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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Apr 15, 2025 | EdgePoint Global Portfolio | 3.1% | 3.1% | 4612 JP, 669 HK, DAY, G9N GR, ROG SW, RVTY | - | View | ||
| 2025 Q4 | Feb 12, 2026 | Bretton Fund | 1.4% | 11.6% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | AI, Banking, consumer, financials, Housing, technology, value | The fund views the overall market as fairly elevated but not in bubble territory regarding AI, though some parts of the AI craze appear bubble-like. Alphabet's AI chatbot Gemini exceeded expectations and was on par with leading AI models, contributing significantly to performance. The managers are comfortable missing out on highly speculative AI investments while focusing on long-term value. Banks had a strong year due to increased lending, reduced regulation, and moderately high interest rates. American Express cardholders continue spending with high payment rates, while the Platinum Card remains desirable despite competition. Credit and banking environment remained strong throughout the period. Off-price retailers TJX and Ross returned to form after struggling during post-Covid inflation, with strong stock performance. AutoZone faced challenges navigating tariff impacts on earnings, though the consolidated auto parts retail market historically passes through price increases. Consumer spending patterns showed resilience in certain segments. Housing investments had a weak year as high interest rates and hopes for lower rates left potential buyers on the sidelines. Home builders initially held up well when rates first rose in 2022, but continued high rates eventually impacted demand. The managers expect pent-up housing demand to eventually drive performance once the market unfreezes. | RVTY GOOG UNH |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Mid Cap | 4.5% | 9.5% | AIG, COO, EQH, GDDY, KMX, RRR, RVTY, TTC, WCC | AI, Consumer Demand, industrials, Mid Caps, valuation | The fund notes that AI enthusiasm is inflating valuations across mid-cap equities while creating opportunities in overlooked industrial and consumer names. It highlights investments in defense, data centers, and housing-related sectors that can benefit from secular tailwinds. Managers remain focused on intrinsic value and quality amid macro uncertainty. | HII WCC CIEN |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Small-Mid Cap Strategy | 6.2% | 7.3% | CIEN, COO, EQH, GDDY, KMX, RRR, RVTY, TFIN, TTC, WCC | AI, defense, industrials, infrastructure, valuation | The strategy underperformed as AI-driven rallies boosted large-cap tech, though holdings like Ciena and WESCO benefited from AI infrastructure spending. Managers see opportunities in undervalued industrials and defense suppliers such as Huntington Ingalls, which gain from rearmament trends. The team warns of AI overvaluation and focuses on patient value investing amid market exuberance. | RVTY COO TTC HII CIEN HII WCC CIEN |
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| 2025 Q4 | Jan 28, 2026 | Prosper Stars & Stripes | 1.2% | 9.9% | ATI, EAT, GTLB, INOD, KTB, META, MSFT, PDFS, RVTY, SEAT, SITM, STUB, TKNO | AI, alpha, healthcare, Long/Short, semiconductors, small caps, value | AI investment cycle driving economic growth and market gains, with revenue per employee increasing at large AI companies. AI infrastructure spending not out of line with past tech investment expansions. GenAI reshaping software development and creating competitive pressures for traditional seat-based pricing models. Semiconductor industry experiencing high growth from normal demand plus AI buildout. Companies like PDF Solutions benefiting from increased need for yield improvement tools in 3-D semiconductor structures and supply chain data sharing as US builds denser semiconductor supply chains. Small caps getting strong start in 2026 supported by easing monetary conditions and constructive fiscal backdrop. Small caps more sensitive to economic cyclicality which is overdue for expansion. Expected to grow at better pace than large caps in 2026 after long period of underperformance. Healthcare industry positioned for catch-up growth after several years of below-trend performance. Government spending expected to increase relative to feared cuts, with companies signaling improvement in revenue growth. Focus on 'picks & shovels' businesses serving the industry. | View | |
| 2023 Q4 | Sep 2, 2024 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BRK/A, DFH, GOOG, MA, MSFT, NVR, PGR, RVTY, RXMD, UNH, UNP, V | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Stephen Dodson | Revvity, Inc. | Health Care | Life Sciences Tools & Services | Bear | New York Stock Exchange | Acquisitions, Biotech, Consumables, diagnostics, divestiture, research, spending | View Pitch |
| Nov 29, 2025 | Fund Letters | Chris Welch | Revvity Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | biopharma, diagnostics, life sciences, Margins, R&D, valuation | 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. | ||||||||