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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 4, 2025 | Broyhill Asset Management | 3.7% | 6.6% | AVTR, CRL, DLTR, FI, IQV, NE, PM, SCHW, TDW, TMO, VAL | Buybacks, Concentration, dispersion, global, healthcare, small caps, value | Portfolio trades at nearly half the price of broader market while expected to deliver double-digit earnings growth. Manager sees compelling risk-adjusted returns with portfolio at attractive valuations versus 22x earnings for broader market. | IQV FI AVTR PM DLTR |
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| 2025 Q2 | Jul 23, 2025 | Cedar Creek Partners | 5.8% | 15.1% | ENDI, IQV, MCBS, PCHM, SLRC, SODI | Asset Management, defense, Expert Market, Microcap, OTC, value | Solitron Devices received significant defense orders including $5+ million from RTX for AMRAAM components and orders from L3Harris for HIMARS components. Strong domestic and foreign demand continues for both HIMARS and AMRAAM systems. Military has submitted unfunded priorities list for doubling AMRAAM production by 2028. | ENDI PCHM SODI PROM ENDI PROM |
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| 2025 Q2 | Jul 22, 2025 | Harris Associates Concentrated Strategy | 3.9% | 3.7% | CRM, GOOGL, IQV, KDP, MOH, WBD | AI, Beverages, Concentration, fundamentals, healthcare, Media, technology, value | AI leadership is driving upside across portfolios, with companies like Alphabet benefiting from robust demand for AI workloads in Cloud growth acceleration. The technology is creating engagement and revenue benefits in search experiences. | CRM MOH KDP IQV GOOGL WBD IQV COP GOOG COF SCHW |
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| 2025 Q2 | Jul 21, 2025 | Sawgrass Asset Management – Large Cap Quality Growth | - | - | AAPL, AMZN, AVGO, IQV, LLY, META, MSFT, NFLX, NOW, ORCL, PLTR, TSLA, UNH | AI, Concentration, growth, healthcare, large cap, momentum, Quality, technology | The portfolio benefited from AI-related names including Broadcom, Netflix, ServiceNow, and Oracle which were top contributors. The strategy also owned Magnificent 7 AI leaders like Microsoft, Meta, and Amazon though underweight positions limited relative performance. | View | |
| 2025 Q2 | Jun 30, 2025 | Oakmark Global Select Fund | 4.5% | - | BABA, BAYRY, BDX, BMW.DE, BN.PA, BNP.PA, COF, DSV.CO, FI, IQV, LLOY.L, PRX.AS | Banking, Electric Vehicles, Europe, Medical Devices, Pharmaceuticals, Trade Policy, value | President Trump's Liberation Day announcement led to significant market volatility, with companies perceived as more exposed to tariffs falling meaningfully while others held up better. The fund actively repositioned during this period, trimming positions that performed well and buying companies where tariff concerns created wider discounts to intrinsic value. | DSV.CO BNP.PA BMW.DE BDX IQV BAYRY |
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| 2025 Q2 | Jun 30, 2025 | Oakmark Select Fund | 4.2% | - | ABNB, CNC, COF, COP, CRL, CRM, FCNCA, GOOGL, ICLR, IQV, KDP, PAYC, SCHW | financials, healthcare, Opportunistic, technology, value, volatility | Alphabet continues substantial AI investments across business units with potential payoff remaining underappreciated by the market. The company is improving margins while making these investments, suggesting efficient capital allocation in AI development. | CRM ICLR CRL IQV GOOGL |
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| 2025 Q2 | Jun 30, 2025 | Oakmark Global Fund | 6.0% | - | 3626.T, ADS.DE, AHT.L, AKZA.AS, ALV.DE, BAYN.DE, BDX, BMW.DE, BNP.PA, BUD, COP, DSV.CO, FI, IQV, KDP, LBRDK, LLOY.L, MOH | financials, global, healthcare, industrials, Logistics, Trade Policy, value | President Trump's Liberation Day announcement led to significant market volatility with companies perceived as more impacted by tariffs falling meaningfully while others held up better. The fund used this volatility to trim positions that performed well and buy companies where the discount to intrinsic value widened significantly. | MOH KDP BNP.PA BMW.DE AHT.L ADS.DE BDX DSV.CO |
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| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Small Cap | 8.1% | 3.6% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, tariffs, technology, value, volatility | Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and CEO transition. IQVIA Holdings added as largest CRO globally with strong positioning despite industry headwinds. Healthcare represents core value opportunity during market volatility. | View | |
| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Focus Plus | 9.5% | 3.2% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, tariffs, technology, value, volatility | Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both opportunity and risk with government policy exposure but stable underlying business models. | View | |
| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Focus Plus | 8.8% | 2.3% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, tariffs, technology, value, volatility | Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both value opportunities and operational turnaround situations with stable underlying business models. | FORT.L GOOGL AMZN LFUS ISS.CO ARES MSFT IQV UNH UNH |
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| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Large Cap | 7.0% | 4.7% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, tariffs, technology, value, volatility | Significant focus on healthcare investments including UnitedHealth Group despite operational challenges and IQVIA Holdings as the largest CRO globally. Healthcare represents both value opportunities and operational turnaround situations with stable underlying business models. | FORA.L GOOGL AMZN LFUS ISS.CO ARES MSFT IQV UNH |
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| 2025 Q2 | Jun 30, 2025 | Vulcan Value Partners – Small Cap | 6.7% | 1.9% | AMZN, ARES, CG, DNB, FORT.L, GOOGL, IBST.L, IQV, ISS.CO, LFUS, MC.PA, MEDP, MSFT, PGHN.SW, UNH | AI, Alternative Assets, healthcare, private credit, tariffs, technology, value, volatility | Market volatility related to tariffs increased markedly during the second quarter, creating opportunities to execute investment philosophy. The tariff tantrum and Liberation Day created meaningful stock price declines, followed by moderation of tariff policies that led to rallies in previously discounted companies. | ISS DC MSFT IQV |
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| 2024 Q1 | May 20, 2024 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, ENDI, IQV, PCHM, PDRX, PROM, ROYTL, SKAS, SODI | Asset Management, Banking, energy, Microcap, OTC, value | Cedar Creek focuses primarily on microcap stocks and over-the-counter stocks, with fund holdings trading at attractive valuations of 7.9 times estimated forward earnings. The manager notes that smaller companies lagged in Q1 with Russell 2000 up 5.2% and Russell MicroCap up 4.7%, while Cedar Creek's microcap focus delivered 2.4% returns. | ENDI |
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| 2026 Q1 | May 13, 2026 | Broyhill Asset Management | -8.9% | -8.9% | AVTR, BALL, CACI, FMS, FND, IQV, KW, LEG, MAS, MC.PA, MSFT, PM, RKT.L, RTO.L, SHC, SMWT, VVV, WOSG.L | AI, Defensive, Europe, healthcare, Quality, value | FND MAS SW MSFT SHC AVTR IQV RB.L BALL RTO VVV |
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| 2026 Q1 | Apr 28, 2026 | Artemis US Select Fund | -6.1% | -6.1% | AMAT, AMZN, ATI, AVGO, BE, CEG, CFG, GEV, GOOGL, IQV, MSFT, PG, RKT, STX, TRGP, W | AI, Data centers, energy, healthcare, industrials, semiconductors, technology | TRGP AVGO ATI STX AMAT BE GEV RKT W IQV CEG |
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| 2024 Q1 | Apr 15, 2024 | Oakmark Global Select Fund | 8.8% | 0.0% | CBRE, CHTR, CNC, DHR, FI, IQV, RKT.L, SAP | Consumer Products, global, healthcare, payments, Telecommunications, value | The fund invested in IQVIA Holdings, benefiting from biotech funding fears creating attractive valuations in life sciences. IQVIA is positioned to benefit from advanced therapeutics and personalized medicine trends through decentralized clinical trials and digital capabilities. The company also provides real-world evidence solutions for regulatory and reimbursement mandates. | CNC IQV RKT.L |
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| 2026 Q1 | Apr 12, 2026 | Hardman Johnston Large Cap Equity | 0.6% | 0.6% | AEIS, CW, EL, EOG, IQV, OLED, VRT | aerospace, AI, energy, Geopolitical, infrastructure, large cap, value | View | ||
| 2026 Q1 | Mar 31, 2026 | Orbis Global Equity | - | - | 005930 KS, ALNY, BA.L, BRKR, CSU.TO, EQT, EXPN.L, GMAB, ICON, INSM, IQV, NTES, SE, SHEL, TSM, TTI, UNH, WLK, XPO | AI, energy, Global Equity, healthcare, semiconductors, technology, value | View | ||
| 2026 Q1 | Mar 31, 2026 | Harris Associates Concentrated Strategy | -8.0% | -8.0% | COF, COP, CRM, IQV, IT, PSX, TRGP | AI, Buybacks, concentrated, energy, financials, software, value | IT COF IQV CRM TRGP COP PSX |
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| 2025 Q1 | Mar 31, 2025 | Harris Associates Concentrated Strategy | -0.1% | -0.1% | COP, CRM, DE, FCNCA, FI, GOOGL, ICE, IQV, MOH | AI, Buybacks, Cloud, energy, financials, healthcare, large cap, value | The manager argues that despite recent outperformance of value over growth, a large valuation imbalance still exists between value and growth equities. They believe this imbalance will fuel better long-term performance for value equities going forward. | MOH FCNCA IQV GOOGL COP DE ICE |
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| 2025 Q4 | Feb 12, 2026 | Artemis US Select Fund | 7.0% | 10.0% | AMAT, AMD, AXON, CAH, CTVA, ETN, IQV, KO, LLY, LYV, META, MU, NVT, PH, RCL, WDC | AI, growth, healthcare, Pharmaceuticals, semiconductors, technology, US Equities | The manager expects greater dispersion between AI winners and losers, having demonstrated ability to analyze and identify these groups over the past three years. AMD rallied after announcing significant AI-related partnerships, positioning the fund to benefit from continued AI trade evolution. Healthcare is a sector the manager is optimistic about and has been building exposure to following an extended period of underperformance. Eli Lilly's obesity and diabetes franchise continues to exceed expectations, particularly with Mounjaro sales ahead of estimates. The fund increased semiconductor exposure during the quarter, with Micron completely selling out of memory chips and forecasting higher profit margins. Applied Materials was added as a new position in semiconductor wafer fabrication equipment. | View | |
| 2025 Q4 | Feb 12, 2026 | Broyhill Asset Management | 0.0% | 0.0% | AVTR, BAX, DLTR, FI, FUN, IQV, PM, RKT.L, TMO, WOSG.L | AI, Concentration, defensives, Europe, fundamentals, momentum, Speculation, value | The AI capital cycle has created extreme market concentration and speculative momentum, with AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. The manager views this as a bubble similar to historical infrastructure buildouts like railroads and electricity, where early investors suffered catastrophic losses while benefits ultimately accrued to users rather than producers. Current AI capex spending approaches 2.1% of GDP, nearing levels that coincided with previous market peaks. Value stocks are trading at some of the widest discounts on record, with the portfolio positioned in businesses trading at substantial discounts to normalized earnings power. The manager believes this disconnect reflects pessimism and exhaustion rather than permanent impairment, creating an extremely promising starting point for long-term outperformance as fundamentals reassert themselves. Momentum has been the single defining force across equity markets, with performance increasingly driven by narratives rather than fundamentals. The current cycle has been one for the record books, with the two years leading up to 2025 being the second strongest on record for momentum after the dot-com era. The manager expects mean reversion to eventually favor value strategies. Global defensive sectors have fallen to their lowest weighting since 2000, trading at discounts to both the market and their own histories amid deteriorating sentiment and unusually high short interest. These sectors offer significant upside potential and provide defense, as companies selling basic necessities tend to shine when the rest of the market is in trouble. | RKT LN WOSG LN FUN AVTR FISV DLTR IQV PM |
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| 2024 Q4 | Feb 10, 2025 | Cedar Creek Partners | 0.4% | 5.2% | DIA, IQV, RTX, SPY | Banking, Buybacks, defense, dividends, Expert Market, Microcap, OTC, value | Solitron Devices received record bookings of $8 million in Q3, driven by HIMARS and AMRAAM programs. Production capacity for HIMARS doubled to 96 units in 2024 and is running at maximum capacity due to Ukraine demand. AMRAAM production increased 50% to 1,200 missiles annually with over 3,300 foreign orders in the past 12-15 months. | View | |
| 2024 Q4 | Dec 31, 2024 | Oakmark Fund- International Small Cap | 2.0% | 16.0% | ABNB, CE, CG, CNC, CRM, DIS, EBAY, ELV, GEHC, GM, GS, HLT, IQV, KDP, MO, PHM, TFC, WFC | Banking, Buybacks, financials, healthcare, large cap, Quality, technology, value | The fund focuses on investing in high-quality businesses at attractive prices despite broad market valuations being above historic averages. The wide spread in valuation multiples provides opportunities for superior future returns with a margin of safety. | KDP GEHC ELV CG ABNB CNC WFC |
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| 2024 Q4 | Dec 31, 2024 | Oakmark Global Select Fund | -5.0% | 4.7% | 005930.KS, BAC, BAYRY, CNC, COF, DEO, ELV, FI, GOOGL, IQV, SCHW | Beverages, consumer, financials, global, healthcare, regulation, value | The fund holds multiple financial services companies including Capital One Financial, Charles Schwab, and Elevance Health. Capital One benefited from improved credit outlook and post-election optimism about looser regulations. Schwab faces temporary headwinds from deposit outflows but offers long-term value through its scale advantages. | ELV DEO SCHW BAYRY COF |
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| 2024 Q4 | Dec 31, 2024 | Oakmark Select Fund | 6.0% | 14.2% | ABNB, CNC, COP, CRM, EFX, FCNCA, FI, IQV, KDP, PAYC, PSX, WFC | energy, financials, healthcare, large cap, Quality, technology, value | The fund focuses on investing in high-quality businesses at attractive prices with wide spreads in valuation multiples providing opportunities. They believe this approach provides both margin of safety and potential for superior future returns despite broad market valuations being above historic averages. | KDP EFX ABNB IQV PAYC |
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| 2024 Q4 | Dec 31, 2024 | Hardman Johnston Global Equity | -0.2% | 22.0% | AMZN, BAC, BSX, COTY, ELAN, FTI, GOOGL, HWM, IQV, LEN, LLY, MA, MELI, META, NVO, PRX, STAN.L, TMUS, UNH, VRTX | Agriculture, AI, Data centers, Deregulation, energy, financials, healthcare, technology | AI is driving accelerating demand for data centers, with companies like Vertiv benefiting from AI-driven data center demand and Howmet Aerospace seeing emerging growth from industrial gas turbines used in gas power plants for AI data centers. The manager views AI as a long-term play that creates opportunities throughout its value chain globally. | View | |
| 2023 Q3 | Dec 10, 2023 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | 6758.T, 8035.T, 8113.T, ADYEN.AS, AHT.L, AJG, AON, APG, BKNG, BME.L, CDW, COST, CRM, DHR, ERF.PA, FER.MC, FERG.L, G24.DE, HDB, HLMA.L, HLN.L, IQV, LBRDK, LSEG.L, RELX.L, RTO.L, TSM, ULTA, UNP, URI, YUMC | China, cyclicals, Equipment Rental, global, infrastructure, Railroads, value | Global investor sentiment has soured further on China in recent months with the commercial real estate market implosion hitting headlines. The manager sees Value Latency emerging when markets are labeled 'uninvestable' as China now is for many investors. They highlight Yum China as an example of this opportunity. | SUNP IN AHT.L ANDURIL MELI|NFLX|ORCL|TCOM|VRTX|YUMC |
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| 2023 Q3 | Oct 31, 2023 | Starboard Value | 0.0% | 0.0% | AQN, BLMN, CRM, DRI, FTRE, GDDY, ICLR, IQV, NWSA, NYT, REA.AX, SPLK, TXRH, VRT, WIX | activism, Media, Operational, Restaurants, technology, Utilities, value | Starboard focuses on identifying undervalued companies with operational improvement opportunities. The firm targets companies trading at discounts to peers due to execution issues or temporary challenges, believing these can be addressed through better management and strategic changes. | View | |
| 2025 Q3 | Oct 28, 2025 | Harris Associates Concentrated Strategy | 2.4% | 6.2% | CRM, GOOGL, IQV, KDP, MOH, WBD | Beverages, concentrated, healthcare, large cap, Media, technology, value | AI leadership is driving upside across portfolios, with companies like Alphabet benefiting from robust demand for AI workloads in Cloud growth acceleration. The technology is creating engagement and revenue benefits in search experiences. | CRM MOH KDP IQV GOOGL WBD CRM MOH KDP IQV GOOGL WBD |
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| 2024 Q3 | Oct 28, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | A, ADSK, BILL, CDNS, EFX, GWRE, IQV, JBHT, KLAC, LPLA, MELI, MTD, NET, NTR, ROST, SHW, TEAM, TER, TT, WDC | growth, healthcare, mid cap, Quality, semiconductors, software, technology, Transportation | Fund maintained overweight position despite third quarter underperformance, expecting holdings to benefit as AI moves from data centers to smartphones and laptops. Increasing semiconductor complexity requires more design, capital equipment and testing. | View | |
| 2024 Q3 | Oct 23, 2024 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, ENDI, FIEB, IQV, PCHM, PDRX, PROM, ROYTL, SODI | concentrated, Expert Market, Microcap, OTC, value | Fund holdings trading at 8 times estimated forward earnings and 6.5 times earnings net of cash, with weighted price-to-book of 1.3. Manager emphasizes finding undervalued securities through concentrated portfolio approach versus broad index holdings. | View | |
| 2025 Q3 | Oct 21, 2025 | Hardman Johnston Large Cap Equity | 6.0% | 9.6% | 7269.T, AAPL, ADBE, ADP, AEIS, ALB, AMZN, ASML, AZN, BDX, CMCSA, CTVA, CW, EL, EW, FMC, GOOGL, HWM, HXL, IBN, ILMN, IQV, MA, MDT, META, MMC, MRVL, MSFT, NVDA, OLED, PRY.MI, PYPL, SCHW, SLB, SN, SWK, TMUS, UBER, VRT, VRTX | aerospace, AI, healthcare, industrials, large cap, technology, value | The firm is debating how far artificial intelligence has to run and whether AI-related holdings are bargains, over-extended, or fairly valued. They believe they are at the beginning of a new productivity revolution and suspect current forecasts are too low for companies enabling this revolution. Both Vertiv and Advanced Energy sell power conditioning and management tools into the computing sector and are seeing a surge in business related to the AI buildout. | CTVA VRT PRY AEIS |
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| 2025 Q3 | Oct 16, 2025 | Platinum International Fund | 9.0% | - | AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, GOOGL, ICE, INTC, IQV, JNJ, LRCX, MRK, MU, NVDA, NVS, TSM, TTI, UL | AI, China, healthcare, Outperformance, semiconductors, stock selection, technology | Investment plans for artificial intelligence expansion grew consistently, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and returns on investment may justify current prices. The focus will be on earnings season when company managements update the market on profits earned and expected. | TSM |
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| 2025 Q3 | Oct 16, 2025 | Platinum Global Fund (Long Only) | 10.0% | - | AAPL, ABBV, ADBE, AMD, ASML, AVGO, BABA, FDS, GOOGL, ICE, INTC, IQV, IT, JNJ, LRCX, MU, NVDA, NVS, TSM, UL | AI, China, global, healthcare, semiconductors, technology | Investment plans for artificial intelligence expansion grew consistently over the quarter, with massive investment spreading through the ecosystem. Technology stocks have been trading on consistent multiples of profits over the past five years, and while investment plans keep rising, so do reported and expected profits from the sector. The focus will be on earnings season with company management updating on profits earned and expected. | IQV UN |
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| 2025 Q3 | Oct 10, 2025 | Oakmark Select Fund | 2.3% | 5.4% | CRM, GOOGL, IQV, KDP, MOH, WBD | Beverages, Media, mid cap, Quality, undervalued, value | Warner Bros Discovery was the top contributor, surging 29% on acquisition speculation from Paramount-Skydance. The potential merger could generate meaningful cost synergies and create a scaled competitor with deep content library. The company shows solid recent earnings, renewed distribution deals and growing streaming momentum. | View | |
| 2025 Q4 | Jan 14, 2026 | Hardman Johnston Large Cap Equity | 4.3% | 0.0% | 7269.T, AMZN, AZN, BDX, CCO.TO, CMCSA, EL, EW, GOOGL, HDB, ILMN, IQV, MA, META, MMC, PYPL, SCHW, SLB, SN, TMUS | AI, Genomics, growth, healthcare, large cap, Lithium, technology | AI remains an important driver for portfolio performance, with investments made years ago benefiting from the surge in AI spending. The manager sees AI as particularly relevant in healthcare where it can help achieve both innovation and efficiency while controlling healthcare spending growth. Albemarle is benefiting from a surge in lithium prices due to near-term production disruptions at competitors, improving outlook for global EV penetration, and investment in batteries as energy storage platforms for alternative energy supplies. Illumina, with almost 70% market share in gene sequencing, has weathered a storm of life science funding cuts and competitive entries. While challenges remain, they are well positioned to benefit from any acceleration in clinical and research spending in life sciences. | OLED AEIS ILMN ALB |
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| 2025 Q4 | Jan 13, 2026 | Oakmark Global Select Fund | 2.9% | 20.7% | BABA, BAYRY, CHTR, CNHI, GOOGL, IQV, MBG.DE, RHHBY, SNY | China, Europe, global, healthcare, Pharmaceuticals, technology, value | The fund is positioned in pharmaceutical companies with strong fundamentals and growth potential. Bayer benefited from positive drug trial results and potential Supreme Court review of litigation matters. Sanofi was added as a new position, featuring the blockbuster drug Dupixent and strong R&D pipeline despite being weighed down by vaccine market volatility and patent cliff concerns. The fund maintains exposure to Chinese e-commerce through Alibaba despite near-term headwinds. While the core e-commerce business performs well and cloud revenue growth accelerates, the company faces earnings pressure from Quick Commerce subsidies. The managers believe losses will reduce over time and see long-term positioning in Chinese AI as valuable. | SAN FP BABA BAYN GR |
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| 2025 Q4 | Jan 13, 2026 | Oakmark Select Fund | 8.4% | 14.3% | CHTR, EFX, GLIBA, GOOGL, IQV, LBRDK, NFLX, PAYC, TRGP, WBD | large cap, M&A, Media, Midstream, undervalued, value | Warner Bros Discovery was the top contributor as multiple parties submitted acquisition offers, with Netflix acquiring the Streaming and Studios business while Global Networks spins to shareholders. Paramount Skydance made a $30 per share offer for the entire company, creating a bidding war that unlocked shareholder value. Targa Resources represents a leading midstream natural gas and NGL company controlling 90% of fractionation capacity at Mont Belvieu hub. The company benefits from cost advantages, barriers to entry, and generates 90% of earnings through multi-year fee-based arrangements providing protection against oversupply. The fund continues to find attractive opportunities to invest in undervalued companies across various industries, including areas left behind in the momentum rally. Targa was purchased at a discount to peers based on normalized earnings power and intrinsic value estimates. | TRGP PAYC WBD |
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| 2025 Q4 | Jan 13, 2026 | Oakmark Global Fund | 5.2% | 21.2% | 005930.KS, BABA, CHTR, CNHI, DSV.CO, GM, IQV, IT, MBG.DE, MDLZ | consumer, global, healthcare, Performance, semiconductors, technology, value | Samsung Electronics was the top contributor as earnings staged a sharp recovery due to strength in its core semiconductor business. The company's High Bandwidth Memory product lineup has continued to improve under new management, positioning Samsung as one of the world's leading semiconductor companies with a long runway for future growth. Alibaba Group was the top detractor despite its core E-commerce business continuing to perform well and Cloud revenue growth accelerating. The company was negatively impacted by significant spending on subsidies to grow their Quick Commerce business, though losses are expected to be reduced over time. Mondelez International is a global snacking powerhouse with leading market share positions in crackers, cookies and chocolate. The company possesses a unique global footprint that over-indexes to snacking occasions, benefiting from robust pricing power, low private label competition and rising per capita consumption. | MDLZ IT BABA 005930 KS |
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| 2024 Q3 | Sep 30, 2024 | Hardman Johnston Global Equity | 4.5% | 22.2% | AMZN, ASML, BSX, COTY, CTVA, ELAN, FTI, GOOGL, GRFS, HWM, IQV, LLY, MA, MELI, META, MSFT, NVDA, NVO, OLED, PRX.AS, SAF.PA, SCHW, STAN.L, TEAM, TMUS, TSM, UNH, VRT, VRTX | aerospace, AI, defense, global, healthcare, technology, volatility | AI has driven huge returns and still appears to show enormous growth potential that can justify lofty valuations. Companies are investing in AI to boost productivity, enhance their offerings to businesses and consumers, and boost their market positions. The manager sees opportunities to explore the next derivative theme of AI and identify stocks with clear earnings growth potential. | META TEAM ASML PRX.AS MELI SAF.PA HWM |
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| 2023 Q3 | Sep 30, 2023 | Oakmark Select Fund | 8.1% | 0.0% | CHTR, COF, FCNCA, GOOGL, IQV, META, ORCL | financials, healthcare, large cap, stock selection, technology, value | The fund continues its disciplined value approach despite growth outperforming value by 2,300 basis points year to date. The managers expect their investment disciplined approach to stock selection will continue to drive attractive returns in the long term. They were able to add IQVIA near a trough multiple of roughly 15x normal earnings despite the company's prospects for sustainable above-average growth. | IQV |
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| 2024 Q2 | Jul 30, 2024 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, ENDI, FIEB, IQV, LNF.TO, MFBP, PCHM, PDRX, PROM, ROYTL, SODI | Community Banks, Expert Market, Microcap, OTC, value | The fund holds multiple community bank positions including First IC Corporation, Citizens Bancshares, and exited M&F Bancorp. These banks offer attractive valuations with strong fundamentals, though management quality varies significantly across holdings. | CZBS ROYTL PROM PCHM ENDI FIEB |
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| 2023 Q2 | Jul 21, 2023 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, FIEB, IQV, MFBP, PDRX, PROM, ROYTL, SODI | Banking, Expert Market, M&A, Microcap, value | Manager holds multiple community bank positions including Citizens Bancshares and M&F Bancorp, both recipients of Emergency Capital Investment Program funds. These banks trade at attractive valuations with potential for earnings growth through strategic acquisitions or organic expansion. | PROM |
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| 2024 Q2 | Jun 30, 2024 | Oakmark Global Select Fund | 8.8% | 0.0% | 035420.KS, CNC, CNHI, GOOGL, IQV, LLOY.L, PRX.AS | Agriculture, Banking, Communication Services, global, healthcare, technology, value | CNH Industrial operates in the structurally attractive agriculture equipment market, though facing near-term weakness. The company reduced 2024 guidance due to weaker agriculture equipment market conditions, but this was consistent with forecasts and doesn't impact long-term profitability potential. | CNHI GOOGL |
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| 2024 Q2 | Jun 30, 2024 | Oakmark Global Fund | 7.5% | 0.0% | CNHI, DE, ETSY, GOOGL, IQV, KKR, LLOY.L, NVST | Agriculture, Communication Services, global, industrials, technology, value | The fund invested in agricultural equipment manufacturers Deere & Company and CNH Industrial, viewing them as positioned to benefit from long-term trends of increasing food demand and declining agricultural land/labor. These companies are seen as technological leaders that can help farms become more productive through cycles. | ETSY DE |
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| 2024 Q2 | Jun 30, 2024 | Oakmark Select Fund | 8.1% | 0.0% | AXP, CNC, EOG, FCNCA, GOOGL, IQV, KKR, LAD, PAYC, SCHW | Communication Services, financials, healthcare, industrials, large cap, technology, value | The fund focuses on purchasing shares in a diversified set of undervalued securities, believing such value investments will generate strong returns over the long term. Management emphasizes buying quality companies at attractive valuations. | CNC |
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| 2024 Q2 | Jun 30, 2024 | Fidelity Growth Strategies Fund | 6.3% | 17.9% | ALGN, ALNY, ATKR, BLDR, CAH, DXCM, EME, IDXX, IQV, MDB, MOH, ON, PLTR, PODD, PWR, RMD, SPOT, TDG, ULTA, VST | AI, growth, healthcare, industrials, Mid-cap, technology, value | The fund is watching for AI-related strength to expand across the mid-cap universe. To date, most positive AI-related movement among mid-caps has been in industrials and utilities sectors. The fund believes there could be many beneficiaries as firms build new AI-capable data centers. | View | |
| 2023 Q2 | Jun 30, 2023 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | AMZN, BAX, CE, CSL, FCNCA, GOOGL, IQV, TFC, WBD | Building Materials, healthcare, normalized earnings, Regional Banks, Specialty Chemicals, Traditional Value, value | The fund is finding cheap stocks on traditional value metrics despite value underperforming growth by 2400 basis points. Many new positions fall into traditional value category, replacing faster-growing stocks that outperformed this year. | IQV FCNCA ACEL CSL BAX |
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| 2023 Q2 | Jun 30, 2023 | Oakmark Global Fund | 7.5% | 0.0% | AIG, AMZN, ARNC, BABA, BAC, BUD, CNHI, COP, CRBG, CWK, DHR, GLEN.L, GOOGL, IQV, MBG.DE, NOV, ORCL, RYAAY, THC | energy, global, insurance, Life Sciences, technology, value | The fund initiated positions in Danaher and IQVIA Holdings, both leaders in life sciences. Danaher maintains a portfolio focused on bioprocessing, life science tools, genomics and diagnostics with secular growth opportunities. IQVIA is positioned at the heart of trends toward advanced therapeutics and personalized medicine as the most levered CRO to decentralized clinical trials. | IQV DHR CRBG |
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| 2025 Q1 | Apr 15, 2025 | Cedar Creek Partners | 8.7% | 8.7% | IQV, MCBS, SLRC, SPY | Community Banks, defense, dividends, Expert Market, Microcap, OTC, value | Cedar Creek focuses primarily on microcap stocks and over-the-counter stocks, with fund holdings trading at attractive valuations of 8.0 times forward earnings and 6.6 times earnings net of cash. The fund significantly outperformed small cap indices in Q1, with expert market exposure at 35% of the fund generating strong returns. | View | |
| 2025 Q1 | Mar 31, 2025 | Oakmark Global Select Fund | 8.5% | 8.5% | AIG, AMZN, BABA, DEO, GOOGL, HLT, IQV, LLOY.L, MOH, PHM, SYY | AI, Banking, global, growth, healthcare, technology, undervalued, value | The fund focuses on undervalued securities trading at meaningful discounts to intrinsic value. Examples include Alphabet trading at just 15x next year's earnings estimate and Sysco purchased at a discount to peers and historical multiples. | SYY MOH GOOGL LLOY.L |
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| 2025 Q1 | Mar 31, 2025 | Oakmark Select Fund | -1.2% | -1.2% | CRM, DE, FI, GOOGL, HWM, ICE, IQV, KDP, LAD, MOH, PHM | financials, healthcare, industrials, large cap, technology, US, value | Intercontinental Exchange reported solid fourth-quarter results with 16% growth in energy futures business. After paying down debt from mortgage acquisitions, management resumed large share repurchases in Q1 2025, which the fund views as attractive capital allocation. | MOH |
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| 2023 Q4 | Jan 23, 2024 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, HRBR, IQV, PCHM, PDRX, PROM, ROYTL, SKAS, SODI, UBAB, UNTC | Banking, Concentration, Microcap, OTC, undervalued, value | Fund holdings trading at 7.9 times forward earnings and 6.4 times earnings net of cash, with weighted price to book of 1.7. Manager emphasizes purchasing undervalued securities at attractive multiples with strong balance sheets and cash positions. | SKAS UBAB CZBS PDRX SODI PROM |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 13, 2026 | Fund Letters | Broyhill Asset Management | IQVIA Holdings Inc. | Diagnostics & Research | Life Sciences Tools & Services | Bull | New York Stock Exchange | AI disruption, Clinical research, contrarian, Data Assets, life sciences, Pharmaceutical Outsourcing, Regulatory Complexity | View Pitch |
| May 12, 2026 | Fund Letters | Artemis US Select Fund | IQVIA | Diagnostics & Research | Life Sciences Tools & Services | Bull | New York Stock Exchange | AI disruption, Clinical research, drug development, Healthcare Data, life sciences, pharmaceuticals | View Pitch |
| May 7, 2026 | Fund Letters | Harris Associates Concentrated Strategy | IQVIA Holdings | Diagnostics & Research | Life Sciences Tools & Services | Bull | New York Stock Exchange | AI Beneficiary, Clinical research, Equity, Healthcare Analytics, life sciences, Long-cycle Business, proprietary data | View Pitch |
| Apr 28, 2026 | Fund Letters | Oakmark Select Fund | IQVIA Holdings Inc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, Clinical trials, Cro, Data Analytics, Healthcare Technology, life sciences, Pharmaceutical Services, Real-world Evidence, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Oakmark Fund | IQVIA Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | Biotech, Clinical trials, Cro, Digital Capabilities, life sciences, personalized medicine, Real-world Evidence | View Pitch |
| Apr 28, 2026 | Fund Letters | Oakmark Global Fund | IQVIA Holdings Inc | Health Care | Life Sciences Tools & Services | Bull | NYSE | Biotech, Clinical research, Cro, Decentralized Trials, Digital Capabilities, personalized medicine, Real-world Evidence | View Pitch |
| Apr 15, 2026 | Fund Letters | Oakmark Global Select Fund | IQVIA Holdings | Diagnostics & Research | Life Sciences Tools & Services | Bull | New York Stock Exchange | Artificial Intelligence, Clinical research, Healthcare services, life sciences, Long-cycle Business, proprietary data, regulatory compliance | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark Global Select Fund | IQVIA Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | analytics, Biopharma Services, Cro, Healthcare Data, life sciences, R&D, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark Select Fund | IQVIA Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | All-time Low Multiple, Biopharma Services, contrarian, Cro, life sciences, R&D Outsourcing, share repurchases | View Pitch |
| Apr 13, 2026 | Fund Letters | Broyhill Asset Management | IQVIA Holdings | Health Care | Life Sciences Tools & Services | Bull | NYSE | Biotech Services, Clinical trials, Cro, Healthcare Data, Healthcare Technology, network effects, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | IQVIA Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | Biotech, Clinical trials, contract research organization, Cro, drug development, Healthcare Data, life sciences, Pharmaceutical Services, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | IQVIA Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | Biotech, Clinical trials, contract research organization, Cro, drug development, Healthcare Data, market leader, Pharmaceutical Services, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark Global Select Fund | IQVIA Holdings | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, Clinical trials, digital health, life sciences, personalized medicine, Real-world Evidence, technology, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Harris Associates Concentrated Strategy | IQVIA Holdings Inc | Health Care | Life Sciences Tools & Services | Bull | NYSE | analytics, Clinical research, life sciences, market share, Next-gen Trends, Pharma services, R&D Solutions, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | Harris Associates Concentrated Strategy | IQVIA Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | biopharma, Clinical research, Life Sciences Services, Private Market Value, R&D Solutions, Real-world Evidence, share repurchase | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark Select Fund | IQVIA Holdings | Pharmaceuticals, Biotechnology & Life Sciences | Life Sciences Tools & Services | Bull | NYSE | attractive valuation, Clinical research, cyclical headwinds, life sciences, Mid-teens Multiple, R&D Solutions, Technology Analytics | View Pitch |
| Feb 21, 2026 | Fund Letters | Christopher R. Pavese | IQVIA Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | backlog, Biotech, Clinicaltrials, Outsourcing, recovery | View Pitch |
| Jan 8, 2026 | Fund Letters | Tony Coniaris | IQVIA Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | analytics, Cro, Data, growth, lifesciences, Outsourcing | View Pitch |
| Jan 8, 2026 | Fund Letters | C.T. Fitzpatrick | IQVIA Holdings, Inc. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | analytics, backlog, biopharma, Margins, Outsourcing, Subscriptions, Trials | View Pitch |
| Nov 29, 2025 | Fund Letters | Tony Coniaris | IQVIA Holdings Inc. | Health Care | Health Care Services | Bull | NYSE | AI, Data Analytics, Digital transformation, growth, margin expansion, pharma, research | View Pitch |
| Nov 28, 2025 | Fund Letters | Tony Coniaris | IQVIA Holdings Inc. | Health Care | Health Care Services | Bull | NYSE | AI, Data Analytics, Digital transformation, growth, margin expansion, pharma, research | View Pitch |
| Sep 1, 2025 | Substack | Borlaug | IQVIA Holdings Inc. | Healthcare | Diagnostics & Research | Bull | capital deployment, contract research organization, CRO industry, EPS growth, FCF growth, IQVIA Holdings Inc., ROIC, S&P 500 discount, secular growth drivers, valuation dislocation | View Pitch | |
| Aug 7, 2025 | Seeking Alpha | Mario Silva | IQVIA Holdings | Health Care | Diagnostics & Research | Neutral | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Harris Oakmark | IQVIA Holdings | Health Care | Diagnostics & Research | Bull | 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 |
|---|---|---|---|---|---|---|---|---|
| Larry Robbins | Glenview Capital Management | $4.9B | $45.0M | 0.92% | 199,726 | +24,999 | +14.31% | 0.1557% |
| Andreas Halvorsen | Viking Global Investors | $37.7B | $139.6M | 0.37% | 619,236 | +619,236 | +100.00% | 0.4828% |
| Anthony Bozza | Lakewood Capital Management | $1.5B | $35.4M | 2.34% | 157,000 | -70,200 | -30.90% | 0.1224% |
| David Tepper | Appaloosa LP | $6.9B | $63.1M | 0.91% | 280,000 | -5,000 | -1.75% | 0.2183% |
| William Von Mueffling | Cantillon Capital Management | $18.5B | $437.6M | 2.37% | 1,941,144 | -1,912,724 | -49.63% | 1.5135% |
| Michael Price | Empyrean Capital Partners | $2.7B | $23.6M | 0.88% | 104,650 | +104,650 | +100.00% | 0.0816% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $9.5M | 0.02% | 41,945 | -45,900 | -96.03% | 0.0327% |
| Ray Dalio | Bridgewater Associates | $27.4B | $3.1M | 0.01% | 13,765 | +13,765 | +100.00% | 0.0107% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $65.2M | 0.09% | 289,444 | +289,444 | +100.00% | 0.2257% |
| Israel Englander | Millennium Management LLC | $233.2B | $653,689 | 0.00% | 2,900 | -29,100 | -90.94% | 0.0023% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $19.6M | 0.03% | 87,025 | -94,490 | -52.06% | 0.0679% |
| Cliff Asness | AQR Capital Management | $190.6B | $482.2M | 0.25% | 2,139,228 | +361,528 | +20.34% | 1.6680% |
| Oliver Murray | Brandes Investment | $13.1B | $6.6M | 0.05% | 29,496 | +2,027 | +7.38% | 0.0230% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $36.0M | 0.14% | 159,543 | +83,584 | +110.04% | 0.1244% |
| Eric Bannasch | Cadian Capital Management | $1.4B | $123.9M | 8.95% | 549,669 | -253,400 | -31.55% | 0.4286% |
| Roderick Wong | RTW Investments | $10.0B | $10.4M | 0.10% | 46,000 | +46,000 | +100.00% | 0.0359% |
| Rich Handler | Jefferies | $19.3B | $30.9M | 0.16% | 137,065 | +3,250 | +2.43% | 0.1069% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $126,453 | 0.00% | 560 | +4 | +0.72% | 0.0004% |