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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Fund | -0.3% | -0.4% | ACI, BIO, CNX, EXO NA, FDX, FIS, IAC, KHC, MAT, PCH, PVH, REGN, RYN | Capital Allocation, free cash flow, Market cycles, Quality Companies, Value Investing | Longleaf reiterates its focus on long-term value and high free cash flow per share growth amid market froth driven by AI hype and mega-cap valuations. The fund holds concentrated positions in cash-generative firms like CNX, Kraft Heinz, and FedEx, emphasizing operational discipline and capital allocation. Management expects re-rating potential as fundamentals outweigh speculation. | BIO REGN PCH RYN ACI FDX MGM IAC KHC MAT CNX |
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| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Global Fund | 2.6% | 10.9% | 4613 JP, ACI, CAN LN, CNX, EXO NA, GLB LN, IAC, MAT, PCH, PHG, PVH, RYN | Compounding, free cash flow, Global Equities, Quality, Value Investing | Longleafs Global Fund emphasizes owning real-asset and cash-flow-generating businesses while avoiding speculative overvaluation driven by AI exuberance. Management sees opportunity in undervalued holdings such as timber, media, and consumer companies trading at low free cash flow multiples. The portfolio remains positioned for durable compounding through disciplined capital allocation and improving fundamentals. | PVH 4613 JP |
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| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Small-Cap Fund | 2.0% | 6.4% | CLW, CNX, CUERVO* MM, GHC, GRUMAB MM, MAT, OSCR, PCH, RYN, TRIP, WTM | Compounding, free cash flow, Share repurchase, small caps, Value Investing | Longleafs Small-Cap Fund focuses on undervalued, high-quality small-cap franchises generating strong free cash flow. The team notes speculative excess in unprofitable small caps but remains confident in holdings such as Gruma, Becle, and White Mountains, which have multiple catalysts for value realization. Management sees substantial upside from disciplined ownership and shareholder alignment. | TRIP US MAT US WFG US CNX US |
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| 2022 Q3 | Oct 10, 2022 | Horizon Kinetics | 0.0% | 0.0% | ALS CN, LIF CN, PCH, RYN, TPL | - | View | ||
| 2025 Q4 | Jan 22, 2026 | Third Avenue Real Estate Value Fund | -1.8% | 11.3% | AMH, BKG.L, BRK-A, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WY | Commercial, Homebuilders, real estate, REIT, Residential, value | Fund maintains significant exposure to commercial real estate platforms including real estate services, asset management, industrial and logistics properties, and self-storage facilities. These holdings represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate with structural demand drivers and limited maintenance capital expenditure requirements. Fund holds positions in major U.S. homebuilders including Lennar Corp., D.R. Horton, PulteGroup, and Champion Homes. These companies are supported by near-record low levels of for-sale inventories, near-record high demand for affordable product, and industry dynamics favoring scaled players over time. Fund focuses on well-capitalized enterprises with discounted securities trading at more than a 20% discount to estimated Net Asset Value at year-end. The strategy targets strategic real estate at value prices with prospects to compound capital over time. Multiple portfolio companies engaged in share repurchase activities during the quarter, including Lennar Corp. completing an exchange offer that effectively acted as an accelerated share repurchase program, exchanging Millrose Properties shares for 5% of its outstanding A shares. | DBK GR BIRG ID 2330 TT HBR LN CS CN LUN CN HCC |
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| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Fund | -0.3% | -0.4% | ACI, AMG, ANGI, AVTR, CNX, DINO, DIS, EXO.MI, FDX, H, IAC, KHC, MAT, MGM, PCH, PVH, PYPL, REGN, RTX, RYN | Buybacks, Cash, Defensive, Leverage, Quality, value | Fund focuses on undervalued companies trading below intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying quality companies at discounts and waiting for market recognition of value. Multiple portfolio companies engaged in significant share repurchases including Mattel ($600M), Regeneron, MGM (40% over 5 years), and PVH. Manager views buybacks as value-creating at current discounted prices. Holdings include Mattel with strong IP portfolio (Hot Wheels, Barbie, UNO) and upcoming movie releases, plus IAC's digital assets. Focus on companies with valuable content and intellectual property. | ANGI PVH PYPL MGM IAC REGN MAT DINO KHC |
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| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Small-Cap Fund | 1.1% | 7.6% | ALX, CLW, CNX, CUERVO.MX, ESRT, GHC, GLIBA, GRUMA.MX, MAT, PCH, RYN, SAM, SHEN, TRIP, WTM | Alcohol, Media, real estate, small cap, Telecommunications, undervalued, value | Fund focuses on undervalued companies trading below intrinsic value with P/V ratios in low-60s%. Manager emphasizes buying quality companies at discounted prices when market favors unprofitable, lower quality stocks. Significant exposure to alcoholic beverage companies including Becle (tequila/whiskey manufacturer) and Boston Beer. Alcohol industry faces consumption headwinds but companies have strong brands and pricing power. Holdings in Empire State Realty and Alexander's provide exposure to New York real estate. Despite political concerns about Mayor Mamdani, on-the-ground leasing trends outpace weak stock performance. Graham Holdings diversified conglomerate includes broadcast television assets that could benefit from increased M&A activity. Kaplan education segment returning to growth after multi-year turnaround. | PK ALX ESRT CLW SAM OSCR MAT GHC GLIBA |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 1, 2026 | Seeking Alpha | Seeking Alpha | Rayonier Inc. | Real Estate | Timberland REIT | Bull | New York Stock Exchange | De-dollarization, inflation hedge, land conversion, land resources, Merger Synergies, Rayonier Inc., REIT, strong balance sheet, sustainable practices, timberland | View Pitch |
| Nov 29, 2025 | Fund Letters | Ross Glotzbach | Rayonier Inc. | Real Estate | Specialized REITs (Timber) | Bull | NYSE | asset sales, buybacks, Housing, merger, NAV, REIT, Timber | View Pitch |
| Oct 15, 2025 | Seeking Alpha | Seeking Alpha | Rayonier Inc. | REIT - Specialty | Neutral | housing market, leverage, lumber market, merger, PotlatchDeltic Corporation, Rayonier Inc., Real Estate, synergies, timberland, valuation | View Pitch | ||
| Aug 7, 2025 | Substack | Waterboy Investing | Rayonier Inc. | Real Estate | REIT - Specialty | Bull | 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 |
|---|---|---|---|---|---|---|---|---|
| Israel Englander | Millennium Management LLC | $233.2B | $23.7M | 0.01% | 1,096,152 | +189,987 | +20.97% | 0.3304% |
| Murray Stahl | Horizon Kinetics | $7.4B | $341,492 | 0.00% | 15,773 | -4,586 | -22.53% | 0.0048% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $14.4M | 0.02% | 664,245 | +360,161 | +118.44% | 0.2002% |
| Mason Hawkins | Southeastern Asset Management | $2.2B | $122.9M | 5.48% | 5,678,941 | +1,182,216 | +26.29% | 1.7116% |
| Cliff Asness | AQR Capital Management | $190.6B | $35.7M | 0.02% | 1,648,201 | -548,808 | -24.98% | 0.4963% |
| Matthew Fine | Third Avenue Value Fund | $550.2M | $4.1M | 0.74% | 188,340 | -29,712 | -13.63% | 0.0568% |
| Rich Handler | Jefferies | $19.3B | $319,879 | 0.00% | 14,775 | +14,775 | +100.00% | 0.0045% |