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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jun 30, 2025 | FMI All Cap Equity | - | - | BDX, GRG.L, OMF | AI, Bubble, Defensive, Quality, Speculation, Valuations | FMI expresses skepticism about the massive AI capital expenditure cycle, comparing it to the fiber optic overbuild of 2000. While acknowledging AI's long-term potential, they question whether the colossal spending will generate attractive returns, noting that AI monetization remains limited despite nearly $400 billion in annual capex from five mega cap tech companies. | GRG.L BDX OMF MAS NSIT |
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| 2025 Q2 | Jun 30, 2025 | FMI International Equity | - | - | BDX, GRG.L, OMF | AI, international, Quality, small cap, Speculation, Valuations, value | While AI has tremendous long-term potential and could be revolutionary, FMI is skeptical about the colossal capital expenditure being deployed. They compare it to the fiber optic overbuild in 2000, where massive overbuilding led to overcapacity. Five mega cap tech companies are on pace to spend nearly $400 billion in capex, yet AI monetization remains limited with AI-native revenues believed to be less than $20 billion total. | GRG.L BDX OMF MAS NSIT |
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| 2025 Q2 | Jun 30, 2025 | FMI Large Cap Equity | - | - | BDX, GRG.L, OMF | AI, Bubble, international, Quality, small cap, Valuations, value | While AI has tremendous long-term potential and could be revolutionary, FMI is skeptical about the colossal capital expenditure being deployed. Five mega cap tech companies are on pace to spend nearly $400 billion in capex, with McKinsey forecasting $7 trillion more by 2030. However, AI monetization remains limited with less than $20 billion in AI-native revenues, creating a disconnect between investment and returns. | GRG.L BDX OMF NSIT |
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| 2025 Q2 | Jun 30, 2025 | FMI Small Cap Equity | - | - | BDX, GRG.L, OMF | AI, Bubble, Quality, small cap, Speculation, technology, Valuations | While AI has tremendous long-term potential and could be revolutionary, FMI is skeptical about the colossal capital expenditure being deployed. They compare it to the fiber optic overbuild in 2000, where massive overbuilding led to overcapacity. Five mega cap tech companies are on pace to spend nearly $400 billion in capex, yet AI monetization remains limited with AI-native revenues believed to be less than $20 billion total. | GRG.L BDX OMF MAS NSIT |
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| 2024 Q1 | Apr 25, 2024 | Miller Value Partners Income Strategy | 11.7% | 11.7% | BFH, BKE, CHRD, CTO, JXN, LNC, MED, MPW, OMF, STLA, T, UGI, VTRS, WAL | Concentration, crypto, dividends, energy, flexibility, high yield, income, value | The portfolio added UGI Corp, a dividend aristocrat that has paid shareholders a dividend for 139 consecutive years and looks poised to boost its dividend for the 37th consecutive year. At current prices, UGI trades at its lowest price/earnings multiple in history despite sporting a 6% yield with a plan to grow earnings power at a high single-digit rate. | LNC UGI CHRD |
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| 2023 Q3 | Nov 10, 2023 | Patient Capital Management | 5.6% | 15.8% | AMZN, ANGI, C, ET, EXPE, GOOGL, IAC, META, MGM, OMF, UBS | banks, dividends, Expectations, Opportunities, Patience, value | Manager sees extreme valuation dispersion with lowest valued stocks trading below 10x earnings. Value Index P/Es are below long-term averages while Growth Index P/Es are above, creating opportunities in mature, low multiple companies with basement level expectations. | ^GSPC |
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| 2025 Q3 | Oct 14, 2025 | FMI All Cap Equity | - | - | BDX, GRG.L, OMF | AI, Bubbles, Defensive, Quality, Speculation, Valuations | FMI expresses skepticism about the massive AI capital expenditure cycle, comparing it to the fiber optic overbuild of 2000. While acknowledging AI's long-term potential, they question whether the colossal spending will generate attractive returns, noting that AI monetization remains limited despite nearly $400 billion in annual capex from five mega cap tech companies. | OMF US |
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| 2025 Q3 | Oct 14, 2025 | FMI International Equity | - | - | BDX, GRG.L, OMF | AI, Concentration, Defensive, Quality, Speculation, Valuations | FMI expresses skepticism about the massive AI capital expenditure cycle, comparing it to the fiber optic overbuild of 2000. While acknowledging AI's long-term potential, they question whether the colossal spending will generate attractive returns, noting that AI monetization remains limited despite nearly $400 billion in annual capex from five mega cap tech companies. | GRG LN |
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| 2025 Q3 | Oct 14, 2025 | FMI Large Cap Equity | - | - | BDX, GRG.L, OMF | AI, Defensive, international, Quality, small cap, Speculation, Valuations | FMI expresses skepticism about the massive AI capital expenditure cycle, comparing it to the fiber optic overbuild of 2000. While acknowledging AI's long-term potential, they question whether the colossal spending will generate attractive returns, noting that AI monetization remains limited despite nearly $400 billion in projected capex from five mega cap tech companies. | BDX US |
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| 2025 Q3 | Oct 14, 2025 | FMI Small Cap Equity | - | - | BDX, GRG.L, OMF | AI, Bubble, Defensive, Quality, Speculation, Valuations | FMI expresses skepticism about the massive AI capital expenditure cycle, comparing it to the fiber optic overbuild of 2000. While acknowledging AI's long-term potential, they question whether the colossal spending will generate attractive returns, noting that AI monetization remains limited despite nearly $400 billion in annual capex from five mega cap tech companies. | View | |
| 2023 Q2 | Jul 14, 2023 | Patient Capital Management | 5.6% | 15.8% | ANGI, C, COST, DAL, EXPE, FTCH, GM, IAC, JPM, MAT, META, MGM, OMF, WAL | Behavioral Edge, capital returns, financials, large cap, Travel, value | Manager sees significant exposure to travel as mispriced with continued upside potential. Travel has been booming for the last year but valuations remained depressed until recently. Spending has yet to normalize to pre-pandemic levels and the category is expected to grow at twice the rate of overall consumer spend next year. | ^GSPC WAL IAC |
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| 2023 Q2 | Jun 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | AES, AGO, AGRO, AM, BCC, BCE, BK, CAG, CAH, CHRD, CNP, CSCO, D, DCP, EME, EMN, ENB, ENLC, EPD, ETD, EVR, EXR, FFBC, FULT, GS, HCA, JHG, JNJ, JPM, KEY, KFY, KNF, LBRT, LNG, LYB, MATX, MDU, MED, MEI, MPC, MSFT, MSM, NGG, NSP, NVDA, OMAB, OMF, POR, PPL, PSX, QCRH, RRC, RY, SBAC, SLP, SO, SUN, UGI, UHT, VLO, VST, WINA, WMB | dividends, energy, income, technology, Utilities, value, volatility | The letter extensively analyzes dividend-paying tech stocks versus non-payers, finding high-dividend tech stocks outperformed when excluding the internet bubble period. Miller/Howard focuses on companies with strong dividend coverage and growth potential, with their Income-Equity strategies yielding 3.5-3.7% and positioned for dividend growth throughout market cycles. | View | |
| 2024 Q4 | Jan 13, 2025 | Patient Capital Management | - | - | AMZN, BIIB, COST, CVS, DAL, EXPE, FBTC, GOOGL, KOS, META, NCLH, NVDA, OMF, PGEN, PLAY, RPRX, SDRL, TSLA, UAL | AI, Bull Market, Cyclical, energy, healthcare, technology, Travel, value | Manager believes we are in the midst of a technological revolution driven by AI. The most brilliant technology experts agree AI will transform the world, with massive data and capital requirements creating advantages for scaled incumbents like the Mag 7. This supports the manager's view that we're still early in the AI cycle. | BIIB CVS RPRX SDRL KOS FBTC OMF PGEN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | FMI International Equity | OneMain Holdings Inc. | Financials | Consumer Finance | Bull | NYSE | Auto finance, consumer finance, credit cards, dividend, Nonprime, operating leverage, Personal Lending, Share Buybacks, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | FMI Small Cap Equity | OneMain Holdings Inc. | Financials | Consumer Finance | Bull | NYSE | Auto lending, consumer finance, credit cards, dividend, financials, Nonprime, Personal Lending, Scale Leader, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | FMI Large Cap Equity | OneMain Holdings Inc. | Financials | Consumer Finance | Bull | NYSE | Auto lending, consumer finance, credit cards, financials, Nonprime Lending, Personal Loans, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | FMI All Cap Equity | OneMain Holdings Inc. | Financials | Consumer Finance | Bull | NYSE | consumer finance, Credit, dividend, financial services, Nonprime, Personal Lending, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Patient Capital Management | OneMain Financial | Financials | Consumer Finance | Bull | NYSE | consumer finance, contrarian, Cyclical, Equity, financial services, Recessionary Pricing, Value | 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. | ||||||||