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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2026 Q1 | Apr 28, 2026 | Pzena Global Small Cap Focused Value Strategy | -0.1% | -0.1% | AAP, BME.L, CNXC, DNOW, DOUG, EVK.DE, HAS.L, MLKN, MMI, NVST, SAMSY, SPB, TATE.L, TEP.PA | Cyclical, global, Recovery, small caps, turnaround, value | View | ||
| 2022 Q4 | Dec 31, 2022 | Moerus Capital Management | - | 13.3% | ARCO, BRX, DESP, EMAAR UH, GIVPY, IPCO CN, SPB, TDW, YRI SW | - | View | ||
| 2023 Q4 | Nov 30, 2023 | Moerus Capital Management | - | 16.5% | ARCO, DESP, HMSO.L, NTCO, SPB, TDW, TECK, UCG, WCM.TO, WOOD.L | Banking, Buybacks, Corporate Activity, energy, global, inflation, Latin America, value | Fund focuses on undervalued, asset-rich companies trading at discounted valuations. Manager emphasizes investing in depressed and unpopular businesses at attractive prices, avoiding mega-cap Growth stocks due to excessive price risk and stretched valuations. | View | |
| 2025 Q3 | Oct 24, 2025 | Pzena Global Small Cap Focused Value Strategy | 10.7% | 13.9% | 1910.HK, AAP, HNI, RCO.PA, REZI, SCS, SNV, SPB, SXT, TFX, TYRES.HE, UMI.BR | Cyclical, global, Outperformance, small caps, tariffs, value | The portfolio focuses on undervalued companies with attractive valuations, including new positions in Samsonite, Remy Cointreau, and Sensata based on compelling valuation opportunities. The strategy emphasizes economically sensitive and cyclical names where valuations remain quite attractive. | SNSA 1910 HK CNXN ORION HAS SCS AAP RESI |
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| 2025 Q3 | Oct 14, 2025 | Pzena Investment Management | - | - | 005930.KS, AAPL, AMZN, BABA, BAX, BIDU, CHTR, GOOGL, LKQ, META, MSFT, NVDA, SCS, SHEL, SPB, TEP.PA, TSLA, TSM, WIZZ.L, WNS | AI, global, Outperformance, portfolios, small caps, value | Small caps trade near historic lows relative to large caps, creating an attractive long-term entry point after years of Magnificent Seven dominance. Despite superior fundamental returns over the past decade, small caps have been driven down by sentiment and multiple compression. History suggests extreme valuation gaps like today's have often been followed by multi-year periods of small-cap outperformance. | 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, EWBC, EXPE, GL, GTLS, HSIC, IART, LITE, MKSI, MTZ, MXL, NFE, NRG, QDEL, RMBS, SPB, VRT, VST, WAL, WBS | AI, healthcare, industrials, Intrinsic Value, Regional Banks, semiconductors, small cap, value | The fund uses an intrinsic value approach to select investments, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market price and estimated intrinsic value of holdings was very attractive according to their estimation. Following outperformance of large-cap over small-cap in recent years, they see greater long-term upside to intrinsic value in many small-cap stocks compared to large-cap stocks. | QDEL RMBS BECN |
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| 2023 Q3 | Sep 30, 2023 | Heartland Mid Cap Value Fund | 8.2% | 9.7% | FAF, NOV, SPB | Bottom-up, Consumer Staples, Cyclical, energy, financials, mid cap, value | The fund employs a two-bucket value approach, investing in both high-quality companies at attractive valuations and deeply discounted companies with poor recent returns but low statistical valuations. The portfolio is deliberately constructed with these buckets in mind without relying on top-down forecasts to favor one subset over the other. | SPB APA|C|FFIV|KHC|NOV|UNH FAF |
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| 2024 Q2 | Jun 30, 2024 | Moerus Capital Management | - | 7.9% | 0388.HK, ARCO, BSBR, CWP.AX, DESP, DOUG, EXO.MI, GGAL, HMSO.L, IPCO, JEF, MEG.TO, NTCO, PCAR3.SA, SPB, STAN.L, STNG, TDW, TECK, TSGYO.IS, UCG.MI, WED.TO | Argentina, Corporate Activity, emerging markets, real estate, Turkey, value | Argentina-based investments were the largest positive contributor to performance, led by Grupo Financiero Galicia and Despegar.com. The manager built positions during extreme economic chaos including currency devaluation and 200%+ inflation, viewing this as a rare opportunity similar to the early 2000s crisis. Recent encouraging signs include deceleration in inflation and fiscal surpluses under the Milei administration. | View | |
| 2023 Q2 | May 31, 2023 | Moerus Capital Management | - | 2.7% | AKER.OL, AUY, CCO, CFX.TO, CMW.AX, DESP, IPCO.TO, ITUB, JEF, LATAM, NN.AS, NTCO3.SA, NTR, PCAR3.SA, SPB, STAN.L, TDW, TECK, UCG.MI, WED.TO | Banking, Buybacks, energy, growth, inflation, Latin America, technology, value | Fund focuses on investing in depressed and unpopular businesses at attractive prices, avoiding popular mega-cap Growth stocks due to excessive valuations. Manager believes valuation and fundamentals will ultimately matter more in determining investment outcomes going forward. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Heartland Mid Cap Value Fund | Spectrum Brands Holdings | Consumer Staples | Household Products | Bull | NYSE | business transformation, consumer staples, deep value, divestiture, Home Garden, Pet Care, Regulatory Overhang, Share Buybacks | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | $33.4B | $141.9M | 0.42% | 2,401,948 | -57,537 | -2.34% | 7.8309% |
| Lee Ainslie | Maverick Capital | $9.3B | $3.0M | 0.03% | 51,588 | +51,588 | +100.00% | 0.1682% |
| Israel Englander | Millennium Management LLC | $233.2B | $9.4M | 0.00% | 159,868 | +44,154 | +38.16% | 0.5212% |
| Aaron Weitman | CastleKnight Management LP | $4.5B | $5.0M | 0.11% | 84,800 | -17,200 | -16.86% | 0.2765% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $21.4M | 0.03% | 362,020 | -153,109 | -29.72% | 1.1803% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.9M | 0.00% | 32,301 | -16,652 | -34.02% | 0.1053% |
| Bruce Kovner | Caxton Associates | $3.2B | $2.3M | 0.07% | 27,251 | -1,566 | -5.43% | 0.1271% |
| Mario Gabelli | GAMCO Investors | $10.4B | $20.9M | 0.20% | 354,082 | +28,569 | +8.78% | 1.1544% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $7.3M | 0.89% | 102,213 | -8,758 | -7.89% | 0.4036% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $2,243 | 0.00% | 37 | +0 | +0.00% | 0.0001% |