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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q2 | Jun 30, 2026 | Heartland Value Fund | 17.1% | 25.7% | IIIV, PLAB, SAH, UTL | active management, AI, contrarian, semiconductors, small caps, Used Autos, Utilities, value | SAH UTL IIIV PLAB |
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| 2025 Q4 | Jan 21, 2026 | Harbor Mid Cap Value Fund | 4.1% | 16.0% | AMKR, BK, CFG, COIN, EA, ENS, EXPE, FOXA, GM, GTX, HIW, HLF, HOG, HOOD, HPQ, JAZZ, KR, NEU, OC, PHM, PLAB, PVH, SNDK, STT, TXT, WBD, WDC | Buybacks, consumer discretionary, dividends, financials, mid cap, technology, value | The fund maintains its disciplined value investment approach, seeking high-quality, profitable companies that generate cash, pay dividends, and repurchase shares. Mid- and small-cap value stocks continue to trade at attractive multiples despite strong relative performance. AI-driven demand for storage led to strong earnings and increases in revenue growth and margins for technology holdings. AI-related technology stocks may appear priced to perfection, but the fund continues to identify opportunities among mid-cap value stocks. The fund seeks companies that repurchase shares, viewing aggressive stock buybacks positively. Several holdings including General Motors, Garrett Motion, and EnerSys have been aggressively buying back stock. | AMKR EA ENS GTX |
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| 2023 Q4 | May 3, 2024 | Bumbershoot Holdings | 0.0% | 0.0% | AE, AGM, AXR, BOX, BRK-B, CTRA, EVLV, FEIM, GENC, GHM, GOOGL, HCCI, HSII, IMKTA, KVHI, LGND, MDLZ, MSTR, MU, NR, ORN, PATI, PLAB, STXS, VKTX, ZION | Biotechnology, Fertilizers, fundamentals, healthcare, small caps, value | The fund maintains significant exposure to agricultural-fertilizer sector with positions in Intrepid Potash, Nutrien, Mosaic, and CF Industries. Despite being a significant detractor for the year, the manager remains highly constructive about long-term fundamentals within the fertilizer industry. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Sep 16, 2026 | Seeking Alpha | Seeking Alpha | Photronics, Inc. | Semiconductors | Photomasks | Bull | NASDAQ Stock Market | Advanced Manufacturing, advanced masks, customer qualification, global facilities, high-value applications, operational improvements, Photomasks, price-earnings ratio, Revenue Growth, semiconductors | View Pitch |
| Jul 17, 2026 | Fund Letters | Heartland Value Fund | Photronics | Semiconductor Equipment & Materials | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, barriers to entry, Equity, Free Cash Flow, Leading Edge, manufacturing, Photomasks, semiconductor equipment, strong balance sheet, Trailing-edge, Value | View Pitch |
| Jan 8, 2026 | Fund Letters | Will Nasgovitz | Photronics, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, buybacks, Photomasks, semiconductors, valuation | 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 |
|---|---|---|---|---|---|---|---|---|
| Cliff Asness | AQR Capital Management | $190.6B | $12.5M | 0.01% | 391,487 | +27,364 | +7.52% | 0.5725% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $1.1M | 0.00% | 34,634 | +34,634 | +100.00% | 0.0507% |
| Israel Englander | Millennium Management LLC | $233.2B | $3.6M | 0.00% | 113,798 | -388,513 | -77.35% | 0.1664% |
| Jeremy Grantham | GMO LLC | $39.1B | $487,136 | 0.00% | 15,223 | +5,528 | +57.02% | 0.0223% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $5.3M | 0.00% | 166,361 | -264,709 | -61.41% | 0.2433% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $2.5M | 0.00% | 78,137 | +65,721 | +529.33% | 0.1143% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $7.2M | 0.02% | 225,190 | +225,190 | +100.00% | 0.3293% |
| Rich Handler | Jefferies | $19.3B | $480,032 | 0.00% | 15,001 | -4,999 | -25.00% | 0.0219% |