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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 19, 2024 | Andvari Associates | 0.0% | 20.3% | CSGP, KPG AU, MO | - | View | ||
| 2024 Q3 | Oct 31, 2024 | Ashva Capital Management | 23.0% | 0.0% | MO | - | 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 | |
| 2025 Q4 | Jan 15, 2026 | Columbia Dividend Opportunity Fund | 2.8% | 15.9% | ABBV, ALB, BAC, BLK, BRX, C, CSCO, DRI, GOOGL, GPC, GPS, GS, HD, IBM, IP, JNJ, JPM, LUV, MCD, MO, MRK, MU, PM, QRVO, SBUX, SWKS, T, UDR, XOM | AI, Banking, dividends, financials, Lithium, technology, value, Yield | The fund focuses on companies with historically consistent and increasing dividends, though dividend stocks generally underperformed during the quarter as investors favored speculative companies over defensive characteristics. The manager maintains a positive view on dividend-paying stocks as an out-of-favor segment largely devoid of speculative activity. The market remained supported by ongoing enthusiasm about the artificial intelligence theme, though there was a brief stretch of concern in November about a possible AI bubble. The manager sees potential for improved relative performance if excitement surrounding AI begins to cool. The quarter was characterized by broadening market leadership away from mega-cap technology companies, contributing to relative strength in the value style. The fund's investment universe offers fundamentally sound companies trading with attractive yields and reasonable valuations. A new position in mandatory convertible securities of lithium producer Albermarle made a sizable contribution as lithium prices rose due to reduced supply from China, and market participants became more optimistic about the metal's potential use in energy storage applications. | View | |
| 2024 Q2 | Aug 14, 2024 | Emeth Value Capital | 0.0% | 6.9% | BDEV LN, MO | - | View | ||
| 2025 Q1 | Apr 4, 2025 | Andvari Associates | 7.2% | 7.2% | AJG, BAH, DHR, KPG AU, MA, MO, ORLY, PM, POOL, ROL, SPGI, TDG | - | View | ||
| 2022 Q4 | Feb 28, 2023 | Ashva Capital Management | 23.0% | 0.0% | BTI, MO | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Oct 14, 2025 | Seeking Alpha | Seeking Alpha | Altria Group, Inc. | Tobacco | Bull | Altria, defensive stock, EPS growth, Free Cash Flow, NJOY, Pricing Strategy, Regulatory Risks, shareholder returns, tobacco, undervalued | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | Louis Gerard | Altria Group | Consumer Staples | Tobacco | Bull | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Thomas Prescott | Altria | Consumer Staples | Tobacco | Bull | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Millennial Dividends | Altria Group, Inc. | Consumer Staples | Tobacco | Bull | NYSE | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Tradevestor | Altria Group, Inc. | Consumer Staples | Tobacco | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Philipp Brohl | Altria Group, Inc. | Consumer Staples | Tobacco | Bear | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Manika Premsingh | Altria Group, Inc. | Consumer Staples | Tobacco | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Ted Waller | Altria Group, Inc. | Consumer Staples | Tobacco | Neutral | 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. | ||||||||