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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2022 Q2 | Jul 18, 2022 | Springview Capital Management | -8.4% | -7.3% | BRK/A, GOOG, MKL, WRB, WTM | - | View | ||
| 2024 Q4 | Feb 5, 2025 | Markel Group Inc. | - | - | MKL | - | View | ||
| 2023 Q4 | Feb 21, 2024 | Springview Capital Management | 6.5% | 15.3% | BRK/A, FFH CN, HTL, MKL, UNP | - | View | ||
| 2024 Q4 | Feb 10, 2025 | Springview Capital Management | 5.4% | 19.7% | BRK/A, HLN, MKL, MSGS, V, VAC | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Zelikovic Investments / Tavor Capital | - | - | ATKR, BN, BUR LN, EXO NA, FFH CN, IAC, KKR, KNSL, MKL, TASE IT, TPL | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | ADI, AMT, APD, FTV, MKL, MSFT, TDG, VLTO | - | View | ||
| 2023 Q4 | Dec 31, 2023 | FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists) | 11.3% | 16.1% | APD, CDW, MKL, ROST, WAT | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Markel Group Inc. | - | - | MKL | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Markel Group Inc. | - | - | MKL | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Aquamarine Fund | - | -21.0% | 1211 HK, AXP, BAC, BRK/A, CDLX, CVNA, GOOG, IEX IN, MKL, NESN SW, OXY, RACE IM, ROKU, SNOW, SQ, TSLA | - | View | ||
| 2024 Q3 | Oct 3, 2024 | Vltava Fund | 0.0% | 0.0% | AAPL, BN, HUM, KLAC, MKL | - | View | ||
| 2022 Q3 | Oct 14, 2022 | Giverny Capital Asset Management | 7.0% | 20.2% | BRK/A, CIEN, COHR, ERF FP, FRC, JPM, KMX, META, MKL, MTB, PGR, SCHW | - | View | ||
| 2025 Q4 | Jan 9, 2026 | Tsai Capital | 0.0% | 7.6% | AAPL, AMZN, BN, BRK-B, COST, GOOGL, IDXX, MA, META, MKL, MSCI, MSFT, NVDA, QXO, TSLA, TYL, V | Compounding, disruption, Ecosystems, growth, innovation, Networks, technology | Tesla is described as a leading artificial intelligence company with formidable competitive advantages. The manager believes Tesla's AI capabilities remain underestimated and undervalued, anticipating the company will eventually operate millions of autonomous vehicles and own the majority of the autonomous market. The letter extensively discusses robotics as a transformative medium that changes workplaces, economies, and society. Amazon's robotic warehouses are highlighted as exemplifying the medium's power, creating unparalleled logistics efficiency and competitive advantages. Tesla is positioned as leading the inexorable shift toward electric vehicles, steadily eroding the foundations of legacy automakers burdened by obsolescent infrastructure. The manager expects Tesla to significantly increase vehicle production as the overall EV market expands. Amazon Web Services is described as the undisputed leader in cloud computing, accounting for more than 50% of Amazon's aggregate operating profits. The transition from local servers to cloud environments is highlighted as a key growth driver. Amazon's e-commerce arm continues to capture additional market share with remarkable agility despite its immense scale. The shift from brick-and-mortar retail to digital marketplaces is identified as a key trend driving Amazon's revenue growth. | View | |
| 2025 Q4 | Jan 26, 2026 | Davis Opportunity Fund | 0.0% | 22.0% | AMAT, AMZN, COF, CTRA, CVS, DGX, GOOGL, META, MKL, SOLV, TECK, UNH, USB, VTRS, WCC | active management, energy, financials, healthcare, Outperformance, selectivity, technology, valuation | Davis advocates for active management over passive indexing given stretched valuations in major indexes. They believe active managers can be selective at the security level and maintain rational diversification, contrasting with passive indexes where weightings are determined by share price momentum. The fund was opportunistic in healthcare throughout 2025, investing decisively in managed care insurers when operating costs surged unexpectedly. They believe these businesses traded at low multiples on depressed earnings with good recovery potential, as small margin improvements can translate into large percentage increases in earnings power. Holdings span social media, online search, cloud computing and e-commerce including select Magnificent 7 positions. They also own semiconductor companies at reasonable valuations, including picks and shovels businesses like Applied Materials with strong competitive positions and long track records of value creation. The portfolio looks different from major passive indexes in financials. Capital One Financial is a core holding with strong consumer finance, deposit-rich banking, and payment processing capabilities. It trades at only 13-14 times forward earnings despite attractive economics and is the fifth-largest holder of AI-related patents among major US companies. The fund owns stakes in energy and commodities companies that they have been quietly building. Coterra represents their energy business holdings, while Teck Resources reflects interest in select commodities like copper that serve as critical inputs to the electrification trend. | WCC COF UNH |
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| 2025 Q4 | Jan 26, 2026 | Davis Financial Fund | 0.0% | 29.3% | AXP, BAER.SW, BK, BRK-A, CB, COF, D05.SI, DIS, FI, FITB, JPM, MKL, PNC, RE, RKT, RNR, USB, WFC | Banking, capital, financials, insurance, regulation, returns, value | Banks continue to represent the majority of holdings with strong tailwinds across credit, spreads, expenses, and regulation. Interest spreads have begun widening as fixed rate assets roll over at higher yields, revealing attractive economics of low-cost deposit franchises. Many banks are generating returns on tangible equity in the mid-to-high teens with management targets suggesting sustainability in the medium term. Capital markets firms were among the drivers of S&P Financials Index performance and contributed to fund outperformance. The regulatory environment has been moving in a favorable direction with capital rules being finalized that are far less onerous than under the prior administration. Regulators are more willing to consider M&A transactions with relief on certain supervisory limitations. Property & casualty reinsurers were added to the portfolio as capital was redeployed from trimmed bank positions. Pricing trends in insurance markets have been strong in recent years. Chubb has consistently generated returns on equity comfortably ahead of the industry owing to advantaged lines of business with disciplined underwriting and operating culture. Payments and consumer lending companies were the biggest contributors to relative performance including Capital One, American Express and Rocket Companies. Capital One's transformational acquisition of Discover Financial closed with anticipated annual cost synergies of $1.5 billion and network synergies of $1.2 billion from transitioning card volumes into Discover's networks. Financial stock valuations have begun to reset higher with price-to-tangible book value multiples expanding by over 70% on average in the past three years. The portfolio in aggregate is valued at approximately 13x this year's earnings, representing a significant discount to both the broader S&P 500 Index and S&P Financials Index. | CB WFC COF |
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| 2022 Q4 | Jan 25, 2023 | Springview Capital Management | 7.2% | -4.6% | BRK/A, FFH CN, HLT, MKL, WRB, WTM | - | View | ||
| 2024 Q4 | Jan 17, 2025 | ROCKLINC Partners Fund | 4.7% | 17.4% | MKL | - | View | ||
| 2025 Q4 | Jan 15, 2026 | ROCKLINC Partners Fund | 0.7% | 20.3% | AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO | active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value | Gold delivered one of its strongest annual performances in decades during 2025, with a 64.5% gain to $4,318 per ounce. The acceleration in Q4 underscores persistent safe-haven demand amid geopolitical tensions, central bank buying, inflation hedging, massive global debts and a favorable macro backdrop with lower real yields on fixed income securities. Silver far outpaced even gold with explosive momentum in the final quarter, delivering a colossal 147.5% gain for the year to $71.54 per ounce. This reflects gold's safe-haven spillover plus strong industrial demand from solar, electronics, EVs, and AI-related applications, chronic supply deficits, and early cycle speculative fervour. The firm's significant allocation to precious metals royalty companies was the primary driver of outperformance in 2025. Precious metals staged historic rallies as hard assets and inflation hedges dominated, providing a powerful tailwind to resource-heavy Canadian indices amid broader global uncertainty. The new Rocklinc Principled Equity Fund focuses on undervalued securities through a concentrated portfolio of 20 or fewer holdings, enabling conviction-driven investments based on deep fundamental analysis. The firm deliberately steers clear of overvalued securities trading at extreme multiples and resists purely speculative investments. Canada leads globally in active ETF adoption, with about 30% of total ETF assets under management being actively managed, compared to just 8% in the US. The firm launched the Rocklinc Principled Equity Fund ETF to tap into this booming market where investor demand and competition among providers are driving rapid growth. Sprott has successfully positioned itself at the center of the modern energy transition through its dominance in the uranium sector. The Sprott Physical Uranium Trust is now the largest holder of physical uranium in the world, effectively becoming the institutional gateway for nuclear energy exposure. | SII |
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| 2025 Q4 | Jan 13, 2026 | FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists) | -1.2% | 4.9% | ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA | AI, fundamentals, mid cap, Quality, Speculation, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks. | FAST AZO BRO APH MKL |
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| 2024 Q4 | Jan 18, 2025 | Appalaches Capital | 0.7% | 7.9% | CME, CPNG, GOOG, MKL, PLX FP, SAFT | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 15, 2026 | Fund Letters | Larry Pitkowsky | Markel Group Inc. | Financials | Property & Casualty Insurance | Bull | New York Stock Exchange | Capitalallocation, compounding, Float, Insurance, underwriting | View Pitch |
| Jan 15, 2026 | Fund Letters | John Fox | Markel Group Inc. | Financials | Property & Casualty Insurance | Bull | New York Stock Exchange | Capitalallocation, compounding, Insurance, investments, underwriting | View Pitch |
| Oct 31, 2025 | Seeking Alpha | Seeking Alpha | Markel Group Inc. | Insurance - Property & Casualty | Neutral | Berkshire Hathaway model, combined ratio, equity investments, global expansion, growth potential, investment portfolio, margin of safety, market ventures, specialty insurance, underwriting improvement | 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. | ||||||||