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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q4 | Dec 31, 2023 | Meridian Hedged Equity Fund | 6.2% | 0.0% | ALGM, LBRDK, LEVI, MSFT, SBH, SPHR | - | View | ||
| 2021 Q4 | Dec 31, 2021 | Clark Street Value | - | 75.0% | AAMCF, ACEL, ADES LN, BBXIA, CDOR, CPLG, ECTM, FBRT, HHC, HMG, INDT, JCS, JXN, LAUR, LBRDK, LGL, LRFC, LUB, LYLT, MPC, NTPIF, NXDT, ONL, PFSW IN, PFX, RHEP, RVI, SNDA, THNPY | - | 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 |
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| 2025 Q3 | Oct 14, 2025 | Madison Investors Fund | -2.2% | -0.1% | BN, FI, IT, LBRDK, MSCI | Artificial Intelligence, Financial Technology, industrials, Quality, retail | The fund underperformed due to its bias toward durable, high-quality companies while AI and momentum stocks surged. It emphasizes staying disciplined despite short-term underperformance, citing strong fundamentals in industrials, retail, and payments. The team added MSCI as a financial technology leader and remains cautious on AI speculation. | View | |
| 2025 Q4 | Jan 26, 2026 | Harris Associates Concentrated Strategy | 8.4% | 14.4% | CHTR, EFX, FCNCA, GOOGL, LBRDK, PAYC, TRGP, WBD | AI, Banking, Buybacks, energy, Media, Midstream, technology, value | Warner Bros Discovery was a major contributor as multiple parties submitted acquisition offers, with Netflix acquiring the Streaming and Studios business while Global Networks spins to shareholders. Paramount Skydance made a $30 per share offer for the entire company, representing significant value unlocking opportunities in the media sector. Alphabet delivered impressive earnings with strong Cloud segment performance driven by accelerating demand for AI compute. The manager sees potential for the company's AI leadership to drive further upside across the portfolio and views Alphabet as undervalued on a sum-of-the-parts basis. First Citizens Bancshares was a contributor with solid results exceeding consensus expectations. Loans and deposits grew healthily while management continues steady share repurchases. The manager believes it's a high-quality regional bank with strong management that can unlock sustained long-term value. Targa Resources was initiated as a new position, representing a leading midstream natural gas and NGL company controlling 90% of fractionation capacity at Mont Belvieu. The company generates approximately 90% of earnings through multi-year fee-based arrangements, providing protection against oversupply with meaningful cost advantages and barriers to entry. | View | |
| 2025 Q4 | Jan 13, 2026 | Oakmark Select Fund | 8.4% | 14.3% | CHTR, EFX, GLIBA, GOOGL, IQV, LBRDK, NFLX, PAYC, TRGP, WBD | large cap, M&A, Media, Midstream, undervalued, value | Warner Bros Discovery was the top contributor as multiple parties submitted acquisition offers, with Netflix acquiring the Streaming and Studios business while Global Networks spins to shareholders. Paramount Skydance made a $30 per share offer for the entire company, creating a bidding war that unlocked shareholder value. Targa Resources represents a leading midstream natural gas and NGL company controlling 90% of fractionation capacity at Mont Belvieu hub. The company benefits from cost advantages, barriers to entry, and generates 90% of earnings through multi-year fee-based arrangements providing protection against oversupply. The fund continues to find attractive opportunities to invest in undervalued companies across various industries, including areas left behind in the momentum rally. Targa was purchased at a discount to peers based on normalized earnings power and intrinsic value estimates. | TRGP PAYC WBD |
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| 2024 Q2 | Jul 23, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | BIO, CNH, FDX, LBRDK, MAT | - | View | ||
| 2024 Q2 | Jul 21, 2024 | Alluvium Global Fund | 0.0% | 0.0% | AEM, AN, GOOG, HRB, LBRDK, LNR CN, MCK, RHI, RRL AU, RYAAY, THO, TPR | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 28, 2026 | Fund Letters | Tony Coniaris | Liberty Broadband Corp. | Communication Services | Cable & Satellite | Neutral | NASDAQ | ARPU, broadband, cable, Free Cash Flow, merger | View Pitch |
| Nov 29, 2025 | Fund Letters | Clayton Freeman | Liberty Broadband Corp. | Communication Services | Cable & Satellite | Bull | NASDAQ | ARPU, buybacks, cable, deleveraging, Holdco discount, merger | View Pitch |
| Nov 29, 2025 | Fund Letters | Clayton Freeman | Liberty Broadband Corp. | Communication Services | Cable & Satellite | Bull | NASDAQ | ARPU, buybacks, cable, deleveraging, Holdco discount, merger | 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 |
|---|---|---|---|---|---|---|---|---|
| Michael Price | Empyrean Capital Partners | $2.7B | $44.7M | 1.67% | 920,781 | +0 | +0.00% | 0.5622% |
| Matthew Halbower | Pentwater Capital Management | $19.0B | $121.2M | 0.64% | 2,493,644 | -178,356 | -6.68% | 1.5225% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $102.4M | 0.19% | 2,107,652 | -1,936,362 | -47.88% | 1.2869% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $10.7M | 0.01% | 219,587 | +153,470 | +232.12% | 0.1341% |
| Ray Dalio | Bridgewater Associates | $27.4B | $3.2M | 0.01% | 64,971 | +27,577 | +73.75% | 0.0397% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $45.7M | 0.06% | 939,599 | +120,721 | +14.74% | 0.5737% |
| Israel Englander | Millennium Management LLC | $233.2B | $123.1M | 0.05% | 2,533,736 | +485,301 | +23.69% | 1.5470% |
| Jeremy Grantham | GMO LLC | $39.1B | $18.4M | 0.05% | 378,441 | -254,805 | -40.24% | 0.2311% |
| Murray Stahl | Horizon Kinetics | $7.4B | $201,738 | 0.00% | 4,151 | -32,137 | -88.56% | 0.0025% |
| Cliff Asness | AQR Capital Management | $190.6B | $9.8M | 0.01% | 201,875 | +144,795 | +253.67% | 0.1233% |
| Mario Gabelli | GAMCO Investors | $10.4B | $5.9M | 0.06% | 120,434 | -11,068 | -8.42% | 0.0735% |
| Wallace Weitz | Weitz Investment Management Inc | $1.7B | $31.6M | 1.88% | 651,000 | +150,500 | +30.07% | 0.3975% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $486 | 0.00% | 10 | +0 | +0.00% | 0.0000% |