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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | City Different Investments – Multi-Cap Core | 6.3% | 15.0% | AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO | long-term, multi-cap, Research, stock selection, value | The manager employs a disciplined value-oriented approach, comparing investing to thrift shopping where they search for undervalued opportunities. The process involves extensive research to find businesses trading below intrinsic value, with most ideas failing to survive deep analysis. | View | |
| 2024 Q3 | Sep 30, 2024 | Tarkio Fund | - | - | AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO | growth, multi-cap, Quality, small caps, value | View | ||
| 2025 Q2 | Aug 25, 2025 | Lyrical Asset Management | 12.7% | 11.9% | AAPL, AIZ, AMZN, CNC, CPAY, EXPE, FLEX, GOOGL, GPN, HCA, JCI, META, MSFT, NRG, NVDA, SU, TSLA, UBER, URI, WEX | growth, international, Outperformance, stock selection, valuation, value | Lyrical maintains an uncommon combination of deep value and growth, with S&P 500 forward P/E 73% higher than Lyrical's CS composite despite higher growth profile. The firm attributes outperformance to idiosyncratic stock selection in a difficult environment where only 29% of S&P 500 constituents outperformed. | View | |
| 2025 Q2 | Jul 24, 2025 | The Sound Shore Fund | 3.1% | - | AES, DIS, FLEX, HOLX, TEVA | AI, earnings, energy, healthcare, long-term, Media, technology, value | The appetite for semiconductor chips is being fueled by excitement around artificial intelligence technology potential. The world needs more data centers and electricity to power AI infrastructure, creating opportunities for suppliers like FLEX. | DIS AES FLEX HOLX TEVA DIS AES FLEX HOLX TEVA |
View |
| 2025 Q2 | Jul 22, 2025 | Artisan Partners Small Cap Fund | 7.3% | -3.6% | BIRK, BWXT, CWAN, FLEX, FRSH, HALO, IOVA, IRTC, LSCC, MDGL, MTSI, SAIA, STVN, TTAN, WING | cash flow, fundamentals, Quality, small caps, Valuation discipline | The letter highlights a challenging environment where speculative stocks outperformed quality businesses. Management remains committed to owning high-quality small-cap companies with strong cash flows and attractive valuations. The outlook favors long-term compounding as fundamentals reassert leadership. | GWRE STVN SVTA BIRK MDGL WING BWXT CWAN IRTC MTSI FLEX |
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| 2025 Q2 | Jul 22, 2025 | Harbor Mid Cap Value Fund | 4.9% | 2.1% | ADT, BK, CNHI, FLEX, FOXA, HIG, HPQ, JAZZ, JBL, KR, MCK, NRG, ORI, PHM, SNX, STT, SYF, TAP, TXT, WDC | earnings, energy, financials, mid cap, technology, value | Value stocks were left behind in the market rally and continue to trade at significant discounts to their growth counterparts, enhancing the potential for outperformance if valuations between growth and value stocks revert to a more normal, historical average. The Fund trades at just over 10x forward earnings and 7x cash flow, which are significant discounts to the core and value benchmark. | MCK ADT |
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| 2026 Q1 | May 8, 2026 | City Different Investments – Multi-Cap Core | -2.2% | -2.2% | FLEX, GILD, GLNG, GOOGL, META, MSFT, NOMD, TMO, VAL | energy, fundamentals, long-term, multi-cap, value | View | ||
| 2026 Q1 | Apr 21, 2026 | Harbor Mid Cap Value Fund | 4.6% | 4.6% | ANGI, APA, CF, CMC, DINO, EXPE, FLEX, FOXA, HAL, JBL, MTDR, SFD, UPWK, WDC | AI, energy, mid cap, quantitative, Rotation, small caps, value | View | ||
| 2026 Q1 | Apr 18, 2026 | Artisan Partners Small Cap Fund | -2.7% | -2.7% | BWIN, COMP, FLEX, FLS, FRPT, FTAI, GWRE, IRTC, MOD, MTSI, OLLI, ONTO, PEN, TTAN, TWST | AI, defense, energy, Geopolitical, growth, semiconductors, small cap, technology | View | ||
| 2023 Q1 | Apr 17, 2023 | Pittenger & Anderson | - | - | AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO | long-term, multi-cap, Research, stock selection, value | The manager describes a disciplined value-oriented approach, comparing investing to thrift shopping where you search for undervalued opportunities. The process involves extensive research to find companies trading below intrinsic value, with most ideas not surviving deep analysis. | View | |
| 2026 Q1 | Apr 16, 2026 | Lyrical Asset Management | -6.7% | -6.7% | ARW, EBAY, EXPE, FFIV, FIS, FLEX, GEN, ICLR, JCI, NRG, SSNC, UBER, WCC | earnings, financials, healthcare, industrials, technology, value | View | ||
| 2025 Q1 | Apr 16, 2025 | Horizon Investment | - | - | AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO | mid cap, multi-cap, Quality, small caps, value | View | ||
| 2025 Q1 | Apr 1, 2025 | Lyrical Asset Management | 1.7% | 1.7% | 6723.T, AHT.L, AMP, BERY, ELIS.PA, ENXTPA.PA, FLEX, JCI, LAD, LEA, RXL.PA, SU | global, international, Quality, Recession, tariffs, value | International stocks have been massive underperformers over the past decade due to valuation expansion in US markets, not fundamentals. The EAFE is trading at less than 14x earnings while the S&P 500 trades 25% above its long-term average multiple. The S&P 500 is about 45% more expensive than EAFE despite equally attractive fundamentals. | View | |
| 2025 Q4 | Feb 3, 2026 | The Sound Shore Fund | 7.8% | 18.2% | C, COF, FLEX, GM, HII, LUV, MSFT, PVH, PYPL, REGN, TEVA, TMO, TXN, WBD | defense, earnings, healthcare, Manufacturing, Transformation, undervalued, value | Sound Shore specializes in identifying undervalued companies undergoing transformations, focusing on stocks trading at attractive valuations relative to earnings power. The portfolio trades at 13.5 times forward earnings versus S&P 500 at 22 times, providing meaningful discount despite strong balance sheets and free cash flow. Healthcare was the best performing sector in Q4 after lagging earlier in 2025. Portfolio holdings Regeneron and TEVA provided positive pipeline updates and were among largest contributors as regulatory clarity emerged around previously uncertain policies. Huntington Ingalls Industries, the largest US Naval shipbuilder, was a standout 2025 performer after working through post-COVID supply chain issues. The company benefits from US Navy's commitment to rapidly expand the fleet and prospects for further margin gains. FLEX evolved from low-value electronics assembly to high-value specialized manufacturing for medical, industrial, and automotive industries. Under CEO Revathi Advaithi, the company achieved operational discipline and double-digit earnings growth with expanding margins, benefiting from accelerating data center end-markets. | View | |
| 2024 Q4 | Dec 31, 2024 | The Sound Shore Fund | 1.3% | 22.6% | BA, BKR, FLEX, ORCL, TEVA, VST | AI, energy, Pharmaceuticals, technology, Transformation, Utilities, value | Sound Shore specializes in identifying overlooked companies undergoing transformations, targeting businesses with strong fundamentals trading at attractive valuations relative to growth potential. The portfolio trades at 11.5x forward P/E versus 21.5x for S&P 500, despite strong balance sheets and free cash flow. | BA TEVA FLEX |
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| 2023 Q3 | Oct 25, 2023 | GDS Investments | - | - | AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO | financials, healthcare, multi-cap, Quality, small caps, value | View | ||
| 2025 Q3 | Oct 14, 2025 | Lyrical Asset Management | 3.4% | 15.7% | AAPL, AMP, CI, CNC, CPAY, EBAY, EXPE, FIS, FLEX, GOOGL, GPN, HCA, JCI, LKQ, MSFT, NRG, NVDA, TSLA, UBER, URI | earnings, growth, Outperformance, Performance, value | The portfolio maintains an uncommon combination of deep value and growth characteristics. The value spread between the portfolio and S&P 500 is historically wide at 80%, with portfolio trading at 12.2x-12.6x P/E versus S&P 500 at 22.7x. Despite value characteristics, portfolio EPS growth exceeds 10% annually, significantly outpacing S&P 500 growth of 6.4%. | View | |
| 2024 Q4 | Jan 9, 2025 | Torre Financial | 2.4% | 19.3% | AAPL, AMP, AMZN, CI, CNC, CPAY, EBAY, EXPE, FIS, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NVDA, TSLA, UBER, URI | earnings, growth, international, Performance, portfolio, value | Portfolio trades at significant discount to S&P 500 with value spread at historically wide 80%. Manager emphasizes uncommon combination of deep value and growth characteristics. | View | |
| 2025 Q4 | Jan 21, 2026 | Artisan Partners Small Cap Fund | 3.4% | 8.6% | BRKR, CLBT, COCO, FLEX, GH, GWRE, HXL, INSM, IRTC, ITGR, LASR, LSCC, MOD, MTSI, PCOR, PEN, PSN, SN, STVN, VSEC | AI, Biotechnology, defense, growth, healthcare, profit cycles, small cap, technology | AI-related capital spending remains an area of active debate entering 2026. Investors continue to weigh strong industry momentum against concerns about circular financing dynamics and data center construction delays. The team finds compelling opportunities among companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology. Aerospace and defense holdings appear well positioned for multiyear growth. The team believes commercial aerospace suppliers are positioned to benefit for many years from significant content gains in new aircraft and growth in recurring aftermarket sales. Defense-related investments include companies with strong franchises in non-kinetic laser weapons and critical technologies. Healthcare returned as a source of market strength during the quarter. The team maintains relatively high exposure to the sector despite several years of industry headwinds, grounded in conviction in profit cycle opportunities for biotechnology companies. Many biotechnology franchises are early in what the team believes are some of the most compelling product launch cycles of their careers. The team continues to find compelling opportunities among semiconductor companies positioned to benefit from AI investment strength and gain share of customers' AI spending based on superior technology that improves data center performance and efficiency. These investments are managed with valuation discipline consistent with the team's process. | GWRE PSN STVN COCO INSM MTSI |
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| 2025 Q4 | Jan 15, 2026 | Lyrical Asset Management | 2.0% | 17.9% | AAPL, AER, AMG, AMZN, EBAY, EXPE, FFIV, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NTAP, NVDA, SNX, TSLA, UBER, URI | EPS Growth, growth, international, Performance, valuation, value | Lyrical emphasizes their uncommon combination of value and growth, with their portfolio trading at a 78% discount to the S&P 500 while generating 10.6% EPS growth versus 6.6% for the S&P 500. The value spread between their portfolio and the S&P 500 is historically wide. The firm highlights strong performance in travel-related holdings including Expedia Group and AerCap Holdings. Air transportation industry cash flows show recovery with air lessors outperforming airlines and aircraft manufacturers from 2020-2025. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 13, 2026 | Substack | Toff Cap Monday Monitor | Flex Ltd. | Technology | Electronic Manufacturing Services | Bull | NASDAQ Stock Market | AI-focused business, cloud infrastructure, growth potential, Nextpower, spin-off | View Pitch |
| Apr 13, 2026 | Fund Letters | The Sound Shore Fund | Flex Ltd. | Information Technology | Electronic Manufacturing Services | Bull | NASDAQ | Artificial Intelligence, data centers, Electronic Manufacturing, infrastructure, Outsource Manufacturing, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | The Sound Shore Fund | Flex Ltd. | Information Technology | Electronic Manufacturing Services | Bull | NASDAQ | automotive, contract manufacturing, Electronics Manufacturing Services, Industrial, margin expansion, Medical devices, Operational Turnaround, transformation, Value | View Pitch |
| Jan 8, 2026 | Fund Letters | Harry Burn | Flex Ltd. | Information Technology | Electronic Equipment, Instruments & Components | Bull | NASDAQ | AI infrastructure, data centers, manufacturing, Outsourcing | View Pitch |
| Dec 3, 2025 | Fund Letters | Craigh Cepukenas | Flex Ltd. | Information Technology | Electronic Manufacturing Services | Bull | NASDAQ | Demand, diversification, manufacturing, Margin_expansion, Reshoring | View Pitch |
| Aug 8, 2025 | Seeking Alpha | A. Vandendael | Flex Ltd. | Information Technology | Electronic Components | Bull | NASDAQ | — | 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. | ||||||||