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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 21, 2025 | AMG Frontier Small Cap Growth | 13.9% | -2.5% | AMTM, ATI, DAR, EXP, FTAI, GVA, INDI, LTH, MAT, ODD, PGY, SAIA, SANM, SIMO, STRL | AI, growth, infrastructure, Logistics, semiconductors, small cap, technology | Several semiconductor positions are experiencing recovery after multi-year inventory drawdown from Covid supply chain issues. Silicon Motion is positioned to gain market share with next-generation PCIe Gen 5 technology and new data center design wins with NVIDIA. indie Semiconductor is capitalizing on automotive driver assistance launches starting in second half 2025. | LTH SAIA ODD STRL INDI SIMO ATI PGY SAIA ODD STRL LTH INDI SIMO ATI PGY |
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| 2025 Q2 | Jul 22, 2025 | Longleaf Partners Fund | 5.3% | -0.1% | BIO, CNX, EXOR.MI, FDX, FIS, HF, IAC, KHC, MAT, MGM, PVH, REGN | Buybacks, Cash, energy, healthcare, tariffs, value | The fund maintains a low-60s% price-to-value ratio and below 10x price-to-free cash flow multiple while the market trades at well above 20x. They continue to avoid popular favorites and tilt toward where near-term emotions have led to mispricings in their favor. | FDX REGN KHC MGM DINO |
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| 2025 Q2 | Jul 22, 2025 | Longleaf Partners Global Fund | 10.5% | 8.1% | AMG, ANGI, BIO, CNX, DINO, ERF.PA, EXO.MI, FDX, GLB.L, IAC, KHC, MAT, PHG, PVH, REGN, RKT.L | Buybacks, global, healthcare, Spin-Offs, Trade Policy, undervalued, value | Portfolio trades at high-50s% price-to-value ratio with P/FCF below 10x versus broader market at 20x. Manager continues to avoid popular favorites and tilts toward emotional mispricings. Securities owned have stock-specific undervaluation reasons. | FDX REGN KHC LH.PA GLB.L CANAL.PA CAN LN |
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| 2025 Q2 | Jul 22, 2025 | Longleaf Partners Small-Cap Fund | 2.7% | 4.2% | BATRA, CNX, CUERVO.MX, DOLE, GHC, GRUMA.MX, KODK, MAT, OSCR, PCH, SAM, TRIP, WEST, WTM | Alcohol, Buybacks, real estate, small caps, undervalued, value | The fund has an overweight to the alcohol industry with Boston Beer and Becle. There is market debate about whether current weak industry trends are cyclical versus structural factors, with the manager leaning toward cyclical explanations. | PCH SAM WEST BATRA BECLE.MX OSCR PCH SAM WEST BATRA CUERVO MM OSCR |
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| 2024 Q1 | May 7, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CHTR, CNHI, CNX, FBHS, FDX, FFH, FIS, H, IAC, K, LBRDA, LYV, MAT, RTX, WBD, WMG | Buybacks, free cash flow, Logistics, Media, Natural Gas, technology, value | Multiple portfolio companies are executing substantial share repurchase programs. FIS is repurchasing 10% of the company, CNX continues share repurchase at a double-digit annualized pace, and FedEx maintains a 6% annualized repurchase pace with another $5 billion program authorized. | WBD LBRDA FDX CNX FIS |
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| 2024 Q1 | May 7, 2024 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | BATRA, CNX, DEI, GHC, GRUMAB, H, HOUS, IMKTA, KODK, MAT, OSCR, PK, SAM, WEST, WTM | Buybacks, insurance, Natural Gas, real estate, small caps, value | Fund focuses on carefully constructed portfolio that looks very little like any index, seeking 60 cent dollars while maintaining investment discipline in a fully priced market. Portfolio companies are growing their value per share while management partners take action to realize value via discounted share buybacks. | HOUS WTM CNX OSCR |
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| 2024 Q1 | May 28, 2024 | Bridgewater Associates | 0.0% | 0.0% | AMT, CAT, ETN, FUN, GE, GOOGL, HA, HCA, HON, KO, MAT, MCD, META, MONDEE, MSI, NEE, PFGC, PG, TXRH, WLDN | AI, Capex, Corporate Spending, earnings, Energy Transition, Labor Markets, profitability | The AI build-out is a key tailwind for capex spending during this cycle, with companies across tech and industrials investing in compute capacity and infrastructure. Tech companies like Meta and Alphabet are investing significantly in AI infrastructure, while industrials are responding to growing demand for data centers and electricity driven by AI innovation. | View | |
| 2026 Q1 | Apr 22, 2026 | RS Large Cap Val Strategy | 1.0% | 1.0% | FDX, MAT | AI, energy, Geopolitical, large cap, Logistics, ROIC, value | MAT FDX |
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| 2026 Q1 | Apr 18, 2026 | Longleaf Partners Global Fund | -4.4% | -4.4% | ACI, CNX, DHER.DE, DIS, FDX, GLB, IAC, MAT, MGM, PHG, REGN, RYN | activism, Forest Products, global, Logistics, private credit, Quality, value | MAT IEL.AX DHER.DE RYN GLB FDX |
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| 2026 Q1 | Apr 18, 2026 | Longleaf Partners Small-Cap Fund | -2.7% | -2.7% | ALX, CNX, CUERVO.MX, ESRT, GLIBA, MAT, RYN, SAM, SHEN, TRIP | Alcohol, energy, private credit, real estate, small cap, Travel, value | TRIP MAT BECLE RYN ESRT SHEN SAM |
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| 2024 Q1 | Apr 17, 2024 | EdgePoint Global | - | - | BERY, DLTR, MAT, NSC | Acquisitions, Business Analysis, Capital Allocation, Operating Efficiency, Pricing Power, value | EdgePoint focuses on identifying businesses trading below intrinsic value through proprietary insights on revenue growth, operating cost improvements, and capital allocation. The firm distinguishes between market themes and tangible business levers that drive value creation. | BERY NSC DLTR MAT |
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| 2026 Q1 | Apr 16, 2026 | Longleaf Partners Fund | -4.5% | -4.5% | AVTR, CNH, DIS, EXOR.MI, FBIN, FDX, LPX, MAT, PYPL, RYN | Agriculture, Buybacks, Logistics, private credit, Timberland, value | View | ||
| 2026 Q1 | Apr 16, 2026 | Ariel Appreciation Fund | 1.1% | 1.1% | GNRC, KEYS, KKR, KMT, MAT, NCLH, RLI, SLB | AI, Data centers, energy, Geopolitical, mid cap, value | View | ||
| 2026 Q1 | Apr 16, 2026 | Ariel Small Cap Value Strategy | 0.9% | 0.9% | BCO, GNRC, LFUS, LIND, MAT, NCLH | Data centers, energy, Geopolitical, inflation, small caps, Travel, value | BCO MAT NCLH LFUS LIND GNRC |
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| 2026 Q1 | Apr 16, 2026 | Ariel Fund | -1.5% | -1.5% | CG, GNRC, JHG, MAT, NCLH, NVST, SMG, SPHR | energy, Entertainment, Geopolitical, inflation, small caps, technology, value | View | ||
| 2026 Q1 | Apr 16, 2026 | Ariel Fund | -1.5% | -1.5% | CG, GNRC, JHG, MAT, NCLH, NVST, SMG, SPHR | consumer, energy, Entertainment, industrials, small caps, technology, value | View | ||
| 2026 Q1 | Apr 14, 2026 | Mittleman Global Value Equity Fund | -4.6% | -2.3% | 0001.HK, 7270.T, 8715.T, AIM.TO, AMA.AX, BABA, BAYRY, CGX.TO, CLVT, FMS, GRFS, HAI.TO, MAT, NEXN, NFI.TO, NOMO, VTRS, VYX, WLN.PA, WPP, ZD | Concentration, global, Opportunistic, small caps, value | AIM.TO AMA.AX |
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| 2025 Q1 | Apr 12, 2025 | Longleaf Partners Fund | -5.1% | -5.1% | ACI, AMG, BIO, CNX, EXOR.MI, FDX, FIS, HFC, IAC, MAT, PVH, PYPL, RTX | Buybacks, energy, healthcare, technology, Trade Policy, value | Fund focuses on quality companies trading at significant discounts to intrinsic value with P/V ratio below 60%. Manager emphasizes value stock picking environment where nimble companies on offense are rewarded versus largest index companies. | PVH PYPL FDX CNX BIO RTX MAT IAC ACI |
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| 2025 Q1 | Apr 12, 2025 | Longleaf Partners Small-Cap Fund | 1.5% | 1.5% | BATRA, CNX, DOLE, GHC, GMAB, KODK, MAT, PCH, PK, SAM, WEST, WTM | Buybacks, downside protection, Outperformance, small caps, stock picking, value | The fund emphasizes value investing discipline and downside protection. The portfolio's price-to-value ratio in the high-60s% is attractive and improved materially after quarter end. The fund continues to focus on companies trading below intrinsic value with substantial opportunity in the current portfolio. | PK CNX SAM PCH GRUMAB.MX GHC |
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| 2025 Q1 | Apr 12, 2025 | Longleaf Partners Global Fund | -2.2% | -2.2% | ACI, BIO, CNX, DHER.DE, EXOR.MI, FDX, FIS, GLB.L, HFC, IAC, MAT, TIGO | Cash, global, healthcare, Logistics, Quality, tariffs, value | The fund maintains a price-to-value ratio under 60% which is highly attractive. The manager believes this is setting up to be a better environment for value stock picking where nimble companies on offense are rewarded rather than the biggest index companies continuing to go straight up. | GLB FDX CNX BIO TIGO IAC ACI |
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| 2025 Q1 | Mar 31, 2025 | AMG Frontier Small Cap Growth | -14.4% | -14.4% | AMTM, BECN, BILL, CACI, CG, CZR, DLB, DOCN, EPRT, FTAI, INDI, LTH, MAT, MDB, PGY, TXG, UCTT, UTHR | AI, Cloud, defense, healthcare, semiconductors, small caps, technology, Trade Policy | Technology was the largest detracting industry with underperformance from indie Semiconductor and Ultra Clean Holdings. indie faced weakness in China and tariff uncertainty affecting auto build rates globally, while Ultra Clean experienced product qualification delays at a Chinese customer and weakening semiconductor equipment demand in China. | View | |
| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CNH, CNX, FDX, FFH, GE, HAS, IAC, LBRDK, MAT, MGM, WBD, WMG | Buybacks, Concentration, energy, Media, Quality, value | The fund emphasizes owning high-quality businesses trading at significant discounts to intrinsic value. Portfolio trades at 13x P/E on not yet optimized earnings with a price-to-value ratio in the low-60s%, offering meaningful upside potential. Fund avoids mega-cap stocks trading at historic valuation multiples. | 0GEG LN NWBD.L IAC AMAT WMG CNX |
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| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | 0001.HK, CFR.SW, CNX, DHER.DE, FBHS, FDX, FIS, GE, GLB, HAS, IAC, MAT, MGM, PRX.AS, WBD, WMG | Concentration, discount, global, Quality, value | The fund emphasizes trading at 12.5x P/E on not yet optimized earnings versus mega-cap stocks at 29x P/E. Portfolio has price-to-value ratio in low-60s% offering meaningful upside potential. Fund owns high-quality businesses at discounted valuations. | NWBD.L DHER.DE IAC AMAT CNX |
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| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | BATRA, CNX, DOOR, ESRT, GHC, GRUMAB, KODK, LUMN, MAT, OSCAR, SAM, WEST, WTM | consumer, discount, energy, Entertainment, Quality, small caps, value | Small-cap stocks remained out of favor as they continue to be viewed as more volatile, cyclical businesses, while a small handful of US mega-cap stocks have dominated markets. This wide valuation gap has created a compelling opportunity to own high-quality small-cap businesses trading at a steep discount. | WEST OSCR AMAT SAM CNX |
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| 2022 Q3 | Oct 28, 2022 | Miller Value Partners Opportunity Equity | 9.8% | 9.8% | ADT, DXC, KRTX, MAT, SCPPF, SFIX, SI, UBER | - | View | ||
| 2025 Q3 | Oct 19, 2025 | EdgePoint Global | - | - | 6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX | active management, AI, Concentration, global, Quality, technology, value | Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns. | Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM |
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| 2024 Q3 | Oct 16, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CNX, FDX, FIS, IAC, K, LYV, MAT, MGM, PVH, PYPL | Buybacks, gaming, Logistics, Natural Gas, payments, value | Multiple portfolio companies are executing significant share repurchase programs. PayPal repurchased nearly 10% of its shares on an annualized basis, leading to stronger FCF per share growth. MGM continues to execute significant share buybacks, further boosting FCF per share. CNX Resources directs free cash flow to value accretive share repurchase. | FDX MGM PYPL CNX K |
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| 2024 Q3 | Oct 16, 2024 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | BATRA, CNX, DOLE, GHC, GRUMA, H, HHH, HOUS, IMKTA, KODK, LLYVA, LMCA, MAT, OSCR, PCH, PK, SAM, WEST, WMT | Buybacks, Coffee, healthcare, Natural Gas, real estate, small caps, value | Fund focuses on small-cap stocks with 19 holdings and P/V ratio in low-70s%. Manager welcomes volatile small-cap environment that presents attractive opportunities to enhance portfolio with undervalued, high-quality businesses. Holdings consist of competitively advantaged businesses with strong balance sheets. | WEST HOUS CNX OSCR |
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| 2025 Q3 | Oct 15, 2025 | Ariel Appreciation Fund | 9.5% | - | FI, GS, KMX, KN, MAT, PBH, PSKY, REZI, SPHR | consumer, Entertainment, financials, mid cap, small caps, technology, value | The fund focuses on undervalued businesses with long-term growth potential. Multiple holdings are described as undervalued including Sphere Entertainment, Resideo Technologies, and Mattel. The manager emphasizes compelling value in small-cap equities and select cyclicals trading at historically attractive levels. | PBH FISV MAT KMX KN SPHR REZI |
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| 2025 Q3 | Oct 15, 2025 | Ariel Fund | 12.4% | - | MANU, MAT, PBH, PSKY, REZI, SPHR | consumer, Entertainment, healthcare, Media, small caps, technology, value | The fund sees compelling value in small-cap equities trading at historically attractive levels. Consensus earnings projections suggest the Russell 2000 Index may outpace the Russell 1000 Index over the next two years, with small caps currently trading at one of the steepest discounts to large caps since the dot-com era. | View | |
| 2025 Q3 | Oct 15, 2025 | Ariel Small Cap Value Strategy | 12.7% | - | BCO, KMT, MAT, MSGE, PBH, REZI, SPHR, ZBRA | consumer, Entertainment, industrials, rates, small caps, technology, value | Small caps outperformed as capital rotated into undervalued segments of the market. Small caps are currently trading at one of the steepest discounts to large caps since the dot-com era. Consensus earnings projections suggest the Russell 2000 Index may outpace the Russell 1000 Index over the next two years. | KMT US SPHR US BCO US REZI US |
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| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Fund | -0.3% | -0.4% | ACI, ANGI, BIO, CNX, EXOR.MI, FDX, FIS, H, HFC, IAC, KHC, MAT, MGM, PCH, PVH, REGN, RYN | AI, Bubble, Buybacks, FCF, spinoffs, undervalued, value | Fund focuses on companies trading at significant discounts to intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying undervalued assets with growing free cash flow per share while avoiding overvalued market segments. | BIO REGN PCH RYN ACI FDX MGM IAC KHC MAT CNX |
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| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Global Fund | 2.6% | 10.9% | 4613.T, ACI, CANAL.PA, CNX, DHER.DE, EXOR.MI, GLB.L, IAC, KHC, MAT, MGM, PCH, PHG, PVH, RYN | AI, Buybacks, consumer, energy, FCF, global, Timberland, value | Fund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at less than 10x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-50s% indicates significant discount to intrinsic value estimates. | PVH 4613 JP |
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| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Small-Cap Fund | 2.0% | 6.4% | BECLE.MX, CLW, CNX, GHC, GRUMAB.MX, H, KODK, MAT, OSCR, PCH, PK, RYN, TRIP, WEST, WTM | Alcohol, Buybacks, energy, FCF, insurance, small cap, Timberland, value | Fund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at 10-12x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-60s% indicates significant discount to intrinsic value. | TRIP US MAT US WFG US CNX US |
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| 2024 Q4 | Jan 16, 2025 | EdgePoint Global | - | - | 6479.T, AMAT, FFH.TO, MAT, ROG.SW, RVTY, SAP | global, insurance, long-term, Pharmaceuticals, Proprietary Insights, software, value | EdgePoint applies a value-oriented approach, looking for businesses trading below their intrinsic value due to market misunderstanding. The fund owns companies at vastly different P/E ratios (Fairfax at 8.9x vs SAP at 50.7x) because they focus on future value creation rather than current earnings multiples. Both positions doubled in about a year as the market recognized their undervaluation. | ROG.SW SAP FFH.TO |
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| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Fund | -0.3% | -0.4% | ACI, AMG, ANGI, AVTR, CNX, DINO, DIS, EXO.MI, FDX, H, IAC, KHC, MAT, MGM, PCH, PVH, PYPL, REGN, RTX, RYN | Buybacks, Cash, Defensive, Leverage, Quality, value | Fund focuses on undervalued companies trading below intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying quality companies at discounts and waiting for market recognition of value. Multiple portfolio companies engaged in significant share repurchases including Mattel ($600M), Regeneron, MGM (40% over 5 years), and PVH. Manager views buybacks as value-creating at current discounted prices. Holdings include Mattel with strong IP portfolio (Hot Wheels, Barbie, UNO) and upcoming movie releases, plus IAC's digital assets. Focus on companies with valuable content and intellectual property. | ANGI PVH PYPL MGM IAC REGN MAT DINO KHC |
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| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Global Fund | 5.3% | 16.7% | ANGI, AVTR, BIO, CNH, CNX, DHER.DE, EXOR.MI, F, FI, GLAN.L, GRUMA.MX, IAC, JFC.PS, KHC, MAT, MGM, PHG, REGN, STLA, TIGO, UNH | Buybacks, FCF, global, Holdings, Media, Quality, value | The fund maintains a concentrated portfolio of undervalued stocks trading at low P/V ratios in the low-60s%. Management emphasizes finding defensive growers like consumer staples and timberland companies at better prices, similar to their successful positioning in 1999. They focus on companies with strong free cash flow generation and quality management partners. Multiple portfolio companies are actively repurchasing shares at attractive prices. MGM has repurchased over 40% of shares in five years, Glanbia added to buyback programs, and Exor executed efficient share repurchases via Dutch auction. The fund views these as value-creating capital allocation moves. Canal+ renewed exclusive UEFA Champions League rights for 2027-2031 at better economics than feared, reinforcing subscriber base quality. The company made operational progress across European and African platforms following the MultiChoice merger, though remains underfollowed as a French media company on London Stock Exchange. | AVTR BIO ANGI MGM KHC IAC TIGO GLB LN CAN LN |
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| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Small-Cap Fund | 1.1% | 7.6% | ALX, CLW, CNX, CUERVO.MX, ESRT, GHC, GLIBA, GRUMA.MX, MAT, PCH, RYN, SAM, SHEN, TRIP, WTM | Alcohol, Media, real estate, small cap, Telecommunications, undervalued, value | Fund focuses on undervalued companies trading below intrinsic value with P/V ratios in low-60s%. Manager emphasizes buying quality companies at discounted prices when market favors unprofitable, lower quality stocks. Significant exposure to alcoholic beverage companies including Becle (tequila/whiskey manufacturer) and Boston Beer. Alcohol industry faces consumption headwinds but companies have strong brands and pricing power. Holdings in Empire State Realty and Alexander's provide exposure to New York real estate. Despite political concerns about Mayor Mamdani, on-the-ground leasing trends outpace weak stock performance. Graham Holdings diversified conglomerate includes broadcast television assets that could benefit from increased M&A activity. Kaplan education segment returning to growth after multi-year turnaround. | PK ALX ESRT CLW SAM OSCR MAT GHC GLIBA |
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| 2023 Q3 | Sep 30, 2023 | Ariel Small Cap Value Strategy | 10.1% | 0.0% | AMG, BCO, LESL, LIND, MAT, MEI, NCLH, SPHR | consumer, Entertainment, Leisure, Logistics, small caps, Travel, value | Sphere Entertainment's Las Vegas venue opened on track with costs in-line, planning 365 days of events annually including concerts, sporting events, and The Sphere Experience. Mattel benefited from the successful Barbie movie release, expected to generate over $125 million in gross billings from film royalty payments. | AMG NCLH LESL LIND BCO AMAT SPHR |
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| 2024 Q2 | Jul 31, 2024 | Ariel Appreciation Fund | 9.9% | 0.0% | CLB, CRL, GS, MAT, MIDD, SRCL, WBA, WM | AI, consumer, energy, financials, healthcare, mid cap, value | The bull market was powered by investor enthusiasm for artificial intelligence themed stocks, creating a narrow momentum-driven rally. AI-themed stocks continue to dominate markets this year, contributing to extreme market bifurcation where non-AI companies in the S&P 500 lost 1.2%. | MIDD AMAT CRL WBA GS CLB |
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| 2024 Q2 | Jul 23, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CHTR, CNHI, CNX, FDX, FIS, IAC, K, MAT, MGM, OD, PVH, RTX | Buybacks, Concentration, free cash flow, Logistics, Margins, value | The fund emphasizes trading at low-60s% price-to-value ratio with significant margin of safety. Portfolio companies trade at approximately 10 times free cash flow on margins that can improve, while S&P 500 trades at over 20 times potentially peak free cash flow. | MAT CNHI BIO FDX |
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| 2024 Q2 | Jul 23, 2024 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | BATRA, CNX, DEA, GHC, GRUMA, HOWE, KODK, MAT, OSCR, PCH, PK, WEST, WTM | energy, healthcare, materials, real estate, small caps, value | Fund focuses exclusively on small-cap investments with 19 holdings and P/V ratio in low-60s%. Manager believes environment becoming increasingly favorable for bottom-up stock pickers as Treasury rates stabilize at historical norms. Over 50% of portfolio NAV is in investments with heightened odds of value-realizing corporate events in next 6-12 months. | PCH MAT HOUS KODK OSCR |
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| 2024 Q2 | Jul 23, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AC.PA, AMG, BIO, CFR.SW, CNX, DHER.DE, ENT.L, ERF.PA, EXOR.MI, FDX, FIS, GLB.L, IAC, K, MAT, MGM, PRX.AS, TIGO, VIV.PA, WBD | Buybacks, Europe, free cash flow, global, Margins, technology, valuation, value | The fund trades at a low-60s% price-to-value ratio with holdings at roughly 10 times free cash flow on margins that can improve, while the FTSE Developed trades at 20 times potentially peak free cash flow. This positions investments for growth even in tougher economic times, especially on a relative basis. The valuation gap between the broader market and the portfolio is at a uniquely high level. | DHER.DE ERF.PA BIO FDX PRX.AS MILL.ST |
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| 2023 Q2 | Jul 19, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, CNH, CNX, FBHS, FDX, FFH, FI, FIS, GE, H, HAS, IAC, K, LBRDK, LYV, MAT, MGM, PVH, WBD, WMG | concentrated, consumer discretionary, Media, Mega Cap, technology, value | Fund maintains concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value. Portfolio ended quarter with compelling P/V ratio in mid-60s%, indicating significant future upside potential. Fund seeks businesses run by capable management teams whose stock prices are trading temporarily at discount. | NWBD.L IAC LLYVA |
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| 2023 Q2 | Jul 19, 2023 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | BATRA, CNX, ESRT, GMK, H, HOUS, KODK, LUMN, LXS.DE, MAT, OSCR, SAM, WEST, WTM | concentrated, Consumer Staples, Defensive, real estate, small cap, value | Fund maintains concentrated portfolio of 18-22 ideas trading at discount to intrinsic value. Portfolio P/V ratio in mid-60s% indicates significant upside potential. Management emphasizes buying high quality businesses at temporary discounts with 3-5 year investment horizon. | LUMN SAM LXS.DE HOUS BATRA OSCR |
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| 2023 Q2 | Jul 14, 2023 | Patient Capital Management | 5.6% | 15.8% | ANGI, C, COST, DAL, EXPE, FTCH, GM, IAC, JPM, MAT, META, MGM, OMF, WAL | Behavioral Edge, capital returns, financials, large cap, Travel, value | Manager sees significant exposure to travel as mispriced with continued upside potential. Travel has been booming for the last year but valuations remained depressed until recently. Spending has yet to normalize to pre-pandemic levels and the category is expected to grow at twice the rate of overall consumer spend next year. | ^GSPC WAL IAC |
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| 2023 Q2 | Jun 30, 2023 | Ariel Appreciation Fund | 9.9% | 0.0% | CAH, CBRE, CCL, CG, CRL, GS, IPG, KMT, KMX, LABH, LESL, MAT, MSGE, NCLH, NTRS, PARA, RCL, SCHW, SPHR, SWK | contrarian, Cruises, mid cap, real estate, Recovery, value | Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel for retirees and younger people alike. The vacation and leisure spaces are booming in direct response to the isolating Covid lock downs, with memories having more value than goods for many consumers. | View | |
| 2023 Q1 | Apr 20, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | 0001.HK, AC.PA, AMG, CNXC, FDX, FFH.TO, GE, GLB.L, GOOGL, H, IAC, LUMN, MAT, MGM, MLCO, PVH, WBD, WMG | concentrated, discount, global, industrials, Logistics, Media, value | Fund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Manager invests with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. P/V ratio in low-60s% indicates portfolio trading below intrinsic value. | LUMN MGM FDX TIGO 0GEG LN NWBD.L |
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| 2023 Q1 | Apr 20, 2023 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | BATRA, CNX, GRUMA, H, HOUS, KODK, LNXSF, LUMN, MAT, OSCR, WEST, WTM | Banking, Concentration, small caps, technology, value | Fund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Managers invest with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. Portfolio has low-60s% P/V ratio indicating significant discount to intrinsic value. | LUMN ^HSI OSCR |
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| 2025 Q1 | Mar 31, 2025 | Ariel Appreciation Fund | -6.9% | -6.9% | AAPL, ADT, AMZN, BIO, GOOGL, GS, KN, MAT, META, MIDD, MSFT, MTN, NCLH, NOV, NVDA, OSW, SLB, TSLA, WBA | Buybacks, mid cap, Recession, Recovery, value, volatility | Fund actively acquiring downtrodden shares of quality companies trading at significant discounts to private market values. Holdings are statistically cheap and trading at meaningful discounts to intrinsic worth. Past dislocations of this magnitude have often served as prelude to robust recoveries. | SLB OSW NCLH KN BIO ADT MIDD MAT |
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| 2023 Q1 | Mar 31, 2023 | Ariel Fund | 12.1% | 0.0% | ADTL, AMG, APA, BOKF, BWA, GS, IPG, JLL, LESL, LMT, MAT, MHK, MOS, MSGE, ORCL, PARA, PGR, RCL, SNAP, ZBRA | Banking, Commercial real estate, energy, interest rates, Mid Caps, Regional Banks, small caps, value | Regional banks face significant challenges from deposit flight and commercial real estate exposure following Silicon Valley Bank's collapse. BOK Financial declined 18% amid banking sector stress, though managers believe it remains well-positioned with strong underwriting standards and diversified business model. | View | |
| 2023 Q3 | Mar 10, 2023 | Ariel Appreciation Fund | 9.9% | 0.0% | AXTA, GNRC, IPG, KKR, MAT, NOV | Advertising, Asset Managers, energy, Entertainment, mid cap, Power Equipment, value | NOV Inc. advanced following strong earnings as improving offshore drilling demand leads to higher day rates and longer contract terms. The company is deploying new digital, low emissions fracking equipment and rig automation to enhance drilling efficiency, while winning international projects including Saudi Aramco's 10-year rig building plan. | AXTA GNRC IPG KKR APA|C|FFIV|KHC|NOV|UNH AMAT |
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| 2023 Q3 | Mar 10, 2023 | Ariel Fund | 12.1% | 0.0% | ATGE, GNRC, IPG, LESL, MAT, PBH, SPHR | consumer, Education, Entertainment, healthcare, small caps, value | Sphere Entertainment's Las Vegas venue opened on track with costs in-line, delivering profitable results and planning 365-day operations including concerts, sporting events, and The Sphere Experience. The venue presents long-term opportunities through advertising, sponsorship, and VIP hospitality licensing. | PBH GNRC IPG LESL AMAT ATGE SPHR |
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| 2023 Q4 | Feb 20, 2024 | Ariel Small Cap Value Strategy | 10.1% | 0.0% | CLB, JHG, JLL, LIND, MAT, NVST, OSW | consumer, energy, real estate, small caps, Travel, value | The fund holds luxury adventure travel company Lindblad Expeditions and cruise spa services provider OneSpaWorld, both benefiting from strong demand and pricing power in the travel recovery. Future travel reservations remain strong with companies increasing prices. | NVST AMAT CLB JLL OSW LIND |
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| 2023 Q4 | Jan 31, 2024 | Ariel Fund | 12.1% | 0.0% | ATGE, CLB, JLL, MAT, MSGE, RCL | consumer, earnings, energy, Entertainment, real estate, small caps, value | Royal Caribbean Group advanced on quarterly earnings beat and raised full-year guidance driven by stronger consumer demand and solid cost containment. The company continues to experience solid momentum in onboard spend, while 2024 booking trends are significantly ahead of historical ranges at higher pricing. | MSGE AMAT CLB JLL ATGE ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2023 Q4 | Jan 31, 2024 | Ariel Appreciation Fund | 9.9% | 0.0% | BWA, CG, CLB, KKR, MAT, SCHW | Alternative Asset Managers, Electric Vehicles, Financial Services, mid cap, Oil Services, Toymakers, value | Both KKR and Carlyle delivered strong performance with positive investment results across product lines. KKR showed improving trends in fundraising, deployment and monetization, while Carlyle demonstrated early execution on strategic initiatives with continued growth and margin expansion expected. | BWA AMAT CLB SCHW KKR ACGL |
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| 2023 Q4 | Jan 17, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, BIO, CNHI, CNX, FBHS, FDX, FFH, FIS, GE, H, IAC, K, LBRDK, LUMN, LYV, MAT, MGM, PVH, RTX, WBD | Buybacks, financials, Logistics, Quality, Travel, value | Fund focuses on Business, People, Price discipline, seeking hidden quality companies trading at discounts. Portfolio differs meaningfully from value indices, with ~50% not found in benchmark indices. Manager believes their differentiated approach positions them well versus Quality at Higher Price strategies and Value ETFs. | ^HSI MGM FFH FDX PVH NWBD.L |
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| 2023 Q4 | Jan 17, 2024 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | ARE, CNX, DEI, ESRT, GHC, GRUMAB, H, IMKTA, KNF, KODK, LUMN, MAS, MAT, OHI, PK, SAM, WEST, WTM | Buybacks, Hotels, Quality, real estate, small caps, value | The fund emphasizes their Business, People, Price discipline and differentiated approach to value investing. They focus on hidden quality companies with management teams that will take steps to get that quality recognized by the market over the medium to long term. The fund believes they are well positioned for the return of value investing as interest rates normalize. | WEST ^HSI ESRT GRUMAB KNF OSCR |
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| 2023 Q4 | Jan 17, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, BIO, CNX, DHER.DE, ERF.PA, EXOR.MI, FBHS, FDX, FFH.TO, FIS, GE, K, LUMN, LYV, MAT, MGM, MLCO, PVH, TIGO, WBD | Banking, Buybacks, global, portfolio, Quality, returns, value | Manager emphasizes their differentiated approach to value investing, focusing on Business, People, Price rather than traditional value ETF strategies or quality at higher prices. They believe value is positioned for outperformance in the 2020s similar to previous decades when interest rates normalized. | View | |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Fund | -1.3% | 8.8% | ACI, AMG, BIO, CNX, DINO, EXO, FBIN, FDX, FFH, FIS, IAC, K, LBRDK, LYV, MAT, MGM, PYPL, RTX, WBD, WMG | Buybacks, energy, Media, Natural Gas, payments, technology, value | Fund operates with high-60s% price-to-value ratio and 10x price/earnings power multiple, dramatically different than the market. Manager emphasizes appraisal-driven research and fundamental analysis to identify undervalued opportunities. | View | |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Small-Cap Fund | -1.6% | 9.7% | BATRA, CNX, DOLE, GHC, GRUMA.MX, HHH, HOUS, KODK, LLYVA, MAT, OSCR, PCH, PK, WEST, WTM | Buybacks, Cash, Concentration, Natural Gas, small cap, Trump, value | Fund operates with concentrated value investing approach, holding 18 positions at high-60s% price-to-value ratio and 11x price/earnings power multiple. Portfolio grouped into companies where value per share growth has turned the corner (75%), those expected to turn within 18 months (15%), and recent additions. Management emphasizes fundamental appraisal-driven research and patient capital deployment. | GRUMAB WEST HOUS GHC KODK LLYVA OSCR CNX |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | Mattel Inc | Leisure | Leisure Products | Bull | NASDAQ | brand portfolio, direct-to-consumer, entertainment, FCF Generation, IP Licensing, Mobile Gaming, share repurchase, Toys | View Pitch |
| Apr 28, 2026 | Fund Letters | Longleaf Partners Global Fund | Mattel, Inc. | Leisure | Leisure Products | Bull | NASDAQ | direct-to-consumer, entertainment, Intellectual Property, Licensing, Mobile Gaming, Movies, share repurchase, Toys | View Pitch |
| Apr 24, 2026 | Fund Letters | RS Large Cap Val Strategy | Mattel, Inc. | Leisure | Leisure Products | Bull | NASDAQ | Brand Licensing, Digital gaming, entertainment, Intellectual Property, ROIC, strategic investment, Toy Manufacturer | View Pitch |
| Apr 23, 2026 | Fund Letters | Ariel Small Cap Value Strategy | Mattel Inc | Leisure | Leisure Products | Bull | NASDAQ | Brand Extensions, Digital gaming, Direct Consumer, Entertainment Content, Intellectual Property, IP monetization, Share Buyback, Toy Manufacturing | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Appreciation Fund | Mattel, Inc. | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Consumer Discretionary, Entertainment Franchises, Free Cash Flow, Intellectual Property, Media Content, Share Buybacks, Toy Manufacturer | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Fund | Mattel Inc | Consumer Discretionary | Leisure Products | Bull | NASDAQ | brand portfolio, capital allocation, Consumer Discretionary, Gaming, media company, share repurchases, supply chain diversification, Toy Manufacturer | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Fund | Mattel Inc | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Barbie, Consumer Discretionary, entertainment, FCF growth, Media Revenue, share repurchases, Toys | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | Mattel | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Barbie, Consumer Discretionary, Entertainment Revenue, FCF growth, IP Portfolio, Media Entertainment, share repurchases, Toys | View Pitch |
| Apr 13, 2026 | Fund Letters | EdgePoint Global | Mattel, Inc. | Consumer Discretionary | Leisure Products | Bull | NASDAQ | brand monetization, Consumer products, entertainment, Intellectual Property, Media Franchises, Movies, Toys, volume growth | View Pitch |
| Jan 28, 2026 | Seeking Alpha | Seeking Alpha | Mattel, Inc. | Consumer Goods | Toys & Games | Bull | NASDAQ Stock Market | content partnerships, DC partnership, Free Cash Flow, Hot Wheels, Mattel, Netflix, Share Buybacks, tariffs, Toy Industry, Toy Story 5 | View Pitch |
| Jan 16, 2026 | Fund Letters | Ross Glotzbach | Mattel, Inc. | Consumer Discretionary | Leisure Products | Bull | NASDAQ | brands, buybacks, Intellectualproperty, Margins, Toys | View Pitch |
| Jan 16, 2026 | Fund Letters | Ross Glotzbach | Mattel, Inc. | Consumer Discretionary | Leisure Products | Bull | NASDAQ | brands, buybacks, Intellectualproperty, Margins, Toys | View Pitch |
| Nov 29, 2025 | Fund Letters | Ross Glotzbach | Mattel, Inc. | Consumer Discretionary | Leisure Products | Bull | NASDAQ | buybacks, Content-pipeline, EPS growth, Licensing, Margins, tariffs, Toys | View Pitch |
| Nov 29, 2025 | Fund Letters | John W. Rogers | Mattel Inc. | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Branding, buybacks, consumer, entertainment, growth, Margins, Toys | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $4.5M | 0.01% | 227,609 | -183,837 | -44.68% | 0.0808% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $86.1M | 0.10% | 4,341,454 | +4,297,594 | +9798.44% | 1.5408% |
| Israel Englander | Millennium Management LLC | $233.2B | $44.3M | 0.02% | 2,233,985 | +649,350 | +40.98% | 0.7929% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $6.9M | 0.15% | 346,500 | -66,100 | -16.02% | 0.1230% |
| Jeremy Grantham | GMO LLC | $39.1B | $2.8M | 0.01% | 140,339 | +80,260 | +133.59% | 0.0498% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $435,508 | 0.00% | 21,951 | -3,900 | -15.09% | 0.0078% |
| Mason Hawkins | Southeastern Asset Management | $2.2B | $170.0M | 7.57% | 8,570,328 | +409,032 | +5.01% | 3.0417% |
| Cliff Asness | AQR Capital Management | $190.6B | $81.4M | 0.04% | 4,100,673 | +449,958 | +12.33% | 1.4554% |
| Mario Gabelli | GAMCO Investors | $10.4B | $924,544 | 0.01% | 46,600 | +0 | +0.00% | 0.0165% |
| John Rogers | Ariel Investment | $9.3B | $248.6M | 2.69% | 12,532,133 | -1,228,337 | -8.93% | 4.4478% |
| Rich Handler | Jefferies | $19.3B | $696,741 | 0.00% | 35,118 | +35,118 | +100.00% | 0.0125% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $456 | 0.00% | 23 | +0 | +0.00% | 0.0000% |