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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q1 | Apr 12, 2023 | Pelican Bay Capital Management | 2.2% | 2.2% | ARKO, BLDR, CBOE, CPRI, CSCO, CVS, EOG, FANG, GOOG, TOL | - | View | ||
| 2022 Q1 | Apr 12, 2022 | Pelican Bay Capital Management | - | - | APAM, ENDP, EOG, NTR, QUAD, TOL, VRNO | - | 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 |
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| 2022 Q3 | Oct 12, 2022 | Pelican Bay Capital Management | -4.7% | -10.7% | ATUS, BLDR, EOG, RSG, VZ | - | View | ||
| 2025 Q4 | Jan 18, 2026 | Davenport Core Leaders Fund | 0.1% | 10.7% | AAPL, ACN, ADBE, AMZN, AVGO, CTAS, EOG, GOOG, ISRG, META, MRVL, MSFT, NOW, NVDA, ROK, SPOT, UBER, UNH, UNP, VRTX | AI, diversification, large cap, Quality, risk management, technology, value | AI and technology stocks led market gains in 2025, with Nvidia up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem, spreading to speculative corners including MEME stocks and unprofitable AI/tech companies. However, there are risks around massive capital outlays for computing power and unclear paths to returns. The market was dominated by momentum-driven stories with little regard for valuation, particularly in AI and tech sectors. 18 of the top 20 performers in the Russell 3000 from April through November were unprofitable companies. Jumping on momentum bandwagons proved more fruitful than having differentiated perspectives or being valuation sensitive. The Fund emphasizes high return businesses with durable competitive advantages and management teams committed to long-term capital allocation. Strategy holdings are positioned to consistently compound intrinsic value across market conditions, staying grounded in business fundamentals rather than short-term market trends. The Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios. | MRVL CTAS GOOG |
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| 2025 Q4 | Jan 18, 2026 | The Davenport Value & Income Fund | 1.5% | 13.7% | ACN, ADBE, ARE, C, CTAS, EOG, FDX, GOOG, HPQ, ISRG, META, MMC, MRVL, MSFT, NOW, NVDA, ORCL, SPOT, UBER, UNP, VRTX | AI, Buybacks, dividends, large cap, technology, value | Technology and AI-related stocks led the charge again in 2025, with tech and communications services sectors advancing 23.83% and 32.47% respectively. AI darling Nvidia was up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem with fervor spreading to speculative corners of the market. In 2025, 36 of the Value & Income Fund's 42 holdings increased their dividends by an average of 7% year-over-year. Companies like McDonald's, Exxon Mobil, Fidelity National Financial, and Becton-Dickinson continued their annual streak of dividend enhancements at 49, 43, 10, and 54 years respectively. In 2025, 30 of the Value & Income Fund's holdings reduced their share count via buybacks by 1.2% on average. Companies are taking advantage of discounted valuations to accelerate buyback pace and return capital to shareholders. The managers focus on stocks that have been cast aside as investors focused elsewhere on momentum plays. They believe the market's sun could shine elsewhere soon and can't stomach the risk associated with many of today's highflyers. Their conservative approach has weighed on relative performance but they've seen this dynamic before. | View | |
| 2023 Q4 | Jan 16, 2024 | Pelican Bay Capital Management | 12.2% | 28.6% | BLDR, EOG, EXPE, NTR CN, ON, PXD | - | View | ||
| 2024 Q1 | Mar 31, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | CNQ, EOG, EWBC | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | Will Riley | EOG Resources Inc. | Energy | Oil & Gas Exploration & Production | Bear | NYSE | capital discipline, cashflow, inflation, oil, Production, Returns, valuation | View Pitch |
| Aug 7, 2025 | Seeking Alpha | The Value Portfolio | EOG Resources, Inc. | Energy | Oil & Gas E&P | 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. | ||||||||