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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 21, 2025 | AMG Frontier Small Cap Growth | 13.9% | -2.5% | AMTM, ATI, DAR, EXP, FTAI, GVA, INDI, LTH, MAT, ODD, PGY, SAIA, SANM, SIMO, STRL | AI, growth, infrastructure, Logistics, semiconductors, small cap, technology | Several semiconductor positions are experiencing recovery after multi-year inventory drawdown from Covid supply chain issues. Silicon Motion is positioned to gain market share with next-generation PCIe Gen 5 technology and new data center design wins with NVIDIA. indie Semiconductor is capitalizing on automotive driver assistance launches starting in second half 2025. | LTH SAIA ODD STRL INDI SIMO ATI PGY SAIA ODD STRL LTH INDI SIMO ATI PGY |
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| 2025 Q2 | Jul 25, 2025 | Bretton Fund | 2.7% | - | AXP, AZO, BAC, BRK.A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | fundamentals, healthcare, insurance, technology, value | UnitedHealth Group faced severe challenges with Medicare Advantage patients consuming far more healthcare than expected, particularly public employee retirees, and OptumHealth division enrollees from exited plans requiring more care than anticipated. The company revised earnings guidance down significantly and management was replaced, but the stock now trades at attractive valuations around 10 times earnings. | UNH |
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| 2025 Q2 | Jul 21, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | AAPL, ABBV, AMAT, APH, AVGO, BRO, DT, EXP, FI, FIX, INTU, JBL, KKR, MSFT, NTNX, QCOM, TMO | AI, Data centers, growth, large cap, semiconductors, tariffs, technology, volatility | Broadcom benefited from continued investor enthusiasm for companies with exposure to artificial intelligence, growing its hyperscale and connectivity product portfolios with increasing revenue exposure to faster growing AI applications. Amphenol was driven by strong momentum for its AI and data center connector products. Dynatrace was added as a new position, believed to benefit from the shift to cloud computing and growth in artificial intelligence, having utilized AI in observability for over a decade and positioned to benefit from the growth of agentic AI. | DT APH FIX AVGO DT TMO FI AAPL FIX AVGO |
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| 2025 Q2 | Jul 19, 2025 | Appalaches Capital | 7.4% | 6.9% | ACGL, ASML, AZO, CNI, CSX, EFX, EXP, GOOG, LRCX, MLM, SGOV, VMC | Barriers, Building Materials, durability, Quality, Railroads, semiconductors, Trade Policy, value | Manager discusses how tariff threats caused market panic in Q2, leading to 20%+ drawdowns in some indices. While tariffs were subsequently reduced or delayed, the threat remains though investors seem less reactive now. Trade policy uncertainty continues to affect businesses assessing supply chain impacts. | EXP ASML US LRCX US EXP US |
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| 2023 Q2 | Jul 18, 2023 | Artemis US Select Fund | 10.4% | - | AMZN, AVTR, BLDR, CEG, CPRT, CSX, DXCM, EXP, MCK, MCO, META, NVDA, ORCL, VMC | AI, Cloud, earnings, Housing, infrastructure, Recovery, technology | Technology holdings including Amazon, Meta Platforms, Oracle and Nvidia all contributed to performance. Meta Platforms reported strong results driven by artificial intelligence applications in their advertising business. Nvidia was purchased ahead of their blowout earnings when they provided specific guidance on AI business size. | DXCM ALTG|AREN|CVGI|PBPB|QBTS|QMCO|SCOR|TURN CSX VMC BLDR EXP ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AMZN |
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| 2025 Q2 | Jul 15, 2025 | Madison Small Cap Fund | 4.3% | -5.0% | CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC | aerospace, AI, Construction, Quality, small caps, Speculation, value | AI continues to be the dominant theme driving Russell 2000 performance, with broad-based fear among investors that AI could pose an existential threat to software business models. The manager believes these fears are vastly overblown, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. | CRL EXP HXL |
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| 2024 Q2 | Jul 10, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AER, AMZN, BKNG, CRH, DHR, EXP, GOOGL, HCA, ICE, MA, MSFT, NRP, NVDA, UNH, V | Aircraft Leasing, Global Equities, infrastructure, interest rates, Market Concentration, Quality, technology, value | AerCap represents a compelling opportunity in aircraft leasing, trading at 8x P/E and 1x understated tangible book value. The industry benefits from structural aircraft shortages due to Boeing and Airbus production issues, while travel demand has recovered above pre-COVID levels. AerCap's scale and diversification provide competitive advantages in financing, purchasing, and risk management. | AER |
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| 2025 Q1 | May 22, 2025 | Artemis US Select Fund | -14.7% | -14.7% | AAPL, ALL, AVTR, CTVA, EXP, FI, GOOGL, GS, KO, PCG, SAIA, VMC, WST | AI, Data centers, healthcare, industrials, tariffs, technology, Trade Policy, value | Trump's tariff announcements are creating significant market uncertainty and forcing portfolio repositioning. The managers believe tariffs are likely permanent as a revenue generation mechanism for tax cuts, leading them to reduce exposure to companies sensitive to trade disruptions. | View | |
| 2024 Q1 | Apr 25, 2024 | Artemis US Select Fund | - | - | AAPL, ALL, CEG, CNM, EXP, HUM, META, NSC, NVDA, PCG, SAIA, TFII, WDC, ZTS | AI, industrials, infrastructure, Outperformance, stock selection, technology, Transportation | Meta leveraged its AI Research SuperCluster to regain advertising targeting ability after Apple's privacy changes, supporting ad revenue recovery. AI integration within Meta's advertising business has been a key driver of performance. | CNM ALL NSC META AAPL |
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| 2026 Q1 | Apr 21, 2026 | Bretton Fund | -9.1% | -9.1% | AXP, AZO, BAC, BRK/B, DFH, EXP, GOOGL, MA, MCO, MSFT, NVR, ROST, SPGI, TJX, UNH, V | AI, Concentration, infrastructure, payments, technology, value | AXP |
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| 2024 Q1 | Apr 15, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AAPL, AMZN, BKNG, CRH, EXP, GOOGL, GPK, HCA, ICE, MA, META, MSFT, NRP, NVDA, TSLA, UNH | AI, global, healthcare, inflation, materials, Quality, rates, technology | Core U.S. inflation remains above the Federal Reserve's 2% target, slowing the trend toward rate cuts. The manager notes inflation has been coming down but remains closer to 3% than 2%, with mixed inflationary pressures across different sectors and commodities. | View | |
| 2024 Q4 | Feb 6, 2025 | Bretton Fund | -1.0% | 20.3% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | consumer, financials, healthcare, technology, value | Dozens of new AI companies like OpenAI, Anthropic, and DeepSeek offer compelling alternatives to Google's search monopoly. Google has created Gemini AI app that is on par with competitors, but it's not the dominant platform like Google search. Microsoft has become the go-to provider of computing services for emerging AI companies, benefiting from the AI arms race. | UNH DFH NVR AZO GOOGL AXP PGR |
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| 2025 Q4 | Feb 12, 2026 | Bretton Fund | 1.4% | 11.6% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | AI, Banking, consumer, financials, Housing, technology, value | The fund views the overall market as fairly elevated but not in bubble territory regarding AI, though some parts of the AI craze appear bubble-like. Alphabet's AI chatbot Gemini exceeded expectations and was on par with leading AI models, contributing significantly to performance. The managers are comfortable missing out on highly speculative AI investments while focusing on long-term value. Banks had a strong year due to increased lending, reduced regulation, and moderately high interest rates. American Express cardholders continue spending with high payment rates, while the Platinum Card remains desirable despite competition. Credit and banking environment remained strong throughout the period. Off-price retailers TJX and Ross returned to form after struggling during post-Covid inflation, with strong stock performance. AutoZone faced challenges navigating tariff impacts on earnings, though the consolidated auto parts retail market historically passes through price increases. Consumer spending patterns showed resilience in certain segments. Housing investments had a weak year as high interest rates and hopes for lower rates left potential buyers on the sidelines. Home builders initially held up well when rates first rose in 2022, but continued high rates eventually impacted demand. The managers expect pent-up housing demand to eventually drive performance once the market unfreezes. | RVTY GOOG UNH |
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| 2024 Q4 | Dec 31, 2024 | L1 Capital International Fund | 11.4% | 29.0% | AER, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, INTU, MA, MSFT, NVDA, TSLA, UNH, V | AI, global, healthcare, interest rates, large cap, Quality, technology | AI is viewed as a world-changing General Purpose Technology with immense potential but inherent uncertainty. Microsoft has a leadership position through ChatGPT and other capabilities, investing approximately $80 billion in AI-enabled datacenters. The technology is ground-breaking and unprecedented, with unknowable issues regarding development speed, commercialization costs, and infrastructure requirements. | HCA MSFT |
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| 2023 Q4 | Dec 31, 2023 | L1 Capital International Fund | 4.7% | 0.0% | ADI, AMD, AMZN, BKNG, CME, CRH, EXP, GOOGL, GPK, HCA, ICE, INTU, MA, MSFT, NRP, UNH | healthcare, inflation, infrastructure, Quality, technology, value | Manager expects inflation to continue declining with core PCE falling to 3.2% in November 2023. Goods are already deflationary while services inflation is no longer driving up headline rates. Housing inflation has peaked but remains sticky. | HCA |
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| 2023 Q2 | Dec 7, 2023 | Madison Small Cap Fund | 6.3% | 17.2% | CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC | aerospace, AI, Construction, Quality, small caps, Speculation, underperformance, value | AI continues to be the dominant theme driving Russell 2000 performance, with Ciena benefiting from AI capital spending boom. However, manager views AI disruption fears in software as vastly overblown, noting 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. | CRL EXP HXL |
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| 2025 Q3 | Oct 24, 2025 | Carillon Eagle Small Cap Growth Fund | - | - | BOOT, BRBR, CLBT, DY, ESAB, EXP, LNTH, MMSI, MNDY, PI, PJT, POWL, PRM, RBA, RMBS, SHAK, WWD, ZWS | AI, cyclicals, Data centers, growth, healthcare, Natural Gas, small cap, technology | The AI investment theme remains intact with continued user adoption acceleration and corporate implementations bearing fruit. The team is actively seeking AI adopter companies that trade at reasonable multiples and are positioned for earnings growth fueled by AI-driven margin expansion. They maintain exposure to companies benefiting from hyperscaler capital expenditure increases for AI data centers. | ZWS PRM PI RMBS |
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| 2024 Q3 | Oct 24, 2024 | Bretton Fund | 10.0% | 0.0% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | financials, growth, Homebuilders, insurance, materials, technology, value | Progressive is highlighted as the most sophisticated auto insurer, leveraging vast driver data to recognize shifts in driver behavior and collision costs. The company was early to raise rates in 2021 to offset higher post-Covid costs, temporarily losing customers but now benefiting from comparatively attractive rates and highly profitable growth with premiums up 20% year-over-year. | GOOGL PGR |
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| 2025 Q3 | Oct 22, 2025 | Bretton Fund | 8.2% | - | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | Antitrust, consumer, financials, healthcare, retail, technology | The fund benefited from favorable antitrust ruling for Alphabet's Google, where the judge mandated only limited sharing of search data rather than implementing harsher penalties like divesting Chrome browser or Android operating system. This left Google's core search business essentially intact, driving significant outperformance. | UNH GOOGL |
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| 2025 Q3 | Oct 14, 2025 | Madison Small Cap Fund | -1.6% | -6.6% | AXS, BOX, CIEN, CMN, CRL, CSL, EHC, ENTG, EXP, FORM, GMS, HAYW, HQY, HXL, KN, SAIA, SHAK, SMG, SMPL, WSC | aerospace, AI, Construction, Quality, small caps, underperformance, value | AI continues to be the dominant theme driving much of the Russell 2000's performance, particularly in technology stocks. The manager expresses skepticism about AI disruption fears in software, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. They view fears about AI replacing critical software applications as vastly overblown. | CRL EXP HXL |
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| 2023 Q4 | Jan 8, 2024 | Artemis US Select Fund | 8.3% | - | AMZN, AVTR, BKR, BLD, BX, DXCM, EXP, HES, MCK, META, NVDA, TMO, WDC, WFC | Cloud, energy, financials, healthcare, Housing, semiconductors, technology | Structural shortage in housing inventory in the US with homeowners reluctant to move from low mortgage rates to high rates, creating demand for new builds. Household formation is picking up due to demographic shifts, favoring housebuilders and building material suppliers. | BLDR AMZN |
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| 2025 Q4 | Jan 20, 2026 | Appalaches Capital | 1.7% | 16.5% | ACGL, ASML, AZO, EXP, GOOGL, PGR, PM, VMC | alpha, Concentration, large cap, long-term, Patience, Quality, value | The manager emphasizes investing in companies with steep competitive advantages and durable value propositions. Portfolio construction focuses on 12-15 concentrated investments in unique, independent businesses with barriers to entry that protect economic profitability for decades. Earning acceptable returns requires buying at acceptable prices, which requires patience. The manager focuses on finding quality companies that are undervalued at specific points in time, rebalancing toward those with more attractive prices when discounts appear. | ASML GOOG |
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| 2024 Q3 | Sep 30, 2024 | L1 Capital International Fund | 4.7% | 0.0% | AAPL, AER, AMD, AMZN, BKNG, CRH, EXP, GOOGL, HCA, ICE, MA, META, MSFT, NVDA, PFE, PTON, TSLA, UNH, V, ZM | AI, large cap, Quality, rates, technology, US, value | The fund extensively analyzes Nvidia's dominance in AI infrastructure and the broader AI gold rush. While acknowledging AI's transformative potential, the manager expresses concern about Nvidia's $3.2 trillion valuation given high uncertainty around competition, commercialization timelines, and returns on AI investments. | View | |
| 2024 Q2 | Jul 24, 2024 | Bretton Fund | 10.0% | 0.0% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | Building Materials, financials, Homebuilders, large cap, Quality, technology, value | The fund sees long-term demand for wallboard and cement driven by structural housing shortage and infrastructure spending. Eagle Materials benefits from competitive advantages including low-cost gypsum sources, transportation barriers creating regional oligopolies, and locations in fast-growing Sun Belt markets. | EXP |
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| 2023 Q2 | Jul 19, 2023 | Liberty Park Capital Management | 7.1% | 2.5% | BELFB, BOWL, CBT, ETWO, EXP, ITI, KRT, LBRT, LMB, LUNA, NR, NVEE, POWL, SWIM, THRY, VSEC, VSH, WEAV, YOU, ZEUS | alpha, energy, inflation, Long/Short, small caps, technology, value | The fund focuses on small-cap stocks that were severely undervalued during 2022, with many quality companies trading at single-digit P/E multiples despite strong fundamentals. The managers believe these obscure, niche small-cap companies require more time for investors to digest fundamentals and price shares to reality. | APG|DR CN|KITS CN|NRP|SYZ CN |
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| 2025 Q1 | Apr 23, 2025 | Bretton Fund | -1.0% | -1.0% | AXP, AZO, BAC, BRK-A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | durability, Franchises, Pricing Power, tariffs, Trade Policy, value | The fund discusses the current administration's frequent U-turns on tariff policy, attempting to balance imposing high tariffs while preventing market crashes. They view trade wars as wealth-destructive and believe the current policies will eventually end. | View | |
| 2023 Q1 | Apr 14, 2023 | Madison Small Cap Fund | 6.3% | 17.2% | CIEN, CMN, CRL, CSL, EXP, GMS, HXL, SAIA, SHAK, SMPL, WSC | aerospace, AI, Construction, consumer, healthcare, Quality, small cap, Speculation | AI continues to be the dominant theme driving Russell 2000 performance, with Ciena benefiting from AI capital spending. However, the manager views fears about AI disrupting software business models as vastly overblown, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. | CRL EXP HXL |
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| 2023 Q4 | Jan 27, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, ADM, AMD, AMZN, AN, AVGO, BCHG, BMS.L, CKN.L, CRM, EXP, GBTC, GOOGL, MSFT, NVDA, ORCL, PAG, QCOM, TPL, TSLA | BRICS, China, commodities, crypto, Indexation, inflation, technology, valuation | Bitcoin ETF approval represents institutional acceptance and convergence with traditional financial system. Flash loans and lending markets create new revenue opportunities for ETF providers. Bitcoin Cash offers leveraged exposure to cryptocurrency appreciation potential. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Madison Small Cap Fund | Eagle Materials | Materials | Construction Materials | Bull | NYSE | Cement, construction materials, Cyclical, high-ROIC, market share gains, residential construction, Share Buybacks, Wallboard | View Pitch |
| Apr 28, 2026 | Fund Letters | Artemis US Select Fund | Eagle Materials Inc | Materials | Construction Materials | Bull | NYSE | Building materials, construction materials, Housing Construction, infrastructure, New Home Starts, Wallboard | View Pitch |
| Apr 27, 2026 | Fund Letters | Madison Small Cap Fund | Eagle Materials | Materials | Construction Materials | Bull | NYSE | Cement, construction materials, Cyclical, residential construction, ROIC, Share Buybacks, Value, Wallboard | View Pitch |
| Apr 13, 2026 | Fund Letters | Appalaches Capital | Eagle Materials | Materials | Construction Materials | Bull | NYSE | Cement, commodity, construction materials, Gypsum, manufacturing, Pricing power, regulatory barriers, Share Buybacks, supply constraints, Wallboard | View Pitch |
| Apr 13, 2026 | Fund Letters | Madison Small Cap Fund | Eagle Materials | Materials | Construction Materials | Bull | NYSE | aggregates, Cement, construction materials, Cyclical, Equity, residential construction, ROIC, Share Buybacks, Wallboard | View Pitch |
| Apr 13, 2026 | Fund Letters | Bretton Fund | Eagle Materials, Inc. | Materials | Construction Materials | Bull | NYSE | Building Products, Cement, commodity, construction materials, Gypsum, Housing shortage, infrastructure, materials, Sun Belt, Wallboard | View Pitch |
| Feb 18, 2026 | Substack | Special Situation Investing | Eagle Materials | Materials | Construction Materials | Bull | New York Stock Exchange | Competitive Advantage, construction materials, Eagle Materials, economic cycles, Free Cash Flow, insider purchase, Low-cost producer, market position, operational efficiency, strategic acquisitions | View Pitch |
| Jan 8, 2026 | Fund Letters | David Steinthal | Eagle Materials Inc. | Materials | Construction Materials | Bull | New York Stock Exchange | construction materials, housing cycle, infrastructure, Low-cost producer, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Faraz Farzam | Eagle Materials Inc. | Materials | Construction Materials | Bull | NYSE | buybacks, construction, Cost advantage, Housing, materials, recovery, ROIC | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $2.3M | 0.00% | 10,896 | +9,396 | +626.40% | 0.0306% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $248,016 | 0.00% | 1,200 | +1,200 | +100.00% | 0.0034% |
| Ray Dalio | Bridgewater Associates | $27.4B | $548,735 | 0.00% | 2,655 | -3,875 | -59.34% | 0.0074% |
| Israel Englander | Millennium Management LLC | $233.2B | $6.0M | 0.00% | 28,875 | +17,159 | +146.46% | 0.0810% |
| Jeremy Grantham | GMO LLC | $39.1B | $4.0M | 0.01% | 19,247 | +19,247 | +100.00% | 0.0540% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $9.1M | 0.01% | 44,250 | -72 | -0.16% | 0.1241% |
| Murray Stahl | Horizon Kinetics | $7.4B | $3.5M | 0.05% | 16,743 | -2,023 | -10.78% | 0.0470% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $22.1M | 0.03% | 107,087 | +33,985 | +46.49% | 0.3003% |
| Cliff Asness | AQR Capital Management | $190.6B | $54.3M | 0.03% | 262,880 | +180,574 | +219.39% | 0.7373% |
| Seth Klarman | Baupost Group | $5.3B | $245.0M | 4.64% | 1,185,248 | +245,588 | +26.14% | 3.3242% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $5.0M | 0.02% | 24,282 | -13,733 | -36.13% | 0.0681% |
| Rich Handler | Jefferies | $19.3B | $284,805 | 0.00% | 1,378 | +1,378 | +100.00% | 0.0039% |