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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Aug 9, 2023 | The Olstein Strategic Opportunities Fund | - | - | AMZN, AVTR, BAX, CSCO, CW, DAL, DE, DIS, DOV, FIS, GNRC, GOOGL, IFF, KFY, KLIC, META, NFLX, ORCL, TGT, USB, WESCO | Banking, discount, Entertainment, free cash flow, fundamentals, technology, value | The fund emphasizes buying companies at significant discounts to intrinsic value based on normalized future free cash flow. The manager believes current negative sentiment has created opportunities to purchase good companies whose stock prices have fallen to levels that no longer accurately represent their future fundamentals. | CSCO DIS |
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| 2025 Q2 | Aug 10, 2025 | FPA Crescent Fund | 8.4% | 8.1% | 7974.T, ADI, AMRZ, AMZN, C, CMCSA, GLEN.L, GOOGL, HEIO.AS, HOLN.SW, ICLR, IFF, META, NXPI, SAF.PA, TEL | Defensive, global, risk management, SMID Cap, value, volatility | Valuations remain above average, partly justified by lower-than-average interest rates. US companies continue to trade more expensively relative to their historical average and when compared to those based outside the US. Large-capitalization stocks, particularly those that are growthier, have captured the minds and wallets of investors and now trade at unusually high valuations. | View | |
| 2026 Q1 | May 6, 2026 | Icahn Enterprises L.P. | -8.2% | -8.2% | AEP, CTRI, CVI, CZR, IFF, SATS, UAN | Automotive, energy, Fertilizers, Investment, real estate, Refining, Utilities | View | ||
| 2024 Q1 | May 10, 2024 | FPA Crescent Fund | 3.7% | 12.8% | 3659.T, 9988.HK, ADI, AMZN, AON, AVGO, C, CHTR, CMCSA, FERG, GBLB.BR, GOOGL, HLF, HOLN.SW, IFF, JDEP.AS, JEF, KMX, META, TEL | global, Opportunistic, Quality, value | JDE Peet's is the second largest coffee business in the world, currently navigating challenges including effects of war on Russian business, pandemic impact on out-of-home demand, and massive inflation in coffee prices. Management has struggled with these challenges leading to CEO replacement. | JDEP.AS |
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| 2025 Q1 | Mar 31, 2025 | FPA Crescent Fund | -0.2% | -0.2% | ADI, AON, C, CMCSA, FERG, GLEN.L, GOOG, GOOGL, HEIO.AS, HOLN.SW, ICLR, IFF, JEF, KMI, META, TEL | energy, global, Natural Gas, Valuations, value | The fund spoke to generally high stock valuations, particularly in the US, and took advantage of higher prices by reducing and selling some positions. With fewer appealing opportunities to redeploy capital, the fund's net exposure decreased significantly. | View | |
| 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, CMCSA, GLEN.L, GOOGL, IFF, JDEPY, KMX, PRX, RI.PA, TE | Balanced, credit, equities, global, value | Source has 25.6% committed to private credit including called and uncalled capital as of quarter-end. The fund continues to look for opportunities to increase that exposure. | KMX IFF |
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| 2025 Q3 | Nov 16, 2025 | Bronte Capital Amalthea Fund | - | - | AMZN, CSCO, DSM.AS, GIVN.SW, GOOGL, IFF, MSFT, NVDA, ORCL, REGN, SPX.L, UL | AI, ETFs, European Stocks, Long/Short, Meme Stocks, risk management, Specialty Chemicals | Fund operates a global long/short strategy targeting attractive risk-adjusted returns. Currently experiencing challenges as the strategy faces a hostile market environment where quality stocks are sold to buy speculative investments, causing losses on both sides of the book. | View | |
| 2025 Q3 | Oct 31, 2025 | FPA Crescent Fund | 5.5% | 14.1% | 7974.T, ADI, AMZN, C, CMCSA, FERG.L, GLEN.L, GOOGL, HOLN.SW, IFF, KMX, META, PRX.AS, RI.PA, SAF.PA, TEL, WFC | consumer, financials, global, technology, value | Alphabet continues to enhance its existing search offering with new AI features that have been well-received and are continually evolving. Recent concerns include competitive threats in search, stemming from competing AI models, as well as antitrust scrutiny in the US and Europe. | View | |
| 2024 Q3 | Oct 30, 2024 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AMZN, AON, AVGO, C, CHTR, CMCSA, FBIN, GOOGL, HLF, HOLN.SW, IFF, JDEP.AS, JEF, KMX, META, RI.PA, SATS, TEL, VYX | Diversified, global, Long/Short, Opportunistic, risk management, value | JDE Peet's stock has declined over the past twelve months despite largely stable earnings. Record-high coffee bean prices and headwinds from the company's Russia business have led investors to view the glass as half-empty. The fund is hopeful that new management will prove up to the task of making entrepreneurial and cost-efficient investments to reinvigorate growth and put JDE Peets in a position to benefit from its position as the world's second-largest consumer coffee company. | View | |
| 2025 Q3 | Oct 24, 2025 | Titan Wealth | - | - | AAPL, ALB, AU, CRWD, GIVN.SW, GOOGL, HLN.L, HON, IBKR, IFF, JPM, LHX, MELI, MSFT, NFLX, NVDA, ORCL, PFE, SFM, SQM | AI, Asia, cybersecurity, defense, emerging markets, Global Equities, infrastructure, technology | AI continues to dominate headlines and balance sheets, driving productivity gains and entirely new business models. The sector has grown faster than expected, with AI-driven infrastructure stocks leading performance. Oracle announced a $300bn order from OpenAI for compute capacity, while Nvidia unveiled major collaborations worth $100bn. | 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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| 2024 Q3 | Sep 30, 2024 | Hillman Value Fund | - | - | BMY, CPB, DD, DIS, IFF, NKE, PFE, T, USB, WBD | Communications, financials, healthcare, industrials, technology, value | The fund pursues investment in enterprises which they believe possess sustainable competitive advantages, coupled with adherence to fundamentally sound valuation discipline. The long-term pursuit of outperformance requires variability around the index, which necessarily includes periods of underperformance. | View | |
| 2023 Q3 | Sep 30, 2023 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AIG, ATVI, AVGO, CHTR, CMCSA, GOOGL, HLF, HOLCIM, IFF, JEF, KMX, META, NFLX, SBNY | credit, Long/Short, Multi Asset, risk management, value | Credit exposure increased during the quarter. While high-yield bonds do not look as attractive as they did earlier in the year, the fund continues to search for opportunities that meet their risk/reward criteria. | View | |
| 2024 Q2 | Jul 31, 2024 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AMZN, AON, C, CHTR, CMCSA, ENT.L, GOOGL, HOLN.SW, IFF, JEF, KMX, META, MSFT, NVDA, TEL | Concentration, growth, large cap, Quality, risk management, value | The fund emphasizes value investing philosophy, noting that value managers have struggled significantly over the past decade with Value underperforming Growth by substantial margins. Many investors have capitulated and fired their Value managers, with some converting to Growth strategies. | KMX CHTR C HOLN.SW |
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| 2023 Q2 | Jul 31, 2023 | Third Point Offshore Fund | 1.1% | -3.0% | 9988.HK, AMZN, BBWI, CRM, CSTM, DD, DHC, DHR, FIS, FYBR, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG, PNC | activism, credit, Equity, Long/Short, Structured | View | ||
| 2023 Q2 | Jul 31, 2023 | Third Point Partners | 3.9% | 14.0% | AMZN, BABA, BBWI, CRM, DD, DHR, FIS, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG | activism, credit, Hedge Fund, Long/Short, Structured Credit | View | ||
| 2023 Q4 | Jan 31, 2024 | FPA Crescent Fund | 3.7% | 12.8% | AMZN, AVGO, FE, GOOGL, HOLN.SW, IFF, META | Concentration, global, large cap, Quality, technology, Valuations | A small number of mega-cap companies drove stock prices last year. The Magnificent Seven stocks ended the year with an aggregate market cap of almost $12 trillion, more than the U.K., Canadian, and Japanese stock markets combined. Their 111% return in 2023 accounted for approximately 75% of the 26.3% total return in the S&P 500. | View |
| 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||