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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | Brandes Core Plus Fixed Income Fund | 1.3% | 4.0% | BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP | Corporate Bonds, Credit Risk, duration, Fed policy, fixed income, Treasury, Yield Spreads | The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core CPI is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026. | View | |
| 2024 Q1 | Apr 15, 2024 | The Sound Shore Fund | 6.7% | 21.1% | BBWI, BKR, BRK-B, CAH, CNC, COF, ELV, FIS, GEHC, GM, HOLX, KHC, KMI, KR, LEN, MRK, OGN, PFE, PRGO, PVH, TEVA, TTE, WFC, WTW | Adaptability, contrarian, energy, large cap, Utilities, value | Sound Shore's contrarian investment process focuses on the adaptability and sustainability of company business models. The fund seeks companies that can best adapt and adjust to changing environments, as exemplified by holdings like Vistra and Constellation Energy that prepared their assets for dynamic markets while maintaining strong balance sheets. | AYI TEVA CEG VST |
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| 2025 Q3 | Oct 21, 2025 | Brandes Core Plus Fixed Income Fund | 1.7% | 5.7% | BAC, CHTR, F, GS, GTN, KSS, OGN, RIG, SABR, TOL, UVSP | credit, duration, Fed policy, fixed income, inflation, rates, Treasuries | The Fed cut rates by 25 basis points in September despite upgrading GDP estimates and predicting inflation will remain above target. The manager questions whether this was data-driven or politically motivated, noting it's historically rare to cut rates when core inflation is at 3% absent a market crisis. Markets expect two more cuts by year-end with fed funds settling at 3% by end of 2026. | SABR SABR |
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| 2023 Q3 | Oct 16, 2023 | Miller Value Partners Income Strategy | 11.7% | 11.7% | AAPL, CHS, JXN, MED, MPW, OGN, T, WAL | dividends, financials, income, rates, Telecom, value | The fund focuses on extreme valuations whose underlying logic defies probabilistic thinking around base rates. The past decade presented headwinds for value investors as capital had little respect for value, but that game is over with bonds becoming investable again and capital actually worth something. | ^FTSE |
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| 2023 Q4 | Oct 1, 2024 | Miller Value Partners Income Strategy | 11.7% | 11.7% | BCC, BKE, JXN, MED, OGN, RILY, WAL | dividends, high yield, rates, Regional Banks, value | The letter discusses the significant outperformance of long-dated US government bonds in Q4 2023, with TLT up 12.9%, marking the fifth-best calendar quarter in twenty years. This occurred without coinciding equity market drawdowns, suggesting a potential turning point in market psychology around inflation persistence. Fed officials are now discussing rate cuts and slowing balance sheet asset sales. | JXN BKE WAL |
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| 2025 Q4 | Jan 23, 2026 | Brandes Core Plus Fixed Income Fund | 0.9% | 6.7% | ADT, CNSL, COTY, F, GTN, KSS, OGN, SABR, SPR, USB, UVN | Corporate Bonds, credit, duration, Fed policy, fixed income, inflation, Treasuries, Yield Spreads | Consumer Price Index is approximately 25% higher since COVID pandemic, the highest rise in nearly forty years. Inflation has outpaced wage growth, creating affordability issues. The manager believes inflation will trend higher rather than moving toward the Fed's 2% target. Early warning signs of credit stress in private credit markets with collapses of subprime issuers and private debt markdowns. Goldman Sachs reports 15% of private credit borrowers cannot cover interest costs. The manager questions whether these are isolated events or signs of broader trouble ahead. Fed cut rates by 1.75% since September 2024 with third consecutive reduction in December. The manager believes the market may be underestimating the ultimate neutral fed funds rate and that the last 18 years of unconventional monetary policy may have skewed perceptions of normal rates. | View | |
| 2023 Q2 | Jun 30, 2023 | The Sound Shore Fund | 6.7% | 21.1% | AMAT, AVTR, CAG, CAH, LEN, OGN, ORCL, PFE | contrarian, Cyclical, healthcare, large cap, technology, value | Technology sector benefited from excitement around artificial intelligence potential, driving semiconductor demand. Oracle and Applied Materials are positioned to benefit from AI-driven cloud and infrastructure growth, with Oracle's AI efforts potentially doubling earnings over 5 years. | COGN3 BZ CAH GLEN AMAT ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
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| 2023 Q4 | Jan 26, 2024 | The Sound Shore Fund | 6.7% | 21.1% | CEG, CNC, COF, OGN, PVH, VST | Apparel, energy, financials, healthcare, Utilities, value | Sound Shore emphasizes fundamental value investing with stocks trading at attractive valuation levels. The portfolio has a forward P/E of 11.1x versus S&P 500 at 19.5x, demonstrating significant discount to market. Manager highlights that their strategy doesn't need a value-driven market to produce attractive returns. | CNC BOAVSTB BZ COGN3 BZ COF PVH |
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| 2023 Q4 | Jan 19, 2024 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | BCC, BKE, JXN, MED, OGN, RILY, WAL | dividends, high yield, income, interest rates, Regional Banks, value | Western Alliance Bancorp was the top contributor with strong deposit growth and capital ratios. The bank reported deposits rising 6.5% sequentially to $54.3B with 82% insured and collateralized, while CET1 ratio expanded to 10.6%. | BCC JXN BKE WAL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 26, 2026 | Seeking Alpha | Seeking Alpha | Organon & Co. | Pharmaceuticals | Specialty Pharmaceuticals | Neutral | New York Stock Exchange | debt burden, global sales, M&A, market skepticism, Organon, pharmaceuticals, revenue stagnation, Sun Pharmaceutical, synergies, takeover | 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. | ||||||||