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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 3, 2025 | McIntyre Partnerships | -2.1% | -18.9% | FTRE, HAYW, LESL, MDRX, SEG, SHC, STHO, SWIM | Concentration, healthcare, small caps, special situations, value, volatility | The fund focuses on small cap value and special situations, specifically targeting off-the-run situations in lesser-followed areas of the market. Small cap special situations significantly underperformed in H1 2025, with median decline of -15% among sub-$5B market cap companies that underwent spinoffs in the last three years. | SEG SHC SEG SHC |
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| 2025 Q1 | May 13, 2025 | McIntyre Partnerships | -17.1% | -17.1% | BWA, FTRE, GTX, HAYW, LESL, MDRX, SEG, SHC, STE, STHO, SWIM | Concentration, Healthcare Software, small caps, special situations, value | The fund focuses on concentrated special situations that are often complex, with a benchmark of Russell 2000 Value. The manager emphasizes idiosyncratic ideas with strong catalysts that should be less at the whims of macro forces over time. | MDRX |
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| 2022 Q1 | Apr 15, 2022 | Kovitz Core Equity | -4.9% | -4.9% | HAYW, J, SPOT | - | View | ||
| 2026 Q1 | Apr 12, 2026 | FMI All Cap Equity | - | - | BKNG, CARR, FBHS, FERG, FLR.MC, HAYW, HURN, HWDN.L, IMCD.AS, LPX, MAS | AI, Cyclical, defense, energy, Geopolitical, Housing, Quality, value | IMCD.AS BKNG HURN |
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| 2026 Q1 | Apr 12, 2026 | FMI International Equity | - | - | BKNG, CARR, FBHS, FERG, FLU.MC, HAYW, HURN, HWDN.L, LPX, MAS | AI, Consulting, defense, energy, Geopolitical, Housing, Quality, value | IMCD.AS BKNG HURN |
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| 2026 Q1 | Apr 12, 2026 | FMI Large Cap Equity | - | - | BKNG, CARR, FBHS, FERG, FLR.MC, HAYW, HURN, HWDN.L, IMCD.AS, LPX, MAS | AI, Building Materials, defense, energy, Geopolitical, Quality, Travel, value | IMCD.AS BKNG HURN |
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| 2026 Q1 | Apr 12, 2026 | FMI Small Cap Equity | - | - | BKNG, CARR, FBHS, FERG, FLR.PA, HAYW, HURN, HWDN.L, IMCD.AS, LPX, MAS | AI, contrarian, defense, energy, Geopolitical, Housing, Quality, value | View | ||
| 2024 Q4 | Feb 3, 2025 | McIntyre Partnerships | -5.6% | 0.0% | CC, GTX, HAYW, LESL, MDRX, OSW, SAFE, SEG, SHC, SPHR, STHO, SWIM | Automotive, Concentration, Cyclical, Litigation, real estate, small cap, value | Pool market at cyclical lows similar to Great Financial Crisis with pool starts at 6% of single-family home starts versus historical 11% average. Pool construction highly correlated with residential construction and R&R spending which shows early signs of recovery. | STHO GTX SHC |
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| 2024 Q4 | Dec 31, 2024 | FMI Small Cap Equity | -7.0% | 11.0% | ARMK, ARW, BJ, G, GTES, HAYW, HLI, HSIC, IPG, RHI, SKX, SSD | consumer, industrials, Quality, small caps, technology, value | IPG HAYW |
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| 2023 Q3 | Oct 15, 2023 | Madison Small Cap Fund | 6.3% | 17.2% | AWI, AXS, BBCP, CC, CSL, EHC, ENTG, FROG, GOGO, HAYW, MGNI, MODN, NEWR, OLLI, OLN, OSW, PRMW, PTC, RADI, SUM, WSC | interest rates, Quality, Recession, Russell 2000, small caps, value | Fund focuses exclusively on small cap investments with historically low valuations relative to large caps providing significant opportunity. Managers believe small caps continue to lag large caps but see this as creating attractive entry points. | HAYW FROG OLLI MDLZ MGNI GOGO |
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| 2025 Q3 | Oct 14, 2025 | Madison Small Cap Fund | -1.6% | -6.6% | AXS, BOX, CIEN, CMN, CRL, CSL, EHC, ENTG, EXP, FORM, GMS, HAYW, HQY, HXL, KN, SAIA, SHAK, SMG, SMPL, WSC | aerospace, AI, Construction, Quality, small caps, underperformance, value | AI continues to be the dominant theme driving much of the Russell 2000's performance, particularly in technology stocks. The manager expresses skepticism about AI disruption fears in software, noting that 60% of AI answers are incorrect and 95% of enterprise AI projects are failing. They view fears about AI replacing critical software applications as vastly overblown. | CRL EXP HXL |
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| 2025 Q4 | Jan 11, 2026 | FMI All Cap Equity | - | - | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, Capex, Quality, small caps, technology, value | AI has driven massive market concentration with 42 AI-related stocks representing 45% of S&P 500 market cap and accounting for 78% of returns since ChatGPT launched. The top five hyperscalers are expected to spend over $500 billion on capex this year alone, with capex-to-revenue reaching 29% in aggregate by 2026. FMI questions whether the enormous capital spending will generate attractive returns and warns of potential bubble conditions similar to the 2000 tech crash. FMI emphasizes their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. Quality has underperformed low-quality sharply in 2025, particularly in small caps where money-losing companies have dominated. Despite recent headwinds, Quality Value's long-term relative outperformance is unmistakable and offers superior downside protection during market downturns. The firm maintains a value orientation, tracking Quality Value versus other gradients including cheap stocks and junky value. They believe buying advantaged businesses at discount valuations is a winning formula, though value has faced headwinds in the current junk rally environment where low-quality stocks have outperformed significantly. | View | |
| 2025 Q4 | Jan 11, 2026 | FMI International Equity | - | - | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | AI has had a staggering impact on global stock markets, with 42 AI-related stocks representing 45% of S&P 500 market cap and accounting for 78% of returns since ChatGPT launched. However, FMI questions whether the enormous capital spending will generate attractive returns, citing OpenAI's unsustainable economics and hyperscalers' 29% capex-to-revenue ratios. FMI emphasizes their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. Quality has underperformed in the current junk rally, but historically provides superior downside protection and long-term outperformance through economic cycles. Quality Value (cheap stocks that rank high on quality metrics) has demonstrated long-term relative outperformance despite recent headwinds. FMI believes buying advantaged businesses at discount valuations creates margin of safety and superior risk-adjusted returns over time. | View | |
| 2025 Q4 | Jan 11, 2026 | FMI Large Cap Equity | 0.0% | 0.0% | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | AI-related companies continued to dominate markets in 2025, with 42 AI stocks representing 45% of S&P 500 market cap and accounting for 78% of returns. The top five hyperscalers are expected to spend over $500 billion on capex this year, with capital intensity reaching 29% of revenue by 2026. FMI questions whether the enormous capital spending will generate attractive returns and warns of potential downside risks similar to the 2000 tech bubble. High-quality businesses have underperformed low-quality sharply in 2025, despite outperforming over the long run. FMI maintains their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. They believe quality value investing offers superior downside protection during market downturns and creates a powerful compounding effect over time. Small cap active managers have struggled to keep pace during the junk rally, with companies that lose money, have low ROE, or are high beta dominating since April 2025. The Russell 2000 gained 12.81% in 2025, but quality has been a meaningful laggard as investors extended out along the risk curve and were rewarded for taking on more speculative positions. | View | |
| 2025 Q4 | Jan 11, 2026 | FMI Small Cap Equity | 0.0% | 0.0% | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | AI has driven massive market concentration with 42 AI-related stocks representing 45% of S&P 500 market cap and accounting for 78% of returns since ChatGPT launched. The capital intensity of hyperscalers is reaching 29% capex-to-revenue by 2026, raising questions about return generation. FMI sees long-term potential but questions whether enormous capital spending will generate attractive returns. Quality businesses have underperformed significantly in 2025 as investors favored low-quality junk rally stocks. FMI maintains focus on businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. Quality Value has demonstrated superior long-term performance despite recent headwinds. Small cap markets have been dominated by companies that lose money, have low ROE, or lack sales since April 2025. Active small cap managers have struggled to keep pace during this junk rally environment. FMI continues finding attractive opportunities despite challenging backdrop. | View | |
| 2024 Q3 | Sep 30, 2024 | Heartland Value Plus Fund | 7.9% | 1.5% | GTES, HAYW | Capital Allocation, industrials, rates, self-help, small caps, value | The fund focuses on companies with compelling self-help strategies and strong capital allocation policies that are being rewarded in the current market. The manager emphasizes companies actively taking steps to improve their financial strength, competitive advantage, and operational efficiency rather than simply waiting for sales to improve. | HAYW GTES |
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| 2023 Q3 | Aug 11, 2023 | Jackson Peak Capital | 9.9% | 0.0% | ATVI, EDR, ENZ, HAYW, LESL, NVDA, SAVE, VRT | AI, interest rates, Long/Short, Merger Arbitrage, real estate, special situations, technology | Manager remains bullish on AI tailwind but trimmed exposure during Q3 amid peak optimism. Portfolio retains exposure to names with direct operations in this AI cycle stage. Vertiv contributed significantly as it serves thermal management in rapidly constructed AI data centers. | LESL ATVI MELI|NFLX|ORCL|TCOM|VRTX|YUMC |
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| 2023 Q4 | Aug 2, 2024 | Jackson Peak Capital | 9.9% | 0.0% | ATVI, EDR, ENZ, HAYW, LESL, NVDA, SAVE, VRT | AI, interest rates, Long/Short, Merger Arbitrage, rates, special situations, technology | Manager remains bullish on AI tailwinds but trimmed exposure during Q3 amid peak optimism and market crowding. Portfolio retains exposure to companies with direct operations in the AI cycle, particularly data center thermal management. Will look to add back other AI beneficiaries when positioning is less crowded. | EDR LESL ATVI MELI|NFLX|ORCL|TCOM|VRTX|YUMC |
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| 2023 Q4 | Jan 23, 2024 | The London Company SMID Cap | 9.2% | 9.2% | BR, CABO, DAVA, DECK, HAS, HAYW, MBI, TREX, WTM | consumer discretionary, Quality, rates, small caps, value, volatility | The manager emphasizes quality as the antidote to uncertainty, believing solid company fundamentals will lead to strong risk-adjusted returns in the long run. Portfolio characteristics remain attractive and well-positioned for an uncertain future. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM CABO ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AER|AWI|MUSA|NEU|SAIA|WTM TREX DECK KAMBI SS |
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| 2023 Q4 | Jan 16, 2024 | Liberty Park Capital Management | 7.1% | 2.5% | AMWD, BELFB, BLN.TO, BLND, BXC, CMT, COHR, GPI, HAYW, HCC, HQI, INTT, ITI, KBR, KOP, KRT, LMB, TGLS, TH, VSH | Construction, industrials, Long/Short, rates, semiconductors, small caps, value | Small-cap stocks have been underperforming larger ones for the second longest stretch since the 1930s. The forward P/E for the S&P Small Cap 600 is now 13x, compared to 19x for the S&P 500 and 32x for the Magnificent 7. Historical analysis shows that after similar periods of underperformance, small caps outperformed large caps by 22.2%, 10.5%, and 9.8% annually over subsequent 1, 3, and 5-year periods. | INTT |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Madison Small Cap Fund | Hayward Holdings Inc. | Industrials | Building Products | Bull | NYSE | Building Products, cash flow, duopoly, Housing recovery, pool equipment, recurring revenue, Repair and Remodel | View Pitch |
| Apr 13, 2026 | Fund Letters | FMI Small Cap Equity | Hayward Holdings Inc. | Consumer Discretionary | Leisure Products | Bull | NYSE | barriers to entry, Consumer Discretionary, contrarian, Cyclical, Manufacturer, pool equipment, Pricing power, Repair Replacement, Residential | View Pitch |
| Apr 13, 2026 | Fund Letters | Heartland Value Plus Fund | Hayward Holdings | Industrials | Building Products | Bull | NYSE | aftermarket, Building Products, Cyclical Recovery, Housing, margin expansion, oligopoly, Operational Leverage, pool equipment | View Pitch |
| Jan 28, 2026 | Fund Letters | Jonathan T. Bloom | Hayward Holdings, Inc. | Industrials | Building Products | Bull | New York Stock Exchange | Cyclicality, Installedbase, Margins, Pricingpower, recovery | 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. | ||||||||