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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Platinum International Brands Fund | 9.0% | - | 3690.HK, AMZN, BEI.DE, GALDA.SW, GOOGL, GSK, HEIN.AS, ITX.MC, JD, META, SONY, V, ZTS | Beauty, Consumer Brands, E-Commerce, global, Luxury, technology | Chinese technology and e-commerce firms Meituan and JD.com were notable contributors, both up over 50% during the quarter. The portfolio benefits from exposure to global e-commerce platforms including Amazon. | View | |
| 2023 Q3 | Sep 30, 2023 | Platinum International Brands Fund | -4.7% | - | 4819.T, ATZ.TO, BFIT.AS, EZGL.T, GSK, JD, MEIT, PNDR.CO, PROSUS.AS | brands, China, consumer, Discretionary, retail | Fund focuses on consumer discretionary and staples companies globally, with particular emphasis on retailers, apparel companies, and consumer brands. Manager discusses weakening consumer spending in developed markets while Chinese consumer spending remains restrained but could recover. | View | |
| 2024 Q2 | Aug 2, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | 000858.SZ, 005930.KS, 0700.HK, BA.L, BAC, BIDU, BRK-B, CNHI, D05.SI, DEO, DHL.DE, FMC, FRE.DE, GOOGL, GSK, HEIA.AS, IONS, JNJ, KEMIRA.HE, KOF, NESN.SW, NVS, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SCOR.PA, TEP.PA, TTE, U11.SI, VRTX, WFC, ZURN.SW | Asia, Diversified, Europe, financials, industrials, international, small caps, value | The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger cap counterparts. | View | |
| 2023 Q2 | Jul 31, 2023 | Jacob Fund | - | - | CFLT, GSK, SCYX, ZH | AI, Banking, China, Data, small caps, technology | Growing awareness of Artificial Intelligence technology is creating investment opportunities. Generative AI has reached mainstream adoption with ChatGPT gaining 100 million users in two months. The technology will drive corporate spending on computing power, speed and storage, benefiting tech platforms including fund holdings. | SCYX BZH CFLT |
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| 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 |
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| 2024 Q2 | Jul 10, 2024 | Dodge & Cox Stock Fund | 7.2% | 16.3% | ALNY, CI, COHR, CVS, FI, GE, GOOGL, GSK, HPE, HUM, JCI, MCHP, MET, MSFT, OXY, RTX, SCHW, SNY, WFC, ZBH | Concentration, financials, healthcare, large cap, technology, value | The Fund takes a cautious approach towards stocks with very optimistic outlooks for growth and margins, finding more opportunities in companies with lower valuations and less economic sensitivity. The Fund trades at an attractive valuation of 13.9 times forward earnings compared to 21.6 times for the S&P 500. | View | |
| 2024 Q2 | Jun 30, 2024 | Saturna Sustainable Funds | -1.9% | 9.5% | AAPL, ACN, ADBE, DASTY.PA, FERG.L, GIB.A.TO, GSK, HD, LLY, LOW, LULU, NVDA, NVO, NXPI, SBUX, SCHNEIDER.PA, STM, TJX, TSM, WKL | AI, global, growth, healthcare, large cap, semiconductors, Sustainable, technology | Generative AI is driving stock prices, index returns, and capital expenditures across technology companies. The fund sees significant productivity enhancements from AI tools and believes AI will follow the path of transformative technologies like desktop computers and cellular phones. Big tech companies are committing tens to hundreds of billions in capital investment for AI development. | View | |
| 2025 Q1 | Apr 24, 2025 | Diamond Hill International | 4.0% | 4.0% | 2875.T, 6501.T, 8058.T, ABEV, BABA, BAER.SW, BAP, BEI-UN.TO, BTI, BYG.L, GLEN.L, GSK, IMB.L, MRO.L, NWC.TO, QURE, SAF.PA, SPOT, TSM | aerospace, AI, Asia, Europe, infrastructure, international, real estate, value | Chinese AI innovation, particularly DeepSeek, demonstrated capability to rival US technologies at significantly lower costs, underscoring intensifying global AI competition. Alibaba benefited from market optimism around its AI initiatives and expanded capital investment to bolster AI capabilities. | 6501.T BEI.UN.TO BYG.L MRO.L NWC.TO 2875.T IMB.L BTI QURE GLEN.L TSM SAF.PA SPOT BABA |
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| 2024 Q1 | Apr 24, 2024 | Titan Wealth | - | - | AAPL, ABNB, ADBE, ALNY, BMW.DE, DBX, DIS, EBAY, ETSY, EW, GOOGL, GSK, META, MSFT, NFLX, NKE, ORCL, STLA, TSLA, V | diversification, emerging markets, healthcare, inflation, Multi-Asset, rates, technology | Technology sector performance driven by AI excitement continues to support markets. The combination of falling rates and excitement around AI's potential to boost long-term productivity growth and margins provides a powerful tailwind for equities. | View | |
| 2025 Q1 | Mar 31, 2025 | Saturna Sustainable Funds | -3.7% | -3.7% | AAPL, ADBE, ASSA-B.ST, AV.L, AVGO, CB, DANOY, GSK, LLY, MSFT, NOW, NTDOY, NVDA, NVO, NVS, RHHBY, SIE.DE, SONY, TSM, WKL.AS | AI, global, infrastructure, international, policy, semiconductors, tariffs, technology | AI infrastructure buildout continues despite market volatility. DeepSeek's competitive model caused sharp selloffs in AI-exposed companies, but hard data points to continued infrastructure investment. Reality versus expectations dynamic creates volatility as crowded trades exacerbate market movements. | View | |
| 2025 Q1 | Mar 31, 2025 | Pzena International Value ADR Strategy | 11.2% | 11.2% | 6479.T, 6762.T, AKE.PA, BABA, CABK.MC, GSK, ING, MG, OTP.BD, SBRY.L, STAN.L | Europe, financials, healthcare, international, Outperformance, value | European banks CaixaBank and ING Groep provided strong outlooks affirming earnings sustainability and capital robustness even in declining interest rate environments, with plans to continue significant capital returns to shareholders. The portfolio maintains overweight positioning in cyclical financials. | GSK |
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| 2024 Q4 | Dec 31, 2024 | Ariel Global Fund | -3.7% | 7.1% | 000660.KS, 6460.T, ABBV, BARC.L, BEZ.L, BMY, CMA, CNP, COF, CVS, GSK, JD, ORAN | AI, Banking, global, healthcare, Telecommunications, Utilities, value | Markets worldwide were led by U.S. mega-cap technology companies and investor enthusiasm for artificial intelligence themed stocks. The narrow ascent of AI themed stocks have driven market returns in recent years, though opportunities should broaden to companies utilizing AI to create real-world efficiencies. SK Hynix is positioned to benefit from increased deployment of its leading-edge High Bandwidth Memory products experiencing rapid demand growth to power Artificial Intelligence. | 6460.T 000660.KS REE.MC ORAN.PA CNP BEZ.L BARC.L ABBV COF |
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| 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 | Miller Howard Investments | - | - | ABBV, AESI, AM, CPT, EIX, EQIX, ETR, GSK, HCA, HST, LAMR, LBRT, LNG, LYB, MAA, MRK, MSM, OKE, ORI, PAGP, PCG, RY, SM, SOBO, TRP, USB, VST, WMB | Data centers, dividends, energy, infrastructure, Natural Gas, retirement, Utilities | The letter extensively analyzes dividend-based retirement strategies, demonstrating that high-yield stocks historically outperformed the S&P 500 with 11.1% vs 9.8% annualized returns from 1928-2023. Dividend spending strategies never failed in 67 simulated 30-year retirements, while allowing higher average spending than the traditional 4% Rule. | View | |
| 2024 Q4 | Dec 31, 2024 | Brandes International Equity Fund | -8.7% | 7.2% | 005930.KS, 1211.HK, 4502.T, 5108.T, 7201.T, BABA, BNP.PA, CAE.TO, EBS.VI, ERJ, GSK, HEI.DE, HEIA.AS, KGF.L, RR.L, SAN.PA, STM, UBS, UHR.SW, WPP.L | China, industrials, international, materials, semiconductors, value | The fund initiated a position in STMicroelectronics, a semiconductor supplier with diverse exposure to automotive, industrial, and personal electronics markets. While the auto semiconductor market weakness has pressured near-term results, the manager believes current challenges are cyclical and sees compelling long-term growth from electric vehicles, ADAS, and IoT adoption. | MKS.L STM |
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| 2023 Q3 | Oct 9, 2023 | East Capital | - | - | GSK | China, emerging markets, frontier markets, rates, real estate, Turkey, Yields | China faces persistent structural issues in real estate with unsustainably high property prices and local government dependence on land sales. The central government began taking concrete policy actions including reducing mortgage rates and downpayment ratios. High-value-added exports continue to drive growth with China becoming the world's largest car exporter. | 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 |
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| 2025 Q4 | Jan 7, 2026 | Packer & Co | - | 21.5% | 0001.HK, AQN, BABA, BIDU, CA.PA, CEO, CNC, GSK, J36.SI, NE, NXE, PBR, PRX.AS, PYPL, SDRL, VAL, VIPS | AI, Asia, Cash, Defensive, energy, gold, value | The AI boom has driven global stock markets with the Bloomberg AI index up 250% in three years, becoming a core driver of US economic growth. However, the manager draws parallels to the Dotcom bubble, noting over $3 trillion expected investment despite negligible revenue generation and intense competition that may destroy profitability. Gold was the Trust's largest investment and performed exceptionally well, rising 52% for the year. The manager maintains significant gold exposure as part of their defensive positioning amid market uncertainties and elevated valuations. The manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. | CA FP |
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| 2025 Q4 | Jan 24, 2026 | Miller Howard Investments Income-Equity Strategies | 15.6% | 15.6% | ABBV, C, COP, CSCO, EMN, ETR, GILD, GPS, GSK, HRB, HRL, JEF, JNJ, JPM, MPLX, MTB, PAYX, RF, STT, VICI, VZ | AI, dividends, income, productivity, value | AI represents a transformative technology that could drive step-change improvements in economic productivity. The manager believes AI's greatest impact will come from companies using it as an input to improve operations rather than those selling AI products. Many dividend-paying companies in labor-intensive industries could benefit significantly from AI adoption through process automation and efficiency gains. The portfolio focuses on high dividend yields approximately 3x the S&P 500, with strong dividend coverage ratios and projected dividend growth. Six companies increased dividends in the quarter, led by MPLX with a 13% increase. The strategy emphasizes collecting high and rising dividends while compounding real cash returns through disciplined reinvestment. The portfolio trades at significant discounts to the broad market, with P/E ratios 40-42% below the S&P 500. The manager believes many steady-growing companies are overlooked by markets focused on AI winners, creating opportunities in businesses with lower assumed margins and productivity that could benefit from AI adoption. | View | |
| 2025 Q4 | Jan 23, 2026 | Brandes International Equity Fund | 5.7% | 39.1% | 005930.KS, 1876.HK, 4503.T, 8306.T, BABA, BNP.PA, CX, DGE.L, DPW.DE, EBS.VI, ERJ, GRF.MC, GSK, HEI.DE, KER.PA, MNDI.L, NG.L, ORA.PA, OTEX.TO, RI.PA, TSCO.L, TSM | emerging markets, Europe, international, Outperformance, packaging, Utilities, value | International value stocks continue to trade within the least expensive valuation quartile relative to growth stocks since style indices inception. The valuation gap is evident across multiple metrics including price/earnings, price/cash flow, and enterprise value/sales. Historically, such discount levels often preceded attractive relative returns for value stocks over subsequent three- to five-year periods. Exposure to emerging markets helped returns, led by South Korean Samsung Electronics, Mexico's Cemex, and Erste Group Bank operating across emerging Europe. Leading contributors for the year included emerging market holdings such as Alibaba, Samsung, Taiwan Semiconductor, Brazil's Embraer and Mexico-based Cemex. The portfolio continues to have larger weighting to select emerging markets, particularly Mexico, South Korea, and Brazil. National Grid has strategically repositioned its asset base toward electricity networks, reducing exposure to gas and aligning with long-term energy transition trends. Over the past decade, roughly 75% of its regulated asset base is in electricity, expected to rise to 80% by 2029, supported by structural growth in electrification and renewable integration. The company's position as a critical enabler of decarbonization provides attractive risk-adjusted returns. Mondi is a leading European producer of corrugated packaging, containerboard, kraft paper, and uncoated fine paper with strong presence in Eastern and Western Europe. Secular trends such as sustainability, convenience, and the shift from plastic to paper underpin steady growth in fiber-based packaging. The company's cost leadership, strong positioning in high-barrier-to-entry kraft paper market, and integrated operations provide competitive advantage. | TSCO LN NG LN MNDI LN |
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| 2025 Q4 | Jan 20, 2026 | Harding Loevner International Small Companies Equity | -1.9% | 15.1% | 0005.HK, 0700.HK, AAPL, BHP.AX, BP.L, GSK, HSBA.L, LLY, MARS, MC.PA, MKC, MSFT, NESN.SW, OR.PA, PAN, SANOFI, SAP.DE, SHOP.TO, VOW3.DE, WEED.TO | AI, Consumer Staples, gold, growth, international, momentum, Quality, small cap | The fund emphasizes quality-growth investing that demands relentless skepticism toward market narratives and constant scrutiny of company fundamentals. They focus on financially strong, well-managed companies equipped with durable competitive advantages, operating in industries poised for long-term growth. The letter discusses how price momentum is a well-documented phenomenon where securities whose prices have risen are more likely to keep rising in the short run. When momentum takes hold, fundamentals usually fade from view while narratives are used to justify price moves. AI enthusiasm has lifted hardware and semiconductor stocks while weighing on shares of software and services holdings. The fund discusses AI infrastructure buildout and questions about the durability of demand across the AI supply chain, while also addressing concerns about AI disrupting IT services businesses. Gold is trading at its highest inflation-adjusted level in five decades, but it is a volatile commodity. Gold-mining companies have not had a great history of profitability other than when prices are unusually high, yet surging gold prices sparked a rally in mining stocks. | EVT GR HERDEZ MM 4527 JP 002891 CH CWK LN DIA IM |
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| 2025 Q4 | Jan 18, 2026 | Dodge & Cox Stock Fund | 2.5% | 13.7% | AON, AVTR, BAC, BK, BN, CHTR, CMCSA, CVS, FDX, FI, GILD, GOOGL, GSK, JCI, MET, MSFT, OXY, REGN, RTX, SCHW, TSM, WFC, WTW | contrarian, financials, industrials, technology, valuation, value | The fund maintains its value-oriented investment approach despite a fully valued U.S. equity market. The portfolio trades at an attractive valuation of 14.6 times forward earnings, representing a significant discount to the S&P 500 at 22.9 times. The fund continues to find opportunities where long-term fundamentals are not fully reflected in current prices. The fund reduced its overall weighting in the Financials sector while shifting exposure across industries. They trimmed more cyclical bank holdings like Wells Fargo and Bank of America, while increasing exposure to insurance brokers and alternative asset managers. Despite headwinds, they added to Fiserv as its valuation compressed significantly. | FISV |
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| 2024 Q3 | Sep 30, 2024 | Aristotle International Equity Fund | 10.5% | 13.3% | 005930.KS, 3064.T, 4578.T, 6758.T, 7532.T, 9433.T, ACN, AHT.L, BN, CCO, DEO, GSK, HEIA.AS, NEM.DE, ROG.SW, RTO.L, SAF.PA, TTE | Asia, Diversified, Europe, international, Quality, value | MonotaRO operates a B2B e-commerce platform selling 20 million items to over 8 million customers, primarily in Japan. The company serves as a one-stop solution with transparent pricing and same-day shipment capabilities. Its unique profile with over 95% of sales online provides customers a distinct value proposition in the fragmented MRO market. | 3064.T DGE.L 9681.T RTO.L BN.TO |
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| 2024 Q3 | Sep 30, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, AME, AMT, AMZN, BA, FTV, GOOGL, GSK, JNJ, MCHP, META, MSFT, NKE, NVDA, SYK, TDG, TSLA, UL, ZBH | AI, growth, healthcare, industrials, large cap, Rate Cuts, technology | The market entered a zone of disillusionment regarding heavy AI spending by big tech companies, reminiscent of the internet boom in 2000. Apple's generative AI roadmap and iPhone 16 product cycle were viewed positively, with AI solutions integrated into iOS 18. Microsoft continues investing heavily in generative AI despite investor concerns about rising capital intensity. | View | |
| 2023 Q2 | Jun 30, 2023 | Ariel Global Fund | 6.9% | 0.0% | BIDU, CREDICORP, DTBSF, ENDSF, GILD, GSK, JNJ, MGDDY, MSFT, PM, RHHBY, VZ | Concentration, global, liquidity, momentum, technology, value | Growth stocks significantly outpaced value names this quarter, with the MSCI ACWI Growth Index surging +9.19% while the MSCI ACWI Value Index only returned +2.98%. The manager maintains their value approach despite recent underperformance, believing these factors will pivot in their favor once excessive monetary and fiscal stimulus effects abate. | View | |
| 2023 Q3 | Mar 10, 2023 | Ariel Global Fund | 6.9% | 0.0% | BAP, BOLSF, GSK, ML.PA, RHHBY, VZ | Banking, Defensive, global, Pharmaceuticals, Telecom, value | Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund continues to focus on finding mispriced stocks where valuation is attractive, profitability less vulnerable and balance sheets remain strong. | BOLSAA.MX ROG.SW AD8 AU|ARB AU|BAP AU|CAT AU|DHG AU|PME AU|PNI AU|RDX AU|TNE AU BVZN SW ML.PA GSK.L |
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| 2022 Q3 | Jan 12, 2022 | Aristotle International Equity Fund | 10.5% | 13.3% | CCO CN, DBS SP, GSK, SONY | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Pzena International Value ADR strategy | GSK plc | Health Care | Pharmaceuticals | Bull | London Stock Exchange | healthcare, HIV treatment, pharmaceuticals, pipeline, Specialty Medicine, UK, undervalued, vaccines, Value | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Myriam Alvarez | GSK plc | Health Care | Drug Manufacturers - General | Bull | 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. | ||||||||