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Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Jemekk Hedge Fund	5.5%	15.8%	AC.TO, AEM, AMZN, ATD.TO, BTG, CRM, EFN.TO, FFH.TO, FNV, GDXJ, GS, MEG.TO, SSL.TO, V, WMT, ZZZ.TO	Canada, financials, gold, Hedging, materials, rates, Resilience	The Gold and Silver theme has begun to play out after years of unsuccessful positioning. A weaker USD, inflationary fears, flow of funds, and rising demand from both Central Banks and retail have pushed prices to all-time highs, significantly rewarding participants.		View
2025 Q3	Sep 30, 2025	Gymkhana Partners	-	-6.0%	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	defense, domestic growth, India, small caps, tariffs, Trade Policy	India is the world's fastest-growing major economy, on track to become the third-largest economy by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. representing only 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, and fiscal discipline were rewarded with an S&P sovereign credit rating upgrade.		View
2024 Q3	Sep 30, 2024	Latitude Global Fund	-	-	BAC, COR, DLTR, GOOGL, GS, IBKR, JPM, MCK, RYAAY, TSCO.L, UNH	Airlines, banks, Defensive Growth, Europe, healthcare, trading, value	Added Ryanair as a full position after shares fell 38% on weaker fare guidance. The company has the lowest cost structure in European short-haul market with decisive counter-cyclical investments in fleet. Market share has grown from 5% to 20% over twenty years with passenger numbers expected to grow another 50%.	UNH COR RYA.L	View
2023 Q3	Sep 30, 2023	EQUAM Global Value Fund	1.0%	12.3%	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	defense, emerging markets, India, small caps, Trade Policy, value	India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. accounting for only 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade.	BFSA GR DFS LN	View
2023 Q3	Sep 30, 2023	ValueWorks Capital	-	-	AAPL, AL, CHRD, GS, HY, JOBY, LNG, MU, NETI, QCOM, TDW, TSLA, TUSK, WAL	energy, liquidity, positioning, technology, value, volatility	Manager expects an energy explosion rather than transition, supplementing fossil fuels with multiple additional energy sources. Hyster-Yale is deploying industrial scale fuel cells, while Eneti and Tidewater are developing offshore wind farms. Electric vehicles may prove superior due to being quieter, cleaner, less expensive to make, and more comfortable.		View
2024 Q2	Aug 12, 2024	Eagle Capital Management	5.1%	18.6%	AA, AAPL, AER, AMZN, AON, CHTR, CMCSA, COF, COP, DFS, ELV, GE, GEV, GOOGL, GS, HLT, HUM, LLY, META, MSFT, NVDA	Concentration, large cap, Passive, S&P 500, technology, valuation	The S&P 500 has approximately 35% of its capital in only 10 companies, nearly double the concentration the index has averaged over the past twenty years. Eight of the top ten companies are in technology, creating extreme sector concentration risk that makes the index riskier than historically.		View
2025 Q2	Aug 11, 2025	BlackRock Core Bond Fund	1.3%	3.9%	EQT, FANG, GS, JPM, MS	credit, duration, fixed income, Mortgage, rates, Securitized	The fund maintained a yield-curve-steepening bias and increased overweight duration positioning. They added exposure at the front-end of the yield curve while maintaining underweight allocations to the belly and long-end, anticipating weakness driven by fiscal deficit concerns and term premium expansion.		View
2024 Q2	Jul 4, 2024	Noble Capital Management	-	-	AMZN, EADSF, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RYCEY, TCS.NS, TECHM.NS, WMT	defense, India, industrials, small caps, technology, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. accounting for just 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade.		View
2025 Q2	Jul 27, 2025	Carillon Eagle Growth & Income Fund	-	-	ABBV, ABT, ACN, AVGO, CARR, DUK, ETN, GLW, GS, JPM, KO, LRCX, MCD, MDLZ, MSFT, ORCL, PG, PNC, RTX	AI, financials, growth, healthcare, income, large cap, semiconductors, technology	AI deployment continues to drive market performance with the Magnificent Seven up over 17%. The fund reduced AI exposure to neutral levels after taking profits, citing concerns about market concentration in this single catalyst. AI infrastructure spending by major tech companies continues to rise, supporting companies like Corning, Oracle, and Broadcom.	LRCX ABBV AVGO ORCL GLW ETN	View
2025 Q2	Jul 22, 2025	Brandes Core Plus Fixed Income Fund	1.3%	4.0%	BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP	Corporate Bonds, Credit Risk, duration, Fed policy, fixed income, Treasury, Yield Spreads	The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core CPI is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026.		View
2025 Q2	Jul 22, 2025	Columbia Dividend Opportunity Fund	2.7%	-	ABBV, AMT, AVGO, BAC, C, CSCO, CVX, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM	AI, dividends, financials, healthcare, technology, value	The fund focuses on companies with historically consistent and increasing dividends, though dividend-paying stocks underperformed the broader market during the quarter. The manager believes undervalued dividend stocks continue to offer opportunities for individual security selection.	MCHP	View
2025 Q2	Jul 22, 2025	Miller Howard Investments Income-Equity Strategies	3.8%	-	AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN	AI, Banking, dividends, financials, income, technology, value	AI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among Magnificent 7 companies, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain.	HRL ELS COP	View
2025 Q2	Jul 17, 2025	Ariel Appreciation Fund	5.8%	-	BWA, CLB, FI, GS, KMX, NTRS, NVT, SLB, SPHR, ZBH	AI, Financial Services, mid cap, Oil Services, small caps, tariffs, Trade Policy, value	Reignited enthusiasm for artificial intelligence themed stocks helped drive U.S. indices to new all-time highs during the quarter recovery. The manager expects the current market rally to broaden beyond the AI trade with support from tax cuts and deregulation.	GS FI KMX SLB CLB NVT SPHR NTRS GS FI KMX CLB	View
2025 Q2	Jul 17, 2025	Dodge & Cox Stock Fund	3.8%	7.5%	ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW	Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value	The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index.		View
2024 Q2	Jun 30, 2024	Carillon Eagle Growth & Income Fund	-	-	ADI, AVGO, AZN, CVX, ETN, GS, HD, JPM, MDT, MRK, MSFT, ORCL, PLD, PNC, PPG, TGT, TXN	AI, dividends, growth, large cap, Quality, semiconductors, technology	Technology stocks driven by artificial intelligence trend fueled remarkable S&P 500 performance in first half of 2024. Broadcom is a key beneficiary of AI spending which continues to accelerate. Oracle signed dozens of new customers including two leaders in generative artificial intelligence with strong growth appearing poised to accelerate.		View
2024 Q2	Jun 30, 2024	Antero Peak Group	3.9%	20.1%	AAPL, AMT, AMZN, AVGO, CP, ETN, GE, GEV, GS, HUBS, ISRG, LLY, MSFT, MSI, NVDA, SAF.PA, SPOT, TDG, TSM, V	aerospace, AI, fundamentals, growth, healthcare, large cap, semiconductors, technology	Generative AI investment universe spans multiple phases from compute and infrastructure to applications. The team sees AI as driving transformation across semiconductors, data centers, and enterprise software. AI proliferation is creating opportunities in robotic surgery with DaVinci 5's 10,000x improvement in computing power.		View
2025 Q1	May 22, 2025	Artemis US Select Fund	-14.7%	-14.7%	AAPL, ALL, AVTR, CTVA, EXP, FI, GOOGL, GS, KO, PCG, SAIA, VMC, WST	AI, Data centers, healthcare, industrials, tariffs, technology, Trade Policy, value	Trump's tariff announcements are creating significant market uncertainty and forcing portfolio repositioning. The managers believe tariffs are likely permanent as a revenue generation mechanism for tax cuts, leading them to reduce exposure to companies sensitive to trade disruptions.		View
2025 Q1	Apr 8, 2025	Matrix Dividend Income	-	-	ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB	dividends, financials, healthcare, tariffs, technology, value, volatility	The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports caused significant market disruption. Tariffs are viewed as policy mistakes that will increase inflation, slow economic growth, and force businesses and consumers to pull back on investments and spending.	TGT PEP GNRC	View
2025 Q1	Apr 8, 2025	Matrix Large Cap Value Strategy	-	-	ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB	dividends, financials, healthcare, tariffs, technology, value, volatility	The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports created significant market disruption and economic uncertainty. The manager views these tariffs as a policy mistake that will lead to inflation and economic slowdown, comparing them to an act of war that taxes goods and disrupts the post-war economic system.	TGT PEP GNRC	View
2025 Q1	Apr 7, 2025	Moon Capital Management	-	-	AAPL, AMZN, CI, CVS, FHN, GOOGL, GS, KKR, META, MSFT, NTB, NVDA, SYF, TSLA	Corrections, financials, healthcare, Trade Policy, value, volatility	Manager provides detailed analysis of Trump tariffs, estimating $3,500 annual cost increase per household based on Goldman Sachs analysis. Discusses uncertainty around timing and scope creating business caution, with potential for retaliation and supply chain disruptions.		View
2024 Q1	Apr 22, 2024	JPMorgan Chase & Co	0.0%	0.0%	AAPL, AXP, BAC, BRK.A, C, COF, DFS, FITB, GS, JPM, MS, NTRS, UBS, WFC	AI, Banking, geopolitics, inflation, Leadership, policy, regulation, risk	JPMorgan Chase has grown its AI organization to over 2,000 experts and has 400+ use cases in production across marketing, fraud, and risk. The firm is exploring generative AI for software engineering, customer service, and operations, while investing in data migration to public cloud to unlock AI capabilities.		View
2026 Q1	Apr 21, 2026	Brandes Core Plus Fixed Income Fund	0.1%	0.1%	BAC, GOOGL, GS, IRM, JPM, KSS, PNC, USB	Corporate Bonds, credit, duration, fixed income, inflation, private credit, Treasuries			View
2026 Q1	Apr 16, 2026	Ariel Focus Fund	7.3%	7.3%	APA, BAC, BIO, CVX, FDS, FISV, GS, ORCL, SLB	Banking, energy, Geopolitical, large cap, oil, technology, value			View
2024 Q1	Apr 15, 2024	Weitz Partners III Opportunity Fund	9.1%	14.1%	AAPL, AMZN, BRK-B, CCRD, CHTR, FIS, GOOG, GS, LBRDA, LBTYK, META, MKL, MSFT, PRM, SPY	Broadband, Long/Short, Magnificent Seven, multi-cap, technology, value	The fund focuses on valuation-driven investment decisions, trimming positions like Meta Platforms, Microsoft and Amazon based on valuation considerations. The managers emphasize their multi-cap approach to finding undervalued businesses across all market capitalizations.		View
2025 Q1	Mar 31, 2025	BlackRock Core Bond Fund	2.6%	2.6%	FANG, GS, JPM, MS, VICI	Bonds, credit, duration, fixed income, MBS, rates	The fund reduced top-line duration from an overweight position to a modest underweight. They preferred the front-end of the yield curve and held a steepening bias, believing the long-end might sell off due to fiscal deficit concerns. Throughout February, the yield curve flattened and rates rallied, causing the underweight position in the belly of the curve to detract from performance.		View
2025 Q1	Mar 31, 2025	Bramshill Income Performance Fund	1.6%	1.6%	BAC, BPLN, CFG, GS, JPM, JPST, SCHW, SRE, T, TLT	credit, duration, fixed income, Multi-Asset, rates, Tactical, value	The fund actively manages duration exposure and rotates across various interest rate environments. Duration positioning ranges from historical low of 1.6 to historical high of 8.4 years, with current duration at 8.79 years. The fund demonstrated ability to generate positive returns during rising rate periods through tactical positioning.		View
2025 Q1	Mar 31, 2025	Brandes Core Plus Fixed Income Fund	2.6%	2.6%	ADT, BAC, C, CCI, F, GS, JPM, NFLX, PBI, RIG, RRC, SCHW, TNL, USB	Corporate Bonds, credit spreads, duration, Fed policy, fixed income, tariffs, Treasuries	Trump administration introduced tariffs during the quarter that were more draconian than market expectations. The manager references historical context of Hawley-Smoot tariffs in 1930 and their negative economic impact. Tariff policy appears central to the current administration's approach and creates market uncertainty.		View
2025 Q1	Mar 31, 2025	Carillon Eagle Growth & Income Fund	-	-	ABBV, ABT, AVGO, CVX, DUK, ETN, GS, HPE, IBM, JPM, MCD, MSFT, ORCL, PG, TMUS, UNH	AI, Defensive, dividends, financials, healthcare, Quality, technology	The quarter witnessed mounting concerns regarding the sustainability of rapid AI investment pace. Chinese DeepSeek's competitive AI model created concerns for Microsoft's OpenAI stake, while the Stargate Project represents a $500 billion AI infrastructure investment over four years.		View
2024 Q1	Mar 31, 2024	Carillon Eagle Growth & Income Fund	-	-	AMGN, AMT, AVGO, CVX, ETN, GS, HD, JPM, MCD, MDLZ, MRK, MSFT, PNC, UNH, UNP	AI, dividends, growth, income, inflation, large cap, technology	The market continued to show excitement around AI and the potential earnings growth that should come with it. AI appears to be a very real, once-in-a-generation tech trend that is likely only in the early innings. However, there has been overexcitement in some areas that may not be able to deliver on the promises management teams are making.		View
2024 Q1	Mar 31, 2024	Baron Health Care Fund	8.8%	8.8%	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	defense, emerging markets, India, Manufacturing, small caps, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model. India's goods exports to the U.S. account for just 2.2% of GDP, making the impact of 25-50% tariffs manageable.		View
2024 Q1	Mar 31, 2024	ValueWorks Capital	-	-	AL, CHRD, GS, HY, LNG, MLP, MU, QCOM, TDW, WAL-PA	energy, financials, industrials, materials, technology, value	Manager acknowledges the AI mania driving indexes but notes their portfolios are not overly exposed to momentum-play and AI mania. Despite this, they recognize AI as part of broader technological productivity gains that will be dramatic and long-lived.		View
2023 Q1	Mar 31, 2023	Latitude Global Fund	-	-	BAC, GS, JPM	Banking, Credit Stress, Fed policy, financials, rates, valuation	The letter extensively discusses the banking crisis triggered by Silicon Valley Bank and Credit Suisse failures, analyzing how rapid interest rate increases caused mark-to-market losses on bank securities portfolios. The manager explains the mechanics of bank balance sheet stress and deposit flight risks in the digital banking era.	ABAC JPM AZO COR MCK COR US UNH US KO US ULVR LN DLTR US V US BAC US JPM US IBKR US UNH DG FP IBKR GOOGL US AI FP AZO US MCK US 6758 JP WEC US DGE LN TSCO LN SHEL LN EQNR NO BAC JPM	View
2023 Q1	Mar 31, 2023	Peapack Private	-	-	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	aerospace, defense, emerging markets, India, small caps, tariffs, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth, with goods exports to the U.S. accounting for just 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade.		View
2023 Q1	Mar 31, 2023	Graham and Doddsville	-	-	AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	Capital markets, defense, domestic growth, India, small caps, tariffs, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the third-biggest by 2028. The economy shows resilience against U.S. tariffs due to its domestic consumer-driven growth model, with goods exports to the U.S. accounting for only 2.2% of GDP. India's buoyant economic growth, monetary policy credibility, fiscal discipline, and reformist governance were rewarded with an S&P sovereign credit rating upgrade.		View
2024 Q4	Mar 1, 2025	Columbia Dividend Opportunity Fund	-1.6%	15.5%	ABBV, APO, AVGO, BAC, CSCO, CVS, CVX, GRMN, GS, HD, IBM, JNJ, JPM, KO, MRK, SWK, TPG, VST, WFC, XOM	AI, dividends, financials, large cap, semiconductors, value	The fund invests in companies that have historically paid consistent and increasing dividends. Dividend-paying companies lagged considerably in Q4 due to missing out on growth stock rallies and pressure from rising bond yields. The fund's dividend focus creates compelling relative values across the investment universe.		View
2023 Q4	Feb 21, 2024	Eagle Capital Management	10.2%	38.1%	AMZN, AON, BAYRY, C, CHTR, CMCSA, COF, COP, ELV, GE, GOOGL, GS, HLT, IAC, LBRDK, MAR, META, MSFT, NFLX, OXY	energy, fiscal policy, inflation, Long Term, technology, value	After prolonged poor industry performance, structural supply/demand dynamics are attractive. Energy stocks trade at historically wide free-cash-flow-yield advantage to overall market. Geopolitical risks may cause energy price spikes, yet sector weighting is near all-time lows as percentage of overall market.		View
2025 Q4	Feb 11, 2026	BlackRock Core Bond Fund	1.0%	7.4%	EQT, GS, JPM, MS, PCG	credit, duration, Fed policy, fixed income, MBS, rates	The fund moved to an overweight duration position during the quarter, concentrated in the front and belly of the yield curve. Duration positioning detracted from performance as this portion of the curve sold off in October due to investor perceptions of a hawkish Federal Reserve. The fund built a U.S. rate-steepening bias throughout the quarter. Agency mortgage-backed securities contributed to performance as spreads continued to tighten amid strong technical support. The overweight allocation to agency MBS was increased during the quarter. The fund favored high-quality securitized assets.		View
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	View
2024 Q4	Dec 31, 2024	Ariel Appreciation Fund	-0.5%	6.3%	AAPL, AMZN, CG, GOOGL, GS, IPG, META, MSFT, MSGE, NTRS, NVDA, OMC, SWK, TSLA, WBA	Deregulation, discount, Election, financials, mid cap, value	The fund focuses on investing in companies trading at significant discounts to private market value estimates. Multiple holdings including MSGE and CG are described as trading at healthy discounts to intrinsic value.	WBA IPG MSGE SWK CG NTRS GS	View
2024 Q4	Dec 31, 2024	Ariel Focus Fund	-1.2%	13.5%	AAPL, AMZN, GNRC, Gold, GOOGL, GS, LMT, META, MHK, MSFT, NVDA, REZI, SLB, SNA, TSLA	defense, energy, financials, gold, industrials, large cap, technology, value	The fund focuses on differentiated businesses with solid competitive positioning and robust balance sheets, emphasizing patient investing in undervalued companies. The manager expects value stocks to benefit as the performance gap between mega-cap stocks and smaller company counterparts narrows.	SLB Gold LMT MHK REZI GS SNA	View
2024 Q4	Dec 31, 2024	BlackRock Core Bond Fund	-3.3%	1.0%	FANG, GS, JPM, MS, VICI	Bonds, credit, duration, fixed income, Mortgages, rates	The fund held an overweight position in top-line duration to balance medium-term fiscal headwinds and perceived policy positions from the incoming U.S. administration. Non-U.S. rates positioning was the most notable detractor as European and U.K. rates sold off in reaction to strong economic data and political uncertainty. The fund shifted to an overweight duration position relative to benchmark as investors scaled back rate cut expectations for 2025.		View
2024 Q4	Dec 31, 2024	Miller Howard Investments Income-Equity Strategies	-	-	ABBV, CPT, EIX, ETR, EWBC, GILD, GS, GSK, HST, JEF, JNJ, JPM, KO, LAMR, LYB, MAA, MDT, MRK, MSM, ORI, RY, TTE, USB	dividends, financials, healthcare, income, Utilities, value	The fund focuses on companies with high and rising dividend yields, tracking both the percentage of holdings announcing dividend increases and the average size of those increases. In 2024, over 90% of holdings announced dividend increases versus only 50% for the Russell 1000 Index. The average dividend increase was 23 basis points for Income-Equity versus only 5 basis points for Russell 1000 dividend payers.		View
2024 Q4	Dec 31, 2024	Brandes Core Plus Fixed Income Fund	-2.6%	2.3%	BAC, C, F, GS, NFLX, RRC, S, SCHW, SPR, USB	credit, duration, Fed policy, fixed income, Treasury	Fed delivered a hawkish 25 basis point cut in December, reducing projected 2025 rate cuts from 100 to 50 basis points. The neutral fed funds rate may ultimately be higher than forecasted, with fundamental data suggesting rates may need to remain elevated given strong economic conditions and persistent services inflation.		View
2024 Q4	Dec 31, 2024	Barometer Capital Management	-	-	AAPL, ATRL.TO, AXON, BWXT, CAT, CCO.TO, CM.TO, FFH.TO, GS, HWM, IBIT, JPM, L.TO, MSI, NEE, NVDA, NVS, REGN, TECK-B.TO, V	AI, banks, Deregulation, financials, industrials, nuclear, technology	AI continued to influence markets with focus shifting to future power demand growth as datacenter build-out requires substantial energy investments. Axon Enterprise's AI products allow police officers to automate report writing, freeing up time for more policing, with police departments increasingly eager to implement this high-margin software.	ATRL HWM AXON	View
2024 Q4	Dec 31, 2024	Latitude Global Fund	-	-	AI.PA, AZO, BAC, BP, COR, DEO, DG.PA, DLTR, FGR.PA, GOOGL, GS, HEIA.AS, IBKR, IMB.L, JPM, KO, MCK, RYA.L, SHEL, SONY, TSCO.L, UL, UNH, V, WEC	Banking, Consumer Staples, Defensive, energy, global, healthcare, value	Strong performance from US banks with Goldman Sachs +52%, JP Morgan +44%, and Bank of America +34%. Banks benefiting from consolidation, technology investments, and potential regulatory improvements under Trump administration. Credit risks remain low with income-driven rather than credit-driven economic expansion.		View
2023 Q4	Dec 31, 2023	Matrix Large Cap Value Strategy	0.0%	0.0%	AAPL, AMZN, GOOGL, GS, JPM, META, MS, MSFT, QCOM, TEL	financials, large cap, Quality, technology, value	Matrix focuses on investing in quality companies at significant discounts to intrinsic value, using eight proprietary valuation models to identify undervalued stocks across all industries. The strategy emphasizes better companies in better industries to avoid value traps.		View
2023 Q4	Dec 31, 2023	Latitude Global Fund	-	-	AAP, AI.PA, AZO, BAC, DEO, DG.PA, EIFFAGE.PA, EQNR, GOOGL, GS, JPM, MCK, SHEL, SONY, TSCO.L, V, WEC	Buybacks, Consumer Staples, dividends, earnings, energy, global, Utilities, value	Manager holds significant allocation to consumer staples companies including Tesco, Unilever, Diageo, Imperial Brands, Heineken, and Coca-Cola. Sector trades at lowest valuation relative to market in 30 years aside from dot-com bubble. Expects earnings growth of 5-10% with potential for 20-50% valuation improvement as margins expand following input cost pressures.		View
2023 Q4	Dec 31, 2023	WS Amati Global Innovation Fund	-	-	AIR.PA, AMZN, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RR.L, TCS.NS, TECHM.NS, WMT	defense, growth, India, small caps, tariffs, Trade Policy	India is the world's fastest-growing major economy, on track to overtake Germany as the world's third-biggest by 2028. India's resilience in the face of increased U.S. tariffs underscores the durability of its domestic consumer-driven economic growth. India's buoyant economy is set to receive a further boost from freer trade with non-U.S. partners, deepening domestic capital markets, stimulative tax reforms, and looser monetary policy.		View
2023 Q4	Dec 31, 2023	ValueWorks Capital	-	-	AAPL, CHRD, GS, HY, LNG, MU, QCOM, TDW, TUSK, WAL	Election, energy, rates, security selection, technology, value	Manager emphasizes buying best-quality assets at best possible prices, targeting securities trading at 50-75 cents on the dollar. Portfolio results driven by security selection rather than thematic moves, with focus on fairly valued and well-positioned businesses generating cash and earnings versus story-driven equities.		View
2024 Q4	Dec 19, 2024	Andrew Hill Investment Advisors	-	-	AAPL, ADBE, AMSC, AMZN, ANET, CEG, ENPH, GEV, GRMN, GS, IDXX, JNJ, JPM, MSFT, NVDA, OKE, UTHR	AI, energy, financials, inflation, nuclear, tariffs, technology, Utilities	AI drives superior portfolio returns with holdings providing AI products and services or energy to AI providers. NVIDIA leads semiconductor industry providing the brains behind AI, with ChatGPT powered by their chips. Microsoft integrates AI across business lines with Co-Pilot subscription enhancing productivity.	AMZN ANET JPM GEV GS MSFT NVDA CEG GRMN AAPL	View
2023 Q3	Dec 10, 2023	Olesen Value Fund	9.8%	8.9%	GS	banks, Cyclical, Europe, risk management, small cap, value	Manager focuses on opportunistic value investing, purchasing stocks at significant discounts to intrinsic value. New European small cap investment purchased at 0.81x tangible book value and 6-7x mid-cycle earnings. Bank investments trading at average 9.0x P/E despite good growth prospects.		View
2025 Q3	Nov 3, 2025	Fairtree Global Flexible Income Plus Fund	2.6%	5.5%	GS	Central Banks, credit, European credit, fixed income, interest rates, risk management	European credit continues to outperform with iTraxx Crossover delivering strong risk-adjusted returns. The fund increased exposure to iTraxx indices during the quarter, positioning for continuation of the credit bull run that started in Q3 2022.		View
2025 Q3	Nov 3, 2025	BlackRock Core Bond Fund	2.1%	6.1%	BAC, EQT, GS, JPM, MS	Agency MBS, credit, duration, emerging markets, fixed income, Securitized, yield curve	The fund adjusted duration to neutral and focused positioning on the belly and long end of the yield curve. The manager expects the yield curve may flatten amid expectations that terminal rates could settle below market pricing. U.S. rates exposure hampered performance as the Fed resumed rate cuts.		View
2024 Q3	Nov 19, 2024	Eagle Capital Management	-	-	AMZN, AON, CHTR, CMCSA, COF, COP, DFS, ELV, GEV, GOOGL, GS, HLT, HUM, META, MSFT, NFLX, OXY, SAP, TSM, WWD	aerospace, Aftermarket, growth, Quality, value	Eagle views aerospace as one of the most attractive segments of the global economy, driven by strong demand growth and technical moats. The company highlights Woodward's unique position in aerospace aftermarket with tripled content share on new generation narrowbody aircraft.	WWD	View
2024 Q3	Oct 7, 2024	Nightview Capital	0.0%	0.0%	AAPL, ABNB, AMZN, BLK, DKNG, GOOGL, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN	AI, Autonomy, Cloud, growth, technology, Tesla, Travel	Autonomous transportation represents one of humanity's most pivotal technological shifts, with self-driving vehicles being the first major real-world application of AI. Tesla's vision-based FSD system creates a self-reinforcing product development cycle through real-world data collection from its global fleet.	TSLA	View
2025 Q3	Oct 28, 2025	Artisan Focus Fund	2.7%	20.5%	AAPL, AMZN, AVGO, BX, CEG, GE, GOOGL, GS, JPM, KKR, META, MSFT, NFLX, NVDA, ORCL, RYCEY, SIEGY, TSLA, TSM, VST, WMB	AI, energy, financials, infrastructure, semiconductors, technology, value	AI infrastructure complex including power demand from data centers driving structural growth. Portfolio includes AI beneficiaries like NVIDIA, Taiwan Semiconductor, and power infrastructure companies. AI monetization models for frontier model builders remain uncertain but could drive future ROIC expansion.		View
2024 Q3	Oct 25, 2024	Long Cast Advisers	6.0%	16.0%	AAPL, BANC, CCRD, ENVX, GS, JPM, MTRX, PDEX, PESI, QRHC, SNES	Concentration, Medical Devices, payments, small caps, value	PDEX is a contract manufacturer to the medical device industry with a marquee torque limiting driver for orthopedic and maxillofacial surgeries. The company recently completed manufacturing expansion and now has capacity for $80M-$100M in sales, up from under $40M in FY21. Management is patient and thoughtful with a long-term approach.	CCRD PDEX	View
2025 Q3	Oct 21, 2025	Brandes Core Plus Fixed Income Fund	1.7%	5.7%	BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP	credit, duration, Fed policy, fixed income, inflation, rates, Treasuries	The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core inflation is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026.	SABR SABR	View
2025 Q3	Oct 20, 2025	Antero Peak Group	2.7%	20.5%	AXON, CEG, COF, DASH, EVR, GE, GS, HWM, ISRG, JPM, MSFT, NDAQ, NFLX, NVDA, RHM.DE, RYCEY, SIEGY, TSM, VST, WELL	aerospace, AI, energy, financials, growth, large cap, semiconductors, technology	AI infrastructure buildout driving massive capital deployment across data centers, power generation, and semiconductor supply chains. Current data center power draw of 17 GW projected to reach 50 GW by 2028, equivalent to California's entire power grid. Oracle's backlog up $400B entirely from GPU demand, while hyperscale data centers require 100-200 MW each.	TSM RR GE NVDA MSFT TSM RR GE NVDA MSFT	View
2024 Q3	Oct 2, 2024	NS Partners	-	-	AMZN, EADSF, GS, HCLTECH.NS, INFY, JPM, MSFT, ORCL, RYCEY, TCS.NS, TECHM.NS, WMT	defense, India, industrials, small caps, technology, Trade Policy	India is the world's fastest-growing major economy, on track to become the third-largest economy by 2028. The domestic consumer-driven growth model provides resilience against U.S. tariffs, with goods exports to the U.S. representing only 2.2% of GDP. India's pursuit of free trade deals with non-U.S. partners and deepening domestic capital markets support continued growth.		View
2025 Q3	Oct 19, 2025	Miller Howard Investments	-	-	AR, BK, CAG, CCI, CMCSA, CNP, COP, DINO, ELS, ENB, EPD, GEL, GS, HESM, HRB, HRL, JPM, NI, NRG, STT, TTE, WTTR	AI, dividends, energy, financials, inflation, infrastructure, Natural Gas, Utilities	Miller/Howard emphasizes dividend increases as the strongest signal of management confidence, with 70% of financial holdings raising dividends by an average 14% in the quarter. The firm projects 2025 dividend growth of 5.0% for Income-Equity and 4.9% for the no-MLP version, maintaining their focus on high current income and dividend growth as core investment principles.		View
2025 Q3	Oct 19, 2025	Miller Howard Investments Income-Equity Strategies	3.6%	-	AAPL, ABBV, AMZN, BK, C, CAG, CMCSA, COP, ELS, EMN, EPD, GOOGL, GS, GSK, HRB, HRL, JNJ, JPM, META, MSFT, NVDA, ORCL, ORI, PAYX, STT, TSLA, TTE, TXN	AI, dividends, energy, financials, income, technology, value	AI leaders have raised spending forecasts with Meta CEO stating he would rather misspend hundreds of billions than be late to the game. The AI arms race is driving soaring capital expenditures among the Magnificent 7, with annual capex more than doubling since 2023 and expected to reach nearly half a trillion dollars by 2027. This massive spending is eroding free cash flow while the ultimate division of AI spoils remains uncertain.	TTE HRL ELS COP	View
2025 Q3	Oct 19, 2025	Carillon Eagle Growth & Income Fund	-	-	ABBV, ABT, ACN, AVGO, CARR, DUK, ETN, GLW, GS, JPM, KO, LRCX, MCD, MDLZ, MSFT, ORCL, PG, PNC, RTX	AI, financials, growth, healthcare, income, large cap, semiconductors, technology	AI deployment continues to drive market performance with the Magnificent Seven up over 17%. The fund maintains exposure to AI infrastructure leaders like Corning, Oracle, and Broadcom, though managers reduced AI exposure to neutral levels after taking profits due to concentration concerns.		View
2025 Q3	Oct 15, 2025	Ariel Appreciation Fund	9.5%	-	FI, GS, KMX, KN, MAT, PBH, PSKY, REZI, SPHR	consumer, Entertainment, financials, mid cap, small caps, technology, value	The fund focuses on undervalued businesses with long-term growth potential. Multiple holdings are described as undervalued including Sphere Entertainment, Resideo Technologies, and Mattel. The manager emphasizes compelling value in small-cap equities and select cyclicals trading at historically attractive levels.	PBH FISV MAT KMX KN SPHR REZI	View
2025 Q3	Oct 14, 2025	Columbia Dividend Opportunity Fund	6.1%	-	ABBV, AVGO, BAC, C, CSCO, CVX, DRI, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM	AI, dividends, financials, healthcare, technology, value	Technology sector strength was propelled by positions in companies that have emerged as potential beneficiaries of AI over the past year, including Corning and Seagate Technology. AI's positive impact on earnings growth is being seen in the technology and utilities sectors.		View
2025 Q3	Oct 14, 2025	Dodge & Cox Stock Fund	3.1%	10.9%	ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW	Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value	The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index.		View
2025 Q3	Oct 1, 2025	Rigden Capital Strategies	-	-	AMD, AVGO, DAL, DECK, GS, HOOD, IT, JPM, LULU, MSTR, NVDA, PLTR, SMCI, SNOW, STX, TTD, UNH, WDC	AI, earnings, Fed policy, Market Rally, semiconductors, technology, Trade Policy, Valuations	AI euphoria continued to electrify markets, lifting tech stocks 15% on average with semiconductors up 25%. Hyperscalers' massive capex plans drove the theme, which permeated beyond hardware to firms like Palantir and Snowflake, contributing to 60% of the S&P's gains.		View
2024 Q4	Jan 8, 2025	Moon Capital Management	-	23.0%	BRK-B, CVS, GS, KKR	Capital markets, financials, healthcare, technology, valuation, value	Manager emphasizes value-focused process and fair value calculations based on present value of cash flows. Multiple positions were liquidated when they reached or exceeded fair value estimates. The approach focuses on mathematical analysis rather than market timing or predictions.	KKR GS CVS	View
2025 Q4	Jan 30, 2026	Artisan Focus Fund	-0.5%	19.9%	AAPL, ADI, AXON, CAT, COF, ENR.DE, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RR.L, SHOP.TO, TSM, WELL, WFC	aerospace, AI, energy, financials, growth, industrials, semiconductors, technology	AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025 with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with data centers reaching deep into industrial portfolios. Caterpillar's co-located power capability at data centers represents significant revenue upside potential to the Energy & Transportation segment. Analog Devices represents the premium analog compounder as the cycle turns, with best-in-class economics including 70%+ gross margins and 45-50% EBIT targets. The team believes 2Q25 marked the restart of the semiconductor cycle with pricing and margin inflection underway. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies like Siemens Energy, GE Vernova, Constellation Energy and Vistra are positioned to benefit from this structural shift. Industrial automation represents a key secular trend with companies like Rockwell Automation positioned to benefit from digitization and AI-enabled transformation of enterprise operations. This includes factory automation and process optimization across manufacturing.	GE	View
2024 Q4	Jan 28, 2025	Artemis US Select Fund	10.8%	29.5%	AAPL, AMZN, AVTR, BLDR, CEG, COHR, CPRI, ELV, FI, FWONK, GS, IP, KKR, LIN, NVDA, SAIA, TPG, UNH, VST, WMT	AI, Capital markets, energy, large cap, stock selection, technology, Trump	The mega caps' massive spending on AI has lifted various businesses from clean power producers to companies providing skilled labor to build data centers. This theme is likely to continue in the race to develop the best AI offering, though questions remain about forward returns impact.		View
2025 Q4	Jan 27, 2026	Antero Peak Group	-0.5%	19.9%	AAPL, ADI, AXON, CAT, COF, GE, GS, HWM, ISRG, JPM, LLY, NDAQ, NVDA, ROK, RYCEY, SHOP, SMNEY, TSM, WELL, WFC	aerospace, AI, Capital markets, Data centers, energy, productivity, ROIC, semiconductors	AI impacts on productivity should create abundant inflection points across nearly all S&P sectors in profitability and ROIC. When amortizing AI capex over the system that will use it, the returns appear massive and under-reported. S&P margins look structurally too low in most forecasts as labor efficiency gains may likely create an upward drift in margin ceilings. Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class. The Aerospace Normalization theme was the largest positive contributor in 2025, with General Electric, Rolls-Royce and Howmet all making meaningful contributions driven by fundamental strength. Power demand creates new secular growth opportunities, with Caterpillar positioned for multi-year upcycle as power demand creates new secular growth at a cyclical trough. Data center reaches deep into Caterpillar's portfolio with co-located power capability. Analog Devices represents the premium analog compounder as the cycle turns, with best economics in analog including 70%+ gross margins and 45-50% EBIT target. The team believes 2Q25 marked the restart with pricing and margin inflection underway. Data monetization theme involves machine learning, AI, and cloud causing the economic value of data to structurally accelerate through new products and applications. Companies include financial services firms like Capital One, JPMorgan Chase, Goldman Sachs, Wells Fargo, and Nasdaq. De-globalization theme involves redirection of capital on post pandemic priorities for security of energy and reliability of supply chains. Companies include Constellation Energy, GE Vernova, Siemens Energy, and Vistra Corp.	ADI CAT	View
2025 Q4	Jan 19, 2026	Carillon Eagle Growth & Income Fund	0.0%	0.0%	ADI, AVGO, AZN, DUK, ETN, GS, HD, JPM, KO, LRCX, MCD, MSFT, ORCL, PG, PNC, RTX, TMUS	AI, Capital markets, earnings, growth, large cap, semiconductors, technology	AI-related investment remains robust and has the potential to broaden its impact across industries. The AI super-cycle continues to provide powerful support, yet it carries risks. Investor willingness to underwrite aggressive AI spending has cooled somewhat, and the debate over whether we are in an AI bubble has increased. Lam Research benefitted from improving sentiment regarding the importance of its products within the semiconductor capital spending market. As a leading provider of equipment tied to memory requirements for AI, Lam Research could have a long and healthy path to growth. Analog Devices pushed toward new all-time highs after solid earnings gave investors confidence that the analog cycle is now beyond its bottom. Earnings growth was the clear engine of the market's advance in 2025. Forward S&P 500 earnings are projected to rise 16% in 2026 over 2025. Bloomberg projects S&P 500 EPS growth of 16% in 2026, up from 15% in 2025 with 7 of 11 sectors expected to deliver double-digit gains. Goldman Sachs Group's shares contributed to fourth-quarter performance due to positive financial results, coupled with increased optimism regarding capital markets activity heading into 2026. Goldman Sachs maintains one of the strongest global merger and acquisition advisory and trading, with increased activity in M&A, initial public offerings, and debt issuance activity directly boosting its financial performance.		View
2025 Q4	Jan 15, 2026	Columbia Dividend Opportunity Fund	2.8%	15.9%	ABBV, ALB, BAC, BLK, BRX, C, CSCO, DRI, GOOGL, GPC, GPS, GS, HD, IBM, IP, JNJ, JPM, LUV, MCD, MO, MRK, MU, PM, QRVO, SBUX, SWKS, T, UDR, XOM	AI, Banking, dividends, financials, Lithium, technology, value, Yield	The fund focuses on companies with historically consistent and increasing dividends, though dividend stocks generally underperformed during the quarter as investors favored speculative companies over defensive characteristics. The manager maintains a positive view on dividend-paying stocks as an out-of-favor segment largely devoid of speculative activity. The market remained supported by ongoing enthusiasm about the artificial intelligence theme, though there was a brief stretch of concern in November about a possible AI bubble. The manager sees potential for improved relative performance if excitement surrounding AI begins to cool. The quarter was characterized by broadening market leadership away from mega-cap technology companies, contributing to relative strength in the value style. The fund's investment universe offers fundamentally sound companies trading with attractive yields and reasonable valuations. A new position in mandatory convertible securities of lithium producer Albermarle made a sizable contribution as lithium prices rose due to reduced supply from China, and market participants became more optimistic about the metal's potential use in energy storage applications.		View
2025 Q4	Jan 14, 2026	Jemekk Hedge Fund	2.2%	18.3%	CNQ.TO, EIF.TO, FFH.TO, GS, MEG.TO, RTX	aerospace, Canada, commodities, defense, energy, infrastructure, Precious Metals, Resources	The fund is positioned to benefit from elevated defense spending driven by rising defense budgets in the U.S. and allied countries. Growth is underpinned by demand for integrated air and missile defense systems, counter-drone technologies, and other advanced defense programs driven by geopolitical tensions. The entire Defense Prime complex is currently re-rating as countries around the world are committing to spend more on defense initiatives. Energy was a significant contributor to fund performance, with specific mentions of MEG takeover and CNQ performance. The fund sees Canada as having a strong preponderance of Oil (power) as part of its competitive advantages. Energy represents one of the key sectors driving Canadian outperformance versus the US markets. Precious metals provided solid contributions within the quarter through a basket of producers, primarily silver. Gold is viewed as the real store of value, and precious metals represent one of Canada's key competitive advantages. The fund entered Q4 2025 with precious metals as their largest sector allocation. The fund is positioned to capitalize on Build Canada themes, particularly through companies that can provide solutions for building out Canada's North including energy, critical minerals, and transmission/power infrastructure. This represents a pivot toward nation building and infrastructure development that should benefit portfolio companies. The fund expects continued Canadian outperformance driven by strong fundamentals in oil, gold, and financials, combined with a new government approach focused on growth and deregulation. Canada is signaling to the world that it is finally back and open for business, representing a significant pivot from the restrictive decade of the previous regime.	RTX	View
2024 Q3	Sep 30, 2024	Columbia Dividend Opportunity Fund	9.5%	0.0%	ABBV, BAC, BBY, BX, BXP, CSCO, CVX, F, GS, IBM, JNJ, JPM, K, KO, MMM, MRK, SWK, VST, WFC, XOM	AI, dividends, large cap, rates, Utilities, value	The fund focuses on companies with historically consistent and increasing dividends. The improving interest rate outlook helped fuel robust gains for dividend payers. The manager remains optimistic about dividend stock prospects given steady economic growth and falling interest rates.		View
2024 Q3	Sep 30, 2024	BlackRock Core Bond Fund	5.0%	4.4%	FANG, GS, JPM, MS	Bonds, credit, duration, Fed policy, fixed income, rates	The fund shifted from overweight to underweight duration exposure during the quarter, believing the market had overpriced the amount by which the Fed would lower rates through 2025. Duration positioning was the most notable detractor as the Fed's September rate cut caused rates to rally.		View
2024 Q3	Sep 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	ABBV, BAC, BK, CAH, CNQ, EPD, ETR, GILD, GS, HST, JEF, JPM, KO, LAMR, MRK, NTR, OGE, ORI, PSX, TXN	AI, dividends, financials, Market Concentration, Utilities, value	The firm focuses on high-yield dividend stocks that offer yields over 2.5x the S&P 500. They had 7 dividend increases in the quarter and believe their portfolios are well-positioned for dividend growth throughout the full market cycle. The relationship between market breadth and high-yield dividend stock performance is central to their investment thesis.	ETR	View
2023 Q3	Sep 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, inflation, infrastructure, Midstream, Recession, Utilities	The letter emphasizes dividend investing as a reliable strategy, noting that dividends have been the most dependable source of investment returns over time. The firm focuses on high-dividend-yield stocks that continue to produce income during recessions and suggests mature management views their business positively long-term.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, income, inflation, Recession, Utilities, value	The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide income during downturns. The portfolio yields 3.9% and 3.6% respectively for the with-MLP and no-MLP versions.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, FWRD, GPC, GS, HESM, JPM, MMP, MPC, MPLX, NS, NTR, PAYX, SUN, TRGP, TXN, WBA	AI, dividends, energy, income, inflation, Utilities, value	The firm emphasizes dividend-paying stocks as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They advocate for dividend investing as a strategy that relies on the power of compounding income over time rather than heroic forecasts.		View
2023 Q3	Sep 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	AM, BK, CAG, CEG, CMCSA, EPD, GS, HESM, JPM, MPC, MPLX, NEE, NS, NTR, PAYX, SO, SUN, TRGP, TXN, VST	AI, dividends, energy, income, inflation, interest rates, Midstream, Utilities	The firm emphasizes dividend-focused investing as a reliable source of returns, noting that dividends have continued to chug along this year while earnings expansion has been in short supply. They highlight that high-dividend-yield stocks have historically outperformed during recessions and provide downside protection.		View
2024 Q3	Sep 30, 2024	Matrix Dividend Income	0.0%	0.0%	ABBV, BDX, CMCSA, CSCO, DUK, GS, JPM, MDT, PYPL, QCOM, SBUX, UNP	dividends, financials, healthcare, large cap, rates, value	Matrix's Dividend Income portfolio continues to deliver on its three objectives: generating high current and growing income, downside protection, and capital appreciation. In Q3, three portfolio holdings raised their dividends by an average of 6.1%, and over the past 12 months 23 of 24 holdings increased their dividends by 6.1%. The portfolio maintains a 2.80% dividend yield compared to the S&P 500's 1.28% yield.	NESN.SW BDX MDT	View
2024 Q3	Sep 30, 2024	Matrix Large Cap Value Strategy	0.0%	0.0%	ABBV, BDX, CMCSA, CSCO, DUK, GS, JPM, MDT, NESN.SW, PYPL, QCOM, SBUX, UNP	dividends, financials, healthcare, large cap, rates, value	Matrix's Dividend Income portfolio delivered strong performance with 19 holdings raising dividends by 6.4% average in nine months. The portfolio maintains a 2.80% dividend yield versus 1.28% for S&P 500, with 23 of 24 holdings increasing dividends over past 12 months by 6.1% average.	NESN.SW BDX MDT	View
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 31, 2024	Ariel Appreciation Fund	9.9%	0.0%	CLB, CRL, GS, MAT, MIDD, SRCL, WBA, WM	AI, consumer, energy, financials, healthcare, mid cap, value	The bull market was powered by investor enthusiasm for artificial intelligence themed stocks, creating a narrow momentum-driven rally. AI-themed stocks continue to dominate markets this year, contributing to extreme market bifurcation where non-AI companies in the S&P 500 lost 1.2%.	MIDD AMAT CRL WBA GS CLB	View
2024 Q2	Jul 31, 2024	Ariel Focus Fund	10.6%	0.0%	AMG, APA, CLB, GS, KKR, MHK, ORCL, SNA	AI, energy, financials, large cap, Oil Services, technology, value	The bull market was fueled by investor enthusiasm for artificial intelligence themed stocks, with Oracle benefiting from significant AI demand expansion and strong booking growth with OpenAI. The narrow, momentum-driven rally helped the S&P 500 gain while non-AI companies declined.	AMG SNA APA MHK GS ORCL	View
2024 Q2	Jul 17, 2024	Nightview Capital	0.0%	0.0%	AAPL, ABNB, AMZN, BLK, DKNG, GOOGL, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN	AI, Cloud, E-Commerce, gaming, growth, large cap, technology	Amazon's retail business shows significant operating leverage recovery after pandemic overexpansion. North American retail margins have exceeded 2019 levels and are projected to reach low double digits. The transition from brick-and-mortar to e-commerce continues with U.S. e-commerce at 15.4% of retail sales, providing years of growth runway.		View
2024 Q2	Jun 30, 2024	RS Large Cap Val Strategy	1.0%	13.9%	APH, CI, CPAY, CRM, GOOGL, GS, LKQ, PCAR, TEVA, TKO, VST	financials, healthcare, large cap, ROIC, value	The team focuses on investing in companies trading at deep discounts to intrinsic value with improving ROIC. They believe value-oriented approaches should be well positioned following years of low interest rates driving growth stock valuations higher.	CPAY TEVA	View
2024 Q2	Jun 30, 2024	BlackRock Core Bond Fund	5.0%	4.4%	FANG, GS, MS, VICI	Bonds, credit, duration, fixed income, rates, yield curve	The fund moved to an overweight top-line duration position, mainly by adding to its overweight exposure at the front and belly of the yield curve and moving to a flat position at the back end as economic data softened. Duration positioning detracted in May as rates rallied given softer economic data, but the move to overweight duration exposure in June was unhelpful following a surprisingly strong nonfarm payroll report.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	banks, dividends, energy, free cash flow, infrastructure, Natural Gas, Utilities	Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. The firm views regular dividends as a signal of management confidence in future profitability and prefers them over buybacks for capital returns.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	banks, dividends, energy, free cash flow, Natural Gas, Utilities, value	Miller/Howard argues dividend-paying stocks are underappreciated due to misleading free cash flow comparisons with non-dividend payers. After adjusting for stock-based compensation, dividend payers show superior free cash flow margins and yields. Regular dividends signal management confidence in future profitability and provide more predictable returns than buybacks.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	banks, dividends, energy, free cash flow, Midstream, Natural Gas, Utilities	Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. Dividend payers return 91% of free cash flow to shareholders versus 53% for non-dividend payers. Regular dividends are viewed as management commitments that signal confidence in future profitability.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	Banking, Data centers, dividends, Energy Infrastructure, free cash flow, Natural Gas, Utilities	The letter extensively analyzes dividend-paying stocks versus non-dividend payers, arguing that dividend payers have higher quality free cash flow after adjusting for stock-based compensation. Regular dividend payers return 91% of free cash flow to shareholders through dividends and buybacks, compared to 53% for non-dividend payers.		View
2023 Q2	Jun 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB	dividends, energy, infrastructure, interest rates, Recession, small caps, technology, Utilities	The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard focuses on companies with strong dividend growth prospects and views regular dividends as management confidence signals.		View
2023 Q2	Jun 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	AES, AGO, AGRO, AM, BCC, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EME, EMN, ENB, ENLC, EPD, ETD, EVR, EXR, FFBC, FULT, GS, HCA, JHG, JNJ, JPM, KEY, KFY, KNF, LBRT, LNG, LYB, MATX, MDU, MED, MEI, MPC, MSFT, MSM, NGG, NSP, NVDA, OMAB, OMF, POR, PPL, PSX, QCRH, RRC, RY, SBAC, SLP, SO, SUN, UGI, UHT, VLO, VST, WINA, WMB	dividends, energy, income, technology, Utilities, value, volatility	The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard focuses on companies with strong dividend coverage and growth potential, with their Income-Equity strategies yielding 3.5-3.7% and positioned for dividend growth throughout market cycles.		View
2023 Q2	Jun 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB	dividends, energy, income, infrastructure, technology, Utilities, value	The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard emphasizes dividend growth as a key investment criterion across all strategies, with multiple holdings announcing dividend increases during the quarter.		View
2023 Q2	Jun 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	AES, AM, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EMN, ENB, EPD, EXR, GS, HCA, JNJ, JPM, KEY, KNF, LBRT, LNG, LYB, MDU, MPC, MSFT, MSM, NGG, NVDA, OMAB, POR, PPL, PSX, RRC, RY, SBAC, SO, SUN, UGI, VLO, VST, WMB	dividends, energy, income, infrastructure, Recession, technology, Utilities, volatility	The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. During recessions, dividend increases still outnumber decreases by 3-to-1, with companies having lower leverage and stronger fundamentals more likely to maintain dividend growth.		View
2023 Q2	Jun 30, 2023	Ariel Appreciation Fund	9.9%	0.0%	CAH, CBRE, CCL, CG, CRL, GS, IPG, KMT, KMX, LABH, LESL, MAT, MSGE, NCLH, NTRS, PARA, RCL, SCHW, SPHR, SWK	contrarian, Cruises, mid cap, real estate, Recovery, value	Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel for retirees and younger people alike. The vacation and leisure spaces are booming in direct response to the isolating Covid lock downs, with memories having more value than goods for many consumers.		View
2023 Q4	Jun 1, 2024	East72 Holdings	6.3%	0.0%	0001.HK, BC, C, DRR.AX, DXS.AX, EXOR, GOOGL, GS, ICE, IWG.L, JPM, MANU, MFG.AX, PAH3.DE, UBS, UHAL, VIRT, VOW3.DE, YBR.AX	Asset Management, Australia, Concentration, Hedging, Investment Banking, Sports Teams, value	Manager discusses significant investments in Goldman Sachs and JP Morgan which contributed positively to quarterly returns. Also analyzes Barrenjoey Capital Partners as a strategic investment representing exposure to Australian investment banking with potential for significant value creation.	MFG.AX MANU	View
2025 Q1	Mar 31, 2025	Ariel Appreciation Fund	-6.9%	-6.9%	AAPL, ADT, AMZN, BIO, GOOGL, GS, KN, MAT, META, MIDD, MSFT, MTN, NCLH, NOV, NVDA, OSW, SLB, TSLA, WBA	Buybacks, mid cap, Recession, Recovery, value, volatility	Fund actively acquiring downtrodden shares of quality companies trading at significant discounts to private market values. Holdings are statistically cheap and trading at meaningful discounts to intrinsic worth. Past dislocations of this magnitude have often served as prelude to robust recoveries.	SLB OSW NCLH KN BIO ADT MIDD MAT	View
2023 Q1	Mar 31, 2023	Ariel Focus Fund	10.6%	0.0%	APA, BAC, BK, BOKF, FAF, GNRC, Gold, GS, JNJ, KKR, LAZ, LH, LMT, MHK, MOS, NTRS, ORCL, REZI, SNA, WU, ZBH, ZBRA, ZIMV	Banking, Fed Tightening, industrials, Recession, technology, value	The fund emphasizes low PE stocks as core to their approach, trading at significantly lower multiples compared to both value indices and the broad market. This value emphasis has been a near-term performance headwind but positions them well as the market begins to look past Fed tightening.		View
2023 Q1	Mar 31, 2023	Ariel Fund	12.1%	0.0%	ADTL, AMG, APA, BOKF, BWA, GS, IPG, JLL, LESL, LMT, MAT, MHK, MOS, MSGE, ORCL, PARA, PGR, RCL, SNAP, ZBRA	Banking, Commercial real estate, energy, interest rates, Mid Caps, Regional Banks, small caps, value	Regional banks face significant challenges from deposit flight and commercial real estate exposure following Silicon Valley Bank's collapse. BOK Financial declined 18% amid banking sector stress, though managers believe it remains well-positioned with strong underwriting standards and diversified business model.		View
2023 Q3	Mar 10, 2023	Ariel Focus Fund	10.6%	0.0%	APA, BK, BWA, CVX, GNRC, GS, JNJ, KVUE, LAZ, LESL, MHK, PHIN, SPHR, WU, ZBH	Buybacks, capital returns, discount, energy, large cap, value	The fund holds multiple energy positions including APA Corporation and Chevron Corporation. APA continues delivering strong earnings with solid production volumes and expects to hit oil production guidance. Chevron is viewed as competitively advantaged with sustainable growth pathway and expects double-digit return of capital employed by 2027.	PHIN KVUE CVX GNRC MHK LESL ^GSPC WU ADNT\|APA\|BPOP\|FLR\|KOS\|OLN	View
2023 Q4	Jan 31, 2024	Ariel Focus Fund	10.6%	0.0%	APA, BWA, GS, KVUE, MHK, WU, ZIMV	concentrated, discount, fundamentals, large cap, Patient, value	The fund focuses on identifying stocks trading at discounts to private market value estimates, with holdings like MHK at -57% discount and APA trading below intrinsic value. The manager emphasizes patient value investing spanning 41 years across five market cycles.	WU BWA ADNT\|APA\|BPOP\|FLR\|KOS\|OLN MHK ^GSPC ZIMV	View
2023 Q4	Jan 27, 2024	Weitz Partners III Opportunity Fund	9.1%	14.1%	AMZN, BRK-B, CCRD, CHTR, CSGP, FIS, GOOG, GPN, GS, KMX, LBRDA, LSXMK, META, MKL, MSFT, PRM, QRTEP, ROP, SCHW, SIRI, SPY, V	large cap, Long/Short, Media, payments, technology, value	The fund initiated a new position in Global Payments, a leading provider of payments acceptance services with roughly four million merchant locations worldwide. Despite increased competition in the payments landscape, the managers believe Global Payments is more durable than feared and trades at a compelling valuation.	CGPN.L LBRDA 4IMPRINT CCRD	View
2024 Q4	Jan 17, 2025	Carillon Eagle Growth & Income Fund	-	-	AVGO, BBY, BLK, CVX, EMN, ETN, GS, JPM, MCD, MDLZ, MSFT, PG, PLD, PNC, TGT, WMB	AI, dividends, energy, financials, growth, income, large cap, technology	AI continued to drive market performance throughout 2024, with excitement around artificial intelligence remaining strong. Broadcom benefited significantly from expansion in addressable market for custom AI silicon offerings, positioning as a leader in data center connectivity and custom silicon for AI spending growth.		View
2022 Q4	Jan 2, 2023	GoodHaven Capital Management	0.0%	18.9%	BRK/B, DVN, GOOG, GS, KKR, PGR	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Ariel Appreciation Fund	Goldman Sachs Group, Inc.	Financials	Investment Banking & Brokerage	Bull	NYSE	capital management, dividend, Equities Trading, Expense Management, FICC Trading, investment banking, Platform Solutions, regulatory capital, strategic initiatives	View Pitch
Apr 13, 2026	Fund Letters	Ariel Focus Fund	Goldman Sachs Group Inc	Financials	Investment Banking & Brokerage	Bull	NYSE	capital management, FICC, financial services, investment banking, Trading, turnaround, Value	View Pitch
Apr 13, 2026	Fund Letters	Ariel Appreciation Fund	Goldman Sachs Group, Inc.	Financials	Investment Banking & Brokerage	Bull	NYSE	Capital markets, financial services, Franchise Value, investment banking, Trading, Wall Street, wealth management	View Pitch
Apr 13, 2026	Fund Letters	Moon Capital Management	The Goldman Sachs Group, Inc.	Financials	Investment Banking & Brokerage	Neutral	NYSE	asset management, Cyclical, Equity, financial services, investment banking, M&A, tangible book value, Value	View Pitch
Apr 13, 2026	Fund Letters	Ariel Appreciation Fund	Goldman Sachs Group, Inc.	Financials	Investment Banking & Brokerage	Bull	NYSE	asset management, Bull market, Deregulation, financial services, investment banking, M&A, Trading	View Pitch
Apr 13, 2026	Fund Letters	Ariel Focus Fund	Goldman Sachs Group, Inc.	Financials	Investment Banking & Brokerage	Bull	NYSE	asset management, banking, Deregulation, financial services, investment banking, M&A, Trading, Wall Street	View Pitch
Apr 13, 2026	Fund Letters	Andrew Hill Investment Advisors	The Goldman Sachs Group, Inc.	Financials	Investment Banking & Brokerage	Bull	NYSE	advisory services, Deregulation, financial services, investment banking, Mergers acquisitions, Trading, underwriting	View Pitch
Jan 16, 2026	Seeking Alpha	Seeking Alpha	The Goldman Sachs Group, Inc.	Financial Services	Investment Banking & Brokerage	Neutral	New York Stock Exchange	Asset & Wealth Management, balance sheet, capital returns, earnings consistency, Fee revenue, Goldman Sachs, investment banking, M&A activity, trading activity, valuation	View Pitch
Dec 3, 2025	Fund Letters	John W. Rogers	The Goldman Sachs Group, Inc.	Financials	Investment Banking & Brokerage	Bull	NYSE	buybacks, Capital markets, deleveraging, franchise, ROE, valuation, wealth management	View Pitch
Nov 29, 2025	Fund Letters	Chuck Lieberman	Goldman Sachs Group Inc.	Financials	Capital Markets	Bull	NYSE	Capital markets, earnings, investment banking, leverage, recovery, Regulation, valuation	View Pitch
Nov 29, 2025	Fund Letters	Chuck Lieberman	Goldman Sachs Group Inc.	Financials	Capital Markets	Bull	NYSE	Capital markets, earnings, investment banking, leverage, recovery, Regulation, valuation	View Pitch
Oct 12, 2025	Seeking Alpha	Seeking Alpha	The Goldman Sachs Group, Inc.		Capital Markets	Bull		alternative assets, Asset & Wealth Management, earnings, FICC financing, financial services, Goldman Sachs, growth, investment banking, price consolidation	View Pitch
Aug 13, 2025	Seeking Alpha	Vinay Utham, CFA	Goldman Sachs Group, Inc.	Other	-	Bull	NYSE	—	View Pitch

BSD Shareholders of GS

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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BSD Shareholders of GS

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