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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | May 31, 2025 | Turtle Creek Fund Test | -10.3% | -10.3% | BFH, BWA, FND, MGA.TO, MIDD, TFII.TO, TOY.TO | Buybacks, Canada, Foodservice, mid cap, tariffs, Transportation, value | Trump administration's chaotic tariff policy created significant market volatility and uncertainty. Direct portfolio impact is modest with only 4 of 30 companies notably affected due to USMCA compliance. Secondary economic impact from consumer sentiment decline and approval rating drops has caused policy backtracking. | MIDD TFII.TO BFH |
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| 2025 Q1 | Apr 5, 2025 | 13D Activist Fund | -10.2% | -10.2% | AAPL, AVGO, BLCO, CL, CMG, CNI, DKS, FTRE, HR, JNJ, KVUE, MIDD, MSFT, OR.PA, PG, QRVO, SN, SWKS, WEN, YETI | activism, consumer, M&A, semiconductors, small cap, value, volatility | The fund focuses exclusively on activist investing situations, holding positions for the full activist cycle until catalysts are no longer compelling. Activist investors are keeping their heads down and focusing on portfolios despite market volatility, with 2025 already outpacing 2024 with 45 new campaigns versus 36 last year. | View | |
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Small Cap | -7.3% | 1.3% | AMZN, CCK, CG, CRM, EG, ELV, FBHS, GOOGL, HEIA.AS, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH | Building Products, discount, Europe, Foodservice, Margin Of Safety, small caps, value | Small Cap is the most discounted portfolio in terms of price compared to intrinsic value estimates, providing the highest margin of safety. The manager believes the market is overly focused on short-term results and not properly recognizing long-term prospects of quality companies trading at discounts. | View | |
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Large Cap | -0.1% | 17.5% | AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.PA, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH | Alternative Asset Managers, global, healthcare, large cap, Margin Of Safety, technology, value | Manager emphasizes buying companies with stable values at attractive margins of safety. Price to value ratios remained relatively flat across strategies despite double-digit returns. Focus on allocating capital to companies with larger margins of safety as U.S. markets outperformed. | View | |
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Small Cap | -2.5% | 13.6% | AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SW.ST, UNH | Alternative Asset Managers, Concentration, healthcare, insurance, international, value | Manager emphasizes buying companies with stable values at attractive margins of safety. Portfolio price-to-value ratios remained relatively flat despite double-digit returns as capital was reallocated from companies whose prices rose faster than values into more discounted opportunities. | View | |
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Focus Plus | 6.3% | 26.1% | AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MEDP, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH | concentrated, Intrinsic Value, large cap, long-term, Margin Of Safety, value | Everest Group is a global reinsurance and insurance business known for disciplined underwriting. The company underwrites aggressively in hard markets and builds capacity during soft markets, focusing on growing intrinsic value per share over long-term rather than managing short-term earnings. | View | |
| 2024 Q4 | Dec 31, 2024 | Vulcan Value Partners – Focus Plus | 7.4% | 27.5% | AMZN, CCK, CG, CRM, ELV, FBHS, GOOGL, HEIA.AS, KKR, LYV, MIDD, PBH.TO, PGHN.SW, QRVO, RE, RI.PA, RTO.L, SDIP.ST, SW.PA, UNH | Alternative Asset Managers, Cloud, Concentration, Discipline, insurance, large cap, value | Vulcan follows a disciplined value approach, reallocating capital from companies whose prices rose faster than values into companies whose prices did not keep up with values. They maintain attractive price to value ratios despite double-digit returns and focus on companies with stable values and margins of safety. | View | |
| 2025 Q3 | Oct 27, 2025 | 13D Activist Fund | 8.9% | 2.7% | ABG, ALV, APD, BILL, EXEL, KVUE, MIDD, MRCY, PENN, PFGC, PSO.L, QRVO, RIOT, SWX, TRIP, TWLO, VSAT, VSTS, WK, YETI | activism, M&A, SMID Cap, technology, value | Activist activity and success have been flourishing with the Universal Proxy Card increasing campaign success rates from 73% to 88%. The fund expects significant alpha generation from activists like Jeff Smith, Scott Ferguson and Dan Loeb as markets rotate into value investing. | WK VSAT TRIP PFGC |
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| 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 | Sep 30, 2024 | Ariel Fund | 12.1% | 0.0% | BIO, CLB, GNTX, JLL, LAZ, LESL, MHK, MIDD, SRCL | healthcare, industrials, real estate, small caps, SMID Cap, value | The fund focuses on investing in undervalued companies trading at discounts to private market value estimates. Management emphasizes patient investing in differentiated businesses with solid competitive positioning and robust balance sheets to generate superior returns over time. | MIDD BIO CLB GNTX LESL JLL LAZ MHK |
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| 2024 Q2 | Jul 31, 2024 | Ariel Small Cap Value Strategy | 10.1% | 0.0% | BCO, CLB, HMN, LESL, MIDD, OSW, PARA, SPHR | AI, Entertainment, Logistics, Oil Services, small cap, Travel, value | The bull market was powered by investor enthusiasm for artificial intelligence themed stocks, creating a narrow momentum-driven rally. This AI focus contributed to extreme market bifurcation, with non-AI companies in the S&P 500 declining 1.2%. | PARA MIDD SPHR LESL CLB BCO OSW |
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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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| 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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| 2025 Q1 | Mar 31, 2025 | Ariel Small Cap Value Strategy | -10.7% | -10.7% | AAPL, ADT, AMZN, BIO, FAF, GOOGL, LESL, LIND, META, MIDD, MSFT, NCLH, NVDA, TSLA | discount, Quality, Recession, small caps, value, volatility | The fund focuses on acquiring downtrodden shares of quality companies whose value should be realized over the long term. Holdings are trading at a significant discount to their private market values, creating opportunities for patient investors during market dislocations. | BIO LIND LESL NCLH FAF ADT MIDD |
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| 2025 Q1 | Mar 31, 2025 | Heartland Mid Cap Value Fund | 0.7% | 0.7% | MIDD, PRGO, TDY | healthcare, industrials, mid cap, technology, value, volatility | The fund employs a two-bucket value approach, holding both quality value companies trading at bargains and deeply discounted deep value businesses. Market volatility is creating more attractive entry points for patient value investors as many businesses are being priced for a meaningful economic slowdown. | PRGO MIDD TDY |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 5, 2026 | Fund Letters | Mayar Capital | The Middleby Corporation | Specialty Industrial Machinery | Industrial Machinery | Bull | NASDAQ | Commercial Kitchen Equipment, Foodservice, Industrial Equipment, Portfolio Restructuring, spin-off | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Appreciation Fund | The Middleby Corporation | Industrials | Industrial Machinery | Bull | NASDAQ | Activist Investment, Automation, Commercial Foodservice, Food Equipment, industrial machinery, portfolio optimization, Restaurant Equipment | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Small Cap Value Strategy | Middleby Corporation | Industrials | Industrial Machinery | Bull | NASDAQ | Activist Investment, Automation, Commercial Foodservice, Food Equipment, industrial machinery, strategic review, value unlock | View Pitch |
| Apr 13, 2026 | Fund Letters | Heartland Mid Cap Value Fund | The Middleby Corporation | Industrials | Machinery | Bull | NASDAQ | Activist Investment, Brand Integration, Commercial Foodservice, Food processing equipment, Industrial Equipment, margin expansion, spin-off, valuation discount | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Small Cap Value Strategy | Middleby Corporation | Industrials | Machinery | Bull | NASDAQ | Commercial Equipment, Cooking Technology, Food Equipment, Food service, Free Cash Flow, innovation, Kitchen Automation, margin expansion | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Appreciation Fund | Middleby Corporation | Industrials | Industrial Machinery | Bull | NASDAQ | Automation, Efficiency Solutions, Food Equipment, Food service, Former Holding, innovation, New Position, Restaurant Equipment, secular trends | View Pitch |
| Apr 13, 2026 | Fund Letters | Turtle Creek | The Middleby Corporation | Industrials | Industrial Machinery | Bull | NASDAQ | Acquisitions, activist investor, Commercial Foodservice, Food Processing, Industrial Equipment, Share Buybacks, spin-off, Tariff Beneficiary, US Manufacturing | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | The Middleby Corporation | Industrials | Industrial Machinery | Bull | NASDAQ | Automation, Cyclical Recovery, Food Equipment, Food service, innovation, manufacturing, restaurant industry | 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 |
|---|---|---|---|---|---|---|---|---|
| Israel Englander | Millennium Management LLC | $233.2B | $23.0M | 0.01% | 154,457 | -7,191 | -4.45% | 0.2757% |
| Cliff Asness | AQR Capital Management | $190.6B | $27.1M | 0.01% | 182,016 | +121,918 | +202.87% | 0.3249% |
| Mario Gabelli | GAMCO Investors | $10.4B | $713,616 | 0.01% | 4,800 | +0 | +0.00% | 0.0086% |
| John Rogers | Ariel Investment | $9.3B | $231.7M | 2.50% | 1,558,645 | +285,527 | +22.43% | 2.7821% |
| Brian Bares | Bares Capital Management | $1.1B | $7.3M | 0.67% | 54,625 | +0 | +0.00% | 0.0872% |