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PG

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Mondrian Global Equity Fund	-	-	BATS.L, CL, ENEL.MI, IMB.L, KO, PEP, PG, RI.PA, SRG.MI, WMT	Consumer Staples, defensives, global, Risk-adjusted, Utilities, value	Manager emphasizes defensive sectors trading at attractive valuations relative to cyclicals, with MSCI World defensives near historic lows compared to cyclically exposed sectors. Focus on risk-adjusted returns has led to increased exposure to undervalued defensive names.		View
2024 Q3	Sep 30, 2024	Merchant West	-	-	AVI.JO, CL, NPN.JO, OUT.JO, PG, PRX.AS	Central Banks, China, emerging markets, Government Unity, interest rates, REITs, South Africa	The Government of National Unity has generated positive momentum with business confidence rising and financial markets rallying strongly. The FTSE/JSE All Share Index gained 9.6% in Q3, with SA Inc stocks leading performance as consumer and business confidence gradually returns.		View
2024 Q3	Sep 30, 2024	City Different Investments – Multi-Cap Core	5.3%	17.2%	BRK-A, EMR, PG	AI, dividends, tax policy, uncertainty, Valuations, value	Manager emphasizes the importance of dividend-paying stocks, noting that over the last 50 years dividend payers in the S&P 500 returned 9.2% annually versus 4.3% for non-payers. Companies that pay dividends demonstrate consistent profitability and judicious cash management.		View
2023 Q3	Sep 30, 2023	Tarkio Fund	-	-	BRK-B, EMR, PG	AI, Data centers, dividends, uncertainty, value	Manager emphasizes the importance of dividend-paying stocks, noting that over the last 50 years, dividend payers in the S&P 500 returned 9.2% annually versus 4.3% for non-payers. Companies that pay dividends demonstrate consistent profitability and judicious cash management.		View
2023 Q3	Sep 30, 2023	Torre Financial	0.6%	32.9%	0700.HK, ACN, ADBE, ASML, CDNS, COST, GE, GOOGL, INTU, IT, LIN, MA, MSCI, MSFT, OR.PA, PG, RELX.L	aerospace, Compounding, concentrated, Consumer Staples, long-term, Quality, software, technology	The fund focuses on high-quality companies with superior economics, strong market positions, pricing power, high margins and asset-light business models. These characteristics result in high returns on capital and the ability to compound earnings over the long term.	0GEG LN CDNS	View
2023 Q3	Sep 30, 2023	Trojan Fund from Troy Asset Management	-	-	BDX, DEO, GOOGL, MSFT, NESN.SW, PG, UL, V	Bonds, credit, inflation, interest rates, Multi-Asset, Recession	The manager expects inflation to remain higher and less stable than market participants are used to over the next few years. This will be attended by higher nominal rates, uprooting the valuation yardstick of the past fourteen years. They have added to index-linked holdings to protect against ongoing inflationary risks.		View
2025 Q2	Aug 7, 2025	AMG Yacktman Fund	5.8%	7.3%	012330.KS, 0992.HK, CNQ, CTSH, KT, KVUE, MSFT, PEP, PG, RLI, SCHW, SSNLF, UHAL	Buybacks, consumer, large cap, South Korea, technology, value	Yacktman approaches investing with an owner's mindset, evaluating underlying business fundamentals and requiring prices that compensate for risks. The fund focuses on risk-adjusted returns over market cycles, with historically strong performance following periods of lofty valuations like today's market.		View
2025 Q2	Jul 27, 2025	Carillon Eagle Growth & Income Fund	-	-	ABBV, ABT, ACN, AVGO, CARR, DUK, ETN, GLW, GS, JPM, KO, LRCX, MCD, MDLZ, MSFT, ORCL, PG, PNC, RTX	AI, financials, growth, healthcare, income, large cap, semiconductors, technology	AI deployment continues to drive market performance with the Magnificent Seven up over 17%. The fund reduced AI exposure to neutral levels after taking profits, citing concerns about market concentration in this single catalyst. AI infrastructure spending by major tech companies continues to rise, supporting companies like Corning, Oracle, and Broadcom.	LRCX ABBV AVGO ORCL GLW ETN	View
2025 Q2	Jul 16, 2025	Peak Asset Management	-	-	BRK-A, EMR, PG	AI, Data centers, dividends, tax policy, uncertainty, value	Dividends continue to play an important role in the portfolio strategy. Over the last 50 years, dividend payers in the S&P 500 delivered 9.2% annualized returns compared to just 4.3% for non-payers. Companies that pay dividends demonstrate consistent profitability and judicious cash deployment.		View
2025 Q2	Jul 13, 2025	Richie Capital Group	-	-	MCD, MO, PG	Debt, Fed, Fiscal, inflation, rates, Trade Policy, Treasury	U.S. national debt is growing faster than the economy, with net interest becoming the third largest budget expense. The debt-to-GDP ratio will hit record highs not seen since WWII within three years, creating an unsustainable fiscal situation that threatens the financial system.		View
2025 Q2	Jun 30, 2025	The Gabelli Global Content & Connectivity Fund	9.3%	-	AAPL, AMZN, BAC, BRK.A, CVX, GOOGL, HD, JNJ, JPM, MA, META, MSFT, NFLX, NVDA, PG, TSLA, UNH, V, WMT, XOM	defense, energy, gold, growth, Sports, tariffs, technology, value	Trump administration announced sweeping tariffs on April 2 (Liberation Day) causing significant market volatility. Initial tariff rates were very high but were later moderated through bilateral trade deals. The effective weighted average tariff rate is estimated at 18%, down from initial Liberation Day levels but still significantly higher than the prior administration's 2.5%.	MSFT	View
2025 Q2	Jun 30, 2025	Baron Health Care Fund	-5.1%	-7.6%	005930.KS, 012330.KS, BOL.PA, CNQ, FOXA, GOOGL, MSFT, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA	AI, global, large cap, risk management, semiconductors, value	The fund seeks opportunities where company value is misunderstood and price fairly compensates for risks. They carefully consider pricing and look for mispriced securities in expensive market conditions.	UHAL BOL.PA 005930.KS	View
2024 Q2	Jun 30, 2024	Peapack Private	-	-	005930.KS, 012330.KS, BOL.PA, CNQ, FOXA, GOOG, MSFT, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA	AI, global, Media, risk management, semiconductors, value	The fund seeks opportunities where company value is misunderstood and the price fairly compensates for risks. They carefully consider the price paid for investments and look for mispriced assets. The portfolio is positioned to deliver strong risk-adjusted returns in tumultuous markets.	UHAL BOL.PA 005930.KS	View
2023 Q2	Jun 30, 2023	Trojan Fund from Troy Asset Management	-	0.6%	BDX, DEO, GOOGL, MSFT, NESN.SW, NVDA, PG, UL, V	AI, asset allocation, credit, interest rates, Multi-Asset, Recession, technology, Valuations	AI represents a significant long-term opportunity for productivity and economic transformation, similar to the internet's impact. However, current market enthusiasm mirrors historical tech bubbles with extreme valuations. The manager expects AI's effects to be wider reaching than current narrow stock price moves suggest, but warns of Pavlovian market responses that will eventually become more nuanced.	GOOGL AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2024 Q1	May 28, 2024	Bridgewater Associates	0.0%	0.0%	AMT, CAT, ETN, FUN, GE, GOOGL, HA, HCA, HON, KO, MAT, MCD, META, MONDEE, MSI, NEE, PFGC, PG, TXRH, WLDN	AI, Capex, Corporate Spending, earnings, Energy Transition, Labor Markets, profitability	The AI build-out is a key tailwind for capex spending during this cycle, with companies across tech and industrials investing in compute capacity and infrastructure. Tech companies like Meta and Alphabet are investing significantly in AI infrastructure, while industrials are responding to growing demand for data centers and electricity driven by AI innovation.		View
2025 Q1	May 14, 2025	FPA Source Capital	1.8%	1.8%	005930.KS, 012330.KS, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, UHAL	AI, Cyclical, large cap, risk management, semiconductors, valuation, value	The fund seeks opportunities where company value is misunderstood and price fairly compensates for risks. They carefully consider price paid for investments and focus on companies trading at attractive valuations relative to intrinsic worth.	UHAL BOL.PA 005930.KS	View
2026 Q1	May 13, 2026	Matrix Dividend Income	-	-	AAPL, ACN, ADP, AMZN, CMCSA, FDX, GNRC, INTU, MSFT, NKE, PEP, PG, QCOM, TSN	AI, dividends, financials, Geopolitical, oil, technology, value		PG ADP NKE INTU	View
2026 Q1	May 13, 2026	Matrix Large Cap Value Strategy	-	-	AAPL, ADP, AMZN, INTU, MSFT, NKE, PEP, PG, QCOM	AI, dividends, financials, geopolitics, oil, technology, value		PG ADP NKE INTU	View
2025 Q1	Apr 8, 2025	WS Ruffer Total Return Fund	-	-	PG	Bubble, Crisis, Leverage, Markets, Recession, regime change, risk, valuation	US equity market price-to-sales ratio briefly moved through 3x in late 2021 and again late last year, compared to historical amber light threshold of 1x. Financial markets have a remarkable habit of turning good companies into bad investments when valuations are excessive.		View
2025 Q1	Apr 5, 2025	13D Activist Fund	-10.2%	-10.2%	AAPL, AVGO, BLCO, CL, CMG, CNI, DKS, FTRE, HR, JNJ, KVUE, MIDD, MSFT, OR.PA, PG, QRVO, SN, SWKS, WEN, YETI	activism, consumer, M&A, semiconductors, small cap, value, volatility	The fund focuses exclusively on activist investing situations, holding positions for the full activist cycle until catalysts are no longer compelling. Activist investors are keeping their heads down and focusing on portfolios despite market volatility, with 2025 already outpacing 2024 with 45 new campaigns versus 36 last year.		View
2026 Q1	Apr 28, 2026	Artemis US Select Fund	-6.1%	-6.1%	AMAT, AMZN, ATI, AVGO, BE, CEG, CFG, GEV, GOOGL, IQV, MSFT, PG, RKT, STX, TRGP, W	AI, Data centers, energy, healthcare, industrials, semiconductors, technology		TRGP AVGO ATI STX AMAT BE GEV RKT W IQV CEG	View
2024 Q1	Apr 15, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	AMP, AMZN, CASY, DIS, ENTG, FI, HSY, JPM, LFUS, LLY, META, MSFT, NVDA, PG, QCOM, TECH, TGT, UNH, USB, WFC	AI, Balanced, dividends, financials, healthcare, semiconductors, technology, value	The fund sees significant opportunities with companies that will benefit from AI implementation and plans to continue improving the portfolio accordingly. AI could help companies relieve labor shortages, boost capital utilization, and make more efficient use of raw materials and supply chains. The fund has invested in pick and shovel providers of AI that are crafting tools for businesses to utilize.		View
2024 Q1	Apr 15, 2024	AMG Yacktman Focused Fund	7.6%	7.6%	005930.KS, 030200.KS, CNQ, CTSH, GOOGL, MSFT, PEP, PG, SCHW, UHAL	Consumer Staples, energy, global, large cap, technology, value	The energy sector had a strong first quarter with portfolio energy companies performing well. The thesis is based on a medium-term supply/demand imbalance and the shift to returning capital to shareholders. CNQ represents the first energy investment in over a decade, followed by domestic exploration and production companies added in mid-2022.	BOL.PA K CNQ.TO	View
2024 Q1	Apr 11, 2024	Horizon Investment	-	-	BRK-B, EMR, PG	AI, dividends, large cap, Market Valuation, uncertainty, US, value	Manager emphasizes the importance of dividend-paying stocks, noting that over the last 50 years dividend payers in the S&P 500 returned 9.2% annually versus 4.3% for non-payers. Companies that pay dividends demonstrate consistent profitability and judicious cash management.		View
2025 Q1	Mar 31, 2025	AMG Yacktman Focused Fund	1.3%	1.3%	005930.KS, 012330.KS, 033780.KS, CNQ, FOXA, GOOGL, MSFT, PG, SCHW, UHAL	Asia, capital protection, large cap, Resilience, technology, Trade Policy, value	The fund focuses on identifying compelling opportunities when companies become overly punished by the market, offering attractive mis-pricings. Samsung continues to offer an incredibly attractive valuation with multiple options to unlock value compared to peers like Apple, TSMC, and Micron.		View
2025 Q1	Mar 31, 2025	AMG Yacktman Fund	1.5%	1.5%	005930.KS, 012330.KS, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, UHAL, UUU.PA	large cap, Media, Resilience, technology, Trade Policy, value	The fund focuses on companies that offer attractive valuations and mis-pricings, particularly when they become overly punished by the market. Samsung continues to offer an incredibly attractive valuation with multiple options to unlock value. The strategy emphasizes investing with a keen eye for what could go wrong to identify compelling opportunities.		View
2025 Q1	Mar 31, 2025	Carillon Eagle Growth & Income Fund	-	-	ABBV, ABT, AVGO, CVX, DUK, ETN, GS, HPE, IBM, JPM, MCD, MSFT, ORCL, PG, TMUS, UNH	AI, Defensive, dividends, financials, healthcare, Quality, technology	The quarter witnessed mounting concerns regarding the sustainability of rapid AI investment pace. Chinese DeepSeek's competitive AI model created concerns for Microsoft's OpenAI stake, while the Stargate Project represents a $500 billion AI infrastructure investment over four years.		View
2025 Q1	Mar 31, 2025	Artemis Global Select Fund	-7.5%	-7.5%	6273.T, AMZN, ASML, CEG, FI, GLOB, LISP.SW, META, NVDA, PG, SAF.PA, STAN.L, TSM, TTEK, WPM	AI, defense, global, Quality, semiconductors, tariffs, technology, value	AI developments significantly impacted portfolio performance during the quarter. Chinese AI startup DeepSeek's launch at much lower cost than US competitors caused reassessment of western technology companies' leadership in AI, leading to selloffs in Nvidia and other AI-related holdings. The manager continues evaluating the impact of this competitive threat on demand.	SAF.PA META TTEK PG WPM STAN.L CEG TSM AMZN NVDA GLOB	View
2025 Q1	Mar 31, 2025	Rothschild & Co LongRun Equity Fund	-	-	0700.HK, ACN, ADBE, ASML, CDNS, COST, GE, GOOGL, INTU, IT, LIN, MA, MSCI, MSFT, OR.PA, PG, RELX.L	Compounding, Consumer Staples, Defensive, long-term, Quality, technology	The fund focuses on high-quality companies with superior economics, strong market positions, pricing power, high margins and asset-light business models. These characteristics result in high returns on capital and the ability to compound earnings over the long term.	MSCI GE CDS	View
2024 Q1	Mar 31, 2024	Antero Peak Group	15.6%	15.6%	AAPL, ALL, AMZN, CNM, CP, CRH, DKNG, GE, GOOGL, META, MRVL, MSFT, NVDA, PG, PGR, SAF.PA, SPOT, TDG, TSLA, TSM	aerospace, earnings, growth, insurance, Manufacturing, revisions, semiconductors, technology	Secular growth amplified by cyclical inflection with optimal long duration setup. Global air travel has doubled every fifteen years since 1970, driven by rising middle class globally. Production rates need large ramps but industry will remain undersupplied.		View
2023 Q1	Mar 31, 2023	Burke Wealth Managament The Focused Growth Strategy	18.6%	18.6%	AAPL, ACN, AMZN, BRK-A, CRM, CVX, GOOGL, ISRG, JNJ, JPM, MA, META, MSFT, NVDA, ORCL, PG, TSLA, UNH, V, XOM	AI, Banking, growth, large cap, semiconductors, technology	The public launch of ChatGPT marked AI's iPhone moment, representing the fourth major computing revolution after PC, internet, and mobile. Artificial intelligence will drive profound impacts on corporate productivity and society, with enterprises incorporating massive data lakes into language models for business-specific applications.	ISRG CRM ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2023 Q1	Mar 31, 2023	Trojan Fund from Troy Asset Management	-	-	BDX, DEO, GOOGL, MSFT, NESN.SW, PG, UL, V	Banking, credit, inflation, Multi-Asset, Passive investing, rates, real estate	Banking failures including SVB, Signature, and Credit Suisse highlight the fragility of the fractional reserve banking model. These events will lead to tighter lending standards and reduced credit availability, particularly affecting small businesses and commercial real estate.		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
2025 Q4	Feb 25, 2026	The D. E. Shaw Group	-	-	AAPL, AMZN, AVGO, BRK-B, CVX, GE, GOOGL, IBM, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WFC, XOM	active management, AI, Concentration, market structure, Mega Cap, portfolio construction, risk management, technology	Breakthroughs in artificial intelligence have helped drive notably strong performance in a handful of mega cap stocks. The concentration in tech and AI-related companies has contributed to the current market dynamics where the ten largest S&P 500 constituents account for more than 40% of the index's weight. The document extensively analyzes how market concentration affects portfolio risk characteristics and active management strategies. It discusses the implications for risk models, beta distributions, and the challenges concentration poses for traditional risk management approaches in equity portfolios. The analysis focuses on how equity market concentration impacts the fundamental law of active management, transfer coefficients, and breadth of investment opportunities. It examines the structural changes in capital markets that affect managers' ability to generate alpha and express investment views effectively.		View
2023 Q4	Feb 20, 2024	Tall Oak Capital Advisors	-	-	AAPL, ABBV, AMD, AMGN, AMP, AMZN, ATD.TO, AVGO, BEI-UN.TO, BSX, CAT, CBRE, CCO.TO, CDNS, CNR.TO, COST, CSCO, DOL.TO, EA, EHC, EMN, EOG, EQIX, FERG, FTNT, GOOGL, LLY, LRCX, MA, MCD, META, MSFT, NVDA, NVO, ORCL, PANW, PG, QCOM, ROK, SCCO, SHOP.TO, T, TD.TO, TGT, TIH.TO, TMUS, TSLA, UNH, VZ, WCN, WMT, WSP.TO	Banking, cybersecurity, dividends, large cap, private credit, Quality, Supply Chain, technology	The integration of digital and physical realms is revolutionizing security needs. Cybersecurity continues to be crucial due to expanding digital connectivity, cloud adoption, and hybrid operations. Key emerging themes include cloud security mainstreaming, software supply chain security, OT and IoT security, and API security evolution.	PANW	View
2025 Q3	Dec 31, 2025	AMG Yacktman Fund	5.1%	12.8%	005930.KS, 012330.KS, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, UHAL	AI, Bubble, Conglomerates, large cap, Media, risk management, semiconductors, value	The fund seeks opportunities where company value is misunderstood and price fairly compensates for risks. They carefully consider the price paid for investments and focus on companies trading at attractive valuations relative to their intrinsic worth.		View
2024 Q4	Dec 31, 2024	Distillate Capital International	-	-0.3%	ABT, ADBE, AMGN, AVGO, BMY, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, NVDA, PG, QRVO, TMUS, UNH, WSM	AI, Concentration, Quality, risk management, small caps, valuation, value	Large U.S. equities are up 43% since October 2023 while underlying free cash flows increased only 9.6%, creating significant valuation risk. The most expensive 15 mega-cap stocks trade at an 83% premium to the rest of the market and account for almost 40% of total market capitalization. Distillate's strategies offer attractive valuations with free cash flow yields well above market levels.		View
2024 Q4	Dec 31, 2024	Distillate Capital Large Cap Value	-	13.3%	ABT, ADBE, AMGN, AVGO, BKNG, BMY, CI, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, PG, QRVO, TMUS, UNH, WSM	cash flow, fundamentals, large cap, Quality, risk, valuation, value	The letter extensively discusses valuation disparities between expensive mega-cap stocks and the rest of the market. Distillate's strategy focuses on high-quality companies at attractive valuations, with their portfolio offering a 5.8% free cash flow yield versus the S&P 500's 3.5%. The firm emphasizes being disciplined on valuation and avoiding expensive stocks.		View
2024 Q4	Dec 31, 2024	Distillate Capital Small/Mid Cap Quality & Value	-	2.9%	ABT, ADBE, AMGN, AVGO, BKNG, BMY, CI, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, PG, QRVO, TMUS, UNH, WSM	free cash flow, fundamentals, Quality, small caps, valuation, value	The letter extensively discusses valuation disparities between large expensive mega-cap stocks and smaller companies. Distillate's strategies focus on attractive valuations with their Small/Mid QV offering 9.1% free cash to enterprise value yield compared to expensive broader markets. The firm emphasizes being disciplined on valuation and finding high quality companies at attractive prices.		View
2024 Q4	Dec 31, 2024	Mairs & Power – Balanced Fund	-	9.6%	AMP, AVGO, AXP, CASY, FISV, GGG, JPM, LFUS, LLY, MDT, MSI, NEOG, NTRS, NVDA, PG, ROK, TTC, UNH, UPS, WFC	AI, Balanced, financials, healthcare, industrials, semiconductors, small caps, technology	The fund acknowledges AI as a key driver of mega cap technology performance in 2024, though their diversified approach left them underexposed to this narrow leadership group. UnitedHealth is aggressively deploying AI technology across its business to create enduring operating efficiencies. JPMorgan has been investing heavily in AI deployment across its businesses, positioning it well for outsized earnings growth compared to peers.		View
2024 Q4	Dec 31, 2024	AMG Yacktman Focused Fund	-6.5%	0.7%	005930.KS, 033780.KS, 2451.TW, AAPL, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, SPOT, UHAL, UMG.AS	Capital Allocation, Concentration, large cap, Media, technology, value	The fund focuses on companies trading at compelling valuations, with Samsung available near tangible book value and Bolloré valued at potentially two-to-three times current market price. The portfolio represents some of the best values the managers can recall in the current market environment.	UHAL BOL.PA 005930.KS	View
2024 Q4	Dec 31, 2024	AMG Yacktman Fund	-4.0%	4.9%	005930.KS, AAPL, CNQ, CTSH, FOXA, GOOG, MSFT, PEP, PG, SCHW, SPOT, TSM, UHAL, UMG.AS	Buybacks, Capital Allocation, energy, large cap, Media, technology, value	The fund focuses on companies trading at attractive valuations relative to their underlying business value. Samsung can be owned at a price close to tangible book value despite being a leading technology company. Bolloré trades at a significant discount with the manager believing its value to be two-to-three times current market valuation.	BOL.PA 005930.KS	View
2024 Q4	Dec 31, 2024	Mondrian Global Equity Fund	-	-	BF-B, DGX.DE, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SAN.PA, UL, UPS	Corporate Governance, Energy Transition, Europe, international, Japan, Utilities, valuation, value	US markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Japanese equities offer particularly attractive valuations with solid balance sheets and corporate governance improvements driving record buybacks.		View
2024 Q4	Dec 31, 2024	Mondrian International Equity Value Opportunities	-	-	BF-B, DG.PA, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SNY, SPIE.PA, UL, UPS	Currency, Energy Transition, international, Japan, Utilities, value	US markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Valuation discrepancies exist across sectors where fundamentally similar companies trade at significant multiples differences based solely on listing location.		View
2024 Q4	Dec 31, 2024	EQUAM Global Value Fund	-1.0%	3.0%	005930.KS, 012330.KS, CNQ.TO, FOXA, GOOGL, MSFT, PEP, PG, SCHW	Media, risk management, semiconductors, South Korea, technology, value	Samsung announced its first design win with Nvidia for high bandwidth memory chips this quarter, validating its position in the HBM chip market after being late to the artificial intelligence party. Alphabet has participated in the AI frenzy despite longer-term risks to its advertising revenue.	UHAL BOL.PA 005930.KS JTKWY	View
2024 Q4	Dec 31, 2024	PM Capital Australian Companies Fund	-8.1%	-5.0%	BRK-A, EMR, PG	AI, dividends, large cap, uncertainty, Valuations, value	Manager emphasizes the importance of dividend-paying stocks, noting that over the last 50 years dividend payers in the S&P 500 returned 9.2% annually versus 4.3% for non-payers. Companies that pay dividends demonstrate consistent profitability and judicious cash management.		View
2023 Q4	Dec 31, 2023	Trojan Fund from Troy Asset Management	-	2.7%	BDX, DEO, GOOGL, HEIA.AS, MSFT, NESN.SW, PG, UL, V	Government Spending, inflation, Multi-Asset, Onshoring, rates, Recession, Valuations	Manager expects persistent inflation driven by increased government spending and fiscal response to future recessions. Real rates likely to fall but nominal rates to stay above 2010s levels. Inflation for goods and services expected on top of asset price inflation.	HEIA.AS	View
2023 Q3	Oct 31, 2023	Fundsmith Equity Fund	-2.0%	7.1%	ADP, FTNT, IDXX, MC.PA, META, MKC, MSFT, MTD, NKE, NVO, OR.PA, PG, PM, SYK, V, WAT	global, growth, healthcare, long-term, Quality, technology	The fund focuses on high quality businesses that can sustain high returns on operating capital employed with advantages that are difficult to replicate. These businesses do not require significant leverage to generate returns and have a high degree of certainty of growth from reinvestment of cash flows at high rates of return. The portfolio consists of resilient businesses that can withstand technological innovation.		View
2023 Q3	Oct 23, 2023	Biondo Investment Advisors	-	-	FOXA, GOOGL, MSFT, NVDA, PEP, PG, SCHW, SSNLF, UHAL, UMG.AS, VIV.PA	AI, large cap, Media, semiconductors, technology, value	Samsung announced its first design win with Nvidia for high bandwidth memory chips this quarter, validating its position in the HBM chip market after being late to the artificial intelligence party. Alphabet has participated in the AI frenzy despite longer-term risks to its advertising revenue.	UHAL BOL.PA 005930.KS	View
2025 Q3	Oct 19, 2025	Carillon Eagle Growth & Income Fund	-	-	ABBV, ABT, ACN, AVGO, CARR, DUK, ETN, GLW, GS, JPM, KO, LRCX, MCD, MDLZ, MSFT, ORCL, PG, PNC, RTX	AI, financials, growth, healthcare, income, large cap, semiconductors, technology	AI deployment continues to drive market performance with the Magnificent Seven up over 17%. The fund maintains exposure to AI infrastructure leaders like Corning, Oracle, and Broadcom, though managers reduced AI exposure to neutral levels after taking profits due to concentration concerns.		View
2024 Q3	Oct 16, 2024	ARK Invest	-	-	AMZN, CAT, CSCO, DOW, FDX, KHC, MCD, MMM, NKE, PG, SBUX, TMO, TXN, UPS	AI, Deflation, Fed, innovation, rates, Recession, technology	ARK expects AI and other disruptive technologies to drive productivity growth and create new products and services that replace legacy solutions. The convergence among 14 technologies involved in ARK's five major platforms should start moving the needle on macro metrics significantly during the next five to ten years. ARK is searching for diversified exposure to the AI revolution, particularly among software applications that are underrepresented in broad-based benchmarks.		View
2025 Q4	Jan 8, 2026	NS Partners	-	-	GOOGL, KO, NVDA, PG	AI, Biotechnology, commodities, emerging markets, energy, global, private equity, technology	The AI build-out is capital intensive with uncertain returns, as leading companies spend gigantic sums in an arms race. Unlike the internet boom, AI requires massive capital investment with datacentres subject to rapid obsolescence. The relentless innovation could make current cutting-edge technology obsolete within years, making satisfactory returns challenging. Private equity and debt markets face significant challenges with funds struggling to exit investments at elevated prices. The industry has taken more companies into funds than can be sold into public markets, creating a major logjam. Rising interest rates and overinvestment have caused pressure to reduce prices, potentially forcing substantial losses. Hard assets offer protection against monetary inflation as governments attempt to print their way out of decline. Construction of datacentres and infrastructure in booming countries require commodities when mines have suffered from underinvestment. Competition between China and the US for strategic metals underpins the outlook for these resources. The oil market has been in three-year consolidation due to subdued growth and large OPEC supply increases. Lower prices damage future supply as producers pull back on new capacity spending. OPEC's spare capacity is limited, and while the world isn't running out of oil, it's running out of oil producible below $60. The biotech sector offers exceptional long-term performance potential despite poor performance in the 2020s. AI is reducing costs and speeding up product development, while new technologies and cost declines are unleashing a wave of new treatments. This combination can underpin a new cycle in a huge market.		View
2024 Q4	Jan 7, 2025	Horos Asset Management	1.9%	11.8%	AAPL, AMZN, AXP, CSCO, DIS, GOOGL, KO, LBTYA, MCD, META, MSFT, NVDA, PG, PYPL, TSLA	Concentration, contrarian, Europe, Market Risk, Spain, Telecommunications, value	The fund maintains a disciplined value investing approach, focusing on acquiring stocks with attractive risk-return trade-offs regardless of market trends. They emphasize contrarian positioning against trend-following investors who dominate current markets.	ZEGN.L	View
2025 Q4	Jan 24, 2026	Miller Howard Investments	-	-	AAPL, AMZN, BAC, BRK-B, GOOG, GOOGL, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WMT, XOM	Concentration, dividends, Indices, Magnificent 7, nuclear, SMRs, value	The US is on the cusp of a nuclear renaissance driven by rising electricity demand, policy support, and emerging technologies like small modular reactors. Nuclear capacity could quadruple by 2050, though regulatory, economic, and execution risks remain significant challenges. Miller/Howard maintains strict dividend focus across portfolios, avoiding Magnificent 7 stocks in income-oriented strategies. The firm emphasizes high current income and growth of income as core differentiators in an increasingly concentrated market. Index reconstitutions have compromised style integrity by adding growth-oriented Magnificent 7 stocks to value indices. This creates concentration risk and challenges traditional value investing principles based on lower valuations and higher dividend yields.		View
2025 Q4	Jan 19, 2026	Carillon Eagle Growth & Income Fund	0.0%	0.0%	ADI, AVGO, AZN, DUK, ETN, GS, HD, JPM, KO, LRCX, MCD, MSFT, ORCL, PG, PNC, RTX, TMUS	AI, Capital markets, earnings, growth, large cap, semiconductors, technology	AI-related investment remains robust and has the potential to broaden its impact across industries. The AI super-cycle continues to provide powerful support, yet it carries risks. Investor willingness to underwrite aggressive AI spending has cooled somewhat, and the debate over whether we are in an AI bubble has increased. Lam Research benefitted from improving sentiment regarding the importance of its products within the semiconductor capital spending market. As a leading provider of equipment tied to memory requirements for AI, Lam Research could have a long and healthy path to growth. Analog Devices pushed toward new all-time highs after solid earnings gave investors confidence that the analog cycle is now beyond its bottom. Earnings growth was the clear engine of the market's advance in 2025. Forward S&P 500 earnings are projected to rise 16% in 2026 over 2025. Bloomberg projects S&P 500 EPS growth of 16% in 2026, up from 15% in 2025 with 7 of 11 sectors expected to deliver double-digit gains. Goldman Sachs Group's shares contributed to fourth-quarter performance due to positive financial results, coupled with increased optimism regarding capital markets activity heading into 2026. Goldman Sachs maintains one of the strongest global merger and acquisition advisory and trading, with increased activity in M&A, initial public offerings, and debt issuance activity directly boosting its financial performance.		View
2025 Q4	Jan 18, 2026	Magellan Global Fund	0.1%	3.0%	AMZN, ASML, CMG, GOOGL, MA, META, MSFT, NESN.SW, NFLX, NVO, PG, RMS.PA, SAP, TSM, UNH, V, YUM	AI, Cloud, global, growth, Luxury, Quality, semiconductors, technology	AI investment boom driving strong earnings growth expectations of 13-14% in 2026. Portfolio exposed to highest-quality players in AI value chain including cloud providers benefiting from increased AI adoption. Risks include potential slowdown in AI investment growth due to power, labor and material constraints. Amazon AWS showing acceleration in growth and margin expansion from increased capex spend, with notable deals to provide computing to OpenAI. All incumbent cloud providers viewed as winners from increased AI application adoption despite short-term positioning shifts. Hermès highlighted as structurally advantaged business with rare durability built on craftsmanship and restraint. Company has delivered exceptional consistency through cycles with disciplined supply, minimal discounting and limited fashion risk, insulating it from cyclical luxury demand pressures. TSMC performing strongly on continued strength in semiconductor demand for AI applications, described as insane by CEO. Company has cemented dominant position at leading edge and begun mass production of 2nm chips using new Gate All Around transistor architecture.	MSFT GOOG TSM	View
2024 Q3	Sep 30, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	ABT, AMP, CASY, CHRW, ECL, FI, HRL, HSY, JPM, LFUS, LLY, LOW, MSI, NEOG, NVDA, PG, ROK, TECH, TTC, UPS	Balanced, Bonds, consumer, healthcare, industrials, rates, technology	The Federal Reserve cut its key lending rate by half a percentage point in September, with potential for additional cuts in November and December. Lower rates are expected to benefit smaller companies by reducing borrowing costs and improving earnings growth prospects.		View
2024 Q3	Sep 30, 2024	American Century Equity Income Fund	9.6%	0.0%	BDX, EPD, INTC, JNJ, JPM, KVUE, MCHP, MDT, NSC, ON, PG, RB.L, TROW, UNH, VZ, XOM	Consumer Staples, dividends, financials, healthcare, income, Quality, Utilities, value	Value stocks outperformed growth stocks across the market-capitalization spectrum during the quarter. The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company.		View
2023 Q4	Sep 1, 2024	Fundsmith Equity Fund	-2.0%	7.1%	AAPL, ADBE, AMZN, BF.B, DEO, EL, FTNT, GOOGL, IBM, IDXX, MAR, META, MKC, MSFT, MTD, NVDA, NVO, OR.PA, PG, TSLA	AI, global, large cap, Pharmaceuticals, Quality, technology, value	Smith discusses the rise of AI as a driving force behind the Magnificent Seven stocks, particularly Nvidia. He notes AI is not entirely new, citing IBM's Watson from 2011 and Google's DeepMind acquisition in 2014. He questions whether early winners can be identified, drawing parallels to past technology developments where early leaders often failed to maintain dominance.		View
2023 Q2	Jul 7, 2023	Fundsmith Equity Fund	-2.0%	7.1%	AAPL, ADBE, ADP, AMS.MC, AMZN, COLOB.CO, EL, GOOGL, IDXX, MC.PA, META, MKC, MSFT, MTD, NVO, OR.PA, PEP, PG, PM, SYK, WAT	consumer, fundamentals, global, healthcare, Quality, technology	L'Oréal continues to impress with execution particularly in China and online channels, contrasting sharply with Estée Lauder's struggles. Estée Lauder fell due to poor figures from inventory build-up and write-offs in anticipation of Chinese reopening, revealing severe supply chain weaknesses with no manufacturing capability in Asia.		View
2024 Q2	Jun 30, 2024	BNY Mellon Global Equity Income Fund	-2.4%	1.4%	005930.KS, AAPL, AZN, B3SA3.SA, BBRI.JK, CME, CSCO, D, DEO, GOOGL, IP, MDT, NEM, NVDA, PAYX, PEP, PG, SGO.PA, SMDS.L, SNY	dividends, global, income, rates, technology, value	The fund maintains strict yield discipline and cannot invest in stocks with insufficient yields, including the Magnificent Seven technology stocks. Income stocks continue to trade at substantial discounts to low-income stocks, with valuations at levels equivalent to the 2000 technology bubble burst.		View
2024 Q1	May 4, 2024	AMG Yacktman Fund	7.5%	7.5%	CNQ, CVX, DAR, EAF, EMBCF, FANG, GOOGL, HES, K, MSFT, NWSA, PEP, PG, PXD, SCHW, UHAL, VLO, XOM	Consumer Staples, energy, large cap, Media, technology, value	The energy sector had a strong first quarter with portfolio energy companies performing well. The thesis is based on a medium-term supply/demand imbalance and the shift to returning capital to shareholders. CNQ was Yacktman's first investment in the energy space in over a decade, followed by domestic exploration and production companies added in mid-2022.	BOL.PA K DAR CNQ.TO	View
2023 Q4	Jan 24, 2024	Distillate Capital Fundamental Stability & Value	0.0%	16.0%	AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM	Concentration, free cash flow, large cap, Quality, selectivity, valuation, value	The manager emphasizes finding attractive value opportunities beneath the surface of expensive markets, with their U.S. FSV strategy achieving a 6.9% free cash flow yield versus 4.5% for the S&P 500. They focus on avoiding richly valued mega-cap stocks while maintaining quality standards through low debt levels and stable cash generation profiles.		View
2023 Q4	Jan 24, 2024	Distillate Capital International	0.0%	10.9%	6857.T, AAPL, AMGN, AMZN, AVGO, BABA, BMY, CNQ, CSCO, FMX, GOOGL, HRL, ITX.MC, JBL, LRCX, MC.PA, MSFT, NVDA, OC, PBR, PDD, PG, PNDORA.CO, QCOM, TSLA, V, WSM	Concentration, free cash flow, international, Mega-caps, Quality, value	The letter extensively discusses the extreme concentration in the S&P 500, where the largest five stocks now represent 24% of the index weight. This concentration creates significant risk for cap-weighted benchmarks and provides opportunities for active managers who can avoid overvalued mega-caps while finding value elsewhere in the market.		View
2023 Q4	Jan 24, 2024	Distillate Capital Large Cap Value	0.0%	19.7%	AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM	Concentration, free cash flow, large cap, Quality, valuation, value	The fund emphasizes finding attractive valuations by avoiding richly valued mega-cap stocks and focusing on parts of the market with better free cash flow yields. Their U.S. FSV strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500, representing the largest premium since launch.		View
2023 Q4	Jan 24, 2024	Distillate Capital Small/Mid Cap Quality & Value	0.0%	5.6%	AAP, AAPL, AMZN, AVGO, CSCO, CVS, GOOGL, HRL, IBM, JBLU, LRCX, META, MSFT, NVDA, OC, PG, PYPL, TSLA, WMT, WSM	Concentration, free cash flow, Leverage, Quality, selectivity, small caps, value	Manager emphasizes finding attractive valuations through selectivity, avoiding richly valued mega-cap stocks while focusing on parts of the market that offer better free cash flow yields. The strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500.		View
2022 Q4	Jan 18, 2023	Rowan Street Capital	12.8%	42.3%	COST, KO, PG	-			View
2024 Q4	Jan 17, 2025	Carillon Eagle Growth & Income Fund	-	-	AVGO, BBY, BLK, CVX, EMN, ETN, GS, JPM, MCD, MDLZ, MSFT, PG, PLD, PNC, TGT, WMB	AI, dividends, energy, financials, growth, income, large cap, technology	AI continued to drive market performance throughout 2024, with excitement around artificial intelligence remaining strong. Broadcom benefited significantly from expansion in addressable market for custom AI silicon offerings, positioning as a leader in data center connectivity and custom silicon for AI spending growth.		View
2023 Q4	Jan 14, 2024	Madison Sustainable Equity Fund	6.1%	20.1%	A, AAPL, AMT, BDX, COST, EL, GOOGL, J, JPM, LIN, LLY, MSFT, ORCL, PG, QCOM, TGT, UNH, USB, V, VLTO	financials, healthcare, inflation, large cap, rates, Sustainable, technology	Interest rates dropped during the fourth quarter as inflation moderated and the market began to discount an end to Fed rate hikes and even began discounting interest rate cuts in 2024. The shift in the yield curve in the latter part of 2023 may have overly discounted forthcoming interest rate cuts. Fed Fund Futures point to 150 basis points of rate cuts by the end of 2024 to 3.85%, which is more aggressive than the Federal Reserve's 75 basis point cut median estimate.		View
2023 Q3	Jan 7, 2024	Hayden Capital	13.9%	37.6%	AAPL, ADBE, ATVI, EDU, KO, NESTLEIND.NS, PDD, PG, SMRT	cash flow, China, Predictability, real estate, technology, value	Chinese investments drove positive Q3 performance with companies like Pinduoduo and New Oriental trading near multi-year highs. Manager sees divergence between resilient business models and broader economic weakness, with valuations approaching two-thirds of fair value estimates.	SMRT	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 13, 2026	Fund Letters	Matrix Large Cap Value Strategy	Procter & Gamble Co.	Household & Personal Products	Personal Products	Bull	New York Stock Exchange	Consumer products, consumer staples, defensive, dividend aristocrat, Global, inflation impact, innovation	View Pitch
May 13, 2026	Fund Letters	Matrix Dividend Income	Procter & Gamble Co.	Household & Personal Products	Personal Products	Bull	New York Stock Exchange	Consumer products, consumer staples, defensive, dividend aristocrat, Global Brands, Inflation Pressure, innovation	View Pitch
Apr 13, 2026	Fund Letters	Artemis Global Select Fund	The Procter & Gamble Company	Consumer Staples	Personal Products	Bull	NYSE	brand portfolio, consumer staples, defensive, Pricing power, Retail Relationships, Scale Advantages	View Pitch
Oct 11, 2025	Seeking Alpha	Seeking Alpha	The Procter & Gamble Company		Household & Personal Products	Neutral		consumer goods, Macro Environment, Neutral Rating, Pricing Strategy, Procter & Gamble, Productivity Initiatives, restructuring, Supply Chain 3.0, tariffs, valuation discount	View Pitch
Aug 13, 2025	Seeking Alpha	ABI Invest	The Procter & Gamble Company	Consumer Staples	Household & Personal Products	Neutral	NYSE	—	View Pitch

BSD Shareholders of PG

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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
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