LEN

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Letters With This Ticker

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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View
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	View

Pitches With This Ticker

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

BSD Shareholders of LEN

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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