Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Latitude Global Fund | - | - | DLTR, IBKR, MCK, RYA ID, TSCO | Airlines, banks, defensives, healthcare, Rotation | The manager discusses active rotation enabled by volatility, replacing maturing winners with new long-term compounders like Ryanair, Cencora, and UnitedHealth. Market dislocations create entry points into durable franchises with strong balance sheets and long track records of capital allocation. Rotation remains a powerful source of value as fundamentals, sentiment, and sector leadership evolve. | View | |
| 2025 Q2 | Jul 27, 2025 | Diamond Hill International | 11.7% | 16.1% | 7451 JP, 8058 JP, AIBG ID, BABA, BNZL LN, GXI GR, HNAL IN, M5W GR, TSCO, TSM, UCB BB | capital returns, diversification, Governance, international, Intrinsic Value | The letter emphasizes intrinsic value investing in non-U.S. equities trading at discounts to long-term fundamentals. Corporate governance reform, capital returns, and balance sheet strength are key drivers of upside. Regional diversification provides exposure to differentiated economic cycles. | HAL IN |
View |
| 2024 Q1 | May 8, 2024 | Aoris International Fund | 3.1% | 0.0% | ACO GR, COST, CPG LN, NVDA, TSCO, V | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Latitude Global Fund | - | - | TSCO | AI, Concentration, Margins, megacaps, Valuations | The letter highlights extreme overvaluation, concentration, and profit-cycle risks embedded in the US market, much of which is tied to AI enthusiasm and passive-flow feedback loops. The manager argues that many AI-associated leaders exhibit unsustainably high margins while high-quality non-AI equities trade at deep discounts. AI remains a dominant macro driver distorting market breadth, valuations, and forward return expectations. | View | |
| 2024 Q4 | Dec 31, 2024 | Latitude Global Fund | - | - | AI FP, AZO, BP, COR, DEO, DG FP, DLTR, FGR FP, GOOG, HEIA NA, JPM, KO, MCK, RYA ID, SONY, TSCO, TXN, UEEC, ULVR LN, V, WEC | compounders, Macro, Resilience, Rotation, volatility | Dislocations driven by shifting global policy, sector rotations, and episodic volatility created opportunities to upgrade the portfolio into long-duration compounders. The manager emphasizes disciplined capital allocation amid uncertainty, focusing on resilient franchises with pricing power. Macro dispersion continues to shape relative value and entry points across global equities. | View | |
| 2023 Q4 | Dec 31, 2023 | Latitude Global Fund | - | - | AAP, AI FP, AZO, DEO, GOOG, MCK, SONY, TSCO, WEC | ConsumerStaples, emergingmarkets, EnergyTransition, financials, OilGas | ConsumerStaples: The fund is heavily invested in global consumer staples such as Tesco, Unilever, Diageo, Imperial Brands, Heineken and Coca-Cola, where underlying earnings growth remains solid but valuations are at multi-decade lows versus the market, setting up a prospective re-rating as emerging-market demand and easing input costs drive margins higher. Energy: The portfolio owns both utilities like WEC Energy and integrated oil majors such as Shell, seeing long runways from the energy transition, infrastructure upgrades, AI-driven data-centre power demand and disciplined capital returns via buybacks funded by high free cash flow at mid-cycle oil prices. Financials: Core positions in JPMorgan, Visa, Goldman Sachs and Bank of America are viewed as structural winners that benefit from inflation-linked fee bases and post-crisis consolidation as weaker competitors exit, enabling durable ad valorem earnings growth. | View | |
| 2023 Q2 | Dec 7, 2023 | Rowan Street Capital | 12.8% | 42.3% | CMG, NVO, TSCO | - | View | ||
| 2024 Q4 | Jan 28, 2025 | Rozendal Partners | - | -3.0% | 836807 CH, AFE SJ, BLU SJ, BUR LN, CCOLA TI, HCI, JD, META, MGROS TI, NE, PIK SJ, PPC SJ, SAHOL TI, SES, SHP SJ, TBS SJ, TSCO | - | View | ||
| 2025 Q4 | Jan 23, 2026 | Bell Global Emerging Companies Fund | -1.8% | -5.9% | 3064.T, 6146.T, AMS.MC, AUTO.L, BJ, BOOT, CHKP, CNM, COR, CPG.L, DB1.DE, GWW, LPLA, MSCI, ODFL, PCTY, SCI, TSCO, TTC, TTI.HK, VEEV, WKL.AS | global, industrials, Quality, SMID Cap, technology, value | The fund follows a Quality at a Reasonable Price (QARP) approach, focusing on consistently high returning companies with durable growth characteristics. 2025 was challenging for this style as markets favored momentum and sentiment-driven narratives over fundamentals, but the team believes quality investing will reassert itself as markets become more earnings driven. The fund invests in global small and mid cap equities with 30-60 holdings, maintaining benchmark agnostic positioning. The portfolio targets companies with market capitalizations in the SMID cap range, seeking to outperform the MSCI World SMID Cap Index over rolling three-year periods. The fund emphasizes valuation discipline as part of its QARP approach, seeking quality companies at reasonable prices. Many high-quality businesses in the portfolio are trading at compelling valuations, with the portfolio's weighted upside potential sitting at the upper end of historical ranges based on conservative assumptions. | VEEV AUTO LN COR TSCO CNM TTC 3064 JP 6146 JP CPG LN LPLA GWW ODFL |
View |
| 2025 Q4 | Jan 23, 2026 | Bell Global Equities Fund | -1.5% | 0.0% | 3064.T, 6098.T, 8697.T, AAPL, ACN, AMZN, AUTO.L, AVGO, BOOT, GOOGL, GWW, JPM, LPLA, META, MSFT, NVDA, ODFL, SAP.DE, SNPS, TSCO, V | financials, Global Equities, industrials, QARP, Quality, technology | Bell maintains a Quality at a Reasonable Price (QARP) approach despite challenging performance in 2025. The team believes quality investing periods of underperformance often create compelling opportunities to lean in as fundamentals ultimately reassert themselves and valuations matter again. The portfolio benefits from sustained demand from AI-driven data centre investment, with technology companies like NVIDIA representing significant holdings. AI infrastructure continues to drive performance across multiple portfolio positions. | JKHY LPLA GWW TSCO ODFL |
View |
| 2025 Q4 | Jan 14, 2026 | Wedgewood Partners | -1.8% | 4.3% | AAPL, AMZN, BKNG, CB, CDW, CPRT, EW, GOOGL, META, MSI, ODFL, ORLY, POOL, PYPL, SPGI, TSCO, TSM, UNH, URI, V | AI, growth, large cap, Portfolio Management, Quality, technology, valuation | AI continues to drive significant revenue growth across portfolio companies. Google Cloud processes 1.3 quadrillion AI tokens per month, more than double from just a few quarters ago. Meta has been using AI tools for over a decade to manage their massive network, with their Andromeda machine learning system automatically retrieving and ranking tens of millions of potential ads based on user preferences. Taiwan Semiconductor Manufacturing continues to execute flawlessly on leading-edge node progression and capacity build-out, enabling the AI era by manufacturing nearly every compute accelerator including GPUs. The company's advanced nodes allow accelerator designers greater flexibility to increase performance while limiting power requirements in an increasingly power-constrained compute infrastructure industry. Google Cloud segment revenue and backlog growth accelerated, driven by AI workloads. Amazon's AWS has fostered some of the largest businesses in the world over the past 20 years, with revenue growth accelerating to over 20% as the company deployed almost 4 gigawatts of capacity for AI-workloads over the past 12 months. The manager expresses significant concern about excessive market valuations, noting that more than 30% of US market capitalization now trades above 10x sales, reminiscent of the tech bubble. The crowded AI trade and historically rich valuations are described as haunting prudent investing, with even most non-Magnificent Seven stocks failing to offer bargains. The manager has trafficked in quality stocks for more than 33 years, an approach that has served clients well since 1992 but did not work in 2025. The portfolio's fundamentals, prospective earnings growth rates, profitability measures, and balance sheet strength are notably superior to the S&P 500 Index and on par with the Russell 1000 Growth Index. | PYPL TSCO URI MSI META EW ODFL AAPL TSM GOOG CB AMZN |
View |
| 2024 Q3 | Sep 30, 2024 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | 4.8% | 0.0% | ARGX, BJ, CRWD, DASH, FND, IAC, ICON, IOT, MCHP, ORLY, OS, PINS, PR, ROST, RRX, SMAR, TSCO, VEEV, VRSK | - | View | ||
| 2023 Q2 | Jul 14, 2023 | Wedgewood Partners | 5.8% | 22.4% | AAPL, CDW, CPRT, GOOG, META, MSFT, PYPL, TPL, TSCO | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | CPRT, CSGP, FDS, GGG, GWRE, MTD, RGEN, ROL, TSCO, VRSK | - | View | ||
| 2024 Q4 | Jan 28, 2025 | Aoris International Fund | - | 22.9% | APH, CDW, CPG LN, DPLM LN, HLMA LN, MC FP, MSCI, OR FP, RELX, SHW, TSCO, V | - | View | ||
| 2022 Q4 | Jan 19, 2023 | Wedgewood Partners | 5.8% | 22.4% | AAPL, CDW, EW, GOOG, META, MSI, PYPL, TPL, TSCO, V | - | View | ||
| 2024 Q4 | Jan 15, 2025 | Wedgewood Partners | 5.5% | 29.1% | CDW, EW, NVDA, ORLY, TPL, TSCO, TSM | - | View | ||
| 2023 Q4 | Jan 13, 2024 | Wedgewood Partners | 5.8% | 22.4% | AAPL, EW, GOOG, META, MSFT, MSI, ODFL, ORLY, PYPL, TPL, TSCO, TSM, UHG | - | View | ||
| 2022 Q4 | Jan 3, 2023 | RiverPark Long/Short Opportunity Fund | 0.6% | 11.1% | 9WY, AAPL, ADYE AV, CDW, EW, FSR, GOOGL, META, MSI, PYPL, SI, SW, THRY, TSCO, V | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 28, 2026 | Fund Letters | Ned Bell | Tractor Supply Company | Consumer Discretionary | Specialty Retail | Bear | NASDAQ | guidance, retail, Rural, seasonality, Weather | View Pitch |
| Jan 27, 2026 | Fund Letters | Ned Bell | Tractor Supply Company | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | consumer, Cyclicality, resilience, Ruralretail, Store growth | View Pitch |
| Jan 16, 2026 | Fund Letters | David A. Rolfe | Tractor Supply Company | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Loyalty, Margins, recovery, retail, Rural | View Pitch |
| Oct 7, 2025 | Seeking Alpha | Seeking Alpha | Tractor Supply Company | Specialty Retail | Bull | Allivet acquisition, Competition, Consumables, Neighbors’ Club, pet healthcare, remote work, Revenue Growth, rural housing market, store expansion, valuation | View Pitch | ||
| Aug 8, 2025 | Seeking Alpha | ABI Invest | Tractor Supply Company | Consumer Discretionary | Specialty Retail | Neutral | NASDAQ | — | 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. | ||||||||