SPY

SPY

SPY

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Sep 27, 2025	Quercus Fund	-	-	0142.HK, 2233.HK, ACWI, ICBP.JK, SPY	Africa, AI, Bonds, catalysts, Cement, China, value	Manager emphasizes finding extremely undervalued securities and waiting for re-rating. Cites Walter Schloss philosophy of buying low enough that something good may happen. Focuses on securities trading at significant discounts to intrinsic value.	3369 HK	View
2024 Q2	Aug 16, 2024	UBS Asset Management	-	-	RSP, SPY	asset allocation, credit, energy, Fed policy, Hedge Funds, trading, volatility	UBS expects the Fed to begin monetary easing to support risk assets into year-end, though delayed reaction could have serious consequences for labor markets. They see increasing divergence across G10 economies creating opportunities to trade differentials in rates and FX.		View
2025 Q2	Jul 8, 2025	Mountain Vista Wealth Management	-	-	FBTC, IEMG, IVE, IVW, IWM, IYZ, QQQ, SPY, VXUS, XLB, XLC, XLE, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY	diversification, Dollar, IPOs, Recovery, tariffs, volatility	Manager emphasizes that volatility is the price of admission for superior long-term returns, citing the April market decline and subsequent recovery. The VIX reached 60 during Liberation Day sell-off, the highest since March 2020.		View
2024 Q1	Jun 7, 2024	Quercus Fund	0.0%	35.3%	ACWI, BAK, LYB, OTIS, SPY	China, Cyclical, Patience, Services, undervalued, value	Otis China's elevator maintenance portfolio has grown from 210k to 400k units, representing over 50% of Otis' global portfolio growth. With decades-long modernization needs for elevators installed 15+ years ago, the portfolio is expected to continue growing at double-digit rates as China transitions to a more mature, service-focused market.	002110.SZ 1826.HK	View
2024 Q2	Jun 30, 2024	The Wolf of Harcourt Street	-0.6%	11.2%	FBTC, IEMG, IVE, IVW, IWM, IYZ, QQQ, SPY, VXUS, XLB, XLC, XLE, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY	diversification, Dollar, international, IPOs, tariffs, volatility	The manager emphasizes that volatility is the price of admission for superior long-term returns, citing the extreme market swings in April when the S&P 500 and Nasdaq 100 dropped 11% before recovering. Historical analysis shows strong returns following rapid market declines and near bear markets.		View
2025 Q1	May 24, 2025	Quercus Fund	-	6.5%	ACWI, FPP.L, OTIS, SPY, UMG.AS	Asia, Banking, dividends, emerging markets, Petrochemicals, Resilience, value	Portfolio has always been curated with resilience in mind, aiming to withstand most macro developments. Manager believes they continue to be in the resiliency spectrum despite potential impacts from paradigm shifts like tariff changes.	HSBK.L	View
2026 Q1	Apr 9, 2026	Mountain Vista Wealth Management	-	-	FBTC, GLD, IWM, QQQ, SPY, USO, VXUS, XLE	AI, energy, Geopolitical, gold, inflation, Iran, private credit, software			View
2025 Q1	Apr 9, 2025	Bireme Capital	3.1%	3.1%	SPY	global, Market Crash, risk, tariffs, Trade Policy, valuation, value	Trump announced massive tariffs on nearly every country in the world, with average effective tariff rates increasing from 3% to mid-20s, the highest since 1909. The tariffs function as a tax increase on consumers and businesses, with estimates suggesting several thousand dollars in immediate cost increases for average households. The policy is viewed as economically damaging and politically untenable long-term.		View
2024 Q1	Apr 5, 2024	Brummer Multi-Strategy Fund	-	-	FBTC, IEMG, IVE, IVW, IWM, IYZ, QQQ, SPY, VXUS, XLB, XLC, XLE, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY	diversification, Dollar, international, IPOs, technology, Trade Policy, volatility	The manager emphasizes that volatility is the price of admission for superior long-term returns, citing the April market decline and subsequent recovery. During extreme volatility periods like Liberation Day, investors should avoid converting temporary losses into permanent ones by selling.		View
2024 Q2	Apr 22, 2024	Rodrigo Benedetti	-	-	AMC, ASML, AX, CIEN, CLS, COHR, CRH, FCNCA, GME, MBIN, MRX, PFBC, PSTG, QQQ, SPY, TBBK, V	Europe, financials, Long/Short, semiconductors, small caps, value	Manager sees value in financials including traditional banks like MBIN, FCNCA, PFBC and TBBK. There is fear about commercial real estate and credit quality, but the manager believes the Treasury curve cannot get more inverted, which should lead to margin stabilization and improvement for banks. Focus on banks that have suffered from equity raises or bear reports.		View
2024 Q1	Apr 19, 2024	Andvari Associates	0.0%	20.3%	AMT, BUD, CSGP, IWM, MA, MO, SPY, WEA	dividends, Quality, rates, real estate, Tobacco, value	CoStar Group is investing $1 billion into Homes.com to compete against Zillow in residential real estate. The National Association of Realtors settlement could provide a tailwind by changing commission structures that favor Homes.com's seller-focused business model over buyer-focused portals.	MO WEA CSGP KPG.AX	View
2024 Q1	Apr 16, 2024	Resilient Asset Management	-	-	SPY	Cash, diversification, international, Performance, value	Manager emphasizes basic cyber defense practices including password managers, multi-factor authentication, and avoiding spurious email links as primary defenses against cybercriminals who continue to prey on the unprepared despite technological advances.		View
2024 Q1	Apr 15, 2024	Weitz Partners III Opportunity Fund	9.1%	14.1%	AAPL, AMZN, BRK-B, CCRD, CHTR, FIS, GOOG, GS, LBRDA, LBTYK, META, MKL, MSFT, PRM, SPY	Broadband, Long/Short, Magnificent Seven, multi-cap, technology, value	The fund focuses on valuation-driven investment decisions, trimming positions like Meta Platforms, Microsoft and Amazon based on valuation considerations. The managers emphasize their multi-cap approach to finding undervalued businesses across all market capitalizations.		View
2025 Q1	Apr 10, 2025	Skybound Wealth Management	-	-	FBTC, IEMG, IVE, IVW, IWM, IYZ, QQQ, SPY, VXUS, XLB, XLC, XLE, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY	Capital markets, diversification, Dollar, Recovery, tariffs, Trade Policy, volatility	Market experienced extreme volatility in April with S&P 500 and Nasdaq 100 dropping 11% from March 31st to April 8th triggered by Trump's reciprocal tariffs announcement. VIX reached approximately 60 intraday during the Liberation Day sell-off, the highest reading since March 2020. Despite the volatility, markets recovered strongly with V-shaped recovery patterns.		View
2024 Q1	Mar 26, 2024	Crescat Capital – Global Macro Hedge Fund	-	-	QQQ, SPY	Activist, Megacap Tech, Mining, Precious Metals, Short Selling	Long activist mining positions in precious metals represent the largest thematic exposure firmwide and have been the primary driver of strong performance year-to-date across all funds. The manager believes it is still very early in a new bull market for precious metals mining stocks, which remain historically undervalued.		View
2024 Q4	Feb 6, 2025	Quercus Fund	-	35.8%	0700.HK, ACWI, SPY, UMG.AS	Concentration, Conglomerates, global, Media, Spin-Offs, value	Detailed discussion of Vivendi's split into four independent listed entities including Universal Music Group, Canal+, Havas, and Louis Hachette Group. The manager notes that despite expectations for re-rating post-split, the newly listed companies are trading at lower levels than before the spin-offs.		View
2024 Q4	Feb 10, 2025	Cedar Creek Partners	0.4%	5.2%	DIA, IQV, RTX, SPY	Banking, Buybacks, defense, dividends, Expert Market, Microcap, OTC, value	Solitron Devices received record bookings of $8 million in Q3, driven by HIMARS and AMRAAM programs. Production capacity for HIMARS doubled to 96 units in 2024 and is running at maximum capacity due to Ukraine demand. AMRAAM production increased 50% to 1,200 missiles annually with over 3,300 foreign orders in the past 12-15 months.		View
2025 Q3	Nov 5, 2025	Kingdom Capital Advisors	-	-	EEM, EFA, IJR, IVE, IXUS, QQQ, QUAL, RSP, SPHB, SPY, USMV, VIG, VTI	Bull Market, earnings, Equal Weight, Fed policy, growth, large cap	Growth dominance theme continues with S&P 500 Market Cap outperforming Equal Weight by approximately 3.5x over the last year. The S&P 500 outperformed Equal Weight by approximately 12% per year in 2023 and 2024, representing the most dominant streak since 1998-1999.		View
2024 Q3	Nov 2, 2024	Alta Fox Capital Management	4.2%	12.5%	APP, IWM, REVG, SPY	industrials, small caps, technology, value, volatility	Alta Fox focuses on high-quality and underfollowed small-cap businesses at attractive valuations. The manager notes increasing extreme price volatility in small caps as an opportunity to capitalize on their diligent research process. They see the convergence of attractively priced small-cap assets and a diminishing competitive landscape as fueling their excitement.	REVG APP	View
2024 Q3	Oct 9, 2024	Stonehearth Capital Management	-	-	AOR, BND, SPY, VEA, VWO	Diversified, Elections, ETFs, Fed policy, Recession, risk management, Technical Analysis	The firm employs a comprehensive hedging protocol using 49 different indicators to monitor market risk and determine appropriate portfolio positioning. Their flagship risk model moved from neutral to bullish during the quarter, supporting their overweight stock exposure.		View
2024 Q3	Oct 22, 2024	Quercus Fund	0.0%	35.3%	0142.HK, 0743.HK, ACWI, SPY	China, Concentration, dividends, Hong Kong, Patience, value	Manager emphasizes buying stocks trading at significant discounts to intrinsic value, with portfolio estimated at 4x market prices. Describes positions as wildly mispriced with high opportunity cost for new ideas. Focus on getting more for less through patient value realization.		View
2025 Q3	Oct 21, 2025	BNY Mellon Core Plus Fund	2.8%	6.0%	SPY	Bonds, credit, duration, Fed, fixed income, rates, Yield	The Federal Reserve delivered a 25bp rate cut to 4%-4.25% range, marking the first cut since December. The Fed's dot plot reflected two additional rate cuts by year-end. US fixed income offers value particularly at the front of the curve with rate cuts now back on the Fed's agenda.		View
2024 Q3	Oct 11, 2024	Leaven Partners	-1.4%	7.9%	DBO, QQQ, SPY	Currency, Hedging, Japan, risk management, valuation, volatility	The fund experienced significant volatility during the quarter, particularly from the August 5th Nikkei crash that dropped 12% in one day. The manager discusses how choppy markets with big moves down followed by quick reversals create challenging conditions for hedging strategies.		View
2025 Q4	Jan 9, 2026	Mountain Vista Wealth Management	0.0%	0.0%	AGG, DBB, EMB, ETHA, FBTC, GLD, IVE, IVW, IWM, JNK, QQQ, SPY, TLT, USO, VXUS, XLK, XLP, XLRE, XLU, XLV	AI, Bitcoin, Economic Outlook, ETFs, Federal Reserve, gold, inflation, Market Commentary	A key question for 2026 is whether AI investments will translate into measurable productivity gains and margin expansion beyond the technology sector. The downside scenario involves a reassessment of AI and data center ROI which could trigger sharp corrections in high-flying growth stocks. Companies are investing in technology that allows them to make their existing workforce more productive, representing an AI-driven productivity boom. Inflation remains persistently above the Federal Reserve's 2% target for the fifth consecutive year, though showing signs of cooling on many fronts. Tariffs have pushed up goods prices, causing inflation to remain elevated. The psychological scars of 2021/22 inflation remain despite real wage growth trending up since Q3 2022. The FOMC delivered a 25 basis point rate cut to 3.50-3.75% range with significant division among policymakers. High interest rates and persistently high prices have pushed monthly payments up at a shocking rate relative to income growth. The Fed announced it would begin purchasing shorter-term Treasury securities to maintain ample reserves. Gold delivered exceptional gains consistently as investors sought assets tied to real scarcity and low correlation to financial assets. Persistent geopolitical risk, elevated fiscal deficits, and gradual erosion of confidence in fiat currencies supported sustained inflows. Central banks continued to be net buyers, with gold posting an extraordinary 63.7% annual return. Bitcoin exhibited far greater volatility and a different return profile than gold, experiencing powerful rallies earlier in the year but proving fragile as risk appetite faded. The sharp drawdown in Q4 highlighted Bitcoin's sensitivity to speculative positioning and leverage. Rather than behaving as a defensive hedge, Bitcoin traded more like a high-beta risk asset.		View
2025 Q4	Jan 9, 2026	QuadCap Wealth Management	0.0%	0.0%	AGG, DIA, EEM, EFA, HYG, IWD, IWF, IWM, IWN, IWO, IWP, IWR, IWS, LQD, MUB, QQQ, SPY, XLB, XLC, XLE, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY	AI, Economic Data, Fed policy, Government Shutdown, Market Leadership	Artificial intelligence remained a key investment theme in Q4, but the narrative matured as investors became more selective. The market shifted focus from headline growth to AI economics, questioning capital requirements for data centers and whether companies could maintain spending pace without pressuring cash flow. Companies involved in large-scale AI projects faced increased scrutiny, especially where spending plans outpaced near-term cash flow. The Federal Reserve cut interest rates by -0.50% in Q4 but signaled a pause, emphasizing future cuts will depend on incoming data. Officials appeared divided between those warning policy remains too restrictive and others cautioning against cutting too soon and reigniting inflation. The shutdown data fog made Fed policy a source of near-term uncertainty and market volatility.		View
2025 Q4	Jan 8, 2026	Advisory Research – Global Select Dividend	0.0%	0.0%	IEV, SPY	AI, Deregulation, Europe, Fiscal, global, inflation, nuclear, oil	Manager believes 2026 will be the year AI efforts become less speculative and more focused on real-world applications. Views generative AI as the general-purpose technology of our era, possessing unique ability to improve over time and serve as a platform for new innovations. Expects AI efforts to become more practical and productive by second half of 2026. European equities nearly doubled SPY performance in 2025, returning +31.4% versus +17.7% for US. Europe has become a story of breadth with 8 of 11 sectors outpacing S&P 500. Fundamental paradigm shift in Germany abandoning fiscal austerity for fiscal excess, targeting defense and infrastructure spending. Manager expects inflation to remain well anchored in all regions except the US where consumers with extra cash could drive inflation higher. Combination of refunds and lower withholdings will frontload benefits into 2026. US inflation may get stickier as economy reaccelerates and government stimulates struggling low-income consumers. AI race catalyzes nuclear fusion research with at least three private-sector companies expected to achieve Net Energy Gain milestone. One company expected to reach Sustained High-Power Density Operation viable for fusion power plant by late 2026. Oil prices expected to climb into $60-70 per barrel range by Q4 2026 as demand drivers exhibit firmer underlying consumption amid more constrained supply growth than widely assumed by market that believes oil is oversupplied. Red tape expected to be cut at pace across Financial Services, AI/Tech Services and Energy sectors under guise of National Security to prop up economic growth before midterms. Great Financial Crisis capital requirements expected to be watered down, benefitting banks the most.		View
2025 Q4	Jan 6, 2026	Financial Synergies Wealth Advisors	0.0%	0.0%	AGG, DIA, EEM, EFA, HYG, IWD, IWF, IWM, IWN, IWO, IWP, IWR, IWS, LQD, MUB, QQQ, SPY, XLB, XLC, XLE, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY	AI, Economy, Fed policy, interest rates, Markets, outlook, technology, volatility	Artificial intelligence remained a key investment theme in Q4, but the narrative matured as investors became more selective. The market shifted focus from broad enthusiasm to companies demonstrating pricing power and a path to profitability rather than growth at any cost. Questions emerged about capital requirements for data centers and whether companies could maintain aggressive capex spending without pressuring cash flow. The Federal Reserve cut interest rates by 0.50% in Q4 but signaled a pause, hinting it could cut less than the market expects in 2026. Fed officials appeared divided with some warning policy remains too restrictive while others caution cutting too soon could reignite inflation. The government shutdown delayed key economic data, making Fed policy a source of near-term uncertainty and market volatility.		View
2024 Q4	Jan 5, 2025	CDT Capital Management	0.0%	0.0%	AAPL, SPY, T, TSLA	AI, Concentration, ETFs, Insider Trading, risk management, Valuations, value	Manager views AI as transformative technology but believes market expectations have become unhinged, creating spectacular valuations for Mag 7 companies. While AI will change the world, the math doesn't support current stock prices, particularly for Apple which lacks a robust AI platform.		View
2025 Q4	Jan 30, 2026	Star Magnolia Capital Limited	-	-	0700.HK, BRK-A, CVNA, KMX, SPY	Asia, Compounding, Europe, Geographic Diversification, long-term, manager selection, Relationships	The letter emphasizes the importance of long-term investing and staying invested despite volatility. The manager discusses how distance from markets and structural design matter more than temperament for successful long-term investing. Examples include Berkshire Hathaway shareholders who stayed invested for decades and achieved compounding returns. The firm focuses on building long-term relationships with investment managers rather than transactional approaches. They maintain relationships averaging 7.1 years with current managers and emphasize investing in people rather than just businesses. The letter details their process for both building and terminating manager relationships. The firm is increasing exposure to Asian markets as part of geographic diversification away from Americas where valuations are viewed as frothy. The team conducted extensive travel across China, Indonesia, and other Asian markets for research and relationship building. The firm is expanding European relationships and published research on European shareholder activism. They view Europe as an attractive alternative to expensive American markets and are building manager relationships in the region.		View
2025 Q4	Jan 28, 2026	Rodrigo Benedetti	0.0%	0.0%	ARKK, CLS, KITS.TO, MSFT, NBIS, ORCL, QQQ, QURE, REGN, SLNO, SPY, STRL, TEVA, TGEN, TSSI, TWST, VRT, XOP	AI, Biotechnology, commodities, Fintech, gold, healthcare, oil	Manager observes precious metals experiencing massive bubble-like moves with gold and silver going through blow-off tops. Believes there is no fundamental reason for this rally and compares moves to the 1970s when US abandoned gold standard. AI companies, particularly neoclouds, corrected 50% but are showing signs of life again. Manager previously shorted low quality AI names trading on high multiples but closed positions when momentum couldn't be fought. Oil equities have diverged from oil prices with E&P, OFS and Majors underperforming. Manager notes well-supplied market and Chinese demand reduction while they add to strategic reserves. Mixed results in biotech with FDA walking back QURE approval after mixed data causing roundtrip of profits. Healthcare sector performed well with TEVA and REGN benefiting from immunity to tariffs and AI disruption. Excited about Figure Technologies at crossroads of blockchain and electronic HELOC securitization. Company provides bridge for stablecoin yield investment and operates marketplace for on-chain loan investment with fraud-resistant electronic system.	EMO CN KITS CN	View
2025 Q4	Jan 23, 2026	Grey Owl Capital	2.4%	0.0%	ACWI, GLD, GSG, IWM, MAGS, SPY, TLT	commodities, Cyclical, diversification, gold, growth, inflation, risk management, small caps	Small-capitalization equities are significantly outperforming, up 7.6% year-to-date through January 23, 2026, as market leadership expands beyond mega-cap technology. The manager has increased exposure to US small-cap equities, believing conditions now favor cyclical outperformance and broadening equity participation. Commodities are outperforming with 7.4% year-to-date gains through January 23, 2026, supported by accelerating economic growth. The portfolio has added to commodities exposure as part of positioning for meaningful economic growth and cyclical outperformance. Gold delivered exceptional performance with 63.7% gains for full year 2025 and continued strength with 11.5% gains in Q4 2025. The manager has expanded precious metals exposure as part of the all-season framework positioning. Economic growth is accelerating according to Hedgeye's real GDP projection model, gaining significant momentum in Q1 and continuing through much of Q2 2026. This growth acceleration historically supports risk assets, particularly cyclical equities and commodities.		View
2025 Q4	Jan 22, 2026	Crescat Capital – Global Macro Hedge Fund	0.0%	0.0%	QQQ, SPY, XAU	commodities, global, Hedge Funds, inflation, Macro, Mining, Performance, Precious Metals	Crescat's activist metals strategy focuses on precious and critical metals mining, believing it is still early in the macro cycle for mining stocks with strong value and high future growth potential in premier explorers and developers. The firm sees many years of favorable tailwinds for mining stocks with a backdrop of unsustainable global debt and deficits. Crescat positions for an inflationary decade, with models pointing toward long-term structural inflation and a declining US dollar. This environment favors hard assets, foreign equity exposure, and selective industries as necessary inflation accompanies unsustainable global debt and deficits. Demand for metals has been skyrocketing from data centers among other factors, contributing to structural global metals shortage after more than a decade of underinvestment in exploration and development.		View
2025 Q4	Jan 21, 2026	Cedar Creek Partners	2.4%	29.6%	ENDI, MCBS, SLBK, SODI, SPY	Community Banks, defense, Expert Market, Microcap, Natural Gas, OTC, value	Manager added major position in Exco Resources, an independent oil and gas company focused on onshore US shale development with 90% natural gas production. Production increased significantly from 22 Bcfe in March to 36 Bcfe in September 2025, with capex budget increasing from $185 million in 2025 to $430 million in 2026. At current two-year strip pricing of $3.75 per mcf, Exco could generate substantial cash flows. Fund allocated 20% to community banks trading at attractive valuations below six times earnings. Manager believes these modestly growing banks should trade at higher valuations and would be attractive acquisition candidates. ECIP banks are expected to screen better once they can repurchase outstanding preferred stock at deep discounts. Solitron Devices, where the manager serves as CEO, saw material uptick in defense orders beginning November 2024. Large orders included HIMARS components from L3Harris and AMRAAM components from RTX, with November 2025 bookings reaching highest ever at $13.9 million. Backlog exceeded $27 million, positioning for improved revenue and earnings.	SLBK ENDI SODI EXCE FLFG PHIG MCBS	View
2023 Q1	Jan 20, 2023	Quercus Fund	-	-	067280.KS, 1652.HK, 603002.SS, ODET.PA, SPY	China, Concentration, Cyclical, Petrochemicals, undervalued, value	The fund focuses on finding extremely undervalued companies with wide margins of safety to prevent permanent losses of capital. The manager emphasizes buying at prices well below intrinsic value, citing Joel Greenblatt's principle of figuring out value and paying a lot less.	1652.HK	View
2025 Q4	Jan 19, 2026	Leaven Partners	4.2%	41.0%	EFA, HD, HEFA, SPY, VT	Currency, Hedging, Japan, risk management, volatility	The manager extensively discusses currency hedging strategy for Japanese yen exposure, explaining how foreign stock ownership creates inherent currency risk. They employ a systematic trend-following approach to currency hedging rather than fundamental valuation models, aiming to reduce short-term volatility while capturing positive carry from interest rate differentials.		View
2024 Q4	Jan 19, 2025	Unconventional Value	-	73.2%	PGY, PL, QQQ, SPIR, SPY, UPST, XMTR	Data, growth, small caps, SPACs, technology, value	Manager has decent concentration in busted SPACs - companies that went public at too high valuations and have been left for dead. Some entities might possess solid business models, good leadership, and promising prospects; it will just take longer than expected to justify exorbitant valuations.		View
2024 Q4	Jan 17, 2025	The Compounding Tortoise	-	18.6%	AOR, BND, SPY, VEA, VWO	asset allocation, Elections, ETFs, Fed policy, risk management			View
2025 Q4	Jan 15, 2026	Anchor Capital Advisors	0.0%	0.0%	IWM, SPY	AI, defense, earnings, equities, global, infrastructure, monetary policy, Trade Policy	AI has emerged as a multi-year infrastructure investment requiring significant investment across data-center infrastructure and power generation. Of the nearly US$3 trillion in data center–related capital expenditure expected through 2030, less than 20% has been deployed, leaving an estimated US$1.5 trillion financing gap. AI-driven productivity gains continue to underpin earnings durability. U.S. trade policy was a central source of volatility during the year, contributing to disruptions in global trade flows and an early-year equity correction. Global trade dynamics reflected a shift toward regionalization, supply-chain realignment, and strategic autonomy across major economies. Ongoing sources of upward price pressure include tariffs. Europe grappled with rising security commitments, with Germany's approximately €500 billion in multi-year fiscal and defense initiatives representing a meaningful shift in Europe's policy stance. This coincides with a broader increase in defense and security spending as the Russia–Ukraine war enters its fourth year. Globally, expanding defense, climate, and social spending is contributing to larger fiscal deficits and rising sovereign debt issuance. Capital-intensive investment cycles are emerging, with AI requiring significant investment across data-center infrastructure and power generation, increasingly financed through infrastructure funds and private capital vehicles. Approximately 79% of the S&P 500's return was attributable to earnings growth rather than valuation expansion—a notable contrast with prior years. Earnings and fundamentals are increasingly driving equity performance and broader market participation. Strong margins, free cash flow generation, and AI-driven productivity gains continue to underpin earnings durability.		View
2025 Q4	Jan 14, 2026	HORAN Capital Advisors	0.0%	0.0%	ACWX, EEM, EFA, GOOGL, META, NFLX, SPY	AI, consumer, Dollar, earnings, Fed policy, international, technology	AI remains the dominant investment theme for 2025, with the Magnificent 7 stocks accounting for 42% of S&P 500 returns. Technology-related stocks dominated the top 10 performers, though concentration in large tech companies may face challenges as the economy evolves and other market areas become attractive. Earnings growth becomes increasingly important as stocks trade at higher valuations. Analyst expectations are for S&P 500 earnings to grow 15.6% in 2026, following 13.3% growth in 2025 and 12.1% in 2024. Strong earnings growth could drive positive stock returns despite elevated P/E multiples. The U.S. Dollar declined about 10% in 2025, contributing approximately one-third of international returns for U.S. investors. Dollar weakness could persist in 2026 due to budget deficits requiring more debt issuance and a dovish Federal Reserve policy stance.		View
2024 Q3	Sep 30, 2024	Weitz Partners III Opportunity Fund	9.1%	14.1%	AMZN, AON, BRK-A, FIS, GOOGL, GPN, IEX, KMX, LBRDA, LBTYA, LH, LYV, META, MSFT, NVDA, PRM, SIRI, SPY, TMO	Broadband, Long/Short, Quality, Rate Cuts, technology, value	The fund focuses on owning high quality businesses trading at discounts to intrinsic value. Liberty Broadband traded at a significant discount to its Charter stake value, and SiriusXM Holdings appears undervalued with investors overly pessimistic about future cash flows at current prices.		View
2024 Q2	Jul 29, 2024	Grey Owl Capital	3.4%	8.6%	ACWI, GLD, GSG, SPY, TLT	All-Season, gold, India, inflation, Multi-Asset, PMI, volatility	Gold was the best performing primary asset class in Q2 2024, up 7.6%. The forward-gold price continues to point toward increasing inflation over the longer term, suggesting gold's monetary component remains attractive as an inflation hedge.		View
2024 Q2	Jul 27, 2024	Horizon Kinetics	0.0%	0.0%	AAPL, AMZN, GOOGL, HAL, LB, META, MSFT, NVDA, SLB, SPY, TPL, TSLA, WPM	AI, China, commodities, energy, geopolitics, Indexation, inflation, technology	AI technology represents a massive growth opportunity but faces critical infrastructure constraints, particularly electric power requirements. The H100 AI chips alone might require 0.5% of total U.S. electricity production, with next-generation chips requiring even more power. This creates both challenges for AI companies and opportunities for energy infrastructure providers.	LB	View
2024 Q2	Jul 25, 2024	Kinsman Oak	0.0%	0.0%	AMC, CHWY, CIGI, GME, NKE, NVDA, SPW, SPY	AI, interest rates, momentum, Rotation, small caps, technology, valuation	The AI trade dominated the first half of 2024, with NVIDIA contributing disproportionately to index gains. The manager questions whether AI will truly benefit large incumbents or if small disruptors will eventually upend established business models, as has historically occurred with revolutionary technological innovations.		View
2025 Q1	Apr 15, 2025	Cedar Creek Partners	8.7%	8.7%	IQV, MCBS, SLRC, SPY	Community Banks, defense, dividends, Expert Market, Microcap, OTC, value	Cedar Creek focuses primarily on microcap stocks and over-the-counter stocks, with fund holdings trading at attractive valuations of 8.0 times forward earnings and 6.6 times earnings net of cash. The fund significantly outperformed small cap indices in Q1, with expert market exposure at 35% of the fund generating strong returns.		View
2023 Q4	Jan 27, 2024	Weitz Partners III Opportunity Fund	9.1%	14.1%	AMZN, BRK-B, CCRD, CHTR, CSGP, FIS, GOOG, GPN, GS, KMX, LBRDA, LSXMK, META, MKL, MSFT, PRM, QRTEP, ROP, SCHW, SIRI, SPY, V	large cap, Long/Short, Media, payments, technology, value	The fund initiated a new position in Global Payments, a leading provider of payments acceptance services with roughly four million merchant locations worldwide. Despite increased competition in the payments landscape, the managers believe Global Payments is more durable than feared and trades at a compelling valuation.	CGPN.L LBRDA 4IMPRINT CCRD	View
2024 Q4	Jan 24, 2025	Grey Owl Capital	-1.6%	6.7%	ACWI, GLD, GSG, SPY, TLT	commodities, Dollar, growth, inflation, rates, volatility	Manager expects inflation to reaccelerate through first half of 2025, moving from stagflation to quasi-stagflation. 5-Year Breakeven rates point higher though the early fall spike has receded, and monthly inflation nowcast forecasts continued higher consumer price inflation through January.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of SPY

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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