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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Mondrian Global Equity Fund | - | - | OHAT LN, PEP | defensives, inflation, regulation, staples, Utilities | Defensives: Mondrian emphasizes a rotation into defensive sectors as cyclicals become overpriced relative to fundamentals. Scenario analysis shows improving risk-adjusted returns in defensives after years of underperformance. Utilities: Regulated utilities like Snam and Enel provide inflation-protected returns, stable cash flows, and long-duration growth from electrification and grid modernization. Staples: Consumer staples are deeply undervalued due to disinflation and GLP-1 fears; positions in Pepsi and Pernod Ricard offer stable demand, brand power, and attractive valuation skew. | View | |
| 2025 Q3 | Sep 30, 2025 | ACATIS Investment | - | -0.2% | 2330 TT, 6920 JP, AMRZ, ANSS, CLS CN, CRM, DWNI GR, HAL, HIMS, HOLX, ICE, ISRG, KGH PW, KRN GR, KVUE, KYGA IR, LRCX, PEP, SNPS, UMI BB, UNH, UPWK, VNA GR, ZAL GR | energy security, fiscal deficits, Global Fragmentation, Industrial Policy, Trade Policy | The report discusses mounting geopolitical fragmentation and policy uncertainty, emphasizing how trade tensions, fiscal imbalances and shifting global alliances are reshaping capital flows and regional growth prospects. Management highlights structural challenges in Europe alongside opportunities tied to industrial policy, energy security and technological sovereignty. In this environment, ACATIS positions portfolios toward globally competitive companies with resilient business models and exposure to long-term structural trends rather than cyclical macro swings. | UPWK UMI BB PEP KGH PW HIMS HAL ZAL GR CLS CN SNPS HOLX ICE KRN GR 2330 TT |
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| 2025 Q2 | Sep 3, 2025 | Elliott Management | - | - | PEP | activism, Capital Allocation, Engagement, Governance, turnaround | The letter centers on shareholder activism as a catalyst for unlocking value through operational, strategic, and governance change. Engagement with management and boards is positioned as a driver of re-rating and improved capital allocation. Focused execution and accountability underpin the investment thesis. | PEP |
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| 2025 Q2 | Aug 7, 2025 | AMG Yacktman Focused Fund | 7.3% | 8.7% | 005935 KS, PEP | capital preservation, cash flow, Quality, risk-adjusted returns, valuation | The letter stresses elevated market valuations and the importance of risk-adjusted returns. Management focuses on resilient businesses with strong cash flows trading below intrinsic value. The outlook favors capital preservation and long-term compounding over momentum. | PEP 005935 KS |
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| 2025 Q2 | Aug 7, 2025 | AMG Yacktman Fund | 5.8% | 7.3% | 005935 KS, PEP | Discipline, downside protection, quality franchises, uncertainty, Valuation risk | The letter reiterates concern around concentrated indices and stocks priced for perfection. Management emphasizes downside protection through conservative assumptions and durable franchises. The outlook remains cautious but opportunistic in dislocated opportunities. | View | |
| 2025 Q2 | Jul 29, 2025 | RiverPark Large Growth | 15.0% | 6.6% | AAPL, LLY, META, MSFT, NFLX, NVDA, PEP, SBUX, UBER, UNH | Compounding, free cash flow, growth, secular trends, valuation | The commentary highlights selective large-cap growth investing focused on companies with long runways for revenue and free cash flow expansion. Management stresses discipline on valuation despite enthusiasm around secular growth trends. The outlook favors compounding businesses rather than momentum-driven winners. | PEP SBUX LLY |
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| 2025 Q1 | Apr 8, 2025 | Matrix Large Cap Value Strategy | - | - | ABBV, BDX, FI, GNRC, PEP, RTX, TGT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Mar Vistas U.S. Quality Select | -4.5% | -4.5% | AAPL, AVGO, GOOG, JNJ, NVDA, PEP, TDG, V | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Mar Vistas U.S. Quality | -3.1% | -3.1% | AVGO, BRK/A, CRM, JNJ, MSFT, NVDA, PEP, V | - | View | ||
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Focused Fund | 8.7% | 24.1% | 005380.KS, 005930.KS, 012330.KS, AAPL, CNRL.TO, FOXA, MSFT, MU, NFLX, NVDA, PEP, SCHW, UHAL, WBD | AI, Auto Parts, free cash flow, Media, semiconductors, South Korea, technology, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and long-term underlying business performance, holding companies through periods of stock price underperformance when the long-term thesis offers attractive risk-adjusted returns. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The manager believes MSCI will eventually re-rate South Korea from Emerging Market to developed market status, with investor access and index flows beginning to close the 30-year Korean discount. Samsung was late relative to competitors SK Hynix and Micron in HBM design wins with NVIDIA but was awarded HBM qualification in 2025 and ramped production quickly. Samsung has long been a leader in memory including NAND, DRAM, and now HBM, with memory chips appearing in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. The U.S. indices reached record highs driven by artificial intelligence exuberance. Memory chips are ubiquitous in AI data centers, and Samsung reorganized to emphasize Galaxy phones with AI feature leadership to compete with Apple. Hyundai Mobis benefitted from share gain and electric vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline as one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position that contributed to performance in 2025. After the legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Fund | 6.2% | 19.8% | 000660.KS, 005930.KS, 012330.KS, AAPL, CNQ, FOXA, GOOGL, MSFT, MU, NFLX, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA, WBD | AI, Electric Vehicles, free cash flow, long-term, Media, semiconductors, South Korea, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and owner's mindset investing with long-term focus on underlying business performance. Samsung was late relative to competitors in HBM design wins with NVIDIA but was awarded HBM qualification with NVIDIA in 2025 and ramped production quickly. Memory chips are ubiquitous in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The country may eventually be re-rated by MSCI from Emerging Market to developed market, with investor access and index flows beginning to close the 30-year Korean discount. Samsung has three primary lines of business including memory, foundry, and phones. The company has long been a leader in memory including NAND, DRAM, and now HBM. Samsung has focus on U.S. foundry with massive fab outside Austin in Taylor, Texas. Hyundai Mobis benefitted from share gain and electrical vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline. The company is one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position along with other sizeable media holdings. After legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging process and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2023 Q3 | Oct 15, 2023 | Madison Sustainable Equity Fund | 6.1% | 20.1% | ADI, DIS, GOOG, HD, J, LLY, NEE, PEP, TXN, UNH | - | View | ||
| 2025 Q4 | Jan 9, 2026 | Fundsmith Equity Fund | 0.0% | 0.0% | AAPL, ADP, AMZN, BF-B, CHD, COLPF, EL.PA, FTNT, GOOGL, IDXX, INTU, META, MSFT, NVDA, NVO, PEP, PM, TSLA, WKL.AS, ZTS | AI, Concentration, Index Funds, Performance, Quality, technology, valuation | Major tech companies are in an arms race to build AI capacity through massive capital expenditure on GPU chips and data centers. Whether this spending produces adequate returns remains an open question, with companies like Apple potentially benefiting by avoiding the race and leveraging others' infrastructure. Index funds now hold over 50% of US equity fund assets, creating momentum-driven buying that distorts markets. This passive investing creates a multiplier effect where $1 of flows can move stock prices by 5.5x, benefiting large index constituents regardless of fundamentals. Weight loss drugs are having a lasting impact on consumer behavior, directly affecting companies in snacks and alcoholic beverages. The manager sold positions in Brown-Forman and PepsiCo due to reduced appetites from these medications. The fund maintains focus on companies with high returns on capital (31% ROCE), strong margins (62% gross, 28% operating), and consistent cash conversion (94%). These quality metrics remain superior to broader market indices despite recent underperformance. | View | |
| 2024 Q4 | Jan 8, 2025 | Matrix Dividend Income | - | - | AMGN, PEP | - | View | ||
| 2025 Q4 | Jan 23, 2026 | American Century Equity Income Fund | 1.8% | 11.9% | BDX, EPD, GOOGL, JNJ, JPM, MCD, MCHP, MDLZ, MDT, MMC, MU, NSC, PEP, PNC, RHHBY, SYY, TFC, UL | Consumer Staples, dividends, financials, healthcare, Quality, value | The fund continues to focus on higher-quality companies with stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions. This approach is viewed as offering resilience amid continuing inflation and uncertain macroeconomic conditions. Healthcare led all sectors in the fourth quarter after being beaten down for much of the year. The fund remains keen on healthcare stocks, particularly those in the healthcare equipment and supplies industry, because they are attractively valued and demand tends to be less susceptible to changes in the economic environment. The fund's investment objective focuses on current income and long-term capital growth, with a strategy of investing in companies believed to be undervalued. The portfolio positioning emphasizes income generation through dividend-paying stocks and preferred securities. | View | |
| 2023 Q3 | Sep 30, 2023 | RiverPark Large Growth | 3.7% | 16.4% | AAPL, ADYEN, BKNG, BX, EQIX, FIVN, GOOG, ILMN, INTU, LLY, LMT, MCD, NFLX, PEP, SBUX, UBER | - | View | ||
| 2023 Q3 | Sep 30, 2023 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | AAPL, ADYEN, BKNG, BX, EQIX, GOOG, ILMN, LLY, LMT, MCD, PEP, SBUX | - | View | ||
| 2023 Q2 | Jul 20, 2023 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMZN, BSX IND, CMS, MSFT, PEP | - | View | ||
| 2023 Q1 | Apr 14, 2023 | Madison Sustainable Equity Fund | 6.1% | 20.1% | ADI, DHR, GOOG, HD, LLY, NESR GR, ORCL, PEP, QCOM, TEL, TGT, USB | - | View | ||
| 2023 Q4 | Feb 26, 2024 | Aristotle Core Equity Fund | 2.9% | 21.3% | 0YXG LN, BDX, BMY, HAL, LLY, PEP, SPR, VRTX | - | View | ||
| 2023 Q4 | Feb 26, 2024 | Aristotle Atlantic Core Equity Strategy | 3.1% | 21.7% | 0YXG LN, BDX, BMY, HAL, LLY, PEP, SPR, VRTX | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2026 | Fund Letters | Dr. Hendrik Leber | PepsiCo, Inc. | Consumer Staples | Beverages | Bull | NASDAQ | activist, dividends, efficiency, Margins, Refranchising | View Pitch |
| Jan 27, 2026 | Fund Letters | Terry Smith | PepsiCo Inc | Consumer Staples | Packaged Foods & Meats | Bear | NASDAQ | Consumption, Glp1, headwinds, Snacking, Weightloss | View Pitch |
| Jan 8, 2026 | Fund Letters | Conrad van Tienhoven | PepsiCo, Inc. | Consumer Staples | Soft Drinks | Bull | NASDAQ | Beverages, consumer, Defensives, dividend, inflation, Margins, Snacks | View Pitch |
| Jan 8, 2026 | Value Investors Club | DenverCap | PepsiCo, Inc. | Industrials | Commercial Services & Supplies | Bear | NASDAQ | industrial services, infrastructure, Logistics, manufacturing, Operations, Outsourcing | View Pitch |
| Dec 5, 2025 | Fund Letters | Paul Singer | PepsiCo Inc. | Consumer Staples | Soft Drinks | Bull | NYSE | Margins, restructuring, turnaround, valuation | View Pitch |
| Dec 3, 2025 | Fund Letters | Stephen Yacktman | PepsiCo, Inc. | Consumer Staples | Soft Drinks | Bull | NASDAQ | branded, dividends, Pricing, resilience, Staples, tariffs | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Danil Sereda | PepsiCo | Consumer Staples | Beverages - Non-Alcoholic | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Leo Nelissen | PepsiCo | Other | - | Bull | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Dividendology | PepsiCo, Inc. | Consumer Staples | Beverages - Non-Alcoholic | Bear | NASDAQ | — | View Pitch |
| Aug 13, 2025 | Seeking Alpha | JR Research | PepsiCo, Inc. | Consumer Staples | Beverages - Non-Alcoholic | Bull | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Ken Taylor | PepsiCo, Inc. | Consumer Staples | Beverages - Non-Alcoholic | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Kody's Dividends | PepsiCo | Consumer Staples | Beverages - Non-Alcoholic | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Luca Socci | PepsiCo | Consumer Staples | Beverages - Non-Alcoholic | Bear | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Florian Muller | PepsiCo, Inc. | Consumer Staples | Beverages - Non-Alcoholic | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Gen Alpha | PepsiCo | Consumer Staples | Beverages - Non-Alcoholic | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Juxtaposed Ideas | PepsiCo, Inc. | Consumer Staples | Beverages - Non-Alcoholic | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Jason Fieber | PepsiCo Inc. | Consumer Staples | Beverages - Non-Alcoholic | Bull | NASDAQ | — | 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. | ||||||||