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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Baron FinTech Fund | 12.5% | 16.8% | ACGL, APO, BLK, EFX, ENDV, FICO, FIS, GWRE, INTU, KKR, LPLA, MA, MELI, PGR, PRI, RPAY, SCHW, SPGI, TRU, TWFG, V | Capital markets, Financial Services, Fintech, growth, insurance, payments, software, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Sixteen holdings have risen more than 30% this year, representing 42% of net assets, operating across consumer credit, enterprise software, insurance, asset management, payments, and brokerage sectors. | PRI TWFG GWRE MELI FICO |
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| 2024 Q3 | Sep 30, 2024 | Platinum International Fund | 2.0% | - | 005930.KS, 055550.KS, 0700.HK, 1801.T, 1928.HK, 2318.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, JD, MCHP, TRU, TSM, UBS | Asia, China, rates, semiconductors, Stimulus, value | Chinese authorities announced comprehensive stimulus measures in late September to stabilize the property market and boost the economy. The breadth and tone were notably more aggressive than previous efforts, explicitly calling out support for domestic equity markets. This triggered a swift rally with Chinese stocks rising 25% in five days from the first announcement. | View | |
| 2025 Q2 | Jun 30, 2025 | YCG Investment | - | - | AAPL, BRK-A, EFX, EIX, EXPN.L, FICO, HE, KO, MCO, PCG, PEP, SPGI, TRU, UNH, VRSK | Network Effects, Pricing Power, Quality, regulation, tariffs, value | YCG emphasizes owning businesses with enduring pricing power and unregulated pricing as a key driver of positive convexity. They believe businesses with dominant networks, conservative balance sheets, and ownership-minded management can maintain or increase inflation-adjusted pricing over time, creating superior risk-adjusted returns. | FICO AAPL |
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| 2024 Q2 | Jun 30, 2024 | YCG Investment | - | - | AMZN, CME, EFX, EL, EXPN.L, FICO, GOOGL, MCO, MSCI, NKE, PGR, TRU | credit, financials, Networks, Pricing Power, Quality, value | FICO owns the dominant credit scoring algorithm used by 90% of large U.S. lenders and 95% of consumer credit securitizations. The company benefits from network effects and institutional risk aversion that create barriers to competition. FICO has significant untapped pricing power, having kept mortgage division prices flat for nearly 30 years until 2018. | FICO |
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| 2023 Q2 | Jun 30, 2023 | Platinum International Fund | -0.9% | - | 005930.KS, 0700.HK, 2318.HK, 2338.HK, 6479.T, 8002.T, AIR.PA, ALLFG.L, BAX, CATL, GOOGL, INDIGO.NS, MCHP, RH, SUZB3.SA, TRU, TSM, UPM1V.HE, ZTO | AI, China, Energy Transition, global, rates, technology, value | The extraordinary bounce in technology sector driven by artificial intelligence developments, particularly ChatGPT and NVIDIA's revenue guidance. While AI has extraordinary potential, current investor enthusiasm and valuations of favoured names lead to wariness about obvious plays like NVIDIA. | View | |
| 2025 Q1 | Apr 24, 2025 | Diamond Hill Mid Cap | -1.3% | -1.3% | AIG, ALK, ASH, BSX, CIEN, COOP, ESAB, HII, ILMN, L, MLM, RRX, RYN, ST, TFX, TRU, UDR, VRSN, VTR, WCC | defense, financials, healthcare, mid cap, tariffs, Trade Policy, value, volatility | President Trump announced significant tariffs including Liberation Day tariffs and threatened 104% tariffs on China in response to retaliation. Markets are nervous about wholesale reworking of global trade landscape affecting historical allies like Taiwan. Companies are preemptively announcing US investments to avoid tariffs. | View | |
| 2025 Q1 | Apr 24, 2025 | Diamond Hill Small-Mid Cap Strategy | -4.2% | -4.2% | ALGT, ALK, BLDR, CIEN, COOP, CTRA, HII, ILMN, INFA, LOB, MGY, RRX, RYN, SXT, TFX, TRU, VRSN, WCC, WNS | defense, mid cap, small cap, tariffs, Trade Policy, value, volatility | President Trump announced significant tariffs including a 104% tariff on China in response to retaliation, creating tremendous uncertainty around trade policy shifts. Markets are struggling to digest whether tariffs are negotiation tactics or permanent reshaping of world trade order. The US-China trade relationship is front and center in this showdown with potential for full-blown trade war. | View | |
| 2026 Q1 | Apr 21, 2026 | Vulcan Value Partners – Large Cap | -14.1% | -14.1% | AMZN, ARES, CRM, MSFT, NOW, RYAN, SAP, TPG, TRU, UNH | AI, Asset Management, disruption, Enterprise, software, technology, Value Investing | TRU ARES RYAN NOW SAP |
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| 2026 Q1 | Apr 21, 2026 | Vulcan Value Partners – Small Cap | -6.8% | -6.8% | IBST.L, LFUS, MLKN, PBH.TO, RYAN, SARO, TRU | AI, Data, disruption, insurance, small cap, software, value | View | ||
| 2026 Q1 | Apr 21, 2026 | Vulcan Value Partners – Focus Plus | -19.1% | -19.1% | AMZN, ARES, CRM, MSFT, RYAN, SAP, TRU, UNH | AI, Discounts, disruption, Enterprise, Quality, software, value | RYAN ARES SAP |
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| 2026 Q1 | Apr 21, 2026 | Vulcan Value Partners – Focus Plus | -19.1% | -19.1% | AMZN, ARES, CRM, MSFT, RYAN, SAP, TRU, UNH | AI, Concentration, disruption, Enterprise, Quality, software, Value Investing | RYAN ARES SAP |
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| 2024 Q1 | Apr 15, 2024 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | CLMB, CMP, DCO, GLDD, HNRG, LFCR, LTRPA, OUT, PKE, RDVT, SSP, TBRG, TRI, TRU, VSAT, WMT | aerospace, healthcare, Media, small caps, technology, value | Manager emphasizes seeking better businesses at reasonable prices, making rational purchase decisions from pessimistic sellers. Notes that the more Graham-style value opportunities exist, the more neglect there seems to be in the market. | RDVT TBRG PKE |
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| 2024 Q1 | Mar 31, 2024 | Platinum Global Fund (Long Only) | 5.7% | 5.7% | 005930.KS, AIR.PA, AVGO, GOOGL, INTC, META, MU, TCOM, TRU, TSM, UBS, UPM.HE, WIZZ.L, ZTO | AI, global, semiconductors, technology, Travel | Fund holds companies benefiting from AI investment including TSMC, Micron, Meta, and Alphabet. Manager takes measured approach, investing in reasonably-valued businesses that perform well if AI spending continues but have strong non-AI businesses as foundation. Overall AI exposure is roughly 14% of portfolio. | View | |
| 2023 Q1 | Mar 31, 2023 | Platinum International Fund | 5.4% | 5.4% | 000338.SZ, 005930.KS, 051910.KS, 2318.HK, 6479.T, 700.HK, 9961.HK, AIR.PA, ALLFG.L, ASML, BAYN.DE, BEZ.L, BKNG, BMW.DE, GLEN.L, ICE, IFX.DE, MCHP, MU, SLB, STJ.L, TRU, UPM1V.HE, WIZ.L | Banking Crisis, China, contrarian, global, interest rates, value | Travel-related investments were key contributors to performance as the travel sector continued its post-COVID boom. Wizz Air gained 56% and Booking Holdings rose 32% over the quarter. | View | |
| 2023 Q1 | Mar 31, 2023 | Platinum Global Fund (Long Only) | 9.7% | 9.7% | 005930.KS, 0700.HK, 2057.HK, 2338.HK, 6588.HK, 6954.T, AIR.PA, ALLFG.L, BKNG, BMW.DE, EBS.VI, EQNR, IFX.DE, INF.L, ISP.MI, MCHP, MU, NXPI, SLB, STJ.L, TCOM, TRU, UPM.HE, WIZZ.L | Banking, China, Europe, Recovery, semiconductors, Travel | European ultra-low-cost airline Wizz Air was the largest contributor with 56% gains as air travel demand and pricing continued rising post-COVID. Gains also seen in Booking Holdings, Trip.com and Airbus as the travel sector recovery continued. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum International Fund | 1.0% | 8.0% | 005930.KS, 2318.HK, 700.HK, ALLFG.L, AVGO, CFR.SW, DSV.CO, GOOGL, NICE, TCOM, TM, TRU, TSM, UPM.HE, ZTO | China, global, Long/Short, technology, underperformance, value | Fund holds AI-themed investments primarily in hardware and semiconductor manufacturers that power AI models. Recently added NICE, which provides cloud-based contact centre software with new AI modules that create tangible savings for customers by diverting workloads and assisting in training. | View | |
| 2024 Q4 | Dec 31, 2024 | Platinum Global Fund (Long Only) | 1.0% | 5.0% | 005930.KS, ALLFG.L, AVGO, CFR.SW, DSV.CO, GOOGL, NICE, SLB, STJ.L, TCEHY, TCOM, TRU, TSM, UPM-KY.HE, VLO, ZTO | AI, China, global, Luxury, technology, underperformance | Fund holds AI-themed investments primarily in hardware/semiconductor manufacturers who will power AI models. NICE provides cloud-based contact centre software with AI modules that create tangible savings for customers. Broadcom's custom AI chip division serves players like Google and Meta with revenue expected to rise to $40-50bn by 2027. | View | |
| 2023 Q4 | Dec 31, 2023 | Platinum Global Fund (Long Only) | 3.2% | 14.3% | 005930.KS, 1928.HK, 6862.T, BALL, BAX, CATL, HEIA.AS, IFX.DE, IGPA.NS, JD.L, MU, PDD, RBI.VI, TCOM, TRU, UBS, UPM.HE, WIZZ.L, ZTO | Beverages, Cautious, E-Commerce, global, Opportunities, semiconductors | After a difficult couple of years, semiconductor company shares are turning up on recovering demand for core chips for PCs and mobile phones but also on the increased demand for the high-end chips required for AI-focused technologies. Broad strength across semiconductor names including Micron, Infineon and Samsung Electronics. | View | |
| 2022 Q3 | Oct 28, 2022 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | ALB, AVTR, BKR, ENPH, FLT, LPLA, SGEN, TRU, WCN, WOLF | - | View | ||
| 2022 Q3 | Oct 25, 2022 | Baron Asset Fund | 8.3% | 10.6% | CDAY, CSGP, FND, ICLR, IT, LPLA, MTD, SCHW, TECH, TRU, VEEV, WST, ZI | - | View | ||
| 2025 Q4 | Jan 18, 2026 | Vulcan Value Partners – Small Cap | 1.3% | 10.7% | CBRE, CRM, CSGP, FI, GOOGL, ITRN, KMX, MC.PA, MEDP, MSFT, QRVO, RE, RI.PA, RYSG, SSCC, SWKS, TRU, UNH | AI, Buybacks, insurance, Margin Of Safety, Quality, small caps, technology, value | AI is in early stages of disrupting numerous businesses similar to the Internet in the 1990s. The manager notes AI stocks accounted for approximately 61% of the S&P 500's return in 2025. Unlike the dot-com era, some AI leaders are real businesses financing substantial AI investments with self-generated cash flow, though valuations for some are attractive while others may be overvalued. The manager emphasizes following value investing discipline by purchasing only companies from their MVP list with stable values at discounted prices. They focus on businesses with sustainable competitive advantages trading below intrinsic value estimates, with portfolios showing improved price-to-value ratios across all strategies despite positive absolute returns. Small Cap returns have lagged Large Cap for an extended period, with Small Cap Value performing even worse. The manager notes conversations with clients questioning continued Small Cap allocation, spotty sell-side coverage, and an ignored segment creating opportunities. Their Small Cap portfolio remains most discounted with weighted average price-to-value ratio in mid-50s. The manager owns more insurance-related businesses, highlighting opportunities in the sector. They discuss Ryan Specialty Holdings as a commercial excess and surplus insurance broker, and Everest Group as a leading reinsurance company trading at discount to tangible book value despite producing underwriting profits. Share repurchases are highlighted as value-creating when companies buy back stock below intrinsic value. Medpace used strong balance sheet and free cash flow to repurchase over 8% of shares at approximately 50% of estimated intrinsic value, giving shareholders 100% return on each dollar spent on buybacks. | FISV SWKS TRU KMX RYAN |
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| 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 | Baron Asset Fund | 8.3% | 10.6% | ACGL, COO, CSGP, DUOL, DXCM, FDS, FICO, GWRE, ICON, IDXX, IT, LPLA, MTD, ROP, SCHW, TRU, VMC, VRSK, WELL, WST | growth, healthcare, mid cap, rates, real estate, software, technology | Gartner positioned to emerge as key resource for companies evaluating AI opportunities and risks on their business. This should provide tailwind to Gartner's volume growth and pricing realization over time. Duolingo's AI tier (Max) allows users to have real-time conversations with AI-based characters. | View | |
| 2023 Q1 | Apr 30, 2023 | Tweedy, Browne Value Fund | 2.8% | 7.6% | BABA, BAC, BIDU, CSCO, D05.SI, FDX, GOOGL, IONS, JNJ, ROG.SW, SKF, TRU, TTE, UOB.SI, USB, VRTX, WFC | Banking, China, Europe, international, small caps, value | The manager emphasizes that price matters again in the current environment, with their funds positioned to take advantage of attractive valuations. They believe the reset in capital markets could favor value stocks over growth counterparts, with their portfolios trading at reasonably attractive weighted average valuation multiples. | View | |
| 2023 Q4 | Jan 27, 2024 | Baron Asset Fund | 8.3% | 10.6% | ACGL, ANSYS, AXON, BIRK, CHH, CSGP, DXCM, FDS, FICO, GWRE, IDXX, IT, MTD, MTN, PWR, TRU, VEEV, VRSK, WST | Diagnostics, growth, healthcare, industrials, mid cap, software, technology | Gartner positioned to emerge as critical decision support resource for companies contemplating AI opportunities and risks. Expected to provide tailwind to volume growth and pricing realization over time. | BIRK |
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| 2023 Q4 | Jan 27, 2024 | Carillon Eagle Mid Cap Growth Fund | 0.0% | 0.0% | BILL, CRWD, DXCM, GTLS, HAL, MPWR, PAYC, PLNT, SNPS, TRU | AI, cybersecurity, energy, growth, healthcare, mid cap, semiconductors, technology | Artificial intelligence applications are driving demand for semiconductor chips and enterprise data centers. The rise of AI is expected to make it easier for criminals to generate sophisticated cyber attacks, increasing demand for security software. Technology companies are leveraging AI in new product announcements. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 24, 2026 | Fund Letters | Vulcan Value Partners - Large Cap | TransUnion | Financial Data & Stock Exchanges | Data Processing & Outsourced Services | Bull | New York Stock Exchange | Credit Bureau, Data Analytics, high margins, network effects, proprietary data, Regulatory Moat, Share Buybacks | View Pitch |
| Jan 21, 2026 | Fund Letters | C.T. Fitzpatrick | TransUnion | Industrials | Research & Consulting Services | Bull | New York Stock Exchange | Credit data, Identity Analytics, oligopoly, recurring revenue, Share Buybacks | View Pitch |
| Oct 23, 2025 | Value Investors Club | sirisaiah623 | TransUnion | Financials | Data & Analytics | Bull | NYSE | Asymmetric, Buybacsk, housing market, India, Mortgage recovery, Re-rating, Transunion, turnaround | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Lighting Rock Research | TransUnion | Financials | Financial Data & Stock Exchanges | 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 |
|---|---|---|---|---|---|---|---|---|
| David Hoeft | Dodge & Cox | $185.3B | $844.0M | 0.46% | 9,842,006 | +9,842,006 | +100.00% | 5.7133% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $677,425 | 0.00% | 7,900 | +2,300 | +41.07% | 0.0046% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $43.6M | 0.05% | 508,400 | +285,000 | +127.57% | 0.2951% |
| Ray Dalio | Bridgewater Associates | $27.4B | $6.4M | 0.02% | 74,654 | +33,651 | +82.07% | 0.0433% |
| Israel Englander | Millennium Management LLC | $233.2B | $22.7M | 0.01% | 264,649 | -232,661 | -46.78% | 0.1536% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $1.8M | 0.00% | 21,110 | +9,600 | +83.41% | 0.0123% |
| Cliff Asness | AQR Capital Management | $190.6B | $32.9M | 0.02% | 383,169 | +222,403 | +138.34% | 0.2224% |
| Tom Steyer | Farallon Capital Management | $21.2B | $57.9M | 0.27% | 675,000 | -8,789,150 | -92.87% | 0.3918% |
| Rich Handler | Jefferies | $19.3B | $1.1M | 0.01% | 13,175 | -9,325 | -41.44% | 0.0076% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $41.3M | 0.11% | 482,080 | -12,173 | -2.46% | 0.2798% |