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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Sep 4, 2025 | Broyhill Asset Management | 3.7% | 6.6% | AVTR, DLTR, FI, IQV, PM, SCHW | dispersion, Mean reversion, small caps, stock picking, valuation gaps | The commentary emphasizes record valuation dispersion and fading market leadership as fertile ground for active stock pickers. Smaller and mid-sized companies trading at discounts to fundamentals are highlighted as key opportunities. Dispersion is positioned as a catalyst for mean reversion and long-term outperformance. | View | |
| 2025 Q2 | Jul 20, 2025 | The London Company Income Equity | 4.5% | 9.1% | 7974 JP, AAPL, APD, CB, MSFT, PGR, PM, UPS | dividends, income, low volatility, Quality, shareholder yield | The letter focuses on high-quality, low-volatility equity income positioned to perform through macro uncertainty. Dividend yield, balance sheet strength, and pricing power are emphasized as defenses against policy and economic risk. Shareholder yield is expected to drive a significant portion of returns. | CB APD PM MSFT |
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| 2025 Q1 | May 14, 2025 | Broyhill Asset Management | 2.8% | 2.8% | 7974 JP, AVTR, BAX, DLTR, FUN, PM, UBER | - | View | ||
| 2025 Q1 | Apr 21, 2025 | Kovitz Core Equity Strategy | -2.3% | -2.3% | ADBE, ADI, AMZN, ANET, ASHTY, BRK/A, DGE LN, GOOG, ICE, JPM, MSFT, PM | - | View | ||
| 2023 Q1 | Apr 18, 2023 | Kovitz Core Equity Strategy | 9.1% | 9.1% | ANET, AXP, GOOG, J, KEYS, LVS, META, PM, PPG, PWR | - | View | ||
| 2025 Q1 | Apr 15, 2024 | The London Company Income Equity | 4.4% | 4.4% | AAPL, BLK, GLW, MRK, MSFT, NTDOY, PGR, PM | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Cullen Enhanced Equity Income Fund | 5.8% | 5.8% | KDP, PM, PNC, TRV | - | View | ||
| 2025 Q1 | Mar 31, 2025 | American Century Equity Income Fund | 4.7% | 4.7% | BRK/A, EPD, JNJ, MDT, PM, TROW | - | View | ||
| 2025 Q4 | Feb 12, 2026 | Broyhill Asset Management | 0.0% | 0.0% | AVTR, BAX, DLTR, FI, FUN, IQV, PM, RKT.L, TMO, WOSG.L | AI, Concentration, defensives, Europe, fundamentals, momentum, Speculation, value | The AI capital cycle has created extreme market concentration and speculative momentum, with AI-related stocks accounting for 75% of S&P 500 returns since ChatGPT launched. The manager views this as a bubble similar to historical infrastructure buildouts like railroads and electricity, where early investors suffered catastrophic losses while benefits ultimately accrued to users rather than producers. Current AI capex spending approaches 2.1% of GDP, nearing levels that coincided with previous market peaks. Value stocks are trading at some of the widest discounts on record, with the portfolio positioned in businesses trading at substantial discounts to normalized earnings power. The manager believes this disconnect reflects pessimism and exhaustion rather than permanent impairment, creating an extremely promising starting point for long-term outperformance as fundamentals reassert themselves. Momentum has been the single defining force across equity markets, with performance increasingly driven by narratives rather than fundamentals. The current cycle has been one for the record books, with the two years leading up to 2025 being the second strongest on record for momentum after the dot-com era. The manager expects mean reversion to eventually favor value strategies. Global defensive sectors have fallen to their lowest weighting since 2000, trading at discounts to both the market and their own histories amid deteriorating sentiment and unusually high short interest. These sectors offer significant upside potential and provide defense, as companies selling basic necessities tend to shine when the rest of the market is in trouble. | RKT LN WOSG LN FUN AVTR FISV DLTR IQV PM |
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| Q4 2025 | Feb 10, 2026 | PRESCIENT GLOBAL FUNDS ICAV – Fairtree Global Equity Fund | 1.7% | - | 6723.T, AAPL, ADP, AMAT, AMZN, BABA, ELV, EVO.ST, FI, GOOGL, HAR.JO, IMP.JO, MC.PA, META, MSFT, NPN.JO, NVDA, PDD, PM, TSM | AI, emerging markets, global, rates, semiconductors, technology | AI-related stocks continued to show strength, with mega-cap technology and AI-related names benefiting early in the quarter. South Korean equities gained from improving sentiment around the global electronics and AI cycle, while semiconductor stocks maintained momentum. Semiconductor stocks performed well, particularly in South Korea where they benefited from improving sentiment around the global electronics and AI cycle. TSMC was a notable contributor to fund performance. The Federal Reserve delivered a further 50bp rate cut over the quarter, lowering the federal funds target range to 3.50%-3.75%. Lower global interest rates supported South African equities and contributed to improving macro conditions. | View | |
| 2024 Q3 | Nov 5, 2024 | Broyhill Asset Management | 6.0% | 0.0% | AVTR, BAX, BN FP, DG, EPAM, EVO SS, FI, NICE, PM, PYPL, RTO, SCHW | - | View | ||
| 2025 Q3 | Oct 28, 2025 | The London Company Income Equity | 5.8% | 15.4% | AAPL, CMI, DEO, FIS, GLW, NSGRY, NTDOY, PM, TEL, UNH | Artificial Intelligence, dividends, healthcare, income, Quality | The portfolio outperformed its benchmark, led by AI-linked industrial and technology names such as Corning and TE Connectivity. Management added Cummins and UnitedHealth, citing durable advantages, resilient cash flows, and demographic-driven growth in healthcare. Despite near-term volatility, the fund remains focused on dividend yield, quality balance sheets, and steady earnings to preserve capital amid elevated valuations. | UNH TEL GLW UNH TEL GLW |
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| 2025 Q3 | Oct 23, 2025 | Semper Augustus | 3.3% | 19.7% | BRK/A, GOOG, HEIO NA, NESN SW, PM | capital preservation, cash flow, durability, Financial Strength, Quality | The letter stresses ownership of high-quality businesses with strong balance sheets and resilient cash flows. Management prioritizes downside resilience and business durability over short-term market narratives. Quality is presented as a defensive yet compounding-oriented strategy. | NESN SW PM GOOG |
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| 2025 Q3 | Oct 22, 2025 | Kovitz Core Equity Strategy | - | 8.2% | ALC, COO, FI, GOOG, KMX, ORCL, PM, PPG, RYAN, TSLA, WAT | AI, Compounding, Health Care, Quality, valuation | Kovitz highlights market concentration in AI and mega-cap technology stocks while maintaining a valuation-disciplined focus on quality compounders. The strategy increased exposure to healthcare and insurance names like Alcon and Ryan Specialty after taking profits in Oracle. The team stresses long-term fundamentals and risk discipline amid elevated valuations and AI euphoria. | WAT RYAN COO ALC ORCL WAT RYAN COO ALC ORCL |
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| 2025 Q3 | Oct 22, 2025 | First Eagle Global Fund | 8.9% | 24.9% | 7309 JP, CHRW, CMCSA, CRM, ELV, GOOG, ORCL, PM | AI, Cloud, Fiscal Deficit, geopolitics, gold | The Global Fund outperformed its benchmark with gains in gold, AI-driven technology, and Asian equities. Holdings in Oracle, Alphabet, and Alibaba benefited from AI and cloud expansion, while gold exposure provided a hedge against fiscal deficits and currency debasement. Managers stress disciplined capital recycling and valuation awareness amid rising geopolitical and debt risks. | CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL |
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| 2023 Q3 | Oct 17, 2023 | Kovitz Core Equity Strategy | -3.0% | 14.8% | AXP, BX, DGE LN, DIS, EXPE, HAS, KEYS, KMX, PM | - | View | ||
| 2025 Q3 | Oct 14, 2025 | Columbia Dividend Opportunity Fund | 6.1% | - | ABBV, PM | AI, dividends, financials, healthcare, value | Dividend-paying stocks trailed the broader market as AI and growth sectors dominated returns, but the fund outperformed its benchmark through balanced exposure and strong stock selection. It highlights dividend resilience across technology, financials, and healthcare, viewing AI adoption and deregulation as future catalysts for value sectors. The manager expects mean reversion to benefit undervalued dividend equities. | View | |
| 2024 Q3 | Oct 14, 2024 | Ennismore Global Equity Fund | 0.8% | 5.8% | 9404 JP, ADM LN, ASCL LN, AUTO LN, BCG LN, DIE BB, FLUT, NNI, PM, RYA ID, TGS NO, WISE LN | - | View | ||
| 2023 Q4 | Oct 2, 2024 | Broyhill Asset Management | 6.0% | 0.0% | 7974 JP, BAX, BAYRY, DG, FI, FMS, PM | - | 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 | |
| 2025 Q4 | Jan 20, 2026 | Appalaches Capital | 1.7% | 16.5% | ACGL, ASML, AZO, EXP, GOOGL, PGR, PM, VMC | alpha, Concentration, large cap, long-term, Patience, Quality, value | The manager emphasizes investing in companies with steep competitive advantages and durable value propositions. Portfolio construction focuses on 12-15 concentrated investments in unique, independent businesses with barriers to entry that protect economic profitability for decades. Earning acceptable returns requires buying at acceptable prices, which requires patience. The manager focuses on finding quality companies that are undervalued at specific points in time, rebalancing toward those with more attractive prices when discounts appear. | ASML GOOG |
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| 2025 Q4 | Jan 15, 2026 | Columbia Dividend Opportunity Fund | 2.8% | 15.9% | ABBV, ALB, BAC, BLK, BRX, C, CSCO, DRI, GOOGL, GPC, GPS, GS, HD, IBM, IP, JNJ, JPM, LUV, MCD, MO, MRK, MU, PM, QRVO, SBUX, SWKS, T, UDR, XOM | AI, Banking, dividends, financials, Lithium, technology, value, Yield | The fund focuses on companies with historically consistent and increasing dividends, though dividend stocks generally underperformed during the quarter as investors favored speculative companies over defensive characteristics. The manager maintains a positive view on dividend-paying stocks as an out-of-favor segment largely devoid of speculative activity. The market remained supported by ongoing enthusiasm about the artificial intelligence theme, though there was a brief stretch of concern in November about a possible AI bubble. The manager sees potential for improved relative performance if excitement surrounding AI begins to cool. The quarter was characterized by broadening market leadership away from mega-cap technology companies, contributing to relative strength in the value style. The fund's investment universe offers fundamentally sound companies trading with attractive yields and reasonable valuations. A new position in mandatory convertible securities of lithium producer Albermarle made a sizable contribution as lithium prices rose due to reduced supply from China, and market participants became more optimistic about the metal's potential use in energy storage applications. | View | |
| 2024 Q2 | Aug 30, 2024 | Broyhill Asset Management | 6.0% | 0.0% | AVTR, BAX, FI, FME, PM | - | View | ||
| 2024 Q2 | Jul 22, 2024 | Andvari Associates | 0.0% | 20.3% | AJG, MESA, MTD, ORLY, PM, POOL, UNH, ZTS | - | View | ||
| 2024 Q2 | Jul 22, 2024 | The London Company Income Equity | 10.4% | 14.6% | AAPL, FAST, LOW, NSC, NSRGY, NTDOY, PM, TEL, TXN, VZ | - | View | ||
| 2025 Q1 | Apr 4, 2025 | Andvari Associates | 7.2% | 7.2% | AJG, BAH, DHR, KPG AU, MA, MO, ORLY, PM, POOL, ROL, SPGI, TDG | - | View | ||
| 2022 Q4 | Feb 23, 2023 | Broyhill Asset Management | 6.0% | 0.0% | ATVI, KOF, MCK, META, MSGS, PM | - | View | ||
| 2024 Q4 | Jan 13, 2025 | Fundsmith Equity Fund | - | 8.9% | AAPL, ADP, ATCOA SS, BF/B, DEO, IDXX, META, MKC, NKE, NVDA, NVO, OR FP, PM, TXN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Christopher R. Pavese | Philip Morris International Inc. | Consumer Staples | Tobacco | Bull | New York Stock Exchange | cashflow, Nicotine, Pricing, rerating, Smokefree | View Pitch |
| Jan 27, 2026 | Fund Letters | Christopher P. Bloomstran | Philip Morris International Inc. | Consumer Staples | Tobacco | Bull | New York Stock Exchange | cashflow, Nicotine, Regulation, Reinvestment, Smokefree | View Pitch |
| Jan 20, 2026 | Seeking Alpha | Seeking Alpha | Philip Morris International Inc. | Consumer Goods | Tobacco | Bull | New York Stock Exchange | cash flow, dividend yield, growth, IQOS, Philip Morris, Regulatory Approval, smoke-free products, Swedish Match, tobacco, ZYN | View Pitch |
| Jan 8, 2026 | Fund Letters | Brian Campbell | Philip Morris International Inc. | Consumer Staples | Tobacco | Bull | New York Stock Exchange | cashflow, Nicotine, Pricing, Regulation, Smoke-Free | View Pitch |
| Nov 29, 2025 | Fund Letters | Julien Albertini | Philip Morris International | Consumer Staples | Tobacco | Bull | NYSE | buybacks, cash flow, dividends, Pricing power, Regulation, Rrps, tobacco | View Pitch |
| Nov 28, 2025 | Fund Letters | Julien Albertini | Philip Morris International | Consumer Staples | Tobacco | Bull | NYSE | buybacks, cash flow, dividends, Pricing power, Regulation, Rrps, tobacco | View Pitch |
| Nov 25, 2025 | Seeking Alpha | Seeking Alpha | Philip Morris International Inc. | Tobacco | Bull | dividend strength, growth potential, high margins, market leadership, Philip Morris International, Pricing power, Regulatory Risks, smoke-free products, tobacco industry, total returns | View Pitch | ||
| Nov 10, 2025 | Seeking Alpha | Seeking Alpha | Philip Morris International Inc. | Tobacco | Bull | buybacks, dividends, earnings, global presence, growth, market leadership, noncombustible products, Philip Morris, Regulatory, tobacco | View Pitch | ||
| Nov 10, 2025 | Seeking Alpha | Seeking Alpha | Philip Morris International Inc. | Tobacco | Bull | earnings, financial stability, innovation, market challenges, noncombustible products, Philip Morris, Product Diversification, regulatory changes, shareholder returns, tobacco | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | The Asian Investor | Philip Morris International | Consumer Staples | Tobacco | Bear | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Manika Premsingh | Philip Morris International Inc. | Consumer Staples | Tobacco | 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. | ||||||||