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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 27, 2025 | Hotchkis & Wiley Mid-Cap Value Fund | 3.6% | -2.2% | ADNT, APA, BPOP, FLR, KOS, OLN | Balance Sheets, cyclicals, energy, free cash flow, normalization | The commentary highlights energy and cyclical exposure as key differentiators, with normalized earnings and free cash flow offering long-term upside. Despite short-term volatility, select mid-cap businesses are viewed as undervalued relative to fundamentals. Risk management and balance sheet strength remain central to the strategy. | View | |
| 2025 Q1 | Mar 31, 2025 | Hotchkis & Wiley Mid-Cap Value Fund | -5.6% | -5.6% | ADNT, AIG, CVS, FFIV, FLR, KOS | - | View | ||
| 2025 Q4 | Feb 18, 2026 | The Gabelli Equity Income Fund | 2.2% | 16.5% | BK, CR, CVX, DE, FCX, FLR, GATX, GPC, MSFT, NEM, NFG, STT | AI, dividends, energy, financials, gold, Utilities | Gold had its best year since 1979, rising 66% as a result of geopolitical uncertainty and central bank buying. Gold miners such as Newmont Corp. are levered to the price of gold, making it the biggest contributor to returns for both the fourth quarter and the full year. The Fund focuses on dividend-producing equity securities, though this may limit potential for appreciation during broad market advances. The prices of dividend-producing equity securities can be highly volatile. The American economy continues to embrace AI technology, and the prospect of large increases in productivity is spurring optimism. AI-related infrastructure and power demand are driving growth in various sectors. Natural gas demand in the Northeast is accelerating, driven in part by rising electricity consumption from data centers and AI-related load growth. Companies like National Fuel Gas benefit from strategic positioning near population centers. | NFG MSFT CVX |
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| 2025 Q3 | Oct 28, 2025 | Hotchkis & Wiley Mid-Cap Value Fund | 7.7% | 5.4% | APA, CNC, FLR, OLN, WBD, WPP LN | Artificial Intelligence, earnings, energy, interest rates, Value Investing | The fund benefited from improving breadth in U.S. equities as AI optimism, Fed easing, and strong corporate earnings drove performance. Managers expect the environment to favor disciplined valuation strategies as rates decline and AI-related spending broadens across sectors. Energy, financials, and select consumer names contributed most, while technology and industrials detracted modestly amid cyclical volatility. | View | |
| 2024 Q4 | Jan 9, 2025 | ClearBridge Investments Small Cap Growth Strategy | - | - | CWAN, FLR, MOD, OSCR, TGTX | - | View | ||
| 2025 Q4 | Jan 29, 2026 | Hotchkis & Wiley Mid-Cap Value Fund | 2.4% | 7.9% | ADNT, AIG, APA, BPOP, BTE.TO, CFG, ERIC, FFIV, FLR, HLF, KOS, MGA, OLN | Banking, energy, financials, mid cap, multiples, oil, valuation, value | The portfolio trades at 11x forward earnings and close to 6x normal earnings, both in line with historical averages, while the broad market trades at elevated valuations with the Russell Midcap's forward P/E at nearly 21x. The fund focuses on attractively valued companies with single digit earnings multiples and strong free cash flow yields. The fund maintains notable overweight exposure to oil & gas exploration/production companies that produce free cash flow yields well into the double digits. The managers view the oil market as having structural supply constraints and believe these companies represent a rare opportunity despite temporary oversupply concerns. The portfolio has notable overweight exposure to banks that exhibit attractive valuations, particularly considering their scale advantages and healthy capital ratios. Traditional/regional banks and trust banks performed well during the quarter, helping relative performance. | View | |
| 2025 Q4 | Jan 20, 2026 | Greenlight Capital | 8.5% | 9.0% | AR, BHF, CNH, DECK, FLR, GPK, GPN, GRBK, HPQ, HSIC, LXS.DE, MSTU, MSTX, PRKS, SMR, SOLB.BR, SPB, TEVA, VSCO, WBD | Copper, Cyclical, gold, Hedge Fund, Long/Short, Macro, value | Gold had an exceptional year appreciating 64%. The primary driver was countries seeking to reduce dollar exposure for reserves and trade as the U.S. loses hegemonic leadership. Foreign central banks are increasing gold reserves and establishing it as an alternative to settling global trade in dollars, effectively re-monetizing gold within official government channels. Copper prices rose about 40% in 2025 driven by AI world demand for more copper while supply remains limited. Several large mines around the world experienced production shortfalls, contributing to the price appreciation. The fund focuses on building a bottom-up portfolio of equity longs that are absolutely cheap and misunderstood, paired with overvalued shorts. Many cyclical businesses faced earnings shortfalls but P/E multiples failed to expand as typically expected during cyclical downturns. | CNR SPB HSIC GPN DECK AR TEVA VSCO FLR |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 24, 2026 | Fund Letters | David Einhorn | Fluor Corporation | Industrials | Engineering & Construction | Bull | New York Stock Exchange | arbitrage, buybacks, Nuclear, spinoff, valuation | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Diesel | Fluor Corporation | Industrials | Engineering & Construction | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | ABI Invest | Fluor Corporation | Industrials | Engineering & Construction | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $1.8M | 0.00% | 46,056 | -1,237,942 | -96.41% | 0.0225% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $244,993 | 0.00% | 6,182 | -217,265 | -97.23% | 0.0030% |
| Jeffrey Smith | Starboard Value | $5.3B | $205.7M | 3.90% | 5,191,327 | +5,191,327 | +100.00% | 2.5346% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $22.7M | 0.03% | 573,490 | -1,353,655 | -70.24% | 0.2800% |
| Israel Englander | Millennium Management LLC | $233.2B | $321,003 | 0.00% | 8,100 | -21,800 | -72.91% | 0.0040% |
| Stephen Selver | Bramshill Investments | $1.8B | $396,300 | 0.02% | 10,000 | +10,000 | +100.00% | 0.0049% |
| Jeremy Grantham | GMO LLC | $39.1B | $4.2M | 0.01% | 105,859 | +105,859 | +100.00% | 0.0517% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $15.5M | 0.02% | 391,086 | +281,054 | +255.43% | 0.1909% |
| Cliff Asness | AQR Capital Management | $190.6B | $204.8M | 0.11% | 5,167,676 | +3,203,712 | +163.12% | 2.5230% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $6.3M | 0.02% | 5,500,000 | +5,500,000 | +100.00% | 0.0776% |
| Bruce Kovner | Caxton Associates | $3.2B | $206,749 | 0.01% | 4,192 | +4,192 | +100.00% | 0.0025% |
| Mario Gabelli | GAMCO Investors | $10.4B | $2.0M | 0.02% | 49,490 | +36,177 | +271.74% | 0.0242% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $10,343 | 0.00% | 261 | -114 | -30.40% | 0.0001% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $1.2M | 0.14% | 32,748 | +9,359 | +40.01% | 0.0145% |
| George Soros | Soros Fund Management | $6.8B | $4.8M | 0.07% | 122,052 | +122,052 | +100.00% | 0.0596% |
| Rich Handler | Jefferies | $19.3B | $3.0M | 0.02% | 75,000 | -5,000 | -6.25% | 0.0366% |