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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Alluvium Global Fund | - | - | BABA, DKS, LBRDA, LNR CN, LYB, RHI, RYA ID, THO | balance, diversification, global, risk, structure | The commentary emphasizes global diversification across regions and sectors amid rising geopolitical and macro uncertainty. The manager discusses balancing growth and defensiveness, with a focus on companies benefiting from long-term structural trends rather than cyclical speculation. Risk management and adaptability are core portfolio principles. | BABA LYB RHI LBRDA THO GPI AN LNR CN DKS |
View |
| 2025 Q2 | Jul 22, 2025 | Miller Howard Investments Income-Equity Strategies | 3.8% | - | ABLV, C, CAG, CSCO, EMN, EPD, GS, JNJ, JPM, MRK, PAYX, RHI, STT, TRP | cash flow, dividends, income, total returns, volatility | The letter emphasizes equity income as a durable return driver in an environment of elevated uncertainty, market concentration, and volatile macro signals. Management argues that dividends provide a more stable and predictable component of total returns than buybacks, particularly during downturns when capital discipline matters most. The strategy favors companies with resilient cash flows, balance sheet strength, and a demonstrated commitment to growing shareholder payouts over time. | View | |
| 2025 Q1 | Mar 31, 2025 | Miller Howard Investments Income-Equity Strategies | - | - | ABLV, GILD, HST, JNJ, MPLX, ORI, RHI | - | View | ||
| 2025 Q3 | Oct 7, 2025 | Palm Valley Capital Management | 2.4% | 3.8% | AVA, DOX, EA, FLO, LKQ, PSLV, RHI, SEB, TFX | Artificial Intelligence, Discipline, risk management, small caps, valuation | Palm Valley emphasizes capital preservation through elevated cash balances amid stretched equity valuations. The fund prioritizes optionality and downside protection over forced participation. Cash remains strategically valuable as volatility and future opportunities increase. | View | |
| 2025 Q4 | Jan 29, 2026 | Pzena US Focused Value Strategy | 2.5% | 7.3% | BAX, C, CTSH, DAL, DG, DOX, FMC, KNX, MDT, PPG, QRVO, RHI, SWKS, WFC | Buybacks, Capital markets, earnings, Freight, Trade Down, value | Dollar General delivered strong same-store sales and margin improvement as customers traded down from grocery and pharmacy channels. This trade-down behavior provided a tailwind to margins that are expected to persist into 2026. Knight-Swift operates in a prolonged freight downturn with excess capacity added during the 2021 profit peak persisting despite weaker demand, pressuring rates and earnings. The company's scale and network efficiency should drive profitability recovery as conditions normalize. Citigroup rose amid strong capital markets activity and benign credit conditions. The company continued to repurchase stock and return capital to shareholders while transformation-related expenses are expected to decline next year. | View | |
| 2025 Q4 | Jan 23, 2026 | Alluvium Global Fund | -1.1% | -0.1% | 005930.KS, AN, BABA, CHTR, DKS, GOOGL, GPI, HCA, HRB, LBRDA, LNR.TO, LYB, MCK, RHI, RYAAY, THO, UMG.AS, V | AI, Airlines, global, healthcare, technology, underperformance, value | The fund discusses the rapid adoption of AI technologies, particularly Alphabet's Gemini AI which gained 650 million monthly active users in six months. Questions remain about quantifying efficiency gains and monetary benefits versus the immense capital outlays by providers. Ryanair represents the fund's largest position at 9.4%, benefiting from earlier aircraft deliveries and upgraded traffic expectations. Management expects reasonable net profit growth with strengthening competitive positioning. The fund follows a value-oriented approach, buying more of poorly performing investments as they decline. The managers acknowledge the value investor's curse of buying too early and selling too early, citing examples of premature exits from gold miners and semiconductor companies. | View | |
| 2024 Q3 | Sep 30, 2024 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | DG, RHI, SNN | - | View | ||
| 2024 Q2 | Jul 21, 2024 | Alluvium Global Fund | 0.0% | 0.0% | AEM, AN, GOOG, HRB, LBRDK, LNR CN, MCK, RHI, RRL AU, RYAAY, THO, TPR | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Miller Howard Investments Income-Equity Strategies | 3.6% | 0.0% | AVGO, CAG, RHI | - | View | ||
| 2023 Q2 | Jun 30, 2023 | FMI All Cap Equity | -1.8% | 11.2% | CDW, RHI | - | View | ||
| 2023 Q2 | Jun 30, 2023 | FMI Small Cap Equity | -0.8% | 10.7% | RHI | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Alluvium Global Fund | - | - | DKS, GOOG, HCA, LBRDA, LNR CN, MCK, RHI, THO | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Seeking Alpha | Seeking Alpha | Robert Half Inc. | Professional Services | Employment Services | Bull | New York Stock Exchange | AI disruption, balance sheet, dividend yield, employment services, insider buying, recruiting trends, Robert Half, Short squeeze, turnaround potential, undervaluation | View Pitch |
| Jan 27, 2026 | Fund Letters | Stuart Pearce | Robert Half Inc. | Industrials | Human Resource Services | Bull | New York Stock Exchange | Cyclicality, dividends, Labour market, Staffing, valuation | View Pitch |
| Jan 22, 2026 | Twitter / X | @Fierce__beast | Robert Half Inc. | Industrials | Human Resource & Employment Services | Bear | New York Stock Exchange | Entry Level, Jobs, Junior, Level, Level Jobs, Marketing Software, RHI, Staff | View Pitch |
| Jan 9, 2026 | Seeking Alpha | Seeking Alpha | Robert Half Inc. | Professional Services | Staffing & Employment Services | Bear | New York Stock Exchange | cost-cutting, cyclical business, dividend yield, economic downturn, Free Cash Flow, hiring rates, job openings, Robert Half, staffing agency, Value trap | View Pitch |
| Dec 3, 2025 | Fund Letters | Stuart Pearce | Robert Half Inc. | Industrials | Human Resource & Employment Services | Bull | NYSE | Cycle, Downturn, Employment, Staffing, valuation | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Dividend Yield Theorist | Robert Half Inc. | Industrials | Staffing & Employment Services | Bear | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $6.7M | 0.01% | 246,644 | -78,486 | -24.14% | 0.2574% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $22.0M | 0.03% | 811,236 | +811,236 | +100.00% | 0.8465% |
| Richard Pzena | Pzena Investment Management | $33.4B | $119.4M | 0.36% | 4,394,851 | +1,214,883 | +38.20% | 4.5858% |
| Ray Dalio | Bridgewater Associates | $27.4B | $5.1M | 0.02% | 189,167 | +127,153 | +205.04% | 0.1974% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $795,815 | 0.00% | 29,301 | +29,301 | +100.00% | 0.0306% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.0M | 0.00% | 75,457 | -661,194 | -89.76% | 0.0787% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $36.2M | 0.05% | 1,334,627 | +625,457 | +88.20% | 1.3926% |
| Cliff Asness | AQR Capital Management | $190.6B | $172.3M | 0.09% | 6,342,169 | -1,396,285 | -18.04% | 6.6177% |
| Rich Handler | Jefferies | $19.3B | $973,388 | 0.01% | 35,839 | -19,916 | -35.72% | 0.0374% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $272 | 0.00% | 10 | -14 | -58.33% | 0.0000% |