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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 22, 2025 | Baron Real Estate Fund | 3.6% | -3.5% | ABNB, AMH, AMT, AVB, BAM, BN, BXP, CBRE, CHDN, CSGP, EQIX, EQR, EXR, GDS, IRT, JLL, LPX, PLD, SITE, SPG, TOL, WELL, WYNN | Data centers, Homebuilders, real estate, Recovery, REITs, Travel, Valuations | Fund invests across REITs and non-REIT real estate categories with focus on demand exceeding supply dynamics. Manager sees compelling valuations with many properties trading below replacement cost and expects transaction market recovery. | View | |
| 2025 Q2 | Jul 22, 2025 | Third Avenue Real Estate Value Fund | 6.8% | 6.4% | AMH, BAM, BN, CBRE, DHI, FMCC, FNMA, FPH, FR, GRI.L, JLL, JM.SI, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WCC, WY | GSEs, Industrial, Manufacturing, Onshoring, real estate, REITs, Residential, value | Supply chain disruptions from Covid-19 have accelerated efforts to reshore critical industries including defense, pharmaceuticals, semiconductors, and materials. U.S. manufacturing investment has increased three-fold over five years to $230 billion annually, with nearly $2 trillion of reshoring initiatives announced since 2023. | J36.SI SKY WCC PLD JAR LN SKY WCC PLD |
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| 2024 Q2 | Jun 30, 2024 | Carillon Eagle Growth & Income Fund | - | - | ADI, AVGO, AZN, CVX, ETN, GS, HD, JPM, MDT, MRK, MSFT, ORCL, PLD, PNC, PPG, TGT, TXN | AI, dividends, growth, large cap, Quality, semiconductors, technology | Technology stocks driven by artificial intelligence trend fueled remarkable S&P 500 performance in first half of 2024. Broadcom is a key beneficiary of AI spending which continues to accelerate. Oracle signed dozens of new customers including two leaders in generative artificial intelligence with strong growth appearing poised to accelerate. | View | |
| 2024 Q1 | May 7, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | AMH, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, GRI.L, JLL, LEN, LOW, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY | active management, Data centers, Homebuilders, real estate, REITs, value | AI and LLM advancements are driving enormous capital requirements for data center buildout and colossal power needs. Data center demand expected to increase 10% annually through 2030, requiring 18 Gigawatts of incremental power. Fund avoids direct data center REIT exposure due to supply concerns and low free cash flow yields of 2.5%. | View | |
| 2026 Q1 | Apr 29, 2026 | ROCKLINC Partners Fund | 0.3% | 0.3% | AEM.TO, BUR.L, CCO.TO, CSL, KNSL, MELI, NOW, PLD, ROP, ROYP, SII.TO | deficits, energy, Fiscal, gold, materials, Precious Metals, royalties, Silver | CSL |
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| 2026 Q1 | Apr 22, 2026 | Third Avenue Real Estate Value Fund | -10.1% | -10.1% | 0101.HK, 1113.HK, BKG.L, BRK, BYG.L, CBRE, FMCC, FNMA, FR, J36.SI, JLL, LEN, PLD, SVS.L, WCC | Commercial, demographics, international, real estate, REITs, Residential, value | 0010.HK BKD |
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| 2025 Q4 | Feb 4, 2026 | Easterly – Global Real Estate Fund | -2.1% | 5.9% | 0012.HK, AMT, IRM, PLD, PW.L, UTG.L | Construction, fundamentals, global, interest rates, Property, real estate, REITs, supply | Global real estate fundamentals are improving with low supply and high construction costs conveying pricing power to landlords. REITs have historically delivered strong returns following Fed rate-hike cycles, and with rates stabilizing around 4-4.5%, REITs have shed a major headwind. Data centers are benefiting from durable secular drivers including digital infrastructure demand. The fund prefers this property type due to supply-demand imbalances that favor landlords and continued momentum in data center leasing with improving organic growth. Student housing is favored due to demographic tailwinds and post-pandemic recovery trends. However, demand from UK students was softer than expected, raising questions about affordability and management's forecasting ability. | View | |
| 2025 Q4 | Feb 2, 2026 | Warden Capital | 0.0% | 0.0% | ARE, MTN, PLD, PLTR, QURE | AI, Biotechnology, Commercial real estate, Defensive, Shorts, value | Manager believes AI capex is at unsustainable levels and won't generate economic returns unless true AGI emerges imminently. OpenAI's user growth appears to be stalling with weak Q4 traffic growth, while competitors like Gemini continue growing strongly. Model progress may be reaching diminishing returns as current state-of-the-art models are not universally better than previous versions. CRE markets show little major change from previous commentary. Apartments remain soft due to oversupply and weaker sunbelt demand, industrial has picked up slightly, office is weak outside NYC but improving in class A, retail continues doing well due to lack of new supply, and hospitality is softer than expected. Manager invested in uniQure, a biotech with potential groundbreaking gene therapy for Huntington's disease. Initial results showed disease progression slowing by 75% three years after treatment, but FDA rescinded agreement on external control group causing stock to crash. Manager believes therapy will ultimately get approved given strong efficacy data. | QURE PLTR ARE MTN |
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| 2025 Q4 | Feb 12, 2026 | Davis Real Estate Fund | 0.0% | -5.7% | AMT, ARE, AVB, BRX, BXP, CPT, CUZ, DEI, DLR, EQIX, EXR, GPOR.L, HPP, MAA, PLD, REXR, SHO, VTR, WELL | AI, Data centers, Passive flows, Performance, real estate, REITs, valuation | Fund focuses on real estate investment trusts across multiple sectors including senior housing, apartments, office, industrial, and life sciences. Performance was impacted by passive flows favoring larger companies and sector rotation dynamics. The fund maintains overweight positions in apartments and office while being underweight in senior housing. AI demand driving unprecedented data center space requirements with holdings in Digital Realty and Equinix benefiting from recent leasing deals. Risks include power availability constraints, transmission limitations, and potential technology disruption that could reduce data center demand over time. | DLR EQIX PLD ARE WELL |
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| 2024 Q4 | Dec 31, 2024 | Third Avenue Real Estate Value Fund | 0.4% | 14.1% | 1113.HK, AC.PA, AMH, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FPH, FR, JLL, LEN, PLD, RYN, SGRO.L, SUI, UHAL, WCC, WY | Commercial, Homebuilders, NAV, rates, real estate, REITs, Uk, value | Fund maintains significant exposure to commercial real estate through REITs and operating companies focused on industrial, logistics, self-storage, and real estate services. Holdings include platforms like Big Yellow self-storage, Prologis industrial, and CBRE services that benefit from structural demand drivers and limited maintenance capex requirements. | AC.PA BYG.L BKG.L |
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| 2024 Q4 | Dec 31, 2024 | Parnassus Fixed Income Fund | -0.3% | 1.9% | A, ADSK, ARE, LUV, MKC, MRK, MU, PLD, TFC, XYL | Corporate Bonds, credit, duration, fixed income, Mortgage, rates | The fund maintained significant exposure to mortgage-backed securities, particularly current coupon 30-year mortgages which are less rate-sensitive and offer higher yields. Interest rate volatility should recede as monetary policy uncertainty abates, supporting mortgage pricing. | View | |
| 2024 Q3 | Oct 28, 2024 | Parnassus Fixed Income Fund | 4.8% | 4.5% | ADSK, AMT, ARE, AVTR, GPN, INTC, LOW, LUV, MKC, MU, PLD, XYL | Corporate Bonds, duration, Esg, fixed income, Mortgage, rates | The fund increased allocation to mortgage-backed securities from 8% to 18% of the portfolio. These bonds have been disproportionately impacted by higher interest rates as homeowners were locked into existing mortgages. The managers believe mortgage bonds are poised to perform well as homeowners become more active again. | View | |
| 2023 Q3 | Oct 25, 2023 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 0004.HK, 1113.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FR, GRI.L, INA.AX, INVH, JLL, LEN, LOW, NSA, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY | Cap Rates, Commercial Property, interest rates, NAV, real estate, REITs, Residential, value | Fund maintains 31% allocation to commercial real estate enterprises focused on secular trends including industrial properties, self-storage facilities, and last-mile fulfillment. Holdings include companies capitalizing on structural changes driving demand for these property types. | BYG.L SUI |
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| 2025 Q3 | Oct 21, 2025 | Third Avenue Real Estate Value Fund | 6.7% | - | AC.PA, AMH, BKG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FR, JLL, LEN, PHM, PLD, RYN, SUI, SVS.L, UHAL, UTG.L, WY | Commercial, global, Homebuilders, Mortgage, real estate, REITs, Residential, value | Fund holds 27.5% in North American commercial real estate companies including CBRE Group, JLL, Brookfield Corp, Prologis, First Industrial, Wesco, and U-Haul Holdings. These represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate that favor long-term investors with structural demand drivers, limited maintenance capex, and prospects to self-finance accretive reinvestment. Commercial banks are estimated to be lending significantly less to commercial real estate, with current pace at less than half of the previous 10-year average. | UTG CHMP ACCOR UTG CHMP AC ROG BOISE DBK OR HBR LUN CS |
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| 2023 Q3 | Oct 17, 2023 | Warden Capital | 0.0% | 9.1% | CUBE, MAA, MAC, PLD, TGT | Cap Rates, Commercial Property, inflation, interest rates, Office, real estate, REITs, retail | The manager discusses the interplay between fundamental performance and interest rates across CRE sectors. Higher rates are impacting all sectors, but higher yielding sectors should see less impact. Quality assets are expected to revert towards replacement values over the long term. | View | |
| 2025 Q4 | Jan 23, 2026 | Baron Real Estate Fund | -1.4% | 4.9% | AMH, AMT, BX, CSGP, DHI, FBIN, GDS, GMG.AX, H, HLT, IRM, JLL, PLD, RKT, SKY, TMHC, TREX, VNO, VTR, WELL | Commercial, Data centers, Housing, Industrial, real estate, REITs, Travel | Fund invests in leading commercial real estate services companies CBRE, JLL, and Cushman & Wakefield that benefit from outsourcing trends, institutionalization of commercial real estate, and market share opportunities in a fragmented industry. These companies are expected to generate 15%+ annual earnings growth as commercial real estate sales and leasing activity rebounds. Multi-year setup for data centers is as strong as ever with expanding demand from cloud computing, IT outsourcing, and AI workloads from Magnificent 7 companies. New supply is constrained due to elevated construction costs and power constraints while rents are rising. Fund owns Equinix, Digital Realty Trust, GDS Holdings, and Goodman as multi-year beneficiaries. Travel companies benefit from favorable shift in consumer preferences away from goods spending to prioritizing travel experiences. Fund owns best-in-class hotel companies Hilton and Hyatt which should continue benefiting from these secular trends including flexible work arrangements allowing more travel and cyclically depressed business activity creating opportunities. Despite near-term housing market challenges from affordability issues and buyer/seller strikes, there is structural underinvestment in housing relative to demographic needs. US builds same number of homes today as 1960 despite 160 million more people. Fund sees long-term bullish opportunity in companies like Toll Brothers and Champion Homes as housing market rebounds. Industrial real estate benefits from multi-year demand drivers including e-commerce growth, last mile infrastructure needs, onshoring trends, and shift from just-in-time to just-in-case inventory management. AI's physical manifestation through robotics and automation will require more industrial facilities. Fund owns Prologis, EastGroup Properties, and Terreno Realty. | IRM VTR WELL FBIN SKY CSGP H PLD JLL |
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| 2025 Q4 | Jan 22, 2026 | Third Avenue Real Estate Value Fund | -1.8% | 11.3% | AMH, BKG.L, BRK-A, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WY | Commercial, Homebuilders, real estate, REIT, Residential, value | Fund maintains significant exposure to commercial real estate platforms including real estate services, asset management, industrial and logistics properties, and self-storage facilities. These holdings represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate with structural demand drivers and limited maintenance capital expenditure requirements. Fund holds positions in major U.S. homebuilders including Lennar Corp., D.R. Horton, PulteGroup, and Champion Homes. These companies are supported by near-record low levels of for-sale inventories, near-record high demand for affordable product, and industry dynamics favoring scaled players over time. Fund focuses on well-capitalized enterprises with discounted securities trading at more than a 20% discount to estimated Net Asset Value at year-end. The strategy targets strategic real estate at value prices with prospects to compound capital over time. Multiple portfolio companies engaged in share repurchase activities during the quarter, including Lennar Corp. completing an exchange offer that effectively acted as an accelerated share repurchase program, exchanging Millrose Properties shares for 5% of its outstanding A shares. | DBK GR BIRG ID 2330 TT HBR LN CS CN LUN CN HCC |
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| 2025 Q4 | Jan 15, 2026 | ROCKLINC Partners Fund | 0.7% | 20.3% | AAPL, ACA, AEM.TO, AMZN, APG, BIP.TO, BN.TO, BUR.L, CCO.TO, CSL, DHR, FNV.TO, GROY, KNSL, KPG.AX, MELI, MKL, NOW, OR.V, PLD, RGLD, ROP, RPRX, SII.TO, TSU.TO, WPM.TO | active management, Canada, ETFs, gold, Precious Metals, Silver, uranium, value | Gold delivered one of its strongest annual performances in decades during 2025, with a 64.5% gain to $4,318 per ounce. The acceleration in Q4 underscores persistent safe-haven demand amid geopolitical tensions, central bank buying, inflation hedging, massive global debts and a favorable macro backdrop with lower real yields on fixed income securities. Silver far outpaced even gold with explosive momentum in the final quarter, delivering a colossal 147.5% gain for the year to $71.54 per ounce. This reflects gold's safe-haven spillover plus strong industrial demand from solar, electronics, EVs, and AI-related applications, chronic supply deficits, and early cycle speculative fervour. The firm's significant allocation to precious metals royalty companies was the primary driver of outperformance in 2025. Precious metals staged historic rallies as hard assets and inflation hedges dominated, providing a powerful tailwind to resource-heavy Canadian indices amid broader global uncertainty. The new Rocklinc Principled Equity Fund focuses on undervalued securities through a concentrated portfolio of 20 or fewer holdings, enabling conviction-driven investments based on deep fundamental analysis. The firm deliberately steers clear of overvalued securities trading at extreme multiples and resists purely speculative investments. Canada leads globally in active ETF adoption, with about 30% of total ETF assets under management being actively managed, compared to just 8% in the US. The firm launched the Rocklinc Principled Equity Fund ETF to tap into this booming market where investor demand and competition among providers are driving rapid growth. Sprott has successfully positioned itself at the center of the modern energy transition through its dominance in the uranium sector. The Sprott Physical Uranium Trust is now the largest holder of physical uranium in the world, effectively becoming the institutional gateway for nuclear energy exposure. | SII |
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| 2024 Q3 | Sep 30, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | AMH, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, LOW, PLD, RYN, SGRO.L, SUI, SVS.L, UHAL, WCC, WY | Commercial real estate, Homebuilders, Hotels, Housing, real estate, REITs, value | Fund holds major homebuilders like Lennar and D.R. Horton positioned to benefit from persistent housing supply deficits and consolidation trends. Large publicly traded builders have increased market share to 55% from 40% five years ago by focusing on attainable housing and offering rate buydowns through captive mortgage subsidiaries. | WCC AC.PA |
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| 2023 Q2 | Jul 21, 2023 | Warden Capital | 0.0% | 9.1% | MAC, PEB, PK, PLD, SLG, VNO | Banking, Capital markets, inflation, productivity, real estate, REITs | Manager discusses stabilization of capital markets after banking crisis, with liquidity slowly returning to CMBS markets. Focuses on various CRE sectors including office, retail, hospitality, industrial, and multifamily with detailed analysis of fundamentals and valuations. | View | |
| 2024 Q2 | Jul 19, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 1CKH.HK, 4WH.HK, AMH, BAM, BKG.L, BYG.L, CBRE, DHI, FMCC, FNMA, FR, GRI.L, JLL, LEN, LOW, PLD, SEGRO.L, SUI, SVS.L, WCC | Commercial, Data centers, Grid Upgrade, infrastructure, real estate, REITs, Residential, value | Fund has approximately 30% of capital invested in companies with ties to the data center value chain, including leasing powered shells, realizing higher-and-better use opportunities by repositioning land for data center development, and providing energy and logistics services. The rapid adoption of AI and accelerated build out of energy-intensive data centers is driving demand for electrical grid infrastructure. | PLD WCC |
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| 2023 Q4 | Jan 31, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 1113.HK, 4.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FRT, GRI.L, ING.AX, IVT, JLL, LEN, LOW, NSA, PLD, RYN, SGRO.L, SUI, SVS.L, TPHS, UHAL, WY | Commercial, Homebuilders, interest rates, real estate, REITs, Residential, value | Fund has 33% invested in commercial real estate enterprises focused on secular trends including industrial properties, self-storage, and last-mile fulfillment. Holdings include companies capitalizing on structural demand changes and urban densification. | View | |
| 2023 Q4 | Jan 18, 2024 | Warden Capital | 0.0% | 9.1% | MAC, NXRT, PK, PLD, VNO | Commercial real estate, inflation, rates, REITs, value | CRE values have declined significantly due to rate hikes, with most asset classes at or below 2014 levels. Construction costs are 30-70% higher than 2015, creating supply constraints that should drive value appreciation over the next several years as replacement costs exceed current pricing. | ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN AFM CN|B4B GR|BLU SJ|COH SJ|HCI|KO|KSPI|MGROS TI|MTN SJ|NE|NPK SJ|OCE SJ|PPI|PRX NA|SAHOL TI|SES|WINE LN AXGN|MIR|NPKI|PACK|TPB|VNOM |
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| 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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Third Avenue Real Estate Value Fund | Prologis | Real Estate | Industrial REITs | Bull | NYSE | cap rate, data centers, development, Global, industrial REIT, Logistics, Rent Roll-up, Replacement Cost, Solar, Warehouses | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Avenue Real Estate Value Fund | Prologis Inc. | Real Estate | Industrial REITs | Bull | NYSE | asset management, data centers, development, Global, Industrial, Logistics, REIT, Solar, Value, Warehouses | View Pitch |
| Feb 21, 2026 | Fund Letters | Andrew A. Davis | Prologis, Inc. | Real Estate | Industrial REITs | Bull | New York Stock Exchange | datacenters, Industrial, Logistics, Rents, Supply | View Pitch |
| Jan 28, 2026 | Fund Letters | Jeffrey Kolitch | Prologis Inc. | Real Estate | Industrial REITs | Bull | New York Stock Exchange | data centers, Industrial REITs, Logistics, Rent growth, secular growth | View Pitch |
| Jan 20, 2026 | Seeking Alpha | Seeking Alpha | Prologis Inc. | Real Estate | Logistics Real Estate | Bull | New York Stock Exchange | Cash Rent Spreads, dividend yield, e-commerce, growth, High Occupancy, investment-grade balance sheet, Logistics Real Estate, Prologis, Real Estate, supply chain | View Pitch |
| Jan 8, 2026 | Fund Letters | Jason Wolf | Prologis, Inc. | Real Estate | Industrial REIT | Bull | New York Stock Exchange | Balance_Sheet, Industrial, Logistics, NAV, Rents | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Veltri Capital Insights | Prologis | Real Estate | REIT - Industrial | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Cash Flow Venue | Prologis, Inc. | Real Estate | REIT - Industrial | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||