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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | Heartland Value Plus Fund | 7.9% | 1.5% | KMT, MHK | - | View | ||
| 2025 Q3 | Oct 15, 2025 | Ariel Small Cap Value Strategy | 12.7% | - | BCO, KMT, MAT, PBH, REZI, SPHR, ZBRA | consumer, cyclicals, industrials, small caps, valuation | Ariel sees improving prospects for small caps and cyclical stocks amid Fed easing, strong earnings, and valuation gaps versus large caps. The strategy favors pro-cyclical exposure in undervalued businesses across industrials, logistics, and consumer sectors while maintaining discipline in capital deployment. The managers expect small-cap valuations to normalize as market breadth improves and economic resilience persists. | KMT US SPHR US BCO US REZI US |
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| 2025 Q4 | Jan 23, 2026 | Brandes Small Cap Value Fund | 5.9% | 23.4% | ALKS, AOBC, ARLO, AVDL, CENT, DIIBF, ELAN, EPC, GHM, GIL, GRFS, HURC, HXL, IMKTA, INVX, KMT, MOG.A, NTGR, ORN, PKE, PZZA, RGP, SEE, UTMD | healthcare, industrials, Outperformance, positioning, small caps, value | The fund focuses on small-cap value investing, seeking companies with strong balance sheets, compelling growth prospects, and durable free cash flow generation. The fund exhibits lower valuations than the Russell 2000 Index while maintaining exposure to undervalued opportunities. Management expresses optimism about the potential of value stocks in general. The fund specifically targets small-cap companies, maintaining significant overweight positions in industrials while underweighting financials and real estate compared to benchmarks. The portfolio is positioned as an attractive complement to other small-cap offerings with differentiated exposure and risk characteristics. | CENT |
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| 2025 Q4 | Jan 18, 2026 | Ariel Small Cap Value Strategy | 3.0% | 0.0% | AMG, FDS, GNRC, KMT, NCLH, PSKY, REZI, RLI, SPHR, ZBRA | AI, Entertainment, insurance, Manufacturing, small cap, technology, value | Artificial intelligence continues to drive structural trends and productivity gains across industries, though benefits are unevenly distributed. The technology is contributing to market concentration and shifting competitive positioning, while raising questions about the durability of recent performance patterns. Data center market shows significant long-term growth potential driven by rising energy needs and artificial intelligence infrastructure expansion. Management emphasized strong momentum in this sector as a key growth driver. Live entertainment sector demonstrates robust consumer demand with Sphere Entertainment showing strengthening business fundamentals. The success of productions like The Wizard of Oz is accelerating discussions for future venue expansion both domestically and internationally. Cruise industry faces renewed skepticism despite record bookings and robust customer deposits. Norwegian Cruise Line maintains confidence in long-term demand supported by strategic capacity expansion and private island enhancements. | ZBRA RLI FDS NCLH GNRC REZI KMT AMG SPHR |
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| 2024 Q2 | Jun 30, 2022 | Heartland Value Plus Fund | 7.9% | 1.5% | KMT, SAIC | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 20, 2026 | Fund Letters | John Rogers | Kennametal Inc. | Industrials | Industrial Machinery & Supplies & Components | Bull | New York Stock Exchange | dividends, Execution, Industrial, Margins, Pricing | 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. | ||||||||