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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Small Cap | -4.5% | -4.5% | ISS DC, ITRN, JLL, PRG | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Renaissance Investment Management – International Small Cap Equity | - | - | FINV, ITRN, TGLS, TIGO, TSEM IT, YUEIY | - | View | ||
| 2023 Q3 | Oct 10, 2023 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | FWRD, ITRN, MLKN, SMRT | - | View | ||
| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Small Cap | 1.3% | 10.7% | CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYSG, SSCC, SWKS, TRU, UNH | AI, Buybacks, insurance, Margin Of Safety, Quality, small caps, technology, value | AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager notes AI stocks accounted for approximately 61% of the S&P 500's return in 2025. Unlike the dot-com era, some AI leaders are real businesses financing substantial AI investments with self-generated cash flow, though valuations for some are attractive while others may be overvalued. The manager emphasizes following value investing discipline by purchasing only companies from their MVP list with stable values at discounted prices. They focus on businesses with sustainable competitive advantages trading below intrinsic value estimates, with portfolios showing improved price-to-value ratios across all strategies despite positive absolute returns. Small Cap returns have lagged Large Cap for an extended period, with Small Cap Value performing even worse. The manager notes conversations with clients questioning continued Small Cap allocation, spotty sell-side coverage, and an ignored segment creating opportunities. Their Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. The manager owns more insurance-related businesses, highlighting opportunities in the sector. They discuss Ryan Specialty Holdings as a commercial excess and surplus insurance broker, and Everest Group as a leading reinsurance company trading at discount to tangible book value despite producing underwriting profits. Share repurchases are highlighted as value-creating when companies buy back stock below intrinsic value. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value, giving shareholders 100% return on each dollar spent on buybacks. | FISV SWKS TRU KMX RYAN |
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| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Focus Plus | 0.1% | 7.1% | CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW, SWKS, TRU, UNH | AI, Buybacks, healthcare, insurance, small caps, technology, value | AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager believes AI is as real and transformational as the Internet, with approximately 61% of the S&P 500's return in 2025 coming from AI-related stocks. However, concerns exist about paying too much for AI businesses despite their real potential. The manager is finding tremendous opportunities in non-AI related companies that are steadily compounding their values but being ignored by the market. These 'old economy' companies are becoming increasingly discounted while AI stocks dominate returns, creating attractive value opportunities similar to the late 1990s dot-com era. Small Cap returns have lagged Large Cap for an extended period, with the manager noting conversations about whether to continue allocating to Small Caps. The Small Cap portfolio has a weighted average price to value ratio in the mid-50s, representing the most discounted portfolio. Sell-side coverage is spotty to nearly non-existent for many small cap holdings. Share repurchases are highlighted as a key value creation mechanism, with Medpace repurchasing over 8% of shares at approximately 50% of intrinsic value, effectively providing 100% returns on capital deployed. Companies are using strong balance sheets and free cash flow for opportunistic buybacks at discounted valuations. | MSFT CSGP CRM GOOG CBRE RYAN |
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| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Focus Plus | 0.1% | 6.2% | CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW.PA, SWKS, TRU, UNH | AI, healthcare, insurance, Quality, small caps, technology, value | Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio has improved price-to-value ratios across all strategies while delivering positive returns. Small Cap portfolio has weighted average price-to-value ratio in mid-50s, which manager considers incredible in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager believes AI is as transformational as the Internet but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, with Small Cap Value performing even worse. Manager sees this as opportunity, noting sell-side coverage is sparse and segment is ignored and unloved. Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. Manager focuses on MVP list of highest quality, most stable value companies in the world with sustainable competitive advantages. Lower quality companies have outperformed higher quality companies, especially in Small Cap, with companies having negative earnings accounting for 28% of Russell 2000 Value Index return. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value. Every dollar spent on share repurchases gave 100% return because they were purchasing at half of estimated fair value, increasing estimated value per share by 29% in single quarter. | View | |
| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Large Cap | -1.5% | 7.9% | CBRE, CRM, CSGP, EVER, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RI.PA, RYAN, SSNC, STLA, SW, SWKS, TRU, UNH | AI, Buybacks, healthcare, insurance, small caps, technology, value | Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio weighted average price to value ratio improved to low 60s while maintaining positive returns. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing incredible opportunity in current environment. Artificial Intelligence is in early stages of disrupting numerous businesses, similar to Internet in 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager acknowledges AI as transformational technology but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Small Cap Value has been particularly weak. Manager notes sell-side coverage of Small Caps is much less robust, leading to ignored and unloved segment. Small Cap portfolio remains most discounted with weighted average price to value ratio in mid-50s. Share repurchases highlighted as value-creating activity when companies buy back stock below intrinsic value. Medpace repurchased over 8% of shares at approximately 50% of estimated intrinsic value, increasing estimated value per share by 29% in single quarter. Every dollar spent on buybacks provided 100% return due to purchasing at half of fair value. | View | |
| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Small Cap | 3.2% | 9.5% | CBRE, CRM, CSGP, FISV, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, STLA, SW.PA, SWKS, TRU, UNH | AI, discount, insurance, Quality, small cap, value | Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing significant margin of safety in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500 returns in 2025, creating market concentration risks reminiscent of dot-com era. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Manager notes sell-side coverage is sparse and segment is ignored and unloved, often indicating good allocation timing. Portfolio includes more insurance-related businesses including Everest Group reinsurance and Ryan Specialty excess and surplus insurance broker. These companies offer attractive risk-adjusted returns and capital allocation opportunities. | ITRN EG |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 21, 2026 | Fund Letters | C.T. Fitzpatrick | Ituran Location and Control Ltd. | Information Technology | Application Software | Bull | NASDAQ | Oem Partnerships, Recurring Cash Flow, subscription revenue, Telematics, Vehicle Recovery | 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 |
|---|---|---|---|---|---|---|---|---|
| Sarah Ketterer | Causeway Capital Management LLC | $7.3B | $879,081 | 0.01% | 20,439 | +20,439 | +100.00% | 0.0923% |
| Bill Miller | Miller Value Fund | $283.8M | $9.2M | 3.26% | 215,000 | +215,000 | +100.00% | 0.9706% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $1.2M | 0.00% | 27,098 | +9,008 | +49.80% | 0.1223% |
| Israel Englander | Millennium Management LLC | $233.2B | $5.4M | 0.00% | 125,478 | +52,150 | +71.12% | 0.5665% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $688,418 | 0.00% | 16,006 | +1,966 | +14.00% | 0.0723% |