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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Invesco Small Cap Value Fund | 6.5% | 0.2% | AL, COHR, DAVA, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS | AI, Banking, energy, healthcare, Intrinsic Value, materials, small cap, value | The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and estimated intrinsic value was attractive, indicating potential long-term capital appreciation. Following outperformance of large-cap stocks over small-cap stocks in recent years, the managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. | TEX SAIA |
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| 2025 Q2 | Jul 22, 2025 | Harris Associates Concentrated Strategy | 3.9% | 3.7% | CRM, GOOGL, IQV, KDP, MOH, WBD | AI, Beverages, Concentration, fundamentals, healthcare, Media, technology, value | AI leadership is driving upside across portfolios, with companies like Alphabet benefiting from robust demand for AI workloads in Cloud growth acceleration. The technology is creating engagement and revenue benefits in search experiences. | CRM MOH KDP IQV GOOGL WBD IQV COP GOOG COF SCHW |
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| 2025 Q2 | Jun 30, 2025 | Oakmark Global Fund | 6.0% | - | 3626.T, ADS.DE, AHT.L, AKZA.AS, ALV.DE, BAYN.DE, BDX, BMW.DE, BNP.PA, BUD, COP, DSV.CO, FI, IQV, KDP, LBRDK, LLOY.L, MOH | financials, global, healthcare, industrials, Logistics, Trade Policy, value | President Trump's Liberation Day announcement led to significant market volatility with companies perceived as more impacted by tariffs falling meaningfully while others held up better. The fund used this volatility to trim positions that performed well and buy companies where the discount to intrinsic value widened significantly. | MOH KDP BNP.PA BMW.DE AHT.L ADS.DE BDX DSV.CO |
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| 2025 Q1 | Mar 31, 2025 | Harris Associates Concentrated Strategy | -0.1% | -0.1% | COP, CRM, DE, FCNCA, FI, GOOGL, ICE, IQV, MOH | AI, Buybacks, Cloud, energy, financials, healthcare, large cap, value | The manager argues that despite recent outperformance of value over growth, a large valuation imbalance still exists between value and growth equities. They believe this imbalance will fuel better long-term performance for value equities going forward. | MOH FCNCA IQV GOOGL COP DE ICE |
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| 2025 Q4 | Feb 10, 2026 | Kopernik Global All-Cap Fund | 8.0% | 64.8% | 015760.KS, 3690.HK, BHP, CMCSA, CNC, CVE.TO, GLEN.L, Gold, MOH, NAK, NG, PDN.AX, RGLD, RRC, SDF.DE, SEA.TO, SQM, TPK.L, TWE.AX, VALE | diversification, global, materials, Mining, Precious Metals, undervaluation, value | Gold prices rose 65% in 2025, with precious metals miners performing strongly. The fund trimmed gold positions significantly from 15% to 9% of the portfolio due to strong performance, rolling gains into platinum and industrial metals where more upside is seen. Platinum group metals producers were among the largest contributors for the second consecutive quarter. South African companies Valterra and Impala had strong returns of 20.7% and 26.4% respectively, with substantial upside potential remaining relative to risk-adjusted intrinsic value estimates. After over a decade of underperformance, value stocks had a strong fourth quarter with Russell 1000 Value up 3.3% versus 1.2% for growth. The manager believes the market is beginning to recognize value, emphasizing buying good companies for less than they are worth. Conglomerates performed well with Cresud up 48.7% and LG Corp up 9.1%. The manager notes conglomerates are complex and difficult to analyze, frequently ignored by the market, providing significant opportunities for fundamental bottom-up analysis. | IMP SJ VAL SJ |
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| 2025 Q3 | Oct 28, 2025 | Harris Associates Concentrated Strategy | 2.4% | 6.2% | CRM, GOOGL, IQV, KDP, MOH, WBD | Beverages, concentrated, healthcare, large cap, Media, technology, value | AI leadership is driving upside across portfolios, with companies like Alphabet benefiting from robust demand for AI workloads in Cloud growth acceleration. The technology is creating engagement and revenue benefits in search experiences. | CRM MOH KDP IQV GOOGL WBD CRM MOH KDP IQV GOOGL WBD |
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| 2025 Q3 | Oct 20, 2025 | Invesco Small Cap Value Fund | 10.0% | 10.2% | AL, COHR, DAVA.L, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS | AI, energy, healthcare, Intrinsic Value, materials, small caps, Transportation, value | The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and intrinsic value estimates was attractive, indicating potential long-term capital appreciation. Following outperformance of large-caps over small-caps in recent years, managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. | View | |
| 2025 Q3 | Oct 10, 2025 | Oakmark Global Select Fund | 3.4% | 17.3% | BABA, CHTR, CNC, CNHI, DASTY, GOOGL, MOH, PRX | AI, Broadband, China, Cloud, Europe, global, technology, value | Alibaba benefited from rapid Chinese AI growth, with the company being one of the early investors in Chinese AI. The fund believes Alibaba can leverage its advanced AI capabilities and leading market position to unlock further value over time. | View | |
| 2025 Q3 | Oct 10, 2025 | Oakmark Select Fund | 2.3% | 5.4% | CRM, GOOGL, IQV, KDP, MOH, WBD | Beverages, Media, mid cap, Quality, undervalued, value | Warner Bros Discovery was the top contributor, surging 29% on acquisition speculation from Paramount-Skydance. The potential merger could generate meaningful cost synergies and create a scaled competitor with deep content library. The company shows solid recent earnings, renewed distribution deals and growing streaming momentum. | View | |
| 2025 Q3 | Oct 10, 2025 | Oakmark Global Fund | 4.1% | 15.2% | AMZN, BABA, CHTR, CNC, CNHI, CRM, DASTY, GOOGL, HEXAB.ST, KER.PA, MOH, STJ.L, TRGP | energy, Europe, global, healthcare, Luxury, technology, value | Kering was the top contributor during the quarter, rising in anticipation of new CEO leadership and Gucci's debut collection. While revenue trends remain negative, they are improving, and new leadership is expected to build on recent investments to strengthen luxury houses and return the group to growth. | View | |
| 2025 Q4 | Jan 20, 2026 | Meditation Capital | 0.0% | 0.0% | ELV, GTLB, MOH | AI, Health Insurance, Margins, Medicaid, technology, value | Manager outlines framework for AI investing focused on asymmetric risk/reward profiles and avoiding AI losers. Applications have lagged capex but 2026 may see value creation across portfolio. Sold GitLab position due to increased uncertainty from rapid AI coding improvements. Large positions in Elevance Health and Molina Healthcare based on margin normalization thesis after 2025 cost overruns. Health insurers expected to reprice policies to restore normal margins, creating 25-34% IRR opportunities over 4 years. | MOH ELV |
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| 2025 Q4 | Jan 15, 2026 | Moon Capital Management | 0.0% | 0.0% | AAPL, MOH, NVDA | Compounding, fundamentals, healthcare, Managed Care, Margins, Medicaid, value | Molina Healthcare represents a mispriced compounder experiencing transitory margin pressure in the Medicaid industry. The company serves 5.6 million members with Medicaid representing 75% of premium revenue. Despite industry-wide losses, Molina continues generating profit with MLR running 250 basis points better than industry average. | MOH |
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| 2024 Q2 | Jun 30, 2024 | Invesco Small Cap Value Fund | 6.5% | 19.5% | ATGE, AVTR, COHR, CRS, ENDV.L, EPAM, EXPE, GL, LITE, MOH, MTZ, MXL, NFE, NRG, SEM, SIMO, VRT, VST, WAL, WBS | Intrinsic Value, materials, small cap, technology, Utilities, value | The fund benefits from AI growth through holdings like Coherent, which develops optical transceivers that are key enablers for networking of AI servers. Vistra shares rose due to better outlook for long-term demand driven by the build out of energy-intensive AI data centers. | EPAM DAVA GL |
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| 2024 Q2 | Jun 30, 2024 | Fidelity Growth Strategies Fund | 6.3% | 17.9% | ALGN, ALNY, ATKR, BLDR, CAH, DXCM, EME, IDXX, IQV, MDB, MOH, ON, PLTR, PODD, PWR, RMD, SPOT, TDG, ULTA, VST | AI, growth, healthcare, industrials, Mid-cap, technology, value | The fund is watching for AI-related strength to expand across the mid-cap universe. To date, most positive AI-related movement among mid-caps has been in industrials and utilities sectors. The fund believes there could be many beneficiaries as firms build new AI-capable data centers. | View | |
| 2025 Q1 | Mar 31, 2025 | Oakmark Global Select Fund | 8.5% | 8.5% | AIG, AMZN, BABA, DEO, GOOGL, HLT, IQV, LLOY.L, MOH, PHM, SYY | AI, Banking, global, growth, healthcare, technology, undervalued, value | The fund focuses on undervalued securities trading at meaningful discounts to intrinsic value. Examples include Alphabet trading at just 15x next year's earnings estimate and Sysco purchased at a discount to peers and historical multiples. | SYY MOH GOOGL LLOY.L |
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| 2025 Q1 | Mar 31, 2025 | Oakmark Select Fund | -1.2% | -1.2% | CRM, DE, FI, GOOGL, HWM, ICE, IQV, KDP, LAD, MOH, PHM | financials, healthcare, industrials, large cap, technology, US, value | Intercontinental Exchange reported solid fourth-quarter results with 16% growth in energy futures business. After paying down debt from mortgage acquisitions, management resumed large share repurchases in Q1 2025, which the fund views as attractive capital allocation. | MOH |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Oakmark Global Fund | Molina Healthcare, Inc. | Health Care | Health Care Providers & Services | Bull | NYSE | Government Programs, Healthcare services, managed care, Margins, Medicaid, Medicare, operational excellence, Redetermination | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark Global Select Fund | Molina Healthcare | Health Care | Health Care Services | Bull | NYSE | Discount to Intrinsic Value, Government Programs, Healthcare services, managed care, market share gains, Medicaid, operational excellence | View Pitch |
| Apr 13, 2026 | Fund Letters | Oakmark Select Fund | Molina Healthcare | Health Care | Managed Health Care | Bull | NYSE | Government Programs, healthcare, managed care, Medicaid, Medicare, Regulatory, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Harris Associates Concentrated Strategy | Molina Healthcare Inc | Health Care | Managed Health Care | Bull | NYSE | contrarian, Cost Pressure, Earnings-recovery, healthcare, managed care, Medicaid, Temporary Headwinds, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Harris Associates Concentrated Strategy | Molina Healthcare, Inc. | Health Care | Managed Health Care | Bull | NYSE | managed care, market share gains, marketplace, Medicaid, Medicare, operational excellence, policy changes, Redeterminations | View Pitch |
| Feb 4, 2026 | Twitter / X | @michaeljburry | Molina Healthcare, Inc. | Health Care Providers & Services | Managed Health Care | Bull | New York Stock Exchange | Claims, GEICO, Insurance, managed care, Medicaid, Medicare, MLR, premiums, Regulation, underwriting | View Pitch |
| Feb 4, 2026 | Twitter / X | @ArmsGarrett | Molina Healthcare, Inc. | Health Care Providers & Services | Managed Health Care | Bull | New York Stock Exchange | Actuarial, buybacks, GovernmentPrograms, Healthinsurance, HMOs, Managedcare, Medicaid, MLR, Redetermination, Reimbursement | View Pitch |
| Jan 23, 2026 | Fund Letters | Timothy Liu | Molina Healthcare, Inc. | Health Care | Managed Health Care | Bull | New York Stock Exchange | buybacks, Costadvantage, Marginrecovery, Medicaid, oligopoly | View Pitch |
| Jan 21, 2026 | Fund Letters | Garrett Arms | Molina Healthcare, Inc. | Health Care | Managed Health Care | Bull | New York Stock Exchange | buybacks, managed care, margin normalization, Medicaid, Rate Resets | View Pitch |
| Nov 29, 2025 | Fund Letters | Tony Coniaris | Molina Healthcare Inc. | Health Care | Managed Health Care | Bull | NYSE | Cost control, healthcare, managed care, Medicaid, recovery, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | Tony Coniaris | Molina Healthcare Inc. | Health Care | Managed Health Care | Bull | NYSE | Cost control, healthcare, managed care, Medicaid, recovery, valuation | View Pitch |
| Oct 2, 2025 | Seeking Alpha | Seeking Alpha | Molina Healthcare, Inc. | Healthcare Plans | Bull | Acquisitions, contract wins, government-sponsored health insurance, growth prospects, managed care, Medicaid, member retention, Molina Healthcare, undervalued, valuation | 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 | $30.4M | 0.06% | 175,091 | -64,000 | -78.62% | 0.4188% |
| David Iben | Kopernick | $1.3B | $21.8M | 1.74% | 125,534 | +125,534 | +100.00% | 0.3003% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $14.7M | 0.02% | 84,682 | -127,709 | -60.13% | 0.2026% |
| Ray Dalio | Bridgewater Associates | $27.4B | $4.7M | 0.02% | 27,274 | -18,779 | -40.78% | 0.0652% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $8.7M | 0.01% | 50,392 | -11,510 | -18.59% | 0.1205% |
| Israel Englander | Millennium Management LLC | $233.2B | $537,974 | 0.00% | 3,100 | -16,900 | -84.50% | 0.0074% |
| Jeremy Grantham | GMO LLC | $39.1B | $4.3M | 0.01% | 24,815 | -18,387 | -42.56% | 0.0594% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $142.8M | 0.21% | 823,136 | +737,180 | +857.62% | 1.9689% |
| Cliff Asness | AQR Capital Management | $190.6B | $71.2M | 0.04% | 410,403 | -2,523,727 | -86.01% | 0.9817% |
| Seth Klarman | Baupost Group | $5.3B | $108.5M | 2.05% | 625,000 | +625,000 | +100.00% | 1.4950% |
| Michael Burry | Scion Asset Management | $1.4B | $23.9M | 1.73% | 125,000 | +125,000 | +100.00% | 0.3297% |
| Jonathan Kolatch | Redwood Capital Management | $753.5M | $19.1M | 2.53% | 110,000 | +51,600 | +88.36% | 0.2631% |
| Rich Handler | Jefferies | $19.3B | $2.2M | 0.01% | 12,913 | +2,331 | +22.03% | 0.0309% |