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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | Aristotle Value Equity Fund | 6.3% | 12.3% | ADBE, CTVA, LOW, MLM, PSX, TOT CN, XEL | - | View | ||
| Q4 2025 | Mar 6, 2026 | Argosy Investors | - | - | DAVA, EPAM, FND, HD, LLY, LOW, NVO | AI, Cyclical, Pharmaceuticals, retail, software, value | AI developments from major companies are causing rapid market changes and stock price volatility. AI is reshaping the investment landscape with massive capital being deployed for infrastructure, while creating uncertainty about whether it will enhance productivity or cause more disruptive economic impacts. The manager remains open-minded about AI's various potential development paths. Software companies are experiencing significant declines as the market reassesses AI impacts. Concerns include reduced seat-based revenue from efficiency gains, lower pricing power from AI-first competitors, and decreased new customer bookings. However, some software solutions may be less easily replaced by AI, particularly those requiring high security and user interconnectedness. The manager sold Novo Nordisk after brief ownership due to competitive disadvantages versus Eli Lilly. While NVO was attractive from a valuation perspective and first to market with oral GLP-1, LLY has a superior product and NVO's competitive position may weaken when LLY brings similar options to market. Floor & Decor represents an attractive long-term opportunity following the Home Depot disruption model in flooring retail. The company offers superior inventory selection and lower prices, taking market share consistently. Current margins are depressed but should recover as store base builds out and same-store sales normalize from post-COVID and interest rate headwinds. | View | |
| 2025 Q4 | Feb 8, 2026 | Auxier Asset Management | 2.0% | 15.2% | BK, BRK-A, BTI, C, CAT, CVX, FI, GE, GLW, GOOGL, HD, LOW, MSFT, MU, NOW, PH, QCOM, RTX, UNH, VLO | AI, Banking, Buybacks, defense, energy, healthcare, technology, value | Technology hyperscalers spent close to $400 billion in 2025 on AI infrastructure with potential to reach $527 billion in 2026. However, an MIT study found 95% of generative AI pilots failing to deliver measurable returns, raising concerns about overinvestment similar to the dot-com era. Supply demand dynamics favored US stocks with $1.1 trillion in total stock buybacks versus only $46 billion in IPOs. Energy leaders like Chevron rewarded shareholders with aggressive stock buybacks alongside strong production and growing dividends. Over 100 countries dramatically increased defense spending in 2025, providing a boost for the aerospace and defense sector. Jet engine production and maintenance soared, benefiting firms like Parker Hannifin, GE, RTX and Berkshire's Precision Castparts. In the fourth quarter, investors shifted toward undervalued, high-quality companies with strong free cash flow yields. Healthcare led with an 11.25% catch-up return as its valuation metrics remain at a significant discount to the broader market. Larger banks enjoyed steepening yield curves and robust capital markets activity, with Bank of New York and Citigroup showing strong fundamentals at cheap valuations. JPMorgan predicts a breakout year for IPOs in 2026 with names like SpaceX, OpenAI and Anthropic potentially entering the market. | 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 Q3 | Oct 20, 2025 | The Davenport Value & Income Fund | 5.2% | - | LOW, NSC, ORCL, UPS | Accenture, Artificial Intelligence, Dividend Growth, energy, healthcare | The fund outperformed as holdings like Oracle and TE Connectivity benefited from AI data center expansion, while dividend growth remained robust across holdings. Managers added Accenture, Novo Nordisk, and ExxonMobil to balance technology with healthcare and energy exposure. They see broadening market leadership as rate cuts support cyclical sectors and income stability. | View | |
| 2024 Q3 | Oct 2, 2024 | The London Company Income Equity | 10.4% | 14.6% | LOW, MRK, MSFT, PGR, SBUX, SCHW, TEL | - | View | ||
| 2025 Q4 | Jan 9, 2026 | The Bristlemoon Global Fund | -6.2% | 0.0% | ADBE, APP, ASML, EYE, FICO, FND, GOOGL, HD, LOW, NKE, PRTG, SBUX, SNPS, UBER | AI, growth, Housing, Restaurants, semiconductors, software, technology, value | The fund has benefited from AI winners like AppLovin, which applies machine learning to improve ad algorithms with 72% revenue growth and 89% EBITDA growth. The manager views AI as creating opportunities through the Jevons paradox, where lower content creation costs increase demand for editing tools like Adobe. PAR Technology is positioned as an AI beneficiary through its unified platform strategy enabling Coach AI functionality. ASML is highlighted as a monopoly in the semiconductor industry during an AI boom. The manager outlined bear case arguments and explained why they were misguided, with the stock appreciating from €600 to over €900 per share in a quarter as other investors agreed with their thesis. The fund holds multiple software positions including PAR Technology, Adobe, and others. PAR is viewed as benefiting from restaurant technology consolidation, with potential McDonald's partnership validation. Adobe is seen as an AI beneficiary rather than victim, trading at 15x earnings despite double-digit revenue growth. PAR Technology represents a play on restaurant technology consolidation, with potential tier-1 client wins including McDonald's. The manager believes even large tech-forward restaurants are realizing POS software is too complex to maintain internally, favoring best-of-breed vendors like PAR with unified platform strategies. Floor & Decor represents a category killer business model in hard surface flooring with 75,000 square foot warehouse stores carrying 2,350+ SKUs versus 630-680 at competitors. The company has grown comparable store sales at 11% annually over 14 years, with strong unit economics and store rollout potential to 500 locations. The manager extensively analyzes mortgage rate dynamics affecting Floor & Decor's housing-dependent business. They expect mortgage spread normalization from current 300+ basis points back toward historical 168 basis point average, potentially reducing rates to 5.5-6.0% range and unlocking housing transaction velocity. | FND 215A JP BCG LN ADBE PAR ASML NA |
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| 2025 Q4 | Jan 20, 2026 | Madison Large Cap Fund | 3.4% | 3.4% | A, ACGL, ADI, AMZN, BN, CDW, CPRT, DHR, FERG, FI, GOOGL, HON, KEYS, LOW, NKE, PCAR, PGR, PH, TXN, WDAY | AI, Automation, financials, industrials, large cap, Quality, technology, value | The portfolio is populated with high-quality, durable businesses across a wide range of industries, selling for reasonable prices. The fund invests in the proven over the promise, the long-term over the short-term, and durability over momentum. This focus on quality businesses has been a strong foundation for attractive long-term investment performance. Alphabet released new AI models that gave investors further confidence that the company is well positioned for growth. Workday is investing in commercializing AI agents, which should be additive to revenue growth. The fund acknowledges heightened concerns of AI-related disruption affecting some businesses. Honeywell is undergoing a portfolio transformation with the anticipated separation of the aerospace and automation businesses in the second half of 2026. This separation will further enhance the return on invested capital and growth opportunities for each business. | WDAY FISV |
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| 2025 Q4 | Jan 18, 2026 | Distillate Capital Fundamental Stability & Value | 0.0% | 0.0% | BMY, CAH, CSCO, ELV, FFIV, FI, GPS, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TDC, TEL, TMUS, UBER, VST | free cash flow, fundamentals, international, Quality, rebalancing, small caps, valuation, value | The firm emphasizes systematic value investing through their proprietary free cash flow valuation methodology. They focus on stocks trading at attractive valuations while avoiding richly valued names, with their U.S. FSV strategy trading at more than double the free cash flow yield of the S&P 500. The strategy systematically rotates out of names that have increased in value and reinvests into less expensive stocks. The firm filters for high quality companies with stable cash flows and low debt levels. Their investment process excludes negative free cash flow companies and avoids those with high amounts of leverage while seeking fundamental stability. This quality focus has historically been smart but was a drag on returns in 2025 as unprofitable stocks outperformed significantly. The firm sees significant opportunity in small and mid-sized U.S. stocks, though selectivity is critical given the large number of unprofitable and heavily-indebted companies. Their small/mid strategy filters out negative free cash flow companies and high leverage names. The S&P 600 excludes many troubled names and has considerably outperformed the Russell 2000 over time. | View | |
| 2025 Q4 | Jan 18, 2026 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 0.0% | BMY, CAH, CSCO, ELV, FFIV, FI, GPS, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TDC, TEL, TMUS, UBER, VST | free cash flow, fundamentals, Quality, rebalancing, small cap, valuation, value | The letter extensively discusses valuation concerns across markets, highlighting that U.S. equities are historically expensive and trading at levels typically associated with subdued future returns. The firm's strategies focus on finding attractively valued stocks where quality and value overlap, with their portfolios trading at significant discounts to benchmarks. Quality is a core focus of the firm's investment process, emphasizing cash flow stability and avoiding highly leveraged or unprofitable companies. The letter discusses how their strategies systematically filter out negative free cash flow companies and those with high debt levels while seeking fundamental stability. The letter identifies significant opportunities in small and mid-sized U.S. stocks, noting that avoiding high debt levels and money-losing businesses has historically been smart but was a drag on returns in 2025. The firm sees this as creating attractive entry points for quality small cap investing. | View | |
| 2025 Q4 | Jan 18, 2026 | Distillate Capital Large Cap Value | 0.0% | 8.6% | 000660.KS, 005930.KS, BMY, CAH, CSCO, ELV, FFIV, FI, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TEL, TMUS, UBER, VST | FCF, fundamentals, international, Quality, rebalancing, small caps, valuation, value | U.S. equities are historically expensive by any measure and at levels typically associated with subdued future returns. The S&P 500 is trading near record multiples with just 20 stocks accounting for over 50% of the market at a 120% premium to the rest. Historical analysis shows that rich starting valuations correlate with lower longer-term returns. Despite rich overall market valuations, many high quality stocks remain attractively valued. The firm's large cap strategy trades at a free cash flow yield more than double the S&P 500 and 60% above Russell 1000 Value. Value stocks significantly outperformed after the 2000 tech bubble when similar valuation disparities existed. Significant opportunities exist in smaller stocks where avoiding high debt levels and money-losing businesses has historically been smart but was an enormous drag on returns in 2025. Negative free cash flow stocks comprised 35% of Russell 2000 and rose 67% on average, demonstrating unusual market conditions. | View | |
| 2023 Q4 | Jan 16, 2024 | Kovitz Core Equity Strategy | 10.4% | 26.8% | AAPL, ADSK, BDX, DGE LN, DLTR, GIL, GM, GOOG, LOW, PCAR | - | View | ||
| 2022 Q4 | Jan 1, 2023 | Kovitz Core Equity Strategy | 5.3% | -22.6% | AMZN, CHTR, KMX, LOW, LVS, MSI | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Madison Investors Fund | 7.8% | 17.0% | BAM, CLOV, CPRT, DLTR, GOOG, KEYS, LOW, PCAR, SCHW | - | View | ||
| 2024 Q2 | Jul 31, 2024 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | CVS, LOW, MDT | - | View | ||
| 2024 Q2 | Jul 22, 2024 | The London Company Income Equity | 10.4% | 14.6% | AAPL, FAST, LOW, NSC, NSRGY, NTDOY, PM, TEL, TXN, VZ | - | View | ||
| 2023 Q2 | Jul 19, 2023 | The London Company Income Equity | 10.4% | 14.6% | AAPL, CCI, LOW, MSFT, PGR, SCHW, TGT | - | View | ||
| 2024 Q2 | Jul 17, 2024 | Madison Investors Fund | 7.8% | 17.0% | ADI, ARCH, DE, DLTR, GOOG, LOW, PCAR, PH, TJX | - | View | ||
| 2022 Q4 | Mar 28, 2023 | Pershing Square Holdings | 0.0% | 6.3% | CMG, CP, FMCC, FNMA, HHC, HLT, LOW, NFLX, QSR, SVB, TWTR, UMG AV | - | View | ||
| 2023 Q4 | Mar 22, 2024 | Pershing Square Holdings | 0.0% | 6.3% | CMG, CPKC MM, GOOG, HHH, HLT, LOW, QSR, UMG | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 7, 2025 | Seeking Alpha | Narek Hovhannisyan | Lowe's Companies, Inc. | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | FerdiS | Lowe's | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Substack | Rijnberk Invest Insights | Lowe's Companies, Inc. | Consumer Discretionary | Home Improvement Retail | Bull | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||