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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 22, 2025 | Baron Real Estate Fund | 3.6% | -3.5% | ABNB, AMH, AMT, AVB, BAM, BN, BXP, CBRE, CHDN, CSGP, EQIX, EQR, EXR, GDS, IRT, JLL, LPX, PLD, SITE, SPG, TOL, WELL, WYNN | Data centers, Homebuilders, real estate, Recovery, REITs, Travel, Valuations | Fund invests across REITs and non-REIT real estate categories with focus on demand exceeding supply dynamics. Manager sees compelling valuations with many properties trading below replacement cost and expects transaction market recovery. | View | |
| 2025 Q2 | Jul 22, 2025 | Third Avenue Real Estate Value Fund | 6.8% | 6.4% | AMH, BAM, BN, CBRE, DHI, FMCC, FNMA, FPH, FR, GRI.L, JLL, JM.SI, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WCC, WY | GSEs, Industrial, Manufacturing, Onshoring, real estate, REITs, Residential, value | Supply chain disruptions from Covid-19 have accelerated efforts to reshore critical industries including defense, pharmaceuticals, semiconductors, and materials. U.S. manufacturing investment has increased three-fold over five years to $230 billion annually, with nearly $2 trillion of reshoring initiatives announced since 2023. | J36.SI SKY WCC PLD JAR LN SKY WCC PLD |
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| 2024 Q1 | May 7, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | AMH, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, GRI.L, JLL, LEN, LOW, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY | active management, Data centers, Homebuilders, real estate, REITs, value | AI and LLM advancements are driving enormous capital requirements for data center buildout and colossal power needs. Data center demand expected to increase 10% annually through 2030, requiring 18 Gigawatts of incremental power. Fund avoids direct data center REIT exposure due to supply concerns and low free cash flow yields of 2.5%. | View | |
| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Small Cap | -4.5% | -4.5% | ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PRG, SW.PA, SWK, SWKS, TPG | Facilities Management, real estate, small cap, tariffs, value, volatility | Market volatility returned during the first quarter, creating opportunities for the firm to execute their dual investment discipline. The firm welcomes volatility as it provides opportunities to purchase stable value businesses at lower prices with larger margins of safety. Price to value ratios improved across all strategies during the quarter. | SODEXO.PA GOOGL MSFT AMZN CRM PRG ITRN ISS JLL SWKS TPG SWK MEDP |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Large Cap | -2.1% | -2.1% | ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PRG, SW.PA, SWK, SWKS, TPG | healthcare, large cap, real estate, technology, value, volatility | Market volatility returned during the first quarter, creating opportunities to execute dual investment discipline by purchasing stable value businesses at lower prices with larger margins of safety. The firm welcomes volatility as it provides opportunities to improve price to value ratios across all strategies. | SODEXO.PA GOOGL MSFT AMZN CRM PRG ITRN ISS JLL SWKS TPG SWK MEDP |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Small Cap | -4.1% | -4.1% | ABT, AMZN, ARES, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PGHN.SW, PRG, SW.PA, SWK, SWKS, TPG | Asset Management, real estate, tariffs, technology, value, volatility | Market volatility returned during the first quarter, creating opportunities for the firm to execute their dual investment discipline. The manager welcomes volatility as it provides opportunities to purchase stable value businesses at lower prices with larger margins of safety. Price to value ratios improved across all strategies during the quarter. | SW PRG ITRN ISS JLL SWKS TPG SWK MEDP |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Focus Plus | -5.8% | -5.8% | AMZN, CRM, GOOGL, ISS.CO, ITRN, JLL, MEDP, MSFT, PRG, SW.PA, SWK, SWKS, TPG | AI, Capital Allocation, Cloud, tariffs, technology, value, volatility | Market volatility returned during the first quarter, creating opportunities to execute dual investment discipline and purchase stable value businesses at lower prices with larger margins of safety. The firm welcomes volatility as it provides opportunities to reallocate capital and improve price to value ratios across all strategies. | SODP.PA SWKS ITRN ISS JLL TPG SWK MEDP |
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| 2025 Q1 | Apr 9, 2025 | Vulcan Value Partners – Focus Plus | -6.0% | -6.0% | ABT, AM, AMZN, CRM, CWK, ENS, FI, GOOGL, ISS.CO, ITRN, JLL, LYV, MAR, MEDP, MSFT, PGHN.SW, PRG, SW.PA, SWK, SWKS, TPG | Cloud, concentrated, large cap, technology, value, volatility | Market volatility returned during the first quarter, creating opportunities to execute dual investment discipline by purchasing stable value businesses at lower prices with larger margins of safety. The firm welcomes volatility as it provides opportunities to improve price-to-value ratios across all strategies. | SODEXO.PA SWKS PRG ITRN ISS JLL TPG SWK MEDP |
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| 2026 Q1 | Apr 22, 2026 | Baron Real Estate Fund | -5.5% | -5.5% | ABNB, BN, BX, CBRE, CSGP, CZR, DLR, EQIX, JLL, PSA, SITE, TOL, WELL, WYNN | AI, Commercial real estate, Data centers, Homebuilders, real estate, REITs, Travel, valuation | View | ||
| 2026 Q1 | Apr 22, 2026 | Third Avenue Real Estate Value Fund | -10.1% | -10.1% | 0101.HK, 1113.HK, BKG.L, BRK, BYG.L, CBRE, FMCC, FNMA, FR, J36.SI, JLL, LEN, PLD, SVS.L, WCC | Commercial, demographics, international, real estate, REITs, Residential, value | 0010.HK BKD |
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| 2024 Q4 | Dec 31, 2024 | Third Avenue Real Estate Value Fund | 0.4% | 14.1% | 1113.HK, AC.PA, AMH, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FPH, FR, JLL, LEN, PLD, RYN, SGRO.L, SUI, UHAL, WCC, WY | Commercial, Homebuilders, NAV, rates, real estate, REITs, Uk, value | Fund maintains significant exposure to commercial real estate through REITs and operating companies focused on industrial, logistics, self-storage, and real estate services. Holdings include platforms like Big Yellow self-storage, Prologis industrial, and CBRE services that benefit from structural demand drivers and limited maintenance capex requirements. | AC.PA BYG.L BKG.L |
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| 2024 Q4 | Dec 31, 2024 | Diamond Hill Mid Cap | -2.4% | 10.6% | ALK, ARW, ASH, CIEN, CUBE, FCX, FWONA, ICON, INFA, JLL, LPLA, NVR, OZK, RRR, SOLV, TDY, TFX, WBS, WCC | Data centers, healthcare, Intrinsic Value, mid cap, Trade Policy, value | Trade policy uncertainty has fueled a rise in the US dollar and is roiling local politics globally. Fears and speculation around which countries will be primary tariff targets sparked market shifts in Q4. Trade uncertainty is affecting emerging markets currencies and prompting fiscal reckonings in countries like Brazil. | View | |
| 2024 Q4 | Dec 31, 2024 | Diamond Hill Small-Mid Cap Strategy | -0.8% | 8.3% | ALGT, ARW, ASH, BOKF, CIEN, CUBE, FTRE, GTES, HII, ICLR, INFA, JLL, NVR, REXR, RRR, SOLV, TDY, TFX, WBS, WCC | financials, healthcare, industrials, real estate, small cap, technology, value | WESCO is benefiting from strong demand in its data center business, representing a key growth driver for the industrial distributor. The company's scale advantage positions it well to capture share in this expanding market. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | CBRE, CIGI, CWK, DNB, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, RE, SBUX, UNH | Commercial real estate, interest rates, real estate, small cap, United Kingdom, value | Multiple holdings in commercial real estate services including Colliers International, Cushman & Wakefield, and Jones Lang LaSalle. These companies are benefiting from falling interest rates and should see improved transaction volumes as the sector recovers from recent downturns. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value | Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like Jones Lang LaSalle, CBRE, Colliers International, and Cushman & Wakefield are positioned to benefit as interest rates decline and real estate markets recover from recent downturns. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Assets, Commercial real estate, interest rates, Luxury, Margin Of Safety, Reinsurance, value | Multiple portfolio companies are commercial real estate service providers benefiting from falling interest rates and recovering transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned for recovery as the industry emerges from a downturn. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Asset Managers, Commercial real estate, interest rates, Luxury, Margin Of Safety, value | Multiple holdings in commercial real estate services including CBRE, Jones Lang LaSalle, Colliers International, and Cushman & Wakefield. These companies are positioned to benefit from falling interest rates and recovery in transaction volumes after weathering an industry downturn. The managers see these businesses as having diversified earnings streams and asset-light models. | View | |
| 2024 Q3 | Oct 9, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | CBRE, CIGI, CWK, DNB, EG, IBST.L, JLL, KKR, LYV, MC.PA, PGHN.SW, PLNT, PRG, SBUX, UNH | Alternative Assets, Commercial real estate, Concentration, interest rates, Luxury, Reinsurance, value | Multiple commercial real estate service providers benefited from falling interest rates and improving transaction volumes. Companies like CBRE, Colliers, and Cushman & Wakefield are positioned to benefit from the recovery in real estate markets as rates decline. | View | |
| 2023 Q3 | Oct 25, 2023 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 0004.HK, 1113.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FR, GRI.L, INA.AX, INVH, JLL, LEN, LOW, NSA, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY | Cap Rates, Commercial Property, interest rates, NAV, real estate, REITs, Residential, value | Fund maintains 31% allocation to commercial real estate enterprises focused on secular trends including industrial properties, self-storage facilities, and last-mile fulfillment. Holdings include companies capitalizing on structural changes driving demand for these property types. | BYG.L SUI |
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| 2025 Q3 | Oct 21, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | ALNY, APP, ARGX, ATS.TO, AVTR, AXON, BJ, CASY, CCK, CHWY, EMN, ICLR, IP, JLL, LNW, PFGC, QXO, RARE, TECH, UMBF | Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, Rate Cuts, stock selection, value | Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam advanced driven by accelerating uptake of its ATTR-CM treatment and raised full-year revenue guidance. | RBLX |
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| 2025 Q3 | Oct 21, 2025 | Third Avenue Real Estate Value Fund | 6.7% | - | AC.PA, AMH, BKG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FR, JLL, LEN, PHM, PLD, RYN, SUI, SVS.L, UHAL, UTG.L, WY | Commercial, global, Homebuilders, Mortgage, real estate, REITs, Residential, value | Fund holds 27.5% in North American commercial real estate companies including CBRE Group, JLL, Brookfield Corp, Prologis, First Industrial, Wesco, and U-Haul Holdings. These represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate that favor long-term investors with structural demand drivers, limited maintenance capex, and prospects to self-finance accretive reinvestment. Commercial banks are estimated to be lending significantly less to commercial real estate, with current pace at less than half of the previous 10-year average. | UTG CHMP ACCOR UTG CHMP AC ROG BOISE DBK OR HBR LUN CS |
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| 2025 Q3 | Oct 21, 2025 | Baron Real Estate Fund | 10.2% | 6.4% | AAON, ABNB, AMH, AMT, BN, BX, CBRE, CRH, CSGP, EQIX, FND, HLT, IRM, IRT, JLL, TOL, VMC, VNO, WELL, WYNN | Commercial, Data centers, Homebuilders, real estate, Recovery, REITs, Travel, value | Fund believes commercial real estate services companies like CBRE and JLL will benefit from structural tailwinds including outsourcing and institutionalization of commercial real estate. Early days of rebound in sales and leasing activity expected with potential for 20%+ annual earnings growth. | FND AAON WYNN FND AAON WYNN |
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| 2025 Q3 | Oct 19, 2025 | EdgePoint Global | - | - | 6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX | active management, AI, Concentration, global, Quality, technology, value | Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns. | Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM |
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| 2025 Q3 | Oct 14, 2025 | Vulcan Value Partners – Small Cap | 5.5% | 9.3% | CBRE, CRM, FISV, GOOGL, JLL, KMX, MEDP, SEE, UNH | Buybacks, consumer discretionary, financials, healthcare, technology, value | Manager emphasizes owning outstanding businesses with substantial margins of safety at attractive price to value ratios. All portfolios improved their price to value ratios despite positive returns, with Focus and Focus Plus in upper 60s and Small Cap in mid 50s. | GOOGL US MEDP US FISV US |
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| 2025 Q3 | Oct 14, 2025 | Vulcan Value Partners – Focus Plus | 3.7% | 7.0% | CBRE, CRM, FISV, GOOGL, JLL, KMX, MEDP, SEE, UNH | Buybacks, consumer discretionary, financials, healthcare, technology, value | Manager emphasizes owning outstanding businesses with substantial margins of safety at attractive price to value ratios. All portfolios improved their price to value ratios despite positive returns, with Focus and Focus Plus portfolios having price to value ratios in the upper 60s and Small Cap in the mid 50s. | Salesforce Inc GOOGL US |
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| 2025 Q3 | Oct 14, 2025 | Vulcan Value Partners – Focus Plus | 3.7% | 6.1% | CBRE, CRM, FISV, GOOGL, JLL, KMX, MEDP, SEE, UNH | Buybacks, consumer discretionary, financials, healthcare, technology, value | Manager emphasizes owning outstanding businesses with substantial margins of safety at attractive price-to-value ratios. Despite positive returns, they improved price-to-value ratios across all portfolios by reallocating capital from higher-priced stocks to more discounted companies. Focus and Focus Plus portfolios have price-to-value ratios in the upper 60s, while Small Cap remains most discounted in the mid 50s. | Salesforce Inc UNH US GOOGL US |
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| 2025 Q3 | Oct 14, 2025 | Vulcan Value Partners – Large Cap | 4.6% | 9.5% | CBRE, CRM, FISV, GOOGL, JLL, KMX, MEDP, SEE, UNH | Buybacks, consumer discretionary, financials, healthcare, technology, value | Manager emphasizes owning outstanding businesses with substantial margins of safety at attractive price-to-value ratios. All portfolios improved their price-to-value ratios despite positive returns, with Focus and Focus Plus portfolios having ratios in the upper 60s and Small Cap in the mid 50s. | GOOGL MEDP FISV |
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| 2025 Q3 | Oct 14, 2025 | Vulcan Value Partners – Small Cap | 4.1% | 6.1% | CBRE, CRM, FISV, GOOGL, JLL, KMX, MEDP, SEE, UNH | Buybacks, consumer discretionary, financials, healthcare, technology, value | Vulcan emphasizes owning outstanding businesses with substantial margins of safety at attractive price to value ratios. They improved price to value ratios across all portfolios despite positive returns, with Focus and Focus Plus portfolios having price to value ratios in the upper 60s and Small Cap in the mid 50s. | View | |
| 2024 Q3 | Oct 10, 2024 | Generation Investment Management Global Equity | - | - | AMZN, CBRE, GOOGL, JLL, NVDA, SE.PA, SIK.L, TT | AI, Climate, Commercial real estate, global, Long Term, Quality, sustainability | Manager discusses AI's transformative potential but notes challenges in finding killer applications beyond current uses. Highlights the end of zero marginal cost era as AI requires massive infrastructure investment. Sees AI adoption at only 5% of US companies currently. | 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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| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMZN, BVS.PA, CBRE, CG, CIGI, CRM, CWK, DEO, DNB, FORT.L, IBTX.L, ISS.CO, JLL, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, V, VCP.L, VRTS | AI, Alternative Assets, Cloud, Commercial real estate, Concentration, large cap, value | Vulcan follows a disciplined value approach, investing in companies trading at discounts to intrinsic value with margins of safety. They reallocated capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety. | DNB LFUS FORT.L IBTX.L DEO |
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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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| 2023 Q4 | Jan 14, 2024 | Generation Investment Management Global Equity | - | - | A, ACN, ADDYY, ADI, AMAT, AMZN, BAX, CBRE, CSL, DHR, GEBN.SW, HSIC, JLL, KGP, MELI, MSFT, NZYM-B.CO, SE, SIKA.SW, TMO, TT, TXN, VEEV, VLTO, VWS.CO, WAT | AI, Climate, Global Equity, healthcare, real estate, sustainability, technology | The release of GPT-4 showed the world the perils and promise of generative artificial intelligence. Companies linked to the generative AI revolution have added to returns, including Amazon, Microsoft and Applied Materials which provides equipment for semiconductor chip manufacture. | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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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, SRCL, WEX | energy, Manufacturing, payments, real estate, small caps, Travel, value | The fund focuses on small cap value investing, with the Russell 2000 Value Index outperforming growth in Q3. The manager believes patient investors who own differentiated businesses with solid competitive positioning and robust balance sheets will reap superior returns over time. | WEX CLB LIND LESL MHK LAZ JLL |
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| 2024 Q3 | Sep 30, 2024 | Ariel Fund | 12.1% | 0.0% | BIO, CLB, GNTX, JLL, LAZ, LESL, MHK, MIDD, SRCL | healthcare, industrials, real estate, small caps, SMID Cap, value | The fund focuses on investing in undervalued companies trading at discounts to private market value estimates. Management emphasizes patient investing in differentiated businesses with solid competitive positioning and robust balance sheets to generate superior returns over time. | MIDD BIO CLB GNTX LESL JLL LAZ MHK |
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| 2024 Q3 | Sep 30, 2024 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | ALIT, ASH, ASTH, CIVI, DEI, ENOV, FA, FTAI, IGIC, JLL, LOB, NSP, PAL, PESI, RMNI, USLM | financials, healthcare, industrials, rates, small caps, value | The fund focuses exclusively on small-cap investments, typically companies with market capitalization below $3 billion or within the Russell 2000 Index range. Small-cap stocks outperformed in Q3, with the Russell 2000 Index gaining 9% and value stocks outperforming growth. The manager continues finding compelling new ideas in the small-cap space despite the ongoing bull market. | View | |
| 2024 Q3 | Sep 30, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | AMH, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, LOW, PLD, RYN, SGRO.L, SUI, SVS.L, UHAL, WCC, WY | Commercial real estate, Homebuilders, Hotels, Housing, real estate, REITs, value | Fund holds major homebuilders like Lennar and D.R. Horton positioned to benefit from persistent housing supply deficits and consolidation trends. Large publicly traded builders have increased market share to 55% from 40% five years ago by focusing on attainable housing and offering rate buydowns through captive mortgage subsidiaries. | WCC AC.PA |
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| 2024 Q2 | Jul 19, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 1CKH.HK, 4WH.HK, AMH, BAM, BKG.L, BYG.L, CBRE, DHI, FMCC, FNMA, FR, GRI.L, JLL, LEN, LOW, PLD, SEGRO.L, SUI, SVS.L, WCC | Commercial, Data centers, Grid Upgrade, infrastructure, real estate, REITs, Residential, value | Fund has approximately 30% of capital invested in companies with ties to the data center value chain, including leasing powered shells, realizing higher-and-better use opportunities by repositioning land for data center development, and providing energy and logistics services. The rapid adoption of AI and accelerated build out of energy-intensive data centers is driving demand for electrical grid infrastructure. | PLD WCC |
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| 2025 Q1 | Mar 31, 2025 | ClearBridge Investments Mid Cap Growth Strategy | - | - | ALNY, APP, ARES, CASY, CAVA, CELH, DDOG, EQT, HUBS, JLL, KKR, MELI, MRVL, RYAN, SAIL, STE, TTD, TW, VRSK, VRT | AI, Biotechnology, Data centers, growth, mid cap, Natural Gas, technology, Trade Policy | The emergence of DeepSeek, a China-based low-cost large language model, stoked fears about returns from massive AI ecosystem investments, causing rotation out of AI-related tech stocks. Despite this, the managers believe large AI hyperscalers will continue developing intensive data centers, providing long-term opportunities for their holdings like Marvell and Vertiv. | View | |
| 2025 Q1 | Mar 31, 2025 | Third Avenue Real Estate Value Fund | -0.5% | -0.5% | 4.HK, AMH, BAM, BN, CBRE, DHI, FMCC, FNF, FNMA, FPH, GRI.L, INA.AX, JLL, LEN, PHM, RYN, SUI, SVS.L, UTG.L, WY | Commercial, demographics, Homebuilders, Mortgage, real estate, Student Housing, value | Fund initiated position in PulteGroup, recognizing demographic tailwinds from millennials entering prime home-buying years. Large-scale builders like Pulte, Lennar, and D.R. Horton have evolved to more defensive business models with land options versus ownership, strengthened balance sheets with net cash positions, and gained significant market share. These companies are positioned to maintain profitability and sustain share repurchases despite near-term headwinds. | UTG.L PHM |
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| 2023 Q1 | Mar 31, 2023 | Ariel Fund | 12.1% | 0.0% | ADTL, AMG, APA, BOKF, BWA, GS, IPG, JLL, LESL, LMT, MAT, MHK, MOS, MSGE, ORCL, PARA, PGR, RCL, SNAP, ZBRA | Banking, Commercial real estate, energy, interest rates, Mid Caps, Regional Banks, small caps, value | Regional banks face significant challenges from deposit flight and commercial real estate exposure following Silicon Valley Bank's collapse. BOK Financial declined 18% amid banking sector stress, though managers believe it remains well-positioned with strong underwriting standards and diversified business model. | View | |
| 2023 Q1 | Mar 31, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | AAP, ADM, AIG, ALGT, ALK, ALL, ARW, ASH, BHF, BKU, BOKF, BR, BRBR, BRO, BSX, BWA, CALM, CHKP, CIEN, CIVI, COOP, CTRA, CTSH, CUBE, DEI, ENOV, ERII, ESAB, ESGR, FA, FCX, FIBK, FIS, FWONA, GTES, HBI, HIG, ITGR, JLL, KEX, KMX, L, LANC, LOB, MTN, NVR, NXPI, OZK, PH, POST, PRG, RHP, RNR, RRR, RRX, RYN, SANM, SF, SRCL, SSNC, ST, UDR, UGI, VFC, WBS, WCC, WNS, WTW, WWW, WY | financials, industrials, mid cap, small cap, value | View | ||
| 2023 Q4 | Feb 20, 2024 | Ariel Small Cap Value Strategy | 10.1% | 0.0% | CLB, JHG, JLL, LIND, MAT, NVST, OSW | consumer, energy, real estate, small caps, Travel, value | The fund holds luxury adventure travel company Lindblad Expeditions and cruise spa services provider OneSpaWorld, both benefiting from strong demand and pricing power in the travel recovery. Future travel reservations remain strong with companies increasing prices. | NVST AMAT CLB JLL OSW LIND |
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| 2023 Q4 | Jan 31, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 1113.HK, 4.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FRT, GRI.L, ING.AX, IVT, JLL, LEN, LOW, NSA, PLD, RYN, SGRO.L, SUI, SVS.L, TPHS, UHAL, WY | Commercial, Homebuilders, interest rates, real estate, REITs, Residential, value | Fund has 33% invested in commercial real estate enterprises focused on secular trends including industrial properties, self-storage, and last-mile fulfillment. Holdings include companies capitalizing on structural demand changes and urban densification. | View | |
| 2023 Q4 | Jan 31, 2024 | Ariel Fund | 12.1% | 0.0% | ATGE, CLB, JLL, MAT, MSGE, RCL | consumer, earnings, energy, Entertainment, real estate, small caps, value | Royal Caribbean Group advanced on quarterly earnings beat and raised full-year guidance driven by stronger consumer demand and solid cost containment. The company continues to experience solid momentum in onboard spend, while 2024 booking trends are significantly ahead of historical ranges at higher pricing. | MSGE AMAT CLB JLL ATGE ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2023 Q4 | Jan 17, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMZN, BVS.PA, CG, CIGI, CRM, CWK, DEO, FORT.L, GOOGL, IBST.L, ISS.CO, JLL, KKR, LFUS, MEDP, MSFT, PK, SDIP.ST, TDG, VRTS | Alternative Assets, Concentration, large cap, Margin Of Safety, real estate, technology, value | Manager follows disciplined value approach, reallocating capital from companies whose prices rose more rapidly than intrinsic value estimates into companies with larger margins of safety. Focus on businesses trading at discount to estimated intrinsic value with inherently stable values and competitive advantages. | LFUS FORT.L IBTX.L DEO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Ariel Small Cap Value Strategy | Jones Lang LaSalle | Real Estate | Real Estate Management & Development | Bull | NYSE | Expense Management, Fee Revenues, Interest Rate Headwinds, operational efficiency, property management, Real Estate Services, Work Dynamics | View Pitch |
| Apr 28, 2026 | Fund Letters | Ariel Fund | Jones Lang LaSalle | Real Estate | Real Estate Management & Development | Bull | NYSE | commercial real estate, Cyclical, Interest Rate Sensitive, professional services, property management, Real Estate Services | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Small Cap | Jones Lang LaSalle Inc. | Real Estate | Real Estate Management & Development | Bull | NYSE | Brokerage, commercial real estate, investment management, property management, secular growth, Variable Cost Structure | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | Jones Lang LaSalle Inc. | Real Estate | Real Estate Management & Development | Bull | NYSE | asset management, commercial real estate, consolidation, Diversified, Equity, Free Cash Flow, Property-services | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - All Cap | Jones Lang LaSalle Inc. | Real Estate | Real Estate Management & Development | Bull | NYSE | Brokerage, commercial real estate, Diversified, investment management, property management, Real Estate Services, Variable Cost Structure | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus | Jones Lang LaSalle Inc. | Real Estate | Real Estate Management & Development | Bull | NYSE | commercial real estate, consolidation, Diversified, Equity, investment management, Property-services, secular growth, Variable Costs | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | Jones Lang LaSalle Inc. | Real Estate | Real Estate Management & Development | Bull | NYSE | commercial real estate, consolidation, Diversified, Free Cash Flow, services, Variable Costs | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Small Cap Value Strategy | Jones Lang LaSalle Incorporated | Real Estate | Real Estate Services | Bull | NYSE | Capital markets, commercial real estate, Fee revenue, Leasing, operational efficiency, property management, Real Estate Services, Transaction Services, Work Dynamics | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | Jones Lang LaSalle | Real Estate | Real Estate Services | Bull | NYSE | Capital markets, Fee revenue, operational efficiency, property management, Real Estate Services, Transaction Services, Work Dynamics | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||