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 Q2 | Jul 17, 2025 | Ariel Small Cap Value Strategy | 7.6% | - | CLB, DNB, FAF, LIND, OSW, REZI, WEX, ZBRA | AI, Oil Services, small cap, tariffs, technology, Trade Policy, Travel, value | OneSpaWorld Holdings showed strong demand for spa services and medi-spa treatments despite consumer sentiment concerns. Lindblad Expeditions delivered robust results with improved occupancy and net yield growth, expanding into European river cruises through a new partnership. | ZBRA WEX FAF CLB REZI LIND OSW ZBRA FAF CLB |
View |
| 2025 Q1 | Apr 30, 2025 | Fidelity Small Cap Discovery Fund | - | -8.1% | BECN, CIEN, COKE, FAF, FCFS, G, MMS, MTTR, NSIT, OLN, OMI, PATK, PFGC | financials, healthcare, industrials, small cap, technology, value | The fund focuses on companies with low implied expectations where there is substantial disparity between current share price and intrinsic value. Value stocks tended to lag during the quarter while expensive, high-momentum stocks outperformed, creating stylistic headwinds for the fund. | View | |
| 2024 Q1 | Apr 15, 2024 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | COIN, DCI, FAF, HOOD, HSY, JBHT, PRGO, SOFI, SQ | Consumer Staples, financials, healthcare, industrials, mid cap, Quality, value | The fund implements a two-bucket value strategy seeking both quality value companies trading at decent bargains and deeply discounted deep value companies. The approach balances high-quality companies with strong fundamentals against deeply discounted securities with self-help catalysts. | PRGO HSY DCI |
View |
| 2024 Q1 | Apr 15, 2024 | Ensemble Capital | 0.0% | 8.0% | AAPL, AMZN, BR, CMG, FAF, FAST, GOOGL, HEI, IEX, MASI, META, MSFT, NFLX, NKE, NOW, NTDOY, NVDA, NVR, RACE, TDG | growth, industrials, large cap, Luxury, Quality, technology, value | Ferrari demonstrates exceptional pricing power with average selling prices approaching €400,000, up €100,000 over five years. The company successfully expanded its appeal through new form factors like the Purosangue SUV while maintaining exclusivity. Management has built one of the strongest luxury brands with a robust business model that plays to these strengths. | IEX RACE |
View |
| 2026 Q1 | Mar 31, 2026 | FPA Queens Road Small Cap Value Fund | 6.1% | 6.1% | CNXC, DECK, DORM, ECG, FAF, FN, GPK, LFUS, PLUS, QRVO, REVG, RLI, SFM, SKWS, SNX, UPBD, VSEC | long-term, Quality, rebalancing, small caps, value | RLI SFM LFUS SNX FN DORM FAF |
View | |
| 2023 Q3 | Sep 30, 2023 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | FAF, NOV, SPB | Bottom-up, Consumer Staples, Cyclical, energy, financials, mid cap, value | The fund employs a two-bucket value approach, investing in both high-quality companies at attractive valuations and deeply discounted companies with poor recent returns but low statistical valuations. The portfolio is deliberately constructed with these buckets in mind without relying on top-down forecasts to favor one subset over the other. | SPB APA|C|FFIV|KHC|NOV|UNH FAF |
View |
| 2023 Q3 | Sep 30, 2023 | Heartland Value Fund | 9.8% | 13.5% | FAF, FNF, MHK, NFG, STC | consumer discretionary, Discipline, energy, financials, Patience, small caps, Utilities, value | The fund follows value investing principles, seeking companies trading below intrinsic value with compelling risk/reward characteristics. The managers emphasize patience and discipline, waiting for attractive entry points rather than chasing momentum. They focus on identifying well-managed, financially strong companies with resilient balance sheets at compelling valuations. | ASTC NFG MHK |
View |
| 2023 Q2 | Jul 19, 2023 | Moon Capital Management | 0.0% | 23.0% | CNQ, FAF, FHN, MLNK | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Fidelity Small Cap Discovery Fund | -7.2% | 0.5% | BECN, CIEN, COKE, FAF, FCFS, G, MMS, MTTR, NSIT, OLN, OMI, PATK, PFGC | consumer discretionary, healthcare, industrials, small cap, value | The fund focuses on companies with low implied expectations where there is substantial disparity between current share price and intrinsic value. The strategy emphasizes identifying disparities through intensive bottom-up research and seeking attractive risk-adjusted returns through disciplined portfolio construction. | View | |
| 2025 Q1 | Mar 31, 2025 | Ariel Small Cap Value Strategy | -10.7% | -10.7% | AAPL, ADT, AMZN, BIO, FAF, GOOGL, LESL, LIND, META, MIDD, MSFT, NCLH, NVDA, TSLA | discount, Quality, Recession, small caps, value, volatility | The fund focuses on acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, creating opportunities for patient investors during market dislocations. | BIO LIND LESL NCLH FAF ADT MIDD |
View |
| 2023 Q1 | Mar 31, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, BAC, BK, BOKF, FAF, GNRC, Gold, GS, JNJ, KKR, LAZ, LH, LMT, MHK, MOS, NTRS, ORCL, REZI, SNA, WU, ZBH, ZBRA, ZIMV | Banking, Fed Tightening, industrials, Recession, technology, value | The fund emphasizes low PE stocks as core to their approach, trading at significantly lower multiples compared to both value indices and the broad market. This value emphasis has been a near-term performance headwind but positions them well as the market begins to look past Fed tightening. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 7, 2026 | Fund Letters | FPA Queens Road Small Cap Value Fund | First American Financial | Insurance - Specialty | Insurance | Bull | New York Stock Exchange | Cyclical Recovery, Data Moat, dividend yield, housing market, Real Estate Services, Share Buybacks, title insurance | View Pitch |
| Apr 28, 2026 | Fund Letters | Heartland Mid Cap Value Fund | First American Financial | Financials | Insurance | Bull | NYSE | Cyclical Recovery, financials, Insurance, Mortgage, Real Estate, title insurance, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Small Cap Value Strategy | First American Financial Corporation | Financials | Insurance | Bull | NYSE | commercial real estate, Cost management, investment portfolio, operating leverage, Real Estate Services, Technology Optimization, title insurance | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Small Cap Value Strategy | First American Financial Corporation | Financials | Insurance | Bull | NYSE | housing market, investment portfolio, Margin Improvement, mortgage origination, operating leverage, Real Estate, Scale Benefits, title insurance | View Pitch |
| Dec 3, 2025 | Fund Letters | John Rogers | First American Financial Corporation | Financials | Title Insurance | Bull | NYSE | dividends, Housing, Insurance, leverage, Mortgages, recovery, Regulation, Spreads | 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 |
|---|---|---|---|---|---|---|---|---|
| Anthony Bozza | Lakewood Capital Management | $1.5B | $52.5M | 3.47% | 853,904 | +93,300 | +12.27% | 0.7791% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $465,961 | 0.00% | 7,584 | -149,524 | -95.17% | 0.0069% |
| Steven Halverson | Private Capital Management | $1.0B | $16.7M | 1.53% | 271,863 | -965 | -0.35% | 0.2481% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $18.0M | 0.02% | 292,815 | +97,870 | +50.20% | 0.2672% |
| Ray Dalio | Bridgewater Associates | $27.4B | $1.0M | 0.00% | 16,669 | +7,706 | +85.98% | 0.0152% |
| Israel Englander | Millennium Management LLC | $233.2B | $1.4M | 0.00% | 23,397 | -68,082 | -74.42% | 0.0213% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $24.0M | 0.04% | 389,915 | -77,908 | -16.65% | 0.3558% |
| Cliff Asness | AQR Capital Management | $190.6B | $63.8M | 0.03% | 1,037,854 | +485,731 | +87.98% | 0.9470% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $33.2M | 0.13% | 540,000 | -135,000 | -20.00% | 0.4927% |
| Bruce Kovner | Caxton Associates | $3.2B | $368,021 | 0.01% | 5,894 | +5,894 | +100.00% | 0.0055% |
| John Rogers | Ariel Investment | $9.3B | $240.7M | 2.60% | 3,917,150 | +191,966 | +5.15% | 3.5742% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $21.1M | 0.07% | 343,521 | +33,142 | +10.68% | 0.3134% |
| Rich Handler | Jefferies | $19.3B | $6.7M | 0.03% | 109,264 | +109,264 | +100.00% | 0.0997% |