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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 23, 2025 | Aristotle Atlantic Core Equity Strategy | 14.3% | 7.5% | AVGO, BDX, CB, EXPE, ORCL, ZTS | Discipline, earnings growth, fundamentals, Pricing Power, Quality | The letter emphasizes strong corporate fundamentals despite macro uncertainty. Management focuses on high-quality businesses with pricing power, earnings durability, and secular tailwinds. The outlook remains constructive but valuation-aware following the market rebound. | ZTS EXPE CB BDX AVGO ORCL |
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| 2024 Q2 | Jul 23, 2024 | Pelican Bay Capital Management | -6.3% | 0.8% | BLDR, EXPE, FTC, ULTA | - | View | ||
| 2025 Q2 | Jul 19, 2025 | Aristotle Core Equity Fund | 14.3% | 7.5% | AVGO, BDX, CB, EXPE, ORCL, ZTS | AI, earnings, fundamentals, growth, security selection | The letter highlights security selection as the primary driver of outperformance in a growth-led market. Management favors companies benefiting from AI, cloud infrastructure, and product cycles while managing valuation risk. The outlook supports selective growth exposure with fundamental backing. | ZTS EXPE CB BDX AVGO ORCL |
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| 2025 Q2 | Jul 11, 2025 | Pelican Bay Capital Management | 5.9% | 3.1% | BF/B, EXPE, SLB, VZ | Concentration, Intrinsic Value, Margin Of Safety, value, volatility | The commentary centers on concentrated value investing in high-quality businesses trading at steep discounts to intrinsic value. Management emphasizes margin of safety, balance-sheet strength, and recycling capital during periods of heightened volatility. Market stress is viewed as a key driver of future outperformance. | VZ BF/B SLB |
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| 2024 Q1 | Apr 25, 2024 | Patient Capital Management | 5.6% | 15.8% | BIIB, C, EXPE, META, NVDA, PTON, SOFI | - | View | ||
| 2025 Q4 | Feb 24, 2026 | Hayden Capital | -12.9% | 22.3% | 1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER | AI, competition, E-Commerce, gaming, international, software, technology, valuation | The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them. | SE EDU |
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| 2023 Q3 | Nov 10, 2023 | Patient Capital Management | 5.6% | 15.8% | C CI, EXPE | - | View | ||
| 2024 Q2 | Nov 7, 2022 | Patient Capital Management | 5.6% | 15.8% | BIIB, DAL, EVRI, EXPE, IAC, KOS, NCLH, NVDA | - | View | ||
| 2023 Q3 | Oct 17, 2023 | Kovitz Core Equity Strategy | -3.0% | 14.8% | AXP, BX, DGE LN, DIS, EXPE, HAS, KEYS, KMX, PM | - | View | ||
| 2025 Q4 | Jan 30, 2026 | Invesco Small Cap Value Fund | 6.8% | 17.6% | ACM, ARCB, COHR, CR, CRL, ENTG, EXPE, GL, GMED, HBM.TO, KBR, LITE, MKSI, NRG, PENN, SAIA, WAL, WBS | AI, Biotech, financials, healthcare, Intrinsic Value, small cap, technology, value | The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and intrinsic value estimates was attractive, indicating potential long-term capital appreciation. Small-cap value stocks appear attractive relative to S&P 500 Index stocks. Following outperformance of large-cap stocks over small-cap stocks in recent years, the managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. The Russell 2000 Value Index P/E multiple has been at a historical discount compared to the S&P 500 Index P/E. The fund benefited from AI-driven growth potential in holdings like Lumentum, which rallied due to investor enthusiasm for its AI applications. ArcBest's operational efficiency and technological advancements using artificial intelligence should position the company well for demand recovery in trucking. | LITE GTLB ARCB GMED CRL |
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| 2025 Q4 | Jan 26, 2026 | ClearBridge Mid Cap Growth Strategy | 0.0% | 0.0% | APG, ARE, ARGX, BSY, CHDN, CHWY, CMPO, CPAY, CWST, DKNG, DOCS, DT, EXPE, LNW, PFGC, PTC, RBLX, RESI, TDY, TYL, XPO | AI, dispersion, fundamentals, gaming, mid cap, real estate, stock selection, technology | AI-driven disruption concerns weighed on software businesses as investor sentiment weakened amid heightened sensitivity to earnings expectations. The market showed unusually concentrated focus on AI and its immediate beneficiaries throughout 2025, with limited investor attention for performance not tied to artificial intelligence. Gaming holdings provided positive contributions with Light & Wonder rebounding following technical selling pressure and Churchill Downs advancing as operating trends normalized. The gaming sector showed resilience despite broader market headwinds affecting other areas of the portfolio. Online travel platforms contributed positively with Expedia benefiting from improved execution in its consumer business and continued strength in its business-to-business segment. The travel sector demonstrated solid fundamentals amid the challenging market environment. Real estate was a significant source of pressure, particularly Alexandria Real Estate Equities which declined due to slowdown in biopharma research spending and excess laboratory capacity weighing on leasing demand and rental growth expectations. The position was exited due to ongoing uncertainty and dividend cut. | CPAY CWST ARE CHDN EXPE LNWO |
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| 2025 Q4 | Jan 26, 2026 | Brown Advisors Mid-Cap Growth strategy | -4.7% | 12.5% | AS, AXON, CPNG, CSGP, CVNA, EFX, EXPE, FICO, HWM, INSM, IOT, MDLN, NTRA, PLTR, PSN, PSTG, RKLB, ULTA, VEEV, ZS | AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology | Several portfolio companies are generating meaningful revenue from GenAI-enabled products, with Axon leading through DraftOne and related offerings that drove over $500 million in bookings. The strategy sees AI as a key driver for companies delivering solutions that save time and reduce labor intensity. AI-driven demand for data center construction is benefiting holdings like Comfort Systems, which exceeded expectations with revenue growth over 20% driven by MEP contracting demand. Rising power demand from data center customers is also supporting Vistra through direct sourcing agreements. The strategy maintains exposure to semiconductor companies like Monolithic Power Systems, which benefited from easing concerns around NVIDIA market share and expanding exposure to other AI compute architectures including AMD, TPU, and Trainium to reduce customer concentration. The strategy repurchased Zscaler following a selloff, viewing it as an attractive entry for the leader in the growing SASE security software market that is executing a multi-product cross-sell strategy driving ARPU and margin growth. The strategy is modestly overweight Energy with positions in Cheniere Energy for LNG exposure and Oceaneering International. Vistra benefited from rising power demand in Texas and growing investor appreciation for nuclear assets, signing large power purchase agreements with hyperscalers. The strategy is overweight Healthcare with broad exposure across services, devices and biotechnology. Cardinal Health delivered strong results driven by improved specialty mix and margin recovery, while Medline offers exposure to both medical technology demand and provider volumes through its vertically integrated platform. | View | |
| 2025 Q4 | Jan 21, 2026 | Harbor Mid Cap Value Fund | 4.1% | 16.0% | AMKR, BK, CFG, COIN, EA, ENS, EXPE, FOXA, GM, GTX, HIW, HLF, HOG, HOOD, HPQ, JAZZ, KR, NEU, OC, PHM, PLAB, PVH, SNDK, STT, TXT, WBD, WDC | Buybacks, consumer discretionary, dividends, financials, mid cap, technology, value | The fund maintains its disciplined value investment approach, seeking high-quality, profitable companies that generate cash, pay dividends, and repurchase shares. Mid- and small-cap value stocks continue to trade at attractive multiples despite strong relative performance. AI-driven demand for storage led to strong earnings and increases in revenue growth and margins for technology holdings. AI-related technology stocks may appear priced to perfection, but the fund continues to identify opportunities among mid-cap value stocks. The fund seeks companies that repurchase shares, viewing aggressive stock buybacks positively. Several holdings including General Motors, Garrett Motion, and EnerSys have been aggressively buying back stock. | AMKR EA ENS GTX |
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| 2025 Q4 | Jan 18, 2026 | Octahedron Capital | 0.0% | 0.0% | ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W | AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology | AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications. | View | |
| 2023 Q4 | Jan 16, 2024 | Pelican Bay Capital Management | 12.2% | 28.6% | BLDR, EOG, EXPE, NTR CN, ON, PXD | - | View | ||
| 2025 Q4 | Jan 15, 2026 | Lyrical Asset Management | 2.0% | 17.9% | AAPL, AER, AMG, AMZN, EBAY, EXPE, FFIV, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NTAP, NVDA, SNX, TSLA, UBER, URI | EPS Growth, growth, international, Performance, valuation, value | Lyrical emphasizes their uncommon combination of value and growth, with their portfolio trading at a 78% discount to the S&P 500 while generating 10.6% EPS growth versus 6.6% for the S&P 500. The value spread between their portfolio and the S&P 500 is historically wide. The firm highlights strong performance in travel-related holdings including Expedia Group and AerCap Holdings. Air transportation industry cash flows show recovery with air lessors outperforming airlines and aircraft manufacturers from 2020-2025. | View | |
| 2023 Q1 | Apr 14, 2023 | Miller Value Partners Opportunity Equity | 9.8% | 9.8% | EXPE | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Aristotle Core Equity Fund | 2.9% | 21.3% | CI, CTLT, EXPE, NSC, NVDA, PSX, ZTS | - | View | ||
| 2023 Q4 | Jan 17, 2024 | Patient Capital Management | 5.6% | 15.8% | EXPE, FTCH, UBS, WAL | - | View | ||
| 2023 Q4 | Jan 13, 2024 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | APTV, CAE, EXPE, HAS, KKR, MRVI | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 28, 2026 | Fund Letters | Brian Angerame | Expedia Group, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | consumer, Execution, Margins, Platforms, Travel | View Pitch |
| Dec 3, 2025 | Fund Letters | Owen Fitzpatrick | Expedia Group, Inc. | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bear | NASDAQ | Competition, Cyclical, Demand, Margins, recession, tariffs, Travel, Volatility | View Pitch |
| Dec 3, 2025 | Fund Letters | Owen Fitzpatrick | Expedia Group, Inc. | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bear | NASDAQ | Competition, Cyclical, Demand, Margins, recession, tariffs, Travel, Volatility | View Pitch |
| Dec 3, 2025 | Seeking Alpha | Seeking Alpha | Expedia Group, Inc. | Travel Services | Bull | bookings growth, competitive edge, EBITDA margin, Expedia, market share, One Key rewards program, promotional deals, travel industry, valuation discount, Vrbo | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | Ricardo Fernandez | Expedia Group, Inc. | Consumer Discretionary | Travel Services | Bull | NASDAQ | — | 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. | ||||||||