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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Antipodes Global Fund | - | - | 4063 JP, 6367 JP, 6702 JP, ASAIY, B, EAT, GMED, GOOG, MPNGY, MRK, NG, PCOR, TCEHY, UBS, VALT LN | AI, Capex, Cloud, Platforms, semiconductors | AI-driven equity momentum remains the dominant global market catalyst, influencing U.S. leadership, Chinas tech rally, and sector performance. The fund highlights both opportunity and risk in AI-related capital expenditure cycles, with concerns over circular investment dynamics. AI continues to shape earnings dispersion, regulatory focus, and positioning across global equities. | View | |
| 2025 Q3 | Sep 30, 2025 | Antipodes Global Value Fund | - | - | 4063 JP, 6367 JP, 6702 JP, ASAIY, B, BABA, EAT, GMED, GOOG, MPNGY, MRK, PCOR, TCEHY, VALT LN | AI, China, Cloud, Platforms, semiconductors | AI optimism fuels U.S. tech strength and Chinas policy-supported chip and platform expansion, driving major contributors such as Alphabet, Tencent, and Alibaba. The fund emphasizes AI monetization across cloud, gaming, advertising, and silicon supply chains. AI remains a central multiyear growth engine shaping valuation, sector rotation, and capital allocation. | GOLD US 6367 JP GMED US PCOR US 4063 JP 300750 CH GOLD US |
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| 2023 Q3 | Sep 30, 2023 | Carillon Eagle Growth & Income Fund | - | - | ABBV, ADP, CVX, ETN, MCD, MRK, NEE, RTX, TEL, UNH | - | View | ||
| 2025 Q2 | Aug 27, 2025 | Schafer Cullen Global High Dividend ADR | 8.6% | 17.3% | MRK | dividends, Global Equities, income, Quality, Valuation discipline | The commentary focuses on global dividend-paying equities as a source of attractive risk-adjusted returns amid valuation dispersion and market rotation. Management emphasizes buying high-quality companies with sustainable dividends at reasonable valuations. Income discipline is positioned as a stabilizing force through market cycles. | View | |
| 2025 Q2 | Jul 31, 2025 | Impax US Sustainable Economy Fund | 9.9% | 3.6% | AVGO, LLY, MRK, NVDA, ORCL, PGR | Esg, productivity, Resilience, resource efficiency, sustainable economy | The letter focuses on positioning portfolios to benefit from the transition toward a more sustainable US economy. Management highlights companies aligned with productivity enhancement, resource efficiency, and resilient business models while avoiding carbon-intensive sectors. Sustainability is framed as both a risk-management and alpha-generating lens. | MRK NVDA AVGO ORCL |
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| 2025 Q2 | Jul 22, 2025 | Miller Howard Investments Income-Equity Strategies | 3.8% | - | ABLV, C, CAG, CSCO, EMN, EPD, GS, JNJ, JPM, MRK, PAYX, RHI, STT, TRP | cash flow, dividends, income, total returns, volatility | The letter emphasizes equity income as a durable return driver in an environment of elevated uncertainty, market concentration, and volatile macro signals. Management argues that dividends provide a more stable and predictable component of total returns than buybacks, particularly during downturns when capital discipline matters most. The strategy favors companies with resilient cash flows, balance sheet strength, and a demonstrated commitment to growing shareholder payouts over time. | View | |
| 2025 Q2 | Jul 21, 2025 | The Davenport Value & Income Fund | 2.6% | 6.5% | BRK/B, MRK | capital preservation, dividends, free cash flow, income, valuation | The commentary focuses on generating reliable income through dividend-paying equities while preserving capital. Management highlights valuation discipline, cash flow sustainability, and downside protection in an uncertain macro environment. Income is positioned as a meaningful contributor to total return over full cycles. | View | |
| 2023 Q2 | Jun 30, 2023 | Carillon Eagle Growth & Income Fund | - | - | ABBV, AVGO, CCI, CVX, ETN, JPM, MRK, MSFT, TGT, WEC | - | View | ||
| 2024 Q1 | Apr 25, 2024 | GreensKeeper Value Fund | 4.7% | 16.7% | AXP, BRK/A, MRK, SPGI | - | View | ||
| 2025 Q1 | Apr 15, 2024 | The London Company Income Equity | 4.4% | 4.4% | AAPL, BLK, GLW, MRK, MSFT, NTDOY, PGR, PM | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Platinum International Fund | 0.2% | 0.2% | ABLV, AZN LN, MRK, NOVT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Platinum Global Fund (Long Only) | -1.0% | -1.0% | ABLV, AZN LN, MRK, NOVT | - | View | ||
| 2024 Q1 | Mar 31, 2024 | Carillon Eagle Growth & Income Fund | - | - | AMGN, AMT, AVGO, ETN, JPM, MCD, MDLZ, MRK, MSFT, UNH | - | View | ||
| 2023 Q1 | Mar 24, 2023 | Andrew Hill Investment Advisors, Inc. | - | - | AAPL, ANET, DE, GRMN, LECO, MRK, MSFT, ULTA, V, VRTX | - | View | ||
| 2025 Q4 | Mar 2, 2026 | TYME Advisors | - | - | AAPL, AVAV, AVGO, BA.L, CBOE, FNV, GOOGL, MRK, NDAQ, NVDA, PLTR, RHM.DE, RTX, TPG, WPM | Alternatives, defense, Exchanges, gold, Japan, Long/Short, Quality, royalties | The entire world is rapidly rearming off an extremely low base of defense spending. This exposure focuses on companies that make armaments for nation state security and materially outperformed for the year. Gold is positioned as a superior store of value with reliable scarcity and the highest stock-to-flow ratio of any physical commodity. The manager created a magnified gold exposure called Gresham's Wrath that generates income while providing 1.5X exposure to gold prices. Exchanges operate as essential high-margin toll roads for the economy with immense operating leverage. They benefit from trading volume flowing directly to profits with minimal extra cost and have natural inflation hedging through transaction values. High Quality US Large Companies exposure filters out junk companies by avoiding high external financing, wealth destroyers, and value traps. This approach seeks superior long-term returns with lower downside risk. Precious metal royalty and streaming companies provide diversified exposure to precious metals by benefiting from both price appreciation and production growth without operational mining risks. They offer asymmetric optionality and inflation protection. | View | |
| 2025 Q4 | Feb 9, 2026 | Shelton Equity Income Strategy / Shelton Equity Income Fund (EQTIX) | 4.4% | 18.5% | CAH, FAST, GM, GOOGL, HPQ, LRCX, MRK, PYPL, TMUS, VICI | dividends, financials, healthcare, income, Options, technology, volatility | The market experienced turbulence in November marked by concerns about the sustainability of AI-driven investment. Looking ahead to 2026, the AI trade will be in focus as investors may start to expect companies to show returns on the capital being invested in AI infrastructure. The fourth quarter delivered continuation of upside since April, with the market hitting new all-time highs in October before experiencing a shaky November. The Equity Income strategy is positioned to capitalize on volatility and buffer any pullbacks in the near term. | View | |
| 2025 Q4 | Feb 20, 2026 | Tall Oak Capital Advisors | 0.0% | 0.0% | AAPL, AEM, ANET, AVGO, BABA, CCJ, CNQ.TO, EDV, EQT, GEV, GOOGL, MELI, MRK, MS, MSFT, NRG, PAAS, PANW, PH, SHOP.TO | AI, Automation, Critical Minerals, diversification, Energy Transition, Industrial Policy, Supply Chain, technology | Industrial automation has become a strategic necessity rather than a cost optimization tool in a multipolar world. FANUC exemplifies this trend as a global leader in factory robots and CNC systems that support re-shoring and friend-shoring while maintaining productivity. The company's technology underpins manufacturing across automotive, electronics, semiconductors, and precision machinery with systems that remain in place for decades. Materials have re-emerged as strategically important rather than purely cyclical as supply chains are re-engineered and infrastructure investment accelerates. Holdings like Pan American Silver and Southern Copper provide exposure to precious metals and copper demand driven by electrification, grid expansion, electric vehicles, and data-centre infrastructure. Supply growth remains constrained by long development timelines while demand continues rising. AI-related stocks remained a key market driver with companies most directly tied to AI infrastructure and monetization delivering the strongest results. The Magnificent Seven continued to dominate markets, accounting for roughly half of the S&P 500's total return. Capital investment remained elevated with spending concentrated in data centres, semiconductors, energy infrastructure, and automation. Governments and corporations are prioritizing re-shoring and friend-shoring, placing greater emphasis on supply-chain resilience across technology, manufacturing, energy infrastructure, and critical minerals. Rather than reversing globalization, supply chains are being re-engineered around strategic alignment and political reliability. This shift is influencing how and where capital is deployed globally. The transition toward renewable energy and electrification continues to drive investment in grid expansion, energy storage, and power infrastructure. Holdings like GE Vernova benefit from rising power and infrastructure demands tied to AI and electrification. Energy has become a strategic asset to fuel the growth of AI and support industrial competitiveness through low, stable energy costs. | View | |
| 2025 Q4 | Feb 18, 2026 | The Gabelli Dividend Growth Fund | 5.2% | 18.8% | AIG, AMZN, C, GOOG, IP, MDLZ, MRK, MS, NEM, ORCL, PNC, PRGO, SATS, WFC | AI, dividends, financials, gold, healthcare, value | AI euphoria faded in Q4 but companies in the AI ecosystem continued to deliver impressive results against high expectations. Concerns mounted around ever-increasing capex outlays and financing of sizable capex commitments. The commoditized see-saw battle among five major LLMs for next generation model leadership continues. The Fund focuses on dividend-paying stocks and benefited from M&A activity and a large position in gold miner Newmont. Despite a modestly defensive posture throughout 2025, the Fund benefited from appreciating stocks that were sized as larger positions. Gold had its best year with the price of gold benefiting the Fund's position in gold miner Newmont, which was one of the top contributors. Gold served as an inflation hedge and store of value amid macroeconomic uncertainty. | NEM MS GOOG |
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| 2025 Q4 | Dec 31, 2025 | Fortress – Caribbean Growth Fund | 2.3% | 13.3% | BRK-B, JNJ, MRK | AI, Bonds, Caribbean, emerging markets, global, healthcare, value | The Fund uses a value approach to invest primarily in Caribbean and international equities. The manager continues to see attractive opportunities for value conscious investors, particularly those with globally diversified portfolios. Healthcare and consumer staples shares have been left behind by the recent AI and technology frenzy and are still trading at very appealing valuations. Returns broadened beyond the narrow group of stocks linked to artificial intelligence. This quarter saw value outperform growth as valuation concerns took some steam out of the AI trade. Healthcare and consumer staples shares have been left behind by the recent AI and technology frenzy. Global equities, especially those outside the U.S., powered equity returns. In emerging markets, shares of companies linked to commodities were the strongest performers as commodities rallied. Even after a strong year for international and emerging markets shares, we still see some of the best value in the world in these areas. | View | |
| 2025 Q4 | Dec 31, 2025 | Fortress – Fixed Income Fund | 0.6% | 5.5% | 005930.KS, 0700.HK, 1288.HK, 1585.HK, 1878.T, 2318.HK, 392.HK, 3968.HK, 6920.T, 8035.T, 916.HK, ACN, AMAT, AXP, BABA, BBDO, BNZL.L, BRK.B, BTI, CHTR, FMC, GMEXICOB.MX, GRMN, HSY, ITUB, IX, JNJ, LOGI, MC.PA, MRK, NTES, NVO, ORLY, PDD, PHM, ROG.SW, SBS, SNA, TSM, UNH, VALE, VRTX, WKL | AI, Bonds, emerging markets, healthcare, international, technology, Trade Policy, value | Artificial intelligence remained the primary focus for investors in U.S. markets, driving strength in technology names while masking moderation in other economic areas. The AI investment boom continued to power corporate capital expenditures and supply growth, though consumer confidence readings suggest potential underlying softness that could emerge if AI investment moderates. The manager sees excellent value opportunities globally, particularly in international and emerging markets despite strong recent performance. U.S. healthcare and consumer staples have been left behind by the AI frenzy and trade at appealing valuations. Portfolio companies show attractive price/earnings ratios with meaningful long-term return potential. Recent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. | View | |
| 2024 Q3 | Oct 2, 2024 | The London Company Income Equity | 10.4% | 14.6% | LOW, MRK, MSFT, PGR, SBUX, SCHW, TEL | - | View | ||
| 2024 Q3 | Oct 10, 2024 | GreensKeeper Value Fund | 4.7% | 16.7% | AXP, BRK/A, FI, GOOG, MRK | - | View | ||
| 2025 Q4 | Jan 30, 2026 | Antipodes Global Fund | - | - | AAPL, AMD, AMZN, ASAI, BEKE, BMRI.JK, CRM, Gold, GOOGL, HON, HYMTF, JCI, LLY, META, MRK, SIEGY, STM, TCEHY | AI, cyclicals, financials, global, healthcare, industrials, materials, technology | Portfolio increased exposure to structural investment trends, namely software, while reducing hardware exposure. AMD benefited from landmark agreement with OpenAI to supply 6 gigawatts of high-performance graphics chips and broader investor rotation into AI infrastructure. Barrick Mining rose sharply underpinned by fresh wave of investor enthusiasm for gold, with record bullion prices boosting revenue, margin and earnings estimates. Portfolio reduced exposure to gold via exiting Valterra Platinum following rapid price moves. Amazon's AWS business re-accelerated growth to 20% year-on-year, the fastest pace in several years, as the company sees strong demand. Portfolio increased exposure to Amazon partly based on infrastructure business winning market share. STMicroelectronics detracted with sentiment dented by softer demand in key end markets, notably automotive and industrial chips. AMD surged on chipmaker's landmark agreement with OpenAI and broader AI infrastructure rotation. | View | |
| 2025 Q4 | Jan 30, 2026 | Antipodes Global Value Fund | 0.0% | 0.0% | 005380.KS, 0700.HK, AMD, AMZN, ASAI3.SA, BABA, BEKE, BMRI.JK, CRM, GLOB, Gold, GOOGL, HON, IWG.L, JCI, META, MRK, SIE.DE | consumer, financials, global, healthcare, industrials, materials, technology, value | Portfolio increased exposure to structural investment trends in software while reducing hardware exposure. AMD benefited from landmark agreement with OpenAI for high-performance graphics chips. Meta's AI-driven ad impressions growing at double-digit rates, driving revenue growth. Barrick Mining rose sharply on fresh investor enthusiasm for gold with record bullion prices boosting revenue and margins. Portfolio trimmed gold exposure via Valterra Platinum following rapid price moves and positive sentiment around platinum group metals. Amazon's AWS business re-accelerated growth to 20% year-on-year, the fastest pace in several years, driven by strong demand. Infrastructure and retail businesses both winning market share while valuation hovers around 20-year low. Portfolio rotated to process and industrial automation where greater value is seen. Honeywell positioned as leader in aerospace and industrial automation, focusing on building and process automation after business simplification. Hyundai Motor navigating industry transition to electrification with focus on profitability and capital efficiency. Company prioritizing hybrids over pure battery electric vehicles, aligning with consumer preferences as EV demand has stalled. | BMRI IJ 005380 KS HON IWG LN CRM META AMZN AMD GOOG MRK B BMRI IJ 005380 KS HON CRM AMZN 2423 HK TCEHY STM ASAIY AMD GOOG MRK B |
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| 2025 Q4 | Jan 30, 2026 | Aristotle Value Equity Fund | 1.0% | 9.7% | AMGN, CBSH, COF, LEN, MRK, MSFT, PH, SONY, STZ, TDY, UBER, USB, WFC | AI, earnings, large cap, rates, Trade Policy, US, value | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on earnings calls. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. Trade relations between the U.S. and China remained a key market focus. Tensions flared with tariff escalations and export controls, with China expanding export controls on rare earth minerals and the U.S. threatening 100% tariffs in retaliation. President Trump and President Xi ultimately reached a one-year trade truce at the APEC summit. The Federal Reserve implemented two 0.25% interest rate cuts during the quarter, lowering the federal funds target range to 3.50%-3.75%. Fed Chair Powell emphasized a data-dependent approach, acknowledging risks to both sides of the Fed's dual mandate and maintaining a cautious stance going into 2026. Value stocks handily outperformed growth stocks with the Russell 1000 Value Index outperforming its Growth counterpart by 2.69% in the quarter. However, for the full year, the Russell 1000 Growth Index outperformed the Russell 1000 Value Index by 2.65%, reflecting continued growth leadership despite quarterly value outperformance. | CBSH COF PH UBER SONY |
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| 2025 Q4 | Jan 26, 2026 | Impax US Sustainable Economy Fund | 4.2% | 16.0% | AAPL, AMD, AMZN, AVGO, CLX, CPB, GIS, GOOG, GOOGL, JNJ, LLY, MA, META, MRK, MSFT, NVDA, ORCL, PLTR, STT, V, ZTS | AI, Esg, healthcare, large cap, Pharmaceuticals, semiconductors, sustainability, technology | AI-related companies experienced volatility due to concerns over elevated capital expenditures and returns on large-scale data center investments. Advanced Micro Devices surged on strong demand for AI-optimized chips and data center processors, benefiting from partnerships with hyperscale cloud providers and record GPU sales for AI workloads. Eli Lilly announced a significant agreement with the Trump administration for extended coverage of GLP-1 weight loss drugs within Medicare and Medicaid programs. This created substantial new market opportunities and alleviated concerns about stringent drug pricing. Health Care sector rallied following Trump administration agreements with major pharmaceutical firms to reduce Medicaid drug prices. Companies like Eli Lilly, Merck, and others benefited from robust sales growth, positive clinical trial results, and improved market access for key medications. The portfolio's sustainability tools were key performance drivers, with industry tilts from the Sustainability Lens and Corporate Resilience profiles both benefiting returns. Companies with higher Corporate Resilience scores outperformed while those with poor scores like Meta and Palantir were excluded and underperformed. | View | |
| 2025 Q4 | Jan 23, 2026 | GreensKeeper Value Fund | 0.0% | 0.0% | ADBE, AXP, BRK-B, CBOE, CFRUY, CHKP, ELV, FISV, GOOG, ICE, ICLR, LULU, MRK, NVO, SPGI, V, VRTX | AI, Concentration, Discipline, financials, Luxury, technology, value | The dominant narrative of 2025 was the market's evolving view of Alphabet's search business in an AI-first world. Alphabet aggressively transformed its research into consumer-ready products, deployed Gemini 3 which led key performance benchmarks, and launched AI Overviews within search. The company's proprietary Tensor Processing Units allowed efficient scaling while avoiding the Nvidia Tax. The fund maintains a disciplined value approach, refusing to abandon discipline simply because the market has become expensive. They deliberately prioritized capital preservation by trimming positions that reached price targets. The manager emphasizes that even wonderful businesses are not worth infinite prices and allocates capital elsewhere when valuations become stretched. Richemont's Jewelry Maisons continued to outperform the broader luxury market with stabilization of the Chinese consumer. The company maintained pricing integrity and brand stewardship, avoiding aggressive price hikes that peers used. This long-term thinking proved superior as luxury peers eroded brand value through discounting while Richemont maintained prestige. | ADBE ICLR NVO LULU FISV CFRUY AXP GOOG |
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| 2025 Q4 | Jan 22, 2026 | Arquitos Capital Management | 0.0% | 0.0% | ENDI, FNCH, LQDA, MRK, UTHR | Biotechnology, Concentration, Patents, SmallCap, special situations, value | Portfolio concentrated in biotech companies including Liquidia Corporation with successful drug launch capturing 25% market share, Finch Therapeutics with patent litigation victory, and focus on companies with unique drug delivery technologies and patent protection. Merck identified as logical buyer for Liquidia given their ownership of complementary drug Winrevair and active M&A strategy. Combination therapy potential creates strategic value for potential acquirers. | FNCH ENDI LQDA |
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| 2025 Q4 | Jan 22, 2026 | Thornburg Equity Income Builder Fund / Thornburg Investment Income Builder Fund | 7.0% | 37.0% | 005930.KS, AVGO, AZN, BNP.PA, C, CME, DTEGY, ELE.MC, ENEL.MI, KPN.AS, MRK, NN.AS, NVS, ORAN, PFE, RHHBY, T, TSCO.L, TSM, TTE | dividends, financials, global, healthcare, Telecommunications, Utilities, value | The fund maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The portfolio's weighted average dividend yield of 4.2% significantly exceeds the MSCI Index's 1.7% yield. Most holdings have made reasonable progress growing their bases of paying customers and distributable cash flows to support multi-year dividend growth. The portfolio trades at attractive valuations with a weighted harmonic average 2025 consensus P/E ratio of 14.3x, well below the MSCI All Country World Index's 21.6x. The manager believes these businesses are valued very attractively relative to their own histories and other assets, incorporating significant intrinsic value. The fund focuses on businesses that occupy important positions in their respective markets and tend to be well capitalized. These firms retain their market positions providing important products and services that generate cash flows. The manager emphasizes resilient businesses with strong capital structures that can maintain operations through various market conditions. | View | |
| 2025 Q4 | Jan 21, 2026 | Smead Value Fund | 0.3% | 5.1% | AMGN, APA, AXP, CVE, DHI, EBAY, FANG, HD, LEN, MAC, MRK, OXY, SPG, UHAL | contrarian, energy, healthcare, Homebuilders, long-term, Market Extremes, S&P 500, value | The fund maintains a concentrated value approach designed to maximize long-term returns. The managers position themselves as contrarians, being greedy when others are fearful and fearful when others are greedy. They believe deeply out of favor parts of the index like healthcare, energy and homebuilders could receive money coming out of growth stocks. Higher rates have continued to weigh on the homebuilder space as well as an increase in inventory. The fund regards homebuilders' capacity to maintain construction activity throughout the cycle as a key competitive strength, with less resilient competitors likely to exit the market during prolonged cyclical downturns. | View | |
| 2025 Q4 | Jan 21, 2026 | Harbor Capital Appreciation Fund | 0.8% | 14.0% | AAPL, AMD, AMZN, APH, AVGO, CDNS, GOOG, GOOGL, ITX.MC, LLY, LPLA, META, MRK, MSFT, NFLX, NKE, NOW, NVDA, TSLA, TSM | AI, growth, healthcare, large cap, semiconductors, technology | AI infrastructure spending concerns weighed on some positions like Microsoft and Meta, while AI-driven demand supported Taiwan Semiconductor's advanced manufacturing nodes. The fund initiated a position in Amphenol to benefit from AI infrastructure connectivity needs. Eli Lilly recovered during the quarter amid renewed optimism about its GLP-1 obesity and diabetes franchise, supported by improved visibility on pricing. The company remains a key growth driver in the healthcare sector. | MRK APH |
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| 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 | Alger Spectra Fund | -1.2% | 29.4% | CDTX, GOOGL, META, MRK, MSFT, NBIS, NTRA | AI, Biotechnology, Cloud, Communication, growth, healthcare, technology | AI remains at an inflection point with potential for significant productivity increases. However, the quarter saw increased scrutiny around AI infrastructure bottlenecks, financing sources, and whether returns can match capital deployed. Despite volatility, demand for AI infrastructure continues to outstrip supply. Cloud computing continues growing and supporting innovation. Microsoft Azure showed strong 39% year-over-year growth despite capacity constraints, with commercial bookings surging 111% and remaining performance obligations up 51%. Strong performance from specialty diagnostics and therapeutics companies. Natera showed strong earnings with higher test volumes and favorable reimbursement dynamics. Cidara Therapeutics was acquired by Merck for $9.2 billion based on its promising influenza prevention drug. | META MSFT NBIS CIDM NTRA GOOGL |
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| 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 Q3 | Sep 30, 2024 | Oakmark Fund- International Small Cap | 7.4% | 0.0% | CBRE, GPC, MRK, SCHW | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Columbia Dividend Opportunity Fund | 9.5% | 0.0% | K, MRK | - | View | ||
| 2022 Q4 | Jan 31, 2023 | Aristotle Value Equity Fund | 6.3% | 12.3% | MRK, SUI, SYY | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | Fund Letters | Jacob Mitchell | Merck & Co. Inc. | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Clinical trials, innovation, Oncology, pharma, pipeline | View Pitch |
| Feb 4, 2026 | Fund Letters | Jacob Mitchell | Merck & Co., Inc. | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Clinicaltrials, growth, Oncology, pharmaceuticals, pipeline | View Pitch |
| Jan 28, 2026 | Fund Letters | Scott LaBreche | Merck & Co. Inc. | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Immunology, Oncology, pharmaceuticals, pipeline, resilience | View Pitch |
| Jan 24, 2026 | Fund Letters | Kathleen A. McCarragher | Merck & Co., Inc. | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | earnings, innovation, Oncology, pharmaceuticals, pipeline | View Pitch |
| Jan 8, 2026 | Fund Letters | Scott LaBreche | Merck & Co., Inc. | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | cashflow, Defensives, dividends, Loe, Oncology, pipeline, vaccines | View Pitch |
| Nov 29, 2025 | Fund Letters | Bill Smead | Merck & Co. Inc. | Health Care | Pharmaceuticals | Bull | NYSE | defensive, dividends, healthcare, Oncology, pharmaceuticals | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Arav Shah | Merck & Co., Inc. | Health Care | Drug Manufacturers - General | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Envision Research | Merck & Co., Inc. | Health Care | Drug Manufacturers - General | 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 |
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| No investor data available. | ||||||||