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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 2, 2025 | Meridian Contrarian Fund | 16.4% | - | AXS, BEPC, BWXT, CCJ, DLTR, FCNCA, HNST, MIR, NVTS, PACK, PRGO, QDEL, SG | Automation, contrarian, nuclear, semiconductors, small cap, turnaround, value | Nuclear power is experiencing a structural turnaround with growing interest from governments, utilities, and major technology firms. The fund holds positions in Cameco Corp and BWX Technologies, both benefiting from the nuclear renaissance driven by uranium supply deficits and new reactor construction including small modular reactors. | QDEL PACK SG NVTS BWXT CCJ QDEL PACK SG NVTS BWXT CCO CN |
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| 2025 Q2 | Jul 22, 2025 | Aristotle Small/Mid Cap Equity | 4.6% | - | ACIW, AENE, ALIT, ASGN, BHLB, CHE, CIEN, CMCO, DLB, DY, FTAI, HOOD, IPAR, ITRI, JBGS, MMSI, MTSI, PRGO, SMG, VRRM | growth, industrials, positioning, SMID Cap, technology, value, volatility | MACOM Technology Solutions benefited from exposure to growing demand from Data Center and 5G end market applications. The company surpassed analyst expectations and raised forward guidance, with meaningful exposure to these growing markets along with domestic manufacturing footprint expected to drive additional shareholder value. | VRRM SMG PRGO IPAR FTAI DLB ALIT CHE ACIW MTSI DY CHE |
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| 2024 Q1 | May 9, 2024 | Tourlite Capital Management | 4.5% | 13.8% | ABUS, APG, ESPR, FIP, FTAI, LGND, OABI, PRGO, PRPL, ROIV | Biotechnology, Hedging, Idiosyncratic, Long/Short, spinoffs, value | Fund maintains four biotech long positions representing ~20% of gross long exposure, viewed as idiosyncratic opportunities based on litigation or corporate events rather than binary drug results. Positions include Roivant Sciences with significant cash position and share buyback program, Arbutus benefiting from Covid vaccine litigation, OmniAb spinoff with 300+ drugs in pipeline, and a recent spinoff trading at 65% discount to cash. | PRGO ROIV ESPR PRPL APG FTAI FIP |
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| 2026 Q1 | Apr 24, 2026 | O’Keefe Stevens Advisory, Inc | - | - | BABA, BAX, ELY, GLW, HCC, NVDA, PRGO, SPHR, TPH, WY | AI, Cash, Defensive, Entertainment, healthcare, Lumber, software, Valuations | View | ||
| 2024 Q1 | Apr 15, 2024 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | COIN, DCI, FAF, HOOD, HSY, JBHT, PRGO, SOFI, SQ | Consumer Staples, financials, healthcare, industrials, mid cap, Quality, value | The fund implements a two-bucket value strategy seeking both quality value companies trading at decent bargains and deeply discounted deep value companies. The approach balances high-quality companies with strong fundamentals against deeply discounted securities with self-help catalysts. | PRGO HSY DCI |
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| 2024 Q1 | Apr 15, 2024 | Heartland Value Fund | 9.8% | 13.5% | BWXT, GTLS, PRGO | Buybacks, healthcare, industrials, LNG, small caps, value | Small caps are trading at historic discounts to large stocks, with the Russell 2000 Value Index at its lowest relative valuation levels since 2000. The fund believes this represents a classic value investor's market with significant opportunity. | PRGO GTLS |
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| 2024 Q1 | Apr 15, 2024 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ALGT, BHF, BWA, ERII, GNRC, GTES, KEX, LNDC, LOB, POST, PRGO, RRR, RRX, WCC, WNS | Automation, Electrification, energy, industrials, Onshoring, small caps, value | The fund is positioned to benefit from secular tailwinds including increased focus on energy efficiency, automation, re-shoring and electrification. Regal Rexnord is capitalizing on these trends through its industrial powertrain solutions. Generac Holdings is well-positioned for growth as increasing electricity usage and electrical grid instability drive demand for its energy technology solutions. | PRGO GNRC WNS WCC GTES POST LANC RRX RRR |
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| 2024 Q1 | Apr 15, 2024 | Meridian Contrarian Fund | 6.9% | 0.0% | AXS, BEPC, CACI, CCJ, CRC, FCNCA, NVTS, PRGO, QDEL, SG, SGH, THC, VICI | contrarian, earnings, healthcare, semiconductors, small caps, technology, turnaround, value | Fund holds positions in semiconductor companies including Navitas Semiconductor Corp., which designs and produces highly efficient power semiconductors and leads in Gallium Nitride (GaN) technology. The company overcame significant technological hurdles to create competitive advantages in power efficiency and charging speeds over traditional silicon. | THC SG SGH NVTS BEPC QDEL |
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| 2024 Q1 | Apr 15, 2024 | The Sound Shore Fund | 6.7% | 21.1% | BBWI, BKR, BRK-B, CAH, CNC, COF, ELV, FIS, GEHC, GM, HOLX, KHC, KMI, KR, LEN, MRK, OGN, PFE, PRGO, PVH, TEVA, TTE, WFC, WTW | Adaptability, contrarian, energy, large cap, Utilities, value | Sound Shore's contrarian investment process focuses on the adaptability and sustainability of company business models. The fund seeks companies that can best adapt and adjust to changing environments, as exemplified by holdings like Vistra and Constellation Energy that prepared their assets for dynamic markets while maintaining strong balance sheets. | AYI TEVA CEG VST |
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| 2024 Q1 | Apr 15, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | COR, DG, DIS, GWW, LOW, MDLZ, NKE, PRGO, UNH, UPS | conviction, downside protection, large cap, Quality, US, value | The manager emphasizes their value-oriented philosophy focusing on downside protection and lower volatility. They note that growth continues to outperform value and high beta outperforms low beta, which runs counter to their investment approach. The team remains committed to their value disciplines despite recent underperformance. | View | |
| 2025 Q1 | Mar 31, 2025 | Meridian Contrarian Fund | -7.6% | -7.6% | AXS, BEPC, CCJ, CCK, EVRG, FCNCA, HNST, KRNT, NGD, PRGO, PSIX, RDUS, VICI | contrarian, reshoring, small caps, tariffs, turnaround, value | The fund remains focused on identifying businesses that may benefit from long-term structural shifts such as the re-shoring of U.S. manufacturing—a theme they have been investing in for several years and one that gained traction post-pandemic. They note that reshoring and supply chain realignment takes years, so it is not surprising that so far, the beneficiaries have not escaped indiscriminate market volatility. | NGD AXS RDUS CCJ KRNT HNST |
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| 2025 Q4 | Feb 4, 2026 | Aristotle Small Cap Equity Fund | 1.9% | 0.2% | ACHC, AEIS, AER, ATR, AUB, CCRN, CNS, EHTH, GTLS, HAE, HURN, IDA, ITRI, LKQ, MTSI, NUS, PRGO, PTEN, TITN, WWW | Deregulation, Energy Transition, healthcare, M&A, Regional Banks, semiconductors, small caps, value | The fund focuses exclusively on small-cap equities with valuations remaining compelling relative to large caps, with the Russell 2000 Index trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rates, increased M&A activity, continued reshoring of U.S. manufacturing and infrastructure-related spending. Value stocks outperformed growth counterparts during the quarter as the Russell 2000 Value Index returned 3.26% compared to 1.22% for growth. Lower-quality companies outperformed higher-quality companies with factors like high bankruptcy risk, low sales growth, and low price to earnings having the strongest payoffs. MACOM Technology Solutions, a designer and manufacturer of high-performance semiconductor products, was a top contributor with strong quarterly results. The company has meaningful exposure to growing demand from Data Center and 5G end market applications along with domestic manufacturing footprint. Healthcare was the best-performing sector at +18.54% during the quarter. The fund holds positions in companies like Haemonetics in blood management and Acadia Healthcare in behavioral health services, though maintains an underweight allocation as it avoids biotechnology companies due to binary risk. The fund added positions in regional banks including Atlantic Union Bankshares and WesBanco, viewing DOGE-related concerns as creating attractive opportunities. These banks benefit from diversified customer bases, growing market share, and solid balance sheets positioned for trust and deposit opportunities. The fund holds positions in companies supporting power grid modernization through Itron's smart metering solutions and IDACORP's transmission opportunities. These companies are positioned to benefit from critical regional transmission opportunities and grid monitoring solutions. | View | |
| 2025 Q4 | Feb 4, 2026 | Aristotle Small/Mid Cap Equity | 2.3% | 3.0% | AEIS, AER, AGI, AHCO, AUB, BJ, BKU, CIEN, DY, EHC, HASI, HMN, HQY, HURN, IDA, ITRI, MTSI, NOVT, PRGO, PWP, UGI, WWW | Banking, healthcare, industrials, small cap, technology, Utilities, value | AI-related demand is driving strong performance for optical networking equipment manufacturers like Ciena, which is dominating market share for scale across data center projects in 2026. The quarter began with concerns about a potential AI capital expenditures bubble affecting market sentiment. Power grid modernization efforts are driving demand for smart metering and grid monitoring solutions. Companies like Itron are well-positioned to benefit from these infrastructure investments despite some regulatory approval delays. Continued reshoring of U.S. manufacturing is identified as a potential tailwind for small/mid-cap stocks. This trend supports domestic manufacturing capabilities and creates opportunities for industrial companies. | View | |
| 2025 Q4 | Feb 18, 2026 | The Gabelli Dividend Growth Fund | 5.2% | 18.8% | AIG, AMZN, C, GOOG, IP, MDLZ, MRK, MS, NEM, ORCL, PNC, PRGO, SATS, WFC | AI, dividends, financials, gold, healthcare, value | AI euphoria faded in Q4 but companies in the AI ecosystem continued to deliver impressive results against high expectations. Concerns mounted around ever-increasing capex outlays and financing of sizable capex commitments. The commoditized see-saw battle among five major LLMs for next generation model leadership continues. The Fund focuses on dividend-paying stocks and benefited from M&A activity and a large position in gold miner Newmont. Despite a modestly defensive posture throughout 2025, the Fund benefited from appreciating stocks that were sized as larger positions. Gold had its best year with the price of gold benefiting the Fund's position in gold miner Newmont, which was one of the top contributors. Gold served as an inflation hedge and store of value amid macroeconomic uncertainty. | NEM MS GOOG |
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| 2024 Q4 | Feb 10, 2025 | Meridian Contrarian Fund | 1.7% | 9.6% | AXS, BEPC, BWXT, CCO, CSTM, FCNCA, HNST, LEGN, LPLA, MIR, PL, PRGO, THC | aerospace, contrarian, healthcare, nuclear, small cap, turnaround, value | The fund employs a contrarian investment process seeking out-of-favor companies with depressed valuations and visible catalysts for sustainable improvement. They screen for companies with multiple quarters of year-over-year earnings decline and identify those poised for earnings rebounds through turnaround plans, new management, or business improvements. | THC CSTM LEGN PL MIR HNST |
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| 2023 Q4 | Dec 31, 2023 | Meridian Contrarian Fund | 6.9% | 0.0% | ALEX, AMD, APA, CACI, CCJ, CRC, FCNCA, HNST, LEGN, PINS, PRGO, SGH, TAP, THC, VICI | Biotechnology, contrarian, energy, semiconductors, small caps, turnaround, value | AMD positioned as stronger competitor to Nvidia with compelling technology and superior products to Intel. The company unveiled details about upcoming GPU products for the AI market, with expectations that AMD's GPU servers will be a viable alternative to Nvidia. | PINS HNST AMD ADNT|APA|BPOP|FLR|KOS|OLN LEGN SGH |
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| 2025 Q3 | Oct 24, 2025 | Meridian Contrarian Fund | 6.7% | - | AXS, BEPC, CACI, DLTR, EVRG, FCNCA, HNST, KRNT, LASR, MIR, NVST, PENG, PL, PRGO, TCBI | contrarian, defense, Electrification, small caps, technology, turnaround, value | AI infrastructure demand drove strong performance in technology names and data centers. Several portfolio companies benefited from AI datacenter demand, particularly in high-performance computing and memory businesses. | LASR PL KRNT PRGO HNST LASR PL KRNT PRGO HNST |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Small-Mid Cap Strategy | 6.2% | 7.3% | BR, CIEN, COO, COOP, ENOV, EQH, GDDY, HII, KMX, LOB, NVST, OZK, PRGO, PRGS, RHP, RRR, RVTY, TRIN, TTC, WCC | AI, mid cap, Quality, small cap, technology, value | AI-fueled boom in technology continues driving market returns, with sentiment around AI's potential to radically change life remaining high. However, the manager believes sentiment is at least partially disconnected from reality given AI's potential is yet to be fully borne out. Markets are rewarding companies with even minimal AI exposure while punishing those at risk from AI disruption. | RVTY COO TTC HII CIEN HII WCC CIEN |
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| 2025 Q4 | Jan 30, 2026 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | FNMA, GLW, HCC, ICLTF, MODG, NVDA, PRGO, SCL, SPHR, WY | AI, Cash, Entertainment, Lumber, Portfolio Management, positioning, technology, value | 2025 marked the year of AI exploration and testing, with 2026 expected to be the year of implementation. AI will unlock efficiency but create uneven impacts across businesses, particularly those with seat-based pricing models. The manager views AI as table stakes that may dilute alpha over time as it democratizes information access. The lumber industry has been in a 3+ year downturn following COVID demand. Canadian softwood exports to the US are near Great Financial Crisis levels, with significant capacity offline. The manager believes they are at or near the beginning of a lumber price rebound as supply has come offline and inventory liquidation is ending. Sphere made significant progress with strong ticket sales for The Wizard of Oz content, selling over 1.6-1.7 million tickets. The economics are evolving as AI-driven tools reduce content production costs from $100m to potentially $10m, improving unit economics for future Spheres and enabling franchise partnerships. | View | |
| 2025 Q4 | Jan 27, 2026 | Diamond Hill Small-Mid Cap Strategy | 1.2% | 8.5% | AMH, ARE, BAH, CCS, CIEN, CUBE, GIS, GTES, HII, HLIO, IAC, LEA, PRGO, SBAC, UDR, WCC, WIX, WLK, WNS | defense, healthcare, industrials, mid cap, real estate, small cap, technology, value | The portfolio faced headwinds from AI-driven market exuberance creating momentum-driven rallies favoring lower-quality businesses. However, some holdings like Ciena benefited from hyperscaler and AI-related demand optimism. The managers express caution about AI bubble concerns emerging in December. WESCO International's data center business reached nearly 20% of total revenue and drove better-than-expected organic growth. The rapid expansion of this segment was a key contributor to the company's outperformance during the quarter. Huntington Ingalls Industries benefited from strong execution, new frigate contract awards, and discussion of a potential Trump-class battleship. Booz Allen Hamilton faced pressure from Department of Government Efficiency initiatives but remains well-positioned given differentiated technology capabilities and sustained government demand. The portfolio includes exposure to various real estate segments including self-storage (CubeSmart facing occupancy pressures), wireless tower infrastructure (SBA Communications), life sciences real estate (Alexandria Real Estate), and single-family rentals (Invitation Homes). The sector faces headwinds from higher interest rates and housing market challenges. | INVH ARE BAH SBAC CUBE GTES HII WCC CIEN ZTS HII |
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| 2024 Q3 | Sep 30, 2024 | Meridian Contrarian Fund | 6.9% | 0.0% | AXS, BEPC, BOWL, BWXT, CACI, CARS, CCJ, EVRG, FCNCA, NVTS, PRGO, PRT, THC, VICI | contrarian, defense, healthcare, small caps, technology, turnaround, value | The fund holds Navitas Semiconductor, a leader in Gallium Nitride technology for power semiconductors. Despite cyclical headwinds in mobile, EV, and solar markets causing revenue guidance to come in lower than expected, the manager increased the position based on confidence in long-term secular outlook for energy-efficient semiconductors and Navitas' technological leadership. | THC CACI KRNT CARS BOWL NVTS |
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| 2023 Q3 | Sep 30, 2023 | Meridian Growth Fund | 6.8% | 0.0% | ALEX, CACI, CCJ, DBRG, FCNCA, PRGO, SGH, TAP, TRMB, VICI | contrarian, energy, financials, small caps, technology, value | View | ||
| 2024 Q2 | Jul 19, 2024 | O’Keefe Stevens Advisory, Inc | 0.0% | 0.0% | AMZN, BABA, GLW, GOOGL, META, MSFT, NVDA, PRGO, QCOM, SWX | AI, China, healthcare, SMID Cap, technology, value | AI rally broadened beyond obvious players with Qualcomm gaining recognition for mobile AI capabilities and Corning benefiting from optical connectivity for Generative AI. While AI use cases appear endless, ROI on spending remains unclear, creating uncertainty about the duration of the ongoing capex boom. | PRGO BABA GLW QCOM |
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| 2024 Q2 | Jun 30, 2024 | Meridian Contrarian Fund | 6.9% | 0.0% | AMSC, AXS, BEPC, CACI, CCJ, CRC, CRNC, EYE, FCNCA, PRGO, SGH, THC, VICI | contrarian, healthcare, Renewable Energy, small cap, turnaround, value | Fund employs a contrarian value strategy seeking out-of-favor companies with depressed valuations and visible catalysts for sustainable improvement. The process screens for companies with multiple quarters of earnings declines and identifies those poised for earnings rebounds through turnaround plans or management changes. | BEPC AMSC THC PRGO CRNC EYE |
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| 2025 Q1 | Mar 31, 2025 | Heartland Mid Cap Value Fund | 0.7% | 0.7% | MIDD, PRGO, TDY | healthcare, industrials, mid cap, technology, value, volatility | The fund employs a two-bucket value approach, holding both quality value companies trading at bargains and deeply discounted deep value businesses. Market volatility is creating more attractive entry points for patient value investors as many businesses are being priced for a meaningful economic slowdown. | PRGO MIDD TDY |
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| 2024 Q4 | Jan 17, 2025 | White Falcon Capital Management | 5.5% | 14.4% | AMD, AMZN, ATZ.TO, CTS.TO, DAVA, EPAM, NFI.TO, NU, PRGO, RTO.L, VALE, XEQT.TO | Brazil, Pharmaceuticals, small caps, technology, turnaround, value | White Falcon gravitates towards opportunities with low expectations and low valuations, particularly in smaller companies left behind in the market rally. The portfolio has shifted more towards 'value today' positioning with significant margin of safety. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Aristotle Small/Mid Cap Equity | Perrigo | Health Care | Pharmaceuticals | Bull | NYSE | Consumer-health, Operational Improvement, Over-the-counter, Portfolio Rationalization, Self-care, supply chain, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Heartland Mid Cap Value Fund | Perrigo Co. PLC | Health Care | Pharmaceuticals | Bull | NYSE | Healthcare Policy, Manufacturing Consolidation, margin expansion, Over-the-counter, Preventive Healthcare, Self-Care Products, Store Brands, valuation gap | View Pitch |
| Apr 13, 2026 | Fund Letters | Heartland Mid Cap Value Fund | Perrigo Company PLC | Health Care | Pharmaceuticals | Bull | NYSE | Consumer-health, deep value, Infant Formula, margin expansion, portfolio optimization, Private-label, Self Help, turnaround | View Pitch |
| Apr 13, 2026 | Fund Letters | Tourlite Capital Management | Perrigo | Health Care | Pharmaceuticals | Bull | NYSE | Birth Control, Consumer healthcare, Facility Reset, Infant Formula, Normalized Earnings, Opill, OTC, transformation | View Pitch |
| Apr 13, 2026 | Fund Letters | Heartland Value Fund | Perrigo Company plc | Consumer Staples | Personal Products | Bull | NYSE | Brand Transformation, Consumer-health, FDA Compliance, Infant Formula, insider buying, margin expansion, portfolio optimization, Private-label, turnaround, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill Small-Mid Cap Strategy | Perrigo | Health Care | Pharmaceuticals | Bull | NYSE | competitive moat, Consumer healthcare, Manufacturing Scale, Over-the-counter, pharmaceuticals, Private-label, Regulatory Complexity | View Pitch |
| Apr 13, 2026 | Fund Letters | Meridian Contrarian Fund | Perrigo Company plc | Health Care | Pharmaceuticals | Bull | NYSE | capital allocation, Consumer Wellness, Management Turnaround, pharmaceuticals, Store Brands, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | O'Keefe Stevens Advisory, Inc | Perrigo Company plc | Health Care | Pharmaceuticals | Bull | NYSE | Birth Control, Consumer-health, cost savings, debt reduction, healthcare, Infant Formula, OTC Pharmaceuticals, turnaround | View Pitch |
| Nov 29, 2025 | Fund Letters | James England | Perrigo Company plc | Health Care | Pharmaceuticals | Bull | NYSE | Execution, Margins, ROIC, Self-care, turnaround, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | James England | Perrigo Company plc | Health Care | Pharmaceuticals | Bull | NYSE | Execution, Margins, ROIC, Self-care, turnaround, valuation | View Pitch |
| Oct 28, 2025 | Seeking Alpha | Seeking Alpha | Perrigo Company plc | Drug Manufacturers - Specialty & Generic | Bull | analyst projections, Beta, Consumer healthcare, dividends, healthcare, Over-the-counter, Perrigo, Risk, target price, Volatility | View Pitch | ||
| Aug 7, 2025 | Seeking Alpha | The Value Investor | Perrigo Company | Health Care | Drug Manufacturers - Specialty & Generic | Neutral | 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. | ||||||||