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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Orbis Global Equity | - | - | GXO, QXO, RXO, URI, XPO | Capital Allocation, Distribution, Logistics, M&A, Value Investing | The fund has significant exposure to logistics companies through the XO family of companies (QXO, XPO, RXO, GXO), representing nearly 15% of the portfolio. QXO is targeting the building products distribution industry, which has enormous scope to leverage technology to improve customer experience, similar to how XPO transformed truck brokerage from 6% digital to 96% digital. | QXO |
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| 2026 Q2 | Jul 1, 2026 | Adestella Investment Management | - | - | AIR, ATRO, BELF.B, DELL, ISSC, LFMD, NBIS, OKTA, PAR, PSIX, RXO, SMCI, TOST | aerospace, AI, Data centers, industrials, small caps, software, valuation, value | OKTA TOST DELL LFMD RXO PAR BELF.B PSIX NBIS |
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| 2024 Q4 | Dec 31, 2024 | Orbis Global Equity | - | - | CPAY, GXO, HWM, IBKR, MSFT, MSI, NVDA, QXO, RXO, V, XPO | aerospace, CEO, Concentration, payments, Quality, US, value | The fund focuses on investing alongside top 1% CEOs with meaningful ownership stakes who can drive extraordinary shareholder value creation. Examples include John Plant at Howmet Aerospace and Ron Clarke at Corpay, who have delivered exceptional long-term results through operational excellence and capital allocation discipline. | CPAY HWM |
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| 2024 Q3 | Oct 8, 2024 | Patient Capital Management | 5.6% | 15.8% | AAPL, AMZN, APO, EVRI, GOOGL, GXO, IBM, JPM, META, MSFT, NVDA, PLAY, QXO, RXO, TCRT, TSLA, URI, XPO | compounders, long-term, Quality, small caps, Underperformers, valuation, value | Manager emphasizes buying underperformers and exploiting opportunities where market expectations diverge from intrinsic values. Portfolio trades at significant discount to market (12x forward earnings vs 22x) with better growth prospects. Focus on attractively valued compounders, classic value, and early-stage businesses. | PLAY QXO |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jul 2, 2026 | Fund Letters | Adestella Investment Management | RXO | Trucking | Air Freight & Logistics | Bear | New York Stock Exchange | Automation Risk, Cyclical, Equity, Freight Brokerage, Logistics, margin compression, Merger Integration, Trucking | View Pitch |
| Dec 3, 2025 | Fund Letters | H. George Dai | RXO, Inc. | Industrials | Trucking | Bull | NYSE | Cyclical, efficiency, Freight, Logistics, Volumes | View Pitch |
| Oct 30, 2025 | Short Thesis | DF Research | RXO, Inc | Industrials | Trucking | — | NYSE | Digital Freight, Asset-Light, Margin Compression, Valuation Disconnect, Earnings Quality, Integration Risk | 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. | ||||||||