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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 27, 2025 | Diamond Hill Small Cap Fund | 11.8% | -1.1% | BA, COOP, DCO, FIP, HURC, LEU, MLAB, OEC, RHP, RRR, TBK, USLM | AI, defense, materials, nuclear, small caps, technology, value | AI-fueled boom had widespread effects across sectors, with technology companies continuing their torrid run as sentiment around AI's potential to radically change life remains high. Nuclear fuel provider Centrus Energy is benefiting from renewed interest in nuclear power to support growing power demand tied to the AI boom. | HURC MLAB FIP DCO USLM RRR LEU COOP AEO ASUR STRW FBIN AZZ UTZ NSP DCO LEU |
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| 2022 Q2 | Jul 22, 2022 | Choice Equities Capital Management | -17.4% | -34.6% | CROX, FARM, META, NFLX, OEC, SITE | Balance Sheets, concentrated, consumer, discount, small caps, value | SITE CROX |
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| 2023 Q2 | Jul 14, 2023 | Choice Equities Capital Management | 8.0% | 9.0% | AAPL, CELH, CROX, MGNI, OEC, PLCE, SITE, STGW, WCC | Advertising, Concentration, Russell 2000, small caps, valuation, value | PLCE STGW MGNI |
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| 2023 Q1 | May 2, 2023 | Choice Equities Capital Management | 1.0% | - | CELH, CROX, EAT, KO, MNST, OEC, PEP, PZZA, SITE, WCC | Banking, Beverages, earnings, industrials, Restaurants, small caps, value | CELH CROX |
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| 2025 Q1 | May 12, 2025 | Choice Equities Capital Management | -6.3% | - | BNED, CELH, CROX, CZR, GENI, HAIN, MGNI, MOD, OEC, PAR | consumer, growth, small caps, tariffs, technology, volatility | BNED GENI CROX PAR CELH MOD MGNI |
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| 2022 Q1 | Apr 21, 2022 | Choice Equities Capital Management | -20.9% | - | AZEK, CBT, FARM, GMS, INVE, OEC, TA, TREX, WSO | Building Products, consumer, Industrial, inflation, rates, small caps, value | OEC TA AZEK INVE |
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| 2024 Q1 | Apr 15, 2024 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | DOUG, FTAI, ISRG, LANC, LEU, LOB, OEC, OZK, RRR, SMCI, TKO.TO, UFPT, WNS | materials, rates, Regional Banks, small caps, technology, value | Small cap stocks underperformed large caps in Q1, with the Russell 2000 up 5% versus Russell 1000's 10%. More than one-quarter of the Russell 2000's return came from a single stock, Super Micro Computer. The manager continues to find compelling opportunities in small caps despite challenging valuations. | View | |
| 2023 Q3 | Oct 31, 2023 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, MGNI, OEC, PLCE, SHAK, STGW, WCC | Advertising, consumer, industrials, Restaurants, small caps, value | Manager emphasizes that small and mid-cap stocks have severely lagged larger peers and are now historically attractive. The Russell 2000 fell below pre-pandemic levels, with forward earnings multiple of S&P 600 at 11.5x, a level only seen three times since 1999. All prior instances produced double-digit annualized returns across multiple years. | SHAK |
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| 2022 Q3 | Oct 27, 2022 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, FARM, OEC, SITE, WCC | - | View | ||
| 2025 Q3 | Oct 24, 2025 | Diamond Hill Small Cap Fund | 7.9% | 6.7% | COOP, DCO, FIP, HURC, LEU, MLAB, OEC, RHP, RRR, TFIN, USLM | AI, defense, nuclear, Quality, small caps, value | The artificial intelligence boom had widespread effects across sectors in Q3, with materials up 25% and technology up over 16%. Technology companies continued their torrid run as sentiment around AI's potential to radically change life remains high. Nuclear fuel provider Centrus Energy is benefiting from renewed interest in nuclear power to support growing power demand tied to the AI boom. | FTAI DCO USLM RRR LEU COOP LEU COOP |
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| 2024 Q3 | Oct 24, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, CZR, GENI, HAIN, MGNI, OEC, PAR | Advertising, gaming, Restaurants, small caps, technology, value | The fund holds positions in Caesars Entertainment and Genius Sports, both operating in the entertainment, casino and gaming space. Caesars benefits from secular tailwinds in online sports betting and iGaming, while Genius has exclusive data rights deals with major leagues including the NFL and English Premier League. | HAIN GENI CZR |
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| 2024 Q2 | Jul 29, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | AMZN, DIS, DISH, FOX, FUBO, GOOGL, HEES, META, MGNI, MSFT, NFLX, NVDA, OEC, PAR, ROKU, WBD | Ad Tech, AI, Concentration, small caps, Streaming, technology, value | AI enthusiasm morphed into an outright AI vortex during Q2, with possibilities around AI use cases and productivity enhancements captivating public imaginations and creating an arms race mentality in corporate boardrooms. Four large hyperscalers intend to spend approximately $200B this year on AI chips, with the market capitalizing these large capital flows and rewarding recipients like Nvidia with higher trading multiples. | MGNI |
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| 2023 Q4 | Jan 22, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | BXC, CROX, MGNI, OEC, PAR, SHAK, STGW, WCC | Building Products, Buybacks, Restaurants, small caps, technology, value | Manager focuses on low multiple stocks of quality businesses at discounted valuations. Despite challenging backdrop in 2023, continues to believe this approach offers best chance of outperforming over sustained periods. | IPAR BXC |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jun 15, 2026 | Fund Letters | Choice Equities Capital Management | Orion Engineered Carbons SA | Specialty Chemicals | Chemicals | Bull | New York Stock Exchange | Capacity constraints, Carbon black, EPA Compliance, Free Cash Flow, Industrial, insider buying, oligopoly, specialty chemicals | 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 |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $191,178 | 0.00% | 36,208 | -1,260 | -3.36% | 0.0521% |
| Richard Pzena | Pzena Investment Management | $33.4B | $24.2M | 0.07% | 4,582,596 | -112,229 | -2.39% | 6.5941% |
| Cliff Asness | AQR Capital Management | $190.6B | $4.6M | 0.00% | 874,279 | +684,749 | +361.29% | 1.2580% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.6M | 0.00% | 487,960 | -58,205 | -10.66% | 0.7021% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $2.5M | 0.06% | 471,941 | +372,841 | +376.23% | 0.6791% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $1.9M | 0.00% | 360,384 | +226,011 | +168.20% | 0.5186% |
| Mario Gabelli | GAMCO Investors | $10.4B | $302,760 | 0.00% | 57,341 | -8,967 | -13.52% | 0.0825% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $1.0M | 0.12% | 77,510 | -934 | -1.19% | 0.2731% |
| Bob Wyckoff | Tweedy Browne CO LLC | $1.2B | $206,749 | 0.02% | 39,157 | +5,616 | +16.74% | 0.0563% |