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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 19, 2026 | Tactile Fund LP | 4.5% | 20.5% | AER, CWK.L, FCG.NZ, GOOGL, GRUMAB.MX, HII, JUNGN.SW, LAMR, MATX, MCEM, META | Agriculture, AI, global, inflation, infrastructure, Luxury, Physical Assets, value | Holdings like Ricegrowers Ltd and Fonterra Shareholders Fund powered higher as rice and milk prices remained healthy and demand grew. Fonterra struck an agreement to sell its consumer-facing businesses to dairy powerhouse Lactalis. As the world's middle class grows, consumers will demand both more and better-quality foods and ingredients. Swiss Alpine Railways investors took notice of strong earnings from Jungfraubahn AG and BVZ Holding AG, each of which owns a collection of impossible to duplicate transportation and tourism infrastructure in the Alps. American shipbuilders benefit from higher spending on vessels and naval systems for national security reasons. There is a growing realization that artificial intelligence can reproduce the functions of a meaningful portion of the software offered by today's dominant software companies at a small fraction of the cost. Software franchises may eventually turn out to be just another commodity. AI capabilities will only improve. Tactile Fund owns shares in multiple European companies with extensive real estate holdings in exclusive locations. These are owned for their trophy assets that will grow in value with time, though this could mean waiting for their share prices to move. | GRUMAB MM BWEL GMEXICOB MM HII FSF NZ |
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| 2025 Q4 | Jan 12, 2026 | Heartland Value Plus Fund | -0.1% | 1.1% | BLDR, LAMR, WCC | Advertising, Buybacks, dividends, industrials, real estate, small caps, value | Small-cap earnings continued to gain strength with expected profits to grow around 15% in 2026, slightly exceeding current forecasts for the S&P 500. Small caps are more sensitive to refinancing costs and should benefit disproportionately from falling rates. The market is beginning to broaden out as small value stocks outpaced the majority of the Magnificent 7. The strategy focuses on bottom-up fundamentals based on the 10 Principles of Value Investing, requiring attractive valuations, quality balance sheets, and sound business strategies. The team seeks undervalued companies with low debt, positive earnings dynamics, and competitive advantages. Value investments are confirmed by share buybacks, insider buying, and dividend growth. The team looks for improving fundamentals confirmed by active share buybacks as a sign of management confidence in future profits and cash flows. A majority of companies in the portfolio are active in buyback programs. LAMR has been active on its buyback program and BLDR has been a consistent acquirer of its own shares through buybacks. Growing dividends are viewed as confirmation of improving fundamentals and management confidence in future cash flows. The team seeks companies active in dividend growth as one of three focus areas for capital allocation. LAMR increased its dividend this year as part of its capital allocation strategy. Lamar Advertising was one of the top contributors to performance in the quarter as the nation's leading out-of-home advertising company. LAMR's pacings have been strong, which should lead to positive earnings growth in 2026, with additional boost expected from mid-term election cycle political advertising spending. Builders FirstSource is the largest distributor of lumber and building products materials for contractors and home builders. The company has been a consolidator of smaller regional lumberyards and made a push towards increasing value-add building products such as pre-assembled trusses to save builders time and labor. | BLDR WCC LAMR ALEX CMCO ITGR |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Seeking Alpha | Seeking Alpha | Lamar Advertising Company | Advertising | Outdoor Advertising | Bull | NASDAQ Stock Market | Billboards, Digital Displays, dividend yield, Free Cash Flow, growth potential, leverage, Local Advertisers, M&A, Outdoor Advertising, Stable Revenue | View Pitch |
| Jan 27, 2026 | Fund Letters | Bradford Evans | Lamar Advertising Company | Real Estate | Specialized REITs | Bull | New York Stock Exchange | advertising, buybacks, dividends, Elections, REITs | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||