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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | City Different Investments – Multi-Cap Core | 6.3% | 15.0% | AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO | long-term, multi-cap, Research, stock selection, value | The manager employs a disciplined value-oriented approach, comparing investing to thrift shopping where they search for undervalued opportunities. The process involves extensive research to find businesses trading below intrinsic value, with most ideas failing to survive deep analysis. | View | |
| 2024 Q3 | Sep 30, 2024 | Fenimore Value Strategy | 9.2% | - | AME, APH, BN, BRK-A, BRO, CDW, IEX, KMX, MCHP, MKL, PGR, ROS, SYK, VMC | AI, Buybacks, earnings, mid cap, Quality, rates, value | The Federal Reserve cut the benchmark federal funds rate by half a percentage point in September, its first cut in more than four years. Lower rates are expected to help fuel purchases of expensive items like homes and automobiles, lead to more commercial construction, and improve consumer confidence. | View | |
| 2024 Q3 | Sep 30, 2024 | Tarkio Fund | - | - | AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO | growth, multi-cap, Quality, small caps, value | View | ||
| 2025 Q2 | Jul 9, 2025 | Alphyn Capital Management | 12.4% | 8.0% | AMZN, BN, CCOI, FFH.TO, FILA.MI, KFS, KKR, KMX, OCSL | Asset Management, cash flow, Compounding, Concentration, insurance, technology, value | Fairfax Financial demonstrates textbook compounding through hard-market pricing, expanding float to $33 billion, and growing interest income from $0.6 billion to $2.5 billion. The company is positioned to earn over $165 per share in 2025, triple the 2019 run rate, driven by disciplined underwriting, growing float, higher yields, and associate contributions. | CCOI AMZN KFS KKR BN FFH.TO 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% | AIG, CAT, CL, EQH, FDX, GM, KMX, LHX, LULU, MLM, SYY, TGT, TMO, TXN, ZTS | AI, consumer, defense, infrastructure, large cap, technology, Trade Policy, value | AI-fueled boom continues driving technology and communication services sectors, with sentiment around AI's potential to radically change life remaining high. However, manager believes sentiment is partially disconnected from reality as AI's potential is yet to be fully proven, creating opportunities for discerning investors. | EQH ZTS TMO FDX ADBE FERG RRX |
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| 2025 Q2 | Jul 27, 2025 | Diamond Hill Mid Cap | 6.1% | 4.8% | AIG, CIEN, COO, COOP, EQH, FCX, FIS, GDDY, HII, KMX, NVRO, NVST, RRR, RVTY, TTC, WCC | AI, consumer, Data centers, defense, mid cap, technology, value | Technology companies have continued their torrid run as sentiment around the potential for AI to radically change life as we know it remains high. Strong demand for networking systems company Ciena's hyperscale offerings has helped drive strong earnings growth, with hyperscaler demand being fueled by AI-related projects. However, investors are weighing whether and to what extent AI may impact companies like GoDaddy's business in the future. | FCN ALK ASH ICLR RRX WCC RRR |
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| 2025 Q2 | Jul 27, 2025 | Weitz Large Cap Equity Fund | 3.6% | -0.4% | ACN, AMZN, CHTR, CRM, CSU.TO, GOOGL, IDXX, IT, KMX, MA, MELI, META, MSFT, ORCL, TMO, V, VMC | AI, healthcare, large cap, software, technology, value | Capital spending on AI infrastructure continued at a blistering pace, with investors ruthlessly sorting stocks into perceived AI winners and losers. The AI revolution is in early days with rapid and fluid developments, creating dramatic stock price changes in both directions. | MELI |
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| 2025 Q2 | Jul 27, 2025 | Weitz Multi Cap Equity Fund | 3.6% | 4.3% | ACIW, ACN, AVGO, CDW, CHTR, CSGP, GCI, GOOGL, IT, KMX, LBRDA, LKQ, MA, META, MLM, NVDA, PRM, V, VMC | AI, Multi Cap, Quality, technology, value | AI infrastructure buildout is in early days with chip makers like Nvidia and Broadcom being biggest winners so far. Hyperscalers including Alphabet and Meta hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | CDW ACN META GOOGL HEI |
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| 2025 Q2 | Jul 27, 2025 | Weitz Partners III Opportunity Fund | 2.5% | 1.9% | AMZN, AVGO, BRK-A, CHTR, GCI, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN | AI, Hyperscalers, Long/Short, Quality, technology, value | Early days of AI infrastructure buildout with chip makers like Nvidia and Broadcom as biggest winners so far. Hyperscalers including Amazon, Alphabet, Meta and Microsoft hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | KMX |
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| 2022 Q2 | Jul 21, 2022 | Kovitz Core Equity | -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% | - | BWA, CLB, FI, GS, KMX, NTRS, NVT, SLB, SPHR, ZBH | AI, Financial Services, mid cap, Oil Services, small caps, tariffs, Trade Policy, value | Reignited enthusiasm for artificial intelligence themed stocks helped drive U.S. indices to new all-time highs during the quarter recovery. The manager expects the current market rally to broaden beyond the AI trade with support from tax cuts and deregulation. | GS FI KMX SLB CLB NVT SPHR NTRS GS FI KMX CLB |
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| 2024 Q2 | Jul 12, 2024 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | BLL, CSGP, GOOGL, KMX, NICE, PK, PLNT, QRVO | Concentration, Fitness, infrastructure, semiconductors, small cap, Used Autos, value | Planet Fitness pioneered the high value, low price gym model with over 2,500 gyms globally and 18.7 million members. The company captured roughly 90% of U.S. gym membership growth from 2011-2019 and plans to double its number of U.S. locations. | ISS.CO SDIP.ST KMX QRVO PLNT |
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| 2024 Q2 | Jul 12, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | BLL, CSGP, GOOGL, KMX, NICE, PK, PLNT, QRVO | Autos, Fitness, large cap, semiconductors, software, technology, value | Generative AI is viewed as an opportunity rather than a threat to NICE's business, with AI driving cloud adoption and higher revenue per customer. AI-specific product adoption is increasing rapidly, and the company's competitive advantages position them well to benefit from AI acceleration. | ISS.CO CSGP GOOGL SDIP.ST KMX QRVO PLNT NICE |
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| 2024 Q2 | Jul 12, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | BLL, CSGP, GOOGL, KMX, NICE, PK, PLNT, QRVO | Concentration, Consumer Services, Long Term, real estate, semiconductors, technology, value | Generative AI is viewed as an opportunity rather than a threat to NICE's business. AI is driving cloud adoption acceleration and higher revenue per customer. Cloud penetration is in the low 20% range today and AI will likely accelerate cloud adoption. | ISS.CO CSGP GOOGL SDIP.ST KMX QRVO PLNT NICE |
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| 2024 Q2 | Jul 12, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | BLL, CSGP, GOOGL, ISS.CO, KMX, NICE, PK, PLNT, QRVO, SDIP.ST | AI, Cloud, concentrated, Discipline, large cap, real estate, value | Generative AI continues to drive cloud adoption and presents opportunities rather than threats to businesses like NICE. AI is accelerating cloud penetration and driving higher revenue per customer through AI-specific product adoption. | ISS.CO CSGP GOOGL SDIP.ST KMX QRVO PLNT NICE |
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| 2024 Q2 | Jul 12, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | BLL, CSGP, GOOGL, ISS.CO, KMX, NICE, PK, PLNT, QRVO, SDIP.ST | AI, Cloud, concentrated, Discipline, Enterprise Software, large cap, technology, value | Generative AI continues to drive cloud adoption and presents opportunities rather than threats to enterprise software companies. AI is accelerating cloud penetration and driving higher revenue per customer through specific product adoption. | ISS.CO CSGP GOOGL SDIP.ST KMX QRVO PLNT NICE |
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| 2025 Q2 | Jul 11, 2025 | Giverny Capital Asset Management | 9.1% | 5.4% | AAON, ALGN, ANET, BLDR, BRK.A, CSU.TO, FERG, FI, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, MEDP, META, MTB, PGR, SCHW | AI, Banking, insurance, Quality, technology, value | The US appears to be the global leader in Artificial Intelligence, with hundreds of billions of dollars being invested in AI data centers over the next few years. Close to one-third of the portfolio has considerable exposure to AI through positions in Arista, Alphabet, Meta, AAON, and a new holding that is critical to the buildout of AI and cloud computing data centers. | FI KNSL PGR MTB GOOG FISV KNSL |
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| 2024 Q2 | Jul 10, 2024 | Alphyn Capital Management | 8.9% | 13.5% | 0700.HK, AMZN, BUR.L, ESAB, EXOR.MI, FFH.TO, GOOGL, KKR, KMX, PHG, PRX.AS, RACE, STLA, TVK.TO | Capital Allocation, compounders, Concentration, Long/Short, portfolio, risk management, technology, value | Alphabet has started incorporating AI Overviews in searches featuring responses from its LLM and Gemini, with improved user satisfaction and click-through rates. The company is exploring new AI features like short product videos and virtual try-on options within shopping ads. Amazon is adopting a primitive services approach to GenAI, developing custom AI chips, training services, and applications like Alexa and shopping AI called Rufus. | View | |
| 2023 Q2 | Jun 30, 2023 | Fenimore Value Strategy | 4.4% | - | APH, BRO, CDW, DG, IEX, KMX, VMC | dividends, financials, industrials, mid cap, Quality, technology, value | Fenimore emphasizes investing in quality stocks with strong financials, stable earnings growth, competitive advantages, solid management, and consistent returns track records. The firm believes quality names are the most effective way to protect and grow wealth over the long term, even if they don't beat benchmarks every quarter. | View | |
| 2026 Q1 | May 6, 2026 | FPA Source Capital | -0.3% | -0.3% | ADI, AON, BDX, CHTR, CMCSA, FBHS, GLEN.L, GOOGL, KMI, KMX, TEL | Balanced, healthcare, international, private credit, SMID Cap, value | View | ||
| 2024 Q1 | May 2, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, APH, BF.B, BN, BRO, CDW, CFR, CPRT, CSL, DLTR, FND, GBCI, IT, KMX, LBRDA, LH, MC, MKSI, PCAR, ROST, TTWO | insurance, Manufacturing, mid cap, Quality, Regional Banks, technology | Insurance companies benefited from attractive industry conditions with boosted underwriting profits and high growth in investment income. Arch Capital rolled over their fixed income portfolio at more favorable coupon rates. Insurance broker Brown & Brown advanced on solid organic revenue growth as insurance market pricing remains sound. | View | |
| 2024 Q1 | May 10, 2024 | FPA Crescent Fund | 3.7% | 12.8% | 3659.T, 9988.HK, ADI, AMZN, AON, AVGO, C, CHTR, CMCSA, FERG, GBLB.BR, GOOGL, HLF, HOLN.SW, IFF, JDEP.AS, JEF, KMX, META, TEL | global, Opportunistic, Quality, value | JDE Peet's is the second largest coffee business in the world, currently navigating challenges including effects of war on Russian business, pandemic impact on out-of-home demand, and massive inflation in coffee prices. Management has struggled with these challenges leading to CEO replacement. | JDEP.AS |
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| 2024 Q1 | Apr 27, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT.L, ALGN, AME, ANET, BRK-B, CACC, CSU.TO, EUFI.PA, FIVE, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, META, MTB, PGR, SCHW | Concentration, financials, long-term, Quality, technology, value | Manager emphasizes owning high-quality businesses with strong management teams who have their own net worth invested alongside clients. The portfolio consists of companies that grow earnings faster than the S&P 500 while earning higher returns on capital and using less debt. Focus on businesses rather than trading pieces of paper. | View | |
| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, E-Commerce, Entertainment, large cap, software, technology, value | Live Nation is the world's largest live entertainment company operating in an industry that has grown in the high single-digits over the last two decades with demand continuing to exceed supply. Artists today make 90% of their revenue on tour as album sales and royalties become less important, with tours increasingly global and more shows per tour. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Small Cap | 8.1% | 16.5% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Capital markets, E-Commerce, Entertainment, software, technology, value | Live Nation is the world's largest live entertainment company with the industry growing in high single-digits over two decades. Demand continues to exceed supply with artists making 90% of revenue on tour as album sales become less important. Live Nation's comprehensive offerings and scale enable better pricing and venue organization decisions. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.6% | 18.6% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | Concentration, free cash flow, large cap, long-term, Margin Of Safety, value | Multiple portfolio companies are benefiting from cloud adoption trends. Amazon reported strong results with cloud transition as a secular tailwind. Salesforce continues to execute well in CRM and SFA software with strong free cash flow growth. NICE's cloud revenue has grown in line with expectations. | CHD SBUX KMX LYV |
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| 2024 Q1 | Apr 25, 2024 | Vulcan Value Partners – Focus Plus | 5.9% | 18.7% | AMAT, AMZN, CCK, CNM, CRM, GE, KKR, KMX, LYV, MEDP, MSFT, NICE, SBUX, TDG, TXN | aerospace, Cloud, Entertainment, large cap, software, technology, value | Cloud revenue growth continues to meet expectations at NICE, with generative AI driving cloud adoption. Amazon's cloud transition remains a powerful secular tailwind. Microsoft's Azure cloud computing continues to execute well. | CCK SBUX KMX LYV |
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| 2024 Q1 | Apr 20, 2024 | Saga Partners | 22.6% | 39.4% | AMZN, COST, CVNA, EXPI, GDRX, GOOGL, KMX, KO, LAD, META, NFLX, RDFN, ROKU, TTD, UA, VZIO, WMT, Z | Concentration, E-Commerce, long-term, technology, value, volatility | Carvana represents a complete transformation of used car retail through integrated e-commerce infrastructure. The company has built an irreplicable network of inspection centers, logistics, and financing operations that enables seamless customer experience. Despite 2022 challenges, Carvana demonstrated profitable unit economics and reached positive EBITDA in 2023. | View | |
| 2023 Q1 | Apr 17, 2023 | Pittenger & Anderson | - | - | AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO | long-term, multi-cap, Research, stock selection, value | The manager describes a disciplined value-oriented approach, comparing investing to thrift shopping where you search for undervalued opportunities. The process involves extensive research to find companies trading below intrinsic value, with most ideas not surviving deep analysis. | View | |
| 2025 Q1 | Apr 16, 2025 | Horizon Investment | - | - | AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO | mid cap, multi-cap, Quality, small caps, value | View | ||
| 2025 Q4 | Mar 9, 2026 | RiverPark Long/Short Opportunity Fund | 0.1% | 8.5% | AAPL, AMZN, COMP, DIS, DUOL, FIS, GOOGL, ISRG, KMX, LLY, META, MSFT, NFLX, NVDA, SHOP, UBER | AI, growth, healthcare, Long/Short, Quality, technology | AI monetization is a key driver across multiple holdings, with Alphabet benefiting from AI training and inference services in Google Cloud, and the fund maintaining significant exposure to AI/Cloud Computing at 16.9% of the long portfolio. The manager views AI as creating substantial growth opportunities for companies with scale and data advantages. Netflix remains the dominant global streaming platform despite near-term headwinds from subscriber growth concerns and rising content spending. The manager believes Netflix's unmatched content library, scalable technology infrastructure, and growing advertising business provide multiple monetization pillars for long-term growth. E-commerce represents 7.5% of the long portfolio themes, with the fund maintaining exposure to companies benefiting from secular shifts toward on-demand commerce and digital platforms. This includes positions in companies like Uber that benefit from local commerce expansion. Eli Lilly represents a high-quality growth franchise in global healthcare, with leadership in diabetes, obesity, and neuroscience providing durable competitive advantages. The company's GLP-1 treatments continue to see demand outpace supply with additional indications on the horizon. Semiconductors represent 5.0% of the long portfolio themes, with the fund maintaining exposure to companies positioned to benefit from AI infrastructure demand and next-generation computing requirements. This includes holdings in companies with differentiated semiconductor architectures. | View | |
| 2025 Q1 | Mar 31, 2025 | Weitz Partners III Opportunity Fund | -0.6% | -0.6% | ACN, ADBE, AMZN, AON, BRK-A, DHR, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, PRM, ROP, TECH, TMO, V | AI, Concentration, large cap, Long/Short, technology, Trade Policy, value | The AI Trade faced a significant setback in late January when Chinese firm DeepSeek announced its latest AI model was developed at a fraction of the cost of U.S. competitors. This caused investors to take much harder looks at AI spending plans at U.S. technology firms and shifted market sentiment overnight. | View | |
| 2025 Q4 | Feb 22, 2026 | City Different Investments – Multi-Cap Core | 2.8% | 18.1% | AMG, APG, CHTR, FLYW, GILD, GOOGL, KMX, LOPE, META, MSFT, NFLX, SBUX, SCHW, TGT, TMO | Behavioral, Diversified, long-term, multi-cap, value | Mature (Value) businesses led performance in the fourth quarter and were the strongest contributors for the full year, reflecting durable execution in companies that continued to generate healthy free cash flow and return capital. | FLYW |
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| 2024 Q4 | Dec 31, 2024 | FMI Large Cap Equity | -4.0% | 11.0% | ALLE, ARMK, AVY, BKNG, BRK-B, CARR, FERG, GOOGL, KMX, MAS, OMC, SCHW | Franchises, large cap, Quality, ROIC, valuation, value | The fund maintains a strong orientation to low absolute and relative valuation as key to executing their investment strategy. They purchase durable business franchises selling at a discount to intrinsic value. The portfolio trades at attractive valuations with P/E ratios below market levels. | OMC ALLE |
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| 2024 Q4 | Dec 31, 2024 | Fenimore Value Strategy | 0.0% | 15.6% | ADI, APH, BKNG, BN, BRK-A, CDW, EXLS, GGG, IEX, KMX, MCHP, MKL, PGR, PNFP, ROST, SSB, SYK, VMC | concentrated, long-term, mid cap, Quality, value | Fenimore focuses on finding quality companies with strong leadership that can push through economic cycles and policy changes. They seek robust businesses that drive profits higher over the medium and long term through actions like hiring producers, creating new products, and taking market share from fragile competitors. | View | |
| 2025 Q3 | Nov 27, 2025 | FPA Source Capital | 4.6% | 13.5% | C, CMCSA, GLEN.L, GOOGL, IFF, JDEPY, KMX, PRX, RI.PA, TE | Balanced, credit, equities, global, value | Source has 25.6% committed to private credit including called and uncalled capital as of quarter-end. The fund continues to look for opportunities to increase that exposure. | KMX IFF |
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| 2025 Q3 | Nov 24, 2025 | Recurve Capital | - | 14.6% | AMZN, BC.MI, CCOI, CVNA, ELF, KMX, PAY, RCL, RH | E-Commerce, growth, Luxury, opportunity, Portfolio Management, tariffs, Trade Policy | Carvana continues exceptional execution with over 45% year-over-year growth in September quarter, exiting above 50% unit growth. The company is rapidly expanding variable roles in reconditioning and local delivery, with job openings up 60% over six months, signaling strong growth intentions months ahead of third-party data. | View | |
| 2023 Q3 | Nov 21, 2023 | Alphyn Capital Management | 8.9% | 13.5% | AHT.L, BUR.L, CRTA.L, ENOV, FFH.TO, IAC, KFS, KKR, KMX, LBRDK, PRX.AS | Concentration, insurance, Long Term, Patience, value | Fairfax Financial demonstrates the benefits of a hard insurance market, with its insurance business now writing almost $30bn in premiums per year and capable of delivering over $3bn in operating profits from insurance, interest, and dividends. The company has systematically harvested investments at significant gains to fund doubling down on its insurance business. | View | |
| 2025 Q3 | Oct 6, 2025 | Giverny Capital Asset Management | 6.8% | 12.6% | AAON, ALGN, ANET, CACC, CSU.TO, FERG, FI, GOOGL, HEI, IBP, JPM, KMX, KNSL, MEDP, META, NVDA, PGR, SCHW, TSM, TWFG | AI, Geopolitical Risk, Owner Operators, Quality, semiconductors, technology, valuation | Manager discusses AI enthusiasm reaching euphoria levels, with 41 AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. Portfolio has 30% exposure through Arista, Alphabet, Meta, Taiwan Semiconductor and Aaon. Expresses concern about Nvidia's $100 billion financing deal with OpenAI, comparing it to dot-com era vendor financing arrangements. | NVDA US MEDP US |
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| 2025 Q3 | Oct 31, 2025 | FPA Crescent Fund | 5.5% | 14.1% | 7974.T, ADI, AMZN, C, CMCSA, FERG.L, GLEN.L, GOOGL, HOLN.SW, IFF, KMX, META, PRX.AS, RI.PA, SAF.PA, TEL, WFC | consumer, financials, global, technology, value | Alphabet continues to enhance its existing search offering with new AI features that have been well-received and are continually evolving. Recent concerns include competitive threats in search, stemming from competing AI models, as well as antitrust scrutiny in the US and Europe. | View | |
| 2024 Q3 | Oct 30, 2024 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AMZN, AON, AVGO, C, CHTR, CMCSA, FBIN, GOOGL, HLF, HOLN.SW, IFF, JDEP.AS, JEF, KMX, META, RI.PA, SATS, TEL, VYX | Diversified, global, Long/Short, Opportunistic, risk management, value | JDE Peet's stock has declined over the past twelve months despite largely stable earnings. Record-high coffee bean prices and headwinds from the company's Russia business have led investors to view the glass as half-empty. The fund is hopeful that new management will prove up to the task of making entrepreneurial and cost-efficient investments to reinvigorate growth and put JDE Peets in a position to benefit from its position as the world's second-largest consumer coffee company. | View | |
| 2025 Q3 | Oct 28, 2025 | Weitz Large Cap Equity Fund | -0.5% | -0.9% | ACN, AMZN, CHTR, CRM, CSU.TO, GOOGL, IDXX, IT, KMX, MA, MELI, META, MSFT, ORCL, TMO, V, VMC | AI, healthcare, large cap, software, technology, value | Capital spending on AI infrastructure continued at a blistering pace, with investors ruthlessly sorting stocks into perceived AI winners and losers. The AI revolution is in early days with rapid and fluid developments, creating dramatic stock price changes in both directions. | MELI MELI |
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| 2025 Q3 | Oct 28, 2025 | Weitz Multi Cap Equity Fund | 0.3% | 4.6% | ACIW, ACN, AVGO, CDW, CHTR, CSGP, GCI, GOOGL, IT, KMX, LBRDA, LKQ, MA, META, MLM, NVDA, PRM, V, VMC | AI, Multi Cap, Quality, technology, value | AI infrastructure buildout is in early days with chip makers like Nvidia and Broadcom seeing biggest gains so far. Hyperscalers including Alphabet and Meta hold the purse strings on unprecedented AI infrastructure investment, giving them advantage to modulate spending based on returns while being funded by healthy cash flows from core businesses. | CDW ACN CDW ACN |
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| 2025 Q3 | Oct 28, 2025 | Weitz Partners III Opportunity Fund | 0.0% | 1.9% | AMZN, AVGO, BRK-A, CHTR, GCIA, GOOGL, GPN, IEX, KMX, LBRDA, LH, META, MSFT, NVDA, PRM, ROP, TMO, TXN | AI, Buybacks, Long/Short, Quality, technology, value | The fund acknowledges AI as a dominant theme with early returns accruing to chip makers like Nvidia and Broadcom. They remain on the sidelines of pure-play AI investments due to uncertain long-term growth forecasts, preferring exposure through hyperscalers like Amazon, Alphabet, Meta, and Microsoft who can invest in AI while maintaining durable core businesses. | 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 | ||
| 2023 Q3 | Oct 25, 2023 | GDS Investments | - | - | AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO | financials, healthcare, multi-cap, Quality, small caps, value | View | ||
| 2025 Q3 | Oct 24, 2025 | Diamond Hill Large Cap Strategy | -0.1% | 4.2% | AIG, CAT, CL, EQH, FDX, GM, KMX, LHX, LULU, MLM, SYY, TGT, TMO, TXN, ZTS | AI, Data centers, defense, large cap, Quality, technology, value | AI-fueled boom continues driving technology and communication services sectors, with sentiment potentially disconnected from reality as AI's potential is yet to be fully realized. Markets are rewarding companies with minimal AI exposure while punishing those at risk of disruption. | ZTS FDX |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Mid Cap | 4.5% | 9.5% | AIG, CIEN, COO, COOP, EQH, FCX, FIS, GDDY, HII, KMX, NVRO, NVST, RRR, RVTY, TTC, WCC | AI, defense, financials, healthcare, mid cap, technology, value | Technology companies have continued their torrid run as sentiment around the potential for AI to radically change life as we know it remains high. Strong demand for networking systems company Ciena's hyperscale offerings has helped drive strong earnings growth, with hyperscaler demand being fueled by AI-related projects. However, investors are weighing whether and to what extent AI may impact GoDaddy's business in the future. | HII WCC CIEN |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Small-Mid Cap Strategy | 6.2% | 7.3% | BR, CIEN, COO, COOP, ENOV, EQH, GDDY, HII, KMX, LOB, NVST, OZK, PRGO, PRGS, RHP, RRR, RVTY, TRIN, TTC, WCC | AI, mid cap, Quality, small cap, technology, value | AI-fueled boom in technology continues driving market returns, with sentiment around AI's potential to radically change life remaining high. However, the manager believes sentiment is at least partially disconnected from reality given AI's potential is yet to be fully borne out. Markets are rewarding companies with even minimal AI exposure while punishing those at risk from AI disruption. | RVTY COO TTC HII CIEN HII WCC CIEN |
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| 2025 Q3 | Oct 22, 2025 | Kovitz Core Equity | - | 8.2% | ADBE, ADI, ALC, AMD, AMZN, ANET, BDX, COO, FI, GOOGL, KMX, META, MSFT, ORCL, PM, PPG, RYAN, TMO, TSLA, WAT | AI, healthcare, infrastructure, momentum, private credit, Quality, technology | The letter extensively discusses AI infrastructure investment with $2.9 trillion projected spending on data centers over three years. Companies like OpenAI have made over $1 trillion in multi-year commitments despite limited current revenue. The AI theme dominates market performance with Information Technology comprising 35% of large cap market weight. | WAT RYAN COO ALC ORCL WAT RYAN COO ALC ORCL |
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| 2024 Q3 | Oct 21, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, AHT.L, AMZN, ANET, BRK.A, CSU.TO, FND, GOOG, GOOGL, HEI.A, IBP, KMX, MEDP, META, MSFT, NVDA, PGR, SCHW, TSLA | earnings, growth, Quality, US, value | Manager emphasizes owning highest-quality businesses helmed by owner-managers with deeply rooted interest in enterprise success. US corporate America has achieved exceptional returns on equity around 20% and profit margins exceeding 16%, compared to historical norms of 14% ROE and 10% margins. | MEDP |
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| 2023 Q3 | Oct 19, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT, AME, ANET, BRK-B, CIEN, CSU.TO, FERG, FI, FIVE, FND, GOOGL, HEI, IBP, KMX, META, PGR, SCHW, SSNC | growth, Midcaps, payments, small caps, technology, value | Tech giants Alphabet and Meta drove 59% of portfolio returns, rising 75% through September. The seven largest tech stocks constituted 27% of the S&P 500 and accounted for 84% of the index's total return. These companies trade at demanding valuations with forward PE of 27.6x versus 17x for the rest of the index. | FERG.L FISV AHT.L SCHW SSNC CIEN |
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| 2023 Q3 | Oct 17, 2023 | Kovitz Core Equity | -3.0% | 14.8% | AXP, BX, DEO, DIS, EXPE, HAS, KEYS, KMX, PM, SPLK | credit, Economic Resilience, inflation, interest rates, long-term, Portfolio Management, value | Federal Reserve raised rates from 0.00%-0.25% to 5.25%-5.50% over 14 months in the fastest tightening cycle in history. Long-term bond yields surged with 10-year Treasury rising from 3.8% to 4.6%. Higher rates creating challenges for borrowers but opportunities for bond investors with real returns now exceeding 2%. | 0PMJ LN KEYS ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO DEO AXP |
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| 2022 Q3 | Oct 17, 2022 | Kovitz Core Equity | -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 | consumer, Entertainment, financials, mid cap, small caps, technology, value | The fund focuses on undervalued businesses with long-term growth potential. Multiple holdings are described as undervalued including Sphere Entertainment, Resideo Technologies, and Mattel. The manager emphasizes compelling value in small-cap equities and select cyclicals trading at historically attractive levels. | PBH FISV MAT KMX KN SPHR REZI |
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| 2023 Q3 | Oct 15, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, CDW, DLTR, FND, FWONA, KMX, LBRDK, MKSI, PGR | insurance, mid cap, Quality, retail, technology, value | Arch Capital Group benefited from attractive market conditions in P&C and reinsurance markets where pricing has firmed up considerably over the last couple of years. The attractive market conditions are expected to continue for a couple more years. | TREE |
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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 14, 2024 | Akre Focus Fund | 11.8% | 18.6% | ABNB, AMT, BN, CCCS, CSGP, CSU.TO, KKR, KMX, MA, MCO, ORLY, ROP, V | Compounding, Focus, long-term, Patience, Quality, returns | The fund emphasizes long-term compounding over 15+ years, achieving 9.0x returns since inception despite various market disruptions. Manager believes compounding takes place over time periods long enough to include bad and scary things, which is a comforting thought for patient investors. | 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 | ||
| 2023 Q2 | Oct 7, 2023 | Sequoia Strategy | 7.1% | 20.8% | CACC, COF, CSU.TO, ELV, ERF.PA, GOOGL, ICE, J, KMX, LBRDK, LMCA, META, MU, NFLX, SCHW, UMG.AS, UNH | concentrated, domestic, large cap, Portfolio Management, value | View | ||
| 2025 Q4 | Jan 30, 2026 | Star Magnolia Capital Limited | - | - | 0700.HK, BRK-A, CVNA, KMX, SPY | Asia, Compounding, Europe, Geographic Diversification, long-term, manager selection, Relationships | The letter emphasizes the importance of long-term investing and staying invested despite volatility. The manager discusses how distance from markets and structural design matter more than temperament for successful long-term investing. Examples include Berkshire Hathaway shareholders who stayed invested for decades and achieved compounding returns. The firm focuses on building long-term relationships with investment managers rather than transactional approaches. They maintain relationships averaging 7.1 years with current managers and emphasize investing in people rather than just businesses. The letter details their process for both building and terminating manager relationships. The firm is increasing exposure to Asian markets as part of geographic diversification away from Americas where valuations are viewed as frothy. The team conducted extensive travel across China, Indonesia, and other Asian markets for research and relationship building. The firm is expanding European relationships and published research on European shareholder activism. They view Europe as an attractive alternative to expensive American markets and are building manager relationships in the region. | 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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| 2024 Q4 | Jan 11, 2025 | Akre Focus Fund | -0.5% | 18.0% | AMT, BN, CCCS, CSGP, CSU.TO, DHR, KKR, KMX, MA, MCO, ORLY, ROP, TOI.TO, V | Compounding, Concentration, large cap, Long Term, Quality, value | The manager emphasizes compounding as a distinct discipline requiring time, endurance, and proper expectations. They argue that financial innovation and abstraction through ETFs has shortened holding periods, undermining compounding potential. The fund focuses on identifying businesses capable of compounding capital at above-average rates for very long periods. | View | |
| 2022 Q4 | Jan 1, 2023 | Kovitz Core Equity | 5.3% | -22.6% | AMZN, CHTR, KMX, LOW, LVS, MSI | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ABG, ACGL, APH, BRO, CDW, CPRT, CSL, DLTR, FND, GGG, IT, KMX, LAD, LBRDK, MC, MCHP, MKSI, PCAR, ROST, WAT | Consolidation, consumer, financials, industrials, mid cap, Quality, technology, value | Added two new positions in Lithia Motors and Asbury Automotive, two of the largest auto franchise dealer groups. Dealers earn more profits from parts and service than new car sales, providing steady business throughout economic cycles. These businesses have a long runway to create value via consolidation of this fragmented industry. | ABG LAD GGG |
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| 2024 Q3 | Sep 30, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, AON, BRK-A, FIS, GOOGL, GPN, IEX, KMX, LBRDA, LBTYA, LH, LYV, META, MSFT, NVDA, PRM, SIRI, SPY, TMO | Broadband, Long/Short, Quality, Rate Cuts, technology, value | The fund focuses on owning high quality businesses trading at discounts to intrinsic value. Liberty Broadband traded at a significant discount to its Charter stake value, and SiriusXM Holdings appears undervalued with investors overly pessimistic about future cash flows at current prices. | View | |
| 2023 Q3 | Sep 30, 2023 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | ABT, AIG, CAT, COP, CVX, DIS, EXR, FANG, GM, HCA, KKR, KMX, LH, SHW, TGT, TXN, VZ | energy, fundamentals, large cap, rates, real estate, Utilities, value | Energy sector had the best Q3 performance with 12% gains driven by rising oil prices. Portfolio benefited from holdings in ConocoPhillips and Chevron which outpaced the index. Added Diamondback Energy as a pure-play Permian operator with strong operational capabilities and intelligent capital allocation. | View | |
| 2023 Q3 | Sep 30, 2023 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AIG, ATVI, AVGO, CHTR, CMCSA, GOOGL, HLF, HOLCIM, IFF, JEF, KMX, META, NFLX, SBNY | credit, Long/Short, Multi Asset, risk management, value | Credit exposure increased during the quarter. While high-yield bonds do not look as attractive as they did earlier in the year, the fund continues to search for opportunities that meet their risk/reward criteria. | View | |
| 2023 Q3 | Aug 11, 2023 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, ADI, CHTR, CRM, CSGP, DHR, EFX, FIS, GOOG, KMX, LBRDK, LH, LSXMK, MCHP, META, ORCL, SCHW, SIRI, TMO, VMC | Concentration, large cap, Quality, Resilience, technology, value | The manager emphasizes owning durable, resilient, adaptable businesses that can make their own breaks and don't depend on smooth sailing. This focus on resilience is central to their investment philosophy given the uncertain economic environment and Fed policy impacts. | EFX MCHP |
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| 2023 Q3 | Aug 11, 2023 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | BKI, CSGP, EFX, FTRE, GOOG, GWRE, ICE, KMX, LBRDA, LH, LICT, LILAK, LKQ, LSXMK, LYV, MACT, META, MLM, PRM, SIRI | Broadband, Media, Multi Cap, Quality, technology, value | The fund emphasizes owning high-quality, durable businesses led by talented management teams capable of navigating uncertain times. They use a Quality at a Discount framework for investing in businesses of all sizes. The portfolio trades at an estimated price-to-value ratio in the upper 70s, suggesting healthy risk-adjusted returns. | EFX |
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| 2023 Q3 | Aug 11, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, BKI, BRK-B, CCRD, CSGP, FIS, FTRE, GOOG, GS, KMX, LBRDA, LH, LSXMK, LYV, META, MSFT, PRM, QRTEP, SCHW, SIRI | efficiency, Media, Quality, technology, Tracking Stocks, value | The managers emphasize owning high-quality, durable businesses led by talented management teams capable of navigating uncertain times and potentially coming out stronger. They believe companies with competitive advantages, smart and flexible management teams, and solid finances will always find ways to move forward and build business value. | View | |
| 2024 Q2 | Jul 31, 2024 | FPA Crescent Fund | 3.7% | 12.8% | ADI, AMZN, AON, C, CHTR, CMCSA, ENT.L, GOOGL, HOLN.SW, IFF, JEF, KMX, META, MSFT, NVDA, TEL | Concentration, growth, large cap, Quality, risk management, value | The fund emphasizes value investing philosophy, noting that value managers have struggled significantly over the past decade with Value underperforming Growth by substantial margins. Many investors have capitulated and fired their Value managers, with some converting to Growth strategies. | KMX CHTR C HOLN.SW |
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| 2024 Q2 | Jul 28, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AAPL, AMZN, AON, BRK-B, CCRD, CSGP, FIS, GOOG, GPN, IEX, KMX, LBRDA, LLYVA, LSXMK, LYV, MA, META, MSFT, NVDA, ODFL, PRM, SIRI, TXN | Long/Short, Mega Cap, Multi Cap, technology, value | AI initiatives have captivated investors' interest as companies like Alphabet, Amazon, and Meta are at the forefront of developing and deploying artificial intelligence in consumer and business applications. While AI development drives investor enthusiasm, these companies' traditional businesses continue to outperform and generate significant cash flow. | View | |
| 2024 Q2 | Jul 28, 2024 | Weitz Large Cap Equity Fund | 7.8% | 13.3% | ADBE, ADI, AMZN, AON, CHTR, CRM, CSGP, CSU.TO, EFX, GOOG, GPN, IEX, KMX, LBRDK, LSXMK, MA, META, ODFL, ORCL, VMC | AI, Capital Allocation, large cap, Quality, technology, value | AI fever continued to grip the equity market and dominate the narrative, driving small pockets of tech-related stocks to gains. The AI-driven feeding frenzy of tech stocks has created momentum that has swamped all other factors in the market. | ODFL CSU.TO IEX |
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| 2024 Q2 | Jul 26, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AAPL, AMZN, BAC, COP, EXR, GOOGL, IP, KKR, KMX, LEA, META, MMC, MRO, MSFT, NVDA, RRX, SBUX, TGT, TXN | AI, Cloud, large cap, semiconductors, technology, value | AI-related stocks have driven increasingly narrow market performance with a small number of massive technology stocks driving the majority of index returns. NVIDIA alone has contributed nearly one-third of equity market returns with its +150% increase year to date. | SBUX IP |
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| 2023 Q2 | Jul 25, 2023 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | ABBV, AIG, AMZN, DIS, FERG, HCA, HUM, KMX, MSFT, PFE, TFC, TGT, TTWO, WY | AI, Banking, healthcare, large cap, rates, technology, value | The fund emphasizes value investing philosophy and approach, believing it is well-suited to an environment with higher rates and inflation where value stocks are positioned to produce abundant cash flows. The team focuses on achieving value-added results through active portfolio management. | ICLR|LLY|PLTR|SNPS|TGT FERG AMZN BRK/A|CSGP|KMX AIG |
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| 2023 Q2 | Jul 20, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, AON, BRK-B, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDK, MA, META, MSFT, PMS, ROP, SIRI, TECH, TMO, V | AI, contrarian, large cap, Long/Short, technology, underperformance, value | The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, which averaged roughly 16% of fund assets in 2025. Alphabet was the fund's top performer in both the quarter and year, with the latest Gemini AI release surpassing expectations and moving to the front of the pack on several benchmarks. | LBRDA BRK/A|CSGP|KMX |
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| 2024 Q2 | Jul 17, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, APH, BF.B, BRO, CDW, CPRT, CSL, DLTR, FND, FWONA, IT, KMX, LH, MC, MKSI, PCAR, ROST, TDY, THO, WAT | insurance, mid cap, Quality, technology, value | Amphenol and Arista Networks each have exposure to growing AI infrastructure spending, which is benefitting both their businesses and investor sentiment on their stock prices. | TDY |
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| 2024 Q2 | Jul 16, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, ADI, AHT.L, AMZN, ANET, BRK-B, CSU.TO, ERF.PA, FIVE, GOOGL, HEI, IBP, KMX, KSL, META, MSFT, NVDA, PGR, SCHW, TSLA | AI, Concentration, Quality, small caps, technology, value | AI is driving significant performance in tech stocks, particularly benefiting Arista Networks as a key supplier of networking equipment to AI data centers. The manager acknowledges AI's importance while noting the concentrated nature of AI-driven returns in the market. | KMX ERF.PA FIVE |
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| 2024 Q2 | Jul 14, 2024 | Akre Focus Fund | 11.8% | 18.6% | AAPL, AMT, BN, CSGP, CSU.TO, DHR, KKR, KMX, MA, MCO, MSFT, NVDA, ORLY, ROP, V | Concentration, financials, large cap, Mega Cap, technology, value | The manager extensively discusses the unprecedented concentration in mega-cap stocks, particularly Apple, Microsoft, and Nvidia with $3+ trillion market caps each. He questions whether these companies can continue compounding at historic rates given the law of large numbers, noting their combined value approaches 36% of US GDP under 15% annual growth assumptions. | View | |
| 2024 Q2 | Jun 30, 2024 | FMI Small Cap Equity | -0.8% | 10.7% | BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL | AI, healthcare, Japan, Quality, small caps, Speculation, value | The manager expresses skepticism about the AI bubble, noting that Nvidia's rapid growth and high margins will attract competition from customers. They warn of speculative fervor around AI with over $180 billion in data center spending but only $3.4 billion in OpenAI revenue. The cost to run generative AI queries is extremely high due to power requirements. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | FMI All Cap Equity | -1.8% | 11.2% | BJ, BKNG, BME.L, DBSDY, DGX, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, TREE, UL | AI, growth, healthcare, Japan, Quality, small caps, Speculation, value | Manager expresses skepticism about AI bubble dynamics, noting Nvidia's massive valuation gains and questioning sustainability of current AI spending levels. Sequoia estimates $600 billion revenue needed annually to justify projected spending, while current generative AI revenue is only $3.4 billion. High power costs for AI queries remain unaccounted for in profit models. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | BJ, BKNG, BME.L, D05.SI, DGX, DLTR, FBIN, FERG.L, FN, GOOGL, HSIC, KMX, MAS, MU, PHG, RHI, RYAAY, SKX, SSD, UL | AI, growth, healthcare, Japan, Quality, small caps, technology, value | The manager expresses skepticism about the AI bubble, noting that Nvidia briefly became the world's most valuable company worth $3.3 trillion. They highlight that $180 billion is being spent annually on AI data centers with only $3.4 billion in revenue from OpenAI, requiring $600 billion in annual revenue to justify current spending levels. The high cost of running generative AI queries due to substantial power requirements may eventually impact revenue and profit models. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | FMI International Equity | -7.4% | 2.7% | AMZN, BJ, BKNG, BME.L, D05.SI, DLTR, FERG.L, GOOGL, HSIC, KMX, MAS, META, MSFT, MU, NVDA, PHG, RHI, RYAAY, SKX, UL | AI, healthcare, international, Japan, Quality, small caps, Speculation, value | The manager expresses skepticism about the AI bubble, noting that Sequoia Capital warns of speculative frenzies. While acknowledging AI's vast possibilities, they highlight the massive spending ($180 billion annually) with little revenue to show ($3.4 billion for OpenAI). They question whether companies will see adequate returns on their AI investments. | RYAAY DGX HSIC |
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| 2024 Q2 | Jun 30, 2024 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ADYEN.AS, AMZN, DIS, FIVN, GOOGL, IGV, KMX, META, MSFT, NFLX, NVDA, SGRY, SHOP, UBER | AI, Cloud, growth, large cap, Long/Short, Media, technology | The artificial intelligence arms race kicked off by ChatGPT and Alphabet's Bard has generated tremendous demand for Nvidia's next generation graphic processors. AI advances helped improve targeting and measurement in Google's advertising businesses, including in YouTube's fast growing Shorts segment. Apple stock got a boost from research reports suggesting iPhone sales may see a boost from an upgrade cycle driven by the upcoming rollout of Apple's AI assistant. | FIVN ADYEN DIS AAPL GOOGL NVDA |
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| 2023 Q2 | Jun 30, 2023 | Ariel Appreciation Fund | 9.9% | 0.0% | CAH, CBRE, CCL, CG, CRL, GS, IPG, KMT, KMX, LABH, LESL, MAT, MSGE, NCLH, NTRS, PARA, RCL, SCHW, SPHR, SWK | contrarian, Cruises, mid cap, real estate, Recovery, value | Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel for retirees and younger people alike. The vacation and leisure spaces are booming in direct response to the isolating Covid lock downs, with memories having more value than goods for many consumers. | View | |
| 2023 Q2 | Jun 30, 2023 | FMI All Cap Equity | -1.8% | 11.2% | 6268.T, AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, SSD, SW.PA, TRTN | Concentration, international, small cap, technology, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early adoption stages. Commercial revenue projections over next five years could be overblown despite the hype. Questions whether AI winners of today will be winners of tomorrow, noting historical precedent of leadership changes. | ROG.SW CDW ARHI |
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| 2023 Q2 | Jun 30, 2023 | FMI International Equity | -7.4% | 2.7% | AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, ROG.SW, SSD, SW.PA, TRTN | AI, Concentration, growth, international, small caps, technology, valuation, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early stages of adoption with overblown commercial revenue projections. The manager notes heavy technology investment in entertainment rather than productivity-enhancing applications, questioning whether AI will change the productivity trajectory. | ROG.SW CDW ARHI |
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| 2023 Q2 | Jun 30, 2023 | FMI Large Cap Equity | -4.0% | 10.5% | AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, ROG.SW, SSD, SW.PA, TRTN | AI, Concentration, growth, international, small caps, technology, Valuations, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early adoption stages. Commercial revenue projections over next five years could be overblown despite the hype. Questions whether AI winners of today will be winners of tomorrow. | ROG.SW CDW ARHI |
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| 2023 Q2 | Jun 30, 2023 | FMI Small Cap Equity | -0.8% | 10.7% | 6268.T, AAPL, AMZN, BECN, BJ, BME.L, CDW, DG, FERG.L, G, GOOGL, KMX, MAS, MSFT, NTRS, NVDA, RHI, SSD, SW.PA, TRTN | AI, Concentration, Europe, growth, small caps, technology, Valuations, value | Generative AI has lit the technology sector ablaze and has potential to be a game-changer, but is in early adoption stages. Commercial revenue projections over next five years could be overblown despite the hype. The manager questions whether current AI winners will be tomorrow's winners, citing historical precedent. | ROG.SW CDW ARHI |
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| 2023 Q2 | Jun 7, 2023 | Alphyn Capital Management | 8.9% | 13.5% | AHT.L, ALVO, AMZN, BN, CCOI, EXO.MI, FFH.TO, IAC, KMX, PRX.AS, W | E-Commerce, infrastructure, long-term, Portfolio Rebalancing, real estate, Telecommunications, value | Initiated position in Cogent Communications, led by founder-operator Dave Schaeffer. The company is acquiring Sprint's former wireline business for $1 with $760m in payments from T-Mobile over 4.5 years. This transformational deal opens potential new revenue streams in optical wavelength services, targeting a $2 billion addressable market growing 7% annually. | CCOI |
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| 2023 Q1 | Apr 30, 2023 | Alphyn Capital Management | 8.9% | 13.5% | 3690.HK, 700.HK, BAM, BUR.L, CNHI, CRSS, ENOV, ESAB, EXOR.MI, FFH.TO, KMX, PRX.AS, RACE, STLA, W, WAND.L | Concentration, Fraud, insurance, Litigation, technology, turnaround, value | CarMax faces challenging macro conditions with high used car prices and rising interest rates impacting affordability. The company is investing heavily in omnichannel capabilities and online tools while maintaining market share discipline to preserve margins. | View | |
| 2025 Q1 | Apr 15, 2025 | Giverny Capital Asset Management | -3.4% | -3.4% | AAON, ANET, BLDR, BRK-B, CSU.TO, FIVE, GOOGL, HEI, KMX, KNSL, MEDP, META, PGR, SCHW, TWFG | Construction, insurance, Quality, technology, Trade Policy, value | Trump's tariff policies created significant market volatility, with the manager viewing the tariff plan as economically damaging. The manager believes exiting global trade agreements would lead to rising prices and weaker corporate profits, creating a less favorable investing environment. | BLDR AAON TWFG |
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| 2023 Q1 | Apr 13, 2023 | Right Tail Capital | 0.0% | 10.3% | ABG, KMX, LAD, TSLA | Auto Dealers, Consolidation, Electric Vehicles, Research, valuation | Manager conducted extensive research on car dealership industry, finding businesses trading at attractive mid to high single digit multiples versus historical 10-15x P/E. Companies like Lithia Motors have potential for significant returns if reaching 2025 earnings targets. However, concerns about business model evolution and manufacturer relationships prevent current investment. | 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 Q1 | Mar 31, 2023 | FMI All Cap Equity | -1.8% | 11.2% | ARW, AVY, CSL, CVNA, FERG, FMS, G, KMX, PHG, SAP, SCHW, SNN.L | inflation, positioning, rates, Sentiment, value | Portfolio trades at 13.7x projected 2023 earnings, representing a 43% discount to Russell 3000. Manager emphasizes attractive valuations on both absolute and relative basis as a key source of optimism. | FERG AVY |
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| 2023 Q1 | Mar 31, 2023 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, AON, BRK-B, CHTR, DHR, EEFT, GOOGL, GPN, IEX, KMX, LBRDK, LH, MA, META, MSFT, ROP, SIRI, TECH, TMO, V | AI, healthcare, Long/Short, technology, Telecommunications, value | The fund owned several companies deemed AI Winners including Alphabet, Microsoft, Amazon and Meta Platforms, averaging roughly 16% of fund assets in 2025. Alphabet was the top performer with the latest Gemini AI release surpassing expectations and moving to the front of the pack on several benchmarks. | LBRDA BRK/A|CSGP|KMX |
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| 2023 Q4 | Jan 31, 2024 | Sequoia Strategy | 7.1% | 20.8% | AHT.L, BAC, CACC, COF, CSU.TO, ELV, ERF.PA, FWONA, GOOGL, ICE, KMX, LBRDK, META, NFLX, RR.L, SAP, SCHW, TSM, UMG.AS, UNH | Concentration, financials, healthcare, Intrinsic Value, long-term, Quality, technology, value | Alphabet has been building world-class AI capabilities for over a decade through Google Brain and DeepMind. The company merged these organizations to accelerate development of Gemini, their state-of-the-art model. Management sees significant opportunity to bring world-class AI to their entire suite of products, while committing to grow profits in line with or faster than revenue. | View | |
| 2024 Q4 | Jan 29, 2025 | Weitz Multi Cap Equity Fund | -0.6% | 15.6% | AIF.TO, BRK-B, DHR, EFX, GOOGL, GWRE, HEI, KMX, LBRDK, LBTYK, MA, META, ODFL, PRM, SIRI, TECH, TXN, V, VRSN | inflation, Multi Cap, rates, small caps, technology, value | Investor enthusiasm around artificial intelligence drove outsized returns on a handful of megacap tech stocks. While the fund stayed true to its investment philosophy and avoided chasing trends, many of their portfolio companies are actively exploring AI applications to enhance their operations and drive long-term growth. | View | |
| 2023 Q4 | Jan 27, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AMZN, BRK-B, CCRD, CHTR, CSGP, FIS, GOOG, GPN, GS, KMX, LBRDA, LSXMK, META, MKL, MSFT, PRM, QRTEP, ROP, SCHW, SIRI, SPY, V | large cap, Long/Short, Media, payments, technology, value | The fund initiated a new position in Global Payments, a leading provider of payments acceptance services with roughly four million merchant locations worldwide. Despite increased competition in the payments landscape, the managers believe Global Payments is more durable than feared and trades at a compelling valuation. | CGPN.L LBRDA 4IMPRINT CCRD |
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| 2024 Q4 | Jan 24, 2025 | Sequoia Fund | -0.1% | 19.8% | CHTR, COF, CSU.TO, ELV, EUFI.PA, FWONA, GOOGL, ICE, ICLR, J, KMX, LBRDK, LUMN, RR.L, SAP, SCHW, TSM, UMG.AS, UNH | aerospace, Concentration, healthcare, Long/Short, Quality, technology, value | The letter discusses AI extensively across multiple holdings. Alphabet is making strong progress in AI products with AI Overviews reaching over 1 billion users and Gemini reaching technical parity with OpenAI. Taiwan Semiconductor benefits from AI-driven datacenter demand with 30% revenue growth. Rolls-Royce sees AI-driven demand for backup power systems for datacenters. | 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 | ||
| 2023 Q4 | Jan 14, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, BAM, BF.B, BRO, CDW, CPRT, CSL, DLTR, FWONA, GBCI, IT, KMX, LBRDA, LH, MKL, PCAR, PGR, ROST, WAT | Banking, insurance, mid cap, retail, technology, value | The fund holds multiple insurance positions including Arch Capital Group, Markel Group, and Brown & Brown. Arch Capital benefits from attractive market conditions boosting underwriting profits, with favorable supply-demand dynamics in both reinsurance and primary insurance expected to keep profits elevated. | View | |
| 2023 Q4 | Jan 14, 2024 | FMI Large Cap Equity | -4.0% | 10.5% | 005930.KS, ACGL, ARW, BJ, BME.L, CARR, DG, G, HSIC, KMX, MAS, MU, RHI, RYAAY, SAP, SCHW, SKX, SLB, SSD, UL | Concentration, Debt, international, Quality, small cap, technology, Valuations, value | FMI emphasizes value investing discipline amid speculative market behavior. The firm focuses on quality businesses trading at discount valuations with solid management teams and balance sheets, contrasting with expensive growth stocks that dominated 2023 performance. | DGE.L CARR BJ |
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| 2023 Q4 | Jan 14, 2024 | FMI International Equity | -7.4% | 2.7% | 005930.KS, ACGL, ARW, BJ, CARR, DG, DGE.L, G, HEI, KMX, MAS, MU, RHI, RYAAY, SAP, SCHW, SKX, SLB, SSD, UL | Concentration, Debt, international, Quality, technology, Travel, value | FMI emphasizes value investing discipline amid elevated U.S. market valuations. The firm focuses on quality businesses trading at discount valuations with solid management teams and balance sheets, particularly in international markets where valuations are more reasonable than U.S. Large Cap. | DGE.L CARR BJ |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Small Cap | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Balance Sheet Deleveraging, Captive Finance, digital infrastructure, Fragmented Market, market share gains, Omnichannel Strategy, Returns on Capital, used car retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Captive Finance, digital infrastructure, Fragmented Market, market share gains, Omnichannel, used car retail, Wholesale Business | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - All Cap | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Captive Finance, Consumer Discretionary, digital infrastructure, Fragmented Market, market share gains, Omnichannel, operational efficiency, used car retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Captive Finance, Cost Reduction, Cyclical Recovery, digital infrastructure, Fragmented Market, market share gains, Omnichannel, used car retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Captive Finance, cost structure, digital infrastructure, Fragmented Market, market share gains, Omnichannel, operational efficiency, used car retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Small Cap | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Captive Finance, cost structure, digital infrastructure, Fragmented Market, market share, Omnichannel, used car retail, Wholesale | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Automotive Retail, Captive Finance, digital infrastructure, Fragmented Market, market share gains, Omnichannel, used car retail, Wholesale | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - All Cap | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Auto finance, De-leveraging, digital infrastructure, Fragmented Market, market share gains, Omnichannel, turnaround, used car retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Auto finance, balance sheet improvement, digital infrastructure, Fragmented Market, market share gains, Omnichannel, turnaround, used car retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Vulcan Value Partners - Focus Plus | CarMax Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Auto finance, cost structure, digital infrastructure, Fragmented Market, market share gains, Omnichannel, turnaround, used car retail, Wholesale | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Appreciation Fund | CarMax, Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Automotive Retail, brand recognition, Consumer Discretionary, inventory management, Omni Channel, used car retail, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | FPA Crescent Fund | CarMax Inc | Consumer Discretionary | Specialty Retail | Bull | NYSE | Automotive Retail, customer experience, Data Analytics, Financing, market share, No-haggle Pricing, Omnichannel, Specialty retail, Used cars | View Pitch |
| Apr 13, 2026 | Fund Letters | Giverny Capital Asset Management | CarMax Inc | Consumer Discretionary | Specialty Retail | Neutral | NYSE | Auto finance, Consumer Discretionary, Cyclical Recovery, interest rate sensitivity, supply constraints, used car retail | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Chuck Akre | Akre Capital Management | $9.1B | $5.8M | 0.06% | 150,600 | +0 | +0.00% | 0.0865% |
| Marc Rowan | Apollo Global Management | $10.6B | $195.0M | 1.83% | 5,046,474 | +5,046,474 | +100.00% | 2.8975% |
| Mark A. Hillman | Hillman Value Fund | $158.9M | $4.3M | 2.70% | 111,088 | +19,599 | +21.42% | 0.0638% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $27.4M | 0.05% | 708,479 | -77,100 | -22.73% | 0.4068% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $2.8M | 0.00% | 71,500 | +91,200 | +30400.00% | 0.0411% |
| Ray Dalio | Bridgewater Associates | $27.4B | $2.5M | 0.01% | 64,610 | +64,610 | +100.00% | 0.0371% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $239,568 | 0.00% | 6,200 | -70,000 | -91.86% | 0.0036% |
| Israel Englander | Millennium Management LLC | $233.2B | $3.5M | 0.00% | 90,000 | -76,900 | -46.08% | 0.0517% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $114.7M | 0.17% | 2,968,026 | +2,207,785 | +290.41% | 1.7041% |
| Cliff Asness | AQR Capital Management | $190.6B | $306.4M | 0.16% | 7,930,345 | +4,780,903 | +151.80% | 4.5532% |
| John Rogers | Ariel Investment | $9.3B | $21.8M | 0.24% | 563,483 | -8,122 | -1.42% | 0.3235% |
| Rich Handler | Jefferies | $19.3B | $1.3M | 0.01% | 33,311 | -13,668 | -29.09% | 0.0191% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $386 | 0.00% | 10 | -6 | -37.50% | 0.0000% |