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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 21, 2025 | McElvaine Value Fund | - | -4.0% | AIM.TO, CFP.TO, FIH.TO, GUD.TO, HHH, J36.SI, M04.L, MXG.TO, ONEX.TO, PSK.TO, WINT, XCO | Canada, discount, energy, NAV, private equity, small cap, value | Manager emphasizes sticking with the 'dregs of value' approach, focusing on cheap reasonably financed companies with aligned owner/operators. All holdings are trading at significant discounts to NAV with strong balance sheets and insider ownership. | GUD CN MPX CN AIM CN ONEX CN CFP CN HHH FIH CN PSK CN |
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| 2025 Q2 | Aug 20, 2025 | Pershing Square Holdings | - | 15.5% | AMZN, BN.TO, CMG, FMCC, FNMA, GOOGL, HHH, HLT, HTZ, NKE, QSR, UBER, UMG.AS | AI, E-Commerce, large cap, Music, technology, Travel, value | Amazon's AWS cloud business is well-positioned to capitalize on AI-driven growth with customer demand for AI compute far exceeding supply. Alphabet's AI leadership is evident through AI Overviews serving over two billion users and strong performance across its consumer app portfolio with AI-powered features. | View | |
| 2025 Q2 | Jul 18, 2025 | Seven Corners Capital | - | 11.0% | ACT, CART, COOP, GNW, HHH, PSHZF, RFIN, RKT, SD, TPB | Compounding, concentrated, discount, energy, financials, technology, value | Turning Point Brands benefits from steady, high-quality compounding business model via Zig-Zag and Stoker's brands, which should benefit from tailwind in long-term decline of traditional cigarettes. Stoker's FRE brand of smokeless tobacco is growing at extremely high rate with Modern Oral sales up nearly 10-times versus prior year. | RKT SD CART GNW TPB PSHZF |
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| 2025 Q2 | Jun 30, 2025 | Mapfre US Forgotten Value Fund | -2.3% | -6.6% | BATRA, GOOGL, HHH, KVUE, LH, MKL, MODG, MSGS, NWSA, QSR, SSNC, TRIP, UBER, WRB | Communication Services, small caps, technology, undervalued, US, value | The fund focuses on companies undervalued by the market, particularly forgotten stocks that may be outside the focus of the investment community. These include companies with complex capital structures, those in temporarily out-of-favor sectors, or smaller capitalization companies followed by fewer analysts. | View | |
| 2024 Q1 | May 7, 2024 | Bernzott Capital Advisors – US Small Cap | 8.5% | 8.5% | AROC, EVR, GNTX, HCI, HHH, LANC, MP, PCH, PLXS, VNOM | energy, financials, materials, Quality, small caps, value | Energy holdings were the leading contributor to portfolio returns with Archrock benefiting from robust demand for compression equipment and Viper Energy advancing on improving oil prices and M&A visibility. The manager continues to hold positions in both companies. | PCH |
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| 2025 Q1 | May 17, 2025 | VH Standard Asset Management | - | - | ALTM, ALTR, APO, AZPN, BECN, BRDG, COF, DFS, DNB, EDR, ESGR, HCP, HEES, HHH, HRI, JNPR, JWN, K, PDCO, PLYA, RDFN, RDUS, SWTX, TURN, WBA | Capital markets, M&A, Merger Arbitrage, risk management, volatility | The manager expects M&A activity to pick up significantly, leading to increased overbids and excess returns. Current environment shows minimal overbids, quiet go-shops, and subdued optimism, but historical patterns suggest this will revert to more competitive conditions similar to the 1980s merger boom. | View | |
| 2025 Q1 | Apr 2, 2025 | LVS Advisory – Growth | 0.3% | 0.3% | HHH, ICLR, MEDP | activism, Cro, real estate, risk management, value | Manager discusses the contract research organization business model through investments in Icon and Medpace. Icon pursued aggressive M&A strategy to serve large pharma while Medpace focuses on small biotech companies. Research revealed that serving small biotech companies is a better model than working with large pharma as a CRO. | ICLR HHH |
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| 2025 Q1 | Apr 2, 2025 | LVS Advisory – Event Driven | 0.8% | 0.8% | HHH, ICLR, MEDP | activism, Cro, Event Driven, real estate, risk management | Howard Hughes Corp owns master planned communities across the United States, which are large-scale residential developments that integrate commercial spaces and recreational facilities. The company's flagship MPC is The Woodlands in Houston, Texas. | ICLR HHH |
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| 2025 Q4 | Feb 11, 2026 | Pershing Square Holdings | -5.4% | 20.9% | AMZN, BN, CMG, FMCC, FNMA, GOOG, HHH, HLT, HTZ, META, NKE, QSR, UBER, UMG.AS | AI, Concentration, growth, megacaps, Performance, Quality, technology, valuation | AI is having a transformative impact across portfolio companies, particularly in search, cloud computing, and digital advertising. Google's AI Overviews reach over 2 billion users globally, while AWS benefits from AI-driven compute demand requiring datacenter capacity doubling through 2027. Meta leverages AI for content recommendation and ad targeting improvements. AWS operates as the leading cloud hyperscaler in a highly concentrated market, growing 20% annually at $140 billion run-rate despite capacity constraints. The planned doubling of datacenter capacity through 2027 is expected to be rapidly absorbed by scaling AI inference workloads. Amazon operates the largest global e-commerce platform enabled by a unique logistics network fulfilling over $700 billion in gross merchandise value annually. The retail business has significant margin expansion opportunity through increasing advertising revenue mix, network density, and automation initiatives. Digital advertising represents a secularly fast-growing space with Meta as the dominant leader serving over 3.5 billion daily active users. AI-driven content recommendation systems and granular consumer behavior visibility enable highly precise ad targeting, making these platforms essential for businesses. Universal Music Group operates as a high-quality, capital-light business benefiting from greater music consumption. Streaming 2.0 deals incorporating wholesale price increases should drive higher subscription revenue growth, while AI partnerships with new platforms create additional monetization opportunities. Uber demonstrates strong momentum with 19% bookings growth and accelerating user engagement reaching new all-time highs. The company is positioned for continued teens-plus bookings growth and 30%+ earnings growth while expanding autonomous vehicle operations across 10+ cities by end of 2026. | CMG HHH QSR HTZ FNMA META GOOG AMZN UBER BN |
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| 2024 Q4 | Feb 11, 2025 | Pershing Square Holdings | - | 10.2% | BN, CMG, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, NKE, QSR, UBER, UMG.AS | activism, Alternative Assets, Concentration, consumer, Hospitality, Music, technology, Transportation | Alphabet's underappreciated leadership in AI drove impressive business results in 2024. Early results from integration of AI Overviews in Search have been highly encouraging with users searching more frequently. Step-function improvements in cost per AI query down 90% over 18 months enabled rollout to over 1 billion users in more than 100 countries. | View | |
| 2024 Q4 | Dec 31, 2024 | Seven Corners Capital | - | 17.0% | ACT, CART, GNW, HHH, PSHZF, SD, TPB | activism, discount, energy, NAV, value | Portfolio focuses on companies trading at discounts to intrinsic value, including NAV discounts and sum-of-the-parts situations. Multiple holdings trade below their fundamental worth based on asset values. | CART SD GNW TPB PSHZF |
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| 2024 Q4 | Dec 31, 2024 | Clark Street Value | - | -6.4% | ACR, ALVR, ATHA, AVTE, CKX, CMCT, EHAB, ENZ, EPIX, GRBK, HHH, HLVX, HMST, IKNA, INBX, LMNR, MREO, PARR, SEG | Biotechnology, Liquidations, M&A, real estate, special situations, spinoffs, value | Multiple SPAC-related investments including reverse merger situations where biotech companies are merging with private entities. These transactions often include special dividends, CVRs, and oversubscribed PIPEs that can create value for existing shareholders. | View | |
| 2024 Q3 | Nov 20, 2024 | McIntyre Partnerships | 14.7% | 6.0% | CC, GTX, HHH, LESL, MDRX, OSW, SEG, SHC, SPHR, STHO | Concentration, real estate, small caps, spinoffs, value | Manager discusses SEG as a bad bank spin from Howard Hughes Holdings, where troubled assets are spun off creating indiscriminate selling and bargain valuations. The spin dynamics created selling pressure from HHH shareholders who lacked mandate for smaller companies. | SEG |
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| 2024 Q3 | Oct 16, 2024 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | BATRA, CNX, DOLE, GHC, GRUMA, H, HHH, HOUS, IMKTA, KODK, LLYVA, LMCA, MAT, OSCR, PCH, PK, SAM, WEST, WMT | Buybacks, Coffee, healthcare, Natural Gas, real estate, small caps, value | Fund focuses on small-cap stocks with 19 holdings and P/V ratio in low-70s%. Manager welcomes volatile small-cap environment that presents attractive opportunities to enhance portfolio with undervalued, high-quality businesses. Holdings consist of competitively advantaged businesses with strong balance sheets. | WEST HOUS CNX OSCR |
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| 2025 Q4 | Jan 18, 2026 | Seven Corners Capital | 0.0% | 35.0% | ACT, CART, GNW, HHH, PSHZF, RKT, SD, TPB | concentrated, discount, energy, Mortgage, NAV, Tobacco, value | The portfolio demonstrates a value investing approach with concentrated positions in companies trading at discounts to intrinsic value. Holdings like PSHZF trade at significant discounts to NAV, while GNW trades at a discount to its sum-of-the-parts valuation. Turning Point Brands represents a significant position focused on smokeless tobacco products including Zig-Zag and Stoker's brands. The company's Modern Oral segment grew 627.6% year-over-year, with the FRE brand showing extremely high growth rates. Multiple holdings have mortgage exposure including Genworth Financial through its 80% ownership of Enact Holdings (private mortgage insurance) and Rocket Companies' mortgage origination and servicing business following acquisitions of Redfin and Mr Cooper. Sandridge Energy represents the largest energy holding, positioned for potential oil and natural gas price recovery. The thesis centers on secular decline in drilling combined with inflation supporting carbon-based energy prices going forward. | RKT SD CART GNW TPB PSHZF |
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| 2024 Q2 | Jun 30, 2024 | Mapfre US Forgotten Value Fund | -3.1% | 6.0% | BAC, BATRA, GOOGL, HHH, IAC, LEVI, LH, MKL, MODG, MSGS, NWSA, UBER, WBD | Forgotten, small caps, undervalued, US, value | The fund focuses on companies undervalued by the market, particularly those outside the investment community's focus. These include companies with complex capital structures, enterprises in temporarily out-of-favor sectors, and lower capitalization companies followed by fewer analysts. | View | |
| 2023 Q4 | Mar 22, 2024 | Pershing Square Holdings | 0.0% | 6.3% | CMG, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, LOW, QSR, UMG.AS | Concentration, Engagement, Long Term, Quality, value | Alphabet faced concerns about AI capabilities and competitive positioning, particularly around its Gemini chatbot rollout which displayed biased responses. However, Google has industry-leading AI infrastructure, training data access, and technical expertise that position it well for AI commercialization despite early missteps. | View | |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Small-Cap Fund | -1.6% | 9.7% | BATRA, CNX, DOLE, GHC, GRUMA.MX, HHH, HOUS, KODK, LLYVA, MAT, OSCR, PCH, PK, WEST, WTM | Buybacks, Cash, Concentration, Natural Gas, small cap, Trump, value | Fund operates with concentrated value investing approach, holding 18 positions at high-60s% price-to-value ratio and 11x price/earnings power multiple. Portfolio grouped into companies where value per share growth has turned the corner (75%), those expected to turn within 18 months (15%), and recent additions. Management emphasizes fundamental appraisal-driven research and patient capital deployment. | GRUMAB WEST HOUS GHC KODK LLYVA OSCR CNX |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | LVS Advisory - Growth | Howard Hughes Corp | Real Estate | Real Estate Development | Bear | NYSE | Activist Situation, asset value, Governance Risk, Master-Planned Communities, real estate development, risk management, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | LVS Advisory - Event Driven | Howard Hughes Corp | Real Estate | Real Estate Development | Bear | NYSE | activist investor, divestiture, Governance Risk, management control, Master-Planned Communities, net asset value, Real Estate, Value | View Pitch |
| Feb 21, 2026 | Fund Letters | Bill Ackman | Howard Hughes Holdings Inc. | Real Estate | Real Estate Development | Bull | New York Stock Exchange | cashflow, diversification, holding_company, real_estate, transformation | View Pitch |
| Jan 22, 2026 | Twitter / X | @marginofdanger | Howard Hughes Holdings Inc. | Financials | Real Estate Operating Companies | Bull | New York Stock Exchange | Ackman, Changes Shareholder, Equity raise, Fee, Hhh, NAV, Raise, Shareholder Base | View Pitch |
| Jan 8, 2026 | Fund Letters | Tim McElvaine | Howard Hughes Holdings Inc. | Real Estate | Real Estate Development | Bull | New York Stock Exchange | Catalyst, development, land, NAV, realestate | View Pitch |
| Aug 7, 2025 | Seeking Alpha | The Insiders Forum | Howard Hughes Holdings Inc. | Real Estate | Real Estate - Diversified | Neutral | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Donald G. Smith | Donald Smith & Co. | $5.3B | $81.4M | 1.53% | 1,020,969 | -65,226 | -6.00% | 1.6472% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $14.5M | 0.03% | 181,443 | -85,459 | -32.02% | 0.2927% |
| Israel Englander | Millennium Management LLC | $233.2B | $7.7M | 0.00% | 96,153 | +14,695 | +18.04% | 0.1551% |
| Murray Stahl | Horizon Kinetics | $7.4B | $23.4M | 0.32% | 293,360 | -12,888 | -4.21% | 0.4733% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $4.2M | 0.01% | 52,912 | -40,275 | -43.22% | 0.0854% |
| Cliff Asness | AQR Capital Management | $190.6B | $14.3M | 0.01% | 179,664 | +95,388 | +113.19% | 0.2899% |
| Mario Gabelli | GAMCO Investors | $10.4B | $402,041 | 0.00% | 5,040 | -2,378 | -32.06% | 0.0081% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $682,795 | 0.08% | 9,217 | -948 | -9.33% | 0.0138% |
| Bill Ackman | Pershing Square Capital Management | $15.5B | $1.5B | 9.69% | 18,852,064 | +0 | +0.00% | 30.4150% |
| Rich Handler | Jefferies | $19.3B | $251,355 | 0.00% | 3,151 | +3,151 | +100.00% | 0.0051% |