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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 9, 2025 | Liberty Park Capital Management | 1.4% | -2.2% | AUR, BELFB, BLN, COMP, HQI, IONQ, LAKE, LBRT, LMB, NSSC, NVEE, NWL, QBTS, QUBT, SKY, SWIM, TTEK, WHR, WNC, XMTR | consumer, Long/Short, Manufacturing, Quantum, small cap, tariffs, technology, value | Nicotine pouches are disrupting traditional tobacco products with safer alternatives that have no known carcinogens. The US market grew over 40% in Q1 2025, with nicotine pouches expected to increase from 5% of global nicotine users in 2024 to 11% in 2030. Online penetration remains low at 3% in the US versus 35% in mature markets like Sweden. | HAYPP.ST LAKE SKY NSSC XMTR |
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| 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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| 2025 Q2 | Jul 21, 2025 | Wasatch Long/Short Alpha Fund | 0.5% | - | ENSG, FN, GWRE, HLP, HQY, INSP, KAI, MORN, NSA, OZK, RBC, RKLB, ROP, SG, SKY, WDAY | Beta, Defensive, Long/Short, Quality, risk-on, small cap, tariffs | The fund focuses on high-quality companies with proven earnings growth track records, strong free cash-flow generation, and trusted management teams. This quality focus was a headwind during the quarter as lower-quality stocks outperformed in the risk-on environment, but the manager believes this creates better expected returns for quality investing over the next three-to-five years. | SG RKLB HQY GWRE FN INSP NSA SKY HQY GWRE INSP NSA SKY |
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| 2025 Q1 | Mar 31, 2025 | AMG GW&K Small Cap Core Fund | -7.3% | -7.3% | ADC, ARQT, BWIN, CBZ, CHX, COCO, FLYW, FNA, GBCI, GMED, HALO, HLI, HMN, ICFI, INSM, INTA, ITCI, LOPE, MGY, MTSI, NWE, PAR, PATK, PPBI, PRIM, RBC, SKY, SPXC, STAG, STRL, SWTX, TNDM, UMBF, UTZ | AI, Biotechnology, energy, financials, Quality, small caps, Trade Policy | The fund discusses navigating uncertainty from tariff announcements and trade policy changes by the current U.S. Administration. The manager analyzes potential impacts on manufacturing, consumers, and trading partners, while monitoring for signs of policy moderation or negotiation. | View | |
| 2025 Q4 | Feb 17, 2026 | AMG GW&K Small Cap Core Fund | 3.5% | 7.2% | AEIS, AGIO, CIFR, CSWI, CVLT, DAVA, DSGX, FLYW, GMED, HUT, INTA, ITT, MTSI, PAR, QBTS, RARE, RBC, SATS, SF, SKY, SLG, SPXC, STRL, SUPN, THR, VIAV, WULF | healthcare, industrials, materials, Quality, small caps, technology, Trade Policy, value | The Russell 2000 Index delivered 12.8% returns for 2025 despite significant volatility, with a 23% drop by April followed by a 40% recovery. The small cap environment was characterized by narrow performance driven by low-quality, speculative stocks, with the top 25 contributors delivering over 50% of benchmark returns. The investment environment overwhelmingly favored lower quality stocks, with non-earners gaining 19.6%, negative equity stocks up 37.2%, and highest beta names advancing 26.1%. The fund's deliberate focus on higher-quality stocks with earnings support was a general headwind throughout the year. Artificial intelligence investment was a key area of market focus during 2025, though the fund questioned when investors would see returns from billions of dollars spent on AI infrastructure. The fund avoided speculative AI plays in favor of companies with more established fundamentals. Uncertain trade policy and the friction it added to the system was the biggest distraction during 2025. Companies now mostly have a sense of the rules of global trade and are adjusting, which could provide more stability going forward. | View | |
| 2023 Q3 | Nov 6, 2023 | Voss Value Fund | -8.3% | -0.2% | AAPL, CRH, CROX, ECN.TO, NVDA, SKY, TSLA | Building Materials, consumer, Homebuilders, infrastructure, interest rates, Long/Short, small caps, value | CRH positioned as major beneficiary of unprecedented government infrastructure programs including IIJA, CHIPS, and IRA. Highway funding alone increases 50% above baseline, with CRH being the #1 road paver. Manufacturing onshoring creates $200B+ in mega projects through 2030. | View | |
| 2025 Q4 | Jan 23, 2026 | Baron Real Estate Fund | -1.4% | 4.9% | AMH, AMT, BX, CSGP, DHI, FBIN, GDS, GMG.AX, H, HLT, IRM, JLL, PLD, RKT, SKY, TMHC, TREX, VNO, VTR, WELL | Commercial, Data centers, Housing, Industrial, real estate, REITs, Travel | Fund invests in leading commercial real estate services companies CBRE, JLL, and Cushman & Wakefield that benefit from outsourcing trends, institutionalization of commercial real estate, and market share opportunities in a fragmented industry. These companies are expected to generate 15%+ annual earnings growth as commercial real estate sales and leasing activity rebounds. Multi-year setup for data centers is as strong as ever with expanding demand from cloud computing, IT outsourcing, and AI workloads from Magnificent 7 companies. New supply is constrained due to elevated construction costs and power constraints while rents are rising. Fund owns Equinix, Digital Realty Trust, GDS Holdings, and Goodman as multi-year beneficiaries. Travel companies benefit from favorable shift in consumer preferences away from goods spending to prioritizing travel experiences. Fund owns best-in-class hotel companies Hilton and Hyatt which should continue benefiting from these secular trends including flexible work arrangements allowing more travel and cyclically depressed business activity creating opportunities. Despite near-term housing market challenges from affordability issues and buyer/seller strikes, there is structural underinvestment in housing relative to demographic needs. US builds same number of homes today as 1960 despite 160 million more people. Fund sees long-term bullish opportunity in companies like Toll Brothers and Champion Homes as housing market rebounds. Industrial real estate benefits from multi-year demand drivers including e-commerce growth, last mile infrastructure needs, onshoring trends, and shift from just-in-time to just-in-case inventory management. AI's physical manifestation through robotics and automation will require more industrial facilities. Fund owns Prologis, EastGroup Properties, and Terreno Realty. | IRM VTR WELL FBIN SKY CSGP H PLD JLL |
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| 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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| 2023 Q3 | Jun 11, 2023 | Voss Value Offshore Fund | 7.4% | 8.9% | AAPL, CRH, CROX, ECN.TO, NVDA, SKY, TSLA | Aggregates, Construction, Homebuilders, infrastructure, materials, small caps, value | Small cap stocks are experiencing their 3rd worst bear market by duration and 4th worst by magnitude in 40+ years, with the Russell 2000 down 33% from peak. The manager believes this creates exceptional opportunity as small caps have historically been higher 99% of the time over rolling 6-year periods. Current valuations at 12x P/E excluding negative earners represent significant discount to historical levels. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Wasatch Long/Short Alpha Fund | Champion Homes, Inc. | Consumer Discretionary | Homebuilding | Bull | NYSE | Consumer Discretionary, homebuilder, Housing, Interest Rate Sensitive, margin compression, Modular Homes, Revenue Growth | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Avenue Real Estate Value Fund | Champion Homes Inc. | Consumer Discretionary | Homebuilding | Bull | NYSE | affordable housing, consolidation, Factory-Built, Financing, homebuilding, manufactured homes, Modular Homes, North America, Value | View Pitch |
| Jan 28, 2026 | Fund Letters | Jeffrey Kolitch | Champion Homes Inc. | Consumer Discretionary | Homebuilding | Bull | New York Stock Exchange | affordability, Capacity, Housing policy, Manufactured housing, valuation | View Pitch |
| Jan 8, 2026 | Fund Letters | Charles P. Murphy | Skyline Champion Corporation | Industrials | Building Products | Bull | New York Stock Exchange | affordability, Cyclicality, Housing, manufacturing, Margins | View Pitch |
| Jan 8, 2026 | Fund Letters | Mick Rasmussen | Champion Homes, Inc. | Consumer Discretionary | Homebuilding | Neutral | New York Stock Exchange | affordability, Housing, Interestrates, Margins, Modularhousing | View Pitch |
| Jan 8, 2026 | Fund Letters | Jason Wolf | Skyline Champion Corporation | Consumer Discretionary | Homebuilding | Bull | New York Stock Exchange | affordability, Balance_Sheet, Cyclicality, Housing, manufacturing | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Eric Ramos | Champion Homes | Consumer Discretionary | Residential Construction | 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 |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $79.6M | 0.09% | 941,751 | +19,499 | +2.11% | 1.4795% |
| Robert Pohly | Samlyn Capital | $6.3B | $18.5M | 0.29% | 218,754 | +218,754 | +100.00% | 0.3437% |
| Israel Englander | Millennium Management LLC | $233.2B | $1.6M | 0.00% | 18,780 | -11,301 | -37.57% | 0.0295% |
| Bob Robotti | Robotti & Co Advisors, LLC | $710.5M | $5.9M | 0.83% | 70,041 | +1,060 | +1.54% | 0.1100% |
| Cliff Asness | AQR Capital Management | $190.6B | $684,451 | 0.00% | 8,100 | +4,637 | +133.90% | 0.0127% |
| Mario Gabelli | GAMCO Investors | $10.4B | $15.0M | 0.14% | 177,800 | -3,600 | -1.98% | 0.2793% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $7,267 | 0.00% | 86 | +0 | +0.00% | 0.0001% |
| Matthew Fine | Third Avenue Value Fund | $550.2M | $9.0M | 1.63% | 106,409 | +46,544 | +77.75% | 0.1672% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $1.8M | 0.22% | 18,931 | +5,050 | +36.38% | 0.0334% |
| $25.6B | $3.9M | 0.02% | 46,560 | +46,560 | +100.00% | 0.0731% |