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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | Harbor Mid Cap Value Fund | 4.9% | 2.1% | ADT, BK, CNHI, FLEX, FOXA, HIG, HPQ, JAZZ, JBL, KR, MCK, NRG, ORI, PHM, SNX, STT, SYF, TAP, TXT, WDC | earnings, energy, financials, mid cap, technology, value | Value stocks were left behind in the market rally and continue to trade at significant discounts to their growth counterparts, enhancing the potential for outperformance if valuations between growth and value stocks revert to a more normal, historical average. The Fund trades at just over 10x forward earnings and 7x cash flow, which are significant discounts to the core and value benchmark. | MCK ADT |
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| 2025 Q2 | Jul 21, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | AAPL, ABBV, AMAT, APH, AVGO, BRO, DT, EXP, FI, FIX, INTU, JBL, KKR, MSFT, NTNX, QCOM, TMO | AI, Data centers, growth, large cap, semiconductors, tariffs, technology, volatility | Broadcom benefited from continued investor enthusiasm for companies with exposure to artificial intelligence, growing its hyperscale and connectivity product portfolios with increasing revenue exposure to faster growing AI applications. Amphenol was driven by strong momentum for its AI and data center connector products. Dynatrace was added as a new position, believed to benefit from the shift to cloud computing and growth in artificial intelligence, having utilized AI in observability for over a decade and positioned to benefit from the growth of agentic AI. | DT APH FIX AVGO DT TMO FI AAPL FIX AVGO |
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| 2025 Q2 | Jun 30, 2025 | Distillate Capital Fundamental Stability & Value | - | 1.5% | AMGN, CRM, FERG, GMED, HCA, ICLR, JBL, JNJ, KLAC, LRCX, MSFT, PEP, REGN, TMUS, UNH, VST, VTRS, WMT | free cash flow, momentum, Quality, rebalancing, small caps, valuation, value | The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. The 20 most expensive stocks account for 40% of S&P 500 capitalization and trade at multiples 106% above the rest of the market. Valuation expansion has contributed 4.6 percentage points to S&P 500 returns since 2017 but could become a headwind going forward. | View | |
| 2025 Q2 | Jun 30, 2025 | Distillate Capital International | - | 22.3% | AMGN, CRM, FERG, GMED, HCA, HII, ICLR, JBL, JNJ, KLAC, LRCX, MOS, PEP, REGN, STRL, TMUS, TPG, UNH, VST, VTRS | free cash flow, large cap, momentum, Quality, rebalancing, small caps, valuation, value | The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. Valuation expansion has contributed 4.6 percentage points to annualized returns since 2017, but this presents significant risk going forward as starting valuations historically predict future valuation headwinds. | View | |
| 2025 Q2 | Jun 30, 2025 | Distillate Capital Small/Mid Cap Quality & Value | - | -6.6% | 000700.HK, AMGN, BABA, CRM, FERG, GMED, HCA, ICLR, JBL, JNJ, KLAC, LRCX, MSFT, PEP, REGN, TMUS, UNH, VST, VTRS, WMT | free cash flow, large cap, momentum, Quality, valuation, value | The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. Valuation expansion has contributed 4.6 percentage points to annualized returns since 2017, but this presents significant risk going forward as historically high valuations suggest potential headwinds to future returns. | View | |
| 2026 Q1 | Apr 22, 2026 | Baird Small/Mid Cap Growth Equity Fund | -4.8% | -4.8% | ADMA, AFRM, ALGN, BMI, BRBR, BSX, BURL, CASY, CRBG, CROX, DHR, DXCM, ELF, EQH, EXAS, FIX, FN, FND, FOUR, FTAI, HLI, HUBB, ILMN, INSP, JBL, KNSL, KTOS, LFUS, LII, MASI, MTDR, NSA, PEN, PODD, PSA, RGEN, SOFI, TMDX, TTAN, TWST, VSCO, WWD, XPO | AI, defense, growth, healthcare, industrials, semiconductors, small caps, technology | View | ||
| 2026 Q1 | Apr 21, 2026 | Harbor Mid Cap Value Fund | 4.6% | 4.6% | ANGI, APA, CF, CMC, DINO, EXPE, FLEX, FOXA, HAL, JBL, MTDR, SFD, UPWK, WDC | AI, energy, mid cap, quantitative, Rotation, small caps, value | View | ||
| 2024 Q4 | Dec 31, 2024 | Renaissance Investment Management – Large Cap Growth | - | - | ABNB, AMAT, AMZN, APO, APP, AVGO, BAH, CAH, CI, CSL, HCA, ICLR, JBL, KLAC, LRCX, NFLX, PINS, RCL, UBER, WEX | AI, defense, growth, healthcare, large cap, technology | Enthusiasm for stocks with exposure to artificial intelligence remains unabated, driving returns for mega-cap technology stocks. AppLovin's data-driven improvements are generating exponential increases in data accumulation integral to AI model development and refinement. Broadcom benefits from its dominant position in artificial intelligence application-specific chipsets. | PINS BAH HCA AVGO APP |
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| 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 | Sep 30, 2023 | Artisan Mid Cap Fund | 2.4% | 6.6% | ARGX, ASND, BNTX, DXCM, EXAS, GPN, HALO, HUBS, IR, JBL, LSCC, PWR, RPGN, SAIA, SWAV, TEAM, VEEV, WING, WST, ZS | AI, Biotechnology, Energy Transition, growth, healthcare, mid cap, semiconductors, technology | Manager is bullish on GLP-1 obesity therapies, especially the growth they should enable for biologics packaging franchises like West Pharmaceutical. Believes the public health benefits are real but unlikely to materially restrain growth opportunities of medical device holdings for many years. Taking advantage of attractive valuations in adversely impacted holdings like DexCom. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | Concentration, large cap, Quality, stability, valuation, value | The S&P 500 has reached extraordinary concentration levels with the top 5 stocks comprising over 24% of the index, the highest since 1980. Seven largest stocks contributed 74% of the market's H1 gains while the other 493 stocks averaged just 7% returns. This concentration creates diversification risks and exposes investors to company-specific risks. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital International | 0.0% | 10.9% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | AI, Concentration, large cap, Quality, risk management, technology, valuation, value | The letter extensively discusses valuation concerns, particularly around the largest stocks in the S&P 500. The mega-cap six stocks now trade at 40x expected free cash flow versus their historical discount to the market. The manager emphasizes that despite strong business fundamentals, rich valuations create problematic risk/reward profiles when substantial optimism is already priced in. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAP, AAPL, ABBV, AMZN, AVGO, BMY, CSCO, CVS, DHR, FTNT, GIS, GOOGL, JBL, META, MSFT, NVDA, TSLA, UNH | AI, Concentration, Mega Cap, Quality, technology, valuation, value | Manager emphasizes avoiding richly valued mega-cap stocks that are trading at 40x free cash flow while focusing on the remaining 494 S&P stocks that offer more attractive 5.1% free cash yields. The strategy targets high quality stocks at attractive valuations with a 6.9% free cash yield versus 4.5% for the overall S&P 500. | View | |
| 2023 Q2 | Jul 13, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | AAP, AAPL, ABBV, AMZN, AN, APA, AVGO, BLDR, CVS, FTNT, GOOGL, HIBB, JBL, META, MSFT, NVDA, OC, SMCI, TOL, TSLA, VSCO | free cash flow, Leverage, Outperformance, Quality, Russell 2000, small caps, value | Manager emphasizes avoiding expensive megacap stocks and focusing on attractively valued companies with strong fundamentals. The strategy targets stocks with high free cash flow yields while avoiding the richly valued largest stocks that are depressing overall market valuations. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, ADBE, AMZN, CI, CVS, FIS, FTNT, GOOGL, JBL, JNJ, META, MO, MSFT, NVDA, PM, SWKS, TMUS, TSLA, UNH, V | Banking, Concentration, Leverage, Quality, rates, technology, value | The fund focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieved a 7.0% free cash flow yield compared to 4.8% for the S&P 500, with significant valuation advantages across all strategies versus their benchmarks. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital International | 0.0% | 10.9% | 005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, international, Leverage, Quality, rates, selectivity, value | Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, ADBE, AMZN, CI, CVS, FIS, FTNT, GOOGL, JBL, JNJ, META, MO, MSFT, NVDA, PM, SWKS, TMUS, TSLA, UNH, V | Banking, inflation, Leverage, Quality, rates, technology, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The firm's U.S. FSV strategy achieves a 7.0% free cash flow yield compared to 4.8% for the S&P 500, highlighting substantial valuation advantages across all strategies. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM | Concentration, free cash flow, large cap, Quality, selectivity, valuation, value | The manager emphasizes finding attractive value opportunities beneath the surface of expensive markets, with their U.S. FSV strategy achieving a 6.9% free cash flow yield versus 4.5% for the S&P 500. They focus on avoiding richly valued mega-cap stocks while maintaining quality standards through low debt levels and stable cash generation profiles. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital International | 0.0% | 10.9% | 6857.T, AAPL, AMGN, AMZN, AVGO, BABA, BMY, CNQ, CSCO, FMX, GOOGL, HRL, ITX.MC, JBL, LRCX, MC.PA, MSFT, NVDA, OC, PBR, PDD, PG, PNDORA.CO, QCOM, TSLA, V, WSM | Concentration, free cash flow, international, Mega-caps, Quality, value | The letter extensively discusses the extreme concentration in the S&P 500, where the largest five stocks now represent 24% of the index weight. This concentration creates significant risk for cap-weighted benchmarks and provides opportunities for active managers who can avoid overvalued mega-caps while finding value elsewhere in the market. | View | |
| 2023 Q4 | Jan 24, 2024 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM | Concentration, free cash flow, large cap, Quality, valuation, value | The fund emphasizes finding attractive valuations by avoiding richly valued mega-cap stocks and focusing on parts of the market with better free cash flow yields. Their U.S. FSV strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500, representing the largest premium since launch. | View | |
| 2023 Q4 | Jan 15, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | ARGX, ASND, CELH, CMG, DECK, DPZ, DXCM, EFX, EXAS, FIVE, HUBB, IRTC, JBL, LTTC, LULU, ON, POOL, PWR, RYAN, SAIA, SHOP, TREX, VEEV, WING, XYL | Biotech, Energy Transition, growth, healthcare, mid cap, semiconductors, software, technology | Healthcare was the weakest performer for the year, primarily due to biotech holdings. Argenx's Vyvgart launch in myasthenia gravis continued to shine, reaching sales north of $1 billion ahead of schedule, but trial failures in two additional indications marred an otherwise stellar year. Ascendis's Skytrofa tracked well in its second year, but FDA approval for TransCon PTH was delayed due to manufacturing questions. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $3.1M | 0.01% | 13,600 | -87,000 | -86.48% | 0.0112% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $177.6M | 0.20% | 778,782 | +619,138 | +387.82% | 0.6402% |
| Ray Dalio | Bridgewater Associates | $27.4B | $31.7M | 0.12% | 138,872 | -149,310 | -51.81% | 0.1142% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $32.5M | 0.04% | 142,563 | +140,563 | +7028.15% | 0.1172% |
| Israel Englander | Millennium Management LLC | $233.2B | $31.1M | 0.01% | 136,400 | -39,562 | -43.49% | 0.1121% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $478,842 | 0.01% | 2,100 | +0 | +0.00% | 0.0017% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $107.3M | 0.16% | 470,727 | +314,309 | +200.94% | 0.3869% |
| Cliff Asness | AQR Capital Management | $190.6B | $99.9M | 0.05% | 438,172 | +7,073 | +1.64% | 0.3602% |
| Bruce Kovner | Caxton Associates | $3.2B | $806,703 | 0.03% | 5,606 | +5,606 | +100.00% | 0.0029% |
| Mario Gabelli | GAMCO Investors | $10.4B | $783,705 | 0.01% | 3,437 | -35 | -1.01% | 0.0028% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $3.5M | 0.42% | 25,398 | +64 | +0.25% | 0.0125% |
| Rich Handler | Jefferies | $19.3B | $7.1M | 0.04% | 30,965 | +30,965 | +100.00% | 0.0255% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $456 | 0.00% | 2 | +0 | +0.00% | 0.0000% |