IPG

IPG

IPG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 8, 2025	Rodrigo Benedetti	-	-	EVO.ST, IPG, RXST, WPP	AI, gaming, healthcare, Medical Devices, regulation, tariffs, technology, volatility	Manager believes AI content creation tools are becoming very good and accessible, creating a threat to traditional advertising companies. AI is disrupting ad creative generation which represents a $100BN profit pool, with companies like IPG and WPP vulnerable to margin compression as AI tools become widespread.	EVO.ST RXST EVO SS RXST	View
2025 Q2	Jul 17, 2025	Ariel Fund	7.0%	-	ATGE, CLB, IPG, KMT, LESL, MAS, NTRS, SJM, SPHR	AI, Education, Entertainment, small caps, SMID Cap, tariffs, value	The fund maintains a bottom-up conviction in undervalued businesses rather than macroeconomic prognostication. Small cap stocks are trading at their biggest discount to large cap shares since the dot-com boom, presenting attractive opportunities.	LESL SJM CLB NTRS ATGE SPHR LESL SJM CLB NTRS ATGE SPHR	View
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	View
2024 Q4	Dec 31, 2024	Oakmark Global Fund	-5.8%	2.5%	A, BAYRY, BDX, CAP.PA, CNC, COF, DSV.CO, DTG.DE, ELV, GM, GOOGL, IPG, MTN	consumer discretionary, Europe, financials, global, healthcare, Restructuring, value	The industry faces headwinds due to mismatches between reimbursement rates and medical costs, but this is expected to prove transitory. Changes to pricing and plan designs will help realign profit trends over time, though a return to normal profitability will take a few years.	MTN ELV DSV.CO BDX BAYRY COF	View
2024 Q4	Dec 31, 2024	Ariel Appreciation Fund	-0.5%	6.3%	AAPL, AMZN, CG, GOOGL, GS, IPG, META, MSFT, MSGE, NTRS, NVDA, OMC, SWK, TSLA, WBA	Deregulation, discount, Election, financials, mid cap, value	The fund focuses on investing in companies trading at significant discounts to private market value estimates. Multiple holdings including MSGE and CG are described as trading at healthy discounts to intrinsic value.	WBA IPG MSGE SWK CG NTRS GS	View
2023 Q3	Nov 10, 2023	Distillate Capital Fundamental Stability & Value	0.0%	16.0%	005930.KS, 036570.KS, 6857.T, AAP, AMGN, AMP, AN, AON, AVGO, AVY, BABA, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, MPC, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, VSCO	free cash flow, large cap, Leverage, Quality, selectivity, small cap, value	Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels.		View
2023 Q3	Nov 10, 2023	Distillate Capital International	0.0%	10.9%	036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO	free cash flow, international, Quality, risk management, selectivity, value	Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% free cash yield compared to 4.9% for the S&P 500.		View
2023 Q3	Nov 10, 2023	Distillate Capital Large Cap Value	0.0%	19.7%	036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO	Credit Stress, free cash flow, large cap, Mega Caps, risk management, selectivity, value	Manager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels.		View
2023 Q3	Oct 21, 2023	FMI All Cap Equity	-1.8%	11.2%	005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN, SYY, VVV, ZION	China, Concentration, defensives, Europe, small caps, value	FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with U.S. Small Caps and European valuations at significant discounts.	CCEP SYY VVV	View
2023 Q3	Oct 21, 2023	FMI International Equity	-7.4%	2.7%	005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION	China, Concentration, defensives, international, small caps, value	FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading at historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to benchmarks while investing in above-average businesses with strong balance sheets.	CCEP SYY VVV	View
2023 Q3	Oct 21, 2023	FMI Large Cap Equity	-4.0%	10.5%	005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION	Concentration, defensives, Quality, small caps, value	FMI emphasizes value investing opportunities as global value stocks trade near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to core benchmarks while investing in above-average businesses with strong balance sheets.	CCEP SYY VVV	View
2023 Q3	Oct 21, 2023	FMI Small Cap Equity	-0.8%	10.7%	005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION	China, Concentration, defensives, inflation, rates, small caps, valuation, value	FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm expects any reversion to the mean should result in brighter days for value-oriented investors, with attractive relative values outside mega-cap companies.	CCEP SYY VVV	View
2023 Q3	Oct 10, 2023	Oakmark Global Fund	7.5%	0.0%	ALV.DE, AMZN, BC, CHTR, CNHI, COP, CSCO, FLS, GOOGL, IPG, NVST, ORCL, PH, PRU.L, STJ.L, THC	Cloud, global, Networking, software, technology, Telecommunications, value	Oracle's cloud business is showing strong momentum with infrastructure cloud services growing 72% and strategic back office cloud reaching $6.9 billion in run-rate revenue. The company signed several deals greater than $1 billion in total value during the quarter and booked an additional $1.5 billion in the first week of the second quarter.	CSCO ABC ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO STJ.L CHTR	View
2024 Q4	Jan 27, 2025	VH Standard Asset Management	-	-3.9%	ALTM, ALTR, AXNX, CDMO, CTLT, ESGR, GBNY, HCP, HES, INST, IPG, JNPR, JWN, MRNS, PDCO, PTVE, RCM, SMAR, SRCL, SRDX	Antitrust, Deal Flow, M&A, Merger Arbitrage, Regulatory, Trump	The fund experienced significant losses from the CPRI transaction failure in October, with the judge ruling against the merger based on novel antitrust theories about affordable luxury handbags. Despite this setback, the manager notes 33 deals completed between October and year-end with only 4 failures, indicating continued M&A activity in the sector.		View
2025 Q4	Jan 18, 2026	Ariel Appreciation Fund	3.0%	11.1%	CRL, FDS, FISV, GNRC, GNTX, IPG, MSGE, OMC, SPHR	Automotive, Biotechnology, Data centers, Entertainment, Financial Services, mid cap, technology, value	Artificial intelligence continues to drive structural trends contributing to productivity gains and shifting competitive positioning across industries. However, the benefits are unevenly distributed, reinforcing market leadership narrowness and raising questions about performance durability. Live entertainment shows strong consumer demand with Sphere Entertainment's success with The Wizard of Oz and Madison Square Garden Entertainment's robust concert and Christmas Spectacular performance. The sector benefits from continued demand for live experiences and valuable real estate assets. Charles River Laboratories maintains its leadership position in outsourced drug development services despite moderated biotech funding and big pharma budget pressures. The company's scale and capabilities position it well for recovery as nonclinical testing remains essential for pipeline replenishment. Generac Holdings sees significant long-term growth potential in the data center market, benefiting from rising energy needs and artificial intelligence infrastructure expansion. This represents a key growth driver alongside traditional backup power solutions.	OMC FDS GNRC FISV MSGE CRL SCHR	View
2023 Q2	Jun 30, 2023	Ariel Appreciation Fund	9.9%	0.0%	CAH, CBRE, CCL, CG, CRL, GS, IPG, KMT, KMX, LABH, LESL, MAT, MSGE, NCLH, NTRS, PARA, RCL, SCHW, SPHR, SWK	contrarian, Cruises, mid cap, real estate, Recovery, value	Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel for retirees and younger people alike. The vacation and leisure spaces are booming in direct response to the isolating Covid lock downs, with memories having more value than goods for many consumers.		View
2025 Q1	Mar 31, 2025	Polaris Global Equity	4.1%	4.1%	000660.KS, 005930.KS, 066570.KS, ABBV, ALSN, ARW, CFR, CG, CVS, DCOM, DG.PA, DNB.OL, DTE.DE, EBC, ENI.MI, FTK.DE, GILD, HNR1.DE, IAG.L, INCH.L, IPG, LOOM.ST, MEOH.TO, MGA.TO, MKSI, MPC, MSFT, MTB, MUV2.DE, NTRS, NXT.L, OTEX.TO, PFS, PUB.PA, SBH, SDZ, SW, TTE, UTHR, VIPS, WBS, WMB, WSBC	AI, energy, Europe, financials, global, tariffs, technology, Trade	The Trump Administration has initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, with broader-than-expected tariffs causing market volatility. By disrupting natural trade flows, tariffs can lead to reduced economic efficiency and slower global growth.		View
2024 Q1	Mar 31, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AAPL, AMZN, CMCSA, CMS, CNQ, CSCO, EOG, EPD, EWBC, EXC, GILD, GOOGL, IPG, JPM, KO, LAMR, META, MSFT, NTR, NVDA, ORI, STAG, TSLA, TTE, UPS	AI, dividends, energy, growth, income, infrastructure, Utilities, value	High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance driven by market concentration in mega-cap tech stocks with low dividend yields. Manager expects dividend investing revival as market concentration reverses.		View
2024 Q1	Mar 31, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	AAPL, AMZN, CMCSA, CMS, CNQ, CSCO, EOG, EPD, EWBC, EXC, GILD, GOOGL, IPG, JPM, KO, LAMR, META, MSFT, NTR, NVDA, ORI, STAG, TSLA, TTE, UPS	AI, dividends, energy, income, Market Concentration, Utilities, value, volatility	High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses.		View
2024 Q1	Mar 31, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AES, AM, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, HESM, IPG, JPM, KMI, KO, LAMR, LBRT, LNG, MPC, NEE, NTR, OKE, ORI, PAGP, PCG, PEG, POR, SRE, STAG, TMUS, TRGP, TTE, UPS, VST, WM	dividends, energy, income, infrastructure, Midstream, Utilities, value	The letter extensively analyzes dividend investing, arguing that high-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. The manager believes dividend stocks are positioned for a revival as market concentration reverses.		View
2024 Q1	Mar 31, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	AAPL, AES, AM, AMZN, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, GOOGL, HESM, IPG, JNJ, JPM, KMI, KO, LAMR, LBRT, LNG, META, MPC, MSFT, NEE, NTAP, NTR, NVDA, OKE, ORCL, ORI, PAGP, PCG, PEG, POR, QCOM, SRE, STAG, TMUS, TRGP, TSLA, TTE, UPS, VST, WM	AI, dividends, energy, growth, Utilities, valuation	High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses.		View
2023 Q1	Mar 31, 2023	Ariel Fund	12.1%	0.0%	ADTL, AMG, APA, BOKF, BWA, GS, IPG, JLL, LESL, LMT, MAT, MHK, MOS, MSGE, ORCL, PARA, PGR, RCL, SNAP, ZBRA	Banking, Commercial real estate, energy, interest rates, Mid Caps, Regional Banks, small caps, value	Regional banks face significant challenges from deposit flight and commercial real estate exposure following Silicon Valley Bank's collapse. BOK Financial declined 18% amid banking sector stress, though managers believe it remains well-positioned with strong underwriting standards and diversified business model.		View
2023 Q1	Mar 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AMT, CMCSA, CMS, CPT, CSCO, DINO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, LYB, MAA, MMP, MPLX, ORI, POR, PPL, SO, STAG, TRGP, TTE, UPS	Banking, dividends, energy, infrastructure, interest rates, real estate, Recession, Utilities	The firm emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in the Income-Equity Strategy and 7 in the MLP Strategy. They view dividend commitments as signals of management confidence in stable cash flows and believe dividend-paying stocks have historically outperformed with lower volatility.		View
2023 Q1	Mar 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	AMT, CMCSA, CMS, CPT, CSCO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, MAA, MMP, MPLX, ORI, STAG, TTE, UPS	Banking, credit, dividends, infrastructure, interest rates, Recession, Utilities	The fund focuses on dividend-paying companies with a history of dividend increases. Almost half of holdings raised their regular dividend in the first quarter. The fund believes dividend-paying stocks outperformed over the past 30 years with lower volatility.		View
2023 Q1	Mar 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AMT, CMCSA, CMS, CPT, CSCO, EPD, EXR, GILD, GPC, HUN, IPG, KO, LAMR, MMP, MPLX, ORI, POR, STAG, TTE, UPS	Banking, dividends, energy, inflation, infrastructure, interest rates, Midstream, Recession	The firm emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in the Income-Equity Strategy and 7 in the MLP Strategy. They view dividend commitment as a signal of management confidence in stable cash flows and believe dividend-paying stocks have historically outperformed with lower volatility.		View
2023 Q1	Mar 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	CMCSA, CMS, CPT, CSCO, DINO, EXR, GILD, GPC, HUN, IPG, KO, LAMR, MAA, ORI, POR, PPL, SO, STAG, TTE, UPS	Banking, dividends, energy, infrastructure, interest rates, real estate, Recession, Utilities	Miller/Howard emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in Q1 2023. The firm believes dividend commitments signal management confidence in stable cash flows and impose discipline on capital allocation. High-dividend-yield stocks outperformed the S&P 500 over 30 years with lower volatility.		View
2023 Q3	Mar 10, 2023	Ariel Appreciation Fund	9.9%	0.0%	AXTA, GNRC, IPG, KKR, MAT, NOV	Advertising, Asset Managers, energy, Entertainment, mid cap, Power Equipment, value	NOV Inc. advanced following strong earnings as improving offshore drilling demand leads to higher day rates and longer contract terms. The company is deploying new digital, low emissions fracking equipment and rig automation to enhance drilling efficiency, while winning international projects including Saudi Aramco's 10-year rig building plan.	AXTA GNRC IPG KKR APA\|C\|FFIV\|KHC\|NOV\|UNH AMAT	View
2023 Q3	Mar 10, 2023	Ariel Fund	12.1%	0.0%	ATGE, GNRC, IPG, LESL, MAT, PBH, SPHR	consumer, Education, Entertainment, healthcare, small caps, value	Sphere Entertainment's Las Vegas venue opened on track with costs in-line, delivering profitable results and planning 365-day operations including concerts, sporting events, and The Sphere Experience. The venue presents long-term opportunities through advertising, sponsorship, and VIP hospitality licensing.	PBH GNRC IPG LESL AMAT ATGE SPHR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Ariel Appreciation Fund	Interpublic Group of Companies, Inc.	Communication Services	Advertising	Bull	NYSE	advertising, Business Wins, Cyclical, healthcare, Macro uncertainty, Marketing communications, media, Variable Cost Structure	View Pitch
Apr 28, 2026	Fund Letters	Ariel Fund	Interpublic Group of Companies, Inc.	Communication Services	Advertising	Bull	NYSE	advertising, Business Model Resilience, Cyclical Recovery, Healthcare Marketing, Marketing Services, media, Variable Cost Structure	View Pitch
Apr 13, 2026	Fund Letters	FMI Small Cap Equity	Interpublic Group of Cos. Inc.	Communication Services	Advertising	Bear	NYSE	advertising, Capital-light, Client Defection, Communication Services, Free Cash Flow, holding company, Integration-Risk, M&A, merger	View Pitch
Apr 13, 2026	Fund Letters	Ariel Appreciation Fund	Interpublic Group of Companies, Inc.	Communication Services	Advertising	Bull	NYSE	advertising, Data Analytics, digital advertising, M&A, Marketing Services, Strategic Combination, Technology Platforms	View Pitch

BSD Shareholders of IPG

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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