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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jul 6, 2023 | Citadel Value Fund SICAV | - | - | 5184 JP, BKNG, LIGHT NA, NOV, SOL, STLA, VTSC GR | Automotive, CashFlow, Intrinsic Value, Quality, valuation | Valuation: The letter emphasizes that the portfolio trades at a 44% discount to intrinsic value, supported by normalized earnings assumptions rather than optimistic growth. The funds weighted free cash flow yield of 8% and 3.4x EBITDA multiple reflect deep value positioning. Quality: Citadel reiterates its focus on fundamental company analysis, long-term normalized earnings power, and margin-of-safety discipline. The letter stresses that deep knowledge, accounting scrutiny, and conservative modeling reduce downside risk. Automotive: Stellantis emerges as a major new theme, with strong margins, cost synergies from platform integration, BEV leadership in key markets, and an ultra-strong balance sheet. The fund sees Stellantis 50% normalized FCF yield as exceptionally attractive. | View | |
| 2024 Q1 | Apr 25, 2024 | Miller Value Partners Income Strategy | 11.7% | 11.7% | CHRD, JXN, MPW, MSTR, STLA, UGI | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Ariel International Fund | 7.6% | 0.0% | 7270 JP, 7832 JP, APTV, DTG, ELE SW, FMS, JD, SIE GR, STLA | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Ariel Global Fund | 6.9% | 0.0% | 7270 JP, 7832 JP, APTV, BIDU, COF, CVS, DTG, DVA, ELE SW, INTC, JD, STLA, TDC | - | View | ||
| 2025 Q4 | Feb 3, 2026 | Van Der Mandele Arar Fund | 11.7% | 0.0% | 000660.KS, BFIT.AS, GRVY, IMB.L, JXN, ONEW, STLA, XLY.TO | Cannabis, gaming, Gold Miners, semiconductors, tariffs, Trump, value | Gold miners comprise 21% of portfolio and appreciated 30% as gold rose 17%. Manager continues adding despite 50% gold price appreciation, citing strong production growth and attractive valuations relative to earnings potential. SK Hynix benefits from chip shortages in graphics processors, with 70-100% price hikes in a cyclical market. Company is one of three prominent producers of frontier chips alongside TSMC and Samsung. Gravity produces bestsellers in home markets and benefits from activist pressure on controlling shareholder GungHo Entertainment to increase dividends from Gravity's large cash reserves. | JXN GRVY 000660 KS XLY CN |
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| 2020 Q4 | Dec 31, 2020 | Aquamarine Fund | - | 11.3% | 1211 HK, AMZN, AVB, AXP, BAC, BRK/A, GME, MA, NESN SW, NGLX, RACE IM, SRG, STLA | - | 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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| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Global Fund | 5.3% | 16.7% | ANGI, AVTR, BIO, CNH, CNX, DHER.DE, EXOR.MI, F, FI, GLAN.L, GRUMA.MX, IAC, JFC.PS, KHC, MAT, MGM, PHG, REGN, STLA, TIGO, UNH | Buybacks, FCF, global, Holdings, Media, Quality, value | The fund maintains a concentrated portfolio of undervalued stocks trading at low P/V ratios in the low-60s%. Management emphasizes finding defensive growers like consumer staples and timberland companies at better prices, similar to their successful positioning in 1999. They focus on companies with strong free cash flow generation and quality management partners. Multiple portfolio companies are actively repurchasing shares at attractive prices. MGM has repurchased over 40% of shares in five years, Glanbia added to buyback programs, and Exor executed efficient share repurchases via Dutch auction. The fund views these as value-creating capital allocation moves. Canal+ renewed exclusive UEFA Champions League rights for 2027-2031 at better economics than feared, reinforcing subscriber base quality. The company made operational progress across European and African platforms following the MultiChoice merger, though remains underfollowed as a French media company on London Stock Exchange. | AVTR BIO ANGI MGM KHC IAC TIGO GLB LN CAN LN |
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| 2025 Q4 | Jan 11, 2026 | Oldfield Partners Overstone Global Large Cap | 6.3% | 34.7% | 005930.KS, ASML, BABA, BNZL.L, CNHI, EXO.MI, HEN3.DE, LLOY.L, MT, NVDA, PHG, RACE, STLA, TSM, UHR.SW | AI, diversification, global, Luxury, semiconductors, technology, value | AI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. The fund focuses on investing in companies with low valuations that are unloved, ignored, or out of favor but remain fundamental to the global economy. Despite persistent bubble discussions, opportunities continue to exist away from media headlines in companies trading at attractive valuations. New investment in Swatch represents exposure to luxury watch brands including Omega, Longines, Tissot, and others. The investment thesis is based on tangible assets including Swiss real estate and the potential for operating leverage when luxury demand recovers from current structural pressures. | View | |
| 2024 Q3 | Sep 30, 2024 | Ariel International Fund | 7.6% | 0.0% | 005930 KS, 7270 JP, CHKP, JD, PUB FP, SNY, STLA, TSCO LN, VEA | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Ariel Global Fund | 6.9% | 0.0% | 005930 KS, 7270 JP, CHKP, CMA, JD, PUB FP, SNY, STLA, TSCO LN, WAL | - | View | ||
| 2024 Q2 | Jul 31, 2024 | Ariel International Fund | 7.6% | 0.0% | 7270 JP, BAWAY, CS FP, DTG, EMAAR UH, IFX GR, STLA, TNISY, TSM | - | View | ||
| 2024 Q2 | Jul 31, 2024 | Ariel Global Fund | 6.9% | 0.0% | ALL, BAWAY, CS FP, CVS, EMAAR UH, IFX GR, INTC, KB, NTAP, STLA, TSM | - | View | ||
| 2023 Q2 | Jul 24, 2023 | Miller Value Partners Income Strategy | 11.7% | 11.7% | JXN, MPW, OGN, OMF, RILY, STLA, VALE, WAL | - | View | ||
| 2023 Q1 | Apr 28, 2023 | Stanphyl Capital Management | 0.0% | -9.3% | FTEK, GM, STLA, TSLA, VOW GR | - | View | ||
| 2023 Q3 | Apr 10, 2023 | Van Der Mandele Arar Fund | -5.9% | 0.5% | AWE LN, IFP CN, STLA | - | View | ||
| 2022 Q4 | Jan 31, 2023 | Stanphyl Capital Management | 0.0% | -9.3% | FTEK, GM, STLA, TSLA, VOW GR | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Mar 26, 2026 | Seeking Alpha | Seeking Alpha | Stellantis N.V. | Consumer Discretionary | Automobiles | Bear | New York Stock Exchange | Automobiles, automotive industry, Consumer Discretionary, Electric Vehicles, portfolio stake, regulatory challenges, Stellantis, supply chain disruptions | View Pitch |
| Nov 29, 2025 | Fund Letters | Bas Schreuders | Stellantis N.V. | Consumer Discretionary | Automobiles | Bull | Euronext Stock Exchange | Autos, cash, EVs, synergies, valuation | View Pitch |
| Nov 1, 2025 | Substack | Pillars and Profits | Stellantis | Consumer Discretionary | Auto Manufacturers | Bear | automotive, Exor Portfolio, Leadership Change, market competition, North America, Operational Issues, Regulatory Concerns, Turnaround strategy, Valuation Challenges | 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 |
|---|---|---|---|---|---|---|---|---|
| Andreas Halvorsen | Viking Global Investors | $37.7B | $434.3M | 1.15% | 39,062,551 | +39,062,551 | +100.00% | 1.9165% |
| Bill Miller | Miller Value Fund | $283.8M | $4.7M | 1.65% | 429,000 | +39,000 | +10.00% | 0.0206% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $783,198 | 0.00% | 71,919 | +61,074 | +563.15% | 0.0035% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $82.4M | 0.10% | 7,570,828 | +440,100 | +4681.91% | 0.3638% |
| Ray Dalio | Bridgewater Associates | $27.4B | $190,640 | 0.00% | 17,506 | -24,300 | -58.13% | 0.0008% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $22.7M | 0.03% | 2,080,329 | +2,080,329 | +100.00% | 0.1000% |
| Israel Englander | Millennium Management LLC | $233.2B | $16.7M | 0.01% | 2,043,000 | +108,400 | +5.60% | 0.0735% |
| Jeremy Grantham | GMO LLC | $39.1B | $52.3M | 0.13% | 4,704,485 | -6,236 | -0.13% | 0.2307% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $3.9M | 0.01% | 360,187 | +306,300 | +568.41% | 0.0173% |
| Cliff Asness | AQR Capital Management | $190.6B | $3.8M | 0.00% | 344,788 | +286,008 | +486.57% | 0.0166% |
| Rich Handler | Jefferies | $19.3B | $469,552 | 0.00% | 42,305 | -248,000 | -85.43% | 0.0021% |