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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, CRL, DLTR, FI, IQV, NE, PM, SCHW, TDW, TMO, VAL | Buybacks, Concentration, dispersion, global, healthcare, small caps, value | Portfolio trades at nearly half the price of broader market while expected to deliver double-digit earnings growth. Manager sees compelling risk-adjusted returns with portfolio at attractive valuations versus 22x earnings for broader market. | IQV FI AVTR PM DLTR |
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| 2024 Q3 | Sep 30, 2024 | Bianco Research | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, global, long-term, Private Capital, Public Companies, value creation | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to a significant re-rating of the shares. The manager took advantage of this performance to realize gains from Oracle. | View | |
| 2025 Q2 | Aug 5, 2025 | Auxier Asset Management | 2.5% | 8.7% | ABT, BAC, BDX, BK, BKNG, BRK.B, CAE, CI, ELV, GLW, GOOGL, KR, LINC, MA, META, MSFT, PM, UNH, V, ZBH | AI, Buybacks, healthcare, tariffs, technology, Travel, value | AI disruption has been a growing concern for investors as they are uncertain of long-term consequences. Apple research shows current LLMs only present an illusion of thinking and reasoning, producing results based on patterns rather than true reasoning. The largest tech companies expect to spend over $300 billion on AI infrastructure in 2025 alone. | BKNG GOOGL GOOGL |
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| 2024 Q2 | Aug 5, 2024 | Maran Capital Management | 1.0% | 9.0% | CLAR, CTT.LS, PM, SLGDD, TPB, VTY.L | Buybacks, Cannabis, Concentration, Homebuilders, small caps, Tobacco, value | Turning Point Brands operates in the nicotine space with Stoker's oral tobacco and FRE nicotine pouches. The nicotine pouch market is experiencing explosive growth, with ZYN growing from 13 million cans in 2018 to 385 million in 2023. FRE has competitive advantages including PMTAs for higher dosage pouches that competitors lack. | TPB SLGDD |
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| 2025 Q2 | Aug 27, 2025 | First Eagle Global Fund | 7.2% | - | 7309.T, BABA, CHRW, CMCSA, CRM, ELV, GOOGL, ORCL, PM | AI, Geopolitical, global, gold, monetary policy, technology, Valuations | AI spending continues to drive market performance with companies like Alphabet providing full stack AI solutions spanning research, infrastructure and end products. Oracle secured a substantial five-year cloud computing contract with OpenAI. Alibaba's cloud business has accelerated to capitalize on the AI boom in China with leading open-source models and a partnership with Nvidia. | CRM CMCSA PM ELV 7309.T CHRW BABA GOOGL ORCL BABA WTW SLB BDX TSM META ORCL |
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| 2025 Q2 | Aug 2, 2025 | Touchstone Balanced Fund | 7.1% | 5.8% | DD, DE, LPLA, META, PM, SLB, TSLA | Balanced, equities, Fed, fixed income, Multi-Asset, Trade Policy | Trade policy continues to be a primary source of uncertainty for investors. While the White House has announced a handful of deals and frameworks for deals, there are still a lot of details that remain unknown, especially related to China. Questions remain around the legality of certain tariffs that utilized International Emergency Economic Powers Act authority. | View | |
| 2025 Q2 | Jul 8, 2025 | Fundsmith Equity Fund | - | -1.9% | BF-B, COLOB.CO, EL.PA, GOOGL, IDXX, INTU, MC.PA, META, MSFT, NVO, OR.PA, PEP, PM, WAT, ZTS | Currency, global, healthcare, large cap, Quality, technology | Novo Nordisk's leadership in weight loss drugs continues to face challenges with US legal and regulatory systems. The company's inability to effectively navigate regulatory hurdles has resulted in significant underperformance, accounting for almost all the fund's underperformance during the period. | View | |
| 2025 Q2 | Jul 22, 2025 | Columbia Dividend Opportunity Fund | 2.7% | - | ABBV, AMT, AVGO, BAC, C, CSCO, CVX, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM | AI, dividends, financials, healthcare, technology, value | The fund focuses on companies with historically consistent and increasing dividends, though dividend-paying stocks underperformed the broader market during the quarter. The manager believes undervalued dividend stocks continue to offer opportunities for individual security selection. | MCHP |
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| 2025 Q2 | Jul 20, 2025 | The London Company Income Equity | 4.5% | 9.1% | AAPL, APD, BRK.B, CB, CMCSA, CVX, D, GLW, MSFT, NSC, NTDOY, PGR, PM, UPS | Consumer Staples, dividends, healthcare, industrials, Quality, technology, value | AI infrastructure and applications drove strong performance for Microsoft during the quarter due to its leading position. The company's partnership with OpenAI remains strategically important despite recent tensions. AI provides strong optionality for Microsoft's entrenched operating system and productivity software businesses. | CB CB APD PM MSFT |
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| 2025 Q2 | Jul 15, 2025 | Kovitz Core Equity | 7.9% | 5.4% | ADI, AHT.L, AMZN, BDX, DLTR, FI, FND, HAS, ICE, J, META, MSFT, MSI, ORCL, PM, SCHW, TMO, UMG.AS, V | Cloud, financials, healthcare, tariffs, technology, value | AI sentiment turned negative in Q1 but quickly positive in Q2, with Information Technology sector accounting for 65% of S&P500 returns. The AI theme continues to drive significant market volatility and performance. | FND ADI TMO FI BDX META MSFT ORCL |
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| 2025 Q1 | May 14, 2025 | Broyhill Asset Management | 2.8% | 2.8% | AVTR, BAX, DLTR, NTDOY, PM, SIX, UBER | diversification, Europe, global, tariffs, technology, value, volatility | Volatility was the main theme of the first quarter, particularly among US technology companies that dominate passive indices. The portfolio performed well as markets questioned capital allocation to semiconductors and data centers for AI, with Broyhill gaining 2% gross while the S&P 500 declined 6% and Magnificent Seven fell 13% during key volatile periods. | DLTR UBER SIX AVTR BAX PM |
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| 2026 Q1 | May 13, 2026 | Broyhill Asset Management | -8.9% | -8.9% | AVTR, BALL, CACI, FMS, FND, IQV, KW, LEG, MAS, MC.PA, MSFT, PM, RKT.L, RTO.L, SHC, SMWT, VVV, WOSG.L | AI, Defensive, Europe, healthcare, Quality, value | FND MAS SW MSFT SHC AVTR IQV RB.L BALL RTO VVV |
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| 2026 Q1 | Apr 8, 2026 | Eagle Point Capital LLC | - | - | AZO, BN, BTI, CHGG, DG, INTC, MCK, NVDA, PM, TSM, WOSG.L | Concentration, durability, long-term, Physical Infrastructure, Quality, value | MCK |
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| 2025 Q1 | Apr 8, 2025 | Bronte Capital Amalthea Fund | 4.6% | 4.6% | BRK-B, GOOGL, PM, REGN | diversification, global, Long/Short, risk management | View | ||
| 2024 Q1 | Apr 26, 2024 | Moon Capital Management | 0.0% | 23.0% | AAPL, AMZN, BTI, GOOGL, ITC.NS, META, MSFT, NVDA, PM, TSLA | earnings, Fed policy, Market Timing, rates, Tobacco, value | British American Tobacco represents a value opportunity trading at only 6x earnings despite generating robust free cash flows exceeding 16% yield. The company is successfully transitioning from traditional combustibles to reduced-risk products, with New Categories business growing 30% annually and turning profitable in 2023. BTI plans to use proceeds from ITC stake sales for share buybacks and debt reduction. | BTI |
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| 2025 Q1 | Apr 23, 2025 | Oak Ridge investment | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | diversification, Funds, Long Term, NAV, Private Capital, Public Companies | Oracle, Microsoft and Alibaba Group were strongest performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to significant re-rating of the shares. The company took opportunity to realise gains from Oracle position given strong AI-driven performance. | View | |
| 2025 Q1 | Apr 21, 2025 | Kovitz Core Equity | -2.3% | -2.3% | ADBE, ADI, AMAT, AMD, AMZN, ANET, ASHTY, BDX, BRK-A, DEO, FI, GOOG, GOOGL, ICE, J, JPM, MSFT, PM, TMO, UMG.AS | AI, financials, Quality, Resilience, technology, Trade Policy, volatility | New administration's tariff policies creating significant uncertainty with rates of 145% on China and potential decoupling of the two largest global economies. Policy fluidity makes forecasting business fundamentals nearly impossible, causing business leaders and consumers to freeze economic decisions. | MSFT ASHTY ADBE |
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| 2023 Q1 | Apr 18, 2023 | Kovitz Core Equity | 9.1% | 9.1% | ANET, AXP, GOOGL, J, KEYS, LVS, META, PM, PPG, PWR, V | AI, Banking, compounders, long-term, Quality, value | Rapid innovation in AI, particularly Microsoft's partnership with ChatGPT creator OpenAI to enhance Bing's search capabilities, is creating intensifying competition in search. This may lead to a period of change in how people interact with search and the Internet, potentially affecting Alphabet's dominant position. | 0PMJ LN KEYS 0JZ0 LN AXP PPG ^VIX |
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| 2024 Q1 | Apr 15, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | ADP, AMS.PA, BF-B, GOOGL, IDXX, MC.PA, META, MKC, MSFT, NKE, NVO, OR.PA, PM, SYK, V | consumer, global, healthcare, 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. The fund seeks businesses that are resilient to change, particularly technological innovation. | View | |
| 2024 Q1 | Apr 15, 2024 | Ariel Global Fund | 6.9% | 0.0% | 033780.KS, 7270.T, 7832.T, ADM.L, APTV, BIDU, COF, CVS, DOX, DTG.DE, DVA, ELE.MC, INTC, JD, MUV2.DE, NESN.SW, PM, SIE.DE, SRG.MI, STLA, TDC | Automotive, global, healthcare, long-term, technology, undervalued, value | Artificial intelligence is driving investor enthusiasm and market performance. Companies like Baidu are investing heavily in AI with their Ernie Bot launch, while Capital One is rated as a leading bank in AI implementation. | View | |
| 2025 Q1 | Apr 15, 2024 | The London Company Income Equity | 4.4% | 4.4% | AAPL, BLK, GLW, MRK, MSFT, NTDOY, PGR, PM | AI, Defensive, dividends, large cap, Quality, Recession, tariffs, value | Quality factors outperformed during the quarter as high beta and momentum driven equities corrected. The manager believes Quality factors historically post their best relative returns during periods of decelerating growth and through recessions, which may favor their portfolios if they are late in the economic cycle. | MRK GLW |
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| 2025 Q1 | Apr 10, 2025 | Ennismore Global Equity Fund | 1.8% | 1.8% | ADM.L, AUTO.L, BLTG.L, BZU.MI, CLMT, FLTR.L, FORY.PA, FR, GNS.L, LTO.MI, META, MRO.L, NNI, PM, SCHA.ST, STO.DE, TKA.DE, TSLA, WISE.L, XRX | defense, Europe, Gambling, geopolitics, Long/Short, tariffs, Trade Policy, Valuations | The Trump administration implemented extensive tariffs targeting key trading partners, with rates often surpassing 50% and creating unprecedented policy uncertainty. This has triggered retaliatory measures from multiple countries and forced a sharp reassessment of relative regional equity valuations, benefiting European equities while pressuring US markets. | LTO.MI |
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| 2025 Q1 | Apr 1, 2025 | Guinness China | -0.1% | -0.1% | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | diversification, Funds, Long Term, NAV, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company took opportunity to realize gains from Oracle given the strong AI-driven performance. | View | |
| 2025 Q1 | Mar 31, 2025 | The Davenport Value & Income Fund | 3.8% | 3.8% | AVY, BAM, BMY, BRK.B, BUD, CMCSA, CVX, ELV, FDX, HP, HSY, JNJ, LHX, NEE, NSC, ORCL, PM, SNY, STZ, UPS | Buybacks, Consumer Staples, Defensive, dividends, healthcare, value | Sixteen of DVIPX's holdings raised their dividends during the quarter, led by double-digit percentage increases at Walmart, Brookfield Corp, and others. The average DVIPX constituent has raised its dividend 8% year-over-year, which exceeds the S&P 500's 6%. The Fund is both higher yielding and possesses higher dividend growth than the benchmarks. | View | |
| 2025 Q1 | Mar 31, 2025 | Cullen Enhanced Equity Income Fund | 5.8% | 5.8% | AAPL, AMZN, BCE, BMY, CVX, DOC, DOW, GOOGL, KDP, META, MO, PM, PNC, RIO, TFC, TRV, TSLA, UPS, VICI, VZ | AI, dividends, growth, income, tariffs, value, volatility | The strategy is positioned for a potential secular shift from Growth to Value stocks, with Value trading at a 94% discount to Growth versus the historical average of 57%. Value defensive sectors like Healthcare and Consumer Staples are trading at historically low valuations, presenting compelling opportunities. | PNC KDP |
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| 2025 Q1 | Mar 31, 2025 | American Century Equity Income Fund | 4.7% | 4.7% | BDX, BRK-A, C, CSCO, EPD, JNJ, JPM, KVUE, MCHP, MDT, MLM, NSC, PM, TROW, WFC, XOM | dividends, financials, healthcare, industrials, Quality, value, volatility | The fund continues to focus on higher-quality companies with stable revenues and profits, low indebtedness, stable cash flows and predictable business models that are less sensitive to economic conditions. This approach is driven by continuing inflation and uncertain macroeconomic and policy conditions. | View | |
| 2025 Q1 | Mar 31, 2025 | Auxier Asset Management | 4.6% | 4.6% | AAPL, AFL, AIG, AMZN, BRK.B, GOOGL, HD, KO, KR, LOW, META, MMC, MNST, MO, MSFT, NVDA, PM, TRV, TSLA, UNM | AI, Buybacks, Consumer Staples, insurance, Leverage, tariffs, technology, value | Value outperformed growth during the quarter with the S&P 500 Value Index finishing up 0.28% while the S&P 500 Growth Index finished down 8.47%. This was the best performance for the value index relative to the growth index since 2022. The fund emphasizes in-depth, rigorous research and favors a systematic lower risk approach. | View | |
| 2025 Q1 | Mar 31, 2025 | Columbia Dividend Opportunity Fund | 3.4% | 3.4% | ABBV, AFG, ALL, AVGO, CSCO, CVS, CVX, DLR, EIX, HD, HPE, IBM, JNJ, JPM, KO, MRK, PEG, PM, TGT, XOM | defensives, dividends, energy, large cap, Trade Policy, Utilities, value | The fund focuses on companies with historically consistent and increasing dividends. Dividend-paying stocks held up reasonably well in Q1 despite broader market weakness, benefiting from rotation into defensive areas. The fund maintains positions in core dividend-paying holdings across sectors. | View | |
| 2025 Q1 | Mar 31, 2025 | Touchstone Balanced Fund | -1.2% | -1.2% | HCA, LUV, PM, TSLA, UBER | Balanced, Defensive, Multi-Asset, Policy Uncertainty, Risk-off, Trade Policy | Evolving trade policies and escalating tensions with key trading partners created uncertainty for businesses, impacting corporate planning and investment decisions. Developing trade policy has created elevated uncertainty around economic growth and inflation, with forecasts for U.S. economic activity declining amid tariffs and weaker sentiment. | View | |
| 2025 Q1 | Mar 31, 2025 | Evolve Private Wealth | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, Funds, Investment Trust, long-term, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following a series of AI-related announcements which led to a significant re-rating of the shares. The company took the opportunity to realize gains from Oracle given the strong AI-driven performance. | View | |
| 2023 Q4 | Feb 19, 2024 | African Lions Fund | 13.4% | 5.2% | ALV.DE, AXA.PA, G.MI, KER.PA, PM, SAP, ZAL.DE | insurance, portfolio, private equity, SME, software, Switzerland | The fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker operating in social security and healthcare insurance. The company maintains partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa, focusing on expanding client portfolios and onboarding new brokers. | 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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| 2025 Q4 | Feb 10, 2026 | 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 Q4 | Dec 31, 2024 | Auxier Asset Management | -2.1% | 11.3% | AAPL, AMP, AMZN, BAC, BK, BRK.B, C, GOOGL, KR, MA, META, MSFT, NVDA, PLTR, PM, TRV, TSLA, UNH, UNM, V | AI, Buybacks, financials, growth, insurance, real estate, technology, value | Technology and communication were the best performing sectors driven by AI excitement reaching new highs. The Magnificent Seven companies drove about half of the S&P 500's gain in 2024, with these companies expected to report 33% earnings growth versus 4% for the remaining S&P 500 companies. The manager is concerned by the large capital investment in AI by leading tech firms and government, with Wedbush projecting $2 trillion over the next three years. | View | |
| 2023 Q4 | Dec 31, 2023 | Auxier Asset Management | 7.4% | 0.0% | ABT, ACGL, AFL, AIG, AON, BAC, BK, BKNG, BRK-A, C, ELV, GOOGL, KR, MA, MCD, MDLZ, MMC, MRK, MSFT, PM, TRV, UNH, V, WFC | AI, Banking, energy, healthcare, insurance, small caps, technology, value | Artificial Intelligence drove significant investments in new AI programs and increased data center capacity. In a CNBC survey of top technology companies, 47% of respondents said that AI is their #1 budget item for the next 12 months. AI integration into cloud services benefited companies like Microsoft. | View | |
| 2025 Q3 | Nov 5, 2025 | 1290 SmartBeta Equity Fund | 4.3% | 12.4% | ISRG, NFLX, PM, TSLA | AI, Factor Investing, healthcare, low volatility, Quality, quantitative, SmartBeta, technology | Artificial intelligence stocks provided a further burst during the quarter, contributing to the strong performance of global markets and helping to buoy investor sentiment alongside other positive factors. | View | |
| 2024 Q3 | Nov 5, 2024 | Broyhill Asset Management | 6.0% | 0.0% | AVTR, BAX, BN.PA, DG, EPAM, EVO.ST, FI, NICE, PM, PYPL, ROL, RTO.L, SCHW | consumer, financials, gaming, healthcare, technology, value | Philip Morris is shifting business mix from combustible cigarettes towards reduced risk products and re-entering the US market through Swedish Match acquisition. Zyn has become wildly popular with supply constraints despite production expansion, while youth usage remains under 2%. | NICE EVO.ST RTO.L |
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| 2025 Q3 | Nov 4, 2025 | Touchstone Balanced Fund | 5.3% | 11.4% | DD, DE, LPLA, META, PM, SLB, TSLA | Balanced, credit, duration, Fed, Multi-Asset, Trade Policy | Trade policy continues to be a primary source of uncertainty for investors. While the White House has announced a handful of deals and frameworks for deals, there are still a lot of details that remain unknown, especially related to China. Questions remain around the legality of certain tariffs that utilized International Emergency Economic Powers Act authority. | View | |
| 2025 Q3 | Nov 25, 2025 | Caledonia Investment | - | 7.3% | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | AI, diversification, global, Private Capital, Public Companies, technology | Strong performance from Oracle, Microsoft and Alibaba Group driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of shares. AI developments are creating opportunities across technology holdings. | View | |
| 2023 Q3 | Nov 16, 2023 | Auxier Asset Management | 7.4% | 0.0% | AFL, AIG, AON, BP, BRK-A, COP, CVX, ELV, KR, LLY, MA, MCD, MDT, MMC, MRK, MSFT, NVO, PEP, PM, PSX, SBUX, TRV, TSM, UNH, V, VLO | energy, healthcare, insurance, rates, technology, value | Bond vigilantes emerged as longer-term rates rose due to growing government deficits and defense spending. The current bond bear market is the worst in US history with 30-year bonds down over 50% from 2020 highs. Higher rates are becoming the new normal, ending the era of free money. | View | |
| 2025 Q3 | Nov 13, 2025 | Auxier Asset Management | 5.4% | - | BA, BAC, BK, C, CAT, DEO, GD, GLW, GOOGL, KR, LMT, MA, META, MSFT, PH, PM, PSX, RTX, TAP, VLO | AI, Banking, credit, defense, energy, infrastructure, Speculation, technology | Robust capital investment boom in Artificial Intelligence is boosting the US economy and market, with up to half of 3.8% GDP gain attributable to tech capital spending. Companies like Alphabet, Microsoft and Meta are putting up exceptional growth in cloud computing, AI and digital advertising. The massive infrastructure buildout to expand data center capacity has boosted demand for traditional machinery and power solutions. | 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 31, 2023 | The London Company Income Equity | 10.4% | 14.6% | AAPL, CCI, CVX, NOC, NSC, PAYX, PFE, PGR, PM, TGT, TXN, VZ | defense, dividends, energy, large cap, Quality, technology, value | The Income Equity strategy focuses on higher overall dividend yield orientation and companies with attractive shareholder yields. The portfolio emphasizes dividend-paying companies as a significant component of expected total returns in the current environment. | 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 | AI, dividends, healthcare, large cap, Quality, technology, value | AI spending is driving performance across multiple holdings, with TE Connectivity benefiting from AI-related demand and Corning seeing strong demand in GenAI-related optical communications products. Data speed and bandwidth requirements both inside and outside data centers are boosting demand for AI infrastructure components. | UNH TEL GLW UNH TEL GLW |
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| 2025 Q3 | Oct 23, 2025 | Semper Augustus | 3.3% | 19.7% | AHT.L, BF-A, BRK-A, CFR.SW, CMCSA, DASH, GOOGL, HEIA.AS, JPM, MA, MLM, NFLX, NSRGY, NVDA, PM, RI.PA, UBER | AI, Brand Loyalty, Concentration, Consensus, global, long-term, Value Investing | AI represents a transformative investment opportunity requiring massive capital deployment in semiconductors, data centers, and infrastructure. The manager discusses NVIDIA's central role in AI development through GPU technology, Google's AI capabilities, and the broader ecosystem of companies benefiting from AI infrastructure buildout including construction materials and equipment providers. | NESN SW PM GOOG |
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| 2025 Q3 | Oct 22, 2025 | Kovitz Core Equity | - | 8.2% | ADBE, ADI, ALC, AMD, AMZN, ANET, BDX, COO, FI, GOOGL, KMX, META, MSFT, ORCL, PM, PPG, RYAN, TMO, TSLA, WAT | AI, healthcare, infrastructure, momentum, private credit, Quality, technology | The letter extensively discusses AI infrastructure investment with $2.9 trillion projected spending on data centers over three years. Companies like OpenAI have made over $1 trillion in multi-year commitments despite limited current revenue. The AI theme dominates market performance with Information Technology comprising 35% of large cap market weight. | 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.T, BABA, CHRW, CMCSA, CRM, ELV, GOOGL, ORCL, PM | AI, Geopolitical, global, gold, risk management, technology, value | AI spending continues to drive market performance with companies like Alphabet providing full-stack AI solutions and Oracle securing substantial cloud computing contracts with OpenAI. Alibaba's cloud business has accelerated to capitalize on the AI boom in China through partnerships with Nvidia and leading open-source models. | CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL CRM CMCSA PM ELV 7309 JP CHRW BABA GOOG ORCL |
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| 2025 Q3 | Oct 19, 2025 | EdgePoint Global | - | - | 6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX | active management, AI, Concentration, global, Quality, technology, value | Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns. | Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM |
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| 2023 Q3 | Oct 17, 2023 | Kovitz Core Equity | -3.0% | 14.8% | AXP, BX, DEO, DIS, EXPE, HAS, KEYS, KMX, PM, SPLK | credit, Economic Resilience, inflation, interest rates, long-term, Portfolio Management, value | Federal Reserve raised rates from 0.00%-0.25% to 5.25%-5.50% over 14 months in the fastest tightening cycle in history. Long-term bond yields surged with 10-year Treasury rising from 3.8% to 4.6%. Higher rates creating challenges for borrowers but opportunities for bond investors with real returns now exceeding 2%. | 0PMJ LN KEYS ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO DEO AXP |
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| 2025 Q3 | Oct 14, 2025 | Columbia Dividend Opportunity Fund | 6.1% | - | ABBV, AVGO, BAC, C, CSCO, CVX, DRI, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM | AI, dividends, financials, healthcare, technology, value | Technology sector strength was propelled by positions in companies that have emerged as potential beneficiaries of AI over the past year, including Corning and Seagate Technology. AI's positive impact on earnings growth is being seen in the technology and utilities sectors. | View | |
| 2024 Q3 | Oct 14, 2024 | Ennismore Global Equity Fund | 0.8% | 5.8% | 9404.T, ADM.L, ASC.L, AUTO.L, BCG.L, DIERF, DKNG, FLTR, NNI, PM, RYAAY, STO.DE, TGS, WISE.L | active management, Fundamental Analysis, Long/Short, market inefficiency, mispricing, small caps, United Kingdom, value | The fund argues that markets have become less efficient due to the rise of passive investing, quantitative strategies, and retail trading driven by social media. They believe this creates opportunities for fundamental stock pickers, particularly in small and mid-cap companies where passive flows are limited. | FLTX |
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| 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 | |
| 2024 Q4 | Jan 9, 2025 | Ennismore Global Equity Fund | - | 6.4% | 9404.T, AML.L, AUTO.L, BCG.L, BECLE.MX, DIE.BR, EA, JUST.L, PDXDF, PM, WISE.L | Europe, gaming, Long/Short, Network Effects, small cap, special situations, stock selection | The fund has established a position in Paradox Interactive, a Swedish video game publisher specializing in grand strategy games. The manager believes the video game industry has evolved from hit-driven entertainment to sustainable franchises with network effects and recurring monetization. Paradox dominates the grand strategy niche with games that create extraordinary engagement and pricing power. | PDX.ST |
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| 2024 Q4 | Jan 7, 2025 | The London Company Income Equity | -2.3% | 11.9% | AAPL, APD, BLK, BRK.B, LOW, MSFT, NSC, PGR, PM, TXN | dividends, downside protection, income, large cap, Quality, value | The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 23.1% pre-tax ROC versus 11.4% for the benchmark and lower leverage at 1.5x net debt/EBITDA versus 2.4x for the index. | View | |
| 2023 Q4 | Jan 5, 2024 | Sparrow Wealth Management | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, Funds, Investment Trust, Long Term, Private Capital, Public Companies | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company's AI focus contributed to strong returns across the Capital portfolio. | 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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| 2024 Q4 | Jan 19, 2025 | Sharp Capital | - | - | BABA, BTI, CHTR, CRDA.L, DGE.L, FAST, HILS.L, MCO, MSFT, ORCL, PM, POOL, REL.L, SCHW, SGE.L, SPX.L, TMO, TXN, WSO | Diversified, global, Long Term, Private Capital, Public Companies, value | Oracle, Microsoft, and Alibaba Group were strong performers driven by their cloud businesses and AI-related services. Oracle's share price rose sharply following AI-related announcements which led to significant re-rating of the shares. The company's AI focus contributed to strong returns across the Capital portfolio. | View | |
| 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 Q3 | Sep 30, 2024 | Auxier Asset Management | 7.4% | 0.0% | AFL, BAC, BK, BRK.B, COP, CVX, GOOGL, KR, MA, MMC, MRK, MSFT, NVDA, PM, PSX, TRV, UNH, UNM, V, VLO | AI, Buybacks, energy, financials, nuclear, Onshoring, value | Manager discusses massive $200+ billion investment into AI by top four hyperscalers this year, questioning returns on investment. Sees better potential in smaller companies focused on inference and small language models that are more economical and not cloud-dependent. Next wave of AI PCs expected to be more powerful and affordable. | View | |
| 2024 Q3 | Sep 30, 2024 | BlackRock Global Dividend Fund | 7.2% | 14.8% | AAPL, ACN, ALLE, AMAT, AZN, LVMUY, MDLZ, MSFT, NVDA, NVO, OTIS, PM, SHEL, TSM, TXN | dividends, global, healthcare, industrials, Quality, technology | The fund focuses on carefully selected quality companies with strong dividend growth potential. The portfolio managers aim to provide dividend growth and consistent returns with lower volatility over the long-term through global dividend-paying companies. | View | |
| 2024 Q3 | Sep 30, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | ADP, AMS.PA, COLOB.CO, IDXX, MAR, MC.PA, META, MSFT, NVO, OR.PA, OTIS, PM, SYK, V | consumer, global, healthcare, large cap, 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 fund seeks businesses that are resilient to change, particularly technological innovation. | View | |
| 2024 Q2 | Aug 30, 2024 | Broyhill Asset Management | 6.0% | 0.0% | AVTR, BAX, FI, FMS, PM | AI, Concentration, Defensive, momentum, rates, tech, value | Manager emphasizes value investing approach amid market concentration in momentum stocks. Portfolio positioned in defensive sectors and cheaper companies outside current market favorites. Historical analysis shows extreme cap-weighted outperformance typically followed by value outperformance. | PM FMS FI BAX AVTR |
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| 2024 Q2 | Jul 31, 2024 | Auxier Asset Management | 7.4% | 0.0% | AAPL, BAC, BK, GLW, GOOGL, KO, KR, LINC, MA, META, MNST, MRK, MSFT, NVDA, PEP, PM, RTX, TAP, UNH, V | AI, infrastructure, risk management, small caps, Speculation, technology, value | AI investment boom continues driving massive capital spending on tech infrastructure, with cloud service providers potentially investing $300 billion into AI hardware this year. The AI industry would need to generate $600 billion in annual revenue to justify current infrastructure spending. Companies like Alphabet and Microsoft are accelerating capital spending significantly. | View | |
| 2024 Q2 | Jul 22, 2024 | Andvari Associates | 0.0% | 20.3% | AJG, MO, MTD, ORLY, PM, POOL, UNH, ZTS | Capital Allocation, Concentration, Essential Services, Quality, Resilience, value | Andvari focuses on companies that provide essential services and products that customers will buy regardless of economic conditions. These businesses demonstrate revenue stability even during challenging periods, with examples like Gallagher showing minimal revenue declines during recessions and O'Reilly selling essential auto parts. The portfolio emphasizes businesses with predictable cash flows and non-discretionary purchase patterns. | 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 | Buybacks, Consumer Staples, dividends, income, large cap, Quality, technology, value | The portfolio focuses on higher overall dividend yield orientation with income generation as a core objective. Apple announced a 4% dividend increase and $110B share repurchase authorization. The strategy emphasizes shareholder yield through dividends, share repurchases, and debt reduction as comprising a significant percentage of total return. | TEL |
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| 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 | |
| 2023 Q2 | Jun 30, 2023 | Ariel Global Fund | 6.9% | 0.0% | BIDU, CREDICORP, DTBSF, ENDSF, GILD, GSK, JNJ, MGDDY, MSFT, PM, RHHBY, VZ | Concentration, global, liquidity, momentum, technology, value | Growth stocks significantly outpaced value names this quarter, with the MSCI ACWI Growth Index surging +9.19% while the MSCI ACWI Value Index only returned +2.98%. The manager maintains their value approach despite recent underperformance, believing these factors will pivot in their favor once excessive monetary and fiscal stimulus effects abate. | View | |
| 2025 Q1 | Apr 14, 2025 | Fundsmith Equity Fund | -5.7% | -5.7% | ADP, BF-B, IDXX, MAR, MC.PA, META, MSFT, NVO, OR.PA, OTIS, PM, SYK, UL, V, WAT | equities, global, growth, healthcare, long-term, Quality, technology | The fund maintains stringent investment criteria focusing on high quality businesses that can sustain high returns on operating capital employed. These businesses have advantages that are difficult to replicate and do not require significant leverage to generate returns. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Fundamental Stability & Value | 0.0% | 16.0% | AAPL, ADBE, AMZN, CI, CVS, FIS, FTNT, GOOGL, JBL, JNJ, META, MO, MSFT, NVDA, PM, SWKS, TMUS, TSLA, UNH, V | Banking, Concentration, Leverage, Quality, rates, technology, value | The fund focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieved a 7.0% free cash flow yield compared to 4.8% for the S&P 500, with significant valuation advantages across all strategies versus their benchmarks. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital International | 0.0% | 10.9% | 005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, international, Leverage, Quality, rates, selectivity, value | Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Large Cap Value | 0.0% | 19.7% | AAPL, ADBE, AMZN, CI, CVS, FIS, FTNT, GOOGL, JBL, JNJ, META, MO, MSFT, NVDA, PM, SWKS, TMUS, TSLA, UNH, V | Banking, inflation, Leverage, Quality, rates, technology, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The firm's U.S. FSV strategy achieves a 7.0% free cash flow yield compared to 4.8% for the S&P 500, highlighting substantial valuation advantages across all strategies. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. | View | |
| 2025 Q1 | Apr 4, 2025 | Andvari Associates | 7.2% | 7.2% | AAPL, AMT, AMZN, CSGP, CSU.TO, DHR, GOOGL, IDXX, META, MO, MSFT, MTD, NFLX, NVDA, PM, SBAC, TOI.TO, TSLA, TYL, ZTS | durability, Life Sciences, Quality, REITs, tariffs, Tobacco, value | Andvari made first investments in Philip Morris International and Altria, benefiting from the transition to reduced risk products like nicotine pouches. The ZYN brand has grown 40-80% despite product shortages, while Altria's on! brand grew 32-48%. With 1.1 billion nicotine users globally and only 100 million using reduced risk products, there is significant runway for market share growth. | View | |
| 2025 Q1 | Mar 31, 2025 | Coho Relative Value Equity | 4.0% | 4.0% | AMGN, AZO, COR, DIS, GPN, PM, ROST, STZ, WRB | consumer, Defensive, healthcare, inflation, Stagflation, tariffs, value | Rising inflation expectations due to tariff-induced trade tensions are constraining Fed policy. Prices have surged higher with six consecutive months of increases in manufacturing data. The Fed revised inflation expectations higher for 2025 while lowering GDP forecasts. | View | |
| 2023 Q1 | Mar 31, 2023 | Fundsmith Equity Fund | -2.0% | 7.1% | ADBE, ADP, BF-B, EL, IDXX, MC.PA, META, MKC, MSFT, NVO, OR.PA, PM, SYK, V, WAT | Concentration, consumer, global, healthcare, Quality, technology | The fund focuses on high quality businesses with stringent investment criteria including high return on operating capital, difficult-to-replicate advantages, and resilience to technological change. The portfolio consists of 27 holdings concentrated in businesses that can sustain high returns without significant leverage. | View | |
| 2022 Q4 | Feb 23, 2023 | Broyhill Asset Management | 6.0% | 0.0% | ATVI, KOF, MCK, META, MSGS, PM | - | View | ||
| 2024 Q4 | Jan 20, 2025 | Andvari Associates | - | 13.3% | AMT, CSGP, CSU.TO, KPG.AX, MA, MO, ORLY, PM, SBAC, TOI.TO, TYL | dividends, interest rates, real estate, REITs, software, technology, Telecommunications | Cell tower REITs AMT and SBAC declined due to interest rate sensitivity but maintain strong fundamentals. Mobile data usage growth drives demand for more antennas on existing and new towers. Land scarcity and regulatory barriers provide pricing power with steady rent increases built into contracts. | TOI.TO CSGP SBAC AMT |
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| 2024 Q4 | Jan 13, 2025 | Fundsmith Equity Fund | - | 8.9% | AAPL, ADP, AMZN, ATCO-A.ST, BF-B, DEO, GOOGL, IDXX, LLY, META, MKC, MSFT, NKE, NVDA, NVO, OR.PA, PM, SAP.DE, SYK, TXN | AI, Concentration, long-term, Quality, technology, volatility | The AI boom continued in 2024 with focused attention on fewer real beneficiaries like Nvidia. Tech companies are racing to build AI capacity through GPU chips and data centers, though whether this arms race produces adequate returns remains an open question. The AI enthusiasm contains hype similar to the Dotcom era, but key differences include current profitability of leading companies like Nvidia. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | First Eagle Global Fund | Philip Morris International Inc. | Consumer Staples | Tobacco | Bull | NYSE | cash flow generation, dividend, noncombustible products, product innovation, regulatory changes, tobacco | View Pitch |
| Apr 13, 2026 | Fund Letters | Broyhill Asset Management | Philip Morris International | Consumer Staples | Tobacco | Bull | NYSE | consumer staples, growth, IQOS, Portfolio Management, smoke-free products, tobacco, ZYN | View Pitch |
| Apr 13, 2026 | Fund Letters | Broyhill Asset Management | Philip Morris International Inc. | Consumer Staples | Tobacco | Bull | NYSE | consumer staples, defensive, margin expansion, market share, Product mix shift, smoke-free products, tobacco, ZYN | View Pitch |
| Apr 13, 2026 | Fund Letters | Broyhill Asset Management | Philip Morris International | Consumer Staples | Tobacco | Bull | NYSE | business transformation, Heated tobacco, margin expansion, Nicotine pouches, Reduced-Risk Products, smoke-free products, supply constraints, volume growth, Zyn Brand | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $2.7M | 0.00% | 17,000 | +0 | +0.00% | 0.0010% |
| Tim Campbell | Baillie Gifford | $120.3B | $4.9M | 0.00% | 30,741 | +11,445 | +59.31% | 0.0017% |
| Tom Russo | Gardner Russo & Quinn | $9.3B | $753.5M | 8.13% | 4,697,508 | +35,307 | +0.76% | 0.2651% |
| Terry Smith | Fundsmith | $17.1B | $982.4M | 5.74% | 6,124,597 | -1,063,547 | -14.80% | 0.3456% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $8.2M | 0.02% | 51,200 | -375,400 | -88.00% | 0.0029% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $34.6M | 0.04% | 215,900 | +209,800 | +3439.34% | 0.0122% |
| Lee Ainslie | Maverick Capital | $9.3B | $349.2M | 3.75% | 2,177,027 | +554,925 | +34.21% | 0.1229% |
| Ray Dalio | Bridgewater Associates | $27.4B | $4.4M | 0.02% | 27,651 | -126,664 | -82.08% | 0.0016% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $2.6M | 0.00% | 16,200 | -64,800 | -74.14% | 0.0009% |
| Israel Englander | Millennium Management LLC | $233.2B | $24.3M | 0.01% | 151,700 | -505,748 | -81.57% | 0.0086% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $413,672 | 0.00% | 2,579 | -96,460 | -97.40% | 0.0001% |
| Murray Stahl | Horizon Kinetics | $7.4B | $3.2M | 0.04% | 19,851 | -1,163 | -5.53% | 0.0011% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $6.5M | 0.01% | 40,645 | -30,357 | -42.76% | 0.0023% |
| Cliff Asness | AQR Capital Management | $190.6B | $567.0M | 0.30% | 3,534,785 | +289,039 | +8.91% | 0.1995% |
| Mario Gabelli | GAMCO Investors | $10.4B | $1.6M | 0.02% | 9,821 | +150 | +1.55% | 0.0006% |
| Stephen Mandel Jr. | Lone Pine Capital | $13.6B | $424.0M | 3.12% | 2,643,579 | -1,970,864 | -42.71% | 0.1492% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $1.2M | 0.03% | 7,682 | -1,481 | -16.16% | 0.0004% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $17.1M | 0.06% | 106,622 | -2,035,255 | -95.02% | 0.0060% |
| Stanley Druckenmiller | Duquesne Capital Management | $4.5B | $10.8M | 0.24% | 67,400 | -748,575 | -91.74% | 0.0038% |
| Donald Yacktman | Yacktman Asset Management | $7.1B | $1.0M | 0.01% | 6,300 | -400 | -5.97% | 0.0004% |
| Rich Handler | Jefferies | $19.3B | $4.8M | 0.02% | 29,875 | -40,924 | -57.80% | 0.0017% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $656,902 | 0.00% | 4,095 | -1,425 | -25.82% | 0.0002% |