Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AIG, ALL, BWA, CAT, GM, HCA, HUM, KEYR, LH, SBAC, SYY | - | 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 Q4 | Feb 9, 2026 | Shelton Equity Income Strategy / Shelton Equity Income Fund (EQTIX) | 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 (Grantham, Mayo, Van Otterloo & Co. LLC) | 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 |
View |
| 2024 Q4 | Dec 31, 2024 | Diamond Hill Large Cap Strategy | -2.2% | 12.1% | CL, FCX, GM, LULU | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Large Cap Fundamental Value | -0.9% | 12.8% | CVS, ELV, FFIV, GM, OLN, WFC | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Hotchkis & Wiley Global Value Fund | -3.0% | 9.4% | 005930 KS, CVS, ELV, FFIV, GM, GOOGL | - | View | ||
| 2018 Q4 | Dec 31, 2018 | Aquamarine Fund | - | -13.3% | AAPL, AMZN, AXP, BAC, BRK/A, COST, DUFF, GM, GOOG, JPM, RACE IM, TSLA | - | View | ||
| 2017 Q4 | Dec 31, 2017 | Aquamarine Fund | - | 34.9% | ATGE, BRK/A, COGN3 BZ, COST, FCAU, GM, RACE IM, SCHW, TSLA | - | View | ||
| 2024 Q3 | Oct 17, 2024 | Kovitz Core Equity Strategy | 6.9% | 28.7% | AAPL, ADI, AMAT, AXP, BRK/A, DLTR, FI, GM, HAS, J, JPM, KEYS, MSI, PCAR, SCHW, SPOT, UNH | - | 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 (Grantham, Mayo, Van Otterloo & Co. LLC) | - | - | 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 |
View |
| 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 |
View |
| 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 |
View |
| 2023 Q4 | Jan 16, 2024 | Kovitz Core Equity Strategy | 10.4% | 26.8% | AAPL, ADSK, BDX, DGE LN, DLTR, GIL, GM, GOOG, LOW, PCAR | - | View | ||
| 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 |
View |
| 2024 Q3 | Sep 30, 2024 | Hotchkis & Wiley Large Cap Fundamental Value | 0.0% | 0.0% | APA, ERIC, GM, NOV, UL | - | View | ||
| 2024 Q2 | Jul 28, 2024 | Ashva Capital Management | 23.0% | 0.0% | GM | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | AOL, GM, GME, HD | - | View | ||
| 2023 Q1 | Apr 28, 2023 | Stanphyl Capital Management | 0.0% | -9.3% | FTEK, GM, STLA, TSLA, VOW GR | - | View | ||
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||