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 |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 17, 2024 | WestEnd Capital | 10.7% | 30.8% | AMZN, ARM, AVGO, FCX, HUT CN, META, MSFT, MU, NVDA, PWR, SMCI, TSM | AI Infrastructure, Data Center Expansion, Hyperscaler Capex, power demand, Semiconductor Supply Chain | The letter details a structural investment boom in AI-driven data center infrastructure, emphasizing GPU demand, hyperscaler capex growth, and semiconductor supply chain dominance. WestEnd positions the portfolio across the AI ecosystem, including Nvidia, TSMC, Broadcom, and power infrastructure beneficiaries, arguing that earnings growth justifies elevated valuations. The strategy remains focused on infrastructure builders rather than speculative AI applications, prioritizing durable cash flow generation and competitive advantages. | PWR HUT CN |
View |
| 2025 Q4 | Feb 5, 2026 | ClearBridge Investments All Cap Growth | - | - | AAPL, AIR.PA, DXYN, FCX, GOOGL, HLT, LIN, LLY, MSFT, NFLX, NTRA, ORCL, TMO, VRTX, WBD | aerospace, AI, growth, healthcare, Hospitality, Pharmaceuticals, technology, volatility | AI continues to represent a powerful long-term opportunity, though early beneficiaries such as semiconductors and infrastructure have already seen significant gains. The team is focused on ensuring proper exposure within the AI complex while also positioning for potential market leadership broadening. Eli Lilly rose strongly after striking a deal with the U.S. government to offer its GLP-1 treatments to Medicare and Medicaid patients while readouts on the company's oral GLP-1 treatment indicated a broader market than expected. Long-term demand for commercial aircraft to support air travel is increasing, with much of the growth from China and other parts of Asia, while aging of the existing fleet provides a robust pipeline of replacement demand for years to come. Hilton has a long runway for growth supported by continued mid- to high-single-digit net unit expansion. The company has strong margins and free cash flow conversion, enabling consistent return of capital through share buybacks. | View | |
| 2025 Q4 | Feb 3, 2026 | John Hancock Balanced Fund Class I | 3.7% | 16.0% | AAPL, AMZN, AVGO, BRBR, FCX, GOOGL, JPM, LLY, MSFT, ZBRA | asset allocation, Balanced, equities, fixed income, healthcare, materials, security selection, technology | Eli Lilly & Company contributed to relative performance with shares rising amid continued growth in its GLP-1 drug franchise. Freeport-McMoRan benefited from rising copper and gold prices, contributing to fund performance. | View | |
| 2025 Q4 | Feb 18, 2026 | The Gabelli Equity Income Fund | 2.2% | 16.5% | BK, CR, CVX, DE, FCX, FLR, GATX, GPC, MSFT, NEM, NFG, STT | AI, dividends, energy, financials, gold, Utilities | Gold had its best year since 1979, rising 66% as a result of geopolitical uncertainty and central bank buying. Gold miners such as Newmont Corp. are levered to the price of gold, making it the biggest contributor to returns for both the fourth quarter and the full year. The Fund focuses on dividend-producing equity securities, though this may limit potential for appreciation during broad market advances. The prices of dividend-producing equity securities can be highly volatile. The American economy continues to embrace AI technology, and the prospect of large increases in productivity is spurring optimism. AI-related infrastructure and power demand are driving growth in various sectors. Natural gas demand in the Northeast is accelerating, driven in part by rising electricity consumption from data centers and AI-related load growth. Companies like National Fuel Gas benefit from strategic positioning near population centers. | NFG MSFT CVX |
View |
| 2025 Q4 | Feb 10, 2026 | PM Capital Enhanced Yield Fund | 0.8% | 4.6% | 2282.HK, 8570.PA, APO, BAER.L, BHP.AX, CABK.MC, CGF.AX, COL.AX, CRN.L, CS.AX, FCX, FDV.AX, FOXA, HEIA.AS, IMI.L, INGA.AS, LLOY.L, NEM, NSC, NST.AX, QUB.AX, RPRX, SHL.DE, SMR.AX, TECK, TSCO.L, UNP, WDS.AX, WOW.AX | Bonds, credit, fixed income, inflation, rates, Yield | Despite signs of re-emergence of higher inflation across major global developed economies including Australia in the December quarter, the fund delivered positive returns. Australian bond yields increased significantly with three year bonds rising over 60 basis points and 10 year bonds almost 50 basis points, representing a shift from rate cut expectations to multiple rate increase expectations in 2026. The fund increased exposure to fixed interest rates during the quarter as markets became overly optimistic about cash rate increases in 2026. Management believes multiple rate increases would put notable downward pressure on the economy given cost-of-living pressures and higher house prices remain issues. | View | |
| 2025 Q4 | Feb 10, 2026 | PM Capital Global Companies Fund | 7.8% | 38.3% | 2282.HK, APO, BARC.L, BHP.AX, CABK.MC, CGF.AX, CRN.L, CS.AX, FCX, FDV.AX, FOXA, IMI.L, LLOY.L, NEM, NSC, NST.AX, SHL.DE, SMR.AX, TECK, UNP | Banking, commodities, Copper, Europe, gold, infrastructure, Railroads, value | Copper surged 17% over the quarter, driven by supply risks and production disruptions at major mines. Portfolio holdings Freeport McMoRan, Teck Resources, and BHP delivered strong performance. The fund maintains conviction in copper due to tightening supply, record prices, and geopolitical uncertainty. Gold gained 12% in the quarter, reaching record highs and delivering extraordinary 64% gains for 2025. Monetary policy uncertainty and geopolitical tensions provided positive backdrop. Portfolio holdings Newmont and Northern Star Resources contributed meaningfully to performance. Union Pacific's proposed merger with Norfolk Southern would create the first coast-to-coast rail network in the US, potentially unlocking rail's potential to capture long-distance freight. The unified network could benefit broader US supply chains and provide the next leg of growth for an industry that has relied on efficiency gains. European banking sector produced strong outperformance led by Bank of Ireland, Lloyds Banking Group, and CaixaBank. Sector returns supported by interest rate stabilization and yield curve steepening. The market is transitioning toward improving organic loan growth after fifteen years of stagnant credit activity. | CRN LN APO SHL GR UNP LLOY LN BIRG LN IMI LN TECK FCX |
View |
| 2024 Q4 | Dec 31, 2024 | Diamond Hill Large Cap Strategy | -2.2% | 12.1% | CL, FCX, GM, LULU | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Diamond Hill Large Cap Strategy | 12.1% | -13.1% | ABT, AIG, AMZN, CAT, COP, FCX, GOOG, HD, MSFT, TFC, UNP | - | View | ||
| 2025 Q4 | Jan 27, 2026 | WestEnd Capital | 0.0% | 0.0% | BA, CAT, CCJ, CENX, FCX, GE, KGS, LLY, PLTR | AI, Aluminum, defense, energy, healthcare, industrials, Natural Gas, technology | WestEnd committed to the AI trade early and captured outsized gains by actively investing in key players driving AI innovation and infrastructure buildout. The AI boom continues with debt financing becoming more important for funding buildout as capital intensity rises. AI data centers require massive amounts of metals including aluminum and copper. Portfolio includes exposure to aerospace/defense supply chains and companies positioned for defense spending. Century Aluminum's high-purity primary aluminum is essential for military aircraft, armor plate, drones, and advanced weapons systems, tying into national security needs. Eli Lilly stands out as a dominant franchise in the GLP-1 obesity and diabetes market, actively reducing friction through direct-to-consumer and direct-to-employer pricing strategies. The company is diversifying into next-generation oral GLP-1s with orforglipron expected to generate $13 billion in annual sales by 2031. The Trump administration has signaled intent to dial-up fiscal stimulus in various forms, with policies encouraging capital formation and business investment. This includes benefits from the OBBBA providing meaningful financial/tax benefits for businesses and households. Kodiak Gas Services provides mission-critical large-horsepower compression infrastructure upstream of LNG exports and downstream power demand from AI-driven data centers. The company benefits from robust demand in the Permian and other basins through long-term, take-or-pay style contracts. Century Aluminum sits at the intersection of AI data-center buildout and defense/energy security needs. The boom in data centers, EVs, and clean-energy infrastructure is tightening the U.S. aluminum market, pushing up the Midwest premium and incentivizing domestic smelting capacity to restart. | CENX CAT LLY KGS |
View |
| 2025 Q4 | Jan 23, 2026 | FCL Capital | 0.0% | 4.1% | 0700.HK, 1211.HK, 6367.T, AAPL, FCX, GLEN.L, HBM.TO, HDB, KGH.WA, KWEB, MSFT, NVDA, SCCO, TSLA | AI, Brazil, Copper, crypto, emerging markets, Energy Transition, technology, value | FCL has built a position in copper miners as an indirect play on AI, energy transition, and urbanization. The fund views copper as undervalued relative to its role in data centers, electric vehicles, and renewable energy infrastructure, while copper mining stocks trade at traditional commodity multiples despite exposure to revolutionary trends. The letter discusses AI's massive energy requirements for data centers, estimating 500-700 thousand tonnes of copper demand by 2028-2030. FCL sees AI as driving fundamental changes in commodity demand while noting that direct AI investments trade at expensive valuations compared to indirect plays through commodities. Renewable energy systems are highly copper-intensive, requiring much more copper per unit of capacity than fossil fuel generation. Wind turbines need 8 tonnes of copper per MW offshore and 2.5-3 tonnes onshore, while solar requires 2-5 tonnes per MW, driving substantial copper demand growth. FCL revisits their 2017 crypto thesis, highlighting tokenization of real-world assets and prediction markets as the next evolution. They see tokenization enabling 24/7 global trading of traditionally illiquid assets, while prediction markets like Polymarket demonstrate superior forecasting ability compared to traditional polling. Brazilian investors have developed a false belief in risk-free returns through CDI investments due to high interest rates. FCL argues this creates a paradox where avoiding risk actually increases long-term purchasing power risk, as CDI has delivered near-zero returns in USD terms over the past decade. The fund emphasizes valuation disparities between expensive US tech stocks and cheaper alternatives in emerging markets and commodities. They highlight that copper miners trade at traditional multiples despite exposure to AI and energy transition themes, presenting attractive risk-adjusted opportunities. | View | |
| 2025 Q4 | Jan 19, 2026 | Hosking Partners | 7.2% | 33.5% | 000660.KS, 005930.KS, 055550.KS, AA, AAPL, BARC.L, C, FCX, HCC, IMPUY, MSFT, MU, SBSW, STX, SYF, TIGO | AI, contrarian, emerging markets, Japan, Mining, Platinum, technology, value | The strategy maintains a contrarian value approach, betting on mean reversion after a decade of growth dominance. Valuation spreads have reached extreme levels with enterprise value to sales ratios spanning 100-fold, creating opportunities in undervalued sectors. The AI capital paradox is creating opportunities as technology leaders face increasing capital intensity. McKinsey estimates $5.2 trillion in physical asset investments by previously asset-light firms, likely compressing returns on assets and valuations. South African platinum group metals were major contributors with Impala Platinum up 243%, Sibanye Stillwater up 360%, and Northam Platinum up 298%. The metals and mining sector weighting of 12% versus 2% index exposure drove significant outperformance. The strategy maintains triple-weight exposure to Japan at 14% versus 5% index weight, betting on corporate restructuring and activist investor pressure. Over 50 holdings target companies with depressed ROA ratios capable of dramatic improvement. | View | |
| 2025 Q4 | Jan 15, 2026 | ClearBridge Investment Value Strategy | 0.0% | 0.0% | 300750.SZ, ARGX, CELH, CHTR, CMA, CORT, FCX, FI, FITB, GPN, ICE, META, MTB, MU, NEM, OM, PYPL, SLGN, TLN, WBS | AI, financials, gold, healthcare, materials, semiconductors, technology, value | AI adoption is expected to broaden economic benefits in 2026, requiring justification of massive capital investment. The team sees opportunities in AI adoption across sectors where it's not currently priced, while maintaining exposure to AI-related infrastructure investments despite reducing exposure during volatility spikes. Value spreads remain at historic extremes with value stocks trading at the cheapest 10% of their history relative to growth. The team believes this creates a probability gap with meaningful upside potential for valuation-driven investors as the market prices value stocks as having little chance of leading. Memory chip demand driven by AI exceeded supply growth, creating price spikes that benefited holdings like Micron Technology. The team correctly anticipated AI would drive memory demand well above supply growth, positioning in picks-and-shovels AI infrastructure plays. Gold prices spiked higher than reflected in mining stock prices, benefiting Newmont Mining. The team has been long-term bullish on gold due to limited annual supply and new demand sources, creating opportunities to buy high-probability events at low-probability prices. | PYPL FITB |
View |
| 2025 Q4 | Jan 12, 2026 | ClearBridge Investment Growth Strategy | - | - | ALNY, AVGO, DLB, DOCS, ELF, FCX, HLT, HOOD, MSGE, MSGS, ODFL, ONON, SHOP, TEL, TJX, TKO, UNH, VRTX, VST, XPO | AI, balance, growth, innovation, semiconductors, technology, volatility | The letter outlines a balanced growth approach combining participation in AI-driven momentum with downside protection through diversified stock selection. Emphasis is placed on companies with durable fundamentals, innovation-led growth, and disciplined capital allocation. Growth investing is positioned as increasingly selective amid heightened volatility and dispersion. | ELF SHOP |
View |
| 2025 Q4 | Jan 11, 2026 | Thornburg Global Opportunities Fund | 6.5% | 41.1% | 0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, C, CACI, COF, FCX, GOOGL, LLY, META, NN.AS, ORA.PA, RELIANCE.NS, SAP.DE, SCHW, SHEL, T, TSCO.L, TSM, TTE | Digital Economy, financials, global, growth, semiconductors, technology, Trade Policy, value | The fund holds significant positions in semiconductor companies including Samsung Electronics, Taiwan Semiconductor Manufacturing, and Contemporary Amperex Technology. These technology firms were leading contributors to portfolio performance during Q4 2025, with the manager highlighting their role in the digital economy transformation. Financial intermediaries represent 20.5% of the portfolio, with the manager believing they should benefit from interest rates determined primarily by free market forces. Key holdings include Citigroup, Bank of Ireland, BNP Paribas, NN Group, Capital One, and Charles Schwab, which were significant contributors to Q4 performance. The portfolio includes major e-commerce platforms Alibaba Group, Tencent Holdings, and Meta Platforms, though these were among the most significant detractors from Q4 performance. The manager maintains exposure to firms tied to the digital economy despite recent underperformance. Energy investments comprise 6.9% of the portfolio, including positions in Shell PLC and Total Energies SE. The manager notes periodic fluctuation of investor confidence in industrial commodity sector businesses, with Total Energies contributing positively to Q4 performance. The manager explicitly discusses evolving U.S. trade policies and their impact on global trade flows, noting that winners and losers among multi-national producers of tradeable goods will become obvious in time. The current outlook for many global businesses remains uncertain due to new trade policies. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Paul Moore | Freeport-McMoRan Inc. | Materials | Copper | Bull | New York Stock Exchange | Copper, Gold, Grasberg, Production, Supply Shortage | 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. | ||||||||