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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2022 Q4 | Dec 31, 2022 | Moerus Capital Management LLC | - | 13.3% | ARCO, BRX, DESP, EMAAR UH, GIVPY, IPCO CN, SPB, TDW, YRI SW | - | View | ||
| 2025 Q3 | Oct 14, 2025 | Pzena Investment Management | - | - | 2579 JP, BAX, CHTR, LKQ, PFE, SCS, SHEKK NA, SPB, TEP FP, UHR SW, WIZZ LN | Artificial Intelligence, cyclicals, Global Equities, small caps, value | Pzena argues that small caps trade at historic lows versus large caps and are poised for multi-year outperformance. The firm views AI-driven market dislocations as openings for active value investing, focusing on normalized earnings rather than hype. The letter emphasizes select opportunities in healthcare, industrials, and global cyclicals. | WIZZ SPB TPN BAX |
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| 2025 Q4 | Jan 20, 2026 | Greenlight Capital | 8.5% | 9.0% | AR, BHF, CNH, DECK, FLR, GPK, GPN, GRBK, HPQ, HSIC, LXS.DE, MSTU, MSTX, PRKS, SMR, SOLB.BR, SPB, TEVA, VSCO, WBD | Copper, Cyclical, gold, Hedge Fund, Long/Short, Macro, value | Gold had an exceptional year appreciating 64%. The primary driver was countries seeking to reduce dollar exposure for reserves and trade as the U.S. loses hegemonic leadership. Foreign central banks are increasing gold reserves and establishing it as an alternative to settling global trade in dollars, effectively re-monetizing gold within official government channels. Copper prices rose about 40% in 2025 driven by AI world demand for more copper while supply remains limited. Several large mines around the world experienced production shortfalls, contributing to the price appreciation. The fund focuses on building a bottom-up portfolio of equity longs that are absolutely cheap and misunderstood, paired with overvalued shorts. Many cyclical businesses faced earnings shortfalls but P/E multiples failed to expand as typically expected during cyclical downturns. | CNR SPB HSIC GPN DECK AR TEVA VSCO FLR |
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| 2025 Q4 | Jan 15, 2026 | Focus Wealth Management | 0.0% | 0.0% | BNS.TO, DRX.L, JWEL.TO, RY.TO, SPB | AI, Bubble, Canada, diversification, gold, Quality, technology, Valuations | AI-related companies led market gains in 2025, creating froth and excess in valuations. The current AI hype cycle parallels the late 1990s tech bubble, with valuations requiring everything to go right for modest returns. The manager views this as a generational technological shift similar to the Internet era. Gold became a defining risk-off expression in 2025, rising over 60% from mid-$2000s to above $4000 per ounce due to waning confidence in the US dollar. Gold mining companies delivered outsized returns, with Canada's TSX benefiting from its 13% weighting to gold and precious metals. Stock markets reached historically elevated levels with S&P 500 trading at 22x forward earnings. Only four times in the last 100 years have markets been so expensive. Valuation dispersion between large-cap and small/mid-cap stocks mirrors 1999/2000 conditions. | SPB DRX LN JWEL CN |
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| 2024 Q3 | Sep 30, 2024 | Invesco Small Cap Value Fund | 6.5% | 19.5% | ATGE, BECN, COHR, HSIC, LITE, MXL, NFE, QDEL, RMBS, SPB, WAL | - | View | ||
| 2023 Q3 | Sep 30, 2023 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | FAF, NOV, SPB | - | View | ||
| 2023 Q2 | May 31, 2023 | Moerus Capital Management LLC | - | 2.7% | CRE LN, DESP, LTM, NN NA, NTCO3 BZ, PCAR3 BZ, SPB, TDW, TECK/B CN, UNC IN, WED CN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 24, 2026 | Fund Letters | David Einhorn | Spectrum Brands Holdings, Inc. | Consumer Discretionary | Household Products | Bull | New York Stock Exchange | buybacks, consumer, divestiture, Sum-of-parts, Value | View Pitch |
| Jan 21, 2026 | Fund Letters | Jeff Hales | Spectrum Brands Holdings, Inc. | Consumer Discretionary | Household Products | Bull | New York Stock Exchange | balance sheet, Consumer products, Cyclical Recovery, essential goods, Free Cash Flow | View Pitch |
| Nov 29, 2025 | Fund Letters | Daniel L. Babkes | Spectrum Brands Holdings Inc. | Consumer Staples | Consumer Products | Bull | NYSE | brands, consumer, Re-rating, tariffs, 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. | ||||||||