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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Aug 2, 2024 | Tweedy, Browne International Value II | 2.4% | 8.3% | 000858.SZ, 003550.KS, 005930.KS, 0700.HK, 3407.T, 4182.T, 6302.T, 6849.T, AZO, BA.L, BAC, BRK-B, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FP.PA, FRE.DE, GOOGL, GSK.L, HEIA.AS, INCP.L, IONS, JNJ, KEMIRA.HE, MEGACPO.MX, NESN.SW, NOVN.SW, NVST, PGR, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, U11.SI, UBI.PA, VRTX, WFC, WPK.TO, ZURN.SW | Europe, financials, industrials, international, small caps, value | The fund continues to focus on price-sensitive investing, seeking attractive entry points relative to conservative estimates of intrinsic value. Small and mid-capitalization equities represent an increasing component of portfolios, trading at historically low valuations compared to larger cap counterparts. The fund remains heavily weighted to industrial and financial segments which represent solid value in an environment of escalating equity valuations. | View | |
| 2025 Q2 | Jul 27, 2025 | Diamond Hill Mid Cap | 6.1% | 4.8% | AIG, CIEN, COO, COOP, EQH, FCX, FIS, GDDY, HII, KMX, NVRO, NVST, RRR, RVTY, TTC, WCC | AI, consumer, Data centers, defense, mid cap, technology, value | Technology companies have continued their torrid run as sentiment around the potential for AI to radically change life as we know it remains high. Strong demand for networking systems company Ciena's hyperscale offerings has helped drive strong earnings growth, with hyperscaler demand being fueled by AI-related projects. However, investors are weighing whether and to what extent AI may impact companies like GoDaddy's business in the future. | FCN ALK ASH ICLR RRX WCC RRR |
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| 2026 Q1 | May 1, 2026 | Aristotle Small/Mid Cap Equity | 2.3% | 2.3% | AEIS, ALIT, CIEN, CWST, HURN, NVST | AI, domestic, energy, Manufacturing, semiconductors, small caps, technology, value | NVST CWST HURN CIEN AEIS |
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| 2026 Q1 | Apr 28, 2026 | Pzena Global Small Cap Focused Value Strategy | -0.1% | -0.1% | AAP, BME.L, CNXC, DNOW, DOUG, EVK.DE, HAS.L, MLKN, MMI, NVST, SAMSY, SPB, TATE.L, TEP.PA | Cyclical, global, Recovery, small caps, turnaround, value | View | ||
| 2026 Q1 | Apr 16, 2026 | Ariel Fund | -1.5% | -1.5% | CG, GNRC, JHG, MAT, NCLH, NVST, SMG, SPHR | energy, Entertainment, Geopolitical, inflation, small caps, technology, value | View | ||
| 2026 Q1 | Apr 16, 2026 | Ariel Fund | -1.5% | -1.5% | CG, GNRC, JHG, MAT, NCLH, NVST, SMG, SPHR | consumer, energy, Entertainment, industrials, small caps, technology, value | View | ||
| 2024 Q1 | Apr 15, 2024 | Ariel Fund | 12.1% | 0.0% | AMZN, ATGE, META, MHK, MSFT, MSGE, NVDA, NVST, PARA, SNA, SPHR | AI, Entertainment, fundamentals, private market value, small caps, value | The fund holds multiple entertainment companies including Sphere Entertainment, Madison Square Garden Entertainment, and Paramount Global. SPHR delivered robust first quarter results with strong venue performance and U2 concerts. MSGE benefited from increased concerts and strong Christmas Spectacular demand. PARA faces streaming headwinds but management expects significant earnings growth in 2024. | NVST ATGE PARA MSGE MHK SPHR |
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| 2024 Q1 | Apr 15, 2024 | Ariel Appreciation Fund | 9.9% | 0.0% | BIO, KN, LAZ, MSGE, NVST, NVT, SNA, WBA | AI, earnings, Electrical, Entertainment, healthcare, mid cap, value | Investor enthusiasm around artificial intelligence drove broad-based market rally in Q1. AI-themed mega-cap stocks showed exuberance that may eventually prove excessive, though patient investors focus on fundamentals over market psychology. | BIO NVST KN WBA MSGE LAZ NVT |
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| 2025 Q1 | Mar 31, 2025 | Pzena Global Small Cap Focused Value Strategy | -4.4% | -4.4% | 3401.T, 6481.T, ADNT, BIRG.L, CNO, CNXC, DAN, GCO, NVST | Cyclical, financials, global, small caps, tariffs, underperformance, value | Small cap stocks globally continued to underperform large-cap peers, widening the valuation gap between cohorts. The period remained particularly challenging for small caps, with US small caps declining markedly while non-US small caps were largely flat. Tariffs and economic impact drove weak sentiment particularly for small cap companies. | View | |
| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne International Value II | 2.1% | 18.8% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 6302.T, 6777.T, 7267.T, 7716.T, 7741.T, 7844.T, 7988.T, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNH, DEO, FDX, GOOGL, GRAF.L, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NVS, NVST, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOP.PA, SW.PA, TFC, TP.PA, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC | Currency, dividends, Europe, Hedging, international, Japan, value | The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance. | AZE |
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| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne International Value II | 1.4% | 23.2% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7716.T, 7988.T, AALB.AS, AZE.BR, BA.L, BIDU, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, D05.SI, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, INCH.L, IONS, J36.SI, JNJ, JSG.L, KOF, MEGACPO.MX, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SOP.PA, SW.PA, TFC, TREL-B.ST, TTE, U11.SI, USB, VRTX, WFC, ZURN.SW | Currency, dividends, ETFs, Europe, Hedging, international, Japan, value | The firm emphasizes investing in companies that combine financial strength, reasonable valuations, and capacity to weather uncertain times. They focus on businesses trading at discounts to conservative estimates of underlying intrinsic value. The valuation gap between US and non-US equities remains significant despite recent outperformance. | AZE |
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| 2025 Q3 | Oct 31, 2025 | Tweedy, Browne Worldwide High Dividend | 1.0% | 18.9% | 003550.KS, 005930.KS, 145720.KS, 2531.T, 4368.T, 7270.T, 7276.T, 7846.T, 7988.T, AZE.BR, BA.L, BKG.L, BREE.L, BRK-A, CNHI, CRH.L, DGE.L, DHL.DE, FDX, GOOGL, HEIA.AS, IONS, JNJ, JSG.L, KOF, NA.TO, NESN.SW, NOVN.SW, NVST, PETS.L, PRU.L, ROG.SW, RUI.PA, SAF.PA, SW.PA, TP.PA, TREL-B.ST, TTE, U11.SI, WFC | Buybacks, Currency, dividends, Europe, international, Japan, value | The firm continues to focus on companies that combine financial strength, reasonable valuations, and the capacity to weather uncertain times. They believe price matters in investing, especially in a world where inflation remains persistent and interest rates are normalizing at levels far above zero. The valuation gap between US and non-US equities remains significant despite recent outperformance. | SUBARU DBS SWAN RUI NESN |
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| 2025 Q3 | Oct 24, 2025 | Meridian Contrarian Fund | 6.7% | - | AXS, BEPC, CACI, DLTR, EVRG, FCNCA, HNST, KRNT, LASR, MIR, NVST, PENG, PL, PRGO, TCBI | contrarian, defense, Electrification, small caps, technology, turnaround, value | AI infrastructure demand drove strong performance in technology names and data centers. Several portfolio companies benefited from AI datacenter demand, particularly in high-performance computing and memory businesses. | LASR PL KRNT PRGO HNST LASR PL KRNT PRGO HNST |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Mid Cap | 4.5% | 9.5% | AIG, CIEN, COO, COOP, EQH, FCX, FIS, GDDY, HII, KMX, NVRO, NVST, RRR, RVTY, TTC, WCC | AI, defense, financials, healthcare, mid cap, technology, value | Technology companies have continued their torrid run as sentiment around the potential for AI to radically change life as we know it remains high. Strong demand for networking systems company Ciena's hyperscale offerings has helped drive strong earnings growth, with hyperscaler demand being fueled by AI-related projects. However, investors are weighing whether and to what extent AI may impact GoDaddy's business in the future. | HII WCC CIEN |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Small-Mid Cap Strategy | 6.2% | 7.3% | BR, CIEN, COO, COOP, ENOV, EQH, GDDY, HII, KMX, LOB, NVST, OZK, PRGO, PRGS, RHP, RRR, RVTY, TRIN, TTC, WCC | AI, mid cap, Quality, small cap, technology, value | AI-fueled boom in technology continues driving market returns, with sentiment around AI's potential to radically change life remaining high. However, the manager believes sentiment is at least partially disconnected from reality given AI's potential is yet to be fully borne out. Markets are rewarding companies with even minimal AI exposure while punishing those at risk from AI disruption. | RVTY COO TTC HII CIEN HII WCC CIEN |
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| 2023 Q3 | Oct 10, 2023 | Oakmark Global Fund | 7.5% | 0.0% | ALV.DE, AMZN, BC, CHTR, CNHI, COP, CSCO, FLS, GOOGL, IPG, NVST, ORCL, PH, PRU.L, STJ.L, THC | Cloud, global, Networking, software, technology, Telecommunications, value | Oracle's cloud business is showing strong momentum with infrastructure cloud services growing 72% and strategic back office cloud reaching $6.9 billion in run-rate revenue. The company signed several deals greater than $1 billion in total value during the quarter and booked an additional $1.5 billion in the first week of the second quarter. | CSCO ABC ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO STJ.L CHTR |
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| 2025 Q4 | Jan 21, 2026 | Zeno | 0.0% | 0.0% | BRK-A, DHR, FTV, GE, ITW, JCI, NVST, VRLT | Biotechnology, Capital Allocation, Conglomerates, Ownership, Spin-Offs, value creation | Danaher has transformed into a pure play Bioprocessing, Life Sciences and Diagnostics business through strategic acquisitions and spin-offs. The company acquired Pall Systems for $14 billion to gain foothold in bioprocessing space and later acquired GE Biopharma, focusing on manufacturing and sales of consumables and equipment used in production of biotech drugs. The letter discusses how executives typically monetize stock options regularly in the market through stock ownership programs, contrasting this with founder-owners who maintain substantial long-term shareholdings. This highlights different approaches to capital allocation and ownership alignment. | DHR |
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| 2025 Q4 | Jan 21, 2026 | Meridian Contrarian Fund | 2.2% | 0.0% | AMD, AMSC, ATZ.TO, AXS, CACI, CCK, DLTR, FCNCA, HNST, LASR, MIR, NVST, PENG, TCBI | AI, contrarian, defense, energy, semiconductors, small cap, turnaround, value | The fund continues to see long runways supporting artificial intelligence as a core theme. AI-related earnings drove early-period performance in the quarter. AMD made progress establishing its GPU servers as a viable alternative to Nvidia's offerings in the AI space. AMD emerged from underperformance with competitive technology positioning against Intel and Nvidia. The company's GPU servers are establishing viability as alternatives to Nvidia in AI applications. Technology leadership is generating market share gains and improved profits. Defense represents one of the portfolio's core themes with long runways for growth. The fund holds positions in defense-related companies including those serving naval programs and defense electronics applications. Electric grid upgrades represent a significant growth driver for portfolio companies. American Superconductor is positioned to benefit from demand for electric grid infrastructure improvements and expanding power transmission needs. The portfolio benefits from electrification and power themes as core investment areas. Companies are positioned to capitalize on rising power demand, wind power expansion, and infrastructure investment in the energy transition. | AMD ATZ CN DLTR HNST AMSC PENG |
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| 2024 Q3 | Sep 30, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | BRK-B, DGE.L, DHL.DE, FDX, FMC, GOOGL, HEIA.AS, ISNS, JNJ, NESN.SW, NVST, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, U11.SI, UHAL, WFC | Diversified, global, risk management, valuation, value | The fund continues to focus on securities trading at discounts from conservative estimates of their respective intrinsic values. Portfolio positioning reflects areas where investors may still uncover undervalued securities. The managers emphasize their value investing approach throughout the commentary. | View | |
| 2024 Q2 | Jul 31, 2024 | Ariel Fund | 12.1% | 0.0% | ADT, ATGE, LESL, LH, NVST, RCL, SPHR, SSD | consumer, earnings, Entertainment, healthcare, small caps, technology, value | AI-themed stocks continue to dominate markets this year, driving a narrow momentum rally that helped the S&P 500 gain while Mid- and Small-Cap companies declined. The resulting bifurcation has been extreme, as non-AI companies in the S&P 500 Index lost 1.2%. | NVST LESL SPHR ADT ATGE RCL |
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| 2024 Q2 | Jun 30, 2024 | Oakmark Global Fund | 7.5% | 0.0% | CNHI, DE, ETSY, GOOGL, IQV, KKR, LLOY.L, NVST | Agriculture, Communication Services, global, industrials, technology, value | The fund invested in agricultural equipment manufacturers Deere & Company and CNH Industrial, viewing them as positioned to benefit from long-term trends of increasing food demand and declining agricultural land/labor. These companies are seen as technological leaders that can help farms become more productive through cycles. | ETSY DE |
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| 2023 Q1 | Mar 31, 2023 | Oakmark Global Fund | 7.5% | 0.0% | AIG, BAC, BAYRY, CAP.PA, COF, COP, GLEN.L, GOOGL, ICE, MA, NOV, NVST, TEL | Banking, financials, global, Opportunistic, value | Banking sector turmoil created opportunities as Silicon Valley Bank and Signature Bank failed due to duration risk and uninsured deposits. The fund added two new financials with strong balance sheets at attractive prices after sector-wide selloff. | NVST DICE COP COF CAP FP AIG |
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| 2023 Q4 | Feb 20, 2024 | Ariel Small Cap Value Strategy | 10.1% | 0.0% | CLB, JHG, JLL, LIND, MAT, NVST, OSW | consumer, energy, real estate, small caps, Travel, value | The fund holds luxury adventure travel company Lindblad Expeditions and cruise spa services provider OneSpaWorld, both benefiting from strong demand and pricing power in the travel recovery. Future travel reservations remain strong with companies increasing prices. | NVST AMAT CLB JLL OSW LIND |
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| 2024 Q4 | Jan 21, 2025 | Tweedy, Browne Value Fund | -5.8% | 1.4% | BRK-A, CNHI, DGE.L, DHL.DE, FDX, FMC, GOOGL, HEIA.L, JNJ, NESN.SW, NVST, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TP.PA, TTE, U11.SI, UHAL, WFC | financials, global, Japan, technology, valuation, value | The fund maintains its value investing approach, seeking securities trading at significant discounts to intrinsic value estimates. Portfolio positioning focuses on parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities. | View | |
| 2023 Q4 | Jan 2, 2024 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | BRBR, CIVI, CTRA, CUBE, ERII, FBIN, FHN, FIBK, GDDY, HBI, LOB, NSP, NVST, RRR, SXT, WBS, WCC, WNS | energy, financials, mid cap, real estate, Regional Banks, small cap, technology, value | Regional banks performed well in Q4 as investors interpreted Fed signals as indicating an end to rate hikes and potential pivot to cuts in 2024. The fund initiated a position in First Horizon Corporation, capitalizing on the failed merger with Toronto Dominion, and holds Live Oak Bancshares and Webster Financial which both contributed positively to performance. | View | |
| 2023 Q4 | Jan 2, 2024 | Diamond Hill Mid Cap | 8.3% | 13.3% | BRBR, BWA, CIEN, CTRA, CUBE, FBIN, GDDY, HBI, NSP, NVST, PH, RRR, ST, VFC, WBS, WCC | Automotive, energy, financials, industrials, mid cap, real estate, technology, value | Real estate was the top performing sector in Q4, rising 17% alongside growing consensus that the Federal Reserve is done raising rates. REITs broadly rallied as long-term interest rates rapidly declined. Self-storage REIT CubeSmart benefited as storage rents showed signs of bottoming. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 4, 2026 | Fund Letters | Aristotle Small Cap Equity Fund | Envista Holdings | Medical Instruments & Supplies | Health Care Equipment & Supplies | Bull | New York Stock Exchange | Demographics, Dental, healthcare, Medical devices, recurring revenue, turnaround, Value | View Pitch |
| May 4, 2026 | Fund Letters | Aristotle Small/Mid Cap Equity | Envista Holdings | Medical Instruments & Supplies | Health Care Equipment & Supplies | Bull | New York Stock Exchange | Aging demographics, Consumables, Dental Equipment, healthcare, Medical devices, Orthodontics | View Pitch |
| Apr 28, 2026 | Fund Letters | Ariel Small Cap Value Strategy | Envista Holdings Corp. | Health Care | Health Care Equipment & Supplies | Bull | NYSE | Dental Manufacturing, Facility Consolidation, Geopolitical Headwinds, High-Growth Segments, M&A Execution, multiple expansion, R&D pipeline | View Pitch |
| Apr 27, 2026 | Fund Letters | Oakmark Global Fund | Envista Holdings | Health Care | Health Care Equipment | Bull | NYSE | Dental Products, Health Care Equipment, Manufacturer, Medical devices, small-cap, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | Envista Holdings Corp. | Health Care | Health Care Equipment & Supplies | Bull | NYSE | China, Dental, Facility Consolidation, Healthcare Equipment, IT Investments, manufacturing, R&D pipeline, Russia, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Fund | Envista Holdings Corp. | Health Care | Health Care Equipment & Supplies | Neutral | NYSE | China, Dental Equipment, Facility Consolidation, healthcare, leadership transition, manufacturing, R&D pipeline, Russia | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Appreciation Fund | Envista Holdings Corp. | Health Care | Health Care Equipment | Bull | NYSE | Bull, Dental Equipment, Facility Consolidation, Healthcare Technology, leadership transition, R&D pipeline, turnaround | View Pitch |
| Jan 8, 2026 | Fund Letters | Bradford Evans | Envista Holdings Corporation | Health Care | Health Care Equipment | Bull | New York Stock Exchange | buybacks, Dental, Margins, tariffs, 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||