MAC

MAC

MAC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 25, 2025	Baron Discovery Fund	14.7%	7.6%	ALKT, BASE, CW, CYBR, DAY, DKNG, DT, EXAS, GWRE, INSP, IRT, KTOS, LLYVA, MAC, MEG, MRCY, NOVT, PAR, RH, TEM, WYNN	AI, Cloud, cybersecurity, defense, growth, small caps, sports betting, technology	The fund is positioned across multiple defense companies benefiting from increased funding and demand for advanced military technologies. Companies like Kratos Defense & Security Solutions and Karman Holdings are well positioned for accelerated multi-year growth in areas such as hypersonic technology, drone engines, missile defense, and space launch components.	WYNN INSP CLWR KARH MEG KTOS	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 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
2024 Q4	Dec 31, 2024	Baron Discovery Fund	6.1%	16.0%	AXON, CDNA, CWAN, CYBR, DAY, DKNG, EXAS, FND, GTLS, GWRE, IRT, KTOS, LLYVA, MAC, MEG, PAR, RDDT, S, TTAN, VRNS	contrarian, growth, REITs, small caps, software, technology, value	Axon highlighted the 2025 launch of an AI bundle oriented around its innovative Draft One product which automates the process of report writing for public safety officers. This represents a significant expansion opportunity as Axon continues to find new areas of growth and pulls ahead of competition.	BC.MI IRT TTAN MAC PAR CHT	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 17, 2023	Warden Capital	0.0%	9.1%	CUBE, MAA, MAC, PLD, TGT	Cap Rates, Commercial Property, inflation, interest rates, Office, real estate, REITs, retail	The manager discusses the interplay between fundamental performance and interest rates across CRE sectors. Higher rates are impacting all sectors, but higher yielding sectors should see less impact. Quality assets are expected to revert towards replacement values over the long term.		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 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
2023 Q2	Jul 21, 2023	Warden Capital	0.0%	9.1%	MAC, PEB, PK, PLD, SLG, VNO	Banking, Capital markets, inflation, productivity, real estate, REITs	Manager discusses stabilization of capital markets after banking crisis, with liquidity slowly returning to CMBS markets. Focuses on various CRE sectors including office, retail, hospitality, industrial, and multifamily with detailed analysis of fundamentals and valuations.		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
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
2023 Q4	Jan 18, 2024	Warden Capital	0.0%	9.1%	MAC, NXRT, PK, PLD, VNO	Commercial real estate, inflation, rates, REITs, value	CRE values have declined significantly due to rate hikes, with most asset classes at or below 2014 levels. Construction costs are 30-70% higher than 2015, creating supply constraints that should drive value appreciation over the next several years as replacement costs exceed current pricing.	ASIC\|CWAN\|INSP\|KRMN\|KTOS\|MAC\|MEG\|RH\|WYNN AFM CN\|B4B GR\|BLU SJ\|COH SJ\|HCI\|KO\|KSPI\|MGROS TI\|MTN SJ\|NE\|NPK SJ\|OCE SJ\|PPI\|PRX NA\|SAHOL TI\|SES\|WINE LN AXGN\|MIR\|NPKI\|PACK\|TPB\|VNOM	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 15, 2025	Warden Capital	-	8.5%	ANF, AVGO, BRK-A, ILPT, MAC, NVDA, PK, SPOT, SPWH, VNO	AI, rates, real estate, small caps, tariffs, technology, value	Manager analyzes massive AI capex spending (~$220B) versus minimal end-user revenues (~$15B), questioning ROI sustainability. Deepseek's 30x cheaper pricing model threatens industry economics. Compares current situation to 2000 tech bubble with potential for capital overspending.		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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Baron Discovery Fund	The Macerich Company	Real Estate	Retail REITs	Bull	NYSE	CEO transition, Class A properties, Mall Real Estate, REIT, Supply-Demand Imbalance, turnaround, valuation discount	View Pitch

BSD Shareholders of MAC

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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