASSA-B.ST, AZO, COR, DEO, DG.PA, DLTR, EIF.PA, GOOGL, ICE, JPM, MCK, RPRX, RYA.L, SHEL, TSCO.L, UNH, V | AI, Buybacks, Europe, growth, healthcare, infrastructure, retail, value | Lower-income Americans continue to feel the squeeze, and local stores like Dollar Tree present unbeatable value and convenience. Their investments in merchandising and distribution are key competitive advantages in a world of tariffs and potential inflation. The company's prospects are bright, especially if we do ever see a rise in unemployment, which tends to benefit discount stores. Healthcare stocks have broadly underperformed the market since the election of President Trump, due to a plethora of regulatory, pricing and tariff risks. However, the distribution model has proven its strong resilience, with companies having meaningfully reduced their dependence on drug pricing. They are in effect a toll road on the US healthcare system and the opposite of economic rent-seeking businesses. Covid, somewhat ironically given the cancellation of so many flights, impacted the industry positively, as around 10% of aircraft were withdrawn from the market due to bankruptcies. Moreover, post-Covid supply chain shocks at Boeing and Airbus mean that the fleet is not going to be replaced any time soon. Ryanair's cost advantage almost doubled from levels in 2019. Google would be best positioned in an AI world, given its vertically integrated model and its pedigree in AI. The AI revenue model is clearly highly uncertain and far from guaranteed, but the likely attributes of winners in this space are data, processing power and distribution. Google dominates all three. Investing in physical assets in a world with an infrastructure deficit, and the potential resurgence of inflation, is very appealing. The requirement for renewed infrastructure investment in Europe is in the early stages, and competition will remain low giving both Vinci and Eiffage a meaningful competitive advantage. Combining low valuations and high cash conversion, our companies will generate around a 7% of their market cap in free cash flow. We expect them to pay an average dividend of 2.6% and are committed to share buybacks of around the same level. This is a 5% annual tailwind to the portfolio's fundamental growth outlook over the coming years. | ICE JPM GOOGL RYAAY RPRX MCK AZO DLTR |
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| 2024 Q4 | Dec 31, 2024 | Madison Investors Fund | -0.4% | 16.4% | ACGL, ALC, CPRT, DLTR, ELV, GOOG, PH | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Latitude Global Fund | - | - | AI FP, AZO, BP, COR, DEO, DG FP, DLTR, FGR FP, GOOG, HEIA NA, JPM, KO, MCK, RYA ID, SONY, TSCO, TXN, UEEC, ULVR LN, V, WEC | compounders, Macro, Resilience, Rotation, volatility | Dislocations driven by shifting global policy, sector rotations, and episodic volatility created opportunities to upgrade the portfolio into long-duration compounders. The manager emphasizes disciplined capital allocation amid uncertainty, focusing on resilient franchises with pricing power. Macro dispersion continues to shape relative value and entry points across global equities. | View | |
| 2024 Q3 | Oct 17, 2024 | Kovitz Core Equity Strategy | 6.9% | 28.7% | AAPL, ADI, AMAT, AXP, BRK/A, DLTR, FI, GM, HAS, J, JPM, KEYS, MSI, PCAR, SCHW, SPOT, UNH | - | View | ||
| 2023 Q3 | Oct 15, 2023 | Madison Investors Fund | 7.8% | 17.0% | A, ACGL, ADBE, DLTR, J, TEL, TXN | - | View | ||
| 2023 Q3 | Oct 15, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | CDW, DLTR, KMX, MKSI | - | View | ||
| 2025 Q4 | Jan 21, 2026 | Meridian Contrarian Fund | 2.2% | 0.0% | AMD, AMSC, ATZ.TO, AXS, CACI, CCK, DLTR, FCNCA, HNST, LASR, MIR, NVST, PENG, TCBI | AI, contrarian, defense, energy, semiconductors, small cap, turnaround, value | The fund continues to see long runways supporting artificial intelligence as a core theme. AI-related earnings drove early-period performance in the quarter. AMD made progress establishing its GPU servers as a viable alternative to Nvidia's offerings in the AI space. AMD emerged from underperformance with competitive technology positioning against Intel and Nvidia. The company's GPU servers are establishing viability as alternatives to Nvidia in AI applications. Technology leadership is generating market share gains and improved profits. Defense represents one of the portfolio's core themes with long runways for growth. The fund holds positions in defense-related companies including those serving naval programs and defense electronics applications. Electric grid upgrades represent a significant growth driver for portfolio companies. American Superconductor is positioned to benefit from demand for electric grid infrastructure improvements and expanding power transmission needs. The portfolio benefits from electrification and power themes as core investment areas. Companies are positioned to capitalize on rising power demand, wind power expansion, and infrastructure investment in the energy transition. | AMD ATZ CN DLTR HNST AMSC PENG |
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| 2023 Q4 | Jan 16, 2024 | Kovitz Core Equity Strategy | 10.4% | 26.8% | AAPL, ADSK, BDX, DGE LN, DLTR, GIL, GM, GOOG, LOW, PCAR | - | View | ||
| 2025 Q4 | Jan 13, 2026 | Voya MidCap Opportunities Strategy | - | - | DLTR, DOCS, FIX, NTRA, RBLX, VERA | AI, consumer, growth, healthcare, industrials, mid cap, technology | AI remained a dominant theme with strong headlines around innovation and elevated capital investment by major technology firms. Increased spending on AI infrastructure and adoption trends reinforced optimism about its role as a key driver of future growth. AI-driven innovation is supporting the broadening of market leadership beyond mega-cap growth. Comfort Systems USA benefited from robust demand for data centers and AI-related infrastructure, with the company reporting stronger-than-expected revenue driven by this demand. | View | |
| 2024 Q3 | Sep 30, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | BRO, DLTR, FND, GGG, LAD, LBRDA, MC, MCHP, PCAR | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Madison Investors Fund | 7.8% | 17.0% | BAM, CLOV, CPRT, DLTR, GOOG, KEYS, LOW, PCAR, SCHW | - | View | ||
| 2024 Q2 | Jul 17, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | BF/B, DLTR, TDY, THO | - | View | ||
| 2024 Q2 | Jul 17, 2024 | Madison Investors Fund | 7.8% | 17.0% | ADI, ARCH, DE, DLTR, GOOG, LOW, PCAR, PH, TJX | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Freddie Lait | Dollar Tree, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | consumer, discount, divestiture, retail, Trade-down | View Pitch |
| Feb 21, 2026 | Fund Letters | Christopher R. Pavese | Dollar Tree, Inc. | Consumer Discretionary | Discount Stores | Bull | NASDAQ | discount, Margins, Normalization, tariffs, turnaround | View Pitch |
| Jan 24, 2026 | Fund Letters | James England | Dollar Tree, Inc. | Consumer Discretionary | Discount Retail | Bull | NASDAQ | Discountretail, Margins, tariffs, turnaround, Value | 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. | ||||||||