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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Oct 30, 2023 | Silver Beech Capital | 0.0% | 22.3% | C, DNTL CN, FNF | - | View | ||
| 2022 Q3 | Oct 25, 2022 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | BAM, DHC, FNF, LEN, NWDHU | - | View | ||
| 2025 Q4 | Jan 26, 2026 | Cambiar SMID Fund | 1.6% | 0.0% | ACVA, ALGN, BOKF, COO, EEFT, FNF, GOOGL, JBHT, LAZ, MAS, NVDA, WFC, WSC | AI, Credit Stress, financials, healthcare, Quality, small caps, value | The market has priced in a near-flawless AI future for years, but sentiment is shifting as investors become more scrutinizing. Only two of the Mag7 outperformed in 2025, and the market is now more discerning about how AI investments will translate into financial returns. Increased debt financing for AI capex creates vulnerability to credit tightening. The fourth quarter saw a reversal in the growth versus value trade, with traditional value sectors like Healthcare and Financials performing well while Mag7 largely lagged. The fund's quality bias and valuation sensitivity were out of step with a market prioritizing higher-beta momentum stocks. Value stocks offer attractive return potential going forward. Small cap stocks trailed larger cap counterparts for the year despite posting respectable 12.8% gains. Companies with negative income outperformed by wide margins in 2025, creating challenges for quality-focused strategies. The market environment paralleled 2021's speculative period with little regard for valuation or earnings. Corporate bankruptcies spiked in 2025, highlighting growing financial pressure amid elevated borrowing costs. Middle and lower income consumers are increasingly stretched with high credit card balances and subprime auto loan delinquencies at highest levels since 2008. Rising unemployment likely to amplify these pressures. | COO |
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| 2025 Q4 | Jan 22, 2026 | Third Avenue Real Estate Value Fund | -1.8% | 11.3% | AMH, BKG.L, BRK-A, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WY | Commercial, Homebuilders, real estate, REIT, Residential, value | Fund maintains significant exposure to commercial real estate platforms including real estate services, asset management, industrial and logistics properties, and self-storage facilities. These holdings represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate with structural demand drivers and limited maintenance capital expenditure requirements. Fund holds positions in major U.S. homebuilders including Lennar Corp., D.R. Horton, PulteGroup, and Champion Homes. These companies are supported by near-record low levels of for-sale inventories, near-record high demand for affordable product, and industry dynamics favoring scaled players over time. Fund focuses on well-capitalized enterprises with discounted securities trading at more than a 20% discount to estimated Net Asset Value at year-end. The strategy targets strategic real estate at value prices with prospects to compound capital over time. Multiple portfolio companies engaged in share repurchase activities during the quarter, including Lennar Corp. completing an exchange offer that effectively acted as an accelerated share repurchase program, exchanging Millrose Properties shares for 5% of its outstanding A shares. | DBK GR BIRG ID 2330 TT HBR LN CS CN LUN CN HCC |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 8, 2025 | Seeking Alpha | Seeking Alpha | Fidelity National Financial, Inc. | Insurance - Specialty | Neutral | commercial activity, dividend yield, earnings growth, F&G distribution, Fidelity National Financial, financial health, mortgage rates, refinancing activity, stock repurchase, title insurance | 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 |
|---|---|---|---|---|---|---|---|---|
| Glenn Greenberg | Brave Warrior Advisors | $4.3B | $192.1M | 4.50% | 3,519,089 | +29,775 | +0.85% | 1.2567% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $5.3M | 0.01% | 97,060 | +14,284 | +17.26% | 0.0347% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $22.4M | 0.03% | 409,616 | +409,616 | +100.00% | 0.1463% |
| Israel Englander | Millennium Management LLC | $233.2B | $11.0M | 0.00% | 201,857 | -48,008 | -19.21% | 0.0721% |
| Jeremy Grantham | GMO LLC | $39.1B | $660,867 | 0.00% | 12,106 | -5,365 | -30.71% | 0.0043% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $222,018 | 0.00% | 4,067 | +0 | +0.00% | 0.0015% |
| Murray Stahl | Horizon Kinetics | $7.4B | $2.4M | 0.03% | 43,740 | -1,481 | -3.28% | 0.0156% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $26.6M | 0.04% | 487,036 | -143,365 | -22.74% | 0.1739% |
| Cliff Asness | AQR Capital Management | $190.6B | $371.3M | 0.19% | 6,800,697 | +1,743,342 | +34.47% | 2.4285% |
| Matthew Fine | Third Avenue Value Fund | $550.2M | $11.2M | 2.04% | 205,320 | +86,664 | +73.04% | 0.0733% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $2,450 | 0.00% | 44 | +0 | +0.00% | 0.0000% |