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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 22, 2025 | Third Avenue Real Estate Value Fund | 6.8% | 6.4% | AMH, BAM, BN, CBRE, DHI, FMCC, FNMA, FPH, FR, GRI.L, JLL, JM.SI, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WCC, WY | GSEs, Industrial, Manufacturing, Onshoring, real estate, REITs, Residential, value | Supply chain disruptions from Covid-19 have accelerated efforts to reshore critical industries including defense, pharmaceuticals, semiconductors, and materials. U.S. manufacturing investment has increased three-fold over five years to $230 billion annually, with nearly $2 trillion of reshoring initiatives announced since 2023. | J36.SI SKY WCC PLD JAR LN SKY WCC PLD |
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| 2024 Q1 | May 7, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | AMH, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, GRI.L, JLL, LEN, LOW, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY | active management, Data centers, Homebuilders, real estate, REITs, value | AI and LLM advancements are driving enormous capital requirements for data center buildout and colossal power needs. Data center demand expected to increase 10% annually through 2030, requiring 18 Gigawatts of incremental power. Fund avoids direct data center REIT exposure due to supply concerns and low free cash flow yields of 2.5%. | View | |
| 2026 Q1 | May 13, 2026 | Kopernik Global All-Cap Fund | 6.9% | 6.9% | 0001.HK, 030200 KS, 1605.T, 1662.T, CNC, CVE.TO, DRW3.DE, GLEN.L, IVN.TO, KAP, NAK, NTR, PBR, PDN.AX, RGLD, RRC, RYN, SDF.DE, SDR.L, VALE | commodities, energy, global, materials, Timber, value | View | ||
| 2025 Q1 | Apr 24, 2025 | Diamond Hill Mid Cap | -1.3% | -1.3% | AIG, ALK, ASH, BSX, CIEN, COOP, ESAB, HII, ILMN, L, MLM, RRX, RYN, ST, TFX, TRU, UDR, VRSN, VTR, WCC | defense, financials, healthcare, mid cap, tariffs, Trade Policy, value, volatility | President Trump announced significant tariffs including Liberation Day tariffs and threatened 104% tariffs on China in response to retaliation. Markets are nervous about wholesale reworking of global trade landscape affecting historical allies like Taiwan. Companies are preemptively announcing US investments to avoid tariffs. | View | |
| 2025 Q1 | Apr 24, 2025 | Diamond Hill Small-Mid Cap Strategy | -4.2% | -4.2% | ALGT, ALK, BLDR, CIEN, COOP, CTRA, HII, ILMN, INFA, LOB, MGY, RRX, RYN, SXT, TFX, TRU, VRSN, WCC, WNS | defense, mid cap, small cap, tariffs, Trade Policy, value, volatility | President Trump announced significant tariffs including a 104% tariff on China in response to retaliation, creating tremendous uncertainty around trade policy shifts. Markets are struggling to digest whether tariffs are negotiation tactics or permanent reshaping of world trade order. The US-China trade relationship is front and center in this showdown with potential for full-blown trade war. | View | |
| 2026 Q1 | Apr 18, 2026 | Longleaf Partners Global Fund | -4.4% | -4.4% | ACI, CNX, DHER.DE, DIS, FDX, GLB, IAC, MAT, MGM, PHG, REGN, RYN | activism, Forest Products, global, Logistics, private credit, Quality, value | MAT IEL.AX DHER.DE RYN GLB FDX |
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| 2026 Q1 | Apr 18, 2026 | Longleaf Partners Small-Cap Fund | -2.7% | -2.7% | ALX, CNX, CUERVO.MX, ESRT, GLIBA, MAT, RYN, SAM, SHEN, TRIP | Alcohol, energy, private credit, real estate, small cap, Travel, value | TRIP MAT BECLE RYN ESRT SHEN SAM |
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| 2026 Q1 | Apr 16, 2026 | Longleaf Partners Fund | -4.5% | -4.5% | AVTR, CNH, DIS, EXOR.MI, FBIN, FDX, LPX, MAT, PYPL, RYN | Agriculture, Buybacks, Logistics, private credit, Timberland, value | View | ||
| 2026 Q1 | Apr 1, 2026 | Palm Valley Capital Management | 0.7% | 0.7% | CHRD, DOX, FLO, FPI, HTLD, KELYA, LKQ, PHYS, RGP, RYN, TFX | AI, Cyclical, small cap, Staffing, undervalued, value | CHRD RYN DOX |
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| 2024 Q4 | Dec 31, 2024 | Third Avenue Real Estate Value Fund | 0.4% | 14.1% | 1113.HK, AC.PA, AMH, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FPH, FR, JLL, LEN, PLD, RYN, SGRO.L, SUI, UHAL, WCC, WY | Commercial, Homebuilders, NAV, rates, real estate, REITs, Uk, value | Fund maintains significant exposure to commercial real estate through REITs and operating companies focused on industrial, logistics, self-storage, and real estate services. Holdings include platforms like Big Yellow self-storage, Prologis industrial, and CBRE services that benefit from structural demand drivers and limited maintenance capex requirements. | AC.PA BYG.L BKG.L |
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| 2023 Q3 | Oct 25, 2023 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 0004.HK, 1113.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FR, GRI.L, INA.AX, INVH, JLL, LEN, LOW, NSA, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY | Cap Rates, Commercial Property, interest rates, NAV, real estate, REITs, Residential, value | Fund maintains 31% allocation to commercial real estate enterprises focused on secular trends including industrial properties, self-storage facilities, and last-mile fulfillment. Holdings include companies capitalizing on structural changes driving demand for these property types. | BYG.L SUI |
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| 2025 Q3 | Oct 21, 2025 | Third Avenue Real Estate Value Fund | 6.7% | - | AC.PA, AMH, BKG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FR, JLL, LEN, PHM, PLD, RYN, SUI, SVS.L, UHAL, UTG.L, WY | Commercial, global, Homebuilders, Mortgage, real estate, REITs, Residential, value | Fund holds 27.5% in North American commercial real estate companies including CBRE Group, JLL, Brookfield Corp, Prologis, First Industrial, Wesco, and U-Haul Holdings. These represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate that favor long-term investors with structural demand drivers, limited maintenance capex, and prospects to self-finance accretive reinvestment. Commercial banks are estimated to be lending significantly less to commercial real estate, with current pace at less than half of the previous 10-year average. | UTG CHMP ACCOR UTG CHMP AC ROG BOISE DBK OR HBR LUN CS |
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| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Fund | -0.3% | -0.4% | ACI, ANGI, BIO, CNX, EXOR.MI, FDX, FIS, H, HFC, IAC, KHC, MAT, MGM, PCH, PVH, REGN, RYN | AI, Bubble, Buybacks, FCF, spinoffs, undervalued, value | Fund focuses on companies trading at significant discounts to intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying undervalued assets with growing free cash flow per share while avoiding overvalued market segments. | 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.T, ACI, CANAL.PA, CNX, DHER.DE, EXOR.MI, GLB.L, IAC, KHC, MAT, MGM, PCH, PHG, PVH, RYN | AI, Buybacks, consumer, energy, FCF, global, Timberland, value | Fund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at less than 10x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-50s% indicates significant discount to intrinsic value estimates. | PVH 4613 JP |
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| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Small-Cap Fund | 2.0% | 6.4% | BECLE.MX, CLW, CNX, GHC, GRUMAB.MX, H, KODK, MAT, OSCR, PCH, PK, RYN, TRIP, WEST, WTM | Alcohol, Buybacks, energy, FCF, insurance, small cap, Timberland, value | Fund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at 10-12x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-60s% indicates significant discount to intrinsic value. | 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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| 2024 Q3 | Sep 30, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | AMH, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, LOW, PLD, RYN, SGRO.L, SUI, SVS.L, UHAL, WCC, WY | Commercial real estate, Homebuilders, Hotels, Housing, real estate, REITs, value | Fund holds major homebuilders like Lennar and D.R. Horton positioned to benefit from persistent housing supply deficits and consolidation trends. Large publicly traded builders have increased market share to 55% from 40% five years ago by focusing on attainable housing and offering rate buydowns through captive mortgage subsidiaries. | WCC AC.PA |
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| 2025 Q1 | Mar 31, 2025 | Third Avenue Real Estate Value Fund | -0.5% | -0.5% | 4.HK, AMH, BAM, BN, CBRE, DHI, FMCC, FNF, FNMA, FPH, GRI.L, INA.AX, JLL, LEN, PHM, RYN, SUI, SVS.L, UTG.L, WY | Commercial, demographics, Homebuilders, Mortgage, real estate, Student Housing, value | Fund initiated position in PulteGroup, recognizing demographic tailwinds from millennials entering prime home-buying years. Large-scale builders like Pulte, Lennar, and D.R. Horton have evolved to more defensive business models with land options versus ownership, strengthened balance sheets with net cash positions, and gained significant market share. These companies are positioned to maintain profitability and sustain share repurchases despite near-term headwinds. | UTG.L PHM |
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| 2023 Q1 | Mar 31, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | AAP, ADM, AIG, ALGT, ALK, ALL, ARW, ASH, BHF, BKU, BOKF, BR, BRBR, BRO, BSX, BWA, CALM, CHKP, CIEN, CIVI, COOP, CTRA, CTSH, CUBE, DEI, ENOV, ERII, ESAB, ESGR, FA, FCX, FIBK, FIS, FWONA, GTES, HBI, HIG, ITGR, JLL, KEX, KMX, L, LANC, LOB, MTN, NVR, NXPI, OZK, PH, POST, PRG, RHP, RNR, RRR, RRX, RYN, SANM, SF, SRCL, SSNC, ST, UDR, UGI, VFC, WBS, WCC, WNS, WTW, WWW, WY | financials, industrials, mid cap, small cap, value | View | ||
| 2023 Q4 | Jan 31, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 1113.HK, 4.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FRT, GRI.L, ING.AX, IVT, JLL, LEN, LOW, NSA, PLD, RYN, SGRO.L, SUI, SVS.L, TPHS, UHAL, WY | Commercial, Homebuilders, interest rates, real estate, REITs, Residential, value | Fund has 33% invested in commercial real estate enterprises focused on secular trends including industrial properties, self-storage, and last-mile fulfillment. Holdings include companies capitalizing on structural demand changes and urban densification. | View | |
| 2023 Q4 | Jan 2, 2024 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | ALNT, BBCP, CIVI, CMT, ERII, LOB, MAMA, OZK, RCKY, RHP, RRR, RYN, WNS, WWW | consumer discretionary, energy, financials, industrials, small caps, value | Red Rock Resorts successfully opened its Durango Casino and Resort in December and is already discussing the second phase development. The company controls over half the Las Vegas local market and is positioned to capitalize on Las Vegas economic growth as major sports franchises locate there. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | Rayonier Inc | REIT - Specialty | Specialized REITs | Bull | New York Stock Exchange | asset sales, balance sheet, inflation hedge, merger, Natural Resources, REITs, share repurchase, timberland | View Pitch |
| Apr 28, 2026 | Fund Letters | Longleaf Partners Global Fund | Rayonier Inc. | REIT - Specialty | Specialized REITs | Bull | New York Stock Exchange | asset sales, inflation hedge, merger, Natural Resources, Real Estate, REIT, share repurchase, timberland | View Pitch |
| Apr 14, 2026 | Fund Letters | The Davenport Core Leaders Fund | Rayonier Inc | REIT - Specialty | Specialized REITs | Bull | New York Stock Exchange | dividend yield, Hard assets, Housing recovery, inflation hedge, Real assets, Timber REIT, timberland, valuation discount | View Pitch |
| Apr 9, 2026 | Fund Letters | Palm Valley Capital Management | Rayonier Inc | REIT - Specialty | Specialized REITs | Bull | New York Stock Exchange | Asset Discount, carbon capture, inflation hedge, Real assets, REIT, Share Buybacks, timberland, Value | View Pitch |
| 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% |