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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Matrix Dividend Income | - | - | AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH | dividends, financials, tariffs, technology, value, volatility | The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The ultimate resolution of reciprocal tariff negotiations remains the biggest risk, with potential for short-term bumps that could hurt the economy and equity market. | FI AMAT |
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| 2025 Q2 | Aug 7, 2025 | Matrix Large Cap Value Strategy | - | - | AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH | dividends, financials, large cap, tariffs, technology, value, volatility | The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The biggest risk going forward continues to be the ultimate resolution of reciprocal tariff negotiations, which could hurt the economy and equity market if not resolved favorably. | UNH FI AMAT AMAT |
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| 2024 Q2 | Aug 2, 2024 | Tweedy, Browne International Value II | 2.4% | 8.3% | 000858.SZ, 003550.KS, 005930.KS, 0700.HK, 3407.T, 4182.T, 6302.T, 6849.T, AZO, BA.L, BAC, BRK-B, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FP.PA, FRE.DE, GOOGL, GSK.L, HEIA.AS, INCP.L, IONS, JNJ, KEMIRA.HE, MEGACPO.MX, NESN.SW, NOVN.SW, NVST, PGR, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, U11.SI, UBI.PA, VRTX, WFC, WPK.TO, ZURN.SW | Europe, financials, industrials, international, small caps, value | The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger cap counterparts. The fund remains heavily weighted to industrial and financial segments which represent solid value in an environment of escalating equity valuations. | View | |
| 2025 Q2 | Jul 8, 2025 | Manole Capital Management | - | - | AMZN, AXP, BAC, C, COF, COIN, COST, EEFT, FDX, FIS, JPM, MA, MGI, PYPL, SHOP, TGT, V, WFC, WMT, WU | Credit Cards, crypto, Fintech, payments, regulation, Stablecoins | Manager maintains focus on FINTECH sector defined as anything that utilizes technology to improve an established process. Discusses stablecoins as the most disruptive force in payments industry in over a decade, analyzing their impact on payment companies and viewing them more as opportunity than threat. | View | |
| 2025 Q2 | Jul 27, 2025 | Diamond Hill Large Cap Strategy | 2.9% | 4.3% | AIG, CAT, CL, EQH, FDX, GM, KMX, LHX, LULU, MLM, SYY, TGT, TMO, TXN, ZTS | AI, consumer, defense, infrastructure, large cap, technology, Trade Policy, value | AI-fueled boom continues driving technology and communication services sectors, with sentiment around AI's potential to radically change life remaining high. However, manager believes sentiment is partially disconnected from reality as AI's potential is yet to be fully proven, creating opportunities for discerning investors. | EQH ZTS TMO FDX ADBE FERG RRX |
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| 2025 Q2 | Jul 22, 2025 | Longleaf Partners Fund | 5.3% | -0.1% | BIO, CNX, EXOR.MI, FDX, FIS, HF, IAC, KHC, MAT, MGM, PVH, REGN | Buybacks, Cash, energy, healthcare, tariffs, value | The fund maintains a low-60s% price-to-value ratio and below 10x price-to-free cash flow multiple while the market trades at well above 20x. They continue to avoid popular favorites and tilt toward where near-term emotions have led to mispricings in their favor. | FDX REGN KHC MGM DINO |
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| 2025 Q2 | Jul 22, 2025 | Longleaf Partners Global Fund | 10.5% | 8.1% | AMG, ANGI, BIO, CNX, DINO, ERF.PA, EXO.MI, FDX, GLB.L, IAC, KHC, MAT, PHG, PVH, REGN, RKT.L | Buybacks, global, healthcare, Spin-Offs, Trade Policy, undervalued, value | Portfolio trades at high-50s% price-to-value ratio with P/FCF below 10x versus broader market at 20x. Manager continues to avoid popular favorites and tilts toward emotional mispricings. Securities owned have stock-specific undervaluation reasons. | FDX REGN KHC LH.PA GLB.L CANAL.PA CAN LN |
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| 2025 Q2 | Jul 17, 2025 | Dodge & Cox Stock Fund | 3.8% | 7.5% | ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW | Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value | The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index. | View | |
| 2024 Q1 | May 7, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, BIO, CNX, DHER.DE, EQT, EXOR.MI, FBIN, FDX, FFH.TO, FIS, GLB.L, H, IAC, K, LYV, MLCO, PRX.AS, PVH, TIGO, WBD | Buybacks, global, Logistics, Media, Natural Gas, technology, value | Multiple portfolio companies are executing substantial share repurchase programs. CNX Resources continues share repurchase at a double-digit annualized pace, FedEx repurchased substantial stock with 6% annualized pace and authorized another $5 billion program, and FIS is using proceeds from asset sales to repurchase 10% of the company. | WBD FIS FDX CNX |
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| 2024 Q1 | May 7, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CHTR, CNHI, CNX, FBHS, FDX, FFH, FIS, H, IAC, K, LBRDA, LYV, MAT, RTX, WBD, WMG | Buybacks, free cash flow, Logistics, Media, Natural Gas, technology, value | Multiple portfolio companies are executing substantial share repurchase programs. FIS is repurchasing 10% of the company, CNX continues share repurchase at a double-digit annualized pace, and FedEx maintains a 6% annualized repurchase pace with another $5 billion program authorized. | WBD LBRDA FDX CNX FIS |
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| 2025 Q1 | May 2, 2025 | Tweedy, Browne Value Fund | 6.3% | 6.3% | 0220.HK, 0700.HK, 086280.KS, 2551.T, 3405.T, 4091.T, 4955.T, 7203.T, 7958.T, 9635.T, AKE.PA, ATE.PA, BA.L, BRK-A, CCC.L, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FRE.DE, GOOGL, HEIA.AS, HUSQ-B.ST, INCH.L, IONS, JNJ, KEMIRA.HE, KOF, KRN.DE, LAS-A.TO, MEGA.MX, MGCL.T, NA.TO, NESN.SW, NOVN.SW, P911.DE, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOL.MI, SOP.PA, TEP.PA, TFC, TKTT.PA, TREL-B.ST, TTE, TXGN.SW, U11.SI, UHAL, USB, VRTX, WFC, WPK.TO, ZURN.SW | defense, Europe, healthcare, Hedging, industrials, international, value | Tweedy Browne maintains their disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. They emphasize their bottom-up, fundamentally driven investment process focused on businesses with sound balance sheets and enduring competitive advantages. | View | |
| 2026 Q1 | May 13, 2026 | Matrix Dividend Income | - | - | AAPL, ACN, ADP, AMZN, CMCSA, FDX, GNRC, INTU, MSFT, NKE, PEP, PG, QCOM, TSN | AI, dividends, financials, Geopolitical, oil, technology, value | PG ADP NKE INTU |
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| 2026 Q1 | Apr 22, 2026 | RS Large Cap Val Strategy | 1.0% | 1.0% | FDX, MAT | AI, energy, Geopolitical, large cap, Logistics, ROIC, value | MAT FDX |
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| 2026 Q1 | Apr 20, 2026 | Hotchkis & Wiley Large Cap Fundamental Value | 0.2% | 0.2% | AIG, APA, CRM, FDX, OVV, WDAY | AI, energy, Geopolitical Risk, Health Insurance, large cap, software, value | AIG CRM WDAY FDX OVV APA |
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| 2026 Q1 | Apr 18, 2026 | Longleaf Partners Global Fund | -4.4% | -4.4% | ACI, CNX, DHER.DE, DIS, FDX, GLB, IAC, MAT, MGM, PHG, REGN, RYN | activism, Forest Products, global, Logistics, private credit, Quality, value | MAT IEL.AX DHER.DE RYN GLB FDX |
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| 2026 Q1 | Apr 17, 2026 | Parnassus Value Equity Fund | -1.6% | -1.6% | AMAT, BSX, CBRE, DE, DHR, FDX, MA, MSFT, NVO, SPGI, V, VZ, WDC | financials, Geopolitical, healthcare, large cap, Quality, technology, value | View | ||
| 2026 Q1 | Apr 16, 2026 | Longleaf Partners Fund | -4.5% | -4.5% | AVTR, CNH, DIS, EXOR.MI, FBIN, FDX, LPX, MAT, PYPL, RYN | Agriculture, Buybacks, Logistics, private credit, Timberland, value | View | ||
| 2026 Q1 | Apr 16, 2026 | Ariel Global Fund | -2.5% | -2.5% | 1024 HK, 2454.TW, 6383.T, BAYN.DE, ENGI.PA, EUROB.AT, FDX, FITB, FSLR, IFX.DE, INTC, MKS.L, ORA.PA, PUB.PA, SZG.DE | AI, Automation, Energy Transition, financials, Geopolitical, global, semiconductors, value | View | ||
| 2024 Q1 | Apr 15, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | BA.L, BRK-A, CNHI, DEO, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, NWLI, RHM.DE, RUI.PA, SAF.PA, SCRYY, TP.PA, TTE, U11.SI, WFC | defense, financials, global, healthcare, industrials, value | Aerospace & defense businesses led results during the quarter, driven primarily by BAE Systems, Safran, and Rheinmetall AG. These holdings were among the top contributors to fund performance. | View | |
| 2024 Q1 | Apr 15, 2024 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | ABBV, AEP, AMGN, APD, DUK, EBAY, FDX, JPM, NEE, PARA, PYPL, QCOM, RTX, SBUX, TSN, TXN, UNH | AI, dividends, financials, large cap, rates, technology, Utilities, value | Utilities were the worst-performing sector in 2023, creating opportunities to buy high-quality companies with predictable earnings and dividend growth. The sector has emerging growth potential as electricity demand for AI, data centers, and new technology is projected to rise rapidly through the end of the decade. Matrix increased utility exposure from 4% to 10.5% of the portfolio. | TSN AEP |
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| 2024 Q1 | Apr 15, 2024 | Matrix Dividend Income | 0.0% | 0.0% | ABBV, AEP, AMGN, APD, DUK, EBAY, FDX, JPM, NEE, PARA, PYPL, QCOM, RTX, SBUX, TSN, TXN, UNH | dividends, financials, large cap, Rate Cuts, technology, Utilities, value | Utilities were the worst-performing sector in 2023, creating opportunities to buy high-quality companies with predictable earnings and dividend growth. The sector has emerging growth potential as electricity demand for AI, data centers, and new technology is projected to rise rapidly through the end of the decade. Matrix increased utility exposure from 4% to 10.5% of the portfolio. | TSN AEP |
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| 2025 Q1 | Apr 15, 2024 | The London Company Large Cap | 2.3% | 2.3% | BLK, BRK-B, BRKR, ENTG, FDX, GOOG, HD, ODFL, PGR, RSG | Defensive, financials, large cap, Quality, semiconductors, technology, value | The portfolio's exposure to Lower Volatility and Quality factors performed well during market correction. Quality factors have historically posted their best relative returns during periods of decelerating growth and through recessions, and typically lag in early recovery but keep pace during mid-cycle years. | ENTG |
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| 2026 Q1 | Apr 13, 2026 | The Davenport Value & Income Fund | 1.9% | 1.9% | ACN, BDX, CMCSA, CSCO, CVX, ELV, ENB, FDX, NEE, NSC, NVO, SLB, TXN, UNH, UNP, VSNT, WAT, WY, XOM | AI, dividends, energy, Geopolitical, income, infrastructure, large cap, value | View | ||
| 2026 Q1 | Apr 13, 2026 | The London Company Large Cap | 2.4% | 2.4% | APD, D, ENTG, EQH, FDX, GOOG, MLM, SBUX, SCHW, V | broadening, downside protection, energy, Geopolitical, large cap, Quality, technology | MLM D GOOG V APD FDX ENTG |
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| 2025 Q1 | Apr 12, 2025 | Longleaf Partners Fund | -5.1% | -5.1% | ACI, AMG, BIO, CNX, EXOR.MI, FDX, FIS, HFC, IAC, MAT, PVH, PYPL, RTX | Buybacks, energy, healthcare, technology, Trade Policy, value | Fund focuses on quality companies trading at significant discounts to intrinsic value with P/V ratio below 60%. Manager emphasizes value stock picking environment where nimble companies on offense are rewarded versus largest index companies. | PVH PYPL FDX CNX BIO RTX MAT IAC ACI |
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| 2025 Q1 | Apr 12, 2025 | Longleaf Partners Global Fund | -2.2% | -2.2% | ACI, BIO, CNX, DHER.DE, EXOR.MI, FDX, FIS, GLB.L, HFC, IAC, MAT, TIGO | Cash, global, healthcare, Logistics, Quality, tariffs, value | The fund maintains a price-to-value ratio under 60% which is highly attractive. The manager believes this is setting up to be a better environment for value stock picking where nimble companies on offense are rewarded rather than the biggest index companies continuing to go straight up. | GLB FDX CNX BIO TIGO IAC ACI |
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| 2025 Q1 | Mar 31, 2025 | The Davenport Value & Income Fund | 3.8% | 3.8% | AVY, BAM, BMY, BRK.B, BUD, CMCSA, CVX, ELV, FDX, HP, HSY, JNJ, LHX, NEE, NSC, ORCL, PM, SNY, STZ, UPS | Buybacks, Consumer Staples, Defensive, dividends, healthcare, value | Sixteen of DVIPX's holdings raised their dividends during the quarter, led by double-digit percentage increases at Walmart, Brookfield Corp, and others. The average DVIPX constituent has raised its dividend 8% year-over-year, which exceeds the S&P 500's 6%. The Fund is both higher yielding and possesses higher dividend growth than the benchmarks. | View | |
| 2025 Q1 | Mar 31, 2025 | Dodge & Cox Stock Fund | 3.5% | 3.5% | AMZN, AVTR, BUD, CHTR, CVS, FDX, FI, GILD, GOOGL, JCI, MET, RTX, SCHW, SNY, WFC | contrarian, financials, healthcare, industrials, tariffs, value, volatility | The fund trades at only 14.1 times forward earnings compared to 20.9 times for the S&P 500, representing a significant discount to the broader market. The valuation disparity between value and growth stocks narrowed during the quarter, with value outperforming growth substantially. | View | |
| 2025 Q4 | Feb 11, 2026 | Tweedy, Browne Value Fund | 4.8% | 21.6% | 005930.KS, BRK-A, CNHI, CVS.L, DHLG.DE, ENVB, FDX, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, NVST.SW, PRU.L, RMS.PA, ROG.SW, SAF.PA, TTE, U11.SI, WFC | defense, global, healthcare, industrials, international, Pharmaceuticals, technology, value | Health care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. The fund continues to focus on financially sound enterprises purchased at attractive valuations where company stock prices are more than collateralized by underlying intrinsic value. The gap in valuation between US and non-US equities remains quite significant and should serve the fund well going forward. Defense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in the 4th Quarter. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals. | View | |
| 2024 Q4 | Dec 31, 2024 | Dodge & Cox Stock Fund | -1.5% | 14.5% | AMZN, AVTR, BUD, CHTR, CVS, FDX, FI, GILD, GOOGL, JCI, MET, RTX, SCHW, SNY, WFC | contrarian, financials, healthcare, industrials, large cap, value | The fund trades at only 14.1 times forward earnings compared to 20.9 times for the S&P 500 and 17.2 times for the Russell 1000 Value. The valuation disparity between value and growth stocks narrowed during the quarter, with value outperforming growth substantially. | View | |
| 2024 Q4 | Dec 31, 2024 | Mondrian Global Equity Fund | - | - | BF-B, DGX.DE, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SAN.PA, UL, UPS | Corporate Governance, Energy Transition, Europe, international, Japan, Utilities, valuation, value | US markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Japanese equities offer particularly attractive valuations with solid balance sheets and corporate governance improvements driving record buybacks. | View | |
| 2024 Q4 | Dec 31, 2024 | Mondrian International Equity Value Opportunities | - | - | BF-B, DG.PA, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SNY, SPIE.PA, UL, UPS | Currency, Energy Transition, international, Japan, Utilities, value | US markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Valuation discrepancies exist across sectors where fundamentally similar companies trade at significant multiples differences based solely on listing location. | View | |
| 2023 Q4 | Dec 31, 2023 | Carillon Eagle Growth & Income Fund | - | - | AVGO, AZN, BLK, CVX, FDX, GPC, JPM, MSFT, NOC, PNC | AI, banks, dividends, energy, rates, technology, value | Broadcom appears to be one of the first real beneficiaries of generative artificial intelligence with meaningful revenue expected to show up in 2024. Microsoft's Azure cloud business has seen AI contribute strongly to its growth. | View | |
| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CNH, CNX, FDX, FFH, GE, HAS, IAC, LBRDK, MAT, MGM, WBD, WMG | Buybacks, Concentration, energy, Media, Quality, value | The fund emphasizes owning high-quality businesses trading at significant discounts to intrinsic value. Portfolio trades at 13x P/E on not yet optimized earnings with a price-to-value ratio in the low-60s%, offering meaningful upside potential. Fund avoids mega-cap stocks trading at historic valuation multiples. | 0GEG LN NWBD.L IAC AMAT WMG CNX |
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| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | 0001.HK, CFR.SW, CNX, DHER.DE, FBHS, FDX, FIS, GE, GLB, HAS, IAC, MAT, MGM, PRX.AS, WBD, WMG | Concentration, discount, global, Quality, value | The fund emphasizes trading at 12.5x P/E on not yet optimized earnings versus mega-cap stocks at 29x P/E. Portfolio has price-to-value ratio in low-60s% offering meaningful upside potential. Fund owns high-quality businesses at discounted valuations. | NWBD.L DHER.DE IAC AMAT CNX |
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| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne International Value II | 2.1% | 18.8% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 6302.T, 6777.T, 7267.T, 7716.T, 7741.T, 7844.T, 7988.T, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNH, DEO, FDX, GOOGL, GRAF.L, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NVS, NVST, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TFC, TP.PA, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC | Currency, dividends, Europe, Hedging, international, Japan, value | The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance. | AZE |
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| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne International Value II | 1.4% | 23.2% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7716.T, 7988.T, AALB.AS, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, D05.SI, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, INCH.L, IONS, J36.SI, JNJ, JSG.L, KOF, MEGACPO.MX, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SOP.PA, SW.PA, TFC, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC, ZURN.SW | Currency, dividends, ETFs, Europe, Hedging, international, Japan, value | The firm emphasizes investing in companies that combine financial strength, reasonable valuations, and capacity to weather uncertain times. They focus on businesses trading at discounts to conservative estimates of underlying intrinsic value. The valuation gap between US and non-US equities remains significant despite recent outperformance. | AZE |
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| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne Worldwide High Dividend | 1.0% | 18.9% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7846.T, 7988.T, AZE.BR, BA.L, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SW.PA, TP.PA, TREL-B.ST, TTE, U11.SI, WFC | Buybacks, Currency, dividends, Europe, international, Japan, value | The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance. | SUBARU DBS SWAN RUI NESN |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Large Cap Strategy | -0.1% | 4.2% | AIG, CAT, CL, EQH, FDX, GM, KMX, LHX, LULU, MLM, SYY, TGT, TMO, TXN, ZTS | AI, Data centers, defense, large cap, Quality, technology, value | AI-fueled boom continues driving technology and communication services sectors, with sentiment potentially disconnected from reality as AI's potential is yet to be fully realized. Markets are rewarding companies with minimal AI exposure while punishing those at risk of disruption. | ZTS FDX |
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| 2024 Q3 | Oct 20, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FDX, FISV, HD, HUM, LMT, MCK, PH, QCOM, TMUS, TOL, UNH, WSM | large cap, Quality, risk management, small cap, valuation, value | The market shows extreme valuation risk with the S&P 500 trading at just the 13th percentile of historical free cash flow yields. Over 40% of the S&P 500 trades at NTM P/E ratios above 30x, similar to 2000 bubble conditions. The most expensive 15 megacap stocks account for 40% of market cap while trading at a 72% premium to the rest of the market. | View | |
| 2024 Q3 | Oct 2, 2024 | The London Company Large Cap | 8.1% | 14.6% | BLK, BRK.B, CB, CSCO, FDX, FI, GOOG, MO, ORLY, PGR, SCHW, TEL, UPS | financials, large cap, Quality, rates, technology, value | The fund focuses on profitable, financially stable, quality large-cap companies that consistently generate free cash flow and high returns on unleveraged operating capital. Management emphasizes their focus on quality, diversification, and valuation as their margin of safety in uncertain market conditions. | CB FI BLK PGR |
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| 2024 Q3 | Oct 16, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CNX, FDX, FIS, IAC, K, LYV, MAT, MGM, PVH, PYPL | Buybacks, gaming, Logistics, Natural Gas, payments, value | Multiple portfolio companies are executing significant share repurchase programs. PayPal repurchased nearly 10% of its shares on an annualized basis, leading to stronger FCF per share growth. MGM continues to execute significant share buybacks, further boosting FCF per share. CNX Resources directs free cash flow to value accretive share repurchase. | FDX MGM PYPL CNX K |
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| 2024 Q3 | Oct 16, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | 0700.HK, AMG, CNX, DHER.DE, ERF.PA, EXO.MI, FDX, FIS, GLB.L, IAC, K, MGM, ODFL, PRX.AS, SAIA, TCOM, TIGO, UBER, WMG | Buybacks, E-Commerce, gaming, global, Logistics, Natural Gas, value | The fund focuses on companies with durable competitive advantages trading at historically high valuation gaps versus the index. The price-to-value ratio remains in the high-60s%, indicating substantial room for price appreciation. Management emphasizes building a unique portfolio in a time of high valuations for the largest companies globally. | MGM FDX PRX.AS ERF.PA CNX K DHER.DE |
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| 2024 Q3 | Oct 16, 2024 | ARK Invest | - | - | AMZN, CAT, CSCO, DOW, FDX, KHC, MCD, MMM, NKE, PG, SBUX, TMO, TXN, UPS | AI, Deflation, Fed, innovation, rates, Recession, technology | ARK expects AI and other disruptive technologies to drive productivity growth and create new products and services that replace legacy solutions. The convergence among 14 technologies involved in ARK's five major platforms should start moving the needle on macro metrics significantly during the next five to ten years. ARK is searching for diversified exposure to the AI revolution, particularly among software applications that are underrepresented in broad-based benchmarks. | View | |
| 2025 Q3 | Oct 15, 2025 | Ariel Global Fund | 5.0% | - | 009150.KS, 0425.HK, 3436.T, 6460.T, 6981.T, BT-A.L, FDX, FME.DE, FSLR, HUM, INF.L, INTC, MTB, PUB.PA, ROG.SW, SYENS.BR, VT | AI, Energy Transition, global, healthcare, semiconductors, Telecommunications, value | The fund is positioned to benefit from Edge AI adoption through holdings in semiconductor and electronic component companies. Murata Manufacturing is benefiting from rising demand for Edge AI which significantly increases multilayer ceramic capacitor content per device. Samsung Electro-Mechanics is well-positioned to benefit from rising Edge AI adoption and accelerating demand for AI accelerators. | View | |
| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Fund | -0.3% | -0.4% | ACI, ANGI, BIO, CNX, EXOR.MI, FDX, FIS, H, HFC, IAC, KHC, MAT, MGM, PCH, PVH, REGN, RYN | AI, Bubble, Buybacks, FCF, spinoffs, undervalued, value | Fund focuses on companies trading at significant discounts to intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying undervalued assets with growing free cash flow per share while avoiding overvalued market segments. | BIO REGN PCH RYN ACI FDX MGM IAC KHC MAT CNX |
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| 2025 Q3 | Oct 14, 2025 | Dodge & Cox Stock Fund | 3.1% | 10.9% | ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW | Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value | The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index. | View | |
| 2024 Q3 | Oct 10, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FDX, FI, HD, HUM, LMT, MCK, PH, QCOM, TMUS, TOL, UNH, WSM | large cap, Quality, risk management, small caps, valuation, value | The market shows extreme valuation risk with the S&P 500 trading at expensive levels historically. Over 40% of the S&P 500 trades at NTM P/E over 30x, similar to 2000 bubble conditions. The most expensive 15 megacap stocks trade at a 72% premium to the rest of the market and account for almost 40% of total market cap. | View | |
| 2024 Q4 | Jan 7, 2025 | GreenWood Investors | 0.0% | 16.6% | AMZN, CTT.LS, FDX, LDO.MI, PDD, TPL, UPS | active ownership, defense, E-Commerce, Europe, Logistics, value | The fund is invested in CTT's parcel delivery business serving the under-penetrated Iberian e-commerce market, and PDD Holdings which has built an e-commerce platform with similar GMV to Amazon in one-third the time. E-commerce infrastructure services have significant runway as Iberian e-commerce remains under-penetrated as a portion of retail sales. | PDD CTT.LS LDO.MI TPL |
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| 2025 Q4 | Jan 29, 2026 | Hotchkis & Wiley Large Cap Fundamental Value | 4.5% | 17.1% | AIG, APA, C, CMCSA, CRM, CRWD, CVS, ERIC, FDX, FFIV, FISV, GM, NFLX, PLTR, UNH, WBD, WDAY, WPP | banks, energy, financials, healthcare, large cap, software, valuation, value | The portfolio trades at 13x forward earnings and less than 10x normal earnings, both in line with historical averages. The manager emphasizes attractive valuations outside the Magnificent 7, with the S&P 500 excluding these stocks trading at 18x forward P/E versus a 35-year average of 17.4x. The fund focuses on undervalued quality businesses with strong fundamentals. Software is the portfolio's largest industry exposure on both absolute and relative basis. The manager views prospects of select software companies as highly compelling, citing sticky customer bases, recurring revenues, and predictable businesses. Major purchases included Workday and Salesforce, which trade at discounts to their own history despite being higher quality businesses. The portfolio's banks returned 13% compared to 6% for the index in Q4, with an average weight of 12% that returned nearly 40% for the year. The manager took capital out of the group as valuations increased. Banks were the top contributing industry to relative performance both quarterly and annually. The portfolio remains overweight in healthcare, noting the sector's return is about half that of the rest of the market over the past decade. Healthcare's P/E ratio is less than 80% of the broad market's P/E, trading at a deeper discount only 8% of the time since 1990. The manager views this as an attractive opportunity given the quality of businesses and growth prospects. Energy exposure spans both exploration & production companies as well as oilfield services. While these businesses are not as structurally attractive as software or healthcare, energy remains among the most attractively valued areas of the portfolio. The group trades at less than 7x normal earnings and offers an expected free cash flow yield of 11%. | View | |
| 2024 Q4 | Jan 23, 2025 | Titan Wealth | - | - | 1211.HK, AMZN, ASML, DIS, EL, EW, FDX, HON, LLY, MSFT, NFLX, NVDA, NVO, TSLA, UNH, V | AI, Energy Transition, healthcare, infrastructure, interest rates, portfolios, technology, Trump | AI-driven assets emerged as top performers with significant holdings in Nvidia and Amazon. Portfolio includes companies positioned to benefit from AI infrastructure expansion while avoiding lofty valuations of the Magnificent 7. | View | |
| 2025 Q4 | Jan 21, 2026 | The London Company Large Cap | 0.2% | 8.3% | BLK, CB, FDX, FI, GOOG, NEU, NSC, RSG | dividends, financials, healthcare, large cap, Quality, technology, value | The manager emphasizes investing in profitable, financially stable, quality large-cap companies with high returns on unleveraged operating capital, strong cash generation, and conservative leverage. Quality factors were headwinds during Q4 as volatility factors outperformed, but the manager believes the environment is becoming more conducive to fundamentals where earnings growth, dividends, and balance-sheet strength matter more than valuation multiple expansion. Value outperformed Growth across the market cap spectrum during Q4, with value factors being the primary driver of returns, led by stocks trading at lower prices relative to sales and book value. The manager sees growing value in true active share and diversified exposure to high-quality businesses in a market defined by elevated valuations and concentration risk. The manager focuses on companies with strong capital allocation and dividend-paying capabilities. Several portfolio holdings like Chubb and BlackRock are highlighted for their steady capital returns and aggressive buyback programs, reinforcing the emphasis on shareholder-oriented management and consistent dividend policies. | RSG NSC BLK NEU FI CB FDX GOOG |
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| 2025 Q4 | Jan 18, 2026 | Dodge & Cox Stock Fund | 2.5% | 13.7% | AON, AVTR, BAC, BK, BN, CHTR, CMCSA, CVS, FDX, FI, GILD, GOOGL, GSK, JCI, MET, MSFT, OXY, REGN, RTX, SCHW, TSM, WFC, WTW | contrarian, financials, industrials, technology, valuation, value | The fund maintains its value-oriented investment approach despite a fully valued U.S. equity market. The portfolio trades at an attractive valuation of 14.6 times forward earnings, representing a significant discount to the S&P 500 at 22.9 times. The fund continues to find opportunities where long-term fundamentals are not fully reflected in current prices. The fund reduced its overall weighting in the Financials sector while shifting exposure across industries. They trimmed more cyclical bank holdings like Wells Fargo and Bank of America, while increasing exposure to insurance brokers and alternative asset managers. Despite headwinds, they added to Fiserv as its valuation compressed significantly. | FISV |
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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 | |
| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Fund | -0.3% | -0.4% | ACI, AMG, ANGI, AVTR, CNX, DINO, DIS, EXO.MI, FDX, H, IAC, KHC, MAT, MGM, PCH, PVH, PYPL, REGN, RTX, RYN | Buybacks, Cash, Defensive, Leverage, Quality, value | Fund focuses on undervalued companies trading below intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying quality companies at discounts and waiting for market recognition of value. Multiple portfolio companies engaged in significant share repurchases including Mattel ($600M), Regeneron, MGM (40% over 5 years), and PVH. Manager views buybacks as value-creating at current discounted prices. Holdings include Mattel with strong IP portfolio (Hot Wheels, Barbie, UNO) and upcoming movie releases, plus IAC's digital assets. Focus on companies with valuable content and intellectual property. | ANGI PVH PYPL MGM IAC REGN MAT DINO KHC |
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| 2024 Q3 | Sep 30, 2024 | Dodge & Cox Stock Fund | 7.2% | 16.3% | APD, BAX, BK, CHTR, CVS, FDX, FI, GE, GOOGL, JCI, MET, META, MSFT, NVDA, OXY, RTX, SBAC, SCHW, SNY, WFC | energy, financials, healthcare, industrials, technology, value | The Fund trades at an attractive valuation of 14.4 times forward earnings, compared to 22.5 times for the S&P 500. The valuation disparity between value and growth stocks diminished but still remains wide, with Russell 1000 Value trading at 17.9 times forward earnings versus 29.0 times for Russell 1000 Growth. Value stocks outperformed growth stocks in the quarter for the first time since 2022. | View | |
| 2024 Q3 | Sep 30, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | BRK-B, DGE.L, DHL.DE, FDX, FMC, GOOGL, HEIA.AS, ISNS, JNJ, NESN.SW, NVST, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, U11.SI, UHAL, WFC | Diversified, global, risk management, valuation, value | The fund continues to focus on securities trading at discounts from conservative estimates of their respective intrinsic values. Portfolio positioning reflects areas where investors may still uncover undervalued securities. The managers emphasize their value investing approach throughout the commentary. | View | |
| 2024 Q3 | Sep 30, 2024 | The Sound Shore Fund | 6.7% | 21.1% | AVTR, BBWI, BKR, BRK-B, COF, CTRA, DIS, FDX, FIS, GM, Gold, KHC, KMI, KR, LEN, NXPI, PEG, PVH, PYPL, WFC | healthcare, Mining, nuclear, semiconductors, Utilities, value | Sound Shore focuses on attractively priced, out-of-favor stocks where managements are building value not yet recognized by Wall Street. The portfolio trades at a forward P/E of 11.5 times versus 21.5 times for the S&P 500, representing a meaningful discount despite strong balance sheets and free cash flow. | PEG AVTR Gold |
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| 2023 Q3 | Sep 30, 2023 | Matrix Dividend Income | 0.0% | 0.0% | AAPL, AEP, AMGN, AMZN, BKNG, CMCSA, FDX, FI, GOOGL, JPM, LHX, META, MSFT, NEE, PFE, RTX, TXN, UL, UNH, ZBH | dividends, financials, large cap, rates, Utilities, value | The Dividend Income portfolio focuses on companies that pay regular dividends, with 17 companies announcing dividend increases in 2023 averaging 6.8%. The portfolio maintains a 3.35% dividend yield compared to 1.61% for the S&P 500, demonstrating the strategy's focus on generating strong and growing current income. | NEE HRTX |
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| 2023 Q3 | Sep 30, 2023 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | AAPL, AEP, AMGN, AMZN, BKNG, CMCSA, FDX, FI, GOOGL, JPM, LHX, META, MSFT, NEE, PFE, RTX, TXN, UL, UNH, ZBH | dividends, Fed policy, inflation, large cap, rates, value | Interest rates rose sharply in Q3 with 10-year Treasury reaching 4.57%, highest since 2007. The Fed raised rates by 0.25% and signaled higher for longer policy. Matrix believes the Fed is nearing the end of its hiking cycle and expects rate cuts in 2024 as economic slowdown becomes evident. | NEE HRTX |
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| 2022 Q3 | Sep 11, 2022 | Longleaf Partners Global Fund | 14.8% | 18.4% | CYTH SW, FDX, IAC | - | View | ||
| 2024 Q2 | Jul 23, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CHTR, CNHI, CNX, FDX, FIS, IAC, K, MAT, MGM, OD, PVH, RTX | Buybacks, Concentration, free cash flow, Logistics, Margins, value | The fund emphasizes trading at low-60s% price-to-value ratio with significant margin of safety. Portfolio companies trade at approximately 10 times free cash flow on margins that can improve, while S&P 500 trades at over 20 times potentially peak free cash flow. | MAT CNHI BIO FDX |
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| 2024 Q2 | Jul 23, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AC.PA, AMG, BIO, CFR.SW, CNX, DHER.DE, ENT.L, ERF.PA, EXOR.MI, FDX, FIS, GLB.L, IAC, K, MAT, MGM, PRX.AS, TIGO, VIV.PA, WBD | Buybacks, Europe, free cash flow, global, Margins, technology, valuation, value | The fund trades at a low-60s% price-to-value ratio with holdings at roughly 10 times free cash flow on margins that can improve, while the FTSE Developed trades at 20 times potentially peak free cash flow. This positions investments for growth even in tougher economic times, especially on a relative basis. The valuation gap between the broader market and the portfolio is at a uniquely high level. | DHER.DE ERF.PA BIO FDX PRX.AS MILL.ST |
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| 2023 Q2 | Jul 19, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, CNH, CNX, FBHS, FDX, FFH, FI, FIS, GE, H, HAS, IAC, K, LBRDK, LYV, MAT, MGM, PVH, WBD, WMG | concentrated, consumer discretionary, Media, Mega Cap, technology, value | Fund maintains concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value. Portfolio ended quarter with compelling P/V ratio in mid-60s%, indicating significant future upside potential. Fund seeks businesses run by capable management teams whose stock prices are trading temporarily at discount. | NWBD.L IAC LLYVA |
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| 2023 Q2 | Jul 19, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, CNX, ERF.PA, EXOR.MI, FDX, FI, FIS, GE, H, HAS, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, TIGO, WBD, WMG | Buybacks, concentrated, discount, global, Media, value | The fund holds significant positions in media companies including Warner Bros Discovery, Live Nation Entertainment, and IAC. Warner Bros Discovery remains dramatically undervalued despite near-term streaming uncertainty, while Live Nation benefited from strong concert demand acceleration in 2023. | NWBD.L TIGO IAC LLYVA |
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| 2023 Q1 | Apr 30, 2023 | Tweedy, Browne International Value II | 2.4% | 8.3% | 0179.HK, 3405.T, 4182.T, 4368.T, 6302.T, 7988.T, ALV.ST, BABA, BAC, BIDU, BRE.DE, CCC.L, CSCO, D05.SI, FDX, FRE.DE, GOOGL, HUSQ-B.ST, IONS, JNJ, KBC.BR, MEGACPO.MX, ROG.SW, SKF, TFC, TREL.ST, TTE, TXGN.SW, U11.SI, USB, VRTX, WFC | Banking, China, energy, Europe, international, small caps, value | The manager believes a reset is afoot in capital markets that could favor value stocks over growth counterparts. They emphasize that price matters again and their portfolios trade at attractive valuation multiples with owner earnings yields of 7-8% or higher for new buys. | View | |
| 2023 Q1 | Apr 30, 2023 | Tweedy, Browne International Value II | 4.8% | 8.3% | 0179.HK, 3405.T, 4182.T, 4368.T, 6250.T, 6302.T, 7988.T, ALV.ST, BABA, BAC, BIDU, BRE.DE, CCC.L, CSCO, D05.SI, FDX, FRE.DE, GOOGL, HUSQ-B.ST, IONS, JNJ, KBC.BR, MEGACPO.MX, ROG.SW, SKF, TFC, TREL.ST, TTE, TXGN.SW, U11.SI, USB, VRTX, WFC | Banking, diversification, energy, international, Non-US, value | The fund emphasizes trading at significant discounts to intrinsic value estimates. Portfolio holdings generally trade at reasonably attractive weighted average valuation multiples. Owner earnings yields for new buys typically around 7-8% or higher. | View | |
| 2023 Q1 | Apr 30, 2023 | Tweedy, Browne Value Fund | 2.8% | 7.6% | BABA, BAC, BIDU, CSCO, D05.SI, FDX, GOOGL, IONS, JNJ, ROG.SW, SKF, TRU, TTE, UOB.SI, USB, VRTX, WFC | Banking, China, Europe, international, small caps, value | The manager emphasizes that price matters again in the current environment, with their funds positioned to take advantage of attractive valuations. They believe the reset in capital markets could favor value stocks over growth counterparts, with their portfolios trading at reasonably attractive weighted average valuation multiples. | View | |
| 2023 Q1 | Apr 30, 2023 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | BABA, BAC, BAESY, BIDU, BRK-B, CSCO, DGE.L, FDX, GOOGL, JNJ, NESN.SW, NVS, RHHBY, SAF.PA, TFC, TTE, UL, USB, VRTX, WFC | Banking, dividends, international, Reset, value | The manager believes a reset is afoot in capital markets that could favor value stocks over growth counterparts. They emphasize that price matters again and their portfolios trade at attractive valuation multiples. The owner earnings yield for many new buys has typically been around 7-8% or higher. | View | |
| 2023 Q1 | Apr 20, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | FDX, GE, LUMN, MGM, PVH, WBD | concentrated, consumer discretionary, financials, industrials, Media, value | Warner Bros Discovery was the top contributor as management executes integration plan with strong track record of growing free cash flow per share. Industry price rationality emerging across streaming world. | LUMN PVH FDX MGM 0GEG LN NWBD.L |
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| 2023 Q1 | Apr 20, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | 0001.HK, AC.PA, AMG, CNXC, FDX, FFH.TO, GE, GLB.L, GOOGL, H, IAC, LUMN, MAT, MGM, MLCO, PVH, WBD, WMG | concentrated, discount, global, industrials, Logistics, Media, value | Fund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Manager invests with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. P/V ratio in low-60s% indicates portfolio trading below intrinsic value. | LUMN MGM FDX TIGO 0GEG LN NWBD.L |
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| 2023 Q1 | Apr 20, 2023 | The London Company Large Cap | 8.1% | 14.6% | BLK, CVX, FDX, GOOG, NSC, ODFL, SCHW, STOR | Banking, energy, large cap, Quality, Recession, technology, Transportation | The manager emphasizes owning lower beta, higher quality holdings with durable profitability, strong free cash flow, and balance sheet flexibility. They believe quality portfolios provide a tangible advantage in an unpredictable world with greater economic volatility. | CVX BLK NSC SCHW GOOG ODFL FDX |
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| 2023 Q4 | Jan 23, 2024 | The London Company Large Cap | 8.1% | 14.6% | AAPL, ALB, AMZN, BLK, CVX, FDX, GOOGL, HES, META, MLM, MSFT, NVDA, SCHW, TSLA | Buybacks, Concentration, dividends, financials, large cap, materials, Quality, value | The manager emphasizes quality factors as central to their investment approach, noting that quality factors were headwinds in Q4 but believing quality will help in the years ahead. They view quality as the antidote to uncertainty and focus on profitable, financially stable companies with strong fundamentals. | FDX CVX AALB.AS KMLM SCHW BLK |
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| 2024 Q4 | Jan 21, 2025 | Tweedy, Browne International Value II | -5.3% | 2.5% | BAC, D05.SI, DEO, DHL.DE, EPD, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, KOF, NESN.SW, NVS, RHM.DE, ROG.SW, TX.SW, UOB.SI, VRTX, WFC | financials, industrials, international, Japan, valuation, value | The fund maintains rigorous valuation requirements that have excluded dominant technology companies from portfolios. Management believes they are positioned in parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities. | View | |
| 2024 Q4 | Jan 21, 2025 | Tweedy, Browne Value Fund | -5.8% | 1.4% | BRK-A, CNHI, DGE.L, DHL.DE, FDX, FMC, GOOGL, HEIA.L, JNJ, NESN.SW, NVST, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TP.PA, TTE, U11.SI, UHAL, WFC | financials, global, Japan, technology, valuation, value | The fund maintains its value investing approach, seeking securities trading at significant discounts to intrinsic value estimates. Portfolio positioning focuses on parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities. | View | |
| 2024 Q4 | Jan 21, 2025 | Tweedy, Browne Worldwide High Dividend | -8.7% | 0.2% | 005930.KS, 2531.T, 3105.T, 7203.T, ALTEN.PA, BAC, D05.SI, DEO, DHL.DE, EPD, FDX, FMC, GOOGL, HEIA.AS, IONS, JNJ, KOF, NESN.SW, NVS, P911.DE, RHM.DE, ROG.SW, TEP.PA, TX.SW, UOB.SI, UPI.HK, VRTX, WFC | dividends, financials, global, high yield, value | The fund remains positioned in parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities. The managers believe their attractive positioning has not produced good relative returns but gives reason to believe they are close to an inflection point in equity markets. | View | |
| 2023 Q4 | Jan 17, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CNHI, CNX, FBHS, FDX, FFH, FIS, GE, H, IAC, K, LBRDK, LUMN, LYV, MAT, MGM, PVH, RTX, WBD | Buybacks, financials, Logistics, Quality, Travel, value | Fund focuses on Business, People, Price discipline, seeking hidden quality companies trading at discounts. Portfolio differs meaningfully from value indices, with ~50% not found in benchmark indices. Manager believes their differentiated approach positions them well versus Quality at Higher Price strategies and Value ETFs. | ^HSI MGM FFH FDX PVH NWBD.L |
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| 2023 Q4 | Jan 17, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, BIO, CNX, DHER.DE, ERF.PA, EXOR.MI, FBHS, FDX, FFH.TO, FIS, GE, K, LUMN, LYV, MAT, MGM, MLCO, PVH, TIGO, WBD | Banking, Buybacks, global, portfolio, Quality, returns, value | Manager emphasizes their differentiated approach to value investing, focusing on Business, People, Price rather than traditional value ETF strategies or quality at higher prices. They believe value is positioned for outperformance in the 2020s similar to previous decades when interest rates normalized. | View | |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Fund | -1.3% | 8.8% | ACI, AMG, BIO, CNX, DINO, EXO, FBIN, FDX, FFH, FIS, IAC, K, LBRDK, LYV, MAT, MGM, PYPL, RTX, WBD, WMG | Buybacks, energy, Media, Natural Gas, payments, technology, value | Fund operates with high-60s% price-to-value ratio and 10x price/earnings power multiple, dramatically different than the market. Manager emphasizes appraisal-driven research and fundamental analysis to identify undervalued opportunities. | View | |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Global Fund | -6.7% | 10.5% | 0700.HK, 4613.T, AC.PA, ACI, AMG, BIO, CFR.SW, CMCSA, CNX, ENT.L, ERF.PA, EXO.MI, FBIN, FDX, FFH.TO, FIS, H, HFC, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, RKT.L, TCOM, TIGO, WBD, WMG | Buybacks, global, inflation, Media, Natural Gas, Spin-Offs, Trump, value | Fund trades at low-60s% price-to-value ratio with sub-10x price/earnings power multiple, dramatically different than the market. Manager emphasizes fundamental, appraisal-driven research and finding mispriced value outside of the US at the moment. | View | |
| 2023 Q3 | Jan 11, 2023 | Tweedy, Browne Value Fund | 2.8% | 7.6% | AZO, BRK-A, CNHI, DGE.L, DHL.DE, FDX, FMC, FRE.DE, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, ROG.SW, SAF.PA, SCOR.PA, TREL-B.ST, TTE, U11.SI, WFC | Diversified, fundamentals, international, Quality, value | The fund maintains a value investing approach across multiple international and domestic markets. Portfolio holdings are selected based on fundamental analysis and intrinsic value assessments. The fund's diversified value strategy spans multiple geographies and sectors. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 29, 2026 | Fund Letters | The London Company Large Cap | FedEx Corporation | Integrated Freight & Logistics | Air Freight & Logistics | Bull | New York Stock Exchange | Capacity Rationalization, cash flow, Cost Reduction, Express Delivery, Freight, Logistics, margin expansion, Pricing power | View Pitch |
| Apr 28, 2026 | Fund Letters | Longleaf Partners Global Fund | FedEx Corporation | Integrated Freight & Logistics | Air Freight & Logistics | Bull | New York Stock Exchange | B2b, Freight, Logistics, margin expansion, Network Optimization, Parcels, spinoff, Transportation | View Pitch |
| Apr 28, 2026 | Fund Letters | The London Company Large Cap | FedEx | Industrials | Air Freight & Logistics | Bull | NYSE | cost-cutting, Logistics, market evolution, Network Optimization, Operational Restructuring, Transportation, Volume Pressure | View Pitch |
| Apr 28, 2026 | Fund Letters | Longleaf Partners Fund | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | Freight, Ground Delivery, Logistics, Pricing power, Share Buybacks, Transportation | View Pitch |
| Apr 27, 2026 | Fund Letters | Longleaf Partners Fund | FedEx | Industrials | Air Freight & Logistics | Bull | NYSE | Air Freight, Cost control, DRIVE Program, Ground Delivery, Logistics, operational efficiency, Pricing power, Share Buybacks | View Pitch |
| Apr 27, 2026 | Fund Letters | Longleaf Partners Global Fund | FedEx | Industrials | Air Freight & Logistics | Bull | NYSE | Cost control, Cyclical Recovery, Logistics, margin expansion, operational efficiency, Pricing power, Share Buybacks, Transportation | View Pitch |
| Apr 27, 2026 | Fund Letters | The London Company Large Cap | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | Air Freight, Cost Containment, Global Networks, Logistics, Operational Improvement, Transportation, value creation | View Pitch |
| Apr 24, 2026 | Fund Letters | RS Large Cap Val Strategy | FedEx Corporation | Integrated Freight & Logistics | Air Freight & Logistics | Bull | New York Stock Exchange | cost savings, Logistics, margin expansion, ROIC, share repurchases, spin-off, Transportation | View Pitch |
| Apr 23, 2026 | Fund Letters | Hotchkis & Wiley Large Cap Fundamental Value | FedEx Corporation | Integrated Freight & Logistics | Air Freight & Logistics | Bull | New York Stock Exchange | cost discipline, Equity, Free Cash Flow, Freight, Integration, Logistics, margin expansion, parcel delivery, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill Large Cap Strategy | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | Cost Reduction, Cyclical, e-commerce, Freight, Logistics, Ltl, spin-off, Transportation, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Fund | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | cash flow growth, Corporate Separation, European Turnaround, Express Delivery, Freight, Logistics, market share gains, operational efficiency | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Global Fund | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | cash flow growth, Corporate Separation, European Turnaround, Express, Freight, Logistics, Tariff Headwinds | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Fund | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | Cost management, FCF, Freight, Logistics, Ltl, share repurchases, spin-off, Transportation | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Global Fund | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | Cost management, Free Cash Flow, Freight, Less-than-truckload, Logistics, Share Buybacks, spin-off, value unlock | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Fund | FedEx | Industrials | Air Freight & Logistics | Bull | NYSE | Bear, Express, Freight, Logistics, separation, Tariff Threats, value unlock | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Global Fund | FedEx | Industrials | Air Freight & Logistics | Bull | NYSE | capital allocation, Cost Reduction, DRIVE Program, Free Cash Flow, Logistics, Share Buybacks, Transportation, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Fund | FedEx | Industrials | Air Freight & Logistics | Bull | NYSE | capital allocation, Cost Reduction, Free Cash Flow, Logistics, Operational Turnaround, Share Buybacks, Transportation | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Global Fund | FedEx | Industrials | Air Freight & Logistics | Bull | NYSE | capital discipline, Express, Freight, Logistics, separation, spin-off, tariffs | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Fund | FedEx | Industrials | Air Freight & Logistics | Bull | NYSE | Air Freight, cost savings, Freight Operations, Less-than-truckload, Logistics, spin-off, value unlocking | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Global Fund | FedEx | Industrials | Air Freight & Logistics | Bull | NYSE | Air Freight, cost savings, Less-than-truckload, Logistics, spin-off, Transportation, value unlocking | View Pitch |
| Jan 27, 2026 | Fund Letters | Brian Campbell | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | New York Stock Exchange | cashflow, Costcutting, Logistics, Margins, Pricing | View Pitch |
| Nov 29, 2025 | Fund Letters | Chuck Bath | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | cost-cutting, Freight, Logistics, Margins, restructuring, spin-off, Transportation | View Pitch |
| Nov 29, 2025 | Fund Letters | Ross Glotzbach | FedEx Corporation | Industrials | Air Freight & Logistics | Bull | NYSE | efficiency, Margins, Pricing, restructuring, SOTP, spin-off, Volumes | View Pitch |
| Aug 13, 2025 | Seeking Alpha | The Dividend Collectuh | FedEx Corp | Industrials | Integrated Freight & Logistics | 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. | ||||||||