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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | Orbis International Equity | - | - | RNR | - | View | ||
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | APTV, EHC, EME, ESTC, FIVE, HXL, IBKR, LEGN, NICE IT, ORLY, RNR, SMAR, SWAV, VRSK, WCN | - | View | ||
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | COR, CRWD, LEGN, LNG, ORLY, RNR, SNPS, VEEV, VRSK | - | View | ||
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | 0JZ0 LN, APTV, BC, BJ, FIVE, FND, IDXX, LNG, ORLY, PCTY, PINS, RNR | - | View | ||
| 2023 Q4 | Dec 31, 2023 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | BC, CHE, CRWD, IDXX, IT, MLM, PANW, RNR, VRSK | - | View | ||
| 2025 Q4 | Jan 26, 2026 | Davis Financial Fund | 0.0% | 29.3% | AXP, BAER.SW, BK, BRK-A, CB, COF, D05.SI, DIS, FI, FITB, JPM, MKL, PNC, RE, RKT, RNR, USB, WFC | Banking, capital, financials, insurance, regulation, returns, value | Banks continue to represent the majority of holdings with strong tailwinds across credit, spreads, expenses, and regulation. Interest spreads have begun widening as fixed rate assets roll over at higher yields, revealing attractive economics of low-cost deposit franchises. Many banks are generating returns on tangible equity in the mid-to-high teens with management targets suggesting sustainability in the medium term. Capital markets firms were among the drivers of S&P Financials Index performance and contributed to fund outperformance. The regulatory environment has been moving in a favorable direction with capital rules being finalized that are far less onerous than under the prior administration. Regulators are more willing to consider M&A transactions with relief on certain supervisory limitations. Property & casualty reinsurers were added to the portfolio as capital was redeployed from trimmed bank positions. Pricing trends in insurance markets have been strong in recent years. Chubb has consistently generated returns on equity comfortably ahead of the industry owing to advantaged lines of business with disciplined underwriting and operating culture. Payments and consumer lending companies were the biggest contributors to relative performance including Capital One, American Express and Rocket Companies. Capital One's transformational acquisition of Discover Financial closed with anticipated annual cost synergies of $1.5 billion and network synergies of $1.2 billion from transitioning card volumes into Discover's networks. Financial stock valuations have begun to reset higher with price-to-tangible book value multiples expanding by over 70% on average in the past three years. The portfolio in aggregate is valued at approximately 13x this year's earnings, representing a significant discount to both the broader S&P 500 Index and S&P Financials Index. | CB WFC COF |
View |
| 2025 Q4 | Jan 11, 2026 | Impax Global Environmental Markets Fund | -1.5% | 14.0% | A, AI.PA, AMAT, ITRI, KYGA.L, LIN, MSFT, RNR, SU.PA, TSM, UNP, VIE.PA | AI, Energy Efficiency, Environmental, global, Industrial Gases, semiconductors, technology, Waste management | AI-related investments drove portfolio performance with impressive execution from semiconductor foundries, chip equipment manufacturers, and power management companies. The team maintains high conviction in a picks and shovels approach to AI, focusing on performance efficiency and companies improving power supply delivery. Despite market concerns about elevated AI capital expenditure, the team believes AI-driven secular tailwinds remain intact. Energy efficiency remains a core focus with holdings in HVAC, heat pumps, and power management electronics. Weaker US residential construction volumes contributed to underperformance from energy-efficient HVAC and heat pump exposure. The strategy emphasizes companies bending the total power demand curve and improving efficiency of power supply. Industrial gases holdings like Linde and Air Liquide provide operationally defensive businesses with resilient end markets and clear multi-decade pricing power. These companies operate within oligopolistic market structures benefitting from durable demand and attractive pricing power, serving as portfolio ballast despite current muted volume growth. Waste and recycling holdings offer compelling reward-to-risk characteristics through operationally defensive businesses tied to resilient end markets. The team maintains exposure to high-quality businesses in waste and recycling as portfolio ballast, benefiting from oligopolistic market structures and durable demand patterns. Smart and efficient grids exposure faced challenges with companies like Itron disappointing on order intake expectations. However, grid upgrades remain attractive secular growth opportunities over the long-term as part of the broader infrastructure modernization theme. Water infrastructure holdings experienced underperformance during the quarter due to factors including profit taking and poor business execution. Despite near-term challenges, water infrastructure remains part of the long-term environmental markets opportunity set. | View | |
| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | APH, BJ, CHE, CTAS, ORLY, RNR, TER, VEEV, VRSK | - | View | ||
| 2023 Q3 | Sep 30, 2023 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.7% | 0.0% | BC, CHE, CRWD, IDXX, LNG, MLM, ORLY, PANW, RNR, SNPS, VRSK, WCN | - | View | ||
| 2023 Q3 | Sep 30, 2023 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | APTV, ARGX, BJ, CSGP, EFX, FIVE, FND, GFL, HCP, IAC, IDXX, LNG, MLM, PINS, PXD, RGEN, RNR, ROST, RPM, RPRX, SNPS, VAC | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Oct 23, 2025 | Value Investors Club | perspicar744 | RenaissanceRe Holdings Ltd. | Financials | Reinsurance | Bull | NYSE | Berkshire optionality., buybacks, Pricing power | 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. | ||||||||