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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, DLTR, FI, IQV, PM, SCHW | dispersion, Mean reversion, small caps, stock picking, valuation gaps | The commentary emphasizes record valuation dispersion and fading market leadership as fertile ground for active stock pickers. Smaller and mid-sized companies trading at discounts to fundamentals are highlighted as key opportunities. Dispersion is positioned as a catalyst for mean reversion and long-term outperformance. | View | |
| 2025 Q2 | Jul 23, 2025 | Cedar Creek Partners | 5.8% | 15.1% | ENDI, IQV, MCBS, PCHM, PHIG, PROM, SLRC, SODI | Balance Sheets, Intrinsic Value, Mean reversion, Patience, value | The letter emphasizes disciplined value investing focused on businesses trading below intrinsic value due to temporary dislocations or neglect. The manager highlights patience, balance sheet strength, and downside protection as critical in a market dominated by momentum and macro noise. Cedar Creek argues that normalized earnings power and mean reversion provide attractive long-term return potential. | ENDI PROM |
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| 2025 Q2 | Jul 22, 2025 | Harris Associates Concentrated Strategy | 3.9% | 3.7% | COF, COP, CRL, CRM, GOOG, ICLR, IQV, SCHW, WTW | downside protection, fundamentals, Mean reversion, valuation dispersion, Value Investing | The letter centers on intrinsic value investing amid extreme valuation dispersion between popular growth stocks and unloved franchises. Management argues that patience and concentration in discounted, high-quality businesses will be rewarded as fundamentals reassert themselves. The strategy emphasizes downside protection and long-term mean reversion rather than short-term momentum. | IQV COP GOOG COF SCHW |
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| 2024 Q1 | Apr 15, 2024 | Oakmark Global Select Fund | 8.8% | 0.0% | CHTR, CNC, FI, IQV, RKT LN | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Harris Associates Concentrated Strategy | -0.1% | -0.1% | COP, DE, FIZN, GOOG, ICE, IQV, MOH | - | View | ||
| 2025 Q4 | Feb 12, 2026 | Artemis US Select Fund (Class I Accumulation Shares GBP) | 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 | Dec 31, 2024 | Oakmark Select Fund | 6.0% | 14.2% | ABNB, EFX, IQV, KDP, PAYC | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Hardman Johnston Global Equity | -0.2% | 22.0% | BAC, CTVA, ELAN, HWM, IQV, LEN, MELI, OLED, SCHW, TEAM, UBER, VRT | - | View | ||
| 2025 Q3 | Oct 28, 2025 | Harris Associates Concentrated Strategy | 2.4% | 6.2% | CRM, GOOG, IQV, KDP, MOH, WBD | Artificial Intelligence, Cloud, healthcare, Media, U.S. Equities | U.S. equities rose on tech strength, with key contributors Warner Bros Discovery and Alphabet benefiting from M&A speculation and AI-driven cloud growth. IQVIAs analytics and clinical research platform also advanced due to next-gen data capabilities. While detractors included Keurig Dr Pepper and Molina Healthcare, management remains focused on concentrated, high-conviction holdings tied to AI innovation and healthcare recovery. | 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% | ADSK, ARNB, BILL, BIRK, GWRE, H, IBKR, IQV, JBHT, LPLA, MRNA, MTN, NET, NTR, ONON, RRR, SHOP, SPOT, TSLA | - | View | ||
| 2025 Q3 | Oct 16, 2025 | Platinum International Fund | 9.0% | - | ASML, BABA, IQV, TSM | Artificial Intelligence, China, healthcare, semiconductors, technology | The funds outperformance stemmed from AI-related semiconductor holdings and a rebound in healthcare names after regulatory clarity. It highlights balanced positioning between the U.S. and China, with Chinese tech valuations remaining attractive. Platinum expects sustained AI investment and normalization in pharmaceutical research spending to drive multi-sector growth. | TSM |
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| 2025 Q3 | Oct 16, 2025 | Platinum Global Fund (Long Only) | 10.0% | - | ASML, BABA, IQV, TSM | Artificial Intelligence, China, consumer, semiconductors, technology | The fund attributes outperformance to AI-driven semiconductor exposure and recovery in Chinese equities. It sees continued momentum in global technology leaders like TSMC, ASML, and Micron, alongside selective opportunities in undervalued Chinese tech firms. Platinum remains constructive on AI investment while emphasizing balanced exposure between U.S. and China as AI and consumer trends converge. | IQV UN |
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| 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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| 2023 Q3 | Sep 30, 2023 | Oakmark Select Fund | 8.1% | 0.0% | IQV | - | View | ||
| 2023 Q2 | Jul 21, 2023 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, IQV, MFBP, PDRX, PROM, ROYTL, SLRC, SODI | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | BAX, CE, CSL, FIZN, IQV | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Oakmark Global Fund | 7.5% | 0.0% | CRBG, DHR, IQV | - | View | ||
| 2025 Q1 | Apr 15, 2025 | Cedar Creek Partners | 8.7% | 8.7% | CZBS, ENDI, EVRC, FIEB, IQV, MCBS, PCHM, PDRX, PROM, SLBK, SLRC, SODI, WCRS | - | View | ||
| 2023 Q4 | Jan 23, 2024 | Cedar Creek Partners | -0.1% | 4.8% | CZBS, IQV, PCHM, PDRX, PROM, ROYTL, SKAS, SODI, UBAB | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||