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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 9, 2025 | ClearBridge Investments Dividend Strategy | - | - | AAPL, AVGO, BDX, DIS, GM, LHX, MSFT, NVDA, ORCL, PPG, TEL, TMUS, UNH, V, XOM | AI, defense, diversification, dividends, energy, Quality, valuation, value | The strategy emphasizes dividend-paying companies with the ability to grow dividends significantly over time. Over the last eight years, the average portfolio company has grown its dividend by 7%, well in excess of inflation. Dividend growth is becoming increasingly critical as inflation expectations become more entrenched and stagflation becomes a concern. | ORCL AVGO XOM LHX AVGO XOM LHX |
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| 2025 Q2 | Jul 27, 2025 | Diamond Hill Large Cap Strategy | 2.9% | 4.3% | AIG, CAT, CL, EQH, FDX, GM, KMX, LHX, LULU, MLM, SYY, TGT, TMO, TXN, ZTS | AI, consumer, defense, infrastructure, large cap, technology, Trade Policy, value | AI-fueled boom continues driving technology and communication services sectors, with sentiment around AI's potential to radically change life remaining high. However, manager believes sentiment is partially disconnected from reality as AI's potential is yet to be fully proven, creating opportunities for discerning investors. | EQH ZTS TMO FDX ADBE FERG RRX |
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| 2025 Q2 | Jul 27, 2025 | Hotchkis & Wiley Global Value Fund | 6.9% | 13.3% | AIG, BAB.L, CMCSA, D, ELV, ERIC, FFIV, GEHC, GM, HEIA.AS, JDEP.AS, KHC, NOV, UNH, WDAY | energy, financials, global, healthcare, industrials, technology, value | UK and other European countries are investing more in defense spending, benefiting companies like Babcock International which has 60% of revenue from Ministry of Defense contracts. Revenue growth and profitability should continue as defense investment increases. | KHC NOV ELV JDEP.AS UNH BAB.L |
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| 2025 Q2 | Jul 27, 2025 | Hotchkis & Wiley Large Cap Fundamental Value | 3.4% | 5.3% | AIG, APA, C, CMCSA, D, ERIC, FFIV, GM, KHC, NOV, UNH, WDAY, WFC | AI, energy, financials, healthcare, large cap, Quality, technology, value | The portfolio maintains a value-oriented approach with price-to-earnings ratio in line with long-term averages. The manager is willing to pay higher multiples for quality businesses that are well capitalized and managed, noting a valuation dichotomy between value and growth indices that should benefit active investors focused on fundamentals. | KHC NOV APA FFIV C UNH |
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| 2025 Q2 | Jul 18, 2025 | Alpine Capital Research | - | - | AMZN, BN, BRK-A, CRM, CWEB, F, GLXY.TO, GM, LRCX, MA, MU, SOXX, TGT, V | AI, Data centers, Dollar, growth, semiconductors, technology, Trade Policy, US Markets | AI is reshaping markets as a present force, not a distant promise. The Magnificent 7 companies are investing $330.7 billion in capex for 2025, primarily for AI infrastructure including data centers and advanced AI models. AI currently handles 30-50% of critical functions at companies like Salesforce, with expectations of further expansion and workforce reductions as AI-driven efficiencies are implemented. | V MU LRCX GLXY.TO V MU LRCX GLXY CN |
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| 2025 Q2 | Jul 17, 2025 | Contrarius Global Equity Fund | 19.2% | 10.7% | AAPL, AMD, AMZN, CZR, GM, GOOGL, INTC, KER.PA, META, MSFT, NVDA, ORCL, PARA, TM, TSLA, UHR.PA, WBD | AI, contrarian, Electric Vehicles, semiconductors, technology, value | AI adoption is accelerating with cloud hyperscalers investing over $217 billion in AI infrastructure in 2024. The next frontier of real-world AI including agentic AI, autonomous vehicles, and humanoid robotics promises even greater disruption. Chain-of-Thought reasoning represents a breakthrough in AI's ability to perform complex multi-step reasoning tasks, significantly increasing inference computational demands. | NVDA NVDA |
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| 2026 Q1 | May 6, 2026 | Ashva Capital Management | - | 6.0% | GM | AI, Buybacks, large cap, oil, technology, value, volatility | GM |
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| 2023 Q1 | May 22, 2023 | Nightview Capital | - | - | AMZN, BABA, F, GM, GOOGL, PCRFY, TM, TSLA | Electric Vehicles, Energy Transition, Google, growth, Manufacturing, technology, Tesla, value | Tesla dominates the EV space with industry-leading margins and manufacturing advantages. Legacy automakers like Ford lose $21,000 per EV while Tesla makes $8,500 per vehicle. Tesla's price cuts expand addressable markets while maintaining competitive advantages through vertical integration and manufacturing efficiency. | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA GOOGL |
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| 2025 Q1 | Apr 7, 2025 | Brasada Focused Equity Strategy | - | - | AMZN, BA, BRK-B, GE, GM, HEI, NKE, PFE | aerospace, Cash Management, Market Volatility, Quality, tariffs, Trade Policy | The Trump Administration is implementing aggressive tariff policies to rebalance trade flows and bring manufacturing jobs back to the US. Countries like Vietnam and Cambodia are already offering to reduce their tariffs on US imports in exchange for reduced US tariffs, while China has raised their tariffs in retaliation. The outcome remains unpredictable with potential for either economic benefit if countries reduce tariffs or recession if trade war escalates. | HEI |
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| 2025 Q1 | Apr 24, 2025 | Diamond Hill Large Cap Strategy | 1.4% | 1.4% | ABT, AIG, BRK-B, COF, D, GIS, GM, HCA, HD, LULU, MET, PH, RRX, TGT, WM | consumer, financials, healthcare, large cap, Trade Policy, value, volatility | President Trump announced significant tariffs including 104% on China in response to retaliation, creating widespread market uncertainty. The administration's determination to reshape global trade relationships is causing companies to preemptively invest in US operations to avoid tariffs. | View | |
| 2024 Q1 | Apr 17, 2024 | Langdon Canadian Smaller Companies | 4.3% | 4.3% | ATS.TO, ATZ.TO, CSU.TO, GM, LMN.TO, PSK.TO, TOI.TO, TVK.TO | Canada, energy, Industrial, small caps, technology, value | ATS Automation provides automated supply chain technology and factory automation solutions across life sciences, food & beverage, energy, industrial, and consumer sectors. The company faced headwinds from GM's delayed EV battery program but is rebasing toward higher quality end-markets like life sciences and food & beverage. | TOI.TO ATS.TO |
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| 2024 Q1 | Apr 15, 2024 | Oakmark Global Fund | 7.5% | 0.0% | BAYN.DE, CHTR, CNC, CRBG, CRM, DHR, DTG.DE, GM, MBG.DE, STJ.L | Autos, Europe, global, healthcare, value | Daimler Truck Holding was a top contributor with strong Q4 results and 2024 margin guidance exceeding expectations. Management's decisive actions improved pricing, service penetration, and cost flexibility, with Mercedes-Benz segment increasing adjusted EBIT margin from less than 1% in 2019 to over 10% last year. | CNC STJ.L DTG.DE |
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| 2024 Q1 | Apr 15, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | AAL, AMZN, CHTR, DAL, DE, GM, HCA, HLT, JNJ, KR, KVUE, META, UAL, WBD | Agriculture, Airlines, consumer discretionary, financials, healthcare, value | The fund focuses on purchasing stocks trading at meaningful discounts to intrinsic value estimates. They bought additional shares of underperforming holdings and are finding attractive opportunities amid growth stock outperformance to start the year. | KVUE DAL DE |
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| 2024 Q1 | Apr 15, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AIG, ALL, CAT, EXR, GM, HCA, HUM, KEY, LH, MSFT, SBAC, SYY, TFC | Electric Vehicles, financials, healthcare, large cap, rates, REITs, technology, value | General Motors continues capitalizing on the shift to electric vehicles while maintaining the strength of its core gas-engine truck and SUV business. BorgWarner faced near-term volatility in the ongoing shift to electric vehicles and hybrids, which has impacted results and weighed on shares. | View | |
| 2024 Q1 | Apr 15, 2024 | The Sound Shore Fund | 6.7% | 21.1% | BBWI, BKR, BRK-B, CAH, CNC, COF, ELV, FIS, GEHC, GM, HOLX, KHC, KMI, KR, LEN, MRK, OGN, PFE, PRGO, PVH, TEVA, TTE, WFC, WTW | Adaptability, contrarian, energy, large cap, Utilities, value | Sound Shore's contrarian investment process focuses on the adaptability and sustainability of company business models. The fund seeks companies that can best adapt and adjust to changing environments, as exemplified by holdings like Vistra and Constellation Energy that prepared their assets for dynamic markets while maintaining strong balance sheets. | AYI TEVA CEG VST |
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| 2024 Q1 | Apr 15, 2024 | Nightview Capital | -0.3% | -0.3% | AMZN, F, GM, GOOGL, TSLA | AI, Autonomous Driving, Cloud, Electric Vehicles, large cap, technology | The fund emphasizes identifying AI leaders with robust distribution networks and scale potential. Amazon and Google are viewed as under-appreciated AI beneficiaries, with AWS positioned as a foundational layer for next-wave AI applications. Google's advanced AI infrastructure and multi-modal capabilities are highlighted despite Gemini's messy release. | GOOGL AMZN TSLA |
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| 2023 Q1 | Apr 12, 2023 | Rathbones | - | - | BOO.L, GM, MSFT, TSLA | Banking, China, Critical Minerals, earnings, Electric Vehicles, Energy Transition, inflation, Recession | Record $495 billion invested in renewable energy globally in 2022, with renewables accounting for 29% of global power generation. The shift to low-carbon energy requires dramatic increases in critical mineral demand, particularly for battery storage essential to renewable energy infrastructure. | View | |
| 2025 Q4 | Mar 6, 2026 | Aristotle Core Equity Fund | 3.1% | 18.2% | AAPL, AMZN, APG, AVGO, COIN, GH, GM, GOOGL, JPM, MAR, META, MSFT, NFLX, NVDA, ORCL, ORLY, PFGC, TMO, TT, V | AI, earnings, Fed policy, growth, healthcare, large cap, technology, Trade | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on their earnings calls during the fall. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive scale of AI-related capital spending, and durability of longer-term returns on investment. | View | |
| 2025 Q1 | Mar 31, 2025 | Hotchkis & Wiley Large Cap Fundamental Value | 2.5% | 2.5% | AIG, APA, C, CMCSA, CVS, D, ELV, ERIC, FFIV, GM, GOOGL, MGA.TO, OLN, WFC | earnings, healthcare, large cap, Quality, valuation, value | The fund emphasizes value investing with the portfolio trading at 8x normal earnings versus Russell 1000 Value at 17x. The manager believes value dislocations exist across market segments and expects further correction/normalization, drawing parallels to early 2000s market conditions. | View | |
| 2025 Q1 | Mar 31, 2025 | The Sound Shore Fund | -1.9% | -1.9% | BRK.B, C, CHKP, COF, CTRA, DIS, EOG, FIS, GM, Gold, KMI, KR, LEN, MHK, MTCH, NSRGY, PVH, PYPL, TEVA, VST | energy, financials, healthcare, materials, technology, value | Sound Shore emphasizes their value investing approach, highlighting that their portfolio trades at 11.0 times forward earnings versus 20.1 times for the S&P 500. The manager notes that quality at an attractive price has performed well over the past five years as interest rates normalized from zero. | Gold CHKP DIS PYPL TEVA |
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| 2024 Q4 | Mar 1, 2025 | Columbia Global Technology Growth Fund | 6.1% | 31.7% | AAPL, ADBE, AMAT, AMD, AMZN, ASML, AVGO, GM, GOOGL, LRCX, META, MSFT, NVDA, RDDT, TSLA, TSM, UBER, V | AI, Cloud, global, growth, semiconductors, technology | AI remains the key market driver with continued focus on agentic AI workflows and autonomous problem-solving capabilities. Companies across all sectors are embracing agentic AI technology that can work around the clock on behalf of humans. Market participants continue searching for evidence that AI is being deployed by global enterprises and resulting in tangible productivity gains. | View | |
| 2025 Q4 | Feb 9, 2026 | Shelton Equity Income Strategy | 4.4% | 18.5% | CAH, FAST, GM, GOOGL, HPQ, LRCX, MRK, PYPL, TMUS, VICI | dividends, financials, healthcare, income, Options, technology, volatility | The market experienced turbulence in November marked by concerns about the sustainability of AI-driven investment. Looking ahead to 2026, the AI trade will be in focus as investors may start to expect companies to show returns on the capital being invested in AI infrastructure. The fourth quarter delivered continuation of upside since April, with the market hitting new all-time highs in October before experiencing a shaky November. The Equity Income strategy is positioned to capitalize on volatility and buffer any pullbacks in the near term. | 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 | |
| 2025 Q4 | Feb 25, 2026 | GMO | 0.0% | 0.0% | 2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM | AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation | AI represents the most visibly impressive innovation of the last 100 years, comparable to railways in the 19th century. Current large language models suffer from hallucinations but are likely just an opening phase. If AI advances in biotechnology, materials, and energy, the future could be very interesting. The U.S. stock market has been in bubble territory for a prolonged period, defined as a two-standard deviation divergence above long-term real price trend. Unlike every bubble before it, this one has yet to fully deflate despite classic signs of a historic bubble top. Hyperscalers spent nearly $300 billion on capital expenditures in 2025, with AI investment accounting for 1.3% of U.S. GDP. Cumulative spending on U.S. data centers is estimated to reach $3-5 trillion by 2029-2030, representing massive overcommitment of capital. Nvidia is currently the world's most valuable company, exceeding the entire Japanese stock market. The AI boom has created unprecedented demand for chips, with companies stretching depreciation schedules despite ongoing technological progress that should shorten useful chip lives. There has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. By every historically effective valuation metric, U.S. equities are extremely overpriced. The CAPE of 40 is above any level seen outside the internet bubble peak, with the market cap to GDP ratio at all-time highs and record proportions trading at over 10 times sales. | HUBS |
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| 2024 Q4 | Dec 31, 2024 | Oakmark Fund- International Small Cap | 2.0% | 16.0% | ABNB, CE, CG, CNC, CRM, DIS, EBAY, ELV, GEHC, GM, GS, HLT, IQV, KDP, MO, PHM, TFC, WFC | Banking, Buybacks, financials, healthcare, large cap, Quality, technology, value | The fund focuses on investing in high-quality businesses at attractive prices despite broad market valuations being above historic averages. The wide spread in valuation multiples provides opportunities for superior future returns with a margin of safety. | KDP GEHC ELV CG ABNB CNC WFC |
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| 2024 Q4 | Dec 31, 2024 | Oakmark Global Fund | -5.8% | 2.5% | A, BAYRY, BDX, CAP.PA, CNC, COF, DSV.CO, DTG.DE, ELV, GM, GOOGL, IPG, MTN | consumer discretionary, Europe, financials, global, healthcare, Restructuring, value | The industry faces headwinds due to mismatches between reimbursement rates and medical costs, but this is expected to prove transitory. Changes to pricing and plan designs will help realign profit trends over time, though a return to normal profitability will take a few years. | MTN ELV DSV.CO BDX BAYRY COF |
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| 2024 Q4 | Dec 31, 2024 | Diamond Hill Large Cap Strategy | -2.2% | 12.1% | AMZN, BAC, BLDR, CL, EXR, FCX, GM, HCA, HUM, LEA, LULU, PEP, SBAC, SYK, WFC | Banking, consumer, healthcare, large cap, REITs, technology, value | Trade policy uncertainty has fueled a rise in the US dollar and is roiling local politics globally. President-elect Trump's tariff threats are creating market shifts and uncertainty among central banks, with the Bank of Japan explicitly citing uncertainty around Trump's policies as reason for pausing rate increases. | View | |
| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Large Cap Fundamental Value | -0.9% | 12.8% | APA, C, CMCSA, CVS, ELV, ERIC, FFIV, GM, MDT, OLN, WFC | Defensive, financials, healthcare, large cap, valuation, value | The fund maintains a value-oriented approach despite challenging market conditions. The portfolio trades very near its long-term average valuation despite passive indices trading well above their historical averages. The fund continues to find attractive risk/return opportunities in a challenging market by focusing on valuation balanced against fundamental risks. | OLN CVS ELV WFC GM FFIV |
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| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Global Value Fund | -3.0% | 9.4% | 005930.KS, AIG, CMCSA, CVS, ELV, ERIC, FFIV, GM, GOOGL, MDT, SIEGY, WDAY, WPP | global, healthcare, industrials, semiconductors, technology, value | The fund maintains a value-oriented approach, noting that value stocks lagged growth for the full year but believing valuation disparities create opportunities for active management. The spread between growth and value indices is wide, suggesting a promising outlook for value investing. | GM FFIV 005930.KS CVS ELV |
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| 2024 Q4 | Dec 31, 2024 | Mondrian Global Equity Fund | - | - | BF-B, DGX.DE, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SAN.PA, UL, UPS | Corporate Governance, Energy Transition, Europe, international, Japan, Utilities, valuation, value | US markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Japanese equities offer particularly attractive valuations with solid balance sheets and corporate governance improvements driving record buybacks. | View | |
| 2024 Q4 | Dec 31, 2024 | Mondrian International Equity Value Opportunities | - | - | BF-B, DG.PA, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SNY, SPIE.PA, UL, UPS | Currency, Energy Transition, international, Japan, Utilities, value | US markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Valuation discrepancies exist across sectors where fundamentally similar companies trade at significant multiples differences based solely on listing location. | View | |
| 2018 Q4 | Dec 31, 2018 | Aquamarine | - | -13.3% | AAPL, AMZN, AXP, BAC, BRK/A, COST, DUFF, GM, GOOG, JPM, RACE IM, TSLA | - | View | ||
| 2017 Q4 | Dec 31, 2017 | Aquamarine | - | 34.9% | ATGE, BRK/A, COGN3 BZ, COST, FCAU, GM, RACE IM, SCHW, TSLA | - | View | ||
| 2024 Q4 | Dec 4, 2025 | Saga Partners | - | 112.2% | AAPL, AMZN, BRK-A, CVNA, F, GM, GOOGL, META, MGI, MSFT, NFLX, RDFN, RKT, ROKU, SPOT, TRUP, TTD, WISE.L, WMT, WU | Advertising, disruption, E-Commerce, growth, payments, Platform, Streaming, technology | Carvana demonstrates a superior customer value proposition versus traditional dealerships with a structurally lower cost model at scale. The company has achieved industry-leading unit economics with gross profit per unit reaching $6,900 in 2024, up from $3,000 in 2022, while maintaining high Net Promoter Scores. | View | |
| 2025 Q3 | Nov 21, 2025 | Shelton Equity Income Strategy | - | - | AAPL, AMZN, ANET, BSX, CMCSA, CTSH, DVA, FTNT, GM, GOOGL, META, MSFT, NEM, NVDA, PHM, TSLA | AI, equity income, Options, rates, technology, Trade Policy, volatility | The rally was sustained by enthusiasm for the AI trade, with the Magnificent Seven stocks reclaiming leadership after lagging earlier in the year. AI continues to drive market momentum and sector rotation. | View | |
| 2025 Q3 | Oct 8, 2025 | Advisory Research – Global Select Dividend | - | 23.9% | GM, NKE | AI, China, dividends, Europe, global, infrastructure, rates, tariffs | Managers are bullish on AI as a general-purpose technology entering implementation phase. They dismiss AI bubble concerns, noting infrastructure investment is only 0.5% of GDP versus 1.2% for telecom in 1999. AI will transform businesses by replacing specific tasks in coding, customer service, and management functions. | View | |
| 2025 Q3 | Oct 7, 2025 | North Sky Capital | - | - | 6503.T, 6902.T, F, GM, LLY, RIVN, TM, TSLA | AI, Data centers, Electric Vehicles, Energy Transition, impact investing, infrastructure, Secondaries, Solar | The letter discusses AI as a transformative force affecting every sector they invest in, accelerating growth and enhancing efficiency. AI is driving massive data center power demands, with Deloitte forecasting 30x increase in power usage by 2035. Portfolio company Crusoe Energy is addressing AI data center power needs through innovative battery solutions. | View | |
| 2025 Q3 | Oct 28, 2025 | Hotchkis & Wiley Large Cap Fundamental Value | 6.4% | 12.0% | AIG, APA, C, CMCSA, ELV, ERIC, FFIV, GEHC, GM, GOOGL, WBD, WDAY, WPP.L | energy, financials, large cap, Quality, technology, value | The portfolio trades at less than 13x consensus earnings and a little more than 9x normal earnings, in line with its historical average despite the broad market's elevated valuation. The manager emphasizes attractive valuation opportunities in segments of the equity market while noting the S&P 500 is fully valued or overvalued at 25x next year's consensus estimates. | View | |
| 2025 Q3 | Oct 24, 2025 | Diamond Hill Large Cap Strategy | -0.1% | 4.2% | AIG, CAT, CL, EQH, FDX, GM, KMX, LHX, LULU, MLM, SYY, TGT, TMO, TXN, ZTS | AI, Data centers, defense, large cap, Quality, technology, value | AI-fueled boom continues driving technology and communication services sectors, with sentiment potentially disconnected from reality as AI's potential is yet to be fully realized. Markets are rewarding companies with minimal AI exposure while punishing those at risk of disruption. | ZTS FDX |
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| 2025 Q3 | Oct 1, 2025 | Manole Capital Management | - | - | AAPL, GM, IBM, NVDA, ORCL | AI, Federal Reserve, Fintech, fundamentals, inflation, interest rates, technology | AI is especially powerful because it is self-improving, but adoption takes time with 95% of organizations reporting zero returns so far from generative AI investments. The manager believes AI will ultimately have a profound impact on the economy, but timing and scale of returns will vary widely. | View | |
| 2024 Q4 | Jan 9, 2025 | Ashva Capital Management | - | - | GM | AI, fundamentals, inflation, long-term, technology, value | The fund increased exposure to AI-related stocks as part of their strategic tech allocation. AI technology continues to improve but there is no concrete proof that AI models outperform human predictions in complex systems like financial markets. | View | |
| 2025 Q4 | Jan 29, 2026 | Hotchkis & Wiley Large Cap Fundamental Value | 4.5% | 17.1% | AIG, APA, C, CMCSA, CRM, CRWD, CVS, ERIC, FDX, FFIV, FISV, GM, NFLX, PLTR, UNH, WBD, WDAY, WPP | banks, energy, financials, healthcare, large cap, software, valuation, value | The portfolio trades at 13x forward earnings and less than 10x normal earnings, both in line with historical averages. The manager emphasizes attractive valuations outside the Magnificent 7, with the S&P 500 excluding these stocks trading at 18x forward P/E versus a 35-year average of 17.4x. The fund focuses on undervalued quality businesses with strong fundamentals. Software is the portfolio's largest industry exposure on both absolute and relative basis. The manager views prospects of select software companies as highly compelling, citing sticky customer bases, recurring revenues, and predictable businesses. Major purchases included Workday and Salesforce, which trade at discounts to their own history despite being higher quality businesses. The portfolio's banks returned 13% compared to 6% for the index in Q4, with an average weight of 12% that returned nearly 40% for the year. The manager took capital out of the group as valuations increased. Banks were the top contributing industry to relative performance both quarterly and annually. The portfolio remains overweight in healthcare, noting the sector's return is about half that of the rest of the market over the past decade. Healthcare's P/E ratio is less than 80% of the broad market's P/E, trading at a deeper discount only 8% of the time since 1990. The manager views this as an attractive opportunity given the quality of businesses and growth prospects. Energy exposure spans both exploration & production companies as well as oilfield services. While these businesses are not as structurally attractive as software or healthcare, energy remains among the most attractively valued areas of the portfolio. The group trades at less than 7x normal earnings and offers an expected free cash flow yield of 11%. | View | |
| 2025 Q4 | Jan 28, 2026 | GMO | - | - | 2222.SR, AAPL, AMZN, AVGO, BLK, CSCO, GM, GOOGL, HOOD, META, MSFT, NVDA, ORCL, OWL, PLTR, TSLA, TSM | AI, Bubbles, Data centers, semiconductors, Speculation, technology, valuation | AI represents the most visibly impressive innovation of the last 100 years, comparable to railways in the 19th century. Current large language models suffer from hallucinations but are likely just an opening phase. If AI advances in biotechnology, materials, and energy, the future could be very interesting. The U.S. stock market has been in bubble territory for a prolonged period, defined as a two-standard deviation divergence above long-term real price trend. Unlike every bubble before it, this one has yet to fully deflate despite classic signs of a historic bubble top. Hyperscalers spent nearly $300 billion on capital expenditures in 2025, with AI investment accounting for 1.3% of U.S. GDP. Cumulative spending on U.S. data centers is estimated to reach $3-5 trillion by 2029-2030, representing massive overcommitment of capital. Nvidia is currently the world's most valuable company, exceeding the entire Japanese stock market. The AI boom has created unprecedented demand for chips, with companies stretching depreciation schedules despite ongoing technological progress that should shorten useful chip lives. There has been a surge in aggressive speculative behavior with commission-free trading, plentiful margin loans, and leveraged ETFs. Zero-day options now make up over 60% of all S&P 500 options, alongside the GameStop meme stock craze and cryptocurrency rise. By every historically effective valuation metric, U.S. equities are extremely overpriced. The CAPE of 40 is above any level seen outside the internet bubble peak, with the market cap to GDP ratio at all-time highs and record proportions trading at over 10 times sales. | View | |
| 2025 Q4 | Jan 27, 2026 | Diamond Hill Large Cap Strategy | 1.4% | 5.7% | AIG, AON, BRK-B, CAT, CB, CL, COF, COO, DOV, EQT, GM, GOOGL, HCA, HIG, LH, MU, NDAQ, SOLV, SYY, WIX, ZTS | AI, Defensive, financials, healthcare, large cap, Quality, technology, value | The fund remains cautious of AI-driven market exuberance where investor sentiment often appears to outpace business fundamentals. AI optimism drove strong performance in information technology and communication services sectors, with hundreds of billions in AI-related capital spending supporting stocks like Micron and Sandisk. The fund continues to find attractive opportunities among high-quality, cash-generative businesses with defensive characteristics including Colgate, Aon and Berkshire Hathaway. These fundamentally stable businesses underperformed in 2025 but continue to perform in-line with expectations. The portfolio focuses on fundamentally stable, higher quality businesses trading at discounts to intrinsic value estimates. New positions like Dover Corp were initiated when stocks traded at significant discounts to estimated intrinsic value. | EQT SOLV WIX DOV COO SYY LH ZTS COF AIG GM |
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| 2025 Q4 | Jan 21, 2026 | Harbor Mid Cap Value Fund | 4.1% | 16.0% | AMKR, BK, CFG, COIN, EA, ENS, EXPE, FOXA, GM, GTX, HIW, HLF, HOG, HOOD, HPQ, JAZZ, KR, NEU, OC, PHM, PLAB, PVH, SNDK, STT, TXT, WBD, WDC | Buybacks, consumer discretionary, dividends, financials, mid cap, technology, value | The fund maintains its disciplined value investment approach, seeking high-quality, profitable companies that generate cash, pay dividends, and repurchase shares. Mid- and small-cap value stocks continue to trade at attractive multiples despite strong relative performance. AI-driven demand for storage led to strong earnings and increases in revenue growth and margins for technology holdings. AI-related technology stocks may appear priced to perfection, but the fund continues to identify opportunities among mid-cap value stocks. The fund seeks companies that repurchase shares, viewing aggressive stock buybacks positively. Several holdings including General Motors, Garrett Motion, and EnerSys have been aggressively buying back stock. | AMKR EA ENS GTX |
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| 2025 Q4 | Jan 16, 2026 | GDS Investments | - | - | ABNB, AMZN, CRWV, DEO, F, GE, GM, GOOGL, LEN, NVO, ORCL, RIVN, STZ, TDW, TREX, VAL, WMT, ZTS | AI, Buybacks, cyclicals, Electric Vehicles, Quality, Rotation, technology, value | AI-related infrastructure investment is beginning to unwind or recalibrate, with companies shifting from internal cash flows to debt financing. The manager expects a widening gap between pure AI infrastructure companies and those with diversified business models. Market rotation is expected away from speculative AI growth toward more traditional businesses. Share repurchases feature prominently across the portfolio as a signal of management confidence and value creation amplification. Multiple holdings have authorized significant buyback programs, including TDW ($500M), VAL ($600M ongoing), STZ ($4B), and others totaling billions in authorized repurchases. Rivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. The manager focuses on separating durable value from speculative excess, building positions in under-owned, under-valued businesses with strong balance sheets and leadership positions. The strategy involves finding high-quality businesses facing cyclical headwinds that have pushed market prices below intrinsic value. | RIVN TREX AMZN GOOG |
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| 2025 Q4 | Jan 13, 2026 | Oakmark Global Fund | 5.2% | 21.2% | 005930.KS, BABA, CHTR, CNHI, DSV.CO, GM, IQV, IT, MBG.DE, MDLZ | consumer, global, healthcare, Performance, semiconductors, technology, value | Samsung Electronics was the top contributor as earnings staged a sharp recovery due to strength in its core semiconductor business. The company's High Bandwidth Memory product lineup has continued to improve under new management, positioning Samsung as one of the world's leading semiconductor companies with a long runway for future growth. Alibaba Group was the top detractor despite its core E-commerce business continuing to perform well and Cloud revenue growth accelerating. The company was negatively impacted by significant spending on subsidies to grow their Quick Commerce business, though losses are expected to be reduced over time. Mondelez International is a global snacking powerhouse with leading market share positions in crackers, cookies and chocolate. The company possesses a unique global footprint that over-indexes to snacking occasions, benefiting from robust pricing power, low private label competition and rising per capita consumption. | MDLZ IT BABA 005930 KS |
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| 2024 Q3 | Sep 30, 2024 | The Sound Shore Fund | 6.7% | 21.1% | AVTR, BBWI, BKR, BRK-B, COF, CTRA, DIS, FDX, FIS, GM, Gold, KHC, KMI, KR, LEN, NXPI, PEG, PVH, PYPL, WFC | healthcare, Mining, nuclear, semiconductors, Utilities, value | Sound Shore focuses on attractively priced, out-of-favor stocks where managements are building value not yet recognized by Wall Street. The portfolio trades at a forward P/E of 11.5 times versus 21.5 times for the S&P 500, representing a meaningful discount despite strong balance sheets and free cash flow. | PEG AVTR Gold |
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| 2024 Q3 | Sep 30, 2024 | Hotchkis & Wiley Large Cap Fundamental Value | 0.0% | 0.0% | APA, ERIC, FFIV, GM, NOV, UL | Defensive, energy, financials, healthcare, large cap, value | The portfolio maintains a strong value orientation with 90-93% active share relative to benchmarks. Healthcare positions trade at 12x normal earnings representing attractive valuations. Bank valuations are at a larger-than-normal discount to the market, roughly 2 standard deviations wider than the 30-year average. | GM NOV APA UL ERIC FFIV |
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| 2023 Q3 | Sep 30, 2023 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | ABT, AIG, CAT, COP, CVX, DIS, EXR, FANG, GM, HCA, KKR, KMX, LH, SHW, TGT, TXN, VZ | energy, fundamentals, large cap, rates, real estate, Utilities, value | Energy sector had the best Q3 performance with 12% gains driven by rising oil prices. Portfolio benefited from holdings in ConocoPhillips and Chevron which outpaced the index. Added Diamondback Energy as a pure-play Permian operator with strong operational capabilities and intelligent capital allocation. | View | |
| 2023 Q3 | Sep 30, 2023 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | BAC, CHTR, CNC, COF, COP, CSCO, CTVA, CVS, DHR, GM, META, ORCL, PSX, SCHW | energy, financials, healthcare, large cap, technology, value | The fund focuses on finding cheap stocks on traditional value metrics amid a challenging environment where growth has outperformed value by 2,300 basis points year to date. The manager emphasizes investing in companies trading at discounts to intrinsic value estimates. | CVS CSCO DIPSX CNC CTVA DHR |
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| 2024 Q2 | Jul 28, 2024 | Ashva Capital Management | 23.0% | 0.0% | GM | Autos, Buybacks, Leverage, Options, Quality, value | GM announced a new $6 billion stock repurchase program in June 2024, representing roughly 11% of its total market capitalization. This followed completion of a $10 billion share repurchase program announced in November 2023. The manager views these aggressive buybacks as evidence of undervaluation despite GM shares being up 38% year-to-date. | GM |
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| 2023 Q2 | Jul 14, 2023 | Patient Capital Management | 5.6% | 15.8% | ANGI, C, COST, DAL, EXPE, FTCH, GM, IAC, JPM, MAT, META, MGM, OMF, WAL | Behavioral Edge, capital returns, financials, large cap, Travel, value | Manager sees significant exposure to travel as mispriced with continued upside potential. Travel has been booming for the last year but valuations remained depressed until recently. Spending has yet to normalize to pre-pandemic levels and the category is expected to grow at twice the rate of overall consumer spend next year. | ^GSPC WAL IAC |
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| 2024 Q2 | Jun 30, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | ACN, BAC, CHTR, COP, CRBG, CSCO, FCNCA, GE, GM, GME, GOOGL, HD, HON, IBM | AI, Buybacks, growth, large cap, momentum, P/E Ratios, technology, value | Oakmark Fund has its lowest Morningstar value score ever at 73, much deeper in value territory than the Russell 1000 Value Index. The fund finds low P/E stocks at barely half the market multiple unusually attractive, with an average forward P/E of 11 times compared to 15 for Russell 1000 Value and 21 for the S&P 500. | GM GOOGL |
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| 2024 Q2 | Jun 30, 2024 | BlackRock Mid-Cap Value Fund | 7.8% | 12.5% | BAX, CAH, FCNCA, FIS, GM, KHC, LHX, SEE, SSNC, WDC | dividends, healthcare, industrials, materials, mid cap, value | Value earnings growth is underappreciated and may offer an attractive risk-return skew given differences in expectations. Valuations look stretched due to large technology companies pulling indexes and portfolios to be more growth-oriented. | View | |
| 2023 Q4 | May 15, 2024 | Social Capital Group | - | - | GM, GOOGL, META, RDDT | AI, Deep Tech, Deglobalization, energy, technology, Venture Capital | Generative AI has significantly lowered barriers to entry for software companies and hard tech businesses through code-generating tools and AI-driven simulations. The ecosystem is developing rapidly with value creation concentrated in proprietary data and underlying infrastructure for AI applications. Traditional moats protecting incumbent businesses will erode as AI levels the playing field. | RKLB |
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| 2023 Q4 | May 2, 2024 | Massif Capital | 2.4% | 12.0% | AKE.AX, ALB, GM, LAAC, LAC, LIT, LTHM, LTR.AX, MIN.AX, PLL, PLS.AX, SGML, SQM | Electric Vehicles, Energy Transition, Geopolitical, Lithium, Mining, Shorts | Manager maintains concentrated positions in Lithium Argentina and Lithium America despite 75-80% spot price decline in 2023. Views current market as creating compelling value opportunities with supply-demand fundamentals supporting medium-term outlook. Expects Chinese lepidolite production challenges and African logistics issues to constrain supply growth. | KLAC LAAC |
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| 2022 Q4 | Jan 31, 2023 | Stanphyl Capital Management | 0.0% | -9.3% | FTEK, GM, STLA, TSLA, VOW GR | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 8, 2026 | Fund Letters | Ashva Capital Management | General Motors Company | Auto Manufacturers | Automobile Manufacturers | Bull | New York Stock Exchange | Automaker, capital allocation, contrarian, Cyclical, Electric Vehicles, Free Cash Flow, Share Buybacks, Value | View Pitch |
| Apr 16, 2026 | Substack | Brad Munchen | General Motors Company | Automotive | Automobile Manufacturers | Bear | New York Stock Exchange | automotive, earnings risk, Fuel efficiency, gas prices, General Motors, market exposure, North America, Overvaluation, pickup trucks, US market | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark Fund | General Motors Company | Consumer Discretionary | Automobile Manufacturers | Bull | NYSE | automotive, capital allocation, Cyclical, manufacturing, Share Buybacks, US Auto Industry, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Ashva Capital Management | General Motors Company | Consumer Discretionary | Automobile Manufacturers | Bull | NYSE | Automobile Manufacturers, call options, capital return, Electric Vehicles, Free Cash Flow, ICE Vehicles, leverage, share repurchase, undervalued, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Large Cap Fundamental Value | General Motors Co. | Consumer Discretionary | Automobile Manufacturers | Bull | NYSE | automotive, capital allocation, Free Cash Flow, market leadership, share repurchase, undervalued, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Global Value Fund | General Motors Co | Consumer Discretionary | Automobiles | Bull | NYSE | Automobiles, Electric Vehicles, Extremely Attractive Valuation, Free Cash Flow, market leadership, share repurchases, SUVs, trucks | View Pitch |
| Apr 13, 2026 | Fund Letters | Hotchkis & Wiley Large Cap Fundamental Value | General Motors Company | Consumer Discretionary | Automobiles | Bull | NYSE | automotive, contrarian, Cyclical, Free Cash Flow, market leader, Passenger Vehicles, share repurchases, undervalued | View Pitch |
| Jan 29, 2026 | Fund Letters | Chuck Bath | General Motors Company | Consumer Discretionary | Automobile Manufacturers | Bull | New York Stock Exchange | Autos, Cyclicality, EV, marketshare, Pricing | View Pitch |
| Jan 25, 2026 | Seeking Alpha | Seeking Alpha | General Motors Company | Automotive | Automobile Manufacturers | Bull | New York Stock Exchange | automotive industry, cost structure, EBIT margin, Free Cash Flow, General Motors, market share, tariff offsets, Toyota, valuation gap, warranty costs | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Juxtaposed Ideas | General Motors Company | Other | - | Neutral | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Daniel Jones | General Motors | Consumer Discretionary | Auto Manufacturers | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Julia Ostian | General Motors Company | Consumer Discretionary | Auto Manufacturers | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Luca Socci | General Motors | Consumer Discretionary | Auto Manufacturers | Neutral | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||