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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 22, 2025 | Baron Real Estate Fund | 3.6% | -3.5% | ABNB, AMH, AMT, AVB, BAM, BN, BXP, CBRE, CHDN, CSGP, EQIX, EQR, EXR, GDS, IRT, JLL, LPX, PLD, SITE, SPG, TOL, WELL, WYNN | Data centers, Homebuilders, real estate, Recovery, REITs, Travel, Valuations | Fund invests across REITs and non-REIT real estate categories with focus on demand exceeding supply dynamics. Manager sees compelling valuations with many properties trading below replacement cost and expects transaction market recovery. | View | |
| 2025 Q2 | Jul 15, 2025 | Smead Value Fund | -2.4% | -5.4% | AMGN, AXP, BRK-A, CSCO, CVE, DHI, DVN, EBAY, INTC, JPM, LEN, MAC, MRK, MSFT, NVR, OXY, SPG | energy, Homebuilders, Long Term, underperformance, value | The fund positions itself as a value-oriented strategy, drawing parallels to Warren Buffett's underperformance during the dot-com bubble. The managers emphasize their focus on neglected companies while money flows into popular growth stocks and the Magnificent Seven. | View | |
| 2025 Q2 | Jun 30, 2025 | Parnassus Value Equity Fund | 7.2% | - | A, AVGO, AZN, BAX, DHR, GILD, GPN, LIN, MSFT, MU, ORCL, PFE, PGR, REGN, SPG, TMO, TSM, UNH, WMT, WTW | AI, healthcare, Quality, tariffs, technology, value | The Fund's outperformance was primarily driven by artificial intelligence-related portfolio holdings in the Information Technology sector. AI-related companies like Broadcom, Oracle, Microsoft, Micron Technology, and Taiwan Semiconductor benefited from the ongoing AI megatrend and boom in AI investment. The portfolio maintains exposure to semiconductor makers and cloud providers as key beneficiaries of AI investment and cloud adoption. | DHR WTW REGN LIN TMO WMT |
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| 2024 Q1 | Apr 30, 2024 | Smead Value Fund | 5.1% | 11.1% | AMGN, APA, AXP, DHI, JPM, LEN, MAC, MRK, OVV, OXY, SPG, UHAL, WBD | energy, Euphoria, Homebuilders, large cap, Psychology, value | The fund focuses on investing at much lower P/E multiples in industries that have avoided euphoria. They believe caution is warranted when euphoric greed is dominant in the stock market, making this a good reason to fear stock market failure and seek value opportunities. | View | |
| 2024 Q1 | Apr 22, 2024 | Chilton Capital Management | - | - | AAPL, AMZN, BXP, GOOGL, META, MSFT, NVDA, SPG, TSLA | AI, earnings, interest rates, large cap, REITs, technology | Artificial intelligence is identified as a major secular growth and productivity driver that has boosted expected gains for a broad range of sectors. The AI theme has contributed to persistent upgrades of expected forward earnings growth, particularly in the technology sector. | View | |
| 2025 Q3 | Oct 19, 2025 | Smead International Value Fund | 9.1% | 28.5% | AMGN, APA, AXP, BAWG.VI, BMPS.MI, CVE.TO, DHI, FRO, LEN, MAC, MEG.TO, MRK, NVR, PNDORA.CO, SCR.TO, SPG, UCG.MI, UMG.AS, WFG.TO | Banking, energy, Europe, Mergers, oil, Scale, value | The fund owns MEG Energy which has been subject to a bidding war between Cenovus Energy and Strathcona Resources. Cenovus expects $400 million in annual cost savings from combining with MEG, representing about 45% of MEG's market cap. The oil business is seeing significant value creation through mergers and acquisitions as companies seek to scale operations. | UCG MEG SCR CVE |
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| 2025 Q3 | Oct 19, 2025 | Smead Value Fund | 10.7% | 4.7% | AMGN, APA, AXP, CACC, COP, CSCO, CVE, DHI, FANG, INTC, LEN, MAC, MRK, MSFT, NVR, OXY, SPG, TGT, UHAL, UNH | AI, commodities, energy, Homebuilders, technology, value | Energy positions delivered meaningful contributions despite WTI crude oil averaging around $65 per barrel. At current levels near $60 WTI, few bullish factors are reflected in market pricing while companies make disciplined acquisitions and maintain strong balance sheets. | MRK SPG DHI APA |
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| 2023 Q3 | Oct 16, 2023 | Smead Value Fund | 5.1% | 11.1% | AMGN, AXP, BAC, COP, DHI, LEN, MRK, NVR, OVV, OXY, PFE, PXD, SPG, TGT, UHAL, XOM | Bear Market, commodities, Financial Euphoria, Homebuilders, Millennials, oil, value | The fund sees a once-in-a-lifetime opportunity in oil and gas shares, believing they are in the early stages of a commodity super-cycle. Oil and gas stocks have dramatically underperformed the price of oil this year, creating an excellent short-term buying opportunity. The fund expects consolidation in the industry with 40% of existing companies potentially merging into larger entities within 10 years. | View | |
| 2024 Q3 | Oct 15, 2024 | Smead Value Fund | 5.1% | 11.1% | AMGN, APA, AXP, BAC, DHI, LEN, MAC, MRK, NVR, OVV, OXY, SPG, WBD | commodities, contrarian, Euphoria, Homebuilders, oil, value | Home builders continued to show they are meeting an economic need and aren't the heavily cyclical companies they were in the past. D.R. Horton, Lennar and NVR rose sharply as the Federal Reserve cut interest rates. | View | |
| 2025 Q4 | Jan 21, 2026 | Smead Value Fund | 0.3% | 5.1% | AMGN, APA, AXP, CVE, DHI, EBAY, FANG, HD, LEN, MAC, MRK, OXY, SPG, UHAL | contrarian, energy, healthcare, Homebuilders, long-term, Market Extremes, S&P 500, value | The fund maintains a concentrated value approach designed to maximize long-term returns. The managers position themselves as contrarians, being greedy when others are fearful and fearful when others are greedy. They believe deeply out of favor parts of the index like healthcare, energy and homebuilders could receive money coming out of growth stocks. Higher rates have continued to weigh on the homebuilder space as well as an increase in inventory. The fund regards homebuilders' capacity to maintain construction activity throughout the cycle as a key competitive strength, with less resilient competitors likely to exit the market during prolonged cyclical downturns. | View | |
| 2024 Q2 | Jul 15, 2024 | Smead Value Fund | 5.1% | 11.1% | AMGN, APA, AXP, BAC, DHI, JPM, LEN, MAC, MRK, OVV, OXY, QCOM, SPG, WBD | Concentration, energy, Euphoria, financials, Homebuilders, value | The fund maintains its value discipline and eight criteria despite underperformance against popular growth stocks. The manager expects to be well rewarded when the current euphoria episode ends, as has happened following other difficult popular markets. | View | |
| 2025 Q1 | Apr 14, 2025 | Smead Value Fund | -3.1% | -3.1% | AMGN, APA, AXP, DHI, DVN, EBAY, LEN, MAC, MRK, NVR, OVV, OXY, SPG, TGT | energy, Homebuilders, Overvaluation, Quality, REITs, Scarcity, value | The fund emphasizes buying quality, well-selected common stocks at attractive valuations during a period when stocks are historically overpriced and overly popular. The manager believes investors are expecting what worked for the last ten years will work for the next ten years, creating opportunities for value-oriented approaches. | View | |
| 2025 Q1 | Apr 14, 2025 | Parnassus Value Equity Fund | -2.0% | -2.0% | A, ALGN, AMD, AMZN, AVGO, BAC, BIO, CI, DE, GILD, GOOGL, JPM, MA, PGR, ROST, SPG, SPGI, SYY, V, VZ | financials, healthcare, large cap, moats, Quality, technology, uncertainty, value | The fund maintains exposure to AI adoption through cloud and semiconductor companies despite near-term softness. They added Advanced Micro Devices to capitalize on AI accelerator opportunities and the adoption of accelerated computing as AMD's competitive GPUs and CPUs continue to take market share. | JPM AMD |
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| 2023 Q4 | Jan 16, 2024 | Smead Value Fund | 5.1% | 11.1% | APA, AXP, BAC, COP, DHI, DVN, FITB, HD, JPM, LEN, MAC, MTB, NVR, OVV, OXY, PFE, SPG, TGT, UHAL, WAL | banks, consumer, energy, Homebuilders, inflation, value | Home builders were weighed down by rapidly rising mortgage rates and recessionary fears that reemerged fears of a 2008-like housing crisis. The fund focused on supply demand dynamics rather than emotional fears and was handsomely rewarded with strong performance from D.R. Horton, Lennar, and NVR. | View | |
| 2024 Q4 | Jan 14, 2025 | Smead Value Fund | -5.7% | 4.8% | AMGN, APA, AXP, BAC, DHI, JPM, LEN, MAC, MRK, NVR, OVV, OXY, SPG | AI, banks, contrarian, energy, Euphoria, Housing, REITs, value | The fund practices contrarian value investing, with their portfolio trading at 13-times earnings versus 22.75-times on the S&P 500. They believe the market will eventually reestablish reasonableness and favor their undervalued positions over the current growth momentum. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 13, 2026 | Seeking Alpha | Seeking Alpha | Simon Property Group, Inc. | Real Estate | Retail REIT | Bull | New York Stock Exchange | Acquisitions, Class A properties, Dividend Growth, Funds From Operations, inflation, Interest rates, lease expirations, real estate investment, Retail REIT, tenant diversification | View Pitch |
| Nov 29, 2025 | Fund Letters | Bill Smead | Simon Property Group Inc. | Real Estate | REITs—Retail | Bull | NYSE | dividend, Real Estate, REITs, retail, Value | View Pitch |
| Aug 7, 2025 | Substack | Pacific Northwest Edge | Simon Property Group | Real Estate | REIT - Retail | 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 |
|---|---|---|---|---|---|---|---|---|
| Marc Rowan | Apollo Global Management | $10.6B | $31.3M | 0.29% | 169,000 | +169,000 | +100.00% | 0.0416% |
| Jo Taylor | Ontario Teachers' Pension Plan | $4.3B | $1.1M | 0.03% | 5,856 | -13,315 | -69.45% | 0.0014% |
| Chris Davis | Davis Selected Advisers | $22.2B | $12.3M | 0.06% | 66,183 | -87,283 | -56.87% | 0.0163% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $344,860 | 0.00% | 1,863 | -77,800 | -93.06% | 0.0005% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $13.8M | 0.02% | 74,565 | -10,700 | -23.99% | 0.0183% |
| Bill Smead | Smead Capital Management | $4.8B | $331.6M | 6.88% | 1,791,330 | -124,175 | -6.48% | 0.4406% |
| Ray Dalio | Bridgewater Associates | $27.4B | $244,715 | 0.00% | 1,322 | -9,907 | -88.23% | 0.0003% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $904,447 | 0.00% | 4,886 | -49,700 | -62.12% | 0.0012% |
| Israel Englander | Millennium Management LLC | $233.2B | $62.6M | 0.03% | 338,147 | -13,900 | -17.14% | 0.0832% |
| Stephen Selver | Bramshill Investments | $1.8B | $444,264 | 0.03% | 2,400 | +0 | +0.00% | 0.0006% |
| Jeremy Grantham | GMO LLC | $39.1B | $1.3M | 0.00% | 6,942 | -426 | -5.78% | 0.0017% |
| Cliff Asness | AQR Capital Management | $190.6B | $119.0M | 0.06% | 642,872 | -37,230 | -5.47% | 0.1581% |
| Mario Gabelli | GAMCO Investors | $10.4B | $227,685 | 0.00% | 1,230 | +1,230 | +100.00% | 0.0003% |
| Rich Handler | Jefferies | $19.3B | $1.1M | 0.01% | 5,679 | -85,842 | -93.79% | 0.0014% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $13,747 | 0.00% | 74 | -1 | -1.33% | 0.0000% |