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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 10, 2026 | FPA Source Capital | 4.3% | 18.4% | ADI, CRM, GOOGL, IFF, META, MSFT, MTN, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY | Balanced, credit, private credit, Quality, small caps, value | The fund emphasizes being 'value aware' and focuses on finding rare cases where both quality and value intersect. They regularly search the 52-week low list for potential opportunities rather than momentum plays. The managers believe the investment community is casting its gaze away from various market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. The fund is actively investing in global securities with lower market capitalizations, believing these offer attractive opportunities that are being overlooked. They note there may be a shrinking pool of active investors with the interest and resources to conduct in-depth research on lower market-cap names. Source has 25.9% committed to private credit including called and uncalled capital as of quarter-end. The managers continue to look for opportunities to increase that exposure, viewing private credit as an attractive asset class for the fund's balanced strategy. The fund is responding to historically low credit spreads by reducing exposure to high yield and other lower-rated debt. They believe current spreads offer insufficient compensation for credit risk and increase the risk of permanent impairment of capital. The managers are downside-focused and do not share the market's optimism needed to justify such low spreads. | MSFT MTN IFF SAF FP TEL |
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| 2025 Q3 | Nov 27, 2025 | FPA Source Capital | 4.6% | 13.5% | C, GOOG, IFF, JDE GR, KMX | CashFlow, credit, Quality, Spreads, value | Source Capital stresses valuation discipline in both equities and credit amid stretched spreads and crowding in risk assets. The fund favors businesses demonstrating margin resilience, free-cash-flow visibility, and improving returns on capital. Credit markets price perfection, offering little compensation for impairment risk at historically low spreads. | KMX IFF |
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| 2025 Q3 | Oct 31, 2025 | FPA Crescent Fund | 5.5% | 14.1% | C, GOOG, IFF, JDE GR, KMX | Compounding, diversification, equities, Quality, value | FPA Crescent continues its flexible value approach across equities and credit, balancing defensive positioning with selective growth exposure. The fund maintained holdings in global franchises like Alphabet and Meta while highlighting opportunities in undervalued cyclicals like Citigroup and CarMax. Its disciplined research-driven framework aims to deliver risk-adjusted returns through diverse market environments. | View | |
| 2025 Q4 | Jan 29, 2026 | FPA Crescent Fund | 3.1% | 17.7% | ADI, AMZN, AVTR, BDX, C, CHTR, CMCSA, CRM, GOOGL, HEIA.AS, IFF, JEF, KMX, META, MSFT, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY | AI, global, healthcare, Quality, small caps, technology, value | The fund emphasizes being value aware, focusing on cases where both quality and value intersect. They avoid speculative areas where reward for taking risks is insufficient relative to potential returns. The strategy has generated equity-like returns while placing equal importance on capital preservation and appreciation over 30 years. The fund is actively investing in small to mid-cap global securities, believing the investment community is casting its gaze away from these market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. Recent purchases demonstrate their commitment to this thesis. The fund discusses AI extensively through Microsoft's transformation and growth prospects. They analyze how AI/cloud developments transformed Microsoft's business model and examine the massive revenue growth required for current AI valuations to make sense, questioning whether Microsoft can add revenue equivalent to multiple major software companies combined. | MSFT |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Mark Landecker | International Flavors & Fragrances Inc. | Materials | Specialty Chemicals | Bull | New York Stock Exchange | cashflow, deleveraging, divestitures, Governance, Ingredients, leverage, Margins, Multiples, turnaround | View Pitch |
| Dec 5, 2025 | Fund Letters | Mark Landecker | International Flavors & Fragrances Inc. | Materials | Materials | Bull | NYSE | cashflow, deleveraging, Ingredients, Margins, restructuring, specialty, turnaround, valuation | View Pitch |
| Sep 10, 2025 | Seeking Alpha | Seeking Alpha | International Flavors & Fragrances Inc. | Specialty Chemicals | Neutral | asset sales, balance sheet, financial targets, industry challenges, International Flavors & Fragrances, management strategy, market skepticism, operational resilience, specialty chemicals, stock re-rating | 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $2.5B | 1.32% | 36,401,042 | -571,596 | -1.55% | 11.4974% |
| Mark A. Hillman | Hillman Value Fund | $158.9M | $5.1M | 3.22% | 76,031 | -3,233 | -4.08% | 0.0240% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $1.4M | 0.00% | 20,400 | -36,000 | -63.83% | 0.0064% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $1.2M | 0.00% | 17,800 | -414,538 | -95.88% | 0.0056% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $258,306 | 0.00% | 3,833 | -554 | -12.63% | 0.0012% |
| Israel Englander | Millennium Management LLC | $233.2B | $269,560 | 0.00% | 4,000 | -2,000 | -33.33% | 0.0013% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $3.3M | 0.07% | 48,800 | -68,200 | -58.29% | 0.0154% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $69.6M | 0.06% | 1,032,069 | +28,287 | +2.82% | 0.3260% |
| Cliff Asness | AQR Capital Management | $190.6B | $165.4M | 0.09% | 2,454,839 | +743,685 | +43.46% | 0.7754% |
| Oliver Murray | Brandes Investment | $13.1B | $70.3M | 0.54% | 1,043,352 | +219,716 | +26.68% | 0.3295% |
| Mario Gabelli | GAMCO Investors | $10.4B | $6.2M | 0.06% | 92,654 | -5,404 | -5.51% | 0.0293% |
| Carl Icahn | Icahn Capital Management | $8.4B | $288.1M | 3.41% | 4,275,000 | -475,000 | -10.00% | 1.3503% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $13.1M | 0.04% | 194,359 | +53,381 | +37.86% | 0.0614% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $1,011 | 0.00% | 15 | -14 | -48.28% | 0.0000% |