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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 11, 2025 | Giverny Capital Asset Management | 9.1% | 5.4% | AAON, ALGN, ANET, BLDR, BRK.A, CSU.TO, FERG, FI, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, MEDP, META, MTB, PGR, SCHW | AI, Banking, insurance, Quality, technology, value | The US appears to be the global leader in Artificial Intelligence, with hundreds of billions of dollars being invested in AI data centers over the next few years. Close to one-third of the portfolio has considerable exposure to AI through positions in Arista, Alphabet, Meta, AAON, and a new holding that is critical to the buildout of AI and cloud computing data centers. | FI KNSL PGR MTB GOOG FISV KNSL |
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| 2024 Q1 | Apr 27, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT.L, ALGN, AME, ANET, BRK-B, CACC, CSU.TO, EUFI.PA, FIVE, GOOGL, HEI.A, IBP, JPM, KMX, KNSL, MA, META, MTB, PGR, SCHW | Concentration, financials, long-term, Quality, technology, value | Manager emphasizes owning high-quality businesses with strong management teams who have their own net worth invested alongside clients. The portfolio consists of companies that grow earnings faster than the S&P 500 while earning higher returns on capital and using less debt. Focus on businesses rather than trading pieces of paper. | View | |
| 2023 Q1 | Mar 31, 2023 | Fenimore Value Strategy | 2.7% | 2.7% | ADI, APH, BKI, FBIN, FIS, ICE, MBC, MCHP, MTB, PNFP, ROST, TROW, ZBRA | Banking, financials, mid cap, semiconductors, technology, value | Technology stocks, particularly semiconductors, benefited from expectations of Fed rate cuts and capital flows into the sector. Microchip Technology and Analog Devices were top performers, with ADI beating earnings expectations and providing strong 2023 guidance. | View | |
| 2023 Q3 | Nov 10, 2023 | Gator Capital Management | 10.8% | 24.3% | AAIC, AX, BOH, CFG, FCNCA, FITB, GNW, HBAN, JXN, MTB, OFG, PGR, PNC, RF, TFC, USB, VNO, WAL | Banking, financials, M&A, Regional Banks, value | First Citizens Bancshares represents the fund's largest position, acquired through strategic M&A including the SVB acquisition. The manager believes regional banks trade at historically low valuations and expects the group multiple to re-rate higher as the industry works through higher interest rates and the credit cycle peaks. First Citizens is positioned well for higher rates with a liquid balance sheet and balanced loan portfolio. | FCNCA |
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| 2025 Q3 | Oct 15, 2025 | Ariel Global Fund | 5.0% | - | 009150.KS, 0425.HK, 3436.T, 6460.T, 6981.T, BT-A.L, FDX, FME.DE, FSLR, HUM, INF.L, INTC, MTB, PUB.PA, ROG.SW, SYENS.BR, VT | AI, Energy Transition, global, healthcare, semiconductors, Telecommunications, value | The fund is positioned to benefit from Edge AI adoption through holdings in semiconductor and electronic component companies. Murata Manufacturing is benefiting from rising demand for Edge AI which significantly increases multilayer ceramic capacitor content per device. Samsung Electro-Mechanics is well-positioned to benefit from rising Edge AI adoption and accelerating demand for AI accelerators. | 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 24, 2026 | Miller Howard Investments Income-Equity Strategies | 15.6% | 15.6% | ABBV, C, COP, CSCO, EMN, ETR, GILD, GPS, GSK, HRB, HRL, JEF, JNJ, JPM, MPLX, MTB, PAYX, RF, STT, VICI, VZ | AI, dividends, income, productivity, value | AI represents a transformative technology that could drive step-change improvements in economic productivity. The manager believes AI's greatest impact will come from companies using it as an input to improve operations rather than those selling AI products. Many dividend-paying companies in labor-intensive industries could benefit significantly from AI adoption through process automation and efficiency gains. The portfolio focuses on high dividend yields approximately 3x the S&P 500, with strong dividend coverage ratios and projected dividend growth. Six companies increased dividends in the quarter, led by MPLX with a 13% increase. The strategy emphasizes collecting high and rising dividends while compounding real cash returns through disciplined reinvestment. The portfolio trades at significant discounts to the broad market, with P/E ratios 40-42% below the S&P 500. The manager believes many steady-growing companies are overlooked by markets focused on AI winners, creating opportunities in businesses with lower assumed margins and productivity that could benefit from AI adoption. | View | |
| 2025 Q4 | Jan 15, 2026 | ClearBridge Investment Value Strategy | 0.0% | 0.0% | 300750.SZ, ARGX, CELH, CHTR, CMA, CORT, FCX, FI, FITB, GPN, ICE, META, MTB, MU, NEM, OM, PYPL, SLGN, TLN, WBS | AI, financials, gold, healthcare, materials, semiconductors, technology, value | AI adoption is expected to broaden economic benefits in 2026, requiring justification of massive capital investment. The team sees opportunities in AI adoption across sectors where it's not currently priced, while maintaining exposure to AI-related infrastructure investments despite reducing exposure during volatility spikes. Value spreads remain at historic extremes with value stocks trading at the cheapest 10% of their history relative to growth. The team believes this creates a probability gap with meaningful upside potential for valuation-driven investors as the market prices value stocks as having little chance of leading. Memory chip demand driven by AI exceeded supply growth, creating price spikes that benefited holdings like Micron Technology. The team correctly anticipated AI would drive memory demand well above supply growth, positioning in picks-and-shovels AI infrastructure plays. Gold prices spiked higher than reflected in mining stock prices, benefiting Newmont Mining. The team has been long-term bullish on gold due to limited annual supply and new demand sources, creating opportunities to buy high-probability events at low-probability prices. | PYPL FITB |
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| 2024 Q3 | Sep 30, 2024 | Polaris Global Equity | 6.9% | 12.7% | ABBV, ALSN, BPOP, CTC.TO, GILD, GLPI, INGR, MPC, MSFT, MTB, NOV, NVDA, SAIC, SBH, UTHR | AI, Biotechnology, cyclicals, financials, global, rates, value | Interest rates finally peaked with most central banks globally initiating an easing cycle. The era of 0% interest and free money has ended, with rates expected to remain higher than the prior cycle. This normalized rate environment makes current earnings and dividend payments more valuable while future earnings projections become less so. | View | |
| 2024 Q2 | Aug 23, 2024 | Third Point Partners | 3.9% | 14.0% | AAP, AAPL, AIR.PA, AMZN, BBWI, CPAY, FERG, FITB, GOOGL, ICE, JPM, LEN, MA, MSCI, MTB, NVDA, TSLA, TSM, V, VST | credit, energy, Event-Driven, Exchanges, Mortgages, payments, technology, volatility | Companies continue to invest in AI infrastructure and look for applications to their businesses. Apple's recently announced Apple Intelligence suite of AI-enabled smartphone features will drive meaningful new demand within Apple's installed base. The emergence of an AI layer on iOS will increasingly augment consumers' own agencies with those of the iPhone's AI features. | ICE CPAY AAPL |
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| 2023 Q1 | Aug 5, 2023 | Matrix Dividend Income | 0.0% | 0.0% | AEP, AMZN, APD, BK, EBAY, HD, KMB, KO, MDT, MTB, PARA, PNC, SLB, TFC, TSN, UNP, USB | Banking, dividends, financials, healthcare, rates, technology, value | Three U.S. banks failed in March, creating market volatility and concerns about banking system stability. Manager believes the selloff in regional bank stocks is overdone and will be short-lived, expecting strong rebounds in high-quality financials. Portfolio includes well-capitalized banks like PNC Financial that are likely to gain market share. | SUNP IN PNC |
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| 2023 Q1 | Aug 5, 2023 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | AEP, AMZN, APD, BK, EBAY, HD, KMB, KO, MDT, MTB, PARA, PNC, SLB, TFC, TSN, UNP, USB | Banking, dividends, financials, healthcare, rates, technology, value | Three U.S. banks failed in March including Silicon Valley Bank, creating concerns about banking system stability. Manager believes the selloff in regional bank stocks is overdone and will be short-lived, expecting strong rebounds in high-quality financials. Added PNC Financial and increased positions in other regional banks during the quarter. | SUNP IN PNC |
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| 2025 Q1 | Mar 31, 2025 | Polaris Global Equity | 4.1% | 4.1% | 000660.KS, 005930.KS, 066570.KS, ABBV, ALSN, ARW, CFR, CG, CVS, DCOM, DG.PA, DNB.OL, DTE.DE, EBC, ENI.MI, FTK.DE, GILD, HNR1.DE, IAG.L, INCH.L, IPG, LOOM.ST, MEOH.TO, MGA.TO, MKSI, MPC, MSFT, MTB, MUV2.DE, NTRS, NXT.L, OTEX.TO, PFS, PUB.PA, SBH, SDZ, SW, TTE, UTHR, VIPS, WBS, WMB, WSBC | AI, energy, Europe, financials, global, tariffs, technology, Trade | The Trump Administration has initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, with broader-than-expected tariffs causing market volatility. By disrupting natural trade flows, tariffs can lead to reduced economic efficiency and slower global growth. | View | |
| 2023 Q4 | Mar 18, 2024 | Giverny Capital Asset Management | 7.0% | 20.2% | AAPL, AMZN, BAC, BRK-B, BRO, CMG, GOOGL, MCD, META, MSFT, MTB, NVDA, NVO, NVR, OZRK, SCHW, TSLA | Banking, Canada, long-term, Quality, technology, value | Artificial Intelligence was a major topic in 2023, particularly generative AI machines like Google's Gemini and ChatGPT. The manager notes that companies selling server equipment for AI are benefiting from an explosion in investment spending from major tech companies, though these expenses may not always be recurring in the future. | View | |
| 2023 Q4 | Jan 30, 2024 | Gator Capital Management | 10.8% | 24.3% | AAIC, AX, BOH, CFG, FCNCA, FITB, GNW, HBAN, JXN, MTB, OFG, PGR, PNC, RF, TFC, USB, VNO, WAL | Banking, financials, interest rates, M&A, Regional Banks, value | Fund is heavily concentrated in regional banks, particularly First Citizens Bancshares as the largest position. Manager believes regional banks trade at historically low valuations and expects the group multiple to re-rate higher as the industry works through higher interest rates and the credit cycle peaks. First Citizens is positioned well for higher-for-longer rates with a liquid balance sheet and balanced loan book. | FCNCA |
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| 2024 Q4 | Jan 24, 2025 | Giverny Capital Asset Management | 0.8% | 21.1% | AHT.L, ALGN, ANET, BRK-A, CACC, CSU.TO, FERG, FI, FIVE, GOOGL, HEI.A, IBP, JPM, KNSL, MA, MEDP, META, MTB, PGR, SCHW | AI, Concentration, growth, mid cap, technology, value | Artificial Intelligence data centers are driving massive investment in networking equipment, with Arista Networks benefiting as the leader in that sector. The market appears to see that AI data centers will require robust investment in networking equipment. | MEDP ALGN KNSL FERG FI IBP AHT MTB |
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| 2023 Q4 | Jan 16, 2024 | Smead Value Fund | 5.1% | 11.1% | APA, AXP, BAC, COP, DHI, DVN, FITB, HD, JPM, LEN, MAC, MTB, NVR, OVV, OXY, PFE, SPG, TGT, UHAL, WAL | banks, consumer, energy, Homebuilders, inflation, value | Home builders were weighed down by rapidly rising mortgage rates and recessionary fears that reemerged fears of a 2008-like housing crisis. The fund focused on supply demand dynamics rather than emotional fears and was handsomely rewarded with strong performance from D.R. Horton, Lennar, and NVR. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Giverny Capital Asset Management | M&T Bank Corporation | Financials | Regional Banks | Bear | NYSE | Buffalo, capital allocation, digital banking, loan growth, market share, Northeastern Markets, Private Credit, regional banks | View Pitch |
| Apr 13, 2026 | Fund Letters | Giverny Capital Asset Management | M&T Bank Corporation | Financials | Regional Banks | Bull | NYSE | banking, capital deployment, Conservative, credit quality, financial services, market share, Overcapitalized, regional banks, Share Buybacks | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Seeking Profits | M&T Bank | Financials | Banks - Regional | 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 |
|---|---|---|---|---|---|---|---|---|
| Chris Davis | Davis Selected Advisers | $22.2B | $11.3M | 0.05% | 55,846 | -46,208 | -45.28% | 0.0312% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $4.0M | 0.01% | 19,926 | -15,900 | -75.00% | 0.0111% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $1.2M | 0.00% | 6,100 | +5,500 | +916.67% | 0.0034% |
| David Katz | Matrix Asset Advisors | $1.1B | $17.4M | 1.56% | 86,333 | -936 | -1.07% | 0.0482% |
| Bill Smead | Smead Capital Management | $4.8B | $68.0M | 1.41% | 337,603 | -23,408 | -6.48% | 0.1887% |
| Ray Dalio | Bridgewater Associates | $27.4B | $31.2M | 0.11% | 154,846 | -5,881 | -3.66% | 0.0865% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $609,477 | 0.00% | 3,025 | -9,254 | -75.36% | 0.0017% |
| Israel Englander | Millennium Management LLC | $233.2B | $1.3M | 0.00% | 6,500 | -200 | -2.99% | 0.0036% |
| Jeremy Grantham | GMO LLC | $39.1B | $6.4M | 0.02% | 31,857 | +1,936 | +6.47% | 0.0178% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $9.5M | 0.01% | 47,375 | +31,831 | +204.78% | 0.0265% |
| Cliff Asness | AQR Capital Management | $190.6B | $53.4M | 0.03% | 265,285 | -49,356 | -15.69% | 0.1482% |
| Mario Gabelli | GAMCO Investors | $10.4B | $4.0M | 0.04% | 20,022 | -100 | -0.50% | 0.0112% |
| John Rogers | Ariel Investment | $9.3B | $36.3M | 0.39% | 180,402 | -11,032 | -5.76% | 0.1008% |
| Francois Rochon | Giverny Capital | $3.0B | $1.5M | 0.05% | 7,540 | -15,080 | -66.67% | 0.0042% |
| Rich Handler | Jefferies | $19.3B | $1.4M | 0.01% | 7,143 | -700 | -1.74% | 0.0040% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $10,831 | 0.00% | 53 | -92 | -63.45% | 0.0000% |