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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 27, 2025 | Weitz Multi Cap Equity Fund | 3.6% | 4.3% | ACIW, ACN, AVGO, CDW, CHTR, CSGP, GCI, GOOGL, IT, KMX, LBRDA, LKQ, MA, META, MLM, NVDA, PRM, V, VMC | AI, Multi Cap, Quality, technology, value | AI infrastructure buildout is in early days with chip makers like Nvidia and Broadcom being biggest winners so far. Hyperscalers including Alphabet and Meta hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | CDW ACN META GOOGL HEI |
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| 2025 Q2 | Jul 27, 2025 | Weitz Partners III Opportunity Fund | 2.5% | 1.9% | AMZN, AVGO, BRK-A, CHTR, GCI, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN | AI, Hyperscalers, Long/Short, Quality, technology, value | Early days of AI infrastructure buildout with chip makers like Nvidia and Broadcom as biggest winners so far. Hyperscalers including Amazon, Alphabet, Meta and Microsoft hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | KMX |
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| 2025 Q2 | Jul 21, 2025 | Miller Value Partners Deep Value Strategies | - | -13.6% | GCI, JELD, NBR, NYT, TPC | Construction, deep value, energy, Media, small caps, Turnarounds, value | Small caps are at a 90-year extreme underperformance versus large caps, creating a generational opportunity. The current cycle favoring large caps is now in its 15th year, one of the longest on record. Historical patterns suggest small caps are poised for a multi-year outperformance cycle. | NBR JELD TPC GCI NBR JELD TPC GCI |
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| 2024 Q2 | Jul 2, 2024 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | GCI, GTN, NBR, NYT, UNFI | Active Share, Concentration, deep value, Energy Services, Food Distribution, Media, small caps, value | Manager focuses on neglected and under-followed parts of the marketplace where market expectations remain extremely low, seeking wide price-to-value gaps. The lowest valuation subset of the market has earnings yields multiples higher than the most expensive securities. Portfolio holdings trade at near 2x cash flow, price to sales less than 0.2x, and normalized earnings and free cash flow yields greater than 30%. | View | |
| 2023 Q2 | Dec 7, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ABG, ACGL, ANET, APH, BAM, BRO, CDW, CFR, CHTR, CPRT, CSL, EXPD, FND, FWONA, FWONK, GBCI, GCI, GGG, IT, KNSL, LAD, LBRDA, LH, MC, MCHP, MEDP, MKSI, PCAR, ROST, TDY, TECH, THO, TREX, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | AI-related data center spending is driving strong performance in technology holdings like Amphenol and Arista Networks. The fund is participating in this surge while also noting strength in other business areas beyond AI for these companies. | View | |
| 2025 Q3 | Oct 28, 2025 | Weitz Multi Cap Equity Fund | 0.3% | 4.6% | ACIW, ACN, AVGO, CDW, CHTR, CSGP, GCI, GOOGL, IT, KMX, LBRDA, LKQ, MA, META, MLM, NVDA, PRM, V, VMC | AI, Multi Cap, Quality, technology, value | AI infrastructure buildout is in early days with chip makers like Nvidia and Broadcom seeing biggest gains so far. Hyperscalers including Alphabet and Meta hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | CDW ACN CDW ACN |
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| 2024 Q3 | Oct 10, 2024 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | GCI, NBR, QUAD, UNFI | Concentration, energy, Media, rates, small caps, valuation, value | Manager emphasizes wide valuation spreads between expensive and cheap stocks, with the least expensive decile trading at significant discounts with attractive 15% earnings yields. Current market concentration and valuation levels mirror 1999-2000 period, suggesting potential for value outperformance as spreads narrow over time. | QUAD NBR UNFI GCI |
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| 2025 Q4 | Jan 26, 2026 | Baron Discovery Fund | 0.2% | 11.0% | ALKT, CWAN, CWST, DKNG, DT, ESTA, EXAS, FROG, GCI, GTLB, INDIE, LLYVA, LOAR, MRCY, PRMB, RGEN, S, SITM, TREX, VRNS, WAY | AI, defense, growth, healthcare, Quality, small caps, software | The fund discusses AI as a transformative force requiring careful alignment of goals with humanity's interests. They view AI advancement as creating massive capital investment opportunities, particularly in datacenter buildout, while acknowledging concerns about AI's impact on software competitive advantages. The fund maintains significant exposure to enterprise software companies, particularly cybersecurity and systems software. They believe complexity of enterprise integration protects established players from AI disruption, with companies like Dynatrace, Varonis, and SentinelOne offering defensive moats through proven resilience and security. The fund focuses on innovative healthcare companies including molecular diagnostics (Exact Sciences), medical devices (Establishment Labs), and healthcare IT (Waystar). They see opportunities in companies improving patient outcomes through technology and automation in healthcare processes. The fund holds defense companies benefiting from increased defense budgets, including allocations for unmanned vehicles and missile defense systems. They trimmed positions after meaningful valuation increases but maintain defense as a core holding area. | CWST GLIBA PRMB LLYVA VRNS INDI FROG CAS WAY CWAN ESTA EXAS |
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| 2023 Q2 | Jul 14, 2023 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | GCI, GTN, NBR, NVDA, QUAD, WAL | Banking, Concentration, Media, small caps, technology, value | Manager emphasizes extreme valuation spreads between growth and value stocks, with value factors delivering negative returns in 2023. Small Cap Value trades at significant 40-90% discount to longer duration equities, close to Covid lows. Deep Value strategy holdings experienced significant valuation compression during the quarter. | GTN WAL NBR QUAD GCI |
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| 2025 Q1 | Apr 14, 2025 | Miller Value Partners Deep Value Strategies | -12.8% | -12.8% | DOOR, GCI, GTN, JELD, NBR, NYT, OC, QUAD, UNFI | Media, opportunity, small caps, uncertainty, value, volatility | Manager emphasizes deep value investing approach, highlighting that lower valuation securities continue to have lower representation in passive indexes and are under-owned. Portfolio holdings are trading at historically attractive valuations with average less than 1.5x cash flow, price to sales less than 0.2x and normalized earnings and free cash flow greater than 30%. | JELD NBR GCI GTN |
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| 2023 Q1 | Apr 14, 2023 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | GCI, MHO, NBR | Banking, energy, Homebuilders, rates, Recession, small cap, technology, value | Manager emphasizes value stocks are trading at wide valuation discounts and appear to be discounting significant recession fears. Value outperformed Growth by more than 20% in 2022 but lagged in Q1 2023 as markets crowded into longer duration equities. The most expensive decile posted negative returns while the least expensive was up double-digits. | GCI NBR BXC|IMKTA|MHO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | Gannett Co Inc | Communication Services | Publishing | Bull | NYSE | Anti-trust, Cost Reduction, Digital transformation, Equity, media, Publishing, turnaround | View Pitch |
| Apr 27, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | Gannett | Communication Services | Publishing | Bull | NYSE | debt reduction, digital marketing, Digital transformation, media, Publishing, Real Estate Monetization, Subscription, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | Gannett | Communication Services | Publishing | Bull | NYSE | antitrust, Cost Reduction, Digital transformation, Free Cash Flow, media, Newspapers, Publishing, Subscriptions | View Pitch |
| Apr 13, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | Gannett Co Inc | Communication Services | Publishing | Bull | NYSE | Digital transformation, Free Cash Flow, media, Publishing, turnaround, undervalued, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Miller Value Partners Deep Value Strategies | Gannett Co Inc | Communication Services | Publishing | Bull | NYSE | antitrust litigation, Digital transformation, Free Cash Flow, media, Publishing, turnaround, Value | View Pitch |
| Jan 8, 2026 | Fund Letters | Daniel Lysik | Gannett Co. Inc. | Communication Services | Publishing | Bull | New York Stock Exchange | cashflow, Digital, media, turnaround, valuation | 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. | ||||||||