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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 9, 2025 | Alphyn Capital Management | 12.4% | 8.0% | AMZN, BN, CCOI, FFH CN, FILA IM, KFS, KKR, KMX, OCSL | Discipline, free cash flow, moats, Quality, valuation | The commentary focuses on high-quality businesses with durable competitive advantages and strong free cash flow generation. The manager stresses disciplined valuation, long-term ownership, and avoidance of leverage-driven or speculative models. Market volatility is framed as an opportunity to add quality at attractive prices. | OCSL KMX CCOI AMZN KFS KKR BN FFH |
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| 2025 Q2 | Jul 27, 2025 | Diamond Hill Large Cap Strategy | 2.9% | 4.3% | ADBE, AON, BRK/A, DIS, FERG, KMX, RRX, TXN | cash flow, Intrinsic Value, Large Caps, Quality, volatility | The commentary highlights high-quality large-cap companies trading below intrinsic value following tariff-driven volatility. Management focuses on strong cash generation, durable franchises, and disciplined capital allocation. Valuation gaps created by macro noise are positioned as opportunities. | ADBE FERG RRX |
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| 2025 Q2 | Jul 27, 2025 | Weitz Multi Cap Equity Fund | 3.6% | 4.3% | BRK/A, HEI, KMX | Balance Sheets, Intrinsic Value, Patience, Valuation discipline, value | The letter focuses on disciplined intrinsic value investing across market capitalizations, emphasizing patience amid short-term volatility. Management highlights valuation dispersion as an opportunity to buy high-quality businesses trading below long-term intrinsic worth. A long-term ownership mindset and balance sheet strength underpin portfolio construction. | HEI |
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| 2025 Q2 | Jul 27, 2025 | Weitz Partners III Opportunity Fund | 2.5% | 1.9% | BRK/A, CSGP, KMX | asymmetric returns, Capital discipline, dislocation, flexibility, opportunity | The commentary emphasizes capitalizing on idiosyncratic opportunities created by corporate actions, market dislocations, and investor overreactions. Management stresses downside protection through conservative balance sheets while maintaining exposure to asymmetric upside. Flexibility and opportunistic capital deployment are central to the strategy. | KMX |
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| 2022 Q2 | Jul 21, 2022 | Kovitz Core Equity Strategy | -18.5% | -22.5% | ADI, ANET, C, CHTR, CVET, DLTR, ICE, KMX, PCAR, PWR | - | View | ||
| 2025 Q2 | Jul 17, 2025 | Ariel Appreciation Fund | 5.8% | - | CLB, FI, GS, KMX, NTRS, NVT, SLB, SPHR | Discipline, fundamentals, Mean reversion, valuation gaps, value | The letter emphasizes valuation discipline amid a market dominated by growth and momentum. Management highlights opportunities in overlooked, fundamentally strong companies trading at discounts to intrinsic value. The outlook is anchored in long-term mean reversion and fundamental recovery rather than macro forecasting. | GS FI KMX CLB |
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| 2024 Q2 | Jul 16, 2024 | Kovitz Core Equity Strategy | -1.2% | 9.0% | BDX, DGE LN, ICE, KMX, MSI, PPG | - | View | ||
| 2024 Q2 | Jul 12, 2024 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | 938 GR, KMX, PLNT, QRVO | - | View | ||
| 2024 Q2 | Jul 10, 2024 | Alphyn Capital Management | 8.9% | 13.5% | AMZN, BUR, COGT, ENOV, ESAB, EXO NA, FFH CN, GOOG, IAC, KKR, KMX, PROSY, TVK CN, W | - | View | ||
| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | GE, KKR, KMX, LYV, NICE IT, SBUX, TDG | - | View | ||
| 2024 Q1 | Apr 12, 2024 | Kovitz Core Equity Strategy | 10.3% | 10.3% | AON, BDX, CHTR, GIL, GOOG, JPM, KMX, META, ORCL, PCAR, PPG, SPLK, SPOT | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Madison Mid Cap Fund | -1.9% | 10.3% | ACGL, BAM, CDW, KMX | - | View | ||
| 2024 Q4 | Dec 31, 2024 | FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists) | 0.0% | 15.6% | BKNG, CDW, KMX, MCHP, SSB | - | View | ||
| 2025 Q3 | Nov 27, 2025 | FPA Source Capital | 4.6% | 13.5% | C, GOOG, IFF, JDE GR, KMX | CashFlow, credit, Quality, Spreads, value | Source Capital stresses valuation discipline in both equities and credit amid stretched spreads and crowding in risk assets. The fund favors businesses demonstrating margin resilience, free-cash-flow visibility, and improving returns on capital. Credit markets price perfection, offering little compensation for impairment risk at historically low spreads. | KMX IFF |
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| 2023 Q3 | Nov 21, 2023 | Alphyn Capital Management | 8.9% | 13.5% | 8L8 GR, AHT LN, BUR, CRTA LN, ENOV, FFH CN, IAC, KFS, KKR, KMX, PRX SW | - | View | ||
| 2025 Q3 | Oct 6, 2025 | Giverny Capital Asset Management | 6.8% | 12.6% | CSU CN, KMX, MEDP, TSM | Artificial Intelligence, Founder-led, Medtech, quality growth, semiconductors | Giverny Capital attributes underperformance to Constellation Softwares CEO transition but remains confident in founder-led, high-quality businesses. The letter highlights Medpace and Taiwan Semiconductor as new or growing positions benefiting from innovation and disciplined management. It expresses concern over AI exuberance, likening Nvidias valuation surge to prior bubbles while holding a measured, long-term view on durable tech exposure. | NVDA US MEDP US |
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| 2025 Q3 | Oct 31, 2025 | FPA Crescent Fund | 5.5% | 14.1% | C, GOOG, IFF, JDE GR, KMX | Compounding, diversification, equities, Quality, value | FPA Crescent continues its flexible value approach across equities and credit, balancing defensive positioning with selective growth exposure. The fund maintained holdings in global franchises like Alphabet and Meta while highlighting opportunities in undervalued cyclicals like Citigroup and CarMax. Its disciplined research-driven framework aims to deliver risk-adjusted returns through diverse market environments. | View | |
| 2022 Q3 | Oct 26, 2022 | Weitz Hickory Fund | -9.1% | -31.3% | CSGP, KMX, LBTYK | - | View | ||
| 2022 Q3 | Oct 26, 2022 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | CSGP, KMX, LBTYK, META | - | View | ||
| 2025 Q3 | Oct 24, 2025 | Diamond Hill Large Cap Strategy | -0.1% | 4.2% | AIG, CAT, EQH, FDX, KMX, LHX, MLM, TMO, ZTS | AI, consumer, defense, Large Caps, value | The portfolio lags its benchmark due to weakness in IT and consumer discretionary holdings but emphasizes long-term value discipline. Managers added exposure to high-quality names like FedEx and Thermo Fisher, while cautioning against AI-driven overvaluation in mega-caps. They see opportunities in defense, logistics, and healthcare leaders trading below intrinsic value. | ZTS FDX |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Mid Cap | 4.5% | 9.5% | AIG, COO, EQH, GDDY, KMX, RRR, RVTY, TTC, WCC | AI, Consumer Demand, industrials, Mid Caps, valuation | The fund notes that AI enthusiasm is inflating valuations across mid-cap equities while creating opportunities in overlooked industrial and consumer names. It highlights investments in defense, data centers, and housing-related sectors that can benefit from secular tailwinds. Managers remain focused on intrinsic value and quality amid macro uncertainty. | HII WCC CIEN |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Small-Mid Cap Strategy | 6.2% | 7.3% | CIEN, COO, EQH, GDDY, KMX, RRR, RVTY, TFIN, TTC, WCC | AI, defense, industrials, infrastructure, valuation | The strategy underperformed as AI-driven rallies boosted large-cap tech, though holdings like Ciena and WESCO benefited from AI infrastructure spending. Managers see opportunities in undervalued industrials and defense suppliers such as Huntington Ingalls, which gain from rearmament trends. The team warns of AI overvaluation and focuses on patient value investing amid market exuberance. | RVTY COO TTC HII CIEN HII WCC CIEN |
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| 2025 Q3 | Oct 22, 2025 | Kovitz Core Equity Strategy | - | 8.2% | ALC, COO, FI, GOOG, KMX, ORCL, PM, PPG, RYAN, TSLA, WAT | AI, Compounding, Health Care, Quality, valuation | Kovitz highlights market concentration in AI and mega-cap technology stocks while maintaining a valuation-disciplined focus on quality compounders. The strategy increased exposure to healthcare and insurance names like Alcon and Ryan Specialty after taking profits in Oracle. The team stresses long-term fundamentals and risk discipline amid elevated valuations and AI euphoria. | WAT RYAN COO ALC ORCL WAT RYAN COO ALC ORCL |
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| 2023 Q3 | Oct 17, 2023 | Kovitz Core Equity Strategy | -3.0% | 14.8% | AXP, BX, DGE LN, DIS, EXPE, HAS, KEYS, KMX, PM | - | View | ||
| 2022 Q3 | Oct 17, 2022 | Kovitz Core Equity Strategy | -5.4% | -26.7% | ADI, BKNG, J, JPM, KMX, NTRS, PWR | - | View | ||
| 2025 Q3 | Oct 15, 2025 | Ariel Appreciation Fund | 9.5% | - | FI, GS, KMX, KN, MAT, PBH, PSKY, REZI, SPHR | Artificial Intelligence, consumer tech, Fintech, Mid Caps, Value Investing | Ariel Appreciation emphasizes AI-related growth, fintech innovation, and value recovery among mid-cap holdings. Top contributors included Resideo, Sphere Entertainment, and Knowles, while cyclicals like CarMax weighed on results. The team expects undervalued mid-cap equities to outperform as valuations normalize and active management captures AI and consumer technology tailwinds. | PBH FISV MAT KMX KN SPHR REZI |
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| 2023 Q3 | Oct 15, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | CDW, DLTR, KMX, MKSI | - | View | ||
| 2025 Q3 | Oct 14, 2025 | Vulcan Value Partners – Large Cap | 4.6% | 9.5% | CBRE, FI, GOOG, KMX, MEDP | Buybacks, fundamentals, Quality, tariffs, value | The letter highlights disciplined investing in stable value companies like Fiserv and CBRE, focusing on margin of safety and repurchases at attractive valuations. Volatility from tariff-related uncertainty provided opportunities to redeploy capital toward discounted high-quality businesses. Vulcan stresses fundamentals over short-term macro trends. | GOOGL MEDP FISV |
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| 2025 Q3 | Oct 14, 2025 | Vulcan Value Partners – Small Cap | 4.1% | 6.1% | KMX, MEDP | Capital Allocation, free cash flow, Quality, small caps, value | Vulcan highlights disciplined capital allocation amid volatile markets, using price-to-value ratios to identify stable value companies. The fund added Fiserv as a discounted high-quality business and maintained strong conviction in holdings like Medpace and CarMax. Management emphasizes long-term compounding through free cash flow growth and margin of safety. | View | |
| 2022 Q3 | Oct 14, 2022 | Giverny Capital Asset Management | 7.0% | 20.2% | BRK/A, CIEN, COHR, ERF FP, FRC, JPM, KMX, META, MKL, MTB, PGR, SCHW | - | View | ||
| 2022 Q3 | Oct 10, 2022 | Alphyn Capital Management | 8.9% | 13.5% | AHT LN, AMZN, BUR, EXO NA, FFX GR, IAC, KMX, LBRDA, PSH LN, VMEO | - | View | ||
| 2025 Q4 | Jan 29, 2026 | Weitz Large Cap Equity Fund | 0.6% | -0.2% | ADI, CHTR, CSGP, DHR, EFX, GOOGL, IDXX, IEX, IT, KMX, META, ORCL, TMO | AI, Biotechnology, Concentration, healthcare, large cap, Process Enhancement, stock selection, value | The artificial intelligence infrastructure trade took a breather after a red-hot summer. Google's Gemini AI surpassed expectations with performance moving to the front of the pack according to respected industry benchmarks, helping Alphabet solidify its spot as an AI leader. | View | |
| 2025 Q4 | Jan 29, 2026 | Weitz Multi Cap Equity Fund | -1.5% | 3.2% | ACN, BRK-B, CDW, CHTR, CMCSA, CSGP, DHR, GOOGL, HEI, IDXX, IEX, IT, KMX, LBRDA, LH, LKQ, META, PRM, SIRI, TECH | healthcare, multi-cap, technology, Telecom, underperformance, value | Google's Gemini AI surpassed expectations with latest release, moving to front of pack among frontier models according to industry benchmarks. Investors questioning value of Gartner's research offerings in rapidly evolving GenAI landscape. Heightened competition continues weighing on broadband investments including Liberty Broadband and Charter Communications. Charter's capital investment cycle beginning to ease, expected to improve free cash flow and support share repurchases at depressed prices. CarMax faces challenging environment with constrained availability and affordability of late model used vehicles. Online competitor Carvana taking share while CarMax's omni-channel investments have yet to deliver improvements, leading to strategic changes and CEO departure. | CHTR KMX PRM |
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| 2025 Q4 | Jan 29, 2026 | Weitz Partners III Opportunity Fund | 0.7% | 3.2% | AMZN, AON, BRK-A, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDA, LH, MA, META, MSFT, ROP, SIRI, TECH, TMO, V | AI, Biotechnology, contrarian, healthcare, Long/Short, technology, value | The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, averaging roughly 16% of Fund assets in 2025. Google's latest Gemini AI release surpassed expectations with benchmarks showing performance moved to the front of the pack. The fund's deep value stocks averaging roughly 16% of portfolio assets had a disproportionately negative impact on returns in 2025. As value-oriented investors, the managers are comfortable taking contrarian positions but must be clear-eyed about how companies' prospects change. The portfolio's life sciences investments representing roughly 18% of average assets experienced a lost year in 2025. The industry began with pressure on research budgets and heightened scrutiny of healthcare apparatus, reorienting around a new normal before organic growth pickup spurred a rally. | BRK.B PRM CHTR KMX GOOGL |
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| 2025 Q4 | Jan 29, 2026 | FPA Crescent Fund | 3.1% | 17.7% | ADI, AMZN, AVTR, BDX, C, CHTR, CMCSA, CRM, GOOGL, HEIA.AS, IFF, JEF, KMX, META, MSFT, NOW, NTDOY, ORCL, SAF.PA, SAP, SNOW, TEL, WDAY | AI, global, healthcare, Quality, small caps, technology, value | The fund emphasizes being value aware, focusing on cases where both quality and value intersect. They avoid speculative areas where reward for taking risks is insufficient relative to potential returns. The strategy has generated equity-like returns while placing equal importance on capital preservation and appreciation over 30 years. The fund is actively investing in small to mid-cap global securities, believing the investment community is casting its gaze away from these market constituents that offer asymmetric risk-reward for those willing to look forward three to five years. Recent purchases demonstrate their commitment to this thesis. The fund discusses AI extensively through Microsoft's transformation and growth prospects. They analyze how AI/cloud developments transformed Microsoft's business model and examine the massive revenue growth required for current AI valuations to make sense, questioning whether Microsoft can add revenue equivalent to multiple major software companies combined. | MSFT |
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| 2025 Q4 | Jan 27, 2026 | Giverny Capital Asset Management | 0.0% | 12.6% | ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, HWKN, IBP, JPM, KGIC, KMX, MA, MEDP, META, SCHW, TSM, TWFG, WSO | AI, HVAC, insurance, Quality, small caps, technology, value | Manager discusses AI's transformative potential while noting uncertainty around returns on massive infrastructure investments. Believes AI won't displace portfolio companies like HVAC distributors and insurance companies, which may gain efficiency advantages. Compares current AI buildout to historical railroad and telecom infrastructure booms where users benefited more than builders. Portfolio is significantly overweight smaller companies with 45% in companies below $54 billion market cap versus 12.5% for the S&P 500. Manager believes these market leaders in niche areas will outperform over time despite recent underperformance relative to mega-cap tech stocks. Manager emphasizes owning high-performing businesses with strong earnings growth and capital returns. Notes the S&P Quality Index underperformed in 2025 but believes quality usually wins in the end. Recent portfolio upgrades focused on improving returns on capital, earnings growth and management quality. | FISV CACC KMX ALGN WSO KNSL SCHW ANET |
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| 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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| 2022 Q4 | Jan 1, 2023 | Kovitz Core Equity Strategy | 5.3% | -22.6% | AMZN, CHTR, KMX, LOW, LVS, MSI | - | View | ||
| 2024 Q2 | Jul 31, 2024 | FPA Crescent Fund | 3.7% | 12.8% | C, CHTR, KMX | - | View | ||
| 2024 Q2 | Jul 26, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AMZN, GOOG, IP, KMX, RRX, SBUX, TGT, TXN | - | View | ||
| 2023 Q2 | Jul 25, 2023 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AIG, AMZN, DIS, FERG, HCA, KMX, MSFT | - | View | ||
| 2023 Q2 | Jul 19, 2023 | The London Company Large Cap | 8.1% | 14.6% | ALB, KMX, MLM, ORLY, PGR, RSG, SBUX, TXN, VZ | - | View | ||
| 2024 Q2 | Jul 16, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | ERF FP, FIVE, KMX | - | View | ||
| 2023 Q1 | Apr 30, 2023 | Alphyn Capital Management | 8.9% | 13.5% | BAM, BUR, ENVX, EXO GR, FFX GR, KMX, PRX AJ, WAND LN | - | View | ||
| 2025 Q1 | Apr 15, 2025 | Giverny Capital Asset Management | -3.4% | -3.4% | AAON, ALL, ANET, FIVE, KMX, KNSL, LMN CN, MEDP, PGR, TWFG | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Sequoia Strategy | 7.1% | 20.8% | 0UMG LN, AHT LN, BAC, CSU CN, ERF FP, GOOG, ICE, KMX, LBRDA, LSXMA, META, NFLX, RR/ LN, SAP, SCHW, UNH | - | View | ||
| 2024 Q4 | Jan 24, 2025 | Sequoia Fund | -0.1% | 19.8% | CHTR, ICLR, KMX, LMN CN, RR/ LN, SAP GR, TSM, UMG NA | - | View | ||
| 2022 Q4 | Jan 23, 2023 | Giverny Capital Asset Management | 8.5% | -22.7% | COHR, ERF FP, FD, FIVE, FRCB, GOOG, HEI, JPM, KMX, KO, MA, META, PGR, SCHW | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 31, 2026 | Fund Letters | Wally Weitz | CarMax Inc. | Consumer Discretionary | Automotive Retail | Neutral | New York Stock Exchange | Competition, Execution, Margins, retail, Used cars | View Pitch |
| Jan 31, 2026 | Fund Letters | Wally Weitz | CarMax Inc. | Consumer Discretionary | Automotive Retail | Bear | New York Stock Exchange | Competition, Execution, Margins, Used cars | View Pitch |
| Jan 29, 2026 | Fund Letters | David M. Poppe | CarMax Inc. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | Cyclical, Omni Channel, retail, scale, Used cars | View Pitch |
| Jan 21, 2026 | Fund Letters | C.T. Fitzpatrick | CarMax, Inc. | Consumer Discretionary | Automotive Retail | Bull | New York Stock Exchange | Consumer credit, Cyclical Recovery, Operational Leverage, Share Buybacks, Used cars | View Pitch |
| Jan 8, 2026 | Fund Letters | Wally Weitz | CarMax, Inc. | Consumer Discretionary | Automotive Retail | Bear | New York Stock Exchange | affordability, Credit, Margins, Rates, Usedcars | View Pitch |
| Dec 5, 2025 | Fund Letters | Mark Landecker | CarMax, Inc. | Consumer Discretionary | Consumer Discretionary | Bull | NYSE | Autos, Credit, Cyclical, Execution, leverage, Margins, retail, valuation | View Pitch |
| Dec 3, 2025 | Fund Letters | John W. Rogers | CarMax, Inc. | Consumer Discretionary | Automotive Retail | Bull | NYSE | consumer, Credit, Inventory, Omnichannel, Scalability, Used cars, valuation | View Pitch |
| Dec 3, 2025 | Fund Letters | Samer Hakoura | CarMax, Inc. | Consumer Discretionary | Automotive Retail | Bear | NYSE | Autos, Competition, Credit, Margins, retail | View Pitch |
| Nov 29, 2025 | Fund Letters | John W. Rogers | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Autos, Credit, Cyclicals, growth, Omnichannel, retail | View Pitch |
| Nov 10, 2025 | Substack | Scalpavelli | Carmax | Consumer Discretionary | Auto & Truck Dealerships | Bull | auto loans, Automotive Retail, balance sheet, CarMax, investment opportunity, market undervaluation, risk mitigation, Securitization, tangible book value | 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. | ||||||||