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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Sep 30, 2024 | Qualivian Investment Partners | 2.5% | - | AMZN, BRK-B, GOOGL, MA, META, MUSA, ORLY, TJX, URI, V | Compounding, Concentration, long-term, Quality, value | Qualivian focuses on a concentrated portfolio of 15-25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. They seek quality compounders expected to compound capital at mid-teens rates and hold them for extended periods. | URI MUSA |
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| 2022 Q3 | Sep 30, 2022 | SouthernSun Small Cap | -0.7% | - | BCO, BDC, CLH, DAR, DORM, EPAC, MUSA, SCL, TKR, UNVR | Balance Sheet, energy, inflation, innovation, small cap, Supply Chain, technology, value | BCO DORM DAR MUSA |
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| 2021 Q3 | Sep 30, 2021 | SouthernSun Small Cap | -3.1% | 13.7% | BCO, BDC, CCMP, DAR, EPAC, FTDR, HRC, MUSA, PII, THO, TKR, UNVR | COVID, industrials, inflation, Labor, small cap, Supply Chain, value | UNVR FTDR TKR BCO MUSA HRC |
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| 2025 Q2 | Jul 29, 2025 | The London Company SMID Cap | -0.8% | -7.3% | AER, AWI, CNNE, MUSA, NEU, SAIA, SGI, WTM, ZBRA | Air Travel, Freight, Quality, SMID Cap, tariffs, Trade Policy, value | Elevated uncertainty exists with high likelihood of greater tariffs being announced in weeks ahead. Volatility surged in early April following new U.S. tariff announcements aimed at reshaping global trade. The effect of tariffs on both inflation and the broader economy could change Fed monetary policy plans. | AER AWI NEU |
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| 2025 Q2 | Jul 20, 2025 | The London Company Small-Mid Cap | -0.8% | -7.3% | AER, AWI, CNNE, MUSA, NEU, SAIA, SGI, WTM, ZBRA | Freight, Logistics, Quality, SMID Cap, tariffs, Trade Policy, volatility | The manager emphasizes their high-Quality, low-Volatility orientation as positioning them well for an environment of elevated policy risks and fragile global growth. They focus on company quality, sustainable returns on capital, and resilience across economic scenarios. | AWI NEU |
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| 2025 Q2 | Jul 17, 2025 | SouthernSun Small Cap | 9.7% | - | AEIS, BOOT, DAR, DY, EPAC, EXTR, LPX, MSA, MUSA, OXM, SAM | Agriculture, Capital discipline, Housing, Operational Discipline, small caps, tariffs, technology, value | Tariffs have re-emerged as a significant cost driver, prompting companies to explore reshoring, leaner inventories, and domestic sourcing. Companies are developing mitigation plans including meaningful supply chain moves away from China. The impact varies significantly by company, with some facing material negative impacts while others may benefit from domestic sourcing advantages. | MSA SAM OXM DY BOOT MSA SAM DY BOOT |
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| 2025 Q2 | Jul 17, 2025 | SouthernSun SMID Cap | 10.3% | - | APG, BOOT, DAR, DY, LPX, MOD, MSA, MUSA, SAM, TREX, WSO | Agriculture, Building Products, Resilience, Safety, SMID Cap, tariffs, technology, value | Companies demonstrated operational discipline through cost consciousness, margin stewardship, and capital discipline. Management teams acknowledged macroeconomic uncertainties while maintaining steady execution and preparing deliberately for challenges. | MSA SAM WSO BOOT APG MSA SAM WSO BOOT APG |
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| 2021 Q2 | Jul 1, 2021 | SouthernSun Small Cap | -1.1% | 17.4% | BDC, BR, CASS, CCMP, CLH, DAR, DY, MBUU, MGPI, MUSA, NGVT, SAFM, SCL, STAY, THO | Food, infrastructure, management, small cap, Supply Chain, Travel, value | MBUU CCMP MGPI SAFM THO DY |
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| 2023 Q2 | Jun 30, 2023 | SouthernSun Small Cap | 7.7% | - | AGCO, BOOT, DAR, DORM, DY, MUSA, NGVT, SAM, SCL, THO, TSCO, UNVR, USPH | Auto Parts, Chemicals, healthcare, retail, small cap, Telecommunications, value | BOOT DORM NGVT USPH DY |
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| 2022 Q2 | Jun 30, 2022 | SouthernSun Small Cap | -7.5% | - | AGCO, COOK, CR, DAR, DORM, KOP, MGPI, MUSA, SAFM, SAM, SCL, UNVR | Balance Sheets, consumer, Industrial, inflation, Quality, small cap, value | SAM AGCO DAR DORM MGPI |
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| 2025 Q1 | Jun 16, 2025 | Qualivian Investment Partners | 1.2% | 1.2% | AAPL, AJG, AMZN, AZO, BRK.B, BRO, CPRT, GOOGL, META, MSFT, MUSA, NVDA, ORLY, TSLA, URI, WSO | compounders, concentrated, long-term, Quality, value | Market volatility sparked by DeepSeek announcement questioning returns on hyperscaler AI investments. Alphabet integrating AI into search through AI Overviews and AI Mode, showing encouraging reception and monetization. Hyperscalers expressing confidence in generative AI opportunities despite capital spending concerns. | AZO |
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| 2026 Q1 | Apr 16, 2026 | Avenue Investment Management | - | - | CNQ, MUSA | AI, energy, geopolitics, Iran, oil, private credit, Quality, technology | View | ||
| 2026 Q1 | Apr 13, 2026 | The London Company SMID Cap | -3.6% | -3.6% | ACIW, AWI, AXTA, CCC, CHDN, COO, ENTG, ESI, MUSA, QLYS, TREX, WAT | cybersecurity, energy, Geopolitical, Quality, semiconductors, SMID Cap, value | ACIW CCC COO AWI CHDN QLYS ESI MUSA ENTG |
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| 2023 Q1 | Mar 31, 2023 | SouthernSun Small Cap | 4.0% | - | BCO, BDC, CLH, CR, DAR, LOB, MGPI, MUSA, SCL, TKR, UNVR, USPH | Banking, industrials, materials, Quality, small caps, value | DAR LOB TKR BCO |
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| 2025 Q4 | Feb 25, 2026 | SouthernSun SMID Cap | -3.9% | 4.5% | APG, BOOT, CXT, DAR, DY, EXTR, FND, GNRC, LOB, MUSA, OSK, TKR, TREX, WSO | AI, energy, infrastructure, Late-cycle, SMID Cap, valuation, value | Artificial intelligence occupies a central role in shaping market expectations and has become a macroeconomic assumption embedded in capital expenditure plans and valuation models. The manager draws parallels between today's AI environment and the 2014-15 oil collapse, noting that AI infrastructure is profoundly energy-intensive and faces physical constraints including rising electricity prices and grid capacity challenges. Energy plays a critical role in AI infrastructure economics, with data centers becoming major electricity consumers. Rising power costs compress margins while grid constraints and regulatory scrutiny influence deployment timelines. The manager emphasizes that unlike software-driven growth, AI compute cannot be scaled independently of physical energy reality. Many AI-exposed companies trade at multiples assuming near-flawless execution, creating valuation risk despite current profitability. The manager notes that when confidence is high, markets forgive delays and cost overruns, but when confidence wanes, these factors can catalyze abrupt repricing. Late-cycle environments show conviction persisting even as marginal buyers grow cautious. | TREX TKR DY EXTR LOB OSK GNRC CXT APG DAR |
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| 2025 Q3 | Oct 30, 2025 | SouthernSun Small Cap | - | 8.3% | AEIS, BCO, CXT, DAR, DORM, EPAC, MOD, MSA, MUSA, NGVT, SCL | active management, industrials, materials, Quality, small caps, value | SouthernSun focuses exclusively on small-cap securities defined as equity securities with market capitalizations within the range of the Russell 2000 Index. The manager emphasizes that divergence in small and mid-sized market segments creates opportunities for active discovery when new entrants come to the public stage. | CXT SCL DAR MOD BCO CXT SCL DAR MOD BCO |
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| 2025 Q3 | Oct 30, 2025 | SouthernSun SMID Cap | - | 8.7% | BCO, CXT, DAR, FND, GNRC, MOD, MUSA, NGVT, SEIC, VMI, WSO | active management, fundamentals, Quality, SMID Cap, Stewardship, value | SouthernSun emphasizes the enduring value of active management in an increasingly passive world, arguing that active investing restores balance by engaging directly with management, questioning assumptions, and allocating capital purposefully rather than automatically. They view active management as essential stewardship that combines analytical rigor with human judgment. | CXT WSO DAR BCO MOD CXT WSO DAR BCO MOD |
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| 2023 Q3 | Oct 16, 2023 | Avenue Investment Management | - | - | AAPL, ATKR, CNQ.TO, CSU.TO, EME, ENB.TO, META, MSFT, MUSA | Canada, Defensive, rates, Recession, value, volatility | Manager expects return to higher volatility periods similar to mid-1960s to mid-1970s where portfolios could swing from up 20% one year to down 15% the next. Recent 15-year period of mostly positive returns with only occasional bad years is viewed as abnormal. | View | |
| 2024 Q4 | Jan 7, 2025 | The London Company Small-Mid Cap | 1.7% | 6.5% | AER, AWI, BR, CHDN, DECK, ENTG, MUSA, POST, WAT, WTM | concentrated, downside protection, Quality, SMID Cap, value | The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 16.7% pre-tax ROC versus 8.4% for the Russell 2500 and lower leverage at 2.1x net debt/EBITDA versus 3.4x for the benchmark. | View | |
| 2024 Q3 | Sep 30, 2024 | Qualivian Investment Partners | 2.4% | 15.3% | AMZN, BRK-B, GOOGL, MA, META, MUSA, ORLY, TJX, URI, V | Compounding, Concentration, long-term, Quality, value | The fund focuses on concentrated portfolio of 15-25 understandable companies with wide moats, long reinvestment runways, and outstanding capital allocation. They expect these quality compounders to compound capital at mid-teens rate and hold them for extended periods. | URI MUSA |
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| 2023 Q3 | Sep 30, 2023 | SouthernSun Small Cap | 10.6% | 13.5% | BCO, BDC, DAR, DY, LOB, MUSA, SAM, SCL, TKR, USPH | consumer, energy, financials, industrials, infrastructure, small cap, value | Darling Ingredients is building Sustainable Aviation Fuel capacity expected online in Q4 2024, with further SAF expansion being evaluated as growth and incentives provide significant margin expansion and return on investment. The company is the largest publicly traded company turning edible by-products and food waste into sustainable products and a leading producer of renewable energy. | ALDAR.AD ABDY.L AER|AWI|MUSA|NEU|SAIA|WTM SAM |
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| 2023 Q3 | Sep 30, 2023 | SouthernSun SMID Cap | 8.8% | 13.9% | BCO, BDC, BR, DAR, DY, LPX, MUSA, SAM, TKR, USPH | Biofuels, Convenience Stores, self-help, SMID Cap, Telecommunications, value | Murphy USA benefits from its position as a low-cost, high-volume fuel retailer with advantaged locations on Walmart outparcels. The company continues to grow same-store sales and sees opportunities for new store additions while maintaining capital discipline through share repurchases. | ALDAR.AD ABDY.L AER|AWI|MUSA|NEU|SAIA|WTM SAM |
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| 2024 Q2 | Jul 22, 2024 | The London Company Small-Mid Cap | 2.0% | 4.8% | AER, BRKR, CHDN, DAVA, DECK, HAS, LW, MBI, MUSA, NEU, QLYS, TREX | Consumer Staples, cybersecurity, healthcare, Quality, small caps, value | The portfolio focuses on high quality businesses with strong balance sheets, high ROIC, and improving margins. The manager emphasizes owning great businesses at reasonable prices and allowing them to compound over the long term. | QLYS BRKR |
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| 2024 Q2 | Jul 22, 2024 | The London Company Small Cap | 7.0% | 8.9% | ACIW, AUB, CERT, CNNE, DOOR, DV, ENOV, EPRT, GTES, HAE, MATX, MBUU, MRTN, MUSA, NEU, PLUS, TPX | downside protection, free cash flow, Quality, Russell 2000, small caps, value | The portfolio focuses on small-cap equities with emphasis on quality, low volatility, and downside protection. The Russell 2000 Small Cap Index declined 3.3% during the quarter while the portfolio fell 5.8%. The manager notes that small caps faced headwinds as investors favored large cap, growth and momentum factors. | DV GTES |
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| 2024 Q2 | Jul 20, 2024 | SouthernSun SMID Cap | 8.8% | 13.9% | AGCO, BCO, BOOT, DAR, DY, MUSA, PII, TREX, USPH, VMI | fundamentals, long-term, Patience, Research, small cap, SMID Cap, value | Strong demand outlook for fiber construction in urban areas as carriers generate good returns on fiber investments. Public funding through ARPA, RDOF, and BEAD programs provides additional significant demand, with the $40 billion BEAD program being the largest federal broadband program ever in the U.S. Deployment expected to start in 2025. | USPH DAR DY BOOT |
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| 2024 Q2 | Jul 20, 2024 | SouthernSun Small Cap | 10.6% | 13.5% | AGCO, BCO, BOOT, DAR, DY, EPAC, MGPI, MUSA, PII, USPH | Agriculture, Broadband, Energy Transition, HVAC, semiconductors, small caps, Turnarounds, value | Strong demand outlook for fiber construction in urban areas as carriers generate good returns on fiber investments. Public funding through ARPA, RDOF, and BEAD programs provides additional significant demand, with the $40 billion BEAD program being the largest federal broadband program ever in the U.S. Deployment expected to start in 2025. | USPH DAR DY BOOT |
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| 2023 Q1 | Apr 30, 2023 | SouthernSun SMID Cap | 8.8% | 13.9% | AGCO, BCO, BOOT, CLH, CR, DAR, LPX, MUSA, TKR, TREX, WRK, WSO | Building Products, HVAC, Industrial, M&A, packaging, SMID Cap, value | Manager initiated position in Louisiana-Pacific Corporation, a leading producer of oriented strand board and siding. The company has transformed from commodity OSB focus to value-add building solutions with superior growth profile and barriers to entry in siding business. | LPX WRK ALDAR.AD BCO WSO |
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| 2023 Q1 | Apr 20, 2023 | The London Company Small Cap | 7.0% | 8.9% | AQUA, ENOV, IAA, LIVN, MUSA, PAG, RBA, TPX, VNT, WTM, XYL | Banking, healthcare, Quality, small caps, technology, value | The manager emphasizes their focus on durable profitability, strong free cash flow and balance sheet flexibility as key advantages in a higher cost of capital environment. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility. | ENOV AER|AWI|MUSA|NEU|SAIA|WTM AER|AWI|MUSA|NEU|SAIA|WTM LIVN TPX AVNT |
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| 2023 Q1 | Apr 20, 2023 | The London Company Small-Mid Cap | 2.0% | 4.8% | BR, CHDN, ENTG, IAA, JKHY, LW, MBI, MUSA, RBA, STOR | Banking, Quality, Recession, semiconductors, SMID Cap, value | The manager emphasizes the durable profitability, strong free cash flow, and balance sheet flexibility of their companies as they face an economic slowdown with higher cost of capital. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility. | AER|AWI|MUSA|NEU|SAIA|WTM ENTG ABLLW CHDN |
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| 2023 Q1 | Apr 20, 2023 | The London Company SMID Cap | 9.2% | 9.2% | BR, CHDN, ENTG, IAA, JKHY, LW, MBI, MUSA, RBA, STOR | Banking, Capital Allocation, Quality, Recession, SMID Cap, value | The manager emphasizes the durable profitability, strong free cash flow, and balance sheet flexibility of their companies as they face an economic slowdown with higher cost of capital. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility. | AER|AWI|MUSA|NEU|SAIA|WTM ENTG ABLLW CHDN |
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| 2023 Q2 | Feb 8, 2023 | SouthernSun SMID Cap | 8.8% | 13.9% | AGCO, DY, IEX, MGPI, MUSA, NGVT, SAM, THO, TREX, UNVR, USPH, WRK | Chemicals, concentrated, healthcare, SMID Cap, Spirits, Telecommunications, value | Fiber penetration has significant runway with only 43% of US homes passed by high-speed fiber cable. Government funding through ARPA, RDOF, and BEAD programs is making previously uneconomical rural and low-income areas viable for fiber deployment. Industry capacity remains tight with strong demand from smaller customers. | View | |
| 2023 Q4 | Jan 23, 2024 | The London Company Small Cap | 7.0% | 8.9% | AUB, AWI, CABO, DOOR, LIVN, MUSA, PLUS, QLYS, RVLV, TPX, WTM | Banking, industrials, Quality, small cap, technology, value | The portfolio maintains a positive tilt toward Quality factors, focusing on companies with sustainably high returns on capital and balance sheet strength. This Quality-orientation provided relative advantage for the full year despite being a headwind in Q4. | RVLV PLUS |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jun 15, 2026 | Fund Letters | SouthernSun Small Cap | Murphy USA, Inc. | Specialty Retail | Specialty Retail | Bull | New York Stock Exchange | cash flow generation, Convenience Store, Fuel Retailer, Low-Cost Operator, Share Buybacks, Specialty retail, Walmart partnership | View Pitch |
| Jun 15, 2026 | Fund Letters | SouthernSun Small Cap | Murphy USA, Inc. | Specialty Retail | Gas Stations & Convenience Stores | Bull | New York Stock Exchange | Competitive Advantage, convenience stores, Fuel Retail, High Volume, Low-Cost Model, margin expansion, share repurchases | View Pitch |
| Apr 29, 2026 | Fund Letters | The London Company SMID Cap | Murphy USA, Inc. | Specialty Retail | Specialty Retail | Bull | New York Stock Exchange | capital return, cash flow, Fuel Prices, Low cost, market share, Rural, Specialty retail, Suburban | View Pitch |
| Apr 13, 2026 | Fund Letters | Qualivian Investment Partners | Murphy USA | Consumer Discretionary | Specialty Retail | Bull | NYSE | Consumer Discretionary, convenience stores, Fuel Stations, organic growth, quality compounder, share repurchases, Specialty retail | View Pitch |
| Apr 13, 2026 | Fund Letters | Qualivian Investment Partners | Murphy USA | Consumer Discretionary | Specialty Retail | Bull | NYSE | EPS growth, Gasoline Stations, organic growth, quality compounder, Revenue Growth, share repurchases, Specialty retail | View Pitch |
| Oct 15, 2025 | Value Investors Club | NZ | Murphy USA | Consumer Discretionary | Specialty Retail / Convenience Stores | Bull | NYSE | Aging car fleet, Convenience retail, EV resistance, Fuel margins, Political tailwinds, Share Buybacks | 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 |
|---|---|---|---|---|---|---|---|---|
| Jo Taylor | Ontario Teachers' Pension Plan | $4.3B | $2.9M | 0.07% | 7,192 | -1,046 | -12.70% | 0.0397% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $24.3M | 0.03% | 60,244 | +60,244 | +100.00% | 0.3328% |
| Lee Ainslie | Maverick Capital | $9.3B | $4.4M | 0.05% | 11,023 | +11,023 | +100.00% | 0.0609% |
| Ray Dalio | Bridgewater Associates | $27.4B | $4.0M | 0.01% | 10,016 | +2,821 | +39.21% | 0.0553% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $17.0M | 0.02% | 42,047 | +41,365 | +6065.25% | 0.2323% |
| Israel Englander | Millennium Management LLC | $233.2B | $226.2M | 0.10% | 560,625 | -175,320 | -23.82% | 3.0969% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $109.0M | 0.09% | 270,122 | -7,760 | -2.79% | 1.4921% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $904,288 | 0.00% | 2,241 | +2,241 | +100.00% | 0.0124% |
| Cliff Asness | AQR Capital Management | $190.6B | $204.8M | 0.11% | 507,418 | +304,354 | +149.88% | 2.8029% |
| Charles Mawer | Mawer Investment Management | $17.9B | $10.2M | 0.06% | 25,365 | -13,852 | -35.32% | 0.1401% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $5.2M | 0.11% | 12,841 | -3,634 | -22.06% | 0.0709% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $14.5M | 0.04% | 35,849 | -1,254 | -3.38% | 0.1980% |