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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 27, 2025 | Alluvial Capital Management | 8.5% | 15.6% | CBL, CUC, FITB, GTX, MCB.L, MCEM, NEWP.MI, NLOP, PKST, SENEA, SRC.L, TLN, WISH, ZEGN.L | energy, Europe, Food, real estate, small caps, special situations, value | Talen Energy announced a major agreement with Amazon to provide 1,920 megawatts of nuclear power to Amazon datacenters through 2042, providing highly valuable long-term earnings stream. The company is shifting from merchant power production toward providing clean energy to datacenters on long-term contracts, with investors valuing shares more like a quasi-regulated utility. | WISH CBL PKST NLOP SRC LN SENEA MCB LN ZEG LN TLNE |
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| 2024 Q1 | Apr 22, 2024 | JPMorgan Chase & Co | 0.0% | 0.0% | AAPL, AXP, BAC, BRK.A, C, COF, DFS, FITB, GS, JPM, MS, NTRS, UBS, WFC | AI, Banking, geopolitics, inflation, Leadership, policy, regulation, risk | JPMorgan Chase has grown its AI organization to over 2,000 experts and has 400+ use cases in production across marketing, fraud, and risk. The firm is exploring generative AI for software engineering, customer service, and operations, while investing in data migration to public cloud to unlock AI capabilities. | 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 | ||
| 2023 Q4 | Feb 8, 2024 | The Olstein Strategic Opportunities Fund | - | - | AAPL, AMZN, CFG, CWK, FA, FITB, GHM, GNRC, GOOGL, HRL, INTC, KTB, LKQ, LUV, META, MSFT, NVDA, RTX, SHYF, TPG, TSLA, USB, VNT, VSH, WRK, ZBH | financials, free cash flow, industrials, Magnificent Seven, undervalued, value | Manager believes market leaders are about to change from high-growth Magnificent Seven stocks to undervalued companies selling at large discounts to intrinsic value. Focus on companies with strong fundamentals trading below normalized free cash flow calculations. | HRTX |
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| 2023 Q3 | Nov 10, 2023 | Gator Capital Management | 10.8% | 24.3% | AAIC, AX, BOH, CFG, FCNCA, FITB, GNW, HBAN, JXN, MTB, OFG, PGR, PNC, RF, TFC, USB, VNO, WAL | Banking, financials, M&A, Regional Banks, value | First Citizens Bancshares represents the fund's largest position, acquired through strategic M&A including the SVB acquisition. The manager believes regional banks trade at historically low valuations and expects the group multiple to re-rate higher as the industry works through higher interest rates and the credit cycle peaks. First Citizens is positioned well for higher rates with a liquid balance sheet and balanced loan portfolio. | FCNCA |
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| 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 |
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| 2025 Q4 | Jan 20, 2026 | Marram Investment Management | 0.0% | 4.0% | AVDX, BILL, FITB, FOUR, OKE, PAA, PAGP, PAY, PSFE, PYPL | Banking, biopharma, cash flow, energy, payments, value | Payment technology businesses experiencing disconnect between operating fundamentals and share price performance. Companies continue to compound value per share despite valuation compression and shareholder turnover. Manager rebalanced allocation by exiting some positions and concentrating in higher-conviction holdings at lower prices. Energy infrastructure companies with indispensable assets benefiting from geopolitical strife, inflation, and increased recognition of renewable energy limitations. MLPs remain cornerstone allocation with favorable industry demand dynamics, stable cash flows, conservative balance sheets, and inflation protection. Large regional banks purchased during March 2023 banking crisis at fire-sale prices have generated 30%+ IRR. Manager continues to view sector favorably for steady 10%+ annual profits but has prudently moderated exposure due to expanded valuations and gradually easing credit underwriting standards. Sector out of favor due to political factors leading to lower industry R&D spend. Manager believes society will continue to need new drugs and health innovations, expecting capital to return and R&D spend to reaccelerate. Initiated diversified basket allocation via ETFs and service-based businesses. | 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 |
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| 2024 Q2 | Aug 23, 2024 | Third Point Partners | 3.9% | 14.0% | AAP, AAPL, AIR.PA, AMZN, BBWI, CPAY, FERG, FITB, GOOGL, ICE, JPM, LEN, MA, MSCI, MTB, NVDA, TSLA, TSM, V, VST | credit, energy, Event-Driven, Exchanges, Mortgages, payments, technology, volatility | Companies continue to invest in AI infrastructure and look for applications to their businesses. Apple's recently announced Apple Intelligence suite of AI-enabled smartphone features will drive meaningful new demand within Apple's installed base. The emergence of an AI layer on iOS will increasingly augment consumers' own agencies with those of the iPhone's AI features. | ICE CPAY AAPL |
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| 2023 Q1 | Apr 24, 2023 | Marram Investment Management | 8.1% | 14.3% | CMA, FITB, KEY, RF | energy, Fintech, MLPs, Opportunistic, Regional Banks, SPACs, value | Manager significantly increased exposure to large regional banks from 11% to 24% NAV following March banking crisis, viewing fire-sale prices as compelling opportunity. Selected banks with high floating rate loans, stable deposit bases, and substantial AFS unrealized losses that will reverse over time. Estimates 2.0X to 3.5X returns over next 5 years from combination of AFS loss reversals, profitable earnings yields, and valuation multiple expansion. | FITB |
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| 2023 Q4 | Jan 30, 2024 | Gator Capital Management | 10.8% | 24.3% | AAIC, AX, BOH, CFG, FCNCA, FITB, GNW, HBAN, JXN, MTB, OFG, PGR, PNC, RF, TFC, USB, VNO, WAL | Banking, financials, interest rates, M&A, Regional Banks, value | Fund is heavily concentrated in regional banks, particularly First Citizens Bancshares as the largest position. Manager believes regional banks trade at historically low valuations and expects the group multiple to re-rate higher as the industry works through higher interest rates and the credit cycle peaks. First Citizens is positioned well for higher-for-longer rates with a liquid balance sheet and balanced loan book. | FCNCA |
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| 2024 Q4 | Jan 24, 2025 | Alluvial Capital Management | - | 16.4% | CBL, CRAWA, CSOL, FITB, GTX, MCB.L, MRC, NLOP, SENEA, TITC.AT, TLN, UBAL, ZEGN.L | Buybacks, Cement, Commercial real estate, international, small caps, value | Manager holds Net Lease Office Properties in ongoing liquidation, CBL & Associates Properties as mall operator recovery play, and views these as expressions of long-term commercial property recovery theme. Despite office market headwinds and interest rate challenges, expects value realization through asset sales and improving sentiment. | CBL TITC.AT MCB.L ZEG.L NLOP |
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| 2023 Q4 | Jan 16, 2024 | Smead Value Fund | 5.1% | 11.1% | APA, AXP, BAC, COP, DHI, DVN, FITB, HD, JPM, LEN, MAC, MTB, NVR, OVV, OXY, PFE, SPG, TGT, UHAL, WAL | banks, consumer, energy, Homebuilders, inflation, value | Home builders were weighed down by rapidly rising mortgage rates and recessionary fears that reemerged fears of a 2008-like housing crisis. The fund focused on supply demand dynamics rather than emotional fears and was handsomely rewarded with strong performance from D.R. Horton, Lennar, and NVR. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | Fund Letters | Marram Investment Management | Fifth Third Bancorp | Financials | Regional Banks | Bull | NASDAQ | AFS Unrealized Losses, Banking Crisis, Book Value, contrarian, dividend yield, financials, Fire-sale Prices, floating-rate loans, regional banks, Value | View Pitch |
| Jan 23, 2026 | Fund Letters | Brian Angerame | Fifth Third Bancorp | Financials | Regional Banks | Bull | NASDAQ | banking, Digitization, Loan_Growth, M&A, ROE | View Pitch |
| Sep 13, 2025 | Seeking Alpha | Seeking Alpha | Fifth Third Bancorp | Banks - Regional | Neutral | capital adequacy, CET-1 ratio, Fifth Third Bancorp, floating rate, investment grade, preferred shares, regional bank, regulatory scrutiny, SOFR, Tricolor Holdings | 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. | ||||||||