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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 25, 2025 | Open Insights Capital | - | - | ATH.TO, CNQ.TO, CVE.TO, CVX, MEG.TO, OXY, SCR.TO, SU.TO, XOM | Carbon Capture, energy, M&A, oil, tariffs, Trade Policy | The US is engaged in a trade war with China, implementing tariffs as high as 145% on Chinese goods. The manager believes this decoupling strategy will ultimately fail as the US is already backtracking and softening positions. Trade frameworks lack substance and the market is betting on the TACO trade (Trump Always Chickens Out). | OXY MEG.TO OXY SCR CN MEG CN |
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| 2025 Q2 | Jul 17, 2025 | Dodge & Cox Stock Fund | 3.8% | 7.5% | ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW | Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value | The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index. | View | |
| 2025 Q2 | Jul 15, 2025 | Smead Value Fund | -2.4% | -5.4% | AMGN, AXP, BRK-A, CSCO, CVE, DHI, DVN, EBAY, INTC, JPM, LEN, MAC, MRK, MSFT, NVR, OXY, SPG | energy, Homebuilders, Long Term, underperformance, value | The fund positions itself as a value-oriented strategy, drawing parallels to Warren Buffett's underperformance during the dot-com bubble. The managers emphasize their focus on neglected companies while money flows into popular growth stocks and the Magnificent Seven. | View | |
| 2024 Q2 | Jul 10, 2024 | Dodge & Cox Stock Fund | 7.2% | 16.3% | ALNY, CI, COHR, CVS, FI, GE, GOOGL, GSK, HPE, HUM, JCI, MCHP, MET, MSFT, OXY, RTX, SCHW, SNY, WFC, ZBH | Concentration, financials, healthcare, large cap, technology, value | The Fund takes a cautious approach towards stocks with very optimistic outlooks for growth and margins, finding more opportunities in companies with lower valuations and less economic sensitivity. The Fund trades at an attractive valuation of 13.9 times forward earnings compared to 21.6 times for the S&P 500. | View | |
| 2024 Q1 | Jun 15, 2024 | Goehring & Rozencwajg Associates, LLC | 0.0% | 0.0% | 7203.T, BHP.AX, CCJ, COP, CVX, DVN, EOG, FCX, Gold, HAL, MRO, NEM, OXY, PXD, RELIANCE.NS, RIO, RRC, SHOP.TO, SLB, XOM | Agriculture, AI, Copper, Energy Transition, gold, Natural Gas, oil, uranium | North American natural gas market has reached a turning point with production likely peaking in December 2023 while demand is set to surge from LNG exports and AI data centers. The firm expects a structural deficit to emerge as shale production falters just as new LNG capacity comes online and data center proliferation drives unprecedented electricity demand. | View | |
| 2025 Q1 | May 22, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | AAPL, AMZN, AR, BMW.DE, CCJ, CVX, FANG, GOOGL, IMPUY, META, MSFT, NFLX, NVDA, OXY, PXD, RRC, SBSW, SHOP.TO, TSLA, XOM | commodities, Drought, energy, gold, Mining, natural resources, Platinum, Shale | The bear market in platinum and palladium is drawing to a close after 16 years for platinum and 4 years for palladium. Demand shifts favor PGMs as EV adoption disappoints and hybrid vehicles require more PGMs than traditional ICE vehicles. Both markets are in structural deficit with supply constraints from South Africa and declining recycled supply. | View | |
| 2026 Q1 | May 11, 2026 | Mott Capital Management | -10.9% | -10.9% | AMZN, BSX, GRAIL, INTU, MSFT, OXY, SHOP, UNH | AI, Biotechnology, energy, healthcare, oil, technology, volatility | View | ||
| 2024 Q1 | Apr 30, 2024 | Smead International Value Fund | 0.7% | 11.6% | BAWG.VI, CVE.TO, FRO, G.MI, IFP.TO, MEG.TO, OXY, PNDORA.CO, ROG.SW, TGA.JO, UCG.MI, WFG.TO, WHC.AX | Banking, energy, inflation, international, rates, value | The fund holds significant positions in energy companies including Meg Energy, Cenovus Energy, and Occidental Petroleum. Coal companies faced pressure from weakened demand factors including China's economic growth and increased coal and gas stock availability. | ROG.SW |
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| 2024 Q1 | Apr 30, 2024 | Smead Value Fund | 5.1% | 11.1% | AMGN, APA, AXP, DHI, JPM, LEN, MAC, MRK, OVV, OXY, SPG, UHAL, WBD | energy, Euphoria, Homebuilders, large cap, Psychology, value | The fund focuses on investing at much lower P/E multiples in industries that have avoided euphoria. They believe caution is warranted when euphoric greed is dominant in the stock market, making this a good reason to fear stock market failure and seek value opportunities. | View | |
| 2026 Q1 | Apr 21, 2026 | Smead Value Fund | 8.5% | 8.5% | AMZN, APA, AXP, CVE, GOOG, LEN, META, MSFT, OXY, QCOM | cash flow, Concentration, energy, Geopolitical, oil, technology, value | View | ||
| 2024 Q1 | Apr 20, 2024 | Cedar Grove Capital Management | 21.0% | 0.0% | AAPL, ACI, BAC, CCJ, CPRI, DJT, FVRR, IRBT, LULU, MTCH, ONON, OXY, PTON, RH, SAVE, TPR | arbitrage, Consolidation, Frontrunning, portfolio, rates, risk management, Speculation | Manager notes AI taking front-row seat despite most companies not understanding how to use it beyond buzzwords and chatbots. Expects capital investment to taper off, ending parabolic growth in semiconductor names. | View | |
| 2026 Q1 | Apr 15, 2026 | Open Insights Capital | 47.7% | 47.7% | INTU, OXY, PTON, RIG, TEAM, VAL | commodities, Conflict, Drilling, energy, geopolitics, Iran, oil | PTON VAL OXY |
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| 2025 Q1 | Apr 15, 2025 | Hosking Partners | - | - | 9435.T, AAL, AMAT, AVGO, BAB.L, BTU, COP, HAFN.OL, IMP.L, IPCO.TO, JEF, NVDA, OXY, SYF, TDW, VAL | AI, Capital Cycle, energy, Japan, regime change, semiconductors, tariffs, value | The strategy has positioned further into value territory with underweight to Magnificent Seven declining to 3% versus 19% benchmark weight. The team seeks capital-starved areas trading at steep discounts to replacement value, believing value businesses offer compelling propositions given different supply dynamics. | TDW IPC.TO IMP.JO 9435.T BAB.L |
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| 2024 Q1 | Apr 15, 2024 | Dodge & Cox Stock Fund | 7.2% | 16.3% | AAPL, AEP, CHTR, CI, FI, GE, GILD, GOOGL, MCHP, MET, META, MSFT, NVDA, OXY, RTX, SCHW, SNY, SUI, TSLA, WFC | AI, financials, healthcare, industrials, large cap, technology, valuation, value | Many companies tied to artificial intelligence registered large gains during the quarter. NVIDIA, a world leader in AI computing, rose 82% and accounted for 24% of the S&P 500's performance in the first quarter. The AI theme contributed significantly to market concentration in the top performers. | View | |
| 2026 Q1 | Mar 6, 2026 | Fairfax Financial Holdings | - | - | CLF, CVS, OXY, UA | Buybacks, Decentralization, energy, Float, India, insurance, Underwriting, value | View | ||
| 2025 Q4 | Mar 1, 2026 | Berkshire Hathaway | - | 10.9% | 8001.T, 8002.T, 8031.T, 8053.T, 8058.T, AAPL, AXP, KHC, KO, MCO, OXY | Capital Allocation, energy, Float, insurance, Quality, Railroads, Underwriting, value | Berkshire's insurance operations generated pre-tax underwriting gains and grew float to $176 billion. The combined ratio of 87.1% across property and casualty businesses was exceptional. However, increased competition and rising claim cost trends may pressure future earnings. BNSF improved operating margin to 34.5% from 32.0% through operational improvements and efficiency gains. The railroad generated $8.1 billion in net operating cash flows and returned $4.4 billion in dividends to Berkshire. BHE operates regulated utilities serving 5.4 million customers and natural gas pipelines. The business faces significant investment needs driven by AI computing demand and wildfire risk mitigation, particularly in the Western U.S. Berkshire maintains its disciplined approach to capital allocation, seeking businesses with durable advantages and long-term economic prospects. The company holds over $370 billion in cash and U.S. Treasury holdings as dry powder for opportunities. The company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. | View | |
| 2025 Q4 | Feb 23, 2026 | Mott Capital Management | 0.0% | 0.0% | AAPL, AMZN, BRK-A, BSX, GOOGL, GRAIL, META, MSFT, ORCL, OXY, ZTS | AI, Debt, energy, Rotation, technology, underperformance, valuation | Manager expresses significant concerns about AI bubble conditions, citing excessive debt accumulation and CAPEX spending by major tech companies. Believes AI fears are being realized as software stocks decline and valuations become problematic. Questions sustainability of current AI investment levels and competitive dynamics. Manager initiated position in Occidental Petroleum, viewing energy sector as underperforming since dot-com bubble. Believes oil prices are currently depressed and energy represents contrarian opportunity given poor relative performance versus S&P 500. | OXY MSFT |
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| 2023 Q4 | Feb 21, 2024 | Eagle Capital Management | 10.2% | 38.1% | AMZN, AON, BAYRY, C, CHTR, CMCSA, COF, COP, ELV, GE, GOOGL, GS, HLT, IAC, LBRDK, MAR, META, MSFT, NFLX, OXY | energy, fiscal policy, inflation, Long Term, technology, value | After prolonged poor industry performance, structural supply/demand dynamics are attractive. Energy stocks trade at historically wide free-cash-flow-yield advantage to overall market. Geopolitical risks may cause energy price spikes, yet sector weighting is near all-time lows as percentage of overall market. | View | |
| 2024 Q4 | Dec 31, 2024 | Fairfax Financial Holdings | - | - | ALS.TO, BB, BRMI.TO, CIB.CA, DXT.TO, EUROB.AT, FFH.TO, FFI.TO, FMCN.TO, JKHL.CO, KW, ORLA.TO, OXY, QUESSCORP.NS, TCIL.NS, ZZZ.TO | Decentralization, Float, India, insurance, Underwriting, value | Record underwriting profits of $1.8 billion on record gross premiums of $33 billion, with combined ratio of 93%. The company operates 26 decentralized insurance companies globally with strong reserve redundancies averaging $0.5 billion per year over eight years. | View | |
| 2024 Q4 | Dec 31, 2024 | Peterson Investment Fund | 8.8% | 8.8% | BABA, BOX, BRK.B, CVX, EBAY, GOOG, HOG, JNJ, JWN, ORCL, OXY, STX, T, UNH | AI, China, dividends, long-term, Options, technology, value | Portfolio positioned at forefront of AI revolution with Alphabet and Alibaba driving breakthrough innovations. Advanced AI technologies transforming analysis through proprietary AlphaOne platform. AI Agents represent next evolution in automation, fundamentally reshaping industries. | View | |
| 2023 Q4 | Dec 31, 2023 | Fairfax Financial Holdings | - | - | AAPL, ALS.TO, BB, BIAL.NS, CIBEG.CA, CSBB.NS, DIGIT.NS, EUROB.AT, FORAN.TO, IIFL.NS, JKHL.CM, KW, MSFT, MU, ORLA.TO, OXY, QUESS.NS, STLC.TO, TCIL.NS | global, growth, India, insurance, Investments, real estate, Underwriting, value | Prime Minister Modi has taught the average Indian to dream. The Indian economy is expected to grow at 7% for the foreseeable future, the highest growth rate for a major economy. In the next four years, India is expected to be the third largest economy behind the U.S. and China. Fairfax has significant investments across India including Thomas Cook India, Fairfax India, Digit, Quess, and various portfolio companies through Fairfax India. | View | |
| 2022 Q4 | Dec 31, 2022 | Aquamarine | - | -21.0% | 1211 HK, AXP, BAC, BRK/A, CDLX, CVNA, GOOG, IEX IN, MKL, NESN SW, OXY, RACE IM, ROKU, SNOW, SQ, TSLA | - | View | ||
| 2024 Q3 | Nov 19, 2024 | Eagle Capital Management | - | - | AMZN, AON, CHTR, CMCSA, COF, COP, DFS, ELV, GEV, GOOGL, GS, HLT, HUM, META, MSFT, NFLX, OXY, SAP, TSM, WWD | aerospace, Aftermarket, growth, Quality, value | Eagle views aerospace as one of the most attractive segments of the global economy, driven by strong demand growth and technical moats. The company highlights Woodward's unique position in aerospace aftermarket with tripled content share on new generation narrowbody aircraft. | WWD |
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| 2023 Q3 | Nov 10, 2023 | Eagle Capital Management | 0.7% | - | AMZN, COP, GOOGL, META, MSFT, OXY, SHEL, V | Capital Allocation, energy, Magnificent Seven, oil, technology, value | Eagle built positions in three energy stocks over 16 months based on attractive long-term supply-demand balance, quality assets well-positioned on the global cost curve, and strong capital allocation by management teams. The thesis centers on supply investment being subdued due to pressure from shareholders, regulators, and environmental groups, while decline rates require 9% annual new supply creation to meet demand growth. Electric vehicles represent a paradox - their threat to demand is actually depressing supply investment before the world is ready, creating opportunity. | DOXY SHEL COP |
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| 2024 Q3 | Oct 31, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMZN, BIDU, CMCM, FANG, GOOGL, HWT.UL, META, MSFT, NVDA, OXY, PXD, TPG, TSLA, XOM | AI, China, Data centers, energy, infrastructure, Natural Gas, oil, technology | AI data centers require massive electric power consumption, with exascale facilities consuming as much electricity as small countries. The AI boom is driving unprecedented capital expenditure by tech giants, with Microsoft, Meta, and Alphabet spending over $370 billion in five years. AI applications are expanding rapidly across industries, creating endless use cases and driving demand for physical infrastructure. | View | |
| 2025 Q3 | Oct 19, 2025 | Smead Value Fund | 10.7% | 4.7% | AMGN, APA, AXP, CACC, COP, CSCO, CVE, DHI, FANG, INTC, LEN, MAC, MRK, MSFT, NVR, OXY, SPG, TGT, UHAL, UNH | AI, commodities, energy, Homebuilders, technology, value | Energy positions delivered meaningful contributions despite WTI crude oil averaging around $65 per barrel. At current levels near $60 WTI, few bullish factors are reflected in market pricing while companies make disciplined acquisitions and maintain strong balance sheets. | MRK SPG DHI APA |
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| 2024 Q3 | Oct 16, 2024 | East72 Dynasty Trust | 6.3% | 0.0% | 0012.HK, BOL.PA, CATG.AX, CGI.TO, DIE.BR, ELF.TO, EXO.AS, FLOW.AS, HAL.AS, HWG.L, MFF.AX, MFG.AX, MME.PA, OXY, RBT.PA, SBMO.AS, SFL.MI, TE.PA, VIRTU, VIV.PA, VPK.AS, WAF.DE | Dredging, Energy Transition, European Holdings, Family Control, Maritime, value | Significant exposure to alternative energy through Vopak, parts of Boskalis, SBMO plus Anthony Veder Group totaling about €4billion worth of exposure. HAL Trust has strong emphasis on offshore wind and LNG across multiple holdings. The energy transition is driving structural demand for dredging services, offshore wind farms, and LNG infrastructure. | HAL.AS |
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| 2023 Q3 | Oct 16, 2023 | Smead International Value Fund | 0.7% | 11.6% | BAWG.VI, BKT.MC, BMW.DE, CVE.TO, FRO, GOOS.TO, IFP.TO, MEG.TO, NXT.L, OXY, P911.DE, PAH3.DE, PNDORA.CO, SMWH.L, TGA.L, UCG.MI, VOW3.DE, WFG.TO, WHC.AX | Banking, Coal, Currency, energy, interest rates, international, value | The fund views rising interest rates as a major risk affecting all asset classes, not just bonds. They believe the 30-year Treasury hitting 5% creates significant interest rate risk that most investors underestimate. The fund seeks to avoid this risk through specific positioning choices. | View | |
| 2023 Q3 | Oct 16, 2023 | Smead Value Fund | 5.1% | 11.1% | AMGN, AXP, BAC, COP, DHI, LEN, MRK, NVR, OVV, OXY, PFE, PXD, SPG, TGT, UHAL, XOM | Bear Market, commodities, Financial Euphoria, Homebuilders, Millennials, oil, value | The fund sees a once-in-a-lifetime opportunity in oil and gas shares, believing they are in the early stages of a commodity super-cycle. Oil and gas stocks have dramatically underperformed the price of oil this year, creating an excellent short-term buying opportunity. The fund expects consolidation in the industry with 40% of existing companies potentially merging into larger entities within 10 years. | View | |
| 2024 Q3 | Oct 15, 2024 | Smead Value Fund | 5.1% | 11.1% | AMGN, APA, AXP, BAC, DHI, LEN, MAC, MRK, NVR, OVV, OXY, SPG, WBD | commodities, contrarian, Euphoria, Homebuilders, oil, value | Home builders continued to show they are meeting an economic need and aren't the heavily cyclical companies they were in the past. D.R. Horton, Lennar and NVR rose sharply as the Federal Reserve cut interest rates. | View | |
| 2025 Q3 | Oct 14, 2025 | Dodge & Cox Stock Fund | 3.1% | 10.9% | ADBE, ADM, AON, BK, CVS, ELAN, FDX, FI, FIS, GOOGL, GS, JCI, MET, OXY, RTX, SATS, SCHW, TE, WFC, WTW | Bottom-up, Diversified, financials, fundamentals, industrials, large cap, technology, value | The Fund trades at only 14.4 times forward earnings as of September 30, a significant discount to both the S&P 500 (23.3 times) and the Russell 1000 Value Index (18.2 times). The valuation spread between U.S. value and growth stocks continues to be relatively wide, with Russell 1000 Value trading at 18.2 times forward earnings versus 31.1 times for the Russell 1000 Growth Index. | View | |
| 2025 Q3 | Oct 13, 2025 | Hourglass Capital | - | 14.6% | BRK-A, FHI, LYB, OXY | AI, Labor, rates, technology, valuation, value | AI continues to compel investors to buy into technology regardless of costs or potential for adequate returns. The manager draws parallels to the late 1990s tech boom, noting that AI promises to change information usage and displace workforce portions, but costs are massive and ROI is years away while valued as if having infinite promise. | OXY US LYB US FHI US |
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| 2024 Q4 | Jan 8, 2025 | GoodHaven Capital Management | - | - | ARW, BAC, BRK-B, CB, DVN, EXO.MI, FNMA, GIC, JEF, KKR, OXY, TVK.TO | Capital Allocation, Concentration, energy, ETFs, financials, value | The fund has significant exposure to investment banking through Jefferies, which gained market share and ranked as the world's 6th largest investment bank. Jefferies executed a successful capital allocation strategy with $6.4 billion returned to shareholders over seven years while strengthening its market position. | View | |
| 2025 Q4 | Jan 26, 2026 | Open Insights Capital | 0.0% | 0.0% | OXY, PTON | AI, Bubble, energy, Fitness, Long/Short, oil, valuation | Manager views current AI valuations as extreme bubble territory, comparing companies trading at 65x revenue to dot-com era excesses. Believes AI infrastructure is being built ahead of actual technology readiness, creating conditions for a bust following the capex boom when reality falls short of expectations. OPEC+ abandoned market management strategy and initiated price war, leading to inventory builds and 18% oil price decline. Manager believes current oversupply concerns are overdone, with builds smaller than expected and low prices killing US shale growth while global demand continues rising. Peloton transitioning from pure fitness equipment platform to broader health span platform targeting $7 trillion wellness market versus $6 billion home exercise market. Company launching AI-powered products and cross-training equipment while raising subscription prices and improving financial metrics. | View | |
| 2025 Q4 | Jan 24, 2026 | Miller Howard North American Energy Fund | 1.0% | 6.1% | CHRD, CNQ, CVE, CVX, EQT, GPOR, HES, LBRT, MPC, OKE, OXY, PBA, PSX, RRC, SM, SU, VLO, XOM | Data centers, dividends, energy, Natural Gas, North America, oil, Refiners | Pressure pumpers are seeing growing interest in supplying power to data centers under long-term contractual arrangements. Mobile generation equipment can be deployed within weeks at competitive efficiency levels. Liberty Energy announced a positive 1GW data center power generation project by year-end 2027. Natural gas prices rallied sharply amid a cold start to winter in the US, supported by strong LNG exports and rising data center power demand. The portfolio reduced natural gas price exposure by selling EQT Corp and trimming Range Resources Corp. Oil prices drifted lower on a near-term supply glut and closed the quarter in the mid-$50/bbl range. Adjusted for inflation, prices are near century lows. At current prices, E&Ps are expected to further rein in production with US supply likely to decline in 2026. The portfolio increased Valero and Phillips 66 on strong refinery dynamics. Marathon Petroleum had a rare refinery earnings miss on operational items believed to be one-time, with favorable 2026 capex guidance. The portfolio currently offers an indicated yield of 3.2% that is well supported down to roughly $45/bbl oil, with potential for significantly larger variable capital returns at higher commodity prices. Suncor Energy raised its dividend 5.3% amid strong buybacks. | View | |
| 2025 Q4 | Jan 21, 2026 | Smead International Value Fund | 8.2% | 39.1% | BARC.L, BAWG.VI, BKT.MC, CVE.TO, GLEN.L, OXY, PNDORA.CO, ROG.SW, SCR.TO, TGA.JO, TVE.TO, UCG.MI, WFG.TO | banks, energy, Europe, oil, value | The fund employs a concentrated value approach focused on maximizing long-term returns. The managers contrast momentum investing (driven by stories and mythos) with value investing (analytical approach examining capital structure, returns on capital, and future growth). They believe value investing represents a more logical and analytical framework that will ultimately prevail. The managers challenge the mythos that American energy producers will drill regardless of price, noting that capex per rig has moved to higher levels coinciding with attractive entry points. They highlight that OPEC production increases have been muted relative to announcements, with Saudi Arabia being the only member capable of bringing back meaningful production at 2.1 million barrels per day. The fund sees Europe transitioning from mythos (over-regulated, poor decision-making) to logos (analytical capital allocation). European banks now believe they must earn their cost of capital and provide investor rewards through declining cost-to-income ratios, stock buybacks, and consolidation. Germany's removal of its debt brake for rearmament signals a future driven by returns and investment. | View | |
| 2025 Q4 | Jan 21, 2026 | Smead Value Fund | 0.3% | 5.1% | AMGN, APA, AXP, CVE, DHI, EBAY, FANG, HD, LEN, MAC, MRK, OXY, SPG, UHAL | contrarian, energy, healthcare, Homebuilders, long-term, Market Extremes, S&P 500, value | The fund maintains a concentrated value approach designed to maximize long-term returns. The managers position themselves as contrarians, being greedy when others are fearful and fearful when others are greedy. They believe deeply out of favor parts of the index like healthcare, energy and homebuilders could receive money coming out of growth stocks. Higher rates have continued to weigh on the homebuilder space as well as an increase in inventory. The fund regards homebuilders' capacity to maintain construction activity throughout the cycle as a key competitive strength, with less resilient competitors likely to exit the market during prolonged cyclical downturns. | View | |
| 2025 Q4 | Jan 18, 2026 | Dodge & Cox Stock Fund | 2.5% | 13.7% | AON, AVTR, BAC, BK, BN, CHTR, CMCSA, CVS, FDX, FI, GILD, GOOGL, GSK, JCI, MET, MSFT, OXY, REGN, RTX, SCHW, TSM, WFC, WTW | contrarian, financials, industrials, technology, valuation, value | The fund maintains its value-oriented investment approach despite a fully valued U.S. equity market. The portfolio trades at an attractive valuation of 14.6 times forward earnings, representing a significant discount to the S&P 500 at 22.9 times. The fund continues to find opportunities where long-term fundamentals are not fully reflected in current prices. The fund reduced its overall weighting in the Financials sector while shifting exposure across industries. They trimmed more cyclical bank holdings like Wells Fargo and Bank of America, while increasing exposure to insurance brokers and alternative asset managers. Despite headwinds, they added to Fiserv as its valuation compressed significantly. | FISV |
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| 2024 Q3 | Sep 30, 2024 | Dodge & Cox Stock Fund | 7.2% | 16.3% | APD, BAX, BK, CHTR, CVS, FDX, FI, GE, GOOGL, JCI, MET, META, MSFT, NVDA, OXY, RTX, SBAC, SCHW, SNY, WFC | energy, financials, healthcare, industrials, technology, value | The Fund trades at an attractive valuation of 14.4 times forward earnings, compared to 22.5 times for the S&P 500. The valuation disparity between value and growth stocks diminished but still remains wide, with Russell 1000 Value trading at 17.9 times forward earnings versus 29.0 times for Russell 1000 Growth. Value stocks outperformed growth stocks in the quarter for the first time since 2022. | View | |
| 2024 Q3 | Sep 30, 2024 | L1 Capital Long Short Fund | 2.4% | 10.8% | BKR, CBA.AX, CNU.TO, CRH, CVE.TO, FLTR.L, FRA.DE, HAL, MEG.TO, MIN.AX, NWG.L, NXE.TO, OXY, QAN.AX, REA.AX, RMV.L, TSCO.L, WOR.AX, WOW.AX, XOM | Australia, Banking, energy, gold, Long/Short, Travel, United Kingdom, value | The fund continues to focus on quality, lower P/E stocks with strong cash flow generation and solid earnings growth outlooks. They see extreme crowding and overvaluation in domestic banks and several ASX20 stocks, while many cyclical stocks trade at both depressed P/E multiples and depressed earnings bases, providing opportunity for large, medium-term upside for patient investors. | View | |
| 2024 Q3 | Sep 30, 2024 | Miller Howard Investments MLP Strategy | 0.0% | 0.0% | AM, ENLC, EPD, ET, HESM, LNG, MPLX, OKE, OXY, PAA, PAGP, SUN, TRGP, WES | Data centers, dividends, energy, infrastructure, LNG, Midstream, Natural Gas | Natural gas demand growth is driven by multiple tailwinds including data centers requiring 6-10 Bcf/d, new LNG terminals adding 12 Bcf/d, and Permian production becoming gassier. Total incremental demand could exceed 20 Bcf/d by decade end from LNG, re-shoring, EVs, electrification, and data centers. | View | |
| 2024 Q3 | Sep 30, 2024 | Miller Howard North American Energy Fund | 0.0% | 0.0% | AESI, CHRD, CVE, CVX, DINO, HES, KMI, OXY, PBA, TRGP, TRP, WTTR, XOM | energy, Midstream, Natural Gas, oil, Pipelines, Shale | Portfolio rotation into natural gas-focused midstream stocks delivered strong returns this quarter, partially offsetting oil producer and refiner weakness. Kinder Morgan is seeing excitement around long-term exposure to AI-related natural gas developments. | AESI WTTR |
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| 2024 Q2 | Jul 17, 2024 | White Falcon Capital Management | 6.0% | 8.5% | AMZN, ATZ.TO, CTS, CVX, DAVA, EPAM, FTRE, NU, NVDA, OXY, RTO.L, WBD | AI, IT Services, Quality, small caps, technology, value | AI is the new technology trend with investor emphasis on hardware investment. As hardware becomes widespread, focus will shift to creating and optimizing AI applications where EPAM and Endava will benefit. However, AI is still new and clients need time to identify best use cases, leading to cautious wait-and-see approach suppressing current IT services demand. | RTO.L ATZ.TO |
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| 2024 Q2 | Jul 15, 2024 | Smead International Value Fund | 0.7% | 11.6% | CVE.TO, FRO, G.MI, IFP.TO, MEG.TO, OXY, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO | banks, energy, Europe, Government Spending, inflation, technology, value | The fund is focused on the reserve life of oil and gas assets in places like Canada with investments like MEG Energy, Cenovus and Strathcona. In a world that is far less interested in investing in energy compared to AI, they believe that the assets' lives need to match the current long lead time capital cycle. | View | |
| 2024 Q2 | Jul 15, 2024 | Smead Value Fund | 5.1% | 11.1% | AMGN, APA, AXP, BAC, DHI, JPM, LEN, MAC, MRK, OVV, OXY, QCOM, SPG, WBD | Concentration, energy, Euphoria, financials, Homebuilders, value | The fund maintains its value discipline and eight criteria despite underperformance against popular growth stocks. The manager expects to be well rewarded when the current euphoria episode ends, as has happened following other difficult popular markets. | View | |
| 2024 Q1 | Apr 24, 2024 | East72 Dynasty Trust | 6.3% | 0.0% | 0045.HK, 0142.HK, 0700.HK, 9984.T, CAT.AX, CGI.TO, DIE.BR, ELF.TO, FFH.TO, FIH-U.TO, HWG.L, MANU, MFF.AX, OCDO.L, OXY, RBT.PA, SPHR, UHR.SW, VIRT | Airports, Asia, Conglomerates, Europe, Hotels, infrastructure, value | Focus on controlled companies trading at significant discounts to NAV, particularly family-controlled entities with hidden gems. The manager emphasizes that strong NAV/NAV growth is more prevalent than discount closure, citing examples like Exor trading at 40% discount despite Ferrari and Bolloré galaxy at 50%+ discounts despite Universal Music Group growth. | 0045.HK FIH-U.TO DIE.BR |
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| 2025 Q1 | Apr 14, 2025 | Smead Value Fund | -3.1% | -3.1% | AMGN, APA, AXP, DHI, DVN, EBAY, LEN, MAC, MRK, NVR, OVV, OXY, SPG, TGT | energy, Homebuilders, Overvaluation, Quality, REITs, Scarcity, value | The fund emphasizes buying quality, well-selected common stocks at attractive valuations during a period when stocks are historically overpriced and overly popular. The manager believes investors are expecting what worked for the last ten years will work for the next ten years, creating opportunities for value-oriented approaches. | View | |
| 2023 Q4 | Feb 24, 2024 | Berkshire Hathaway | 0.0% | 0.0% | 8001.T, 8002.T, 8031.T, 8053.T, 8058.T, AXP, KO, OXY | energy, insurance, long-term, Railroads, Utilities, value | Property-casualty insurance performed exceptionally well in 2023, setting records in sales, float and underwriting profits. The business provides the core of Berkshire's well-being and growth, with 57 years of experience and room for expansion despite nearly 5,000-fold volume increase. | View | |
| 2023 Q4 | Feb 23, 2024 | Semper Augustus | 0.0% | 10.8% | AAPL, AMZN, AXP, BAC, BRK-A, COST, CVX, DG, GOOGL, KHC, KO, META, MSFT, NVDA, OXY, TSLA | Berkshire, Buybacks, China, energy, inflation, value | Portfolio trades at 10.3x earnings versus S&P 500's 22.3x multiple, representing significant undervaluation. Manager emphasizes buying quality businesses at discounts to intrinsic value as core investment philosophy. | View | |
| 2024 Q4 | Feb 22, 2025 | Berkshire Hathaway | - | 25.5% | 0700.HK, 7203.T, AAPL, AMZN, AXP, BAC, BHP.AX, BP.L, CVX, HSBA.L, KHC, KO, MC.PA, MCO, MSFT, OXY, RELIANCE.NS, SAP.DE, SHOP.TO, TSLA | energy, insurance, long-term, Manufacturing, Railroads, value | Insurance remains Berkshire's core business with significant underwriting profits and float generation. GEICO showed spectacular improvement under Todd Combs' leadership, while property-casualty pricing strengthened due to climate-related damage increases. | View | |
| 2024 Q4 | Jan 25, 2025 | Open Insights Capital | - | - | MEG.TO, MSTR, OXY, PTON, TSLA, XLE, XOP | crypto, energy, fundamentals, oil, Speculation, value | Manager believes oil prices are skewed to the upside due to inventories at 5-year lows, slowing non-OPEC production growth, and potential demand recovery from China stimulus. OPEC+ gaining leverage as spare capacity resides with them while US shale production has plateaued. | MEG.TO OXY |
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| 2023 Q4 | Jan 16, 2024 | Smead International Value Fund | 0.7% | 11.6% | BAWG.VI, CVE.TO, FRO, GOOS.TO, IFP.TO, IWG.L, MEG.TO, OXY, PNDORA.CO, SCR.TO, UCG.MI, WFG.TO | banks, Change, Europe, Geopolitical, oil, value | America transformed into an OPEC-sized producer of oil and gas products over the last 20 years. American producers decided to quit drilling new holes in spring 2020, leading to explosive returns for investors as stock buybacks and dividends rained in from operating cash flow. Oil and gas producers are now being rational with their capital allocation. | BAWG.VI |
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| 2023 Q4 | Jan 16, 2024 | Smead Value Fund | 5.1% | 11.1% | APA, AXP, BAC, COP, DHI, DVN, FITB, HD, JPM, LEN, MAC, MTB, NVR, OVV, OXY, PFE, SPG, TGT, UHAL, WAL | banks, consumer, energy, Homebuilders, inflation, value | Home builders were weighed down by rapidly rising mortgage rates and recessionary fears that reemerged fears of a 2008-like housing crisis. The fund focused on supply demand dynamics rather than emotional fears and was handsomely rewarded with strong performance from D.R. Horton, Lennar, and NVR. | View | |
| 2024 Q4 | Jan 14, 2025 | Smead Value Fund | -5.7% | 4.8% | AMGN, APA, AXP, BAC, DHI, JPM, LEN, MAC, MRK, NVR, OVV, OXY, SPG | AI, banks, contrarian, energy, Euphoria, Housing, REITs, value | The fund practices contrarian value investing, with their portfolio trading at 13-times earnings versus 22.75-times on the S&P 500. They believe the market will eventually reestablish reasonableness and favor their undervalued positions over the current growth momentum. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 30, 2026 | Fund Letters | Open Insights Capital | Occidental Petroleum | Oil & Gas E&P | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | capital discipline, debt reduction, dividend, energy infrastructure, Equity, Free Cash Flow, Oil & Gas, Share Buybacks, warrants, WTI | View Pitch |
| Apr 13, 2026 | Fund Letters | Open Insights Capital | Occidental Petroleum Corporation | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | carbon capture, CCUS, Climate Technology, Direct Air Capture, enhanced oil recovery, Permian Basin, Sustainable aviation fuel, tax credits | View Pitch |
| Apr 13, 2026 | Fund Letters | Open Insights Capital | Occidental Petroleum Corporation | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | carbon capture, CCUS, deleveraging, energy, Equity, Oil & Gas, synergies, Value | View Pitch |
| Feb 26, 2026 | Fund Letters | Michael J. Kramer | Occidental Petroleum Corporation | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | commodity, Cyclicality, energy, Float, Mean Reversion, oil, Ownership | View Pitch |
| Jan 28, 2026 | Fund Letters | Nelson Wu | Occidental Petroleum Corporation | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | Balance_Sheet, consolidation, Freecashflow, Mna, oil | View Pitch |
| Jan 8, 2026 | Fund Letters | Nelson Wu | Occidental Petroleum Corporation | Energy | Integrated Oil & Gas | Bull | New York Stock Exchange | carbon capture, DAC, energy, EOR, Permian, tax credits | View Pitch |
| Oct 23, 2025 | Value Investors Club | Mysticaldog86 | Occidental Petroleum Corp. | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Commodity recovery, deleveraging, Energy re-rating, FCF leverage, O&G, Shale efficiency | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Louis Gerard | Occidental Petroleum | Energy | Oil & Gas E&P | Bull | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $3.3B | 1.76% | 79,473,071 | -410,300 | -0.51% | 7.0179% |
| Leon Cooperman | Omega Advisors | $3.0B | $28.8M | 0.96% | 700,000 | +362,500 | +107.41% | 0.0618% |
| Michael Price | Empyrean Capital Partners | $2.7B | $4.3M | 0.16% | 104,900 | -86,100 | -45.08% | 0.0093% |
| Todd J. Kantor | Encompass Capital Advisors | $2.5B | $228.8M | 9.34% | 5,565,200 | +5,565,200 | +100.00% | 0.4914% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $5.0M | 0.01% | 121,090 | -1,216,200 | -86.76% | 0.0107% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $33.5M | 0.04% | 814,232 | -238,844 | -22.68% | 0.0719% |
| Bill Smead | Smead Capital Management | $4.8B | $145.8M | 3.03% | 3,545,182 | -241,861 | -6.39% | 0.3131% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $2.4M | 0.00% | 58,900 | +48,800 | +483.17% | 0.0052% |
| Israel Englander | Millennium Management LLC | $233.2B | $22.4M | 0.01% | 544,600 | -115,000 | -17.43% | 0.0481% |
| Murray Stahl | Horizon Kinetics | $7.4B | $229,346 | 0.00% | 5,577 | -468 | -7.74% | 0.0005% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $101.6M | 0.15% | 2,469,822 | +1,681,132 | +213.15% | 0.2181% |
| Cliff Asness | AQR Capital Management | $190.6B | $109.0M | 0.06% | 2,649,681 | +833,860 | +45.92% | 0.2340% |
| Mario Gabelli | GAMCO Investors | $10.4B | $427,484 | 0.00% | 10,396 | -8,419 | -44.75% | 0.0009% |
| Louis Bacon | Moore Capital Management | $6.8B | $6.2M | 0.09% | 150,000 | +150,000 | +100.00% | 0.0132% |
| Li Lu | Himalaya Capital Management | $3.6B | $60.3M | 1.69% | 1,466,500 | +0 | +0.00% | 0.1295% |
| Warren Buffett | Berkshire Hathaway | $274.2B | $10.9B | 3.97% | 264,941,431 | +264,941,431 | +100.00% | 23.3956% |
| Sunil Jagwani | Key Group Holdings | $1.9B | $28.0M | 1.45% | 566,000 | +371,000 | +190.26% | 0.0601% |
| $25.6B | $21.8M | 0.09% | 529,699 | +529,699 | +100.00% | 0.0468% | ||
| Rich Handler | Jefferies | $19.3B | $3.4M | 0.02% | 83,038 | -500 | -2.44% | 0.0073% |