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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | YCG Investment | - | - | AON, CME, CNI, CP, GOOGL, MMC, OR.PA, PGR, RMS.PA, RSG, UL, WM | Bear Markets, insurance, long-term, Luxury, Pricing Power, Railroads, Waste management | Manager increased conviction in Hermes over L'Oreal, believing luxury brands with the most desirable status symbols through heritage, storytelling, and controlled supply have the most favorable long-term economics. Hermes handbags routinely sell above retail prices, with exclusive $100,000-$200,000 bags selling at auction for double their retail price. | View | |
| 2025 Q2 | Jul 11, 2025 | Hennessy Equity and Income Fund | - | - | BLK, ENTG, HD, LOW, MLM, ODFL, PGR, RSG, SCHW | fixed income, Quality, semiconductors, tariffs, Trade Policy, Valuations | The portfolio is positioned to weather tariff uncertainty through companies with strong pricing power and financial flexibility. Service-oriented companies like Progressive and Schwab are less susceptible to direct tariff effects, while onshoring beneficiaries include Republic Services and Martin Marietta. | View | |
| 2025 Q2 | Jun 30, 2025 | The Gabelli Dividend Growth Fund | 6.3% | - | AMETEK, AMZN, AXP, BATRA, BK, BRK.A, CAT, CHWY, CNH, CR, CVS, CZR, DEERE, DTE.DE, ELAN, FOX, FRPT, IDXX, IVG.DE, MA, MFI.TO, MLI, MSFT, MSGS, NEM, NESN.SW, NFG, NFLX, NVDA, PETCO, RR.L, RSG, SBGI, SONY, TDS, TGNA, TMUS, TRATON.DE, TRUP, WBD, ZTS | AI, defense, gold, M&A, Pet Care, Sports, tariffs, Utilities | The Trump administration implemented sweeping tariffs on April 2nd (Liberation Day), creating significant market volatility. While initial tariff rates were very high, bilateral trade deals with the UK, China, Vietnam, and India reduced effective rates. The administration appears intent on rolling back globalization, with tariffs serving as both negotiation tactics and policy tools. | WCC KR |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli International Small Cap Fund | 13.8% | - | AAPL, AME, AMZN, AVGO, AXP, BATRA, BK, BMI, BMY, BRK.B, C, CAT, CHWY, CR, CVS, CVX, CW, DAN, DE, ELAN, EVRG, FRPT, GATX, GOOGL, GPC, HES, IDXX, ITT, JPM, KKR, LION, MA, META, MFI.TO, MLI, MSFT, MSGS, NEE, NEM, NFG, NFLX, NVDA, ORCL, PARA, RSG, SONY, SPGI, STT, T, TMUS, TRUP, V, WFC, ZTS | defense, energy, gold, Sports, tariffs, technology, Utilities | The Trump administration's tariff policies dominated market sentiment in Q2 2025, with Liberation Day (April 2) introducing sweeping tariffs that initially triggered a 21% market drawdown. However, a 90-day pause and bilateral trade agreements with key partners helped stabilize markets. The administration appears intent on rolling back globalization, with effective weighted average tariff rates potentially reaching 18%. | 5444 JP TCAP LN |
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| 2023 Q2 | Jun 30, 2023 | YCG Investment | - | - | 0700.HK, BABA, BKNG, CME, CNI, CP, EL, META, RSG, WM | Capital markets, inflation, Network Effects, Onshoring, Pricing Power, Quality, Railroads, Waste management | Canadian Pacific Kansas City Limited and Canadian National Railway are two of six class 1 railroads in North America, each benefiting from physical network effects and NIMBY dynamics that make new railroad construction nearly impossible. The number of North American class 1 railroads has plummeted from over 180 to just 6 today, creating oligopolistic pricing power that has inflected from consistent declines to almost 20 years of consistent increases. | CME CNI CP.TO RSG BRWM.L |
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| 2024 Q1 | May 15, 2024 | Merion Road Capital | 5.4% | 11.2% | BSET, CLH, CRH, GFL, JBHT, RSG, SMC, WCN, WM | Infrastructure Spending, materials, small caps, value, Waste management | Manager built Clean Harbors into top holding, viewing hazardous waste as having similar characteristics to municipal solid waste with essential service nature, regional monopolies, and scarce assets. Industry margins expanding due to consolidation and rational pricing approach, with CLH trading at discount to peers despite market positioning. | BSET CLH |
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| 2025 Q1 | Apr 8, 2025 | Merion Road Capital | 4.9% | 4.9% | BSET, CLH, CRH, GFL, JBHT, RSG, SMC, WCN, WM | Cement, Furniture, Infrastructure Spending, small caps, value, Waste management | Manager built Clean Harbors into top holding, viewing hazardous waste as having similar characteristics to municipal solid waste with essential service nature, regional monopolies, and scarce assets. Industry consolidation and pricing discipline by Republic Services is driving margin expansion across the sector. | BSET CLH |
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| 2024 Q1 | Apr 25, 2024 | Pelican Bay Capital Management | 7.6% | 7.6% | BLDR, BRK-B, CBOE, CPRI, EOG, EXPE, FANG, FIS, Gold, GOOG, ON, RSG, TOL, TPR, VZ | Concentration, energy, gold, Homebuilders, Quality, value | Homebuilders have become less financially leveraged and cyclical, mitigating past concerns about rising interest rates. The manager believes investors are recognizing this shift and starting to value homebuilders based on price-to-earnings ratios rather than historical price-to-book metrics. Recent relative strength of homebuilders has lots of runway left. | Gold |
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| 2025 Q1 | Apr 15, 2024 | The London Company Large Cap | 2.3% | 2.3% | BLK, BRK-B, BRKR, ENTG, FDX, GOOG, HD, ODFL, PGR, RSG | Defensive, financials, large cap, Quality, semiconductors, technology, value | The portfolio's exposure to Lower Volatility and Quality factors performed well during market correction. Quality factors have historically posted their best relative returns during periods of decelerating growth and through recessions, and typically lag in early recovery but keep pace during mid-cycle years. | ENTG |
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| 2025 Q1 | Mar 31, 2025 | Fenimore Small Cap Strategy | -5.3% | -5.3% | AJG, APH, BWIN, CDW, CTAS, DFH, ENTG, HEI, HGTY, IEX, MCHP, MKC, POOL, ROST, RSG, SITE, SPSC, STE, TT, VRSK | insurance, Quality, small cap, tariffs, Trade Policy, value | The new administration's tariff announcements sparked market volatility and fears of higher inflation and potential recession. Companies are scrambling to adjust to the rapidly changing trade landscape, though many have diversified supplier bases since the first term and COVID. | BWIN |
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| 2025 Q1 | Mar 31, 2025 | Fenimore Dividend Focus Strategy | 1.5% | 1.5% | A, AJG, APH, BR, CDW, CTAS, ENTG, HEI, IEX, MCHP, MKC, PAYX, POOL, ROST, RSG, STE, SYK, TT, VRSK | dividends, insurance, mid cap, Quality, Trade Policy, value | The first quarter was marked by significant volatility driven by the new administration's tariff announcements, which sparked fears of higher inflation and potential recession. The economic impact of tariffs will take time to manifest as businesses scramble to adjust to a rapidly changing landscape. | View | |
| 2025 Q1 | Mar 31, 2025 | Fenimore Value Strategy | -1.1% | -1.1% | AJG, APH, AZO, BN, BR, BRK.B, BRO, CDW, FAST, HEI, IEX, KEYS, MKL, PAYX, PGR, ROST, RSG, SYK, TT, ZBRA | financials, insurance, mid cap, Quality, tariffs, Trade Policy, value | The first quarter was marked by significant volatility driven by the new administration's tariff announcements, which sparked fears of higher inflation and potential recession. The economic impact of tariffs will take time to manifest as businesses scramble to adjust to a rapidly changing landscape. Fenimore's portfolio companies have diversified their supplier bases and are more prepared for tariff impacts than in previous years. | View | |
| 2024 Q1 | Mar 31, 2024 | Fenimore Value Strategy | 10.9% | 10.9% | AJG, APH, BR, BRO, BRO.TO, CDW, DG, ENTG, IEX, KEYS, MCHP, MKL, PGR, PNFP, ROST, RSG, SYK, TROW, TT, VMC | financials, insurance, mid cap, semiconductors, technology, value | Brown & Brown continues to benefit from an extended favorable rate environment in the property and casualty insurance markets that it serves as a broker. Progressive Corporation is benefiting from previous rate actions taken to cover the cost of litigation and automobile repairs, which have improved their loss ratio and underwriting profitability significantly. | View | |
| 2025 Q3 | Nov 16, 2025 | The Gabelli ABC Fund | 3.0% | - | AAPL, AMETEK, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, MSGS, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, energy, financials, gold, M&A, rates, technology, Trade | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | OR US ECG US |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Dividend Growth Fund | 6.8% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CHWY, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, gold, growth, M&A, Markets, rates, technology, Trade | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | MSGS US |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Equity Income Fund | 6.1% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, Buybacks, defense, gold, M&A, rates, Trade, Utilities | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion. | POLR LN 3110 JP |
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| 2025 Q3 | Nov 16, 2025 | The Gabelli Global Content & Connectivity Fund | 12.3% | - | AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, COST, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD | AI, Federal Reserve, gold, M&A, Pet Care, technology, Trade Policy, Value Investing | Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to ~$380bn. | View | |
| 2025 Q3 | Oct 17, 2025 | Harbor Mid Cap Value Fund | 4.1% | 0.3% | AL, AMAT, ANSS, ARW, CBRE, CHX, COLD, CTRA, DRI, GPN, HP, ICE, MAS, MUR, RGA, RJF, RSG, SF, SMG, ST, SWKS, ULTA, WWD | aerospace, AI, Commercial real estate, fundamentals, mid cap, Quality, Trade Policy, value | Trade tensions dominated headlines with Liberation Day tariffs affecting imports from China, Europe, and Canada causing significant market volatility. Markets initially dropped 19% following tariff announcements before recovering as policy reversals and bilateral negotiations helped stabilize conditions. Long-term implications of trade policy changes remain uncertain for supply chains and corporate profitability. | WWD US |
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| 2022 Q3 | Oct 12, 2022 | Pelican Bay Capital Management | -4.7% | -10.7% | ATUS, BLDR, EOG, RSG, VZ | - | View | ||
| 2025 Q4 | Jan 21, 2026 | The London Company Large Cap | 0.2% | 8.3% | BLK, CB, FDX, FI, GOOG, NEU, NSC, RSG | dividends, financials, healthcare, large cap, Quality, technology, value | The manager emphasizes investing in profitable, financially stable, quality large-cap companies with high returns on unleveraged operating capital, strong cash generation, and conservative leverage. Quality factors were headwinds during Q4 as volatility factors outperformed, but the manager believes the environment is becoming more conducive to fundamentals where earnings growth, dividends, and balance-sheet strength matter more than valuation multiple expansion. Value outperformed Growth across the market cap spectrum during Q4, with value factors being the primary driver of returns, led by stocks trading at lower prices relative to sales and book value. The manager sees growing value in true active share and diversified exposure to high-quality businesses in a market defined by elevated valuations and concentration risk. The manager focuses on companies with strong capital allocation and dividend-paying capabilities. Several portfolio holdings like Chubb and BlackRock are highlighted for their steady capital returns and aggressive buyback programs, reinforcing the emphasis on shareholder-oriented management and consistent dividend policies. | RSG NSC BLK NEU FI CB FDX GOOG |
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| 2025 Q4 | Jan 13, 2026 | Fenimore Dividend Focus Strategy | -4.4% | 1.9% | AJG, APH, AVY, BR, CDW, CTAS, HEI, HLI, IEX, JKHY, MCHP, MLM, PAYX, ROST, RSG, STE, SYK, TT, VRSK, WSO | AI, dividends, healthcare, mid cap, Quality, technology, value | Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation. Quality as a factor remained out of favor despite many businesses showing strong long-term fundamental prospects. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run. AI excitement and related infrastructure builds continued to drive the market, drawing capital away from nearly every other area. Investor enthusiasm was driven toward businesses with AI-related exposures. Amphenol benefited from data center buildouts supporting AI, with its IT Datacom segment growing 128% organically. Dividend-paying companies lagged non-dividend-paying companies by more than 50%. On average, portfolio holdings raised their dividends 9% over 2025, in line with their earnings growth. The top three dividend raisers were Amphenol (55%), Cintas (15%), and Verisk Analytics (15%). Valuations for portfolio companies are becoming more attractive while other indices become more overvalued. The fund sees compelling valuations within the portfolio, which management believes sets the fund up for solid future performance. Many quality franchises are trading at relative multi-year lows. | TT APH JKHY ROST |
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| 2024 Q3 | Sep 30, 2024 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | BKNG, ERF.PA, FYBR, GOOGL, LSEG.L, NFLX, RSG, RTO.L, TKO, V, VZ | Global Equities, healthcare, long-term, Media, Quality, Telecommunications, Value Investing | Frontier Communications is converting its legacy copper network into future-proof fibre infrastructure. The completed network is likely to produce highly resilient cash flows which may be worth multiples of the company's current market value. Frontier began its multi-billion dollar network upgrade in 2021 and is expected to complete the build in mid-2026. | View | |
| 2023 Q4 | Jun 2, 2024 | Alta Fox Capital Management | 4.2% | 12.5% | RSG, SES.TO, WCN | activism, Canada, consumer, small caps, value, Waste management | The fund initiated a new position in Secure Energy Services Inc, a Canadian energy waste management company that has consolidated its industry through acquisitions. The company is divesting non-core assets and trading at attractive valuations compared to US waste management peers, with potential for 100%+ appreciation. | SES.TO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | YCG Investment | Republic Services Inc. | Industrials | Environmental & Facilities Services | Bull | NYSE | defensive, environmental services, Industrials, Landfills, network effects, Nimby, North America, Pricing power, Toll Collector, waste management | View Pitch |
| Jan 27, 2026 | Fund Letters | Brian Campbell | Republic Services, Inc. | Industrials | Environmental & Facilities Services | Bull | New York Stock Exchange | cashflow, Defensiveness, insider buying, Pricing power, waste management | View Pitch |
| Nov 5, 2025 | Substack | Monopolistic Investor | Republic Services | Industrials | Waste Management | Neutral | barriers to entry, commodity prices, efficiency metrics, investment thesis, market share, Pricing power, Recycling, Revenue Growth, valuation, waste management | 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. | ||||||||