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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 25, 2025 | Oldfield Partners Overstone Global Large Cap | 8.7% | 19.7% | 6971.T, 9433.T, BABA, BNZL.L, BT-A.L, CB, DIS, FRE.DE, NOV, SSNC, WTB.L | Bubble, diversification, Dollar, global, valuation, value | The portfolio trades at only 11x earnings, a 15% discount to its historical average, while the S&P 500 appears expensive at 22x forward earnings representing a 40% premium to its 20-year average. The Shiller price-to-earnings ratio currently stands at 38x, a level historically associated with near-zero real returns over the subsequent decade. | BNZL.L 6971.T |
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| 2025 Q2 | Aug 11, 2025 | BlackRock Mid-Cap Value Fund | 5.6% | 4.9% | BAX, BDX, CAH, CVS, FCNCA, FIS, LHX, SSNC, STM, WDC | AI, dividends, financials, healthcare, Mid-cap, technology, value | Optimism about artificial intelligence endures, with companies emphasizing it in earnings calls and delivering strong results. The fund views AI as a continuing driver of market performance despite broader volatility. | View | |
| 2025 Q2 | Jul 8, 2025 | Right Tail Capital | - | - | BYD.TO, CHTR, IAC, NSC, NSIT, SCHW, SSNC | Business, Capital Allocation, Long Term, portfolio, Quality | Right Tail focuses on owning high quality public companies with strong competitive advantages and returns on incremental capital for the long run. The manager emphasizes that 70% of the portfolio consists of companies held for the better part of 3 years, reflecting an outcome of owning high quality businesses that create value over time. | View | |
| 2025 Q2 | Jun 30, 2025 | Mapfre US Forgotten Value Fund | -2.3% | -6.6% | BATRA, GOOGL, HHH, KVUE, LH, MKL, MODG, MSGS, NWSA, QSR, SSNC, TRIP, UBER, WRB | Communication Services, small caps, technology, undervalued, US, value | The fund focuses on companies undervalued by the market, particularly forgotten stocks that may be outside the focus of the investment community. These include companies with complex capital structures, those in temporarily out-of-favor sectors, or smaller capitalization companies followed by fewer analysts. | View | |
| 2026 Q1 | Apr 28, 2026 | Diamond Hill Small-Mid Cap Strategy | -2.5% | -2.5% | AR, AVTR, CIEN, HII, HUM, ICLR, LAMR, LPLA, PNFP, RKT, RRX, RTO.L, SSNC, WTW | AI, defense, energy, healthcare, mid cap, Quality, small cap, volatility | View | ||
| 2026 Q1 | Apr 28, 2026 | Diamond Hill Mid Cap | -2.0% | -2.0% | AIG, AR, AVTR, CARR, CIEN, FCX, HUM, KMB, LAMR, MGM, RRX, RTO, SSNC, WAY | AI, Defensive, energy, Geopolitical, healthcare, mid cap, Quality | View | ||
| 2026 Q1 | Apr 16, 2026 | Lyrical Asset Management | -6.7% | -6.7% | ARW, EBAY, EXPE, FFIV, FIS, FLEX, GEN, ICLR, JCI, NRG, SSNC, UBER, WCC | earnings, financials, healthcare, industrials, technology, value | View | ||
| 2026 Q1 | Mar 31, 2026 | Old West Investment Management | 16.0% | 16.0% | BRKR, CNQ, SSNC, SU, TDW, TMQ | AI, Copper, energy, Geopolitical, Mining, Natural Gas, Physical Infrastructure | TMQ SSNC BRKR SU TDW CNQ |
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| 2025 Q1 | Mar 31, 2025 | BlackRock Mid-Cap Value Fund | -0.6% | -0.6% | BAX, CAH, CVS, EA, FCNCA, FIS, LH, LHX, SEE, SSNC | AI, dividends, financials, healthcare, mid cap, Quality, Trade Policy, value | Trade tensions and AI infrastructure spending scrutiny have driven rotation into value stocks, which outperformed growth stocks due to attractive valuations and earnings growth convergence. The fund emphasizes discipline in selecting high-quality businesses with strong fundamentals and reasonable valuations. | View | |
| 2025 Q4 | Feb 11, 2026 | BlackRock Mid-Cap Value Fund | 2.5% | 13.7% | BAX, BDX, CAH, CVS, FCNCA, FIS, MMS, SSNC, WCC, WDC | AI, dividends, financials, healthcare, industrials, inflation, mid cap, value | Manager notes exuberance driven by artificial intelligence and narrow leadership raises questions about durability. They see value investing as offering a risk-aware way to participate in secular themes, including AI. Large-scale AI-related capital spending could strain power, materials, and construction capacity. The fund explicitly follows a value investing approach, investing in mid-cap companies that pay attractive, sustainable and growing dividends. Manager emphasizes value investing offers a risk-aware way to participate in secular themes and argues for selectivity and disciplined risk control. | View | |
| 2024 Q4 | Dec 31, 2024 | BlackRock Mid-Cap Value Fund | -3.0% | 9.1% | BAX, CAH, EA, FCNCA, FIS, KHC, LHX, SEE, SSNC, WDC | dividends, financials, healthcare, industrials, mid cap, Quality, value | The fund focuses on finding high-quality businesses with clean balance sheets, good franchises, and savvy management at attractive valuations. The managers emphasize avoiding momentum chasing and maintaining discipline in their value-oriented approach despite market conditions. | View | |
| 2023 Q4 | Dec 31, 2023 | Appleseed Fund | 0.0% | 0.0% | AER, BEI.UN.TO, CF, DG, MDT, MOS, PHYS, SSNC, VFC | Diversified, Esg, global, SMID Cap, value | View | ||
| 2025 Q3 | Nov 17, 2025 | Appleseed Fund | - | - | AER, AGNC, CAG, CC, CCJ, CCNE, DEA, DSX, EL, GXO, LULU, NICE, RHHBY, SONY, SSNC, STAN.L, SWK, TWO, WCC, WMMVY | commodities, Dollar, global, gold, inflation, value | Gold has risen 60% year-to-date with the price touching $4,250/ounce. The fund expects continued outperformance through the balance of this decade driven by foreign central bank purchases, persistent inflation, declining U.S. relative power, and gold's role as a neutral reserve asset. Physical gold stores in the West are declining while debt-to-GDP ratios worldwide have never been higher. | View | |
| 2023 Q3 | Oct 19, 2023 | Giverny Capital Asset Management | 7.0% | 20.2% | AHT, AME, ANET, BRK-B, CIEN, CSU.TO, FERG, FI, FIVE, FND, GOOGL, HEI, IBP, KMX, META, PGR, SCHW, SSNC | growth, Midcaps, payments, small caps, technology, value | Tech giants Alphabet and Meta drove 59% of portfolio returns, rising 75% through September. The seven largest tech stocks constituted 27% of the S&P 500 and accounted for 84% of the index's total return. These companies trade at demanding valuations with forward PE of 27.6x versus 17x for the rest of the index. | FERG.L FISV AHT.L SCHW SSNC CIEN |
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| 2022 Q3 | Oct 11, 2022 | LVS Advisory – Defensive | 0.0% | 4.4% | AVID, IBKR, NFLX, SCHW, SSNC, XPEL | - | View | ||
| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Focus Plus | 0.1% | 7.1% | CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW, SWKS, TRU, UNH | AI, Buybacks, healthcare, insurance, small caps, technology, value | AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager believes AI is as real and transformational as the Internet, with approximately 61% of the S&P 500's return in 2025 coming from AI-related stocks. However, concerns exist about paying too much for AI businesses despite their real potential. The manager is finding tremendous opportunities in non-AI related companies that are steadily compounding their values but being ignored by the market. These 'old economy' companies are becoming increasingly discounted while AI stocks dominate returns, creating attractive value opportunities similar to the late 1990s dot-com era. Small Cap returns have lagged Large Cap for an extended period, with the manager noting conversations about whether to continue allocating to Small Caps. The Small Cap portfolio has a weighted average price to value ratio in the mid-50s, representing the most discounted portfolio. Sell-side coverage is spotty to nearly non-existent for many small cap holdings. Share repurchases are highlighted as a key value creation mechanism, with Medpace repurchasing over 8% of shares at approximately 50% of intrinsic value, effectively providing 100% returns on capital deployed. Companies are using strong balance sheets and free cash flow for opportunistic buybacks at discounted valuations. | MSFT CSGP CRM GOOG CBRE RYAN |
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| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Focus Plus | 0.1% | 6.2% | CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, SW.PA, SWKS, TRU, UNH | AI, healthcare, insurance, Quality, small caps, technology, value | Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio has improved price-to-value ratios across all strategies while delivering positive returns. Small Cap portfolio has weighted average price-to-value ratio in mid-50s, which manager considers incredible in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager believes AI is as transformational as the Internet but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, with Small Cap Value performing even worse. Manager sees this as opportunity, noting sell-side coverage is sparse and segment is ignored and unloved. Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. Manager focuses on MVP list of highest quality, most stable value companies in the world with sustainable competitive advantages. Lower quality companies have outperformed higher quality companies, especially in Small Cap, with companies having negative earnings accounting for 28% of Russell 2000 Value Index return. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value. Every dollar spent on share repurchases gave 100% return because they were purchasing at half of estimated fair value, increasing estimated value per share by 29% in single quarter. | View | |
| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Large Cap | -1.5% | 7.9% | CBRE, CRM, CSGP, EVER, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RI.PA, RYAN, SSNC, STLA, SW, SWKS, TRU, UNH | AI, Buybacks, healthcare, insurance, small caps, technology, value | Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Portfolio weighted average price to value ratio improved to low 60s while maintaining positive returns. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing incredible opportunity in current environment. Artificial Intelligence is in early stages of disrupting numerous businesses, similar to Internet in 1990s. AI stocks accounted for approximately 61% of S&P 500's return in 2025. Manager acknowledges AI as transformational technology but warns against paying excessive valuations for AI-related companies, drawing parallels to dot-com bubble. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Small Cap Value has been particularly weak. Manager notes sell-side coverage of Small Caps is much less robust, leading to ignored and unloved segment. Small Cap portfolio remains most discounted with weighted average price to value ratio in mid-50s. Share repurchases highlighted as value-creating activity when companies buy back stock below intrinsic value. Medpace repurchased over 8% of shares at approximately 50% of estimated intrinsic value, increasing estimated value per share by 29% in single quarter. Every dollar spent on buybacks provided 100% return due to purchasing at half of fair value. | View | |
| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Small Cap | 3.2% | 9.5% | CBRE, CRM, CSGP, FISV, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYAN, SSNC, STLA, SW.PA, SWKS, TRU, UNH | AI, discount, insurance, Quality, small cap, value | Manager emphasizes value investing discipline, focusing on companies trading at substantial discounts to intrinsic value. Small Cap portfolio has weighted average price to value ratio in mid-50s, representing significant margin of safety in current environment. Artificial Intelligence is disrupting numerous businesses similar to the Internet in the 1990s. AI stocks accounted for approximately 61% of S&P 500 returns in 2025, creating market concentration risks reminiscent of dot-com era. Small Cap returns have lagged Large Cap for extended period, creating attractive opportunities. Manager notes sell-side coverage is sparse and segment is ignored and unloved, often indicating good allocation timing. Portfolio includes more insurance-related businesses including Everest Group reinsurance and Ryan Specialty excess and surplus insurance broker. These companies offer attractive risk-adjusted returns and capital allocation opportunities. | ITRN EG |
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| 2024 Q3 | Sep 30, 2024 | BlackRock Mid-Cap Value Fund | 7.8% | 12.5% | BAX, CAH, CVS, FCNCA, FIS, KHC, LHX, SEE, SSNC, WDC | dividends, financials, healthcare, industrials, mid cap, value | The fund invests in mid-capitalization companies that pay attractive, sustainable and growing dividends with the aim of providing mid-capitalization equity returns with less volatility. | View | |
| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Large Cap | 8.2% | 17.6% | AMZN, CSGP, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS | AI, Cloud, free cash flow, large cap, payments, technology, value | Amazon's AWS continues to show strong customer pipeline despite growth deceleration, with significant technology workloads remaining on-premise. Microsoft drives digital cloud growth and benefits from AI wave while generating operating leverage. The managers remain confident in long-term cloud assumptions. | CHKP. ELV ENS PRG MEDP SFR DNB ^GSPC SSNC FISV |
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| 2023 Q2 | Jul 31, 2023 | Vulcan Value Partners – Small Cap | 9.1% | 9.4% | AMZN, CRNC, CSGP, CW, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS | AI, Cloud, free cash flow, healthcare, payments, small cap, technology, value | AWS growth continues to slow but significant technology workloads remain on-premise with strong new customer pipeline. Microsoft driving digital cloud growth and benefiting from AI wave while generating operating leverage. | View | |
| 2023 Q2 | Jul 18, 2023 | LVS Advisory – Defensive | 0.0% | 4.4% | ADBE, DCP, GOGO, IBKR, MA, NFLX, SSNC | Concentration, Event Driven, Merger Arbitrage, risk management, value | The manager discusses merger arbitrage strategies and event-driven investments as alternatives to traditional bond markets. Focus on non-binding acquisition offers and their success rates, with detailed analysis of deal structures and negotiation dynamics. | ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA GOGO ADBE ADMA DCP |
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| 2024 Q2 | Jun 30, 2024 | BlackRock Mid-Cap Value Fund | 7.8% | 12.5% | BAX, CAH, FCNCA, FIS, GM, KHC, LHX, SEE, SSNC, WDC | dividends, healthcare, industrials, materials, mid cap, value | Value earnings growth is underappreciated and may offer an attractive risk-return skew given differences in expectations. Valuations look stretched due to large technology companies pulling indexes and portfolios to be more growth-oriented. | View | |
| 2023 Q1 | Apr 13, 2023 | LVS Advisory – Defensive | 0.0% | 4.4% | AVID, BJ, GOGO, IBKR, JYNT, NFLX, SCHW, SSNC | Banking, CVR, Event-Driven, interest rates, M&A, Options, Streaming | The letter discusses multiple pharmaceutical M&A deals including Pfizer's acquisition of Biohaven and Johnson & Johnson's acquisition of Abiomed. The manager focuses on event-driven investing in these transactions, particularly highlighting the embedded options and contingent value rights that create additional upside potential beyond the base deal consideration. | GOGO JYNT BJ AAPL|MSFT|NFLX|NVDA|UNH ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA SCHW AVID |
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| 2023 Q1 | Mar 31, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | AAP, ADM, AIG, ALGT, ALK, ALL, ARW, ASH, BHF, BKU, BOKF, BR, BRBR, BRO, BSX, BWA, CALM, CHKP, CIEN, CIVI, COOP, CTRA, CTSH, CUBE, DEI, ENOV, ERII, ESAB, ESGR, FA, FCX, FIBK, FIS, FWONA, GTES, HBI, HIG, ITGR, JLL, KEX, KMX, L, LANC, LOB, MTN, NVR, NXPI, OZK, PH, POST, PRG, RHP, RNR, RRR, RRX, RYN, SANM, SF, SRCL, SSNC, ST, UDR, UGI, VFC, WBS, WCC, WNS, WTW, WWW, WY | financials, industrials, mid cap, small cap, value | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 7, 2026 | Fund Letters | Old West Investment Management | SS&C Technologies Holdings | Software - Application | Software | Bull | NASDAQ | financial services, financial technology, Fund Administration, Hedge funds, Multiple compression, private equity, Software, Transfer Agency | View Pitch |
| Apr 28, 2026 | Fund Letters | Giverny Capital Asset Management | SS&C Technologies Holdings Inc | Information Technology | Application Software | Bear | NASDAQ | Application Software, Bear, capital allocation, financial services, Floating Rate Debt, Interest rates | View Pitch |
| Apr 28, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | SS&C Technologies Holdings Inc. | Information Technology | Application Software | Bull | NASDAQ | financial services, founder-led, healthcare, high margins, recurring revenue, SaaS, Software | View Pitch |
| Oct 23, 2025 | Value Investors Club | juice835 | SS&C Technologies Holdings, Inc. | Information Technology | Application Software | Bull | NASDAQ | EBITDA margins, financial software, Fintech resilience, M&A, valuation discount | View Pitch |
| Oct 23, 2025 | Value Investors Club | juice835 | SS&C Technologies Holdings, Inc. | Information Technology | Application Software | Bull | NASDAQ | EBITDA margins, financial software, Fintech resilience, M&A, valuation discount | 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 |
|---|---|---|---|---|---|---|---|---|
| Anthony Bozza | Lakewood Capital Management | $1.5B | $71.6M | 4.74% | 818,954 | +49,000 | +6.36% | 0.4022% |
| William Von Mueffling | Cantillon Capital Management | $18.5B | $372.3M | 2.01% | 4,258,493 | -4,194,221 | -49.62% | 2.0916% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $12.0M | 0.02% | 137,264 | +137,264 | +100.00% | 0.0674% |
| Richard Pzena | Pzena Investment Management | $33.4B | $901.6M | 2.70% | 10,313,582 | +137,691 | +1.35% | 5.0656% |
| Israel Englander | Millennium Management LLC | $233.2B | $25.2M | 0.01% | 287,837 | -124,748 | -30.24% | 0.1414% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $3.7M | 0.01% | 41,832 | -120,491 | -74.23% | 0.0205% |
| Cliff Asness | AQR Capital Management | $190.6B | $192.1M | 0.10% | 2,197,535 | -165,042 | -6.99% | 1.0793% |
| Oliver Murray | Brandes Investment | $13.1B | $92.0M | 0.70% | 1,052,905 | +26,406 | +2.57% | 0.5171% |
| Panayotis Sparaggis | Alkeon Capital Management | $63.1B | $154.3M | 0.24% | 1,764,916 | +1,436,718 | +437.76% | 0.8669% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $5,070 | 0.00% | 58 | +0 | +0.00% | 0.0000% |