KVUE

KVUE

KVUE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	ACATIS Investment	-	-0.2%	2330 TT, 6920 JP, AMRZ, ANSS, CLS CN, CRM, DWNI GR, HAL, HIMS, HOLX, ICE, ISRG, KGH PW, KRN GR, KVUE, KYGA IR, LRCX, PEP, SNPS, UMI BB, UNH, UPWK, VNA GR, ZAL GR	energy security, fiscal deficits, Global Fragmentation, Industrial Policy, Trade Policy	The report discusses mounting geopolitical fragmentation and policy uncertainty, emphasizing how trade tensions, fiscal imbalances and shifting global alliances are reshaping capital flows and regional growth prospects. Management highlights structural challenges in Europe alongside opportunities tied to industrial policy, energy security and technological sovereignty. In this environment, ACATIS positions portfolios toward globally competitive companies with resilient business models and exposure to long-term structural trends rather than cyclical macro swings.	UPWK UMI BB PEP KGH PW HIMS HAL ZAL GR CLS CN SNPS HOLX ICE KRN GR 2330 TT	View
2025 Q2	Aug 7, 2025	Meridian Hedged Equity Fund	4.9%	-	CVX, HUN, KVUE, MGM, MSFT, VST	capital preservation, downside protection, Hedging, Options, volatility	The commentary focuses on managing downside risk through selective hedging while maintaining equity upside. Covered calls and disciplined stock selection are used to smooth returns across market cycles. Capital preservation is framed as central to long-term compounding.	MGM MSFT VST	View
2025 Q2	Aug 27, 2025	Cullen Value Fund	7.0%	8.5%	AMAT, CI, COP, KVUE, MS, ORCL	capital returns, fundamentals, Sentiment, valuation gaps, Value Investing	The commentary stresses disciplined value investing in an environment dominated by growth narratives. Management highlights discounted valuations, improving fundamentals, and capital return potential as key drivers of future returns. The theme centers on patience as sentiment shifts away from crowded trades.	KVUE AMAT ORCL	View
2025 Q2	Jul 22, 2025	American Century Equity Income Fund	-0.3%	-	AOS, BDX, BRK/A, EL, EPD, KVUE, LUV, NEE, UNH	cash flow, defensiveness, dividends, income stability, payout ratios	The letter highlights the role of dividend-paying equities in generating stable income amid macro uncertainty and uneven growth. Management stresses balance sheet strength, sustainable payout ratios, and pricing power to support dividends through cycles. The outlook favors income resilience with moderate capital appreciation.		View
2025 Q1	Apr 5, 2025	13D Activist Fund	-10.2%	-10.2%	KVUE, MIDD, QRVO, YETI	-			View
2024 Q1	Apr 15, 2024	Oakmark Fund- International Small Cap	7.4%	0.0%	DAL, DE, KVUE	-			View
2024 Q1	Apr 15, 2024	Mayar Capital	7.7%	9.6%	005930 KS, 0K85 LN, 3M, BFAM, BLND LN, CAP FP, GOOG, HLCL LN, HOME SM, HWDN LN, JNJ, KVUE, PYPL, RITN GR, SAP, UL, UPS, VTY LN, VWS DC, WIX	-			View
2025 Q4	Feb 20, 2026	VH Standard Asset Management	1.3%	14.8%	EA, EXAS, JAMF, KVUE, NSC, QRVO, SGOV, WBD	AI, Capital markets, Deregulation, M&A, Merger Arbitrage, Onshoring, Regulatory, Spreads	The merger arbitrage landscape has shifted meaningfully with spreads becoming less efficient due to capital leaving the space during tough regulatory years. The pendulum for regulators has swung toward being more favorable for M&A activity, creating opportunities for those positioned to take advantage. Tariffs and the current U.S. administration's goals are creating a monumental shift in the global economy. Onshoring and supply chain re-optimization will create new winners and losers as companies adapt to changing trade dynamics. AI is viewed as the biggest catalyst to be let loose into economies, creating a sea of change. This technological shift is expected to drive significant transformation across industries and create new investment opportunities.		View
2025 Q4	Feb 18, 2026	The Gabelli ABC Fund	0.5%	6.1%	CFLT, EXAS, FOX, FRGE, GTLS, HOLX, KKR, KMB, KVUE, LEN, NEM, NFG, NFLX, PAAS, PSKY, TGNA, TXNM, WBD	arbitrage, healthcare, industrials, M&A, private equity, technology	Multiple biotech and pharmaceutical M&A deals closed during the quarter, including Akero Therapeutics acquired by Novo Nordisk for $54.00 per share plus CVR, Metsera acquired by Pfizer after outbidding Novo Nordisk, and Tourmaine Bio acquired by Novartis for $48.00 per share. M&A volume activity reached $4.6 trillion in 2025, representing a 49% increase from the previous year and the highest since 2021. Technology, industrials, and financials were the top sectors for M&A activity, accounting for over $2 trillion in deal activity.	ALE HOLX EXAS GTCH	View
2025 Q4	Feb 17, 2026	Cullen Enhanced Equity Income Fund	2.0%	7.5%	AAPL, AMZN, GOOGL, JPM, KVUE, META, MSFT, NSC, NVDA, QCOM, TSLA, UNH, UNP	AI, dividends, growth, healthcare, income, rates, technology, value	The manager discusses the AI boom extensively, noting that hyperscalers continue to escalate capital spending on AI data centers while several Industrial and Utilities companies benefit from the buildout. However, they express concern that markets have already discounted much future AI-driven growth, with $9-$12 trillion of post-2022 market cap gains unexplained by fundamentals. The aggressive AI spending has materially slowed free cash flow and earnings growth for hyperscalers. The strategy focuses heavily on dividend-paying stocks, with a large dividend contribution of 4.1% and total yield of 7.2% for the year. The manager notes that defensive and dividend-oriented sectors are now at multi-decade lows in index weight and investor interest, trading at unusually attractive relative valuations. They believe equity income is becoming increasingly competitive as money market yields decline from their peaks. The manager emphasizes that Value stocks are positioned for outperformance, noting the Growth-to-Value valuation spread is near historical extremes at nearly 100% premium versus the long-term average of 57%. They highlight extreme underweight positioning, elevated valuations in growth, and historically favorable mean-reversion dynamics as creating a compelling setup for value stocks to deliver strong risk-adjusted returns. The Federal Reserve cut rates twice in Q4 to the current range of 3.50% to 3.75%, following a September cut. The manager views the Fed's easing cycle positively for high-dividend stocks, as declining short-term rates should make equity dividend yields increasingly attractive compared to money market funds. They note nearly $8 trillion is currently invested in money market funds with yields falling from peaks above 5% to 3.7%. The manager expresses concern about elevated risk appetite and speculative excess, noting that leveraged ETFs now represent roughly 1% of total ETF assets but account for over 12% of trading volume. They highlight that retail investors now account for roughly 25% of total trading volume, more than twice the long-term average, which has historically served as a signpost of market excess and potential tops.	NSC JPM KVUE UNP UNH QCOM	View
2025 Q3	Nov 8, 2025	Cullen Value Fund	6.8%	15.9%	BDX, BWA, CI, CMCSA, KVUE, MBGYY, NEE, ORCL, SRE, UNH	Concentration, dividends, growth vs value, Speculation, Valuations	The commentary emphasizes extreme valuation dispersion, with Growth trading at a 110% premium to Valuenear historic highs. AI-driven capex cycles have pushed mega-cap concentration to records, elevating speculative behavior while defensive sectors sit at multi-decade lows. These dynamics create compelling setup conditions for Value and Dividend strategies as sentiment normalizes and earnings growth broadens.	UNH SW BDX	View
2025 Q3	Oct 24, 2025	Meridian Hedged Equity Fund	1.6%	-	DHI, FIGR, ICE, JNJ, KVUE, LBRDK	AI, Covered Calls, downside protection, interest rates, Quality	The fund combines unhedged quality longs with a systematic covered-call overlay to dampen volatility and protect downside while still participating in upside. Management sees AI enthusiasm, policy easing, and softening labor trends as key market drivers, but stresses valuation discipline and risk management. Positioning remained ~38% unhedged with the balance in covered calls to balance growth and protection.	JNJ DHI ICE KVUE LBRDK JNJ DHI ICE KVUE LBRDK	View
2025 Q3	Oct 19, 2025	American Century Equity Income Fund	5.3%	-	AMT, CRH, GOOG, JNJ, KVUE, NSC, PCAR	AI, Consumer Staples, dividends, Health Care, infrastructure	AI investments and data center expansion supported utilities and industrials, contributing to portfolio strength. The fund emphasized quality dividend payers in consumer staples and health care as defensive plays amid inflation and policy uncertainty. Infrastructure demand from AI computing and transportation consolidation also provided tailwinds.		View
2023 Q3	Oct 13, 2023	Mayar Capital	7.7%	9.6%	CAP FP, KVUE, SAP	-			View
2025 Q4	Jan 18, 2026	Mayar Capital	4.5%	14.1%	005930.KS, 7476.T, 7974.T, BFAM, BKNG, BNNTF, CAP.PA, CFR.SW, CRDA.L, GOOGL, JNJ, KVUE, NESN.SW, NKE, OR.PA, PYPL, SOLV, TW.L, UL, UPS, V, VWS.CO	defense, fundamentals, global, Quality, Speculation, value	The fund maintains its disciplined value investing approach, focusing on boring companies with durable competitive advantages trading at reasonable prices. The manager emphasizes that fundamentals eventually win out despite current market speculation. The manager identifies significant red flags in circular financing fueling the AI boom, comparing it to vendor financing of the late 90s. Companies like Oracle, OpenAI, Nvidia and CoreWeave participate in arrangements that effectively fund their own customers' purchases. Strategy Inc. (formerly MicroStrategy) serves as a cautionary tale of speculative excess. The stock fell 60% as its premium to Bitcoin holdings evaporated, forcing the company to sell equity to cover preferred dividends rather than buy more Bitcoin.	NKE TW LN BKNG	View
2024 Q3	Sep 30, 2024	American Century Equity Income Fund	9.6%	0.0%	INTC, JPM, KVUE, MCHP, MDT, ON, PG, RKT, TROW	-			View
2024 Q2	Jun 30, 2024	American Century Equity Income Fund	9.6%	0.0%	ADI, CB, INTC, KVUE, MCHP, MDT, NSC, RHO GR, TXN, ULVR	-			View
2025 Q1	Mar 31, 2025	Mayar Capital	2.9%	2.9%	005930 KS, AHT LN, ALO FP, BFAM, BLND LN, CAP FP, FOUR LN, GOOG, HLCL LN, JNJ, KVUE, LH, NKE, NVO, PYPL, SAP FP, SOLV, SOM LN, UPS, V, VTY LN	-			View
2023 Q3	Mar 10, 2023	Ariel Focus Fund	10.6%	0.0%	APA, CVX, GNRC, GS, KVUE, LESL, MHK, PHIN, SPHR	-			View
2023 Q4	Jan 31, 2024	Ariel Focus Fund	10.6%	0.0%	APA, BWA, GS, KVUE, MHK, WU, ZIMV	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	James Cullen	Kenvue Inc.	Consumer Staples	Personal Care Products	Bear	New York Stock Exchange	China Destocking, Competition, Consumer-health, marketshare, valuation	View Pitch
Jan 8, 2026	Value Investors Club	kerrcap	Kenvue Inc.	Consumer Discretionary	Specialty Retail	Bull	New York Stock Exchange	Branding, Consumer products, e-commerce, Marketing, merchandising, retail	View Pitch
Dec 5, 2025	Fund Letters	James Cullen	Kenvue Inc.	Consumer Staples	Personal Care Products	Bull	NYSE	brands, consumer, Currency, inflation, profitability, resilience	View Pitch
Nov 29, 2025	Fund Letters	Clayton Freeman	Kenvue Inc.	Consumer Staples	Personal Care Products	Bull	NYSE	Brand investment, cash flow, dividend, litigation, Margins, restructuring	View Pitch
Nov 29, 2025	Fund Letters	Clayton Freeman	Kenvue Inc.	Consumer Staples	Personal Care Products	Bull	NYSE	Brand investment, cash flow, dividend, litigation, Margins, restructuring	View Pitch
Aug 8, 2025	Seeking Alpha	Brett Ashcroft Green	Kenvue Inc.	Consumer Staples	Household & Personal Products	Bear	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Alan Galecki	Kenvue	Consumer Staples	Household & Personal Products	Bear	NYSE	—	View Pitch

BSD Shareholders of KVUE

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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