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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 22, 2025 | Voss Value Fund | 1.0% | -6.3% | AMZN, ARE.TO, CLBT, CRM, ECN, FIVN, GENI, GOOGL, META, MSFT, NOW, PHIN, PRKS, TWLO, VRNT | AI, cybersecurity, Long/Short, nuclear, small caps, sports betting, technology, value | AI presents both opportunities and threats across portfolio companies. Mega cap tech companies are pouring tens of billions into AI infrastructure with CapEx expected to reach $512B by 2027. Five9 faces AI disruption concerns in contact centers but is positioning as an AI winner through integration and automation capabilities. | FIVN ARE CN PRKS PHIN ECN CLBT GENI |
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| 2025 Q2 | Aug 22, 2025 | Voss Value Offshore Fund | 0.6% | -6.8% | AMZN, ARE.TO, CLBT, CRM, ECN, FIVN, GENI, GOOGL, META, MSFT, NOW, PHIN, PRKS | AI, Concentration, Long/Short, nuclear, small caps, technology, undervalued, value | Manager discusses AI as both opportunity and threat across portfolio companies. Notes massive AI capex spending by mega-cap tech companies ($351B in 2025 to $512B in 2027) while expressing skepticism about returns. Views AI as creating narrative challenges for companies like Five9 where AI is perceived as existential threat to contact center software, but sees this as creating investment opportunity. | View | |
| 2025 Q2 | Jul 11, 2025 | Heartland Value Plus Fund | 1.9% | -6.5% | BRC, MTRN, PBH, PHIN | Auto Parts, Buybacks, Capital Allocation, dividends, materials, Rate Cuts, small caps, value | For the first time since 2021, small-cap earnings have been growing year-over-year, signaling improved demand dynamics. The Russell 2000 Index gained 12.39% in the quarter, outperforming the S&P 500. Small companies are likely beneficiaries of lower financing costs and growing risk appetite from the Fed's rate-cutting cycle. | PBH MTRN PHIN BRC NVST SIMO GTES |
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| 2024 Q1 | May 29, 2024 | Silver Ring Value Partners | 0.0% | 0.0% | AAPL, AMZN, BWA, CMCSA, GTX, NFLX, PHIN, WBD | Automotive, Growth Duration, Media, Process Evolution, small caps, value | Manager emphasizes disciplined value investing based on first principles, seeking meaningful undervaluation combined with sufficient quality. Portfolio priced at 63% of base case value excluding cash, with focus on companies trading below intrinsic value estimates. | WBD PHIN |
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| 2024 Q1 | Apr 15, 2024 | Ariel Focus Fund | 10.6% | 0.0% | APA, CLB, Gold, LESL, MHK, MOS, PHIN, REZI, SJM, ZBRA | Buybacks, consumer, gold, industrials, large cap, oil, value | The fund focuses on buying quality businesses at compelling discounts to private market value. Multiple holdings are described as trading at substantial discounts to estimated private market value, with the manager emphasizing long-term fundamental investing over market timing. | SJM CLB REZI PHIN MHK |
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| 2024 Q3 | Nov 26, 2024 | Voss Value Offshore Fund | 7.4% | 8.9% | BWA, BYD, CAVA, LI, NIO, PHIN, RCM, TM, WMT | Auto Parts, Electric Vehicles, Long/Short, market inefficiency, small caps, value | Phinia represents a compelling opportunity as an ICE auto parts supplier benefiting from EV adoption slowdown and competitive withdrawals. The company's Gasoline Direct Injection technology and aftermarket business provide defensive characteristics with growth potential from market share gains. | PHIN |
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| 2024 Q3 | Nov 26, 2024 | Voss Value Fund | 7.6% | 9.5% | BWA, BYD, CAVA, LI, NIO, PHIN, RCM, TM, WMT | Auto Parts, Electric Vehicles, M&A, small caps, valuation, value | Manager believes EV penetration estimates are too optimistic, with BEV market flatlining in US and China and declining in Europe. Consumer surveys show growing disinterest in BEVs, leading to substantial discounts and bloated inventory. This creates opportunities for ICE-focused suppliers like Phinia. | PHIN |
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| 2025 Q3 | Oct 9, 2025 | Heartland Value Plus Fund | 8.5% | 1.4% | BRC, MTRN, PBH, PHIN | Auto Parts, Buybacks, Capital Allocation, dividends, earnings, Rate Cuts, small caps, value | For the first time since 2021, small-cap earnings have been growing year-over-year, signaling improved demand dynamics. The Russell 2000 Index gained 12.39% in the quarter, outperforming the S&P 500. Small companies are likely beneficiaries of lower financing costs and growing risk appetite from the Fed's rate-cutting cycle. | PBH MTRN PHIN BRC |
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| 2023 Q3 | Mar 10, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, BK, BWA, CVX, GNRC, GS, JNJ, KVUE, LAZ, LESL, MHK, PHIN, SPHR, WU, ZBH | Buybacks, capital returns, discount, energy, large cap, value | The fund holds multiple energy positions including APA Corporation and Chevron Corporation. APA continues delivering strong earnings with solid production volumes and expects to hit oil production guidance. Chevron is viewed as competitively advantaged with sustainable growth pathway and expects double-digit return of capital employed by 2027. | PHIN KVUE CVX GNRC MHK LESL ^GSPC WU ADNT|APA|BPOP|FLR|KOS|OLN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Ariel Focus Fund | Phinia Inc. | Consumer Discretionary | Auto Parts & Equipment | Bull | NYSE | Auto parts, Combustion Engines, Emissions, Equity, Fuel Systems, higher margins, hybrid vehicles, Performance Components, spinoff | View Pitch |
| Apr 13, 2026 | Fund Letters | Heartland Value Plus Fund | Phinia Inc. | Consumer Discretionary | Auto Parts & Equipment | Bull | NYSE | Aerospace, aftermarket, Auto parts, deleveraging, Fuel Systems, hybrid vehicles, insider buying, market share gains, Oem, Off-highway, oligopoly, Share Buybacks, spin-off | View Pitch |
| Apr 13, 2026 | Fund Letters | Ariel Focus Fund | Phinia Inc. | Industrials | Auto Parts & Equipment | Bull | NYSE | aftermarket, Auto parts, automotive, capital returns, Fuel Systems, Industrial, operational efficiency | View Pitch |
| Apr 13, 2026 | Fund Letters | Silver Ring Value Partners | Phinia Inc. | Consumer Discretionary | Automobile Components | Bull | NASDAQ | aftermarket, automotive, capital allocation, commercial vehicles, Ev-Transition, Free Cash Flow, Fuel Systems, spinoff, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Voss Value Offshore Fund | Phinia Inc | Consumer Discretionary | Auto Parts & Equipment | Bull | NASDAQ | aftermarket, Auto parts, commercial vehicles, Fuel Systems, Gasoline Direct Injection, ICE, market share gains, Share Buybacks, spin-off, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Voss Value Fund | Phinia Inc | Consumer Discretionary | Auto Parts & Equipment | Bull | NASDAQ | aftermarket, Auto parts, commercial vehicles, Fuel Systems, GDI Technology, ICE, market share gains, Share Buybacks, spin-off, Value | View Pitch |
| Jan 8, 2026 | Fund Letters | Travis Cocke | Phinia Inc. | Consumer Discretionary | Automotive Parts | Bull | New York Stock Exchange | aftermarket, automotive, buybacks, cashflow, Cyclicality, valuation | View Pitch |
| Nov 29, 2025 | Fund Letters | Bradford Evans | Phinia Inc. | Consumer Discretionary | Auto Parts & Equipment | Bull | NYSE | aftermarket, Auto parts, buybacks, cost savings, deleveraging, oligopoly, rerating | 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. | ||||||||