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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 21, 2025 | Aristotle/Saul Global Equity Fund | 9.1% | 10.4% | ALC, AMGN, CCO.TO, COF, D05.SI, FCFS, LEN, MCHP, MLM, MSFT, PYPL, SONY, UBER | financials, Global Equity, healthcare, nuclear, payments, semiconductors, technology, Trade Policy | President Trump introduced a universal 10% import tariff and reciprocal tariffs on dozens of countries as part of Liberation Day. A 90-day pause on reciprocal tariffs was enacted, and the U.S. and U.K. finalized the Economic Prosperity Deal expanding American access to British markets. | UBER COF ALC AMGN MCHP CCO.TO UBER COF PYPL ALC SW AMGN MCHP CCO CN |
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| 2025 Q2 | Jul 22, 2025 | Third Avenue Real Estate Value Fund | 6.8% | 6.4% | AMH, BAM, BN, CBRE, DHI, FMCC, FNMA, FPH, FR, GRI.L, JLL, JM.SI, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WCC, WY | GSEs, Industrial, Manufacturing, Onshoring, real estate, REITs, Residential, value | Supply chain disruptions from Covid-19 have accelerated efforts to reshore critical industries including defense, pharmaceuticals, semiconductors, and materials. U.S. manufacturing investment has increased three-fold over five years to $230 billion annually, with nearly $2 trillion of reshoring initiatives announced since 2023. | J36.SI SKY WCC PLD JAR LN SKY WCC PLD |
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| 2025 Q2 | Jul 15, 2025 | Smead Value Fund | -2.4% | -5.4% | AMGN, AXP, BRK-A, CSCO, CVE, DHI, DVN, EBAY, INTC, JPM, LEN, MAC, MRK, MSFT, NVR, OXY, SPG | energy, Homebuilders, Long Term, underperformance, value | The fund positions itself as a value-oriented strategy, drawing parallels to Warren Buffett's underperformance during the dot-com bubble. The managers emphasize their focus on neglected companies while money flows into popular growth stocks and the Magnificent Seven. | View | |
| 2024 Q2 | Jul 10, 2024 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | 9433.T, ADBE, AMGN, CCO, D05.SI, DHR, FCF, LEN, MC.PA, MCHP, MLM, MSFT, OSK, QCOM, TTE, VEEV | catalysts, energy, global, materials, Quality, technology, value | Lennar executed on catalysts including shifting to capital-light model and formal plans for land asset spinoff, but faced affordability pressures from higher prices and mortgage rates. The manager remains sanguine on the US housing market and Lennar's ability to manage through housing cycles. | QCOM CCO OSK LEN |
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| 2024 Q2 | Jul 10, 2024 | Aristotle Value Equity Fund | 6.3% | 12.3% | ADBE, ALC, AMGN, AMP, AWK, CCI, CTVA, DHR, ECL, LEN, LOW, MCHP, MLM, MSFT, OSK, PH, QCOM, VEEV, XYL | Homebuilders, infrastructure, large cap, semiconductors, technology, value, water | Microsoft continues to execute on AI catalysts across its businesses, particularly within cloud-based applications like Azure. The company detailed partnerships with NVIDIA and AMD to develop first-party silicon chips including its AI accelerator (Azure Maia) and CPU (Azure Cobalt). Qualcomm benefits as AI applications extend from the cloud to on-device. | AWK |
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| 2024 Q1 | May 7, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | AMH, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, GRI.L, JLL, LEN, LOW, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY | active management, Data centers, Homebuilders, real estate, REITs, value | AI and LLM advancements are driving enormous capital requirements for data center buildout and colossal power needs. Data center demand expected to increase 10% annually through 2030, requiring 18 Gigawatts of incremental power. Fund avoids direct data center REIT exposure due to supply concerns and low free cash flow yields of 2.5%. | View | |
| 2026 Q1 | May 1, 2026 | Antipodes Global Fund | - | - | 005380 KS, 6367.T, COF, CRM, DIS, KEYS, LEN, MSFT, NVDA, PGR, TTE, VAL, WDS.AX, WLK | AI, commodities, energy, Geopolitical, global, oil, technology, value | PGR WDS.AX NVDA DIS |
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| 2024 Q1 | Apr 30, 2024 | Smead Value Fund | 5.1% | 11.1% | AMGN, APA, AXP, DHI, JPM, LEN, MAC, MRK, OVV, OXY, SPG, UHAL, WBD | energy, Euphoria, Homebuilders, large cap, Psychology, value | The fund focuses on investing at much lower P/E multiples in industries that have avoided euphoria. They believe caution is warranted when euphoric greed is dominant in the stock market, making this a good reason to fear stock market failure and seek value opportunities. | View | |
| 2026 Q1 | Apr 22, 2026 | Third Avenue Real Estate Value Fund | -10.1% | -10.1% | 0101.HK, 1113.HK, BKG.L, BRK, BYG.L, CBRE, FMCC, FNMA, FR, J36.SI, JLL, LEN, PLD, SVS.L, WCC | Commercial, demographics, international, real estate, REITs, Residential, value | 0010.HK BKD |
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| 2026 Q1 | Apr 21, 2026 | Smead Value Fund | 8.5% | 8.5% | AMZN, APA, AXP, CVE, GOOG, LEN, META, MSFT, OXY, QCOM | cash flow, Concentration, energy, Geopolitical, oil, technology, value | View | ||
| 2024 Q1 | Apr 15, 2024 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | 005930.KS, ADBE, CCJ, FCFS, LEN, MCHP, MLM, MSFT, SONY, TTE | Diversified, Global Equity, Long Term, Quality, Value Investing | Munich Re demonstrated strong results as it continues to win market share, leverage global scale and show underwriting discipline. Recent global crises showcase Munich Re's prudent risk-taking and global diversification attributes. The company and peers have benefited from industrywide price increases, contributing to increased return of capital to shareholders. | MURGF MLM SONY ADBE |
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| 2024 Q1 | Apr 15, 2024 | Aristotle Value Equity Fund | 6.3% | 12.3% | ADBE, AMP, ANSS, COF, CTVA, ELS, LEN, LOW, MCHP, MLM, MSFT, PH, PSX, SONY, SYY, TTE, XEL | energy, financials, large cap, materials, technology, Utilities, value | TotalEnergies implements a two-pillar strategy balancing traditional energy with renewable investments, planning to invest over 30% of spending in low-carbon businesses. The company aims to rank among the world's top five providers of solar and wind energy by 2030. Xcel Energy is positioned to benefit from increased demand for clean energy with strong wind and solar resources. | TTE LOW |
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| 2024 Q1 | Apr 15, 2024 | The Sound Shore Fund | 6.7% | 21.1% | BBWI, BKR, BRK-B, CAH, CNC, COF, ELV, FIS, GEHC, GM, HOLX, KHC, KMI, KR, LEN, MRK, OGN, PFE, PRGO, PVH, TEVA, TTE, WFC, WTW | Adaptability, contrarian, energy, large cap, Utilities, value | Sound Shore's contrarian investment process focuses on the adaptability and sustainability of company business models. The fund seeks companies that can best adapt and adjust to changing environments, as exemplified by holdings like Vistra and Constellation Energy that prepared their assets for dynamic markets while maintaining strong balance sheets. | AYI TEVA CEG VST |
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| 2025 Q1 | Apr 10, 2025 | Aristotle Value Equity Fund | 0.7% | 0.7% | 8411.T, ADBE, AIG, AMGN, AMP, APD, AWK, BX, GOOGL, HON, LEN, ML.PA, MSFT, SONY | AI, Cloud, energy, financials, industrials, technology, Trade Policy, value | Adobe faces competitive threats from generative AI platforms like OpenAI's Sora and Canva, but is actively embedding AI through Firefly across Creative Cloud applications. Firefly has generated $125 million in annualized recurring revenue with management expecting it to double by year-end. AI integration enhances Adobe's competitive moat through product functionality and increased switching costs. | GOOGL APD SONY ADBE |
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| 2025 Q1 | Mar 31, 2025 | Aristotle/Saul Global Equity Fund | 1.2% | 1.2% | 3064.T, 6367.T, 6758.T, ADBE, AMGN, CCJ, D05.SI, GOOGL, HON, LEN, MCHP, MLM, MSFT, MUV2.DE, NCLH, TTE | AI, energy, global, Quality, Reinsurance, technology, Trade Policy, value | The artificial intelligence theme continued to influence market narratives during the quarter. Chinese startup DeepSeek gained international attention after launching a low-cost rival to leading generative AI models, challenging assumptions around infrastructure demands and potentially reducing the need for GPUs and energy-intensive data centers. This development raised new questions about the durability and configuration of global AI supply chains. | 6367.T GOOGL ADBE CCO SONY MUV2.DE |
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| 2025 Q1 | Mar 31, 2025 | Eagle Capital Management | 0.7% | 0.7% | AA, AER, AMZN, AON, BAYRY, CHTR, CMCSA, COF, COP, DFS, EL, ELV, GE, GEV, GOOGL, HLT, HUM, INTU, LBRDK, LEN | AI, diversification, Geopolitical, long-term, Recession, tariffs, uncertainty, value | The administration is serious about changing trade flows and will implement significant tariffs, though ultimate levies expected to come down from headline rates. Tariffs are a form of consumption tax shared by consumers and foreign exporters, with corporate profits expected to be somewhat lower. Manufacturing capacity additions to the U.S. will be limited to quick-cycle projects with good returns on capital. | View | |
| 2025 Q1 | Mar 31, 2025 | The Gabelli ABC Fund | 0.4% | 0.4% | AB, AZEK, BECN, FOXA, FYBR, GABCX, ITCI, IVAC, JNJ, JNPR, KKR, LEN, LGTY, TGNA, TXNM, VZ, WBA | Acquisitions, arbitrage, Event-Driven, Mergers, Regulatory | The fund invested in Intra-Cellular Therapies, which agreed to be acquired by Johnson & Johnson for $132 cash per share, valuing the transaction at approximately $14.6 billion. This represents a significant pharmaceutical merger and acquisition opportunity. | View | |
| 2025 Q1 | Mar 31, 2025 | The Sound Shore Fund | -1.9% | -1.9% | BRK.B, C, CHKP, COF, CTRA, DIS, EOG, FIS, GM, Gold, KMI, KR, LEN, MHK, MTCH, NSRGY, PVH, PYPL, TEVA, VST | energy, financials, healthcare, materials, technology, value | Sound Shore emphasizes their value investing approach, highlighting that their portfolio trades at 11.0 times forward earnings versus 20.1 times for the S&P 500. The manager notes that quality at an attractive price has performed well over the past five years as interest rates normalized from zero. | Gold CHKP DIS PYPL TEVA |
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| 2025 Q4 | Feb 4, 2026 | Aristotle/Saul Global Equity Fund | 3.3% | 19.8% | 005930.KS, 6594.T, 6954.T, 8001.T, CCO, D05.SI, EGB.VI, FCFS, FMC, GOOGL, LEN, LOW, MLM, MSFT, SONY, UBER | AI, Automation, Central Banking, Global Equity, Quality, Trade Policy, value | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on earnings calls. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. The enthusiasm helped propel mega-cap tech stocks higher and drive market gains. Trade relations between the U.S. and China remained a key market focus with tariff escalations and export controls. China expanded export controls on rare earth minerals while the U.S. threatened 100% tariffs in retaliation. A one-year trade truce was ultimately reached between Presidents Trump and Xi Jinping. Global automation adoption accelerated amid labor shortages, rising wages, and increasing manufacturing complexity. FANUC demonstrated leadership in factory automation and industrial robotics, with robot sales in China growing over 80% year-over-year and collaboration with NVIDIA on AI-driven robotics solutions. | 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 |
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| 2024 Q4 | Dec 31, 2024 | Third Avenue Real Estate Value Fund | 0.4% | 14.1% | 1113.HK, AC.PA, AMH, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FPH, FR, JLL, LEN, PLD, RYN, SGRO.L, SUI, UHAL, WCC, WY | Commercial, Homebuilders, NAV, rates, real estate, REITs, Uk, value | Fund maintains significant exposure to commercial real estate through REITs and operating companies focused on industrial, logistics, self-storage, and real estate services. Holdings include platforms like Big Yellow self-storage, Prologis industrial, and CBRE services that benefit from structural demand drivers and limited maintenance capex requirements. | AC.PA BYG.L BKG.L |
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| 2024 Q4 | Dec 31, 2024 | Hardman Johnston Global Equity | -0.2% | 22.0% | AMZN, BAC, BSX, COTY, ELAN, FTI, GOOGL, HWM, IQV, LEN, LLY, MA, MELI, META, NVO, PRX, STAN.L, TMUS, UNH, VRTX | Agriculture, AI, Data centers, Deregulation, energy, financials, healthcare, technology | AI is driving accelerating demand for data centers, with companies like Vertiv benefiting from AI-driven data center demand and Howmet Aerospace seeing emerging growth from industrial gas turbines used in gas power plants for AI data centers. The manager views AI as a long-term play that creates opportunities throughout its value chain globally. | View | |
| 2024 Q4 | Dec 31, 2024 | Hardman Johnston Large Cap Equity | -1.3% | 17.3% | AMZN, AZN, BDX, CMCSA, ELAN, EW, FTI, GOOGL, IBN, LEN, MA, MELI, MMC, PYPL, SCHW, SLB, SN, STAN.L, SUZKY, TMUS | Data centers, healthcare, interest rates, large cap, technology, Trade Policy | Data center buildout remains strong with companies like Marvell and Vertiv playing key roles. Investment in data centers for artificial intelligence applications was strong during the quarter. Marvell has a strong position in data networking chips in data centers. | LEN MRVL SN |
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| 2024 Q4 | Dec 31, 2024 | The Gabelli ABC Fund | 1.5% | 7.9% | ALE, AXNX, CNHI, CTLT, FOX, JNPR, KKR, LEN, NAPA, NFG, SCWX, SJI, SRDX, TGNA, TXNM | arbitrage, Capital markets, Event Driven, M&A, Mergers | M&A activity totaled $3.2 trillion globally in 2024, a 10% increase from 2023. Technology, energy and power, and financials were the most active sectors. Private equity-backed transactions contributed 22% to total deal volumes. The new Trump administration is expected to spur a resurgence of deal activity with less strict antitrust enforcement. | View | |
| 2025 Q3 | Nov 4, 2025 | Aristotle/Saul Global Equity Fund | 5.1% | 16.0% | 005930.KS, 3064.T, BN, CCJ, D05.SI, FCFS, GOOGL, HTGPF, LEN, MLM, MSFT, MUV2.DE, NEM.DE, NVDA, SONY, TSLA | AI, global, Memory, semiconductors, technology, Trade Policy, value | Samsung secured Nvidia's approval for its high-bandwidth memory product (HBM3E) during the quarter, positioning the company to compete in next-generation HBM4. The company demonstrated industry-leading data transfer speeds and is engaging in supply discussions with major AI chipmakers. Samsung also announced a strategic partnership with OpenAI potentially generating demand of up to 900,000 DRAM wafers per month. | NEM GR 4385 JP FCFS 005930 KS NEM GR 4385 JP FCFS 005930 KS |
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| 2023 Q3 | Oct 25, 2023 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 0004.HK, 1113.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FR, GRI.L, INA.AX, INVH, JLL, LEN, LOW, NSA, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY | Cap Rates, Commercial Property, interest rates, NAV, real estate, REITs, Residential, value | Fund maintains 31% allocation to commercial real estate enterprises focused on secular trends including industrial properties, self-storage facilities, and last-mile fulfillment. Holdings include companies capitalizing on structural changes driving demand for these property types. | BYG.L SUI |
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| 2022 Q3 | Oct 25, 2022 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | BAM, DHC, FNF, LEN, NWDHU | - | View | ||
| 2025 Q3 | Oct 21, 2025 | Third Avenue Real Estate Value Fund | 6.7% | - | AC.PA, AMH, BKG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FR, JLL, LEN, PHM, PLD, RYN, SUI, SVS.L, UHAL, UTG.L, WY | Commercial, global, Homebuilders, Mortgage, real estate, REITs, Residential, value | Fund holds 27.5% in North American commercial real estate companies including CBRE Group, JLL, Brookfield Corp, Prologis, First Industrial, Wesco, and U-Haul Holdings. These represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate that favor long-term investors with structural demand drivers, limited maintenance capex, and prospects to self-finance accretive reinvestment. Commercial banks are estimated to be lending significantly less to commercial real estate, with current pace at less than half of the previous 10-year average. | UTG CHMP ACCOR UTG CHMP AC ROG BOISE DBK OR HBR LUN CS |
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| 2025 Q3 | Oct 19, 2025 | Smead International Value Fund | 9.1% | 28.5% | AMGN, APA, AXP, BAWG.VI, BMPS.MI, CVE.TO, DHI, FRO, LEN, MAC, MEG.TO, MRK, NVR, PNDORA.CO, SCR.TO, SPG, UCG.MI, UMG.AS, WFG.TO | Banking, energy, Europe, Mergers, oil, Scale, value | The fund owns MEG Energy which has been subject to a bidding war between Cenovus Energy and Strathcona Resources. Cenovus expects $400 million in annual cost savings from combining with MEG, representing about 45% of MEG's market cap. The oil business is seeing significant value creation through mergers and acquisitions as companies seek to scale operations. | UCG MEG SCR CVE |
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| 2025 Q3 | Oct 19, 2025 | Smead Value Fund | 10.7% | 4.7% | AMGN, APA, AXP, CACC, COP, CSCO, CVE, DHI, FANG, INTC, LEN, MAC, MRK, MSFT, NVR, OXY, SPG, TGT, UHAL, UNH | AI, commodities, energy, Homebuilders, technology, value | Energy positions delivered meaningful contributions despite WTI crude oil averaging around $65 per barrel. At current levels near $60 WTI, few bullish factors are reflected in market pricing while companies make disciplined acquisitions and maintain strong balance sheets. | MRK SPG DHI APA |
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| 2023 Q3 | Oct 19, 2023 | Aristotle Value Equity Fund | 6.3% | 12.3% | ADBE, AMP, ANSS, CTVA, DHR, LEN, MCHP, MLM, MSFT, PH | financials, industrials, materials, Quality, technology, value | View | ||
| 2023 Q3 | Oct 19, 2023 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | ADBE, AMGN, CCJ, FCFS, LEN, MCHP, MLM, MSFT, TTE | catalysts, fundamentals, global, Quality, value | View | ||
| 2023 Q3 | Oct 16, 2023 | Smead Value Fund | 5.1% | 11.1% | AMGN, AXP, BAC, COP, DHI, LEN, MRK, NVR, OVV, OXY, PFE, PXD, SPG, TGT, UHAL, XOM | Bear Market, commodities, Financial Euphoria, Homebuilders, Millennials, oil, value | The fund sees a once-in-a-lifetime opportunity in oil and gas shares, believing they are in the early stages of a commodity super-cycle. Oil and gas stocks have dramatically underperformed the price of oil this year, creating an excellent short-term buying opportunity. The fund expects consolidation in the industry with 40% of existing companies potentially merging into larger entities within 10 years. | View | |
| 2024 Q3 | Oct 15, 2024 | Smead Value Fund | 5.1% | 11.1% | AMGN, APA, AXP, BAC, DHI, LEN, MAC, MRK, NVR, OVV, OXY, SPG, WBD | commodities, contrarian, Euphoria, Homebuilders, oil, value | Home builders continued to show they are meeting an economic need and aren't the heavily cyclical companies they were in the past. D.R. Horton, Lennar and NVR rose sharply as the Federal Reserve cut interest rates. | View | |
| 2025 Q4 | Jan 30, 2026 | Aristotle Value Equity Fund | 1.0% | 9.7% | AMGN, CBSH, COF, LEN, MRK, MSFT, PH, SONY, STZ, TDY, UBER, USB, WFC | AI, earnings, large cap, rates, Trade Policy, US, value | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on earnings calls. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. Trade relations between the U.S. and China remained a key market focus. Tensions flared with tariff escalations and export controls, with China expanding export controls on rare earth minerals and the U.S. threatening 100% tariffs in retaliation. President Trump and President Xi ultimately reached a one-year trade truce at the APEC summit. The Federal Reserve implemented two 0.25% interest rate cuts during the quarter, lowering the federal funds target range to 3.50%-3.75%. Fed Chair Powell emphasized a data-dependent approach, acknowledging risks to both sides of the Fed's dual mandate and maintaining a cautious stance going into 2026. Value stocks handily outperformed growth stocks with the Russell 1000 Value Index outperforming its Growth counterpart by 2.69% in the quarter. However, for the full year, the Russell 1000 Growth Index outperformed the Russell 1000 Value Index by 2.65%, reflecting continued growth leadership despite quarterly value outperformance. | CBSH COF PH UBER SONY |
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| 2025 Q4 | Jan 22, 2026 | Third Avenue Real Estate Value Fund | -1.8% | 11.3% | AMH, BKG.L, BRK-A, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WY | Commercial, Homebuilders, real estate, REIT, Residential, value | Fund maintains significant exposure to commercial real estate platforms including real estate services, asset management, industrial and logistics properties, and self-storage facilities. These holdings represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate with structural demand drivers and limited maintenance capital expenditure requirements. Fund holds positions in major U.S. homebuilders including Lennar Corp., D.R. Horton, PulteGroup, and Champion Homes. These companies are supported by near-record low levels of for-sale inventories, near-record high demand for affordable product, and industry dynamics favoring scaled players over time. Fund focuses on well-capitalized enterprises with discounted securities trading at more than a 20% discount to estimated Net Asset Value at year-end. The strategy targets strategic real estate at value prices with prospects to compound capital over time. Multiple portfolio companies engaged in share repurchase activities during the quarter, including Lennar Corp. completing an exchange offer that effectively acted as an accelerated share repurchase program, exchanging Millrose Properties shares for 5% of its outstanding A shares. | DBK GR BIRG ID 2330 TT HBR LN CS CN LUN CN HCC |
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| 2025 Q4 | Jan 21, 2026 | Smead Value Fund | 0.3% | 5.1% | AMGN, APA, AXP, CVE, DHI, EBAY, FANG, HD, LEN, MAC, MRK, OXY, SPG, UHAL | contrarian, energy, healthcare, Homebuilders, long-term, Market Extremes, S&P 500, value | The fund maintains a concentrated value approach designed to maximize long-term returns. The managers position themselves as contrarians, being greedy when others are fearful and fearful when others are greedy. They believe deeply out of favor parts of the index like healthcare, energy and homebuilders could receive money coming out of growth stocks. Higher rates have continued to weigh on the homebuilder space as well as an increase in inventory. The fund regards homebuilders' capacity to maintain construction activity throughout the cycle as a key competitive strength, with less resilient competitors likely to exit the market during prolonged cyclical downturns. | View | |
| 2025 Q4 | Jan 16, 2026 | GDS Investments | - | - | ABNB, AMZN, CRWV, DEO, F, GE, GM, GOOGL, LEN, NVO, ORCL, RIVN, STZ, TDW, TREX, VAL, WMT, ZTS | AI, Buybacks, cyclicals, Electric Vehicles, Quality, Rotation, technology, value | AI-related infrastructure investment is beginning to unwind or recalibrate, with companies shifting from internal cash flows to debt financing. The manager expects a widening gap between pure AI infrastructure companies and those with diversified business models. Market rotation is expected away from speculative AI growth toward more traditional businesses. Share repurchases feature prominently across the portfolio as a signal of management confidence and value creation amplification. Multiple holdings have authorized significant buyback programs, including TDW ($500M), VAL ($600M ongoing), STZ ($4B), and others totaling billions in authorized repurchases. Rivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. The manager focuses on separating durable value from speculative excess, building positions in under-owned, under-valued businesses with strong balance sheets and leadership positions. The strategy involves finding high-quality businesses facing cyclical headwinds that have pushed market prices below intrinsic value. | RIVN TREX AMZN GOOG |
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| 2024 Q3 | Sep 30, 2024 | Aristotle Value Equity Fund | 6.3% | 12.3% | ADBE, ADSK, AIG, AMGN, AMP, ATO, BX, COF, CRBG, CTVA, LEN, MCHP, MLM, MRK, MSFT, PH, QCOM, VZ, XEL | Alternative Assets, insurance, large cap, semiconductors, Telecommunications, value | The fund invested in Verizon Communications, viewing it as positioned to benefit from 5G technology adoption and fiber network expansion. Verizon's wireless services account for approximately 70% of revenue, serving over 90 million postpaid customers as the country's largest wireless carrier. The company announced a $20 billion acquisition of Frontier to expand its fiber network to 31 states. | AIG VZ |
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| 2024 Q3 | Sep 30, 2024 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | 1357.HK, ADBE, AMGN, CCJ, D05.SI, LEN, MCHP, MLM, MSFT, QCOM, RTO.L, SMSN.L | Diversified, fundamentals, global, long-term, Quality, value | MonotaRO, the Japanese B2B e-commerce platform, was a main contributor during the quarter. The company serves as a one-stop solution allowing customers to shop for millions of products via a centralized location, with increasing order value and sales per shipment. Large enterprise customers now represent more than 30% of total sales, up from 25% at the end of last year, providing higher lifetime value and willingness to pay for value-added services. | 8439.T RTO.L MCHP BN.TO 8058.T |
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| 2024 Q3 | Sep 30, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | AMH, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, LOW, PLD, RYN, SGRO.L, SUI, SVS.L, UHAL, WCC, WY | Commercial real estate, Homebuilders, Hotels, Housing, real estate, REITs, value | Fund holds major homebuilders like Lennar and D.R. Horton positioned to benefit from persistent housing supply deficits and consolidation trends. Large publicly traded builders have increased market share to 55% from 40% five years ago by focusing on attainable housing and offering rate buydowns through captive mortgage subsidiaries. | WCC AC.PA |
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| 2024 Q3 | Sep 30, 2024 | The Sound Shore Fund | 6.7% | 21.1% | AVTR, BBWI, BKR, BRK-B, COF, CTRA, DIS, FDX, FIS, GM, Gold, KHC, KMI, KR, LEN, NXPI, PEG, PVH, PYPL, WFC | healthcare, Mining, nuclear, semiconductors, Utilities, value | Sound Shore focuses on attractively priced, out-of-favor stocks where managements are building value not yet recognized by Wall Street. The portfolio trades at a forward P/E of 11.5 times versus 21.5 times for the S&P 500, representing a meaningful discount despite strong balance sheets and free cash flow. | PEG AVTR Gold |
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| 2024 Q3 | Sep 30, 2024 | The Gabelli ABC Fund | 3.5% | 0.0% | BSX, CHUY, FOXA, FTR, INST, JNPR, K, KKR, LBTYK, LEN, MARS, PRY, SRDX, TXNM, VZ, VZIO, WIRE | arbitrage, Deal Activity, M&A, private equity, technology | The technology sector remained the most active with $375 billion worth of new deals announced in the first three quarters of 2024, representing a 29% year-over-year increase. Notable transactions included Mars Company's agreement to acquire Kellanova for $28.8 billion and Verizon's arrangement to acquire Frontier Communications for $9.6 billion. | View | |
| 2024 Q2 | Aug 23, 2024 | Third Point Partners | 3.9% | 14.0% | AAP, AAPL, AIR.PA, AMZN, BBWI, CPAY, FERG, FITB, GOOGL, ICE, JPM, LEN, MA, MSCI, MTB, NVDA, TSLA, TSM, V, VST | credit, energy, Event-Driven, Exchanges, Mortgages, payments, technology, volatility | Companies continue to invest in AI infrastructure and look for applications to their businesses. Apple's recently announced Apple Intelligence suite of AI-enabled smartphone features will drive meaningful new demand within Apple's installed base. The emergence of an AI layer on iOS will increasingly augment consumers' own agencies with those of the iPhone's AI features. | ICE CPAY AAPL |
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| 2024 Q2 | Jul 31, 2024 | Ariel Global Fund | 6.9% | 0.0% | ALL, BG.VI, CS.PA, CVS, DHI, EMAAR.DU, IFX.DE, INTC, LEN, NTAP, STLA, TSM, VT | AI, financials, global, Homebuilders, insurance, semiconductors, technology, value | AI investment boom driving significant demand for semiconductor hardware. Apple's announcement on Apple Intelligence kickstarted an Edge AI race which will likely drive greater than expected semiconductor growth in smartphones. TSMC benefits from dominant position in relevant chip manufacturing and packaging for AI applications. | STLA CVS INTC ACKB BB TSM NTAP |
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| 2024 Q2 | Jul 19, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 1CKH.HK, 4WH.HK, AMH, BAM, BKG.L, BYG.L, CBRE, DHI, FMCC, FNMA, FR, GRI.L, JLL, LEN, LOW, PLD, SEGRO.L, SUI, SVS.L, WCC | Commercial, Data centers, Grid Upgrade, infrastructure, real estate, REITs, Residential, value | Fund has approximately 30% of capital invested in companies with ties to the data center value chain, including leasing powered shells, realizing higher-and-better use opportunities by repositioning land for data center development, and providing energy and logistics services. The rapid adoption of AI and accelerated build out of energy-intensive data centers is driving demand for electrical grid infrastructure. | PLD WCC |
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| 2024 Q2 | Jul 15, 2024 | Smead Value Fund | 5.1% | 11.1% | AMGN, APA, AXP, BAC, DHI, JPM, LEN, MAC, MRK, OVV, OXY, QCOM, SPG, WBD | Concentration, energy, Euphoria, financials, Homebuilders, value | The fund maintains its value discipline and eight criteria despite underperformance against popular growth stocks. The manager expects to be well rewarded when the current euphoria episode ends, as has happened following other difficult popular markets. | View | |
| 2023 Q2 | Jun 30, 2023 | The Sound Shore Fund | 6.7% | 21.1% | AMAT, AVTR, CAG, CAH, LEN, OGN, ORCL, PFE | contrarian, Cyclical, healthcare, large cap, technology, value | Technology sector benefited from excitement around artificial intelligence potential, driving semiconductor demand. Oracle and Applied Materials are positioned to benefit from AI-driven cloud and infrastructure growth, with Oracle's AI efforts potentially doubling earnings over 5 years. | COGN3 BZ CAH GLEN AMAT ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2023 Q4 | May 3, 2024 | RIT Capital | 0.0% | 8.8% | BARN.SW, BLDR, CP, CPNG, GLNG, HELIOS.L, ICE, KDP, LEN, MA, TALEN, TMO, TPG, V, VTY.L | credit, global, healthcare, Japan, Multi-Asset, nuclear, private equity, value | The fund has exposure to AI through Scale AI, which specializes in labeling objects in photos and videos for self-driving cars, virtual/augmented reality, and U.S. Department of Defense applications. Scale AI has expanded its product offerings to assist in teaching computers how to generate content using AI. The company is positioned as a picks-and-shovels opportunity that can benefit from AI breakthroughs without committing to a specific foundational model. | TPG TALEN |
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| 2023 Q1 | Apr 15, 2023 | Blue Tower Asset Management | 8.8% | 0.0% | DHI, LEN, SCHW | Banking, Crisis, Homebuilders, rates, Russia, value | The 2023 banking crisis created opportunities as banks face liquidity pressures from inverted yield curves and unrealized losses on held-to-maturity securities. The Federal Reserve's Bank Term Funding Program helps banks avoid forced liquidations of underwater securities. | SCHW |
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| 2025 Q1 | Apr 14, 2025 | Smead Value Fund | -3.1% | -3.1% | AMGN, APA, AXP, DHI, DVN, EBAY, LEN, MAC, MRK, NVR, OVV, OXY, SPG, TGT | energy, Homebuilders, Overvaluation, Quality, REITs, Scarcity, value | The fund emphasizes buying quality, well-selected common stocks at attractive valuations during a period when stocks are historically overpriced and overly popular. The manager believes investors are expecting what worked for the last ten years will work for the next ten years, creating opportunities for value-oriented approaches. | View | |
| 2025 Q1 | Mar 31, 2025 | Ariel Global Fund | 6.3% | 6.3% | 0002.HK, 2474.TW, 7832.T, AQN, BAC, BBNI.JK, BIDU, CHKP, CVS, DVA, ELE.MC, ISP.MI, LEN, NTAP, OC, TDC, TSM | AI, financials, global, tariffs, value, volatility | Ariel's non-consensus approach seeks to identify undervalued, out-of-favor franchises that are misunderstood and therefore mispriced. The fund's international and global holdings currently trade at compelling valuations relative to their growth prospects, while maintaining the financial strength needed for operational resilience. | View | |
| 2025 Q1 | Mar 31, 2025 | Third Avenue Real Estate Value Fund | -0.5% | -0.5% | 4.HK, AMH, BAM, BN, CBRE, DHI, FMCC, FNF, FNMA, FPH, GRI.L, INA.AX, JLL, LEN, PHM, RYN, SUI, SVS.L, UTG.L, WY | Commercial, demographics, Homebuilders, Mortgage, real estate, Student Housing, value | Fund initiated position in PulteGroup, recognizing demographic tailwinds from millennials entering prime home-buying years. Large-scale builders like Pulte, Lennar, and D.R. Horton have evolved to more defensive business models with land options versus ownership, strengthened balance sheets with net cash positions, and gained significant market share. These companies are positioned to maintain profitability and sustain share repurchases despite near-term headwinds. | UTG.L PHM |
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| 2022 Q1 | Mar 30, 2022 | Aristotle Value Equity Fund | 6.3% | 12.3% | ATO, BX, CORTVSR BZ, EWBC, LEN, OSK, XEL | - | View | ||
| 2022 Q1 | Mar 30, 2022 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | AXTA, BAC, BN, CB, CCJ, DLB, FMC, LEN, WBA | - | View | ||
| 2023 Q4 | Feb 26, 2024 | Aristotle/Saul Global Equity Fund | 6.4% | 11.6% | 3064.T, FMC, KUB, LEN, NMET.DE, RTO.L | Agriculture, global, Homebuilders, Industrial, Quality, technology, value | Lennar demonstrated strong performance despite rising mortgage rates through dynamic pricing, digital marketing, and buyer incentives. The company's land light strategy continues advancing with 76% of land controlled through options versus 69% a year ago. Management's ability to adapt to housing dynamics positions the company well amid decade-long undersupply. | 3064.T FMC RTO.L GLEN |
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| 2023 Q4 | Jan 31, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 1113.HK, 4.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FRT, GRI.L, ING.AX, IVT, JLL, LEN, LOW, NSA, PLD, RYN, SGRO.L, SUI, SVS.L, TPHS, UHAL, WY | Commercial, Homebuilders, interest rates, real estate, REITs, Residential, value | Fund has 33% invested in commercial real estate enterprises focused on secular trends including industrial properties, self-storage, and last-mile fulfillment. Holdings include companies capitalizing on structural demand changes and urban densification. | View | |
| 2024 Q4 | Jan 30, 2025 | Aristotle Value Equity Fund | -4.4% | 7.2% | ADBE, AMGN, AMP, ANSYS, ATO, BX, CFR, COF, CTVA, LEN, MCHP, MLM, MSFT, MUFG, PH, SONY | Asset Management, financials, Homebuilders, semiconductors, technology, value | The fund follows a quality-oriented approach to intrinsic value investing focused on fundamentals and unfolding catalysts measured in years, not quarters. The manager believes value investors often seek to invest in companies that are not in vogue with investors, and their approach is best measured over a full market cycle of three to five years. | MCHP LEN AMP COF |
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| 2024 Q4 | Jan 30, 2025 | Aristotle/Saul Global Equity Fund | -7.8% | 3.0% | AMGN, BN, CCJ, D05.SI, LEN, MCHP, MLM, MSFT, NCLH, SONY | fundamentals, geopolitics, global, Long/Short, Quality, value | Sony's PlayStation platform demonstrates strong network effects with 116 million monthly active users, making it attractive for game developers. The company reported strong third-party gaming revenue and record PlayStation 5 console profitability despite lower console sales. Sony's anime business Crunchyroll signed a distribution agreement with YouTube Primetime Channels to increase subscriber base. | DSFIR.SW MCHP SONY NCLH |
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| 2023 Q4 | Jan 16, 2024 | Smead Value Fund | 5.1% | 11.1% | APA, AXP, BAC, COP, DHI, DVN, FITB, HD, JPM, LEN, MAC, MTB, NVR, OVV, OXY, PFE, SPG, TGT, UHAL, WAL | banks, consumer, energy, Homebuilders, inflation, value | Home builders were weighed down by rapidly rising mortgage rates and recessionary fears that reemerged fears of a 2008-like housing crisis. The fund focused on supply demand dynamics rather than emotional fears and was handsomely rewarded with strong performance from D.R. Horton, Lennar, and NVR. | View | |
| 2024 Q4 | Jan 14, 2025 | Smead Value Fund | -5.7% | 4.8% | AMGN, APA, AXP, BAC, DHI, JPM, LEN, MAC, MRK, NVR, OVV, OXY, SPG | AI, banks, contrarian, energy, Euphoria, Housing, REITs, value | The fund practices contrarian value investing, with their portfolio trading at 13-times earnings versus 22.75-times on the S&P 500. They believe the market will eventually reestablish reasonableness and favor their undervalued positions over the current growth momentum. | View | |
| 2023 Q4 | Jan 13, 2024 | Aristotle Value Equity Fund | 6.3% | 12.3% | ALC, CINF, COF, CTRA, CTVA, LEN, MSFT, MUFG, QCOM, STZ, TDY, USB | Agriculture, Banking, financials, Homebuilders, technology, value | Lennar demonstrated strong performance with dynamic pricing models and digital marketing platforms driving volume and cash flow generation. The company delivered 73,000 homes in 2023 with a 10% year-over-year increase, while advancing its land light strategy with 76% of land controlled through options. Management's ability to respond to changing housing dynamics positions the company well amid decade-long undersupply of homes in the U.S. | USB TDY |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Aristotle/Saul Global Equity Fund | Lennar Corporation | Consumer Discretionary | Homebuilding | Bull | NYSE | Asset Spinoff, Capital-light, homebuilder, Housing Cycles, land development, operational efficiency, US Housing Market | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle Value Equity Fund | Lennar | Consumer Discretionary | Homebuilding | Bull | NYSE | asset-light, homebuilding, Housing shortage, Land Options, mortgage rates, Real Estate, Volume Strategy | View Pitch |
| Apr 13, 2026 | Fund Letters | Hardman Johnston Large Cap Equity | Lennar Corporation | Consumer Discretionary | Household Durables | Bull | NYSE | Contrarian Investment, Entry Opportunity, homebuilder, Housing shortage, mortgage rates, Real Estate, Supply-Demand Imbalance | View Pitch |
| Dec 5, 2025 | Seeking Alpha | Seeking Alpha | Lennar Corporation | Residential Construction | Bear | affordability, home construction, Incentives, Lennar Corporation, Margins, mortgage rates, regional market performance, Southern U.S., stock valuation, tariffs | View Pitch | ||
| Oct 14, 2025 | Substack | Toff Cap Monday Monitor | Lennar Corporation | Consumer Discretionary | Residential Construction | Bull | discount, exchange offer, home construction, market positioning, Melrose, mortgage finance, spin-off, strategic moves, trading dynamics, valuation differences | View Pitch | |
| Aug 8, 2025 | Seeking Alpha | Jay Capital | Lennar Corporation | Consumer Discretionary | Residential Construction | Neutral | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Glenn Greenberg | Brave Warrior Advisors | $4.3B | $247.9M | 5.81% | 2,411,414 | +405,908 | +20.24% | 0.8297% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $35.5M | 0.07% | 345,372 | -234,000 | -84.23% | 0.1188% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $12.4M | 0.01% | 120,400 | +97,900 | +435.11% | 0.0414% |
| Bill Smead | Smead Capital Management | $4.8B | $187.3M | 3.89% | 1,822,291 | -126,558 | -6.49% | 0.6270% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $4.3M | 0.01% | 41,800 | -31,800 | -43.21% | 0.0144% |
| Israel Englander | Millennium Management LLC | $233.2B | $82.5M | 0.04% | 802,842 | -2,535 | -0.31% | 0.2762% |
| Jeremy Grantham | GMO LLC | $39.1B | $24.6M | 0.06% | 239,163 | +13,985 | +6.21% | 0.0823% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $37.3M | 0.03% | 362,982 | -580,809 | -61.54% | 0.1249% |
| Murray Stahl | Horizon Kinetics | $7.4B | $482,029 | 0.01% | 4,689 | -571 | -10.86% | 0.0016% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $157.9M | 0.23% | 1,536,279 | +1,330,778 | +647.58% | 0.5286% |
| Cliff Asness | AQR Capital Management | $190.6B | $44.1M | 0.02% | 428,745 | -67,389 | -13.58% | 0.1475% |
| Bruce Kovner | Caxton Associates | $3.2B | $1.5M | 0.05% | 11,275 | +1,930 | +20.65% | 0.0051% |
| Mario Gabelli | GAMCO Investors | $10.4B | $1.3M | 0.01% | 12,527 | -26,281 | -67.72% | 0.0043% |
| Warren Buffett | Berkshire Hathaway | $274.2B | $724.8M | 0.26% | 7,050,950 | +5,120,978 | +265.34% | 2.4260% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $173.4M | 0.58% | 1,686,414 | -3,046,240 | -64.37% | 0.5802% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $1,917 | 0.00% | 18 | +0 | +0.00% | 0.0000% |