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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 3, 2025 | McIntyre Partnerships | -2.1% | -18.9% | FTRE, HAYW, LESL, MDRX, SEG, SHC, STHO, SWIM | Concentration, healthcare, small caps, special situations, value, volatility | The fund focuses on small cap value and special situations, specifically targeting off-the-run situations in lesser-followed areas of the market. Small cap special situations significantly underperformed in H1 2025, with median decline of -15% among sub-$5B market cap companies that underwent spinoffs in the last three years. | SEG SHC SEG SHC |
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| 2024 Q2 | Jul 30, 2024 | Penn Davis McFarland | - | - | AAPL, AMD, AMZN, BA, CSCO, FTRE, GOOGL, INTC, META, MSFT, MTCH, NVDA, PYPL, QCOM, SPR, TSM | AI, Cash, competition, Geopolitical, productivity, semiconductors, technology, value | The letter extensively discusses AI as a transformative technology with potential for immense productivity gains. The manager draws parallels between today's AI boom and the internet infrastructure build-out of 2000, noting that while Nvidia leads the AI infrastructure space like Cisco did for internet infrastructure, the real winners may be companies that leverage AI to solve real-world problems rather than just build the infrastructure. | View | |
| 2025 Q1 | May 13, 2025 | McIntyre Partnerships | -17.1% | -17.1% | BWA, FTRE, GTX, HAYW, LESL, MDRX, SEG, SHC, STE, STHO, SWIM | Concentration, Healthcare Software, small caps, special situations, value | The fund focuses on concentrated special situations that are often complex, with a benchmark of Russell 2000 Value. The manager emphasizes idiosyncratic ideas with strong catalysts that should be less at the whims of macro forces over time. | MDRX |
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| 2026 Q1 | May 11, 2026 | McIntyre Partnerships | -19.8% | -19.8% | CC, FTRE, ICLR, MDRX, QDEL, SEG, SHC, STHO, SWIM | Concentration, Diagnostics, healthcare, Life Sciences, Medical Devices, small cap, value | QDEL |
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| 2025 Q1 | Apr 5, 2025 | 13D Activist Fund | -10.2% | -10.2% | AAPL, AVGO, BLCO, CL, CMG, CNI, DKS, FTRE, HR, JNJ, KVUE, MIDD, MSFT, OR.PA, PG, QRVO, SN, SWKS, WEN, YETI | activism, consumer, M&A, semiconductors, small cap, value, volatility | The fund focuses exclusively on activist investing situations, holding positions for the full activist cycle until catalysts are no longer compelling. Activist investors are keeping their heads down and focusing on portfolios despite market volatility, with 2025 already outpacing 2024 with 45 new campaigns versus 36 last year. | View | |
| 2026 Q1 | Apr 29, 2026 | Curreen Capital | -14.0% | -14.0% | AAP, ENR.DE, FTDR, FTRE, GETB.L, VFC | small cap, special situations, spinoffs, Turnarounds, value | VFC ENR.DE GETB.L FTDR FTRE AAP |
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| 2025 Q1 | Apr 24, 2025 | Prosper Stars & Stripes | -9.7% | -9.7% | AMSC, COLD, FLYW, FTRE, HELE, KRMN, KRNT, LH, MTLS, NSIT, PAYX, PYRC, RGEN, RHP, SARO, TLN, TRS, XMTR | Biotechnology, defense, energy, Long/Short, Onshoring, small caps, tariffs, Trade Policy | The administration announced tariff rates far higher than anticipated on April 2nd, reverting the U.S. to protectionist policies not seen for 100 years. Policy uncertainty measures shot to near record highs, creating large negative impacts on stock, bond and currency markets. Businesses face increased costs from higher tariffs and supply chain adjustments. | View | |
| 2024 Q4 | Dec 31, 2024 | Diamond Hill Small-Mid Cap Strategy | -0.8% | 8.3% | ALGT, ARW, ASH, BOKF, CIEN, CUBE, FTRE, GTES, HII, ICLR, INFA, JLL, NVR, REXR, RRR, SOLV, TDY, TFX, WBS, WCC | financials, healthcare, industrials, real estate, small cap, technology, value | WESCO is benefiting from strong demand in its data center business, representing a key growth driver for the industrial distributor. The company's scale advantage positions it well to capture share in this expanding market. | View | |
| 2025 Q3 | Oct 6, 2025 | HalvioCapital | 12.6% | 19.3% | 4PNT.L, AAP, CACC, ENR.DE, FTDR, FTRE, GETB.L, KTB, THNC.TO, VFC | Apparel, Buybacks, healthcare, small caps, spinoffs, Turnarounds, value | Multiple portfolio companies are actively repurchasing shares, including Kontoor which has been buying back stock since its 2019 spinoff, and Credit Acceptance which is aggressively buying back its own shares despite weaker growth and profitability. | 8841 JP 9478 JP MCCK US NLOP US CPH CN |
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| 2023 Q3 | Oct 31, 2023 | Starboard Value | 0.0% | 0.0% | AQN, BLMN, CRM, DRI, FTRE, GDDY, ICLR, IQV, NWSA, NYT, REA.AX, SPLK, TXRH, VRT, WIX | activism, Media, Operational, Restaurants, technology, Utilities, value | Starboard focuses on identifying undervalued companies with operational improvement opportunities. The firm targets companies trading at discounts to peers due to execution issues or temporary challenges, believing these can be addressed through better management and strategic changes. | View | |
| 2024 Q3 | Oct 30, 2024 | Penn Davis McFarland | - | - | BRK-A, FTRE, SIRI | Biotechnology, Fed policy, rates, Recession, special situations, value | The Federal Reserve lowered interest rates by half a percentage point in September, marking a historic policy shift as they pivot from fighting inflation to supporting employment. The Fed is working to ensure previous rate hikes don't damage the job market further, with bond market signals suggesting economic downturn risks. | SIRI FTRE |
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| 2023 Q3 | Oct 30, 2023 | Penn Davis McFarland | - | - | ATVI, FTRE, LSXMK, MSFT, SIRI | gaming, healthcare, M&A, Macro, spinoffs, value | Initiated new position in Fortrea, a late-stage contract research organization spun out of Labcorp. The company helps drug companies design, run, and manage clinical trials. Management expects EBITDA margins to improve from 9% to mid-to-high teens as duplicate costs are eliminated and infrastructure is built out. | ELV|FTRE|HUM|WTW |
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| 2025 Q3 | Oct 24, 2025 | Curreen Capital | 9.0% | 18.5% | 4IMPRINT, AAP, CACC, ENR.DE, FTDR, FTRE, GETB.L, KTB, THNC.TO, VFC | Apparel, Buybacks, healthcare, small cap, spinoffs, technology, Turnarounds, value | Multiple portfolio companies are executing turnaround strategies including Advance Auto Parts fixing its balance sheet and improving operations, Fortrea attempting to turn around after spinning out of Labcorp, and VF Corp rebuilding management and returning to growth after fixing its balance sheet. | FTRE THNC CN GETB GB KTB ENH FTRE THNC CN GETB GB KTB ENH |
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| 2025 Q3 | Oct 15, 2025 | O’Keefe Stevens Advisory, Inc | - | - | 4PNT.L, AAP, CACC, ENR.DE, FTDR, FTRE, GETB.L, KTB, THNC.TO, VFC | Apparel, healthcare, small caps, spinoffs, Turnarounds, value | Multiple portfolio companies are actively repurchasing shares, including Kontoor which has been buying back stock since its 2019 spinoff, and Credit Acceptance which is aggressively buying back its own shares despite weaker growth. | View | |
| 2025 Q4 | Jan 29, 2026 | Curreen Capital | 10.5% | 31.0% | AAP, DND.TO, ENR.DE, FTDR, FTRE, GETB.L, TRUE-B.ST, VFC | energy, healthcare, small caps, spinoffs, Turnarounds, value | Curreen Capital has been particularly successful with spinoff investments since launch, with 2025's three biggest winners all being spinoffs. The manager views ugly duckling spinoffs as the best investment opportunities when they combine good businesses, capable management, and attractive pricing. The fund focuses on 'ugly ducklings' - good businesses run by capable managers bought at attractive prices with upside-to-downside ratios of at least 5:1. They target companies earning above 20% after-tax returns on capital over time. Siemens Energy benefited from the end of decade-long stagnation in global electricity demand, driven by deferred infrastructure maintenance, continued electrification, and rapid rise of AI spurring a new demand cycle. | AAP FTRE FTDR GETB LN ENG GR VFC |
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| 2025 Q4 | Jan 27, 2026 | Voya MI Dynamic Small Cap Fund | 0.0% | 0.0% | BE, FLS, FOLD, FTRE, GEO, HPP | AI, Biotechnology, healthcare, industrials, real estate, small caps, technology | AI remained a dominant theme with strong headlines around innovation and elevated capital investment by major technology firms. Increased spending on AI infrastructure and adoption trends reinforced optimism about its role as a key driver of future growth. AI-driven innovation is supporting the broadening of market leadership beyond mega-cap growth. The fund focuses on US Small Cap Core equity strategy with broader market participation persisting, where small caps and cyclicals contributed to market performance. Market leadership is widening beyond mega-cap growth, creating opportunities in the small cap space. The fund held positions in commercial stage biotechnology companies focused on rare disease therapies. Amicus Therapeutics delivered strong results as product sales rose both domestically and abroad, while Fortrea Holdings provided operational services to biopharmaceutical companies with strong net bookings. | FTRE FOLD FLS GEO HPP BE |
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| 2024 Q3 | Sep 30, 2024 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ASH, BBWI, CALM, CIVI, COOP, CTRA, CUBE, DEI, FTRE, HII, HLIO, LANC, LOB, NVR, RRX, WWW | defense, energy, Homebuilders, rates, small caps, value | Huntington Ingalls Industries is positioned as a critical supplier to the US Navy and Department of Defense, with high visibility into strong demand over the next 5 to 10 years given the long-cycle nature of defense products and preparation for potential Pacific conflict. | View | |
| 2023 Q3 | Aug 11, 2023 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | BKI, CSGP, EFX, FTRE, GOOG, GWRE, ICE, KMX, LBRDA, LH, LICT, LILAK, LKQ, LSXMK, LYV, MACT, META, MLM, PRM, SIRI | Broadband, Media, Multi Cap, Quality, technology, value | The fund emphasizes owning high-quality, durable businesses led by talented management teams capable of navigating uncertain times. They use a Quality at a Discount framework for investing in businesses of all sizes. The portfolio trades at an estimated price-to-value ratio in the upper 70s, suggesting healthy risk-adjusted returns. | EFX |
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| 2023 Q3 | Aug 11, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, BKI, BRK-B, CCRD, CSGP, FIS, FTRE, GOOG, GS, KMX, LBRDA, LH, LSXMK, LYV, META, MSFT, PRM, QRTEP, SCHW, SIRI | efficiency, Media, Quality, technology, Tracking Stocks, value | The managers emphasize owning high-quality, durable businesses led by talented management teams capable of navigating uncertain times and potentially coming out stronger. They believe companies with competitive advantages, smart and flexible management teams, and solid finances will always find ways to move forward and build business value. | View | |
| 2024 Q2 | Jul 26, 2024 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ALGT, BKU, COOP, ENOV, FTRE, GDDY, GNRC, LH, MAA, MGY, RRR, RRX, SANM, SNV, UDR, VRSN, WCC, WWW | financials, healthcare, industrials, real estate, small caps, technology, value | Apartment REITs Mid-America Apartment Communities and UDR benefited from stronger than expected rents and occupancy rates, positioning them well for peak leasing season. The portfolio's above-benchmark exposure to real estate contributed positively to relative performance as the sector outperformed the broad index. | View | |
| 2024 Q2 | Jul 17, 2024 | White Falcon Capital Management | 6.0% | 8.5% | AMZN, ATZ.TO, CTS, CVX, DAVA, EPAM, FTRE, NU, NVDA, OXY, RTO.L, WBD | AI, IT Services, Quality, small caps, technology, value | AI is the new technology trend with investor emphasis on hardware investment. As hardware becomes widespread, focus will shift to creating and optimizing AI applications where EPAM and Endava will benefit. However, AI is still new and clients need time to identify best use cases, leading to cautious wait-and-see approach suppressing current IT services demand. | RTO.L ATZ.TO |
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| 2023 Q4 | Jan 17, 2024 | White Falcon Capital Management | 6.0% | 8.5% | AMD, AMZN, CNDT, CTS.TO, DCBO.TO, FTRE, LFCR, NU, ROVR, WBD | Brazil, Fintech, growth, Quality, small caps, technology, value | White Falcon practices value investing by buying businesses for less than they are worth when the market has low expectations. Their style has nothing to do with low current valuations - a stock at 10x P/E can be expensive while another at 30x P/E may be fantastic value. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM ROVR |
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| 2024 Q4 | Jan 14, 2025 | Cooper Investors Global Equities Fund (Unhedged) | 11.1% | 20.6% | AHT.L, AON, BKNG, ERF.PA, FTRE, FWONA, FWONK, LSEG.L, RYAN, V | global, growth, insurance, Sports, Travel, value | BKNG is the leading global travel platform with strong operating trends driven by global travel demand tailwinds. Third quarter revenue growth of 9% drove 16% EPS growth, a sustainable run rate for the business. | RYAN AHT ERF FWONK BKNG |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 6, 2026 | Fund Letters | Curreen Capital | Fortrea | Biotechnology | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, Clinical trials, Cro, healthcare, Pharmaceutical Services, spinoff, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Penn Davis McFarland | Fortrea Holdings Inc | Health Care | Life Sciences Tools & Services | Bear | NASDAQ | Biopharmaceutical Services, Clinical trials, contract research organization, Loss Realization, management execution, margin expansion, spinoff, Thesis Failure | View Pitch |
| Apr 13, 2026 | Fund Letters | Penn Davis McFarland | Fortrea Holdings Inc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Clinical trials, contract research, Cro, Healthcare services, margin expansion, spinoff, turnaround, Value | View Pitch |
| Jan 31, 2026 | Fund Letters | Christian Ryther | Fortrea Holdings Inc. | Health Care | Life Sciences Services | Bull | NASDAQ | Clinicaltrials, Cro, healthcare, turnaround, valuation | View Pitch |
| Jan 29, 2026 | Fund Letters | Sanne de Boer | Fortrea Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Bookings, Cro, healthcare, lifesciences, recovery | View Pitch |
| Dec 5, 2025 | Fund Letters | Christian Ryther | Fortrea Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | backlog, Clinical, Cro, spinoff, turnaround, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Christian Ryther | Fortrea Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Cro, life sciences, Margin recovery, restructuring, spin-off, turnaround | View Pitch |
| Nov 29, 2025 | Fund Letters | Christian Ryther | Fortrea Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Cro, life sciences, Margin recovery, restructuring, spin-off, turnaround | 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 |
|---|---|---|---|---|---|---|---|---|
| Keith Meister | Corvex Management | $3.3B | $77.8M | 2.38% | 4,508,531 | +0 | +0.00% | 7.9705% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $627,607 | 0.00% | 36,383 | -81,117 | -69.04% | 0.0643% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $8.3M | 0.01% | 481,126 | +365,161 | +314.89% | 0.8506% |
| Israel Englander | Millennium Management LLC | $233.2B | $34.6M | 0.01% | 2,004,626 | +651,416 | +48.14% | 3.5439% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $5.9M | 0.01% | 340,454 | -779,801 | -69.61% | 0.6019% |
| Cliff Asness | AQR Capital Management | $190.6B | $51.5M | 0.03% | 2,988,061 | -747,422 | -20.01% | 5.2825% |
| Oliver Murray | Brandes Investment | $13.1B | $4.8M | 0.04% | 279,273 | +35,453 | +14.54% | 0.4937% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $724 | 0.00% | 42 | +42 | +100.00% | 0.0001% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $138 | 0.00% | 8 | +0 | +0.00% | 0.0000% |