Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Saturna Sustainable Funds | 4.5% | 14.4% | AAPL, ACN, ADBE, HD, LLY, LOW, LULU, MSFT, NOK, NOW, NVDA, NXPI, SBUX, TEL, TSM | duration, Fed, rates, Sustainable, technology, volatility | The quarter saw significant volatility spikes, particularly on August 4 when the VIX jumped 42 points due to unwinding of popular hedge fund trades including the yen carry trade and AI-exposed technology stocks. These technical rather than fundamental disruptions created forced selling feedback loops as leveraged positions were unwound. | View | |
| 2025 Q2 | Aug 7, 2025 | Matrix Dividend Income | - | - | AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH | dividends, financials, tariffs, technology, value, volatility | The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The ultimate resolution of reciprocal tariff negotiations remains the biggest risk, with potential for short-term bumps that could hurt the economy and equity market. | FI AMAT |
View |
| 2025 Q2 | Aug 7, 2025 | Matrix Large Cap Value Strategy | - | - | AEP, AMAT, BK, CMCSA, CSCO, DG, FDX, FI, GNRC, LOW, MS, PEP, PNC, PYPL, QCOM, SBUX, TEL, TGT, TMO, UNH | dividends, financials, large cap, tariffs, technology, value, volatility | The administration's reciprocal tariffs announced on April 2 caused significant market volatility, with stocks falling more than 12% before recovering on a 90-day postponement announcement. The biggest risk going forward continues to be the ultimate resolution of reciprocal tariff negotiations, which could hurt the economy and equity market if not resolved favorably. | UNH FI AMAT AMAT |
View |
| 2025 Q2 | Aug 11, 2025 | Fairtree Global Equity Fund | 10.9% | - | 000660.KS, 005930.KS, AMAT, AVGO, BP, FI, GFI, GLEN.L, GOOGL, JD, KASPI.L, LOW, MSFT, NVDA, PDD, PGR, ROST, SYY, UNH, VRT | AI, emerging markets, Europe, Global Equity, semiconductors, tariffs, technology, Trade Policy | The fund maintains significant exposure to AI-related semiconductor demand, particularly through Taiwan positions. AI-driven semiconductor demand continues to drive strong performance in technology holdings, with companies like Nvidia and Broadcom contributing meaningfully to returns. | View | |
| 2025 Q2 | Jul 22, 2025 | Madison Investors Fund | 3.1% | 2.3% | A, ABNB, ACGL, ACN, ADI, ALC, AMZN, BN, CDW, CHTR, CPRT, DE, DHR, ELV, FERG, FI, GOOGL, IT, KEYS, LBRDA, LOW, MMC, MSCI, NKE, PCAR, PGR, PH, SBUX, SCHW, TJX, TXN, V | consumer, financials, industrials, large cap, Quality, technology, value | The fund focuses on high-quality, durable businesses across a wide range of industries selling for reasonable or cheap prices. This philosophy emphasizes proven businesses over short-term promises and momentum. The managers believe this approach has worked for decades and will continue to deliver solid long-term performance. | MSCI CDW ABNB ACGL FI ADI FERG |
View |
| 2024 Q2 | Jul 16, 2024 | The Bristol Gate U.S. Equity Strategy | -0.4% | 6.1% | AMAT, AVGO, CIGI.TO, CNR.TO, CTAS, CTVA, DOL.TO, EFN.TO, GE, IIP-UN.TO, LOW, MCK, MSCI, ODFL, OTEX.TO, SHW, SJ.TO, TRI.TO, UNH, ZTS | Concentration, dividends, growth, Quality, technology, value | Bristol Gate focuses exclusively on high dividend growth companies, building concentrated portfolios of 22 stocks based on predicting dividend growth. Nine portfolio companies announced dividend increases this year averaging over 13%, demonstrating the strategy's effectiveness in identifying companies with strong dividend growth potential. | ODFL GE |
View |
| 2025 Q2 | Jul 11, 2025 | Hennessy Equity and Income Fund | - | - | BLK, ENTG, HD, LOW, MLM, ODFL, PGR, RSG, SCHW | fixed income, Quality, semiconductors, tariffs, Trade Policy, Valuations | The portfolio is positioned to weather tariff uncertainty through companies with strong pricing power and financial flexibility. Service-oriented companies like Progressive and Schwab are less susceptible to direct tariff effects, while onshoring beneficiaries include Republic Services and Martin Marietta. | 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 Q2 | Jun 30, 2024 | Saturna Sustainable Funds | -1.9% | 9.5% | AAPL, ACN, ADBE, DASTY.PA, FERG.L, GIB.A.TO, GSK, HD, LLY, LOW, LULU, NVDA, NVO, NXPI, SBUX, SCHNEIDER.PA, STM, TJX, TSM, WKL | AI, global, growth, healthcare, large cap, semiconductors, Sustainable, technology | Generative AI is driving stock prices, index returns, and capital expenditures across technology companies. The fund sees significant productivity enhancements from AI tools and believes AI will follow the path of transformative technologies like desktop computers and cellular phones. Big tech companies are committing tens to hundreds of billions in capital investment for AI development. | 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 | |
| 2024 Q1 | May 2, 2024 | Madison Investors Fund | 7.8% | 17.0% | A, ACGL, ACN, ADI, ALC, AMZN, BDX, BRK.B, CHTR, CPRT, DLTR, FI, GOOGL, LBRDK, LOW, PCAR, PGR, PH, TJX, V | financials, growth, industrials, large cap, Quality, technology, value | Two insurers, Arch Capital and Progressive, were large contributors during the quarter. Both are benefiting from attractive market conditions which has boosted underwriting profits. Investment income should continue to rise as they roll over fixed income portfolios at more favorable coupon rates. | PH FISV PGR ACGL PCAR |
View |
| 2025 Q1 | Apr 8, 2025 | Matrix Dividend Income | - | - | ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB | dividends, financials, healthcare, tariffs, technology, value, volatility | The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports caused significant market disruption. Tariffs are viewed as policy mistakes that will increase inflation, slow economic growth, and force businesses and consumers to pull back on investments and spending. | TGT PEP GNRC |
View |
| 2025 Q1 | Apr 8, 2025 | Matrix Large Cap Value Strategy | - | - | ABBV, BDX, BK, CSCO, DG, FI, GNRC, GS, HUM, JPM, LOW, MDT, META, PEP, QCOM, RTX, TGT, TMO, TSN, USB | dividends, financials, healthcare, tariffs, technology, value, volatility | The administration's tariff threats and April 2 Liberation Day 10% tariffs on all imports created significant market disruption and economic uncertainty. The manager views these tariffs as a policy mistake that will lead to inflation and economic slowdown, comparing them to an act of war that taxes goods and disrupts the post-war economic system. | TGT PEP GNRC |
View |
| 2025 Q1 | Apr 16, 2025 | The Bristol Gate U.S. Equity Strategy | -0.5% | -0.5% | AMAT, AVGO, CSX, CTVA, DOL.TO, DPZ, GE, IFC.TO, JWEL.TO, LLY, LOW, MA, MCHP, MCK, MCO, MMC, MSCI, PBH.TO, SJ.TO, TFII.TO, WAB, X.TO | AI, dividends, growth, healthcare, semiconductors, tariffs, value | Bristol Gate focuses on companies with positive dividend growth potential, with eight holdings announcing dividend increases in Q1 averaging approximately 15%. The strategy prioritizes companies capable of sustained high dividend growth over traditional defensive sectors offering higher yields but lower growth potential. | DPZ WAB LLY |
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 | Coho Relative Value Equity | 0.0% | 6.1% | COR, DG, DIS, GWW, LOW, MDLZ, NKE, PRGO, UNH, UPS | conviction, downside protection, large cap, Quality, US, value | The manager emphasizes their value-oriented philosophy focusing on downside protection and lower volatility. They note that growth continues to outperform value and high beta outperforms low beta, which runs counter to their investment approach. The team remains committed to their value disciplines despite recent underperformance. | View | |
| 2025 Q4 | 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 Q1 | Mar 31, 2025 | Auxier Asset Management | 4.6% | 4.6% | AAPL, AFL, AIG, AMZN, BRK.B, GOOGL, HD, KO, KR, LOW, META, MMC, MNST, MO, MSFT, NVDA, PM, TRV, TSLA, UNM | AI, Buybacks, Consumer Staples, insurance, Leverage, tariffs, technology, value | Value outperformed growth during the quarter with the S&P 500 Value Index finishing up 0.28% while the S&P 500 Growth Index finished down 8.47%. This was the best performance for the value index relative to the growth index since 2022. The fund emphasizes in-depth, rigorous research and favors a systematic lower risk approach. | View | |
| 2024 Q1 | Mar 31, 2024 | Burke Wealth Managament The Focused Growth Strategy | 15.2% | 15.2% | AAPL, ABNB, ADBE, AMZN, CHTR, CMCSA, CRM, GOOGL, HD, LLY, LOW, META, MSFT, NOW, NVDA, NVO, PYPL, SNOW, TSLA | AI, growth, large cap, Pharmaceuticals, retail, semiconductors, technology | The artificial intelligence revolution is unfolding in three phases: infrastructure investment, application development, and productivity implementation. Nvidia dominates the infrastructure phase while companies like Meta are advancing in application development and implementation. | 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 | |
| 2024 Q4 | Dec 31, 2024 | Madison Investors Fund | -0.4% | 16.4% | A, ACGL, ADI, ALC, AMZN, BRK.B, CPRT, DLTR, ELV, FERG, FI, GOOGL, KEYS, LOW, PCAR, PGR, PH, SCHW, TXN, V | consumer, healthcare, industrials, payments, Quality, technology, value | Two payment companies, Fiserv and Visa, were contributors in the quarter. Both are benefiting from resilient consumer spending and the digitization of cash transactions, despite participating in different areas of the payments value chain. | View | |
| 2023 Q4 | Dec 31, 2023 | Magellan Global Fund | - | 20.6% | AAPL, AMZN, ASML, BN, CCI, CMG, DEO, GOOGL, HCA, ICE, INTU, LOW, MSFT, NFLX, SAP, TT, UNH, USB, V, YUM | AI, global, growth, inflation, Quality, Recession, technology | Generative AI represents a period of extraordinary progress with lasting impacts. The managers are focused on understanding how AI will create new addressable markets and earning streams while being thoughtful about disruption risks. They see clear commercial applications for some portfolio holdings as enablers of the new AI era. | AMZN AAPL|MSFT|NFLX|NVDA|UNH |
View |
| 2023 Q2 | Dec 7, 2023 | Madison Investors Fund | 7.8% | 17.0% | ADI, BDX, BLK, CPRT, GOOGL, J, LOW, PCAR, PH, SCHW, TJX, USB | Banking, financials, large cap, Quality, semiconductors, technology | The fund views ChatGPT and AI advancement as interesting but not currently threatening to Alphabet's core search functionality. They believe Alphabet has the technical expertise to counter any emerging AI threats and expect management to make appropriate strategic choices for the long term. | SCHW USB |
View |
| 2025 Q3 | Nov 8, 2025 | Cullen Value Fund | 6.8% | 15.9% | AMAT, BAC, BDX, BMY, BWA, C, CI, CMCSA, DIS, JPM, KVUE, LOW, MBGYY, MDLZ, MS, MU, NEE, ORCL, SRE, UNH | AI, dividends, financials, growth, healthcare, technology, value | AI investments have propelled markets higher with euphoria around AI driving the Magnificent 7 to record valuations. Trillions of dollars are being invested into agentic AI that will eventually need to be monetized. Capital expenditures among top hyperscalers have surged as they race to establish leadership in generative AI, creating a self-perpetuating cycle of investment. | UNH SW BDX |
View |
| 2024 Q3 | Oct 28, 2024 | Parnassus Fixed Income Fund | 4.8% | 4.5% | ADSK, AMT, ARE, AVTR, GPN, INTC, LOW, LUV, MKC, MU, PLD, XYL | Corporate Bonds, duration, Esg, fixed income, Mortgage, rates | The fund increased allocation to mortgage-backed securities from 8% to 18% of the portfolio. These bonds have been disproportionately impacted by higher interest rates as homeowners were locked into existing mortgages. The managers believe mortgage bonds are poised to perform well as homeowners become more active again. | 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 |
| 2024 Q3 | Oct 2, 2024 | The London Company Income Equity | 10.4% | 14.6% | LOW, MRK, MSFT, PGR, SBUX, SCHW, TEL | dividends, income, large cap, Quality, rates, value | The Income Equity strategy focuses on higher overall dividend yield orientation and is designed to provide greater yield and downside protection. The manager expects shareholder yield including dividends to comprise a significant percentage of total equity returns in the near term. | MSFT MRK SCHW SBUX LOW PGR |
View |
| 2024 Q3 | Oct 18, 2024 | The Bristol Gate U.S. Equity Strategy | 8.4% | 15.0% | AMAT, ATD.TO, BN, CARR, CIGI, CNR, JWEL.TO, LOW, MCHP, MCK, SHW, SJ.TO | Canada, dividends, financials, industrials, materials, rates, technology | Bristol Gate focuses on high dividend growth companies, with 17 of 22 US portfolio companies announcing dividend increases averaging 13% in 2024. The firm's machine learning model identifies high dividend growers as their core investment universe. Portfolio companies demonstrate sustainable dividend growth backed by earnings and free cash flow growth. | View | |
| 2023 Q3 | Oct 15, 2023 | Madison Investors Fund | 7.8% | 17.0% | A, ACGL, ADBE, ADI, ALC, DLTR, FI, GOOGL, J, LBRDK, LOW, TEL, TJX, TXN | growth, healthcare, insurance, retail, semiconductors, technology, value | Alphabet is rapidly incorporating artificial intelligence technology into its suite of products and services, which will drive additional opportunities for growth rather than threaten its existing market position. Early signs are positive, with Alphabet maintaining its global search engine market share and announcing new products. | 0A53LN TXN |
View |
| 2025 Q3 | Oct 14, 2025 | Madison Investors Fund | -2.2% | -0.1% | A, ABNB, ACGL, ACN, ADI, ALC, AMZN, BN, CDW, CHTR, CPRT, DE, DHR, ELV, FERG, FI, GOOGL, IT, KEYS, LBRDA, LOW, MMC, MSCI, NKE, PCAR, PGR, PH, SBUX, SCHW, TJX, TXN, V | financials, industrials, large cap, Quality, technology, value | The fund focuses on high-quality, durable businesses across a wide range of industries, selling for reasonable or cheap prices. This approach has historically delivered solid long-term performance, though these attributes have been unpopular recently as the market has favored short-term over long-term and momentum over durability. | 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 |
View |
| 2024 Q4 | Jan 8, 2025 | Hennessy Equity and Income Fund | - | - | BRKR, HD, LOW, V | AI, Concentration, fixed income, Quality, tariffs, Valuations, Yields | The Fund focuses on high-quality companies with strong competitive advantages, pricing power, higher returns on invested capital, and less leverage. Portfolio companies can pass through cost increases to customers and return capital to shareholders through dividends and buybacks. | BRKR |
View |
| 2024 Q4 | Jan 7, 2025 | The London Company Income Equity | -2.3% | 11.9% | AAPL, APD, BLK, BRK.B, LOW, MSFT, NSC, PGR, PM, TXN | dividends, downside protection, income, large cap, Quality, value | The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 23.1% pre-tax ROC versus 11.4% for the benchmark and lower leverage at 1.5x net debt/EBITDA versus 2.4x for the index. | View | |
| 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 |
View |
| 2023 Q4 | Jan 19, 2024 | The Bristol Gate U.S. Equity Strategy | - | 23.9% | AMT, ATVI, AVGO, BN.TO, CARR, CIGI.TO, CTAS, CTVA, DOL.TO, HON, IFC.TO, JWEL.TO, LOW, MSFT, PBH.TO, SHW, TMO, UNH | dividends, financials, HVAC, industrials, Quality, technology, value | Bristol Gate focuses exclusively on high and sustainable dividend growth, with portfolio companies delivering dividend increases of ~14% in 2023, well above the S&P 500 Index constituent average of ~7%. The firm is yield agnostic and prioritizes companies with low payout ratios and low leverage that can reinvest cash flow to drive future dividend growth. | CARR |
View |
| 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 | |
| 2022 Q4 | Jan 1, 2023 | Kovitz Core Equity | 5.3% | -22.6% | AMZN, CHTR, KMX, LOW, LVS, MSI | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Madison Investors Fund | 7.8% | 17.0% | A, ACN, ADI, ALC, AMZN, BN, BRK.B, CPRT, DLTR, FERG, FI, GOOGL, KEYS, LOW, PCAR, PGR, PH, SCHW, TXN, V | consumer, financials, industrials, large cap, Quality, technology, value | Parker-Hannifin continues executing well despite slowing industrial economy, improving margins and integrating Meggitt acquisition. PACCAR facing weakening sales from declining freight rates and softening economic backdrop, though high-margin aftermarket parts division provides support through cyclical downturn. | KEYS |
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 | Mairs & Power – Balanced Fund | 0.0% | 11.0% | ABT, AMP, CASY, CHRW, ECL, FI, HRL, HSY, JPM, LFUS, LLY, LOW, MSI, NEOG, NVDA, PG, ROK, TECH, TTC, UPS | Balanced, Bonds, consumer, healthcare, industrials, rates, technology | The Federal Reserve cut its key lending rate by half a percentage point in September, with potential for additional cuts in November and December. Lower rates are expected to benefit smaller companies by reducing borrowing costs and improving earnings growth prospects. | View | |
| 2024 Q3 | Sep 30, 2024 | Impax US Sustainable Economy Fund | 6.6% | 21.4% | AAPL, AMAT, BBY, CBRE, EMR, GILD, HUBS, LLY, LOW, MA, MSFT, NVDA, PGR, PINS, ROK, TXN, UNP, V, VFC | Esg, financials, large cap, real estate, sustainability, technology | The fund's energy efficiency tilt was additive as Energy Efficiency-related names outperformed the market and Energy stocks. The portfolio takes allocation from Energy and reallocates it to companies focused on energy efficiency solutions. | View | |
| 2024 Q2 | Jul 31, 2024 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | CMCSA, CSCO, CVS, GD, GILD, HD, LOW, MDT, PEP, QCOM, SBUX, TSN | AI, dividends, financials, healthcare, large cap, technology, value | Technology and Communications Services sectors, holding many stocks benefiting from the booming interest in artificial intelligence, continued to lead market returns in Q2 2024. The market action in June focused almost exclusively on the AI Mega Tech melt up and left most other areas in the dust, feeling like it is hitting extremes. | MDT LOW |
View |
| 2024 Q2 | Jul 31, 2024 | Matrix Dividend Income | 0.0% | 0.0% | CMCSA, CSCO, CVS, GD, GILD, HD, LOW, MDT, PEP, QCOM, SBUX, TSN | AI, dividends, financials, healthcare, large cap, rates, technology, value | The Matrix Dividend Income portfolio continues to deliver on its three objectives: generating high current and growing income, downside protection, and capital appreciation. In Q2, eight portfolio holdings raised their dividends by an average of 5.9%, and fifteen holdings raised dividends by an average of 6.7% in the first six months. The portfolio maintains a 3.03% dividend yield compared to 1.33% for the S&P 500. | MDT LOW |
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 | Buybacks, Consumer Staples, dividends, income, large cap, Quality, technology, value | The portfolio focuses on higher overall dividend yield orientation with income generation as a core objective. Apple announced a 4% dividend increase and $110B share repurchase authorization. The strategy emphasizes shareholder yield through dividends, share repurchases, and debt reduction as comprising a significant percentage of total return. | TEL |
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 |
| 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% | A, ACGL, ADI, ALC, AMZN, BDX, BRK.B, CPRT, DE, DLTR, FI, GOOGL, LOW, PCAR, PGR, PH, SBUX, TJX, TXN, V | consumer, industrials, insurance, large cap, Quality, semiconductors, technology, value | Semiconductor manufacturers Analog Devices and Texas Instruments continue to see declining sales and profits due to weak demand and inventory reduction by customers and distributors. However, the cycle appears to be bottoming, setting conditions for a profit rebound over the coming years as investors better appreciate the industry's secular demand characteristics. | DE SBUX |
View |
| 2023 Q1 | Apr 14, 2023 | Madison Investors Fund | 7.8% | 17.0% | ADI, BDX, BLK, CPRT, GOOGL, J, LOW, PCAR, PH, SCHW, TJX, USB | Banking, financials, large cap, Quality, semiconductors, technology, value | The fund views ChatGPT and AI advancement as interesting but not currently threatening to Alphabet's core search functionality. They believe Alphabet has the technical expertise to counter any emerging threats and expect management to make sound strategic choices for the long term. | SCHW USB |
View |
| 2025 Q1 | Mar 31, 2025 | Madison Investors Fund | -0.9% | -0.9% | A, ACGL, ACN, ADI, ALC, AMZN, BN, BRK-B, DHR, ELV, FERG, FI, GOOGL, LOW, NKE, PACR, PGR, TXN, USB, V | concentrated, insurance, large cap, payments, Quality, tariffs, value | Three insurance companies topped the contributor list during the quarter's negative market returns. Industry fundamentals remain sound with defensive demand profiles and limited tariff exposure. Progressive continues benefiting from robust premium growth and strong underwriting margins. | View | |
| 2023 Q1 | Mar 31, 2023 | Coho Relative Value Equity | 0.0% | 6.1% | ABC, DG, GWW, LOW, MCHP, MDLZ, ROST, SYY, UNH, UPS | dividends, healthcare, Quality, technology, value | 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, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, LOW, QSR, UMG.AS | Concentration, Engagement, Long Term, Quality, value | Alphabet faced concerns about AI capabilities and competitive positioning, particularly around its Gemini chatbot rollout which displayed biased responses. However, Google has industry-leading AI infrastructure, training data access, and technical expertise that position it well for AI commercialization despite early missteps. | 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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 29, 2026 | Seeking Alpha | Seeking Alpha | Lowe's Companies, Inc. | Retail | Home Improvement Retail | Neutral | New York Stock Exchange | DIY, home improvement, housing market, Interest rates, leverage, Lowe's Companies, Inc., M&A, Pro segment, retail, valuation | View Pitch |
| Apr 13, 2026 | Fund Letters | Matrix Large Cap Value Strategy | Lowe's Companies Inc | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | Consumer Discretionary, COVID-19 Beneficiary, home improvement, market share, Remodeling, retailer, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Matrix Dividend Income | Lowe's Companies Inc | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | Consumer Discretionary, COVID-19 Beneficiary, Cyclical, home improvement, market share, retailer, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Aristotle Value Equity Fund | Lowe's Companies | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | home improvement, market share, Omnichannel, Professional Customers, retail, supply chain, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Income Equity | Lowe's Companies, Inc. | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | dividends, home improvement, Margin Improvement, market share, Pro Business, productivity, retail, Share Buybacks | View Pitch |
| 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. | ||||||||