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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 | Apr 9, 2025 | Vulcan Value Partners – Small Cap | -4.1% | -4.1% | ISS DC, JLL, SW FP, SWKS, TPG | - | View | ||
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | EG, JLL, MC FP, PGHN SW | - | View | ||
| 2025 Q3 | Oct 21, 2025 | Baron Real Estate Fund | 10.2% | 6.4% | AAON, ABNB, AMT, CBRE, CRH, IRM, JLL, WYNN | Housing, infrastructure, Property tech, real estate, REITs | The fund outperformed benchmarks, supported by strength in REITs, homebuilders, and travel-related real estate. Management sees real estate entering a recovery phase as supply tightens, rates ease, and institutional capital re-enters the sector. Long-term themes include housing affordability, infrastructure demand, and the rise of property technology. | FND AAON WYNN FND AAON WYNN |
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| 2024 Q3 | Oct 10, 2024 | Generation Investment Management Global Equity | - | - | CBRE, JLL | - | View | ||
| 2025 Q4 | Jan 23, 2026 | Baron Real Estate Fund | -1.4% | 4.9% | AMH, AMT, BX, CSGP, DHI, FBIN, GDS, GMG.AX, H, HLT, IRM, JLL, PLD, RKT, SKY, TMHC, TREX, VNO, VTR, WELL | Commercial, Data centers, Housing, Industrial, real estate, REITs, Travel | Fund invests in leading commercial real estate services companies CBRE, JLL, and Cushman & Wakefield that benefit from outsourcing trends, institutionalization of commercial real estate, and market share opportunities in a fragmented industry. These companies are expected to generate 15%+ annual earnings growth as commercial real estate sales and leasing activity rebounds. Multi-year setup for data centers is as strong as ever with expanding demand from cloud computing, IT outsourcing, and AI workloads from Magnificent 7 companies. New supply is constrained due to elevated construction costs and power constraints while rents are rising. Fund owns Equinix, Digital Realty Trust, GDS Holdings, and Goodman as multi-year beneficiaries. Travel companies benefit from favorable shift in consumer preferences away from goods spending to prioritizing travel experiences. Fund owns best-in-class hotel companies Hilton and Hyatt which should continue benefiting from these secular trends including flexible work arrangements allowing more travel and cyclically depressed business activity creating opportunities. Despite near-term housing market challenges from affordability issues and buyer/seller strikes, there is structural underinvestment in housing relative to demographic needs. US builds same number of homes today as 1960 despite 160 million more people. Fund sees long-term bullish opportunity in companies like Toll Brothers and Champion Homes as housing market rebounds. Industrial real estate benefits from multi-year demand drivers including e-commerce growth, last mile infrastructure needs, onshoring trends, and shift from just-in-time to just-in-case inventory management. AI's physical manifestation through robotics and automation will require more industrial facilities. Fund owns Prologis, EastGroup Properties, and Terreno Realty. | IRM VTR WELL FBIN SKY CSGP H PLD JLL |
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| 2025 Q4 | Jan 22, 2026 | Third Avenue Real Estate Value Fund | -1.8% | 11.3% | AMH, BKG.L, BRK-A, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WY | Commercial, Homebuilders, real estate, REIT, Residential, value | Fund maintains significant exposure to commercial real estate platforms including real estate services, asset management, industrial and logistics properties, and self-storage facilities. These holdings represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate with structural demand drivers and limited maintenance capital expenditure requirements. Fund holds positions in major U.S. homebuilders including Lennar Corp., D.R. Horton, PulteGroup, and Champion Homes. These companies are supported by near-record low levels of for-sale inventories, near-record high demand for affordable product, and industry dynamics favoring scaled players over time. Fund focuses on well-capitalized enterprises with discounted securities trading at more than a 20% discount to estimated Net Asset Value at year-end. The strategy targets strategic real estate at value prices with prospects to compound capital over time. Multiple portfolio companies engaged in share repurchase activities during the quarter, including Lennar Corp. completing an exchange offer that effectively acted as an accelerated share repurchase program, exchanging Millrose Properties shares for 5% of its outstanding A shares. | DBK GR BIRG ID 2330 TT HBR LN CS CN LUN CN HCC |
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| 2025 Q4 | Jan 14, 2026 | Riverwater Sustainable Value Strategy | 0.0% | 0.0% | ADEA, CIEN, CNK, DGX, EXEL, HAE, JLL, LMNR, LOPE, MDU, SNV, TGLS | AI, Banking, Quality, semiconductors, small caps, technology, value | The manager emphasizes focus on quality factors including profitability, strong returns on capital, solid balance sheets, and attractive valuations. Notes this has been one of the most challenging environments for quality-focused investors, with quality factors underperforming similar to the internet bubble period of 1999-2000. Strategy focuses on identifying high-quality companies at reasonable valuations. The manager notes periods favoring low-quality assets typically last only a few quarters and expects quality will ultimately reassert itself. The strategy targets small-cap equities with the Russell 2500 Value Index as benchmark. Manager is increasingly constructive on small-cap equities broadly for 2026, expecting a rotation back toward fundamentals with quality small-cap stocks outperforming lower-quality peers. CIEN benefited from AI datacenter network deployment as networking became a key bottleneck for deploying AI widely. ADEA's media IP portfolio includes AI technologies and computer vision capabilities. | MRX CNK ADEA SNV LMNR LOPE CIEN HAE |
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| 2024 Q3 | Sep 30, 2024 | Ariel Small Cap Value Strategy | 10.1% | 0.0% | BRC, CLB, JLL, LAZ, LESL, LIND, MHK, WEX | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Ariel Fund | 12.1% | 0.0% | BIO, CLB, GNTX, JLL, LAZ, LESL, MHK, MIDD, SRCL | - | View | ||
| 2023 Q2 | Jul 14, 2023 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | JLL, SUI | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Ariel Appreciation Fund | 9.9% | 0.0% | JLL | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | CBRE, INA AU, JLL, SVS LN | - | View | ||
| 2023 Q4 | Feb 20, 2024 | Ariel Small Cap Value Strategy | 10.1% | 0.0% | CLB, JHG, JLL, LIND, MAT, NVST, OSW | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Ariel Fund | 12.1% | 0.0% | ATGE, CLB, JLL, MAT, RCL | - | View | ||
| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMZN, BVI FP, CG, CRM, JLL, KKR, MSFT, TDG | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 28, 2026 | Fund Letters | Jeffrey Kolitch | Jones Lang LaSalle Incorporated | Real Estate | Real Estate Services | Bull | New York Stock Exchange | commercial real estate, Earnings-recovery, Outsourcing, services, valuation | 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 | $20.0M | 0.28% | 59,456 | -35,254 | -37.22% | 0.1357% |
| Ray Dalio | Bridgewater Associates | $27.4B | $3.4M | 0.01% | 10,028 | +5,065 | +102.06% | 0.0229% |
| Israel Englander | Millennium Management LLC | $233.2B | $39.7M | 0.02% | 117,866 | -232,955 | -66.40% | 0.2689% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $27.3M | 0.02% | 81,051 | +18,244 | +29.05% | 0.1849% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $1.3M | 0.00% | 3,779 | -39,342 | -91.24% | 0.0086% |
| Cliff Asness | AQR Capital Management | $190.6B | $302.7M | 0.16% | 899,625 | +728,824 | +426.71% | 2.0527% |
| Brian Ashford-Russell | Polar Capital Holdings | $25.8B | $29.9M | 0.12% | 88,860 | -3,893 | -4.20% | 0.2028% |
| Bruce Kovner | Caxton Associates | $3.2B | $1.6M | 0.05% | 6,270 | +6,270 | +100.00% | 0.0108% |
| John Rogers | Ariel Investment | $9.3B | $300.5M | 3.25% | 893,230 | -57,615 | -6.06% | 2.0381% |
| Matthew Fine | Third Avenue Value Fund | $550.2M | $11.6M | 2.10% | 34,351 | -17,268 | -33.45% | 0.0784% |
| Rich Handler | Jefferies | $19.3B | $366,079 | 0.00% | 1,088 | -8,672 | -88.85% | 0.0025% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $336 | 0.00% | 1 | +0 | +0.00% | 0.0000% |