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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | City Different Investments – Global Equity | 10.8% | 29.5% | NVO, RIVN, STZ | fundamentals, long-term, Macro, Quality, value | The manager emphasizes focusing on company-specific fundamentals rather than macro conditions, arguing that strong businesses can perform in all economic environments. Recent market dips have provided attractive entry points for quality companies that were previously unattractively priced. | View | |
| 2025 Q2 | Jul 13, 2025 | GDS Investments | - | - | NVO, RIVN, STZ | fundamentals, inflation, Macro, Quality, rates, value | The manager emphasizes focusing on company-specific fundamentals rather than macro conditions, arguing that strong businesses can perform in all economic environments. Recent market turmoil has created compelling entry points for high-quality companies trading at significant discounts. | View | |
| 2023 Q2 | Jul 10, 2023 | Tapasya Investment Fund | - | 23.1% | AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL | energy, Politics, tariffs, technology, Trade Policy, value | Trump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed calculations and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and create policy uncertainty that hinders long-term business investment. | STZ RIVN SLB AVALX TDW AMZN GOOGL |
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| 2023 Q2 | Jul 10, 2023 | Tapasya Investment Fund | - | 23.1% | AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL | energy, Politics, tariffs, technology, Trade Policy, value | Trump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed calculations and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and create policy uncertainty that hinders long-term business investment. | STZ RIVN SLB AVALX TDW AMZN GOOGL |
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| 2023 Q2 | Jun 30, 2023 | City Different Investments – Global Equity | 3.6% | 16.9% | AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL | Electric Vehicles, oil, Politics, Recession, tariffs, Trade Policy, value | Trump's newly announced global tariffs package is being poorly received by markets, causing a 12% decline in five days. The tariffs are based on flawed math and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and slow economic growth. | STZ RIVN SLB AVALX TDW AMZN GOOGL |
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| 2025 Q1 | Apr 9, 2025 | GDS Investments | - | - | AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL | Electric Vehicles, oil, Politics, Recession, tariffs, Trade Policy, uncertainty, value | Trump's newly announced global tariffs are being poorly received by markets, causing a 12% decline in five days. The tariffs are based on flawed math and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and slow economic growth. The implementation creates uncertainty that makes long-term business investments harder to justify. | STZ RIVN SLB VAL TDW AMZN GOOGL |
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| 2025 Q1 | Mar 31, 2025 | The Davenport Value & Income Fund | 3.8% | 3.8% | AVY, BAM, BMY, BRK.B, BUD, CMCSA, CVX, ELV, FDX, HP, HSY, JNJ, LHX, NEE, NSC, ORCL, PM, SNY, STZ, UPS | Buybacks, Consumer Staples, Defensive, dividends, healthcare, value | Sixteen of DVIPX's holdings raised their dividends during the quarter, led by double-digit percentage increases at Walmart, Brookfield Corp, and others. The average DVIPX constituent has raised its dividend 8% year-over-year, which exceeds the S&P 500's 6%. The Fund is both higher yielding and possesses higher dividend growth than the benchmarks. | View | |
| 2023 Q1 | Mar 31, 2023 | Guinness Global Innovators | 12.8% | 12.8% | NVO, RIVN, STZ | fundamentals, inflation, Macro, Quality, rates, value | The manager emphasizes focusing on company-specific fundamentals rather than macro conditions, arguing that strong businesses can perform in all economic environments. Recent market turmoil has created compelling entry points for high-quality companies trading at significant discounts. | View | |
| 2025 Q3 | Nov 16, 2025 | Matrix Dividend Income | - | - | ACN, AMAT, BA, BK, CSCO, FI, GD, LHX, LMT, NESN.SW, NSC, SBUX, STZ, TEL, TGT, TSN, UNP | defense, dividends, financials, healthcare, technology, value | Technology and Communications sectors led the market rally in Q3, accounting for close to 70% of the S&P 500's performance. Many companies within these sectors benefit from investor enthusiasm for artificial intelligence including the Magnificent 7. The manager expects corporations to continue finding new ways to run their businesses more efficiently as they incorporate AI. | LMT STZ ACN |
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| 2025 Q3 | Nov 16, 2025 | Matrix Large Cap Value Strategy | - | - | ACN, AMAT, BA, BK, CSCO, FI, GD, LHX, LMT, NESN.SW, NSC, SBUX, STZ, TEL, TGT, TSN, UNP | AI, defense, dividends, financials, large cap, rates, technology, value | Technology and Communications sectors led the market rally, accounting for 70% of S&P 500 performance in Q3, driven by investor enthusiasm for artificial intelligence including the Magnificent 7. Companies are expected to continue incorporating AI to run businesses more efficiently and drive earnings growth. | View | |
| 2024 Q3 | Oct 10, 2024 | Pittenger & Anderson | - | - | AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL | energy, Politics, Recession, tariffs, technology, Trade Policy, value | Trump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed math and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and slow economic growth. The implementation creates uncertainty that makes long-term business investments harder to justify. | STZ RIVN SLB VAL TDW AMZN GOOGL |
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| 2024 Q4 | Jan 7, 2025 | Pittenger & Anderson | - | - | NVO, RIVN, STZ | inflation, long-term, Macro, Quality, rates, value | Manager emphasizes finding companies trading at significant discounts during periods of turmoil, citing that chaos can be a crucible of opportunity. Recent acquisitions like Rivian, Constellation Brands, and Novo Nordisk were made when these quality companies became attractively priced after recent dips. | View | |
| 2023 Q4 | Jan 4, 2024 | Tapasya Investment Fund | - | 35.4% | NVO, RIVN, STZ | fundamentals, Macro, Quality, Resilience, value | The manager emphasizes focusing on company-specific fundamentals rather than macro conditions, arguing that strong businesses can perform in all economic environments. Recent market dips have provided attractive entry points for quality companies that were previously unattractively priced. | View | |
| 2023 Q4 | Jan 4, 2024 | Tapasya Investment Fund | - | 35.4% | NVO, RIVN, STZ | fundamentals, Macro, Quality, Resilience, value | The manager emphasizes focusing on company-specific fundamentals rather than macro conditions, arguing that strong businesses can perform in all economic environments. Recent market dips have provided attractive entry points for quality companies that were previously unattractively priced. | View | |
| 2025 Q4 | Jan 30, 2026 | Aristotle Value Equity Fund | 1.0% | 9.7% | AMGN, CBSH, COF, LEN, MRK, MSFT, PH, SONY, STZ, TDY, UBER, USB, WFC | AI, earnings, large cap, rates, Trade Policy, US, value | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on earnings calls. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. Trade relations between the U.S. and China remained a key market focus. Tensions flared with tariff escalations and export controls, with China expanding export controls on rare earth minerals and the U.S. threatening 100% tariffs in retaliation. President Trump and President Xi ultimately reached a one-year trade truce at the APEC summit. The Federal Reserve implemented two 0.25% interest rate cuts during the quarter, lowering the federal funds target range to 3.50%-3.75%. Fed Chair Powell emphasized a data-dependent approach, acknowledging risks to both sides of the Fed's dual mandate and maintaining a cautious stance going into 2026. Value stocks handily outperformed growth stocks with the Russell 1000 Value Index outperforming its Growth counterpart by 2.69% in the quarter. However, for the full year, the Russell 1000 Growth Index outperformed the Russell 1000 Value Index by 2.65%, reflecting continued growth leadership despite quarterly value outperformance. | CBSH COF PH UBER SONY |
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| 2025 Q4 | Jan 16, 2026 | GDS Investments | - | - | ABNB, AMZN, CRWV, DEO, F, GE, GM, GOOGL, LEN, NVO, ORCL, RIVN, STZ, TDW, TREX, VAL, WMT, ZTS | AI, Buybacks, cyclicals, Electric Vehicles, Quality, Rotation, technology, value | AI-related infrastructure investment is beginning to unwind or recalibrate, with companies shifting from internal cash flows to debt financing. The manager expects a widening gap between pure AI infrastructure companies and those with diversified business models. Market rotation is expected away from speculative AI growth toward more traditional businesses. Share repurchases feature prominently across the portfolio as a signal of management confidence and value creation amplification. Multiple holdings have authorized significant buyback programs, including TDW ($500M), VAL ($600M ongoing), STZ ($4B), and others totaling billions in authorized repurchases. Rivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. The manager focuses on separating durable value from speculative excess, building positions in under-owned, under-valued businesses with strong balance sheets and leadership positions. The strategy involves finding high-quality businesses facing cyclical headwinds that have pushed market prices below intrinsic value. | RIVN TREX AMZN GOOG |
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| 2024 Q3 | Sep 30, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | AMZN, BAX, CVS, DG, KDP, KO, MCHP, NVDA, STZ, WMT | Beverages, defensives, earnings, healthcare, Quality, value | The manager emphasizes their value-oriented approach, noting that while they have underperformed growth-oriented indices, they expect a broadening of market participation as the earnings gap between the Magnificent 7 and other stocks narrows. They highlight their portfolio's stability and predictability compared to benchmarks. | View | |
| 2024 Q2 | Jun 30, 2024 | Coho Relative Value Equity | 0.0% | 6.1% | ABT, AMGN, CAG, CVS, DG, DIS, GPN, NKE, NVDA, STZ, UNH | AI, Concentration, growth, healthcare, technology, value | The manager emphasizes their value-focused approach, noting the portfolio trades at an uncharacteristically meaningful discount to the S&P 500 Index. They believe the market is mispricing risk and undervaluing the earnings, cash flow, and dividend growth potential of their portfolio. The valuation gap between their portfolio and the market is expected to close as market breadth expands. | View | |
| 2025 Q1 | Mar 31, 2025 | Coho Relative Value Equity | 4.0% | 4.0% | AMGN, AZO, COR, DIS, GPN, PM, ROST, STZ, WRB | consumer, Defensive, healthcare, inflation, Stagflation, tariffs, value | Rising inflation expectations due to tariff-induced trade tensions are constraining Fed policy. Prices have surged higher with six consecutive months of increases in manufacturing data. The Fed revised inflation expectations higher for 2025 while lowering GDP forecasts. | View | |
| 2023 Q4 | Jan 13, 2024 | Aristotle Value Equity Fund | 6.3% | 12.3% | ALC, CINF, COF, CTRA, CTVA, LEN, MSFT, MUFG, QCOM, STZ, TDY, USB | Agriculture, Banking, financials, Homebuilders, technology, value | Lennar demonstrated strong performance with dynamic pricing models and digital marketing platforms driving volume and cash flow generation. The company delivered 73,000 homes in 2023 with a 10% year-over-year increase, while advancing its land light strategy with 76% of land controlled through options. Management's ability to respond to changing housing dynamics positions the company well amid decade-long undersupply of homes in the U.S. | USB TDY |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | Fund Letters | City Different Investments - Global Equity | Constellation Brands Inc. | Consumer Staples | Beverages | Bull | NYSE | Alcohol, Berkshire validation, Beverages, consumer staples, defensive, Recession-resistant, Well-managed | View Pitch |
| Apr 27, 2026 | Fund Letters | Tapasya Investment Fund | Constellation Brands Inc. | Consumer Staples | Beverages | Bull | NYSE | Berkshire validation, Beverages, consumer staples, defensive, Recession-resistant, Well-managed | View Pitch |
| Apr 27, 2026 | Fund Letters | Tapasya Investment Fund | Constellation Brands Inc. | Consumer Staples | Beverages | Bull | NYSE | Berkshire validation, Beverages, consumer staples, defensive, Recession-resistant, Well-managed | View Pitch |
| Apr 13, 2026 | Fund Letters | GDS Investments | Constellation Brands Inc. | Consumer Staples | Distillers & Vintners | Bull | NYSE | alcoholic beverages, Berkshire validation, consumer staples, defensive, Recession-resistant, Well-managed | View Pitch |
| Apr 13, 2026 | Fund Letters | Pittenger & Anderson | Constellation Brands Inc. | Consumer Staples | Beverages | Bull | NYSE | Berkshire validation, Beverages, consumer staples, defensive, Recession-resistant, uncertainty, Well-managed | View Pitch |
| Nov 29, 2025 | Fund Letters | David A.Katz | Constellation Brands, Inc. | Consumer Staples | Beverages (Alcoholic) | Bull | NYSE | Beer, brands, Cyclical, dividend, 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||