Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Impax US Sustainable Economy Fund | 7.3% | 11.1% | AVGO, ELV, GOOG, INTC, ORCL, PGR | efficiency, Esg, innovation, Resilience, sustainability | Impax focuses on companies positioned to benefit from the transition to a more sustainable economy, emphasizing corporate resilience, resource efficiency, and long-term structural tailwinds. The fund highlights that sustainability-aligned businesses can deliver competitive returns while managing environmental and social risks. Sustainability remains investable as regulation, capital flows, and innovation reinforce these themes. | View | |
| 2025 Q2 | Jul 27, 2025 | Hotchkis & Wiley Global Value Fund | 6.9% | 13.3% | BAB LN, ELV, JPED NA, KHC, NOV, UNH | Balance Sheets, Discipline, free cash flow, valuation, value | The commentary highlights global value opportunities amid market volatility and growth-stock concentration. Attractive valuations, strong balance sheets, and sustainable free cash flow are emphasized as drivers of long-term returns. The manager argues that valuation discipline should benefit as market leadership broadens beyond momentum-driven growth. | View | |
| 2025 Q1 | Mar 31, 2025 | Hotchkis & Wiley Large Cap Fundamental Value | 2.5% | 2.5% | AIG, CVS, ELV, GOOG, MGA, OLN | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Orbis Global Equity | - | - | 402340 KS, ELV, GMAB DC, NVDA | - | View | ||
| 2024 Q1 | Mar 31, 2024 | Orbis Global Equity | - | - | ELV, HUM, UNH | - | View | ||
| 2025 Q4 | Feb 10, 2026 | PRESCIENT GLOBAL FUNDS ICAV – Fairtree Global Equity Fund | 1.7% | - | 6723.T, AAPL, ADP, AMAT, AMZN, BABA, ELV, EVO.ST, FI, GOOGL, HAR.JO, IMP.JO, MC.PA, META, MSFT, NPN.JO, NVDA, PDD, PM, TSM | AI, emerging markets, global, rates, semiconductors, technology | AI-related stocks continued to show strength, with mega-cap technology and AI-related names benefiting early in the quarter. South Korean equities gained from improving sentiment around the global electronics and AI cycle, while semiconductor stocks maintained momentum. Semiconductor stocks performed well, particularly in South Korea where they benefited from improving sentiment around the global electronics and AI cycle. TSMC was a notable contributor to fund performance. The Federal Reserve delivered a further 50bp rate cut over the quarter, lowering the federal funds target range to 3.50%-3.75%. Lower global interest rates supported South African equities and contributed to improving macro conditions. | View | |
| 2024 Q4 | Dec 31, 2024 | Oakmark Fund- International Small Cap | 2.0% | 16.0% | ABNB, CG, CNC, ELV, GEHC, KDP, WFC | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Oakmark Global Select Fund | -5.0% | 4.7% | BAYN GR, COF, DEO, ELV, SCHW | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Oakmark Global Fund | -5.8% | 2.5% | BAYN GR, BDX, COF, DSV CN, ELV, MTN | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Large Cap | -0.1% | 17.5% | CCK, ELV, HEIA NA, KKR, QRVO, RI FP, RTO LN, SW FP, UNH | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Small Cap | -2.5% | 13.6% | 938 GR, EG, ELV, KKR, LYV, MEDP, PGHN SW, QRVO | - | View | ||
| 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 | Hotchkis & Wiley Large Cap Fundamental Value | -0.9% | 12.8% | CVS, ELV, FFIV, GM, OLN, WFC | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Global Value Fund | -3.0% | 9.4% | 005930 KS, CVS, ELV, FFIV, GM, GOOGL | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Impax US Sustainable Economy Fund | -0.8% | 20.4% | DHI, ELV, GILD, HUBS, TEAM, ZTS | - | View | ||
| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments Large Cap Value | - | - | AVGO, CVS, DE, ELV, MCHP, SRE, UNH, V | - | View | ||
| 2023 Q2 | Dec 7, 2023 | Madison Investors Fund | 7.8% | 17.0% | ADI, ALC, CPRT, DHR, ELV, PH | - | View | ||
| 2025 Q3 | Oct 28, 2025 | Hotchkis & Wiley Global Value Fund | 5.3% | 19.2% | CMCSA, ELV, GOOG, JDEP NA, WBD, WPP LN | Cloud Computing, Communication Services, Growth Stocks, semiconductors, tariffs | AI: AI infrastructure spending in semiconductors, hardware, and cloud drove earnings and performance leadership. Trade: Global equities advanced despite tariff risks and policy uncertainty, with volatility rising but North America outperforming. Value: Growth outperformed value amid investor preference for secular visibility and scale. | View | |
| 2025 Q3 | Oct 22, 2025 | First Eagle Global Fund | 8.9% | 24.9% | 7309 JP, CHRW, CMCSA, CRM, ELV, GOOG, ORCL, PM | AI, Cloud, Fiscal Deficit, geopolitics, gold | The Global Fund outperformed its benchmark with gains in gold, AI-driven technology, and Asian equities. Holdings in Oracle, Alphabet, and Alibaba benefited from AI and cloud expansion, while gold exposure provided a hedge against fiscal deficits and currency debasement. Managers stress disciplined capital recycling and valuation awareness amid rising geopolitical and debt risks. | CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL |
View |
| 2025 Q3 | Oct 20, 2025 | Pelican Bay Capital Management | 7.8% | 11.2% | CPAY, ELV, EOG, FIS, GOOG, ODFL, UNH | AI, Freight, gold, Health Insurance, value | Pelican Bay reports strong returns from gold miners and AI-linked technology companies, including Barrick and Micron. The fund initiated new positions in Old Dominion Freight and Elevance Health, emphasizing durable competitive advantages, strong balance sheets, and discounted valuations. Management expects normalization in healthcare margins and sees long-term compounding potential in quality value stocks. | ELV ODFL GOOG MU ELV ODFL MU |
View |
| 2025 Q4 | Jan 30, 2026 | Sequoia Fund | 0.4% | 22.1% | ACN, AHT.L, ALGN, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, JEC, META, MSA, RR.L, SCHW, TSM, UMG.AS, UNH | AI, Concentration, defense, healthcare, long-term, Quality, technology, value | Alphabet released Gemini 3 model that soared to top of AI leaderboards, demonstrating the company's full-stack AI capabilities. Google is successfully integrating AI into Search with AI Overviews and AI Mode, showing increased user satisfaction. Accenture faces questions about whether generative AI might upend the IT services industry, though the company's moats remain intact. UnitedHealth and Elevance faced multi-year fundamental pain from rising healthcare utilization and volatile medical costs. The managed care industry is under-earning across most business lines due to repricing challenges and regulatory constraints. Policy risk has increased with renewed scrutiny of industry business practices including prior authorizations and pharmacy benefit management. Rolls-Royce's Defense segment is benefiting from the new threat environment in Europe and resulting surge in defense spending. The company is the sole producer of nuclear power plants for new Dreadnought-class submarines and is developing systems for the Global Combat Air Programme next-generation stealth fighter. Universal Music Group's paid streaming revenue grew at high-single-digit rates driven entirely by subscriber growth. The company signed new agreements with streaming platforms that include wholesale price step-ups, providing incentive for retail price increases. UMG continues acquiring catalogs in developing markets to secure future growth drivers. MSA Safety benefits from growing focus on safety as regulation and employer behavior trend toward higher standards. The company is transitioning to technology-enabled safety equipment with connected portable gas detectors moving to subscription models. MSA is developing connected SCBA solutions for firefighters that should drive significant revenue growth over 5-10 years. | ELV UNH GOOG RR LN ALGN ACN MSA |
View |
| 2025 Q4 | Jan 30, 2026 | Unison Asset Management | 0.0% | 0.0% | AAPL, AMAT, AXP, BAC, BRK-B, CDW, DE, ELV, GOOGL, JPM, LMT, META, NOC, NU, NVDA, ONON, TSLA, TSM, UNH, WFC | AI, Cloud, Long Term, semiconductors, technology, value | AI continues to assert itself across markets and the real economy in ways that demand to be addressed. The race is for AGI, with wealth accruing to whoever reaches it first. Big Tech's AI spending accounts for roughly 90% of corporate capex and contributes an estimated half of total U.S. GDP growth in 2025. TSMC represents a durable bottleneck in the infrastructure layer—the point of least slack in the global silicon supply chain. All roads lead to TSMC, with approximately 67% share of global foundry revenue and roughly 90% share of leading-edge nodes. Alphabet's cloud business made meaningful progress with revenue expected to reach approximately $57 billion (+32% YoY), while operating profit is projected to nearly double. Revenue backlog is growing faster than reported revenue, underscoring the persistent supply-demand imbalance. By designing proprietary silicon and committing to capital outlays for data centers on a financial scale attainable by only a handful of nation-states, these firms have constructed a physical moat that is, for all practical purposes, unreplicable. On Holding represents a play on the growing scarcity of the real. As digital marketing becomes commoditized and AI floods the world with generic content, value migrates toward physical community and technical prestige. On is selling membership in a curated, physical ecosystem that AI cannot replicate. | AMRZ HOLN SW NU ONON BRK.B TSM GOOGL |
View |
| 2025 Q4 | Jan 29, 2026 | Hotchkis & Wiley Global Value Fund | 3.8% | 23.8% | AIG, BNP.PA, CMCSA, CRM, ELV, ERIC, FFIV, FISV, GEHC, GOOGL, UNH, USB, WBD, WDAY | AI, financials, global, healthcare, software, technology, valuation, value | The portfolio trades at 13x forward earnings and less than 10x normal earnings, representing attractive valuations relative to the broad market. The fund focuses on opportunities outside the Magnificent 7 where overall valuations remain near average despite elevated market multiples. The fund views AI as more likely to be a tailwind for application software vendors like Workday as they incorporate AI-powered features into their software suites. Google delivered strong new AI products that appear to be taking material share of Consumer Chatbot activity from OpenAI's ChatGPT. The fund has significant exposure to cloud-based enterprise software companies like Workday and Salesforce, which provide human capital management, financial management, and analytics solutions. These companies benefit from sticky customer bases and recurring revenue models. | View | |
| 2025 Q4 | Jan 23, 2026 | GreensKeeper Value Fund | 0.0% | 0.0% | ADBE, AXP, BRK-B, CBOE, CFRUY, CHKP, ELV, FISV, GOOG, ICE, ICLR, LULU, MRK, NVO, SPGI, V, VRTX | AI, Concentration, Discipline, financials, Luxury, technology, value | The dominant narrative of 2025 was the market's evolving view of Alphabet's search business in an AI-first world. Alphabet aggressively transformed its research into consumer-ready products, deployed Gemini 3 which led key performance benchmarks, and launched AI Overviews within search. The company's proprietary Tensor Processing Units allowed efficient scaling while avoiding the Nvidia Tax. The fund maintains a disciplined value approach, refusing to abandon discipline simply because the market has become expensive. They deliberately prioritized capital preservation by trimming positions that reached price targets. The manager emphasizes that even wonderful businesses are not worth infinite prices and allocates capital elsewhere when valuations become stretched. Richemont's Jewelry Maisons continued to outperform the broader luxury market with stabilization of the Chinese consumer. The company maintained pricing integrity and brand stewardship, avoiding aggressive price hikes that peers used. This long-term thinking proved superior as luxury peers eroded brand value through discounting while Richemont maintained prestige. | ADBE ICLR NVO LULU FISV CFRUY AXP GOOG |
View |
| 2025 Q4 | Jan 20, 2026 | Meditation Capital | 0.0% | 0.0% | ELV, GTLB, MOH | AI, Health Insurance, Margins, Medicaid, technology, value | Manager outlines framework for AI investing focused on asymmetric risk/reward profiles and avoiding AI losers. Applications have lagged capex but 2026 may see value creation across portfolio. Sold GitLab position due to increased uncertainty from rapid AI coding improvements. Large positions in Elevance Health and Molina Healthcare based on margin normalization thesis after 2025 cost overruns. Health insurers expected to reprice policies to restore normal margins, creating 25-34% IRR opportunities over 4 years. | MOH ELV |
View |
| 2025 Q4 | Jan 20, 2026 | Harding Loevner Global Equity | 1.9% | 12.7% | 0700.HK, 1299.HK, 2308.TW, 300124.SZ, 300760.SZ, 4519.T, 6758.T, 6861.T, ABBV, ACN, ADBE, ALFA.ST, AME, AMZN, APH, ASML, ATCO-A.ST, ATD.TO, ATKR, AVGO, BKNG, CME, COMP.L, CSGP, D05.SI, DE, DHR, DPLM.L, EFX, ELV, EPI-A.ST, FN, GMAB, GOOGL, HDFCBANK.NS, HEI, HLN.L, HON, JNJ, META, MSFT, NFLX, NOC, NVDA, PGR, ROG.SW, SAP, SGSN.SW, SHEL, SLB, SU.PA, TMO, TSM, TTD, TW, V, VRTX, WMMVY | AI, global, international, semiconductors, technology, value | AI represents a capital-expenditure regime with two distinct camps: hyperscalers investing in computing capacity and physical enablers of the buildout. The US market is more dependent on AI continuing to surprise to the upside due to richer valuations and concentrated exposure. Global semiconductor ecosystem enables AI buildout, spanning chip foundries, memory-chip makers, and equipment manufacturers. International markets are more heavily tilted toward this manufacturing and infrastructure provider segment. International markets trade at roughly half the multiples of US stocks, offering more attractive valuations. Non-US markets start from cheaper valuations and possess more diverse growth opportunities unrelated to AI. | GOOG |
View |
| 2025 Q4 | Jan 18, 2026 | Distillate Capital Fundamental Stability & Value | 0.0% | 0.0% | BMY, CAH, CSCO, ELV, FFIV, FI, GPS, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TDC, TEL, TMUS, UBER, VST | free cash flow, fundamentals, international, Quality, rebalancing, small caps, valuation, value | The firm emphasizes systematic value investing through their proprietary free cash flow valuation methodology. They focus on stocks trading at attractive valuations while avoiding richly valued names, with their U.S. FSV strategy trading at more than double the free cash flow yield of the S&P 500. The strategy systematically rotates out of names that have increased in value and reinvests into less expensive stocks. The firm filters for high quality companies with stable cash flows and low debt levels. Their investment process excludes negative free cash flow companies and avoids those with high amounts of leverage while seeking fundamental stability. This quality focus has historically been smart but was a drag on returns in 2025 as unprofitable stocks outperformed significantly. The firm sees significant opportunity in small and mid-sized U.S. stocks, though selectivity is critical given the large number of unprofitable and heavily-indebted companies. Their small/mid strategy filters out negative free cash flow companies and high leverage names. The S&P 600 excludes many troubled names and has considerably outperformed the Russell 2000 over time. | View | |
| 2025 Q4 | Jan 18, 2026 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 0.0% | BMY, CAH, CSCO, ELV, FFIV, FI, GPS, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TDC, TEL, TMUS, UBER, VST | free cash flow, fundamentals, Quality, rebalancing, small cap, valuation, value | The letter extensively discusses valuation concerns across markets, highlighting that U.S. equities are historically expensive and trading at levels typically associated with subdued future returns. The firm's strategies focus on finding attractively valued stocks where quality and value overlap, with their portfolios trading at significant discounts to benchmarks. Quality is a core focus of the firm's investment process, emphasizing cash flow stability and avoiding highly leveraged or unprofitable companies. The letter discusses how their strategies systematically filter out negative free cash flow companies and those with high debt levels while seeking fundamental stability. The letter identifies significant opportunities in small and mid-sized U.S. stocks, noting that avoiding high debt levels and money-losing businesses has historically been smart but was a drag on returns in 2025. The firm sees this as creating attractive entry points for quality small cap investing. | View | |
| 2025 Q4 | Jan 18, 2026 | Distillate Capital Large Cap Value | 0.0% | 8.6% | 000660.KS, 005930.KS, BMY, CAH, CSCO, ELV, FFIV, FI, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TEL, TMUS, UBER, VST | FCF, fundamentals, international, Quality, rebalancing, small caps, valuation, value | U.S. equities are historically expensive by any measure and at levels typically associated with subdued future returns. The S&P 500 is trading near record multiples with just 20 stocks accounting for over 50% of the market at a 120% premium to the rest. Historical analysis shows that rich starting valuations correlate with lower longer-term returns. Despite rich overall market valuations, many high quality stocks remain attractively valued. The firm's large cap strategy trades at a free cash flow yield more than double the S&P 500 and 60% above Russell 1000 Value. Value stocks significantly outperformed after the 2000 tech bubble when similar valuation disparities existed. Significant opportunities exist in smaller stocks where avoiding high debt levels and money-losing businesses has historically been smart but was an enormous drag on returns in 2025. Negative free cash flow stocks comprised 35% of Russell 2000 and rose 67% on average, demonstrating unusual market conditions. | View | |
| 2025 Q4 | Jan 15, 2026 | Baillie Gifford – International Alpha | -1.7% | 17.5% | ADYEY, AMZN, APP, CRH, DASH, ELV, ENSG, FTAI, GOOGL, MA, META, MLM, MSCI, MSFT, NFLX, NVDA, RPRX, RYAAY, SCI, TSM | AI, global, growth, long-term, Quality, technology | AI spending and capabilities remain central to investment thesis across multiple holdings. Meta's elevated AI expenditure in 2026 creates execution risk but unlocks growth levers across its user base. Tencent's AI talent and research investments position it uniquely to leverage AI across gaming, advertising, and payments platforms. TSMC maintains dominant position capturing 70% of global foundry revenues with supply agreements across all key chip designers. Kokusai Electric benefits from recovery in memory markets and growing importance of batch ALD machines in AI memory chip manufacturing. Semiconductor cycle showing strength from Chinese and Korean manufacturers. Factory automation represents long-term structural growth opportunity. Keyence leads in sensors and machine-vision systems with 80% margins supported by direct sales model. Structural trends include rising automation, reshoring, and growing complexity in electric vehicle manufacturing providing long runway for growth. Sea's Shopee marketplace investing in service quality and faster shipping while expanding in Malaysia and Thailand to capture market share. Auto1 consolidating position as Europe's leading used car marketplace with 3% market share and growing direct-to-consumer Autohero brand providing margin expansion opportunity. | IOT QXO GAW AG1 GR AUTO LN TSM 6525 JP DG META SE |
View |
| 2024 Q4 | Jan 12, 2025 | GreensKeeper Value Fund | - | 23.6% | CSCO, ELV, HSY, LULU, MA, MC FP, MSTR, NKE, SHVA IT, V | - | View | ||
| 2022 Q3 | Sep 30, 2022 | Artisan Focus Fund | 7.0% | 28.7% | ELV, UNH | - | View | ||
| 2022 Q3 | Sep 11, 2022 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | APP, ARES, ELV, NVDA | - | View | ||
| 2022 Q4 | Aug 2, 2023 | Sequoia Strategy | 7.1% | 20.8% | BATRA, CACC, CSU CN, ELV, ERF FP, GOOG, ICE, SCHW, UMG, UNH | - | View | ||
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMZN, CWK, ELV, G, MSFT, TDG | - | View | ||
| 2024 Q2 | Jul 19, 2024 | GreensKeeper Value Fund | 4.7% | 16.7% | BRK/B, ELV, GOOG, HSY, V, VRTX | - | View | ||
| 2023 Q3 | Apr 10, 2023 | Vltava Fund | 0.0% | 0.0% | ELV, FTRE, HUM, WTW | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Madison Investors Fund | -0.9% | -0.9% | ACGL, ACN, ELV, FI, GOOG, PGR, USB | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | Fund Letters | Arman Gokgol-Kline | Elevance Health, Inc. | Health Care | Managed Health Care | Bull | New York Stock Exchange | Margins, Medicaid, Policy, recovery, Utilization | View Pitch |
| Jan 23, 2026 | Fund Letters | Timothy Liu | Elevance Health, Inc. | Health Care | Managed Health Care | Bull | New York Stock Exchange | buybacks, Managedcare, Marginrecovery, Repricing, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Julien Albertini | Elevance Health | Health Care | Managed Health Care | Bull | NYSE | buybacks, guidance, managed care, Margins, Medicaid, Pricing, Utilization | View Pitch |
| Nov 29, 2025 | Fund Letters | Tyler Hardt | Elevance Health Inc. | Health Care | Managed Health Care | Bull | NYSE | buybacks, Eps recovery, health insurance, Medicare, Pbm, ROIC, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | Julien Albertini | Elevance Health | Health Care | Managed Health Care | Bull | NYSE | buybacks, guidance, managed care, Margins, Medicaid, Pricing, Utilization | View Pitch |
| Nov 28, 2025 | Fund Letters | Tyler Hardt | Elevance Health Inc. | Health Care | Managed Health Care | Bull | NYSE | buybacks, Eps recovery, health insurance, Medicare, Pbm, ROIC, valuation | View Pitch |
| Nov 10, 2025 | Seeking Alpha | Seeking Alpha | Elevance Health, Inc. | Healthcare Plans | Neutral | earnings, Elevance Health, healthcare, managed care, Margins, Medicaid, premiums, Regulatory, service utilization, US market | View Pitch | ||
| Nov 10, 2025 | Seeking Alpha | Seeking Alpha | Elevance Health, Inc. | Healthcare Plans | Neutral | earnings decline, Elevance Health, Healthcare services, industry challenges, long-term demand, managed care, Medicaid coverage, operational management, profitability, regulatory changes | View Pitch | ||
| Aug 7, 2025 | Seeking Alpha | Michael B Howard | Elevance Health | Health Care | Healthcare Plans | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Substack | Waterboy Investing | Elevance Health Inc. | Health Care | Healthcare Plans | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||