FI

FI

FI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 4, 2025	Broyhill Asset Management	3.7%	6.6%	AVTR, DLTR, FI, IQV, PM, SCHW	dispersion, Mean reversion, small caps, stock picking, valuation gaps	The commentary emphasizes record valuation dispersion and fading market leadership as fertile ground for active stock pickers. Smaller and mid-sized companies trading at discounts to fundamentals are highlighted as key opportunities. Dispersion is positioned as a catalyst for mean reversion and long-term outperformance.		View
2025 Q2	Aug 7, 2025	Matrix Large Cap Value Strategy	-	-	AMAT, FI	capital returns, earnings, sector rotation, Valuation discipline, value	The commentary highlights large-cap value stocks trading at meaningful discounts despite solid fundamentals and earnings resilience. Management points to valuation discipline, sector rotation, and selective opportunistic buying during market drawdowns. The outlook favors steady returns supported by reasonable multiples and capital returns.	AMAT	View
2025 Q2	Aug 11, 2025	Baron FinTech Fund	9.2%	7.7%	ATEG, CME, CWAN, FI, HOOD, INTU, MELI, PGR, SCHW	Digital payments, Financial Services, Fintech, innovation, Platforms	The letter discusses long-term growth in financial technology driven by digitization of payments, capital markets, and financial services. Market volatility has favored challengers and innovative platforms, while regulatory and competitive dynamics remain key risks. Fintech adoption is viewed as structurally increasing across geographies.		View
2025 Q2	Jul 22, 2025	Columbia Global Technology Growth Fund	24.8%	-	AAPL, AVGO, FI, GPN, HOOD, MSFT, NVDA, ORCL, TMUS	AI, Cloud Computing, innovation, secular growth, semiconductors	The letter emphasizes powerful secular growth driven by artificial intelligence, cloud computing and digital infrastructure. Management highlights strong demand for semiconductors and software platforms with durable competitive advantages. Technology is viewed as a long-duration growth opportunity despite geopolitical and regulatory risks.	AAPL TMUS GPN FI HOOD ORCL MSFT AVGO NVDA	View
2025 Q2	Jul 22, 2025	Madison Investors Fund	3.1%	2.3%	ABNB, ACGL, ADI, BRK/A, CDW, FERG, FI	Compounding, Discipline, downside risk, fundamentals, Quality	The letter emphasizes long-term fundamental investing with a focus on business quality and downside risk management. Management highlights disciplined security selection over macro forecasting. Steady compounding is expected as fundamentals drive returns over time.	CDW ABNB ACGL FI ADI FERG	View
2025 Q2	Jul 21, 2025	Renaissance Investment Management – Large Cap Growth	-	-	AAPL, APH, AVGO, DT, FI, FIX, JBL, TMO	CashFlow, growth, innovation, largecap, moat	Large-cap growth remains attractive through companies with durable competitive advantages and visible cash-flow growth. Market volatility has created entry points in high-quality franchises with long runways. The strategy prioritizes sustainable growth over short-term macro forecasting.	DT TMO FI AAPL FIX AVGO	View
2025 Q2	Jul 20, 2025	The London Company Large Cap	-0.4%	1.8%	BRK/B, FI, NEU, PGR, SCHW, TEL	cash flows, downside protection, large cap, Quality, valuation	The commentary highlights large-cap businesses with durable cash flows, conservative leverage, and strong competitive positions. A focus on quality and downside protection may lag in momentum-driven rallies but is designed to outperform over full cycles. Discipline and fundamentals remain central amid elevated valuations.	PGR BRK.B SCHW TEL NEU	View
2025 Q2	Jul 18, 2025	Mairs & Power – Balanced Fund	-	2.7%	ABT, AMZN, FI, TECH, TTC, USB, WEC, WFC	balanced allocation, capital preservation, dividends, income, Quality	The commentary focuses on balanced allocation as a way to navigate uncertain markets while preserving capital. Emphasis is placed on dividend-paying equities and high-quality bonds to smooth returns. The approach targets steady compounding across market cycles.		View
2025 Q2	Jul 17, 2025	Ariel Appreciation Fund	5.8%	-	CLB, FI, GS, KMX, NTRS, NVT, SLB, SPHR	Discipline, fundamentals, Mean reversion, valuation gaps, value	The letter emphasizes valuation discipline amid a market dominated by growth and momentum. Management highlights opportunities in overlooked, fundamentally strong companies trading at discounts to intrinsic value. The outlook is anchored in long-term mean reversion and fundamental recovery rather than macro forecasting.	GS FI KMX CLB	View
2025 Q2	Jul 15, 2025	GreensKeeper Value Fund	-	-3.6%	AXP, BRK/A, CFR SW, FI, GOOG, NVO	capital preservation, Discipline, risk taking, Speculation, valuation excess	The letter warns of rising speculative behavior marked by frothy valuations, renewed risk-taking, and investor complacency. Management stresses that such environments historically reward patience and discipline rather than momentum chasing. The fund positions itself to protect capital and deploy aggressively when fear eventually returns.	CFR SW GOOGL AXP	View
2025 Q2	Jul 15, 2025	Kovitz Core Equity Strategy	7.9%	5.4%	ADI, BDX, FI, FND, HAS, META, MSFT, MSI, ORCL, TMO	Balance Sheets, Capital discipline, Competitive Advantage, Concentration, Quality	The letter focuses on owning a concentrated portfolio of high-quality businesses with strong balance sheets and durable competitive advantages. Management prioritizes downside protection, conservative capital structures, and long holding periods. Patience and business fundamentals are emphasized over market timing.		View
2025 Q2	Jul 11, 2025	Giverny Capital Asset Management	9.1%	5.4%	BLDR, FI, GOOG, HEI, KNSL, MTB, PGR	Balance Sheets, cash flow, long-term, niche leaders, Quality	The commentary stresses ownership of high-return, niche market leaders with conservative balance sheets amid elevated macro uncertainty. Management prioritizes businesses with durable competitive advantages, strong cash generation, and prudent capital structures. Lower exposure to mega-cap concentration is viewed as a deliberate long-term choice.	GOOG FISV KNSL	View
2024 Q1	May 2, 2024	Madison Investors Fund	7.8%	17.0%	ADI, CAN, FI, LBRDA, PCAR	-			View
2024 Q1	May 15, 2024	Broyhill Asset Management	6.0%	0.0%	AVTR, FI, FIS, FMX, WBD	-			View
2025 Q1	Apr 8, 2025	Matrix Large Cap Value Strategy	-	-	ABBV, BDX, FI, GNRC, PEP, RTX, TGT	-			View
2024 Q1	Apr 27, 2024	Parnassus Core Equity Fund	5.5%	18.2%	AAPL, AMAT, AZO, CHTR, DE, FI, INTC, ORCL, RHO GR, SPGI	-			View
2024 Q1	Apr 15, 2024	Oakmark Global Select Fund	8.8%	0.0%	CHTR, CNC, FI, IQV, RKT LN	-			View
2024 Q1	Apr 15, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	AMP, CASY, FI, NVDA, PG, TGT, WFC	-			View
2025 Q1	Mar 31, 2025	Forager International Shares Fund	-3.0%	-3.0%	4733 JP, FI, FOUR, NUTX, NXT	-			View
2025 Q4	Feb 8, 2026	Auxier Asset Management	2.0%	15.2%	BK, BRK-A, BTI, C, CAT, CVX, FI, GE, GLW, GOOGL, HD, LOW, MSFT, MU, NOW, PH, QCOM, RTX, UNH, VLO	AI, Banking, Buybacks, defense, energy, healthcare, technology, value	Technology hyperscalers spent close to $400 billion in 2025 on AI infrastructure with potential to reach $527 billion in 2026. However, an MIT study found 95% of generative AI pilots failing to deliver measurable returns, raising concerns about overinvestment similar to the dot-com era. Supply demand dynamics favored US stocks with $1.1 trillion in total stock buybacks versus only $46 billion in IPOs. Energy leaders like Chevron rewarded shareholders with aggressive stock buybacks alongside strong production and growing dividends. Over 100 countries dramatically increased defense spending in 2025, providing a boost for the aerospace and defense sector. Jet engine production and maintenance soared, benefiting firms like Parker Hannifin, GE, RTX and Berkshire's Precision Castparts. In the fourth quarter, investors shifted toward undervalued, high-quality companies with strong free cash flow yields. Healthcare led with an 11.25% catch-up return as its valuation metrics remain at a significant discount to the broader market. Larger banks enjoyed steepening yield curves and robust capital markets activity, with Bank of New York and Citigroup showing strong fundamentals at cheap valuations. JPMorgan predicts a breakout year for IPOs in 2026 with names like SpaceX, OpenAI and Anthropic potentially entering the market.		View
Q4 2025	Feb 18, 2026	Baron FinTech Fund	-2.2%	0.9%	APO, COF, CWAN, FI, FICO, GWRE, HLI, HOOD, IBKR, INTU, JKHY, KKR, LPLA, MA, MELI, MS, NU, SCHW, SHOP, SPGI, V	AI, Banking, Capital markets, crypto, financials, Fintech, growth, technology	Capital markets are wide open with elevated levels of debt issuance, equity offerings, and M&A volumes. Falling interest rates, rising equity prices, and improving corporate confidence are driving an optimistic outlook for deals, which should benefit advisory firms, rating agencies, and alternative asset managers. The fund continues its growth approach to investing in financial and financial-related companies, including payment businesses, financial exchanges, and data providers that enable financial transactions. The common denominator across all holdings is the use of technology and data to better serve customers and grow at above-average rates. The broader software industry came under pressure due to fears of AI disintermediation. However, vertical market software vendors serving highly regulated industries are most insulated from AI risk given their deep workflow integrations and high switching costs. Morgan Stanley expects continued margin expansion from operating leverage and efficiencies from the broader usage of AI. Bitcoin fell 23.5% in the quarter, significantly underperforming nearly every major asset class. Robinhood experienced softening in customer engagement, especially in cryptocurrency trading alongside a pullback in crypto prices. The Senate is drafting legislation to create a regulatory framework for cryptocurrency that could potentially boost digital asset adoption. Falling interest rates and federal support for housing should drive a continued rebound in mortgage origination volumes, which should benefit mortgage originators and credit bureaus. FICO launched its new Direct Licensing Program for mortgage lending, which provides greater flexibility to monetize its intellectual property.	NEPT MS GWRE MELI HOOD FICO JKHY SPGI	View
2025 Q4	Feb 12, 2026	Broyhill Asset Management	0.0%	0.0%	AVTR, BAX, DLTR, FI, FUN, IQV, PM, RKT.L, TMO, WOSG.L	AI, Concentration, defensives, Europe, fundamentals, momentum, Speculation, value	The AI capital cycle has created extreme market concentration and speculative momentum, with AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. The manager views this as a bubble similar to historical infrastructure buildouts like railroads and electricity, where early investors suffered catastrophic losses while benefits ultimately accrued to users rather than producers. Current AI capex spending approaches 2.1% of GDP, nearing levels that coincided with previous market peaks. Value stocks are trading at some of the widest discounts on record, with the portfolio positioned in businesses trading at substantial discounts to normalized earnings power. The manager believes this disconnect reflects pessimism and exhaustion rather than permanent impairment, creating an extremely promising starting point for long-term outperformance as fundamentals reassert themselves. Momentum has been the single defining force across equity markets, with performance increasingly driven by narratives rather than fundamentals. The current cycle has been one for the record books, with the two years leading up to 2025 being the second strongest on record for momentum after the dot-com era. The manager expects mean reversion to eventually favor value strategies. Global defensive sectors have fallen to their lowest weighting since 2000, trading at discounts to both the market and their own histories amid deteriorating sentiment and unusually high short interest. These sectors offer significant upside potential and provide defense, as companies selling basic necessities tend to shine when the rest of the market is in trouble.	RKT LN WOSG LN FUN AVTR FISV DLTR IQV PM	View
2024 Q4	Feb 11, 2025	Artemis Global Select Fund (converted to Artemis SmartGARP Global Smaller Companies Fund on October 6, 2025)	2.7%	10.1%	6861 JP, AXP, FI, NVO CN, TSM, WFC	-			View
Q4 2025	Feb 10, 2026	PRESCIENT GLOBAL FUNDS ICAV – Fairtree Global Equity Fund	1.7%	-	6723.T, AAPL, ADP, AMAT, AMZN, BABA, ELV, EVO.ST, FI, GOOGL, HAR.JO, IMP.JO, MC.PA, META, MSFT, NPN.JO, NVDA, PDD, PM, TSM	AI, emerging markets, global, rates, semiconductors, technology	AI-related stocks continued to show strength, with mega-cap technology and AI-related names benefiting early in the quarter. South Korean equities gained from improving sentiment around the global electronics and AI cycle, while semiconductor stocks maintained momentum. Semiconductor stocks performed well, particularly in South Korea where they benefited from improving sentiment around the global electronics and AI cycle. TSMC was a notable contributor to fund performance. The Federal Reserve delivered a further 50bp rate cut over the quarter, lowering the federal funds target range to 3.50%-3.75%. Lower global interest rates supported South African equities and contributed to improving macro conditions.		View
2025 Q4	Dec 31, 2025	Clark Street Value	-	-	BHR, BRSL, FI, FSP, FWRD, FWRD. GDEN, GLIBA, GRBK, IOR, JEF, LNW, MCHB, MLCI CN, MREO, NLOP, NSTS, SEG, SOHOO, TURN	Capitalreturns, catalysts, distressed, specialsituations, value	The year-end review reflects a contrarian, special-situations-driven value approach amid significant underperformance versus the S&P 500. The portfolio focuses on distressed equities, REIT liquidations, take-privates, and idiosyncratic balance sheet mispricings where catalysts such as sales processes, buyouts, or capital returns can unlock value. Value investing is framed as lumpy and uncomfortable, with long-term success dependent on patience, downside analysis, and selective conviction rather than benchmark alignment.	TURN SOHOO LNW JEF FI GDEN FWRD BHR	View
2024 Q4	Dec 31, 2024	Parnassus Core Equity Fund	0.3%	18.5%	AMZN, AVGO, BAC, BALL, CI, CME, CRM, DE, DHI, FERG, FI, INTL, KLAC, LIN, LLY, MDLZ, O, ORCL, SYY, VRTX, WDAY	-			View
2024 Q4	Dec 31, 2024	Dodge & Cox Stock Fund	-1.5%	14.5%	FI, SNY	-			View
2024 Q3	Nov 5, 2024	Broyhill Asset Management	6.0%	0.0%	AVTR, BAX, BN FP, DG, EPAM, EVO SS, FI, NICE, PM, PYPL, RTO, SCHW	-			View
2025 Q3	Oct 9, 2025	Forager International Shares Fund	2.9%	-	4194 JP, 5038 JP, CRH, FI, FIX, INCH LN, NUTX, ZEG LN	Digitization, Governance, Japan, Reform, SmallCaps	The letter highlights global small-cap recovery and portfolio success from data center exposure and Japanese digitization. Governance reform and buyback momentum in Japan create attractive tailwinds, while holdings like eWeLL and Visional capitalize on structural demographic and tech shifts. The fund emphasizes disciplined stock-picking amid rising valuations.	INCH LN VIS JP FI US ZEG LN CRH US FIX US	View
2025 Q3	Oct 28, 2025	The London Company Large Cap	6.2%	8.1%	BRKR, EQH, FI, GOOG, NEU, ODFL, PGR, TEL	Artificial Intelligence, earnings, financials, Quality Investing, value	The portfolio modestly underperformed the benchmark as concentration in megacaps and volatility favored speculative names. Strong contributions from Alphabet and TE Connectivity reflected AI adoption and efficiency gains, while Fiserv and Progressive weighed on results. Management expects a rotation back toward quality and value discipline as valuations and concentration risks heighten in AI-driven markets.	EQH GOOG EQH GOOG	View
2025 Q3	Oct 24, 2025	Mairs & Power – Balanced Fund	-	6.5%	AMZN, ENTG, FI, FUL, JPM, MSI, TECH, TXN, UNH, WFC	asset allocation, Data centers, inflation, tariffs, Utilities	The team keeps a long-term, valuation-disciplined balance across equities and bonds while noting extreme market concentration in AI mega-caps. They highlight a multi-year buildout in power and thermal infrastructure tied to data centers, and added utilities exposure benefiting from that demand. Tariff uncertainty and persistent inflation keep them selective and quality-focused.		View
2025 Q3	Oct 22, 2025	Kovitz Core Equity Strategy	-	8.2%	ALC, COO, FI, GOOG, KMX, ORCL, PM, PPG, RYAN, TSLA, WAT	AI, Compounding, Health Care, Quality, valuation	Kovitz highlights market concentration in AI and mega-cap technology stocks while maintaining a valuation-disciplined focus on quality compounders. The strategy increased exposure to healthcare and insurance names like Alcon and Ryan Specialty after taking profits in Oracle. The team stresses long-term fundamentals and risk discipline amid elevated valuations and AI euphoria.	WAT RYAN COO ALC ORCL WAT RYAN COO ALC ORCL	View
2025 Q3	Oct 21, 2025	Renaissance Investment Management – Large Cap Growth	-	-	APP, CTAS, FI, FIX, GOOG, IT, TPR, TW	AI, diversification, Large Caps, technology, valuation	U.S. large caps hit new highs as tech and AI continue to lead performance. Companies like Alphabet and AppLovin benefit from AI monetization, while investors face valuation concerns as mega-caps dominate indices. The managers emphasize diversification and quality growth selection amid elevated valuations.		View
2025 Q3	Oct 21, 2025	Bailard Technology Strategy	9.4%	21.9%	APP, FI, INTU, LRCX, NVDA, SPOT	AI, Data centers, energy, semiconductors, software	Technology fundamentals strengthened as AI-driven investment and energy efficiency dominated sector dynamics. Nvidia, Applovin, and Lam Research led gains, while the strategy reduced exposure to overvalued software and expanded in data infrastructure. Managers highlight tokens per watt as the key metric shaping the next phase of AI economics.		View
2025 Q3	Oct 2, 2025	Vltava Fund	-	-	FI, MRX, NVO	commodities, growth, healthcare, payments, value	The letter centers on valuation discipline, warning against both value traps and growth traps caused by narrative-driven investing. Intrinsic value estimation, margin of safety, and long-term fundamentals are positioned as the foundation of sustainable returns. Valuation remains critical as markets misprice growth and cyclicality.	MRX FISV	View
2024 Q3	Oct 2, 2024	The London Company Large Cap	8.1%	14.6%	BLK, CB, CSCO, FDX, FI, GOOG, ORLY, PGR, SCHW, TEL	-			View
2023 Q3	Oct 19, 2023	Giverny Capital Asset Management	7.0%	20.2%	AHT LN, CIEN, FERG, FI, SCHW, SSNC	-			View
2024 Q3	Oct 17, 2024	Kovitz Core Equity Strategy	6.9%	28.7%	AAPL, ADI, AMAT, AXP, BRK/A, DLTR, FI, GM, HAS, J, JPM, KEYS, MSI, PCAR, SCHW, SPOT, UNH	-			View
2025 Q3	Oct 16, 2025	Pabrai Wagons Fund	8.0%	-	BRK/A, FI, IBKR, PSH, SCHW, SF, SOFI	Buybacks, Margin Of Safety, Replacement cost, Spin-Offs, Value Investing	The Pabrai Wagons Fund focuses on concentrated value investing inspired by Buffett and Munger, circling around high-conviction holdings with long runways. Its portfolio includes undervalued, cash-flowing businesses in India, Türkiye, and the U.S., such as Edelweiss, TAV Airports, and Alpha Metallurgical. The fund emphasizes disciplined capital allocation, buybacks, and margin of safety at fractions of replacement cost.	TAVHL TI EDEL IN RIG US AMR US	View
2025 Q3	Oct 15, 2025	Ariel Appreciation Fund	9.5%	-	FI, GS, KMX, KN, MAT, PBH, PSKY, REZI, SPHR	Artificial Intelligence, consumer tech, Fintech, Mid Caps, Value Investing	Ariel Appreciation emphasizes AI-related growth, fintech innovation, and value recovery among mid-cap holdings. Top contributors included Resideo, Sphere Entertainment, and Knowles, while cyclicals like CarMax weighed on results. The team expects undervalued mid-cap equities to outperform as valuations normalize and active management captures AI and consumer technology tailwinds.	PBH FISV MAT KMX KN SPHR REZI	View
2025 Q3	Oct 15, 2025	Ariel Focus Fund	20.8%	-	AJG, B, FI, MOS, PBH, REZI, SLB, ZIMV	Artificial Intelligence, Fintech, gold, small caps, Value rotation	Ariel Focus outperformed driven by small-cap and value holdings like Resideo and Barrick Gold, while adding exposure to fintech and insurance. The manager emphasizes AI-driven productivity and margin expansion potential across its holdings. With small caps still trading at steep discounts, the fund sees attractive upside as valuation gaps normalize.	FISV AJG SLB PBH	View
2025 Q3	Oct 15, 2025	Parnassus Core Equity Fund	2.6%	-	AAPL, AZO, BRO, BSX, DE, FI, GOOG, GWW, ICE, INTU, KLA GR, ORCL, TMO	Artificial Intelligence, quality growth, semiconductors, software, U.S. Equities	The fund remains bullish on U.S. equities, supported by resilient earnings and transformative AI infrastructure investment. It balances defensive holdings with strategic exposure to semiconductors and software leaders benefiting from rising AI monetization. The managers emphasize disciplined allocation toward high-quality, durable franchises capable of compounding through market cycles.	GWW US BSX US	View
2025 Q3	Oct 14, 2025	Vulcan Value Partners – Focus Plus	3.7%	7.0%	FI, GOOG, MEDP	Artificial Intelligence, Cloud, Enterprise, software, value	Alphabet continued to deliver robust results driven by AI expansion and favorable legal outcomes, while Salesforce underperformed due to investor skepticism about AI monetization. Vulcan maintains confidence in Salesforces entrenched enterprise software ecosystem and sees AI as an enhancer of long-term profitability.	Salesforce Inc GOOGL US	View
2025 Q3	Oct 14, 2025	Vulcan Value Partners – Large Cap	4.6%	9.5%	CBRE, FI, GOOG, KMX, MEDP	Buybacks, fundamentals, Quality, tariffs, value	The letter highlights disciplined investing in stable value companies like Fiserv and CBRE, focusing on margin of safety and repurchases at attractive valuations. Volatility from tariff-related uncertainty provided opportunities to redeploy capital toward discounted high-quality businesses. Vulcan stresses fundamentals over short-term macro trends.	GOOGL MEDP FISV	View
2025 Q3	Oct 14, 2025	Madison Investors Fund	-2.2%	-0.1%	BN, FI, IT, LBRDK, MSCI	Artificial Intelligence, Financial Technology, industrials, Quality, retail	The fund underperformed due to its bias toward durable, high-quality companies while AI and momentum stocks surged. It emphasizes staying disciplined despite short-term underperformance, citing strong fundamentals in industrials, retail, and payments. The team added MSCI as a financial technology leader and remains cautious on AI speculation.		View
2025 Q3	Oct 13, 2025	GreensKeeper Value Fund	4.0%	0.2%	ADBE, CBOE, FI, GD, GOOG, ICLR, NVO CN	Canada Economy, Capitalism, Free Trade, innovation, Protectionism	GreensKeeper defends capitalism and free-trade principles amid rising nationalism and protectionism. It argues that open markets and creative destruction remain the foundation of prosperity and peace, contrasting with Europes state-directed inefficiencies. In Canada, the fund calls for dismantling oligopolies and embracing competition to unlock economic potential.	ADBE NVO FI GD ICLR GOOG	View
2024 Q3	Oct 10, 2024	GreensKeeper Value Fund	4.7%	16.7%	AXP, BRK/A, FI, GOOG, MRK	-			View
2023 Q4	Oct 2, 2024	Broyhill Asset Management	6.0%	0.0%	7974 JP, BAX, BAYRY, DG, FI, FMS, PM	-			View
2025 Q4	Jan 30, 2026	Matrix Large Cap Value Strategy	0.0%	0.0%	ACN, FI, GNRC, LMT, META, TXN	AI, dividends, Fed, financials, rates, technology, value	Artificial Intelligence was the most important investment theme in 2025 and is expected to be a powerful force in the real economy for years to come. AI is a tool with the potential to significantly increase economic productivity, but comes with high costs for employees being laid off and entry level workers finding it difficult to land jobs as their skills are automated. After more than a decade of Growth stocks vastly outperforming Value, Matrix expects Value will be in a period of favorable relative and absolute returns. They expect a rotation from Large Cap Growth stocks with the highest market valuations to stocks and sectors with more reasonable valuations that can show consistent earnings. Matrix expects high quality Value and Dividend stocks to perform well in an environment where investors are seeking to replace income lost due to declining short-term interest rates. Lower short term money market rates following additional Fed Fund cuts should renew the market's interest in dividend paying stocks.		View
2024 Q4	Jan 28, 2025	Artemis US Select Fund (Class I Accumulation Shares GBP)	10.8%	29.5%	AAPL, AMZN, AVTR, BLDR, FI, FWONK, GS, VST	-			View
2025 Q4	Jan 27, 2026	Giverny Capital Asset Management	0.0%	12.6%	ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, HWKN, IBP, JPM, KGIC, KMX, MA, MEDP, META, SCHW, TSM, TWFG, WSO	AI, HVAC, insurance, Quality, small caps, technology, value	Manager discusses AI's transformative potential while noting uncertainty around returns on massive infrastructure investments. Believes AI won't displace portfolio companies like HVAC distributors and insurance companies, which may gain efficiency advantages. Compares current AI buildout to historical railroad and telecom infrastructure booms where users benefited more than builders. Portfolio is significantly overweight smaller companies with 45% in companies below $54 billion market cap versus 12.5% for the S&P 500. Manager believes these market leaders in niche areas will outperform over time despite recent underperformance relative to mega-cap tech stocks. Manager emphasizes owning high-performing businesses with strong earnings growth and capital returns. Notes the S&P Quality Index underperformed in 2025 but believes quality usually wins in the end. Recent portfolio upgrades focused on improving returns on capital, earnings growth and management quality.	FISV CACC KMX ALGN WSO KNSL SCHW ANET	View
2025 Q4	Jan 26, 2026	NZS Capital – Growth	-1.4%	17.9%	AJG, APH, ASML, CDNS, CMG, CSU.TO, DHR, DNP.WA, FI, FND, FROG, GOOGL, HRTX, ISRG, LIN, LRCX, MNDY, PGR, ROP, TSM, URI	AI, growth, positioning, semiconductors, software, technology, valuation	The market created a wall of worry that AI would displace existing software companies, but NZS believes software systems of record are well positioned to adapt through AI integration. Software platforms are aggressively introducing AI functionality either through internal development or APIs. The range of outcomes has widened but there is a compelling bull case where AI leads to reduced churn, new revenue streams, and accelerated operating margin expansion. Cloud software companies saw valuations decline in 2025 as the market feared AI displacement, but NZS sees opportunity in systems of record and vertical market software. These companies have attractive fundamentals including sticky revenue streams, high margins, and mission-critical positioning. The portfolio's software positioning remains focused on systems of record and vertical market software which have the best chance of adapting to AI. Semiconductor names like Lam Research, Taiwan Semiconductor, and ASML were among the top contributors for the full year. The portfolio added to IT names amid weakness in the first half of 2025 before reallocating outside of IT in the third quarter as AI euphoria returned and multiples recovered.	ISRG TSM LRCX FISV DHR GOOGL	View
2025 Q4	Jan 26, 2026	Davis Financial Fund	0.0%	29.3%	AXP, BAER.SW, BK, BRK-A, CB, COF, D05.SI, DIS, FI, FITB, JPM, MKL, PNC, RE, RKT, RNR, USB, WFC	Banking, capital, financials, insurance, regulation, returns, value	Banks continue to represent the majority of holdings with strong tailwinds across credit, spreads, expenses, and regulation. Interest spreads have begun widening as fixed rate assets roll over at higher yields, revealing attractive economics of low-cost deposit franchises. Many banks are generating returns on tangible equity in the mid-to-high teens with management targets suggesting sustainability in the medium term. Capital markets firms were among the drivers of S&P Financials Index performance and contributed to fund outperformance. The regulatory environment has been moving in a favorable direction with capital rules being finalized that are far less onerous than under the prior administration. Regulators are more willing to consider M&A transactions with relief on certain supervisory limitations. Property & casualty reinsurers were added to the portfolio as capital was redeployed from trimmed bank positions. Pricing trends in insurance markets have been strong in recent years. Chubb has consistently generated returns on equity comfortably ahead of the industry owing to advantaged lines of business with disciplined underwriting and operating culture. Payments and consumer lending companies were the biggest contributors to relative performance including Capital One, American Express and Rocket Companies. Capital One's transformational acquisition of Discover Financial closed with anticipated annual cost synergies of $1.5 billion and network synergies of $1.2 billion from transitioning card volumes into Discover's networks. Financial stock valuations have begun to reset higher with price-to-tangible book value multiples expanding by over 70% on average in the past three years. The portfolio in aggregate is valued at approximately 13x this year's earnings, representing a significant discount to both the broader S&P 500 Index and S&P Financials Index.	CB WFC COF	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	View
2025 Q4	Jan 20, 2026	Madison Large Cap Fund	3.4%	3.4%	A, ACGL, ADI, AMZN, BN, CDW, CPRT, DHR, FERG, FI, GOOGL, HON, KEYS, LOW, NKE, PCAR, PGR, PH, TXN, WDAY	AI, Automation, financials, industrials, large cap, Quality, technology, value	The portfolio is populated with high-quality, durable businesses across a wide range of industries, selling for reasonable prices. The fund invests in the proven over the promise, the long-term over the short-term, and durability over momentum. This focus on quality businesses has been a strong foundation for attractive long-term investment performance. Alphabet released new AI models that gave investors further confidence that the company is well positioned for growth. Workday is investing in commercializing AI agents, which should be additive to revenue growth. The fund acknowledges heightened concerns of AI-related disruption affecting some businesses. Honeywell is undergoing a portfolio transformation with the anticipated separation of the aerospace and automation businesses in the second half of 2026. This separation will further enhance the return on invested capital and growth opportunities for each business.	WDAY FISV	View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Small Cap	1.3%	10.7%	CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYSG, SSCC, SWKS, TRU, UNH	AI, Buybacks, insurance, Margin Of Safety, Quality, small caps, technology, value	AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager notes AI stocks accounted for approximately 61% of the S&P 500's return in 2025. Unlike the dot-com era, some AI leaders are real businesses financing substantial AI investments with self-generated cash flow, though valuations for some are attractive while others may be overvalued. The manager emphasizes following value investing discipline by purchasing only companies from their MVP list with stable values at discounted prices. They focus on businesses with sustainable competitive advantages trading below intrinsic value estimates, with portfolios showing improved price-to-value ratios across all strategies despite positive absolute returns. Small Cap returns have lagged Large Cap for an extended period, with Small Cap Value performing even worse. The manager notes conversations with clients questioning continued Small Cap allocation, spotty sell-side coverage, and an ignored segment creating opportunities. Their Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. The manager owns more insurance-related businesses, highlighting opportunities in the sector. They discuss Ryan Specialty Holdings as a commercial excess and surplus insurance broker, and Everest Group as a leading reinsurance company trading at discount to tangible book value despite producing underwriting profits. Share repurchases are highlighted as value-creating when companies buy back stock below intrinsic value. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value, giving shareholders 100% return on each dollar spent on buybacks.	FISV SWKS TRU KMX RYAN	View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Focus Plus	0.1%	7.1%	CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW, SWKS, TRU, UNH	AI, Buybacks, healthcare, insurance, small caps, technology, value	AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager believes AI is as real and transformational as the Internet, with approximately 61% of the S&P 500's return in 2025 coming from AI-related stocks. However, concerns exist about paying too much for AI businesses despite their real potential. The manager is finding tremendous opportunities in non-AI related companies that are steadily compounding their values but being ignored by the market. These 'old economy' companies are becoming increasingly discounted while AI stocks dominate returns, creating attractive value opportunities similar to the late 1990s dot-com era. Small Cap returns have lagged Large Cap for an extended period, with the manager noting conversations about whether to continue allocating to Small Caps. The Small Cap portfolio has a weighted average price to value ratio in the mid-50s, representing the most discounted portfolio. Sell-side coverage is spotty to nearly non-existent for many small cap holdings. Share repurchases are highlighted as a key value creation mechanism, with Medpace repurchasing over 8% of shares at approximately 50% of intrinsic value, effectively providing 100% returns on capital deployed. Companies are using strong balance sheets and free cash flow for opportunistic buybacks at discounted valuations.	MSFT CSGP CRM GOOG CBRE RYAN	View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Focus Plus	0.1%	6.2%	CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW.PA, SWKS, TRU, UNH	AI, healthcare, insurance, Quality, small caps, technology, value	Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio has improved price-to-value ratios across all strategies while delivering positive returns. Small Cap portfolio has weighted average price-to-value ratio in mid-50s, which manager considers incredible in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager believes AI is as transformational as the Internet but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, with Small Cap Value performing even worse. Manager sees this as opportunity, noting sell-side coverage is sparse and segment is ignored and unloved. Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. Manager focuses on MVP list of highest quality, most stable value companies in the world with sustainable competitive advantages. Lower quality companies have outperformed higher quality companies, especially in Small Cap, with companies having negative earnings accounting for 28% of Russell 2000 Value Index return. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value. Every dollar spent on share repurchases gave 100% return because they were purchasing at half of estimated fair value, increasing estimated value per share by 29% in single quarter.		View
2025 Q4	Jan 18, 2026	Vulcan Value Partners – Large Cap	-1.5%	7.9%	CBRE, CRM, CSGP, EVER, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RI.PA, RYAN, SSNC, STLA, SW, SWKS, TRU, UNH	AI, Buybacks, healthcare, insurance, small caps, technology, value	Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio weighted average price to value ratio improved to low 60s while maintaining positive returns. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing incredible opportunity in current environment. Artificial Intelligence is in early stages of disrupting numerous businesses, similar to Internet in 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager acknowledges AI as transformational technology but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Small Cap Value has been particularly weak. Manager notes sell-side coverage of Small Caps is much less robust, leading to ignored and unloved segment. Small Cap portfolio remains most discounted with weighted average price to value ratio in mid-50s. Share repurchases highlighted as value-creating activity when companies buy back stock below intrinsic value. Medpace repurchased over 8% of shares at approximately 50% of estimated intrinsic value, increasing estimated value per share by 29% in single quarter. Every dollar spent on buybacks provided 100% return due to purchasing at half of fair value.		View
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	View
2025 Q4	Jan 18, 2026	Distillate Capital Fundamental Stability & Value	0.0%	0.0%	BMY, CAH, CSCO, ELV, FFIV, FI, GPS, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TDC, TEL, TMUS, UBER, VST	free cash flow, fundamentals, international, Quality, rebalancing, small caps, valuation, value	The firm emphasizes systematic value investing through their proprietary free cash flow valuation methodology. They focus on stocks trading at attractive valuations while avoiding richly valued names, with their U.S. FSV strategy trading at more than double the free cash flow yield of the S&P 500. The strategy systematically rotates out of names that have increased in value and reinvests into less expensive stocks. The firm filters for high quality companies with stable cash flows and low debt levels. Their investment process excludes negative free cash flow companies and avoids those with high amounts of leverage while seeking fundamental stability. This quality focus has historically been smart but was a drag on returns in 2025 as unprofitable stocks outperformed significantly. The firm sees significant opportunity in small and mid-sized U.S. stocks, though selectivity is critical given the large number of unprofitable and heavily-indebted companies. Their small/mid strategy filters out negative free cash flow companies and high leverage names. The S&P 600 excludes many troubled names and has considerably outperformed the Russell 2000 over time.		View
2025 Q4	Jan 18, 2026	Distillate Capital Small/Mid Cap Quality & Value	0.0%	0.0%	BMY, CAH, CSCO, ELV, FFIV, FI, GPS, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TDC, TEL, TMUS, UBER, VST	free cash flow, fundamentals, Quality, rebalancing, small cap, valuation, value	The letter extensively discusses valuation concerns across markets, highlighting that U.S. equities are historically expensive and trading at levels typically associated with subdued future returns. The firm's strategies focus on finding attractively valued stocks where quality and value overlap, with their portfolios trading at significant discounts to benchmarks. Quality is a core focus of the firm's investment process, emphasizing cash flow stability and avoiding highly leveraged or unprofitable companies. The letter discusses how their strategies systematically filter out negative free cash flow companies and those with high debt levels while seeking fundamental stability. The letter identifies significant opportunities in small and mid-sized U.S. stocks, noting that avoiding high debt levels and money-losing businesses has historically been smart but was a drag on returns in 2025. The firm sees this as creating attractive entry points for quality small cap investing.		View
2025 Q4	Jan 18, 2026	Distillate Capital Large Cap Value	0.0%	8.6%	000660.KS, 005930.KS, BMY, CAH, CSCO, ELV, FFIV, FI, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TEL, TMUS, UBER, VST	FCF, fundamentals, international, Quality, rebalancing, small caps, valuation, value	U.S. equities are historically expensive by any measure and at levels typically associated with subdued future returns. The S&P 500 is trading near record multiples with just 20 stocks accounting for over 50% of the market at a 120% premium to the rest. Historical analysis shows that rich starting valuations correlate with lower longer-term returns. Despite rich overall market valuations, many high quality stocks remain attractively valued. The firm's large cap strategy trades at a free cash flow yield more than double the S&P 500 and 60% above Russell 1000 Value. Value stocks significantly outperformed after the 2000 tech bubble when similar valuation disparities existed. Significant opportunities exist in smaller stocks where avoiding high debt levels and money-losing businesses has historically been smart but was an enormous drag on returns in 2025. Negative free cash flow stocks comprised 35% of Russell 2000 and rose 67% on average, demonstrating unusual market conditions.		View
2025 Q4	Jan 18, 2026	Troy Multi-Asset Strategy	0.0%	0.0%	AMZN, DEO, EXPN.L, FI, GOOGL, LSEG.L, META, MSFT, NVDA	AI, Cloud, Data, global, Quality, technology, value	AI disruption is more imagined than real at this point, with earnings for companies in the crosshairs remaining sound. The Strategy sees significant opportunity as several portfolio companies are temporarily misjudged in debates about AI's potential impact. Capital expenditure estimates for major tech companies are over 50% above where they were 18 months ago, but scaling laws continue to hold and AI demand currently outstrips supply. Data and information service providers face hypothetical challenges focused on AI's potential to change competitive dynamics, leading to valuation de-rating despite solid operating results. Companies like Experian and LSEG have proprietary datasets that cannot be easily replicated by AI, with deep regulatory moats and embedded customer relationships providing protection. Cloud service revenues are accelerating as capacity comes online, with contracted backlogs growing substantially faster than revenues. Despite enormous scale, revenue growth has accelerated across major cloud providers including Azure, Google Cloud, and AWS, driven by AI demand that currently outstrips supply.	EXPN LN LSEG LN DGE LN FISV	View
2025 Q4	Jan 18, 2026	Mairs & Power – Balanced Fund	0.0%	6.6%	AMZN, CASY, ENTG, FI, GOOG, HD, HON, HRL, JPM, LLY, MSI, NEOG, PFG, RHHBY, ROK, TECH, TGT, TRV, TXN, UNH, USB, WEC, WFC	AI, Balanced, earnings, financials, healthcare, rates, technology	AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The Fund believes we are entering a transition period for AI, moving into a higher risk phase with flood of capital and unusual financing structures. The consistency of corporate earnings is a major reason for continued stock market strength. The S&P 500 is projected to deliver 12% earnings growth in 2025, while small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. The Federal Reserve began cutting rates in the fourth quarter with cooling inflation giving policymakers confidence. Lower interest rates are expected to continue into 2026, which typically takes around a year to feel effects through the economy and would likely support small business hiring and consumer confidence.		View
2025 Q4	Jan 18, 2026	Mairs & Power – Growth Fund	2.7%	10.5%	FI, HRL, ISRG, JPM, MSFT, MSI, NVDA, NVT, RHHBY, TECH, UNH, ZTS	AI, growth, healthcare, large cap, technology, valuation	AI and increasing market concentration took center stage in 2025, driving market narrative with valuations pushing higher and corporate spending accelerating. The fund believes we are entering a transition period for AI with signals the cycle is moving into a higher risk phase given the flood of capital and unusual financing structures. AI-related companies continue to command premium valuations while other sectors remain reasonably priced. This valuation divide continues to guide investment activity, with the fund remaining wary of companies trading at exceedingly high valuations that imply exceptional multi-year earnings growth. The fund added Zoetis focusing on animal health pharmaceuticals with AI integration in R&D processes, and Intuitive Surgical leveraging AI to enhance robotic surgical systems. Both companies represent opportunities to harness AI for long-term competitive advantages in healthcare.		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 14, 2026	Longleaf Partners Global Fund	5.3%	16.7%	ANGI, AVTR, BIO, CNH, CNX, DHER.DE, EXOR.MI, F, FI, GLAN.L, GRUMA.MX, IAC, JFC.PS, KHC, MAT, MGM, PHG, REGN, STLA, TIGO, UNH	Buybacks, FCF, global, Holdings, Media, Quality, value	The fund maintains a concentrated portfolio of undervalued stocks trading at low P/V ratios in the low-60s%. Management emphasizes finding defensive growers like consumer staples and timberland companies at better prices, similar to their successful positioning in 1999. They focus on companies with strong free cash flow generation and quality management partners. Multiple portfolio companies are actively repurchasing shares at attractive prices. MGM has repurchased over 40% of shares in five years, Glanbia added to buyback programs, and Exor executed efficient share repurchases via Dutch auction. The fund views these as value-creating capital allocation moves. Canal+ renewed exclusive UEFA Champions League rights for 2027-2031 at better economics than feared, reinforcing subscriber base quality. The company made operational progress across European and African platforms following the MultiChoice merger, though remains underfollowed as a French media company on London Stock Exchange.	AVTR BIO ANGI MGM KHC IAC TIGO GLB LN CAN LN	View
2024 Q2	Aug 30, 2024	Broyhill Asset Management	6.0%	0.0%	AVTR, BAX, FI, FME, PM	-			View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMZN, CSGP, FI, MSFT, SSNC, TDG	-			View
2025 Q1	Mar 31, 2025	Madison Investors Fund	-0.9%	-0.9%	ACGL, ACN, ELV, FI, GOOG, PGR, USB	-			View
2023 Q4	Jan 28, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	CRM, ECL, ENTG, FI, HSY, LLY, MSFT, NTRS, SHW, TXN	-			View
2024 Q4	Jan 24, 2025	Giverny Capital Asset Management	0.8%	21.1%	AHT LN, ALGN, FERG, FI, IBP, KNSL, MEDP, MTB	-			View
2024 Q4	Jan 1, 2025	Manole Capital Management	-	-	FI, RBA, VIRT	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 27, 2026	Fund Letters	Brian Campbell	Fiserv, Inc.	Information Technology	Transaction & Payment Processing Services	Bear	New York Stock Exchange	Credibility, execution risk, Payments, Slowdown, turnaround	View Pitch
Jan 27, 2026	Fund Letters	Pearu Põld	Fiserv Inc	Financials	Data Processing & Outsourced Services	Bull	New York Stock Exchange	buybacks, Fintech, Payments, turnaround, valuation	View Pitch
Jan 8, 2026	Fund Letters	Michael E. Schroer	Fiserv, Inc.	Financials	Data Processing & Outsourced Services	Bull	New York Stock Exchange	Fintech, growth, Merchants, Payments, POS, valuation	View Pitch
Jan 8, 2026	Fund Letters	Rich Eisinger	Fiserv Inc.	Financials	Data Processing & Outsourced Services	Bull	New York Stock Exchange	Fintech, Merchants, Payments, Recurringrevenue, valuation	View Pitch
Dec 5, 2025	Fund Letters	Rahul Narang	Fiserv, Inc.	Information Technology	Transaction & Payment Processing Services	Bear	NYSE	Execution, growth, Merchant, Payments, valuation	View Pitch
Dec 3, 2025	Fund Letters	John W. Rogers	Fiserv, Inc.	Information Technology	Data Processing & Outsourced Services	Bull	NYSE	cross-selling, Fintech, Margins, Moat, Payments, Recurring, Volume	View Pitch
Nov 29, 2025	Fund Letters	Michael McCloskey	Fiserv Inc.	Information Technology	Financial Technology	Bull	NASDAQ	buybacks, FCF, Fintech, growth, Merchant, Payments, valuation	View Pitch
Oct 6, 2025	Value Investors Club	Alpinist	Fiserv Inc	Information Technology	Data Processing & Outsourced Services	—	NASDAQ	Fiserv, Clover, payments, fintech, buybacks	View Pitch

BSD Shareholders of FI

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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
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