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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Mar 31, 2025 | Pzena US Focused Value Strategy | 1.0% | 1.0% | BAX, CVS, LKQ, NWL, PVH | - | View | ||
| 2025 Q4 | Feb 4, 2026 | Aristotle Small Cap Equity Fund | 1.9% | 0.2% | ACHC, AEIS, AER, ATR, AUB, CCRN, CNS, EHTH, GTLS, HAE, HURN, IDA, ITRI, LKQ, MTSI, NUS, PRGO, PTEN, TITN, WWW | Deregulation, Energy Transition, healthcare, M&A, Regional Banks, semiconductors, small caps, value | The fund focuses exclusively on small-cap equities with valuations remaining compelling relative to large caps, with the Russell 2000 Index trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rates, increased M&A activity, continued reshoring of U.S. manufacturing and infrastructure-related spending. Value stocks outperformed growth counterparts during the quarter as the Russell 2000 Value Index returned 3.26% compared to 1.22% for growth. Lower-quality companies outperformed higher-quality companies with factors like high bankruptcy risk, low sales growth, and low price to earnings having the strongest payoffs. MACOM Technology Solutions, a designer and manufacturer of high-performance semiconductor products, was a top contributor with strong quarterly results. The company has meaningful exposure to growing demand from Data Center and 5G end market applications along with domestic manufacturing footprint. Healthcare was the best-performing sector at +18.54% during the quarter. The fund holds positions in companies like Haemonetics in blood management and Acadia Healthcare in behavioral health services, though maintains an underweight allocation as it avoids biotechnology companies due to binary risk. The fund added positions in regional banks including Atlantic Union Bankshares and WesBanco, viewing DOGE-related concerns as creating attractive opportunities. These banks benefit from diversified customer bases, growing market share, and solid balance sheets positioned for trust and deposit opportunities. The fund holds positions in companies supporting power grid modernization through Itron's smart metering solutions and IDACORP's transmission opportunities. These companies are positioned to benefit from critical regional transmission opportunities and grid monitoring solutions. | View | |
| 2025 Q3 | Oct 7, 2025 | Palm Valley Capital Management | 2.4% | 3.8% | AVA, DOX, EA, FLO, LKQ, PSLV, RHI, SEB, TFX | Artificial Intelligence, Discipline, risk management, small caps, valuation | Palm Valley emphasizes capital preservation through elevated cash balances amid stretched equity valuations. The fund prioritizes optionality and downside protection over forced participation. Cash remains strategically valuable as volatility and future opportunities increase. | View | |
| 2025 Q3 | Oct 20, 2025 | RS Large Cap Val Strategy | 4.5% | 9.9% | LKQ, VLO | energy, Quality, ROIC, tariffs, value | RS underperformed its benchmark as consumer and industrial names lagged, though holdings like Valero Energy performed well. The team sees long-term value opportunities in companies with strong ROIC and balance sheets amid tariff-driven volatility and moderate inflation. Managers remain focused on quality large caps with improving capital efficiency. | LKQ VLO LKQ VLO |
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| 2025 Q3 | Oct 16, 2025 | Polaris Global Equity | 5.0% | 18.5% | 8002 JP, CG, LKQ, LUN CN, SBH, UTHR | Artificial Intelligence, financials, Global Equities, industrials, semiconductors | The fund notes that global equity performance was supported by enthusiasm for AI and broad-based earnings strength, with particular gains from U.S., Japan, and Canada. It emphasizes that AI infrastructure spending is driving semiconductor and utility demand while global growth remains uneven. Polaris favors diversified exposure to financials, industrials, and defensive sectors as AI-related productivity gains spread beyond technology. | View | |
| 2025 Q3 | Oct 14, 2025 | Pzena Investment Management | - | - | 2579 JP, BAX, CHTR, LKQ, PFE, SCS, SHEKK NA, SPB, TEP FP, UHR SW, WIZZ LN | Artificial Intelligence, cyclicals, Global Equities, small caps, value | Pzena argues that small caps trade at historic lows versus large caps and are poised for multi-year outperformance. The firm views AI-driven market dislocations as openings for active value investing, focusing on normalized earnings rather than hype. The letter emphasizes select opportunities in healthcare, industrials, and global cyclicals. | WIZZ SPB TPN BAX |
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| 2025 Q4 | Jan 29, 2026 | Weitz Multi Cap Equity Fund | -1.5% | 3.2% | ACN, BRK-B, CDW, CHTR, CMCSA, CSGP, DHR, GOOGL, HEI, IDXX, IEX, IT, KMX, LBRDA, LH, LKQ, META, PRM, SIRI, TECH | healthcare, multi-cap, technology, Telecom, underperformance, value | Google's Gemini AI surpassed expectations with latest release, moving to front of pack among frontier models according to industry benchmarks. Investors questioning value of Gartner's research offerings in rapidly evolving GenAI landscape. Heightened competition continues weighing on broadband investments including Liberty Broadband and Charter Communications. Charter's capital investment cycle beginning to ease, expected to improve free cash flow and support share repurchases at depressed prices. CarMax faces challenging environment with constrained availability and affordability of late model used vehicles. Online competitor Carvana taking share while CarMax's omni-channel investments have yet to deliver improvements, leading to strategic changes and CEO departure. | CHTR KMX PRM |
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| 2024 Q2 | Jun 30, 2024 | Polaris Global Equity | 6.9% | 12.7% | 000270 KS, ALSN, FTK GR, GNC LN, HXSCL, LKQ, LUN CN, MSFT, NEE, UTHR | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | Robert J. Harris | LKQ Corporation | Consumer Discretionary | Auto Parts & Equipment | Bear | NASDAQ | Auto parts, Cost control, Cyclicality, exit, inflation, Margins, Reallocation, Repair, tariffs, Volumes | View Pitch |
| Nov 28, 2025 | Fund Letters | Robert J. Harris | LKQ Corporation | Consumer Discretionary | Auto Parts & Equipment | Bear | NASDAQ | Auto parts, Cost control, Cyclicality, exit, inflation, Margins, Reallocation, Repair, tariffs, Volumes | 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. | ||||||||