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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | AMG Yacktman Focused Fund | 7.3% | 8.7% | CNQ, FOXA, KVUE, MSFT, PEP, SCHW, UHAL | Governance, large cap, risk management, South Korea, technology, value | Yacktman approaches investing with an owner's mindset, evaluating underlying fundamentals and analyzing company performance across economic environments. They require the price paid to compensate for risks and seek to produce strong, risk-adjusted returns over a market cycle. Historically, environments following lofty valuations like today's market have been when Yacktman produces its most attractive returns. | PEP 005935 KS |
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| 2025 Q2 | Aug 7, 2025 | AMG Yacktman Fund | 5.8% | 7.3% | 012330.KS, 0992.HK, CNQ, CTSH, KT, KVUE, MSFT, PEP, PG, RLI, SCHW, SSNLF, UHAL | Buybacks, consumer, large cap, South Korea, technology, value | Yacktman approaches investing with an owner's mindset, evaluating underlying business fundamentals and requiring prices that compensate for risks. The fund focuses on risk-adjusted returns over market cycles, with historically strong performance following periods of lofty valuations like today's market. | View | |
| 2025 Q2 | Jul 22, 2025 | Third Avenue Real Estate Value Fund | 6.8% | 6.4% | AMH, BAM, BN, CBRE, DHI, FMCC, FNMA, FPH, FR, GRI.L, JLL, JM.SI, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WCC, WY | GSEs, Industrial, Manufacturing, Onshoring, real estate, REITs, Residential, value | Supply chain disruptions from Covid-19 have accelerated efforts to reshore critical industries including defense, pharmaceuticals, semiconductors, and materials. U.S. manufacturing investment has increased three-fold over five years to $230 billion annually, with nearly $2 trillion of reshoring initiatives announced since 2023. | J36.SI SKY WCC PLD JAR LN SKY WCC PLD |
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| 2025 Q2 | Jun 30, 2025 | Baron Health Care Fund | -5.1% | -7.6% | 005930.KS, 012330.KS, BOL.PA, CNQ, FOXA, GOOGL, MSFT, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA | AI, global, large cap, risk management, semiconductors, value | The fund seeks opportunities where company value is misunderstood and price fairly compensates for risks. They carefully consider pricing and look for mispriced securities in expensive market conditions. | UHAL BOL.PA 005930.KS |
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| 2024 Q2 | Jun 30, 2024 | Peapack Private | - | - | 005930.KS, 012330.KS, BOL.PA, CNQ, FOXA, GOOG, MSFT, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA | AI, global, Media, risk management, semiconductors, value | The fund seeks opportunities where company value is misunderstood and the price fairly compensates for risks. They carefully consider the price paid for investments and look for mispriced assets. The portfolio is positioned to deliver strong risk-adjusted returns in tumultuous markets. | UHAL BOL.PA 005930.KS |
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| 2024 Q1 | May 7, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | AMH, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, GRI.L, JLL, LEN, LOW, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY | active management, Data centers, Homebuilders, real estate, REITs, value | AI and LLM advancements are driving enormous capital requirements for data center buildout and colossal power needs. Data center demand expected to increase 10% annually through 2030, requiring 18 Gigawatts of incremental power. Fund avoids direct data center REIT exposure due to supply concerns and low free cash flow yields of 2.5%. | View | |
| 2025 Q1 | May 2, 2025 | Tweedy, Browne Value Fund | 6.3% | 6.3% | 0220.HK, 0700.HK, 086280.KS, 2551.T, 3405.T, 4091.T, 4955.T, 7203.T, 7958.T, 9635.T, AKE.PA, ATE.PA, BA.L, BRK-A, CCC.L, CNHI, D05.SI, DGE.L, DHL.DE, FDX, FMC, FRE.DE, GOOGL, HEIA.AS, HUSQ-B.ST, INCH.L, IONS, JNJ, KEMIRA.HE, KOF, KRN.DE, LAS-A.TO, MEGA.MX, MGCL.T, NA.TO, NESN.SW, NOVN.SW, P911.DE, PETS.L, PRU.L, RHM.DE, ROG.SW, RUI.PA, SAF.PA, SKF-B.ST, SOL.MI, SOP.PA, TEP.PA, TFC, TKTT.PA, TREL-B.ST, TTE, TXGN.SW, U11.SI, UHAL, USB, VRTX, WFC, WPK.TO, ZURN.SW | defense, Europe, healthcare, Hedging, industrials, international, value | Tweedy Browne maintains their disciplined deep value approach, seeking securities trading at meaningful discounts to conservative estimates of intrinsic value. They emphasize their bottom-up, fundamentally driven investment process focused on businesses with sound balance sheets and enduring competitive advantages. | View | |
| 2025 Q1 | May 14, 2025 | FPA Source Capital | 1.8% | 1.8% | 005930.KS, 012330.KS, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, UHAL | AI, Cyclical, large cap, risk management, semiconductors, valuation, value | The fund seeks opportunities where company value is misunderstood and price fairly compensates for risks. They carefully consider price paid for investments and focus on companies trading at attractive valuations relative to intrinsic worth. | UHAL BOL.PA 005930.KS |
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| 2026 Q1 | May 13, 2026 | AMG Yacktman Fund | 5.7% | 5.7% | 005930 KS, CNQ, COP, EOG, FANG, FOXA, MSFT, UHAL, WBD | AI, energy, Geopolitical, large cap, semiconductors, value | UHAL FOXA MSFT CNQ 005930.KS |
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| 2026 Q1 | May 13, 2026 | AMG Yacktman Focused Fund | 10.3% | 10.3% | 005930 KS, CNQ, FOXA, MSFT, UHAL, WBD | energy, large cap, long-term, Memory, semiconductors, technology, value | UHAL FOXA MSFT CNQ.TO 005930.KS |
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| 2024 Q1 | Apr 30, 2024 | Smead Value Fund | 5.1% | 11.1% | AMGN, APA, AXP, DHI, JPM, LEN, MAC, MRK, OVV, OXY, SPG, UHAL, WBD | energy, Euphoria, Homebuilders, large cap, Psychology, value | The fund focuses on investing at much lower P/E multiples in industries that have avoided euphoria. They believe caution is warranted when euphoric greed is dominant in the stock market, making this a good reason to fear stock market failure and seek value opportunities. | View | |
| 2024 Q1 | Apr 15, 2024 | AMG Yacktman Focused Fund | 7.6% | 7.6% | 005930.KS, 030200.KS, CNQ, CTSH, GOOGL, MSFT, PEP, PG, SCHW, UHAL | Consumer Staples, energy, global, large cap, technology, value | The energy sector had a strong first quarter with portfolio energy companies performing well. The thesis is based on a medium-term supply/demand imbalance and the shift to returning capital to shareholders. CNQ represents the first energy investment in over a decade, followed by domestic exploration and production companies added in mid-2022. | BOL.PA K CNQ.TO |
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| 2025 Q1 | Mar 31, 2025 | AMG Yacktman Focused Fund | 1.3% | 1.3% | 005930.KS, 012330.KS, 033780.KS, CNQ, FOXA, GOOGL, MSFT, PG, SCHW, UHAL | Asia, capital protection, large cap, Resilience, technology, Trade Policy, value | The fund focuses on identifying compelling opportunities when companies become overly punished by the market, offering attractive mis-pricings. Samsung continues to offer an incredibly attractive valuation with multiple options to unlock value compared to peers like Apple, TSMC, and Micron. | View | |
| 2025 Q1 | Mar 31, 2025 | AMG Yacktman Fund | 1.5% | 1.5% | 005930.KS, 012330.KS, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, UHAL, UUU.PA | large cap, Media, Resilience, technology, Trade Policy, value | The fund focuses on companies that offer attractive valuations and mis-pricings, particularly when they become overly punished by the market. Samsung continues to offer an incredibly attractive valuation with multiple options to unlock value. The strategy emphasizes investing with a keen eye for what could go wrong to identify compelling opportunities. | View | |
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Focused Fund | 8.7% | 24.1% | 005380.KS, 005930.KS, 012330.KS, AAPL, CNRL.TO, FOXA, MSFT, MU, NFLX, NVDA, PEP, SCHW, UHAL, WBD | AI, Auto Parts, free cash flow, Media, semiconductors, South Korea, technology, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and long-term underlying business performance, holding companies through periods of stock price underperformance when the long-term thesis offers attractive risk-adjusted returns. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The manager believes MSCI will eventually re-rate South Korea from Emerging Market to developed market status, with investor access and index flows beginning to close the 30-year Korean discount. Samsung was late relative to competitors SK Hynix and Micron in HBM design wins with NVIDIA but was awarded HBM qualification in 2025 and ramped production quickly. Samsung has long been a leader in memory including NAND, DRAM, and now HBM, with memory chips appearing in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. The U.S. indices reached record highs driven by artificial intelligence exuberance. Memory chips are ubiquitous in AI data centers, and Samsung reorganized to emphasize Galaxy phones with AI feature leadership to compete with Apple. Hyundai Mobis benefitted from share gain and electric vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline as one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position that contributed to performance in 2025. After the legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Fund | 6.2% | 19.8% | 000660.KS, 005930.KS, 012330.KS, AAPL, CNQ, FOXA, GOOGL, MSFT, MU, NFLX, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA, WBD | AI, Electric Vehicles, free cash flow, long-term, Media, semiconductors, South Korea, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and owner's mindset investing with long-term focus on underlying business performance. Samsung was late relative to competitors in HBM design wins with NVIDIA but was awarded HBM qualification with NVIDIA in 2025 and ramped production quickly. Memory chips are ubiquitous in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The country may eventually be re-rated by MSCI from Emerging Market to developed market, with investor access and index flows beginning to close the 30-year Korean discount. Samsung has three primary lines of business including memory, foundry, and phones. The company has long been a leader in memory including NAND, DRAM, and now HBM. Samsung has focus on U.S. foundry with massive fab outside Austin in Taylor, Texas. Hyundai Mobis benefitted from share gain and electrical vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline. The company is one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position along with other sizeable media holdings. After legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging process and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2023 Q4 | Feb 19, 2024 | Old West Capital Management | 6.9% | 15.9% | UHAL | Commercial real estate, commodities, Debt crisis, gold, Owner Operators, small cap, Valuations, value | Manager emphasizes value investing as the best way to protect and grow capital, contrasting their approach with passive index investing in overvalued mega-cap tech stocks. Highlights preference for solid companies run by owner-operators trading at reasonable valuations. | UHAL |
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| 2025 Q3 | Dec 31, 2025 | AMG Yacktman Fund | 5.1% | 12.8% | 005930.KS, 012330.KS, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, UHAL | AI, Bubble, Conglomerates, large cap, Media, risk management, semiconductors, value | The fund seeks opportunities where company value is misunderstood and price fairly compensates for risks. They carefully consider the price paid for investments and focus on companies trading at attractive valuations relative to their intrinsic worth. | View | |
| 2024 Q4 | Dec 31, 2024 | Third Avenue Real Estate Value Fund | 0.4% | 14.1% | 1113.HK, AC.PA, AMH, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FPH, FR, JLL, LEN, PLD, RYN, SGRO.L, SUI, UHAL, WCC, WY | Commercial, Homebuilders, NAV, rates, real estate, REITs, Uk, value | Fund maintains significant exposure to commercial real estate through REITs and operating companies focused on industrial, logistics, self-storage, and real estate services. Holdings include platforms like Big Yellow self-storage, Prologis industrial, and CBRE services that benefit from structural demand drivers and limited maintenance capex requirements. | AC.PA BYG.L BKG.L |
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| 2024 Q4 | Dec 31, 2024 | AMG Yacktman Focused Fund | -6.5% | 0.7% | 005930.KS, 033780.KS, 2451.TW, AAPL, CNQ, FOXA, GOOGL, MSFT, PEP, PG, SCHW, SPOT, UHAL, UMG.AS | Capital Allocation, Concentration, large cap, Media, technology, value | The fund focuses on companies trading at compelling valuations, with Samsung available near tangible book value and Bolloré valued at potentially two-to-three times current market price. The portfolio represents some of the best values the managers can recall in the current market environment. | UHAL BOL.PA 005930.KS |
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| 2024 Q4 | Dec 31, 2024 | AMG Yacktman Fund | -4.0% | 4.9% | 005930.KS, AAPL, CNQ, CTSH, FOXA, GOOG, MSFT, PEP, PG, SCHW, SPOT, TSM, UHAL, UMG.AS | Buybacks, Capital Allocation, energy, large cap, Media, technology, value | The fund focuses on companies trading at attractive valuations relative to their underlying business value. Samsung can be owned at a price close to tangible book value despite being a leading technology company. Bolloré trades at a significant discount with the manager believing its value to be two-to-three times current market valuation. | BOL.PA 005930.KS |
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| 2023 Q2 | Dec 7, 2023 | Qualivian Investment Partners | 2.4% | 15.3% | CPRT, DHR, HSY, LMT, META, MSFT, POOL, UHAL | - | View | ||
| 2023 Q3 | Oct 25, 2023 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 0004.HK, 1113.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FR, GRI.L, INA.AX, INVH, JLL, LEN, LOW, NSA, PLD, RYN, SEGRO.L, SUI, SVS.L, UHAL, WY | Cap Rates, Commercial Property, interest rates, NAV, real estate, REITs, Residential, value | Fund maintains 31% allocation to commercial real estate enterprises focused on secular trends including industrial properties, self-storage facilities, and last-mile fulfillment. Holdings include companies capitalizing on structural changes driving demand for these property types. | BYG.L SUI |
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| 2023 Q3 | Oct 23, 2023 | Biondo Investment Advisors | - | - | FOXA, GOOGL, MSFT, NVDA, PEP, PG, SCHW, SSNLF, UHAL, UMG.AS, VIV.PA | AI, large cap, Media, semiconductors, technology, value | Samsung announced its first design win with Nvidia for high bandwidth memory chips this quarter, validating its position in the HBM chip market after being late to the artificial intelligence party. Alphabet has participated in the AI frenzy despite longer-term risks to its advertising revenue. | UHAL BOL.PA 005930.KS |
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| 2025 Q3 | Oct 21, 2025 | Third Avenue Real Estate Value Fund | 6.7% | - | AC.PA, AMH, BKG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FR, JLL, LEN, PHM, PLD, RYN, SUI, SVS.L, UHAL, UTG.L, WY | Commercial, global, Homebuilders, Mortgage, real estate, REITs, Residential, value | Fund holds 27.5% in North American commercial real estate companies including CBRE Group, JLL, Brookfield Corp, Prologis, First Industrial, Wesco, and U-Haul Holdings. These represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate that favor long-term investors with structural demand drivers, limited maintenance capex, and prospects to self-finance accretive reinvestment. Commercial banks are estimated to be lending significantly less to commercial real estate, with current pace at less than half of the previous 10-year average. | UTG CHMP ACCOR UTG CHMP AC ROG BOISE DBK OR HBR LUN CS |
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| 2025 Q3 | Oct 19, 2025 | Smead Value Fund | 10.7% | 4.7% | AMGN, APA, AXP, CACC, COP, CSCO, CVE, DHI, FANG, INTC, LEN, MAC, MRK, MSFT, NVR, OXY, SPG, TGT, UHAL, UNH | AI, commodities, energy, Homebuilders, technology, value | Energy positions delivered meaningful contributions despite WTI crude oil averaging around $65 per barrel. At current levels near $60 WTI, few bullish factors are reflected in market pricing while companies make disciplined acquisitions and maintain strong balance sheets. | MRK SPG DHI APA |
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| 2023 Q3 | Oct 16, 2023 | Smead Value Fund | 5.1% | 11.1% | AMGN, AXP, BAC, COP, DHI, LEN, MRK, NVR, OVV, OXY, PFE, PXD, SPG, TGT, UHAL, XOM | Bear Market, commodities, Financial Euphoria, Homebuilders, Millennials, oil, value | The fund sees a once-in-a-lifetime opportunity in oil and gas shares, believing they are in the early stages of a commodity super-cycle. Oil and gas stocks have dramatically underperformed the price of oil this year, creating an excellent short-term buying opportunity. The fund expects consolidation in the industry with 40% of existing companies potentially merging into larger entities within 10 years. | View | |
| 2025 Q4 | Jan 22, 2026 | Third Avenue Real Estate Value Fund | -1.8% | 11.3% | AMH, BKG.L, BRK-A, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WY | Commercial, Homebuilders, real estate, REIT, Residential, value | Fund maintains significant exposure to commercial real estate platforms including real estate services, asset management, industrial and logistics properties, and self-storage facilities. These holdings represent platforms that would be very difficult to reassemble and comprise select pockets of commercial real estate with structural demand drivers and limited maintenance capital expenditure requirements. Fund holds positions in major U.S. homebuilders including Lennar Corp., D.R. Horton, PulteGroup, and Champion Homes. These companies are supported by near-record low levels of for-sale inventories, near-record high demand for affordable product, and industry dynamics favoring scaled players over time. Fund focuses on well-capitalized enterprises with discounted securities trading at more than a 20% discount to estimated Net Asset Value at year-end. The strategy targets strategic real estate at value prices with prospects to compound capital over time. Multiple portfolio companies engaged in share repurchase activities during the quarter, including Lennar Corp. completing an exchange offer that effectively acted as an accelerated share repurchase program, exchanging Millrose Properties shares for 5% of its outstanding A shares. | DBK GR BIRG ID 2330 TT HBR LN CS CN LUN CN HCC |
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| 2025 Q4 | Jan 21, 2026 | Smead Value Fund | 0.3% | 5.1% | AMGN, APA, AXP, CVE, DHI, EBAY, FANG, HD, LEN, MAC, MRK, OXY, SPG, UHAL | contrarian, energy, healthcare, Homebuilders, long-term, Market Extremes, S&P 500, value | The fund maintains a concentrated value approach designed to maximize long-term returns. The managers position themselves as contrarians, being greedy when others are fearful and fearful when others are greedy. They believe deeply out of favor parts of the index like healthcare, energy and homebuilders could receive money coming out of growth stocks. Higher rates have continued to weigh on the homebuilder space as well as an increase in inventory. The fund regards homebuilders' capacity to maintain construction activity throughout the cycle as a key competitive strength, with less resilient competitors likely to exit the market during prolonged cyclical downturns. | View | |
| 2024 Q3 | Sep 30, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | AMH, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, LOW, PLD, RYN, SGRO.L, SUI, SVS.L, UHAL, WCC, WY | Commercial real estate, Homebuilders, Hotels, Housing, real estate, REITs, value | Fund holds major homebuilders like Lennar and D.R. Horton positioned to benefit from persistent housing supply deficits and consolidation trends. Large publicly traded builders have increased market share to 55% from 40% five years ago by focusing on attainable housing and offering rate buydowns through captive mortgage subsidiaries. | WCC AC.PA |
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| 2024 Q3 | Sep 30, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | BRK-B, DGE.L, DHL.DE, FDX, FMC, GOOGL, HEIA.AS, ISNS, JNJ, NESN.SW, NVST, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TEP.PA, TTE, U11.SI, UHAL, WFC | Diversified, global, risk management, valuation, value | The fund continues to focus on securities trading at discounts from conservative estimates of their respective intrinsic values. Portfolio positioning reflects areas where investors may still uncover undervalued securities. The managers emphasize their value investing approach throughout the commentary. | View | |
| 2023 Q4 | Jun 1, 2024 | East72 Holdings | 6.3% | 0.0% | 0001.HK, BC, C, DRR.AX, DXS.AX, EXOR, GOOGL, GS, ICE, IWG.L, JPM, MANU, MFG.AX, PAH3.DE, UBS, UHAL, VIRT, VOW3.DE, YBR.AX | Asset Management, Australia, Concentration, Hedging, Investment Banking, Sports Teams, value | Manager discusses significant investments in Goldman Sachs and JP Morgan which contributed positively to quarterly returns. Also analyzes Barrenjoey Capital Partners as a strategic investment representing exposure to Australian investment banking with potential for significant value creation. | MFG.AX MANU |
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| 2024 Q1 | May 4, 2024 | AMG Yacktman Fund | 7.5% | 7.5% | CNQ, CVX, DAR, EAF, EMBCF, FANG, GOOGL, HES, K, MSFT, NWSA, PEP, PG, PXD, SCHW, UHAL, VLO, XOM | Consumer Staples, energy, large cap, Media, technology, value | The energy sector had a strong first quarter with portfolio energy companies performing well. The thesis is based on a medium-term supply/demand imbalance and the shift to returning capital to shareholders. CNQ was Yacktman's first investment in the energy space in over a decade, followed by domestic exploration and production companies added in mid-2022. | BOL.PA K DAR CNQ.TO |
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| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne International Value II | 2.4% | 8.3% | 0010.HK, 1169.HK, 4324.T, 4401.T, 6277.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DGE.L, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, PGR, RNO.PA, ROG.SW, RTE.PA, SAF.PA, SEE, SOL.MI, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | industrials, inflation, international, Japan, small caps, value | The fund continues to focus on companies meeting investment criteria with competitive moats, pricing power, and strong balance sheets. They believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again and they are highly optimistic about the future for price-sensitive strategies. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne International Value II | 4.8% | 8.3% | 0010.HK, 1169.HK, 4324.T, 4401.T, 6297.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NVS, PGR, RNO.PA, ROG.SW, RTE.PA, SAF.PA, SEE, SOL.MI, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | industrials, inflation, international, Japan, rates, value | The fund continues to focus on companies purchased at significant discounts to intrinsic value estimates. The managers believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again and they are highly optimistic about price-sensitive strategies like theirs. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne Value Fund | 2.8% | 7.6% | 0010.HK, 1882.HK, 4324.T, 4401.T, 6277.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, PGR, ROG.SW, SAF.PA, SCOR.PA, SEE, SOL.MI, TEP.PA, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | global, industrials, inflation, interest rates, value | The fund continues to focus on companies meeting their investment criteria that they believe have competitive moats, pricing power, and strong balance sheets, purchased at prices representing attractive value. They believe they are in the midst of a material shift in markets driven by persistent inflation and interest rates, where price matters again. | View | |
| 2023 Q4 | Feb 22, 2024 | Tweedy, Browne Worldwide High Dividend | 6.4% | 9.8% | 0010.HK, 1169.HK, 4324.T, 4401.T, 6297.T, 9147.T, AALB.AS, ALV.ST, ATE.PA, BA.L, BAC, BIDU, BNR.DE, DEO, DPW.DE, EPD, FMC, FRE.DE, IONS, KOF, KRA1V.HE, LAS.TO, NESN.SW, NOVN.SW, PGR, RNO.PA, ROG.SW, SAF.PA, SEE, SOL.MI, TEP.PA, TFC, TREL.ST, TTE, UBI.PA, UHAL, VRTX, WFC | dividends, global, High Dividend, industrials, value | The fund focuses on high dividend yield value investing with an average-weighted dividend yield of 3.84% on fund stocks alone versus 1.97% for the MSCI World Index. The fund specifically targets companies with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. | View | |
| 2023 Q4 | Jan 31, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 1113.HK, 4.HK, AMH, BAM, BKG.L, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, FRT, GRI.L, ING.AX, IVT, JLL, LEN, LOW, NSA, PLD, RYN, SGRO.L, SUI, SVS.L, TPHS, UHAL, WY | Commercial, Homebuilders, interest rates, real estate, REITs, Residential, value | Fund has 33% invested in commercial real estate enterprises focused on secular trends including industrial properties, self-storage, and last-mile fulfillment. Holdings include companies capitalizing on structural demand changes and urban densification. | View | |
| 2024 Q4 | Jan 21, 2025 | Tweedy, Browne Value Fund | -5.8% | 1.4% | BRK-A, CNHI, DGE.L, DHL.DE, FDX, FMC, GOOGL, HEIA.L, JNJ, NESN.SW, NVST, RHM.DE, ROG.SW, RUI.PA, SAF.PA, TP.PA, TTE, U11.SI, UHAL, WFC | financials, global, Japan, technology, valuation, value | The fund maintains its value investing approach, seeking securities trading at significant discounts to intrinsic value estimates. Portfolio positioning focuses on parts of the global equity market that represent real value, particularly in smaller and medium-sized European, Asian, and Japanese equities. | View | |
| 2023 Q4 | Jan 16, 2024 | Smead Value Fund | 5.1% | 11.1% | APA, AXP, BAC, COP, DHI, DVN, FITB, HD, JPM, LEN, MAC, MTB, NVR, OVV, OXY, PFE, SPG, TGT, UHAL, WAL | banks, consumer, energy, Homebuilders, inflation, value | Home builders were weighed down by rapidly rising mortgage rates and recessionary fears that reemerged fears of a 2008-like housing crisis. The fund focused on supply demand dynamics rather than emotional fears and was handsomely rewarded with strong performance from D.R. Horton, Lennar, and NVR. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 13, 2026 | Fund Letters | AMG Yacktman Focused Fund | U-Haul Holding Company | Rental & Leasing Services | Road & Rail | Bull | NASDAQ | Asset Recognition, Hidden-Assets, Owner operator, REITs, Self-storage, Sum-of-parts, Transportation, Truck Rental, value unlock | View Pitch |
| May 13, 2026 | Fund Letters | AMG Yacktman Fund | U-Haul Holding Company | Rental & Leasing Services | Commercial Services & Supplies | Bull | NASDAQ | Commercial Services, Hidden-Assets, REITs, Self-storage, Sum-of-parts, Truck Rental, value unlock | View Pitch |
| Apr 28, 2026 | Fund Letters | Old West Capital Management | U-Haul Holding Company | Industrials | Specialized Consumer Services | Bull | NASDAQ | Asset-Heavy, franchise model, market leader, Migration trends, Moving services, Owner operator, Real Estate, Self-storage, Truck Rental, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Biondo Investment Advisors | U-Haul Holding Company | Industrials | Commercial Services & Supplies | Bull | NASDAQ | Analyst Coverage Gap, capital allocation, Dual Business Model, long-term investment, Occupancy Ramp, Real Estate, recurring revenue, REIT Economics, Self-storage, Truck Rental | View Pitch |
| Apr 13, 2026 | Fund Letters | Baron Health Care Fund | U-Haul Holding Company | Industrials | Commercial Services & Supplies | Bull | NASDAQ | Analyst Coverage Gap, capital allocation, Cash Flow Reinvestment, Dual Business Model, recurring revenue, REIT Economics, Self-storage, Truck Rental | View Pitch |
| Apr 13, 2026 | Fund Letters | FPA Source Capital | U-Haul Holding Company | Industrials | Commercial Services & Supplies | Bull | NASDAQ | Analyst Coverage Gap, capital allocation, Cash Flow Reinvestment, Dual Business Model, long-term investment, recurring revenue, REIT Economics, Sector Misclassification, Self-storage, Truck Rental | View Pitch |
| Apr 13, 2026 | Fund Letters | Peapack Private | U-Haul Holding Company | Industrials | Commercial Services & Supplies | Bull | NASDAQ | Analyst Coverage, business transformation, capital allocation, Cash Flow Reinvestment, Occupancy Ramp, recurring revenue, REIT Economics, Self-storage, Truck Rental | View Pitch |
| Apr 13, 2026 | Fund Letters | AMG Yacktman Focused Fund | U-Haul Holding Co | Transportation | Trucking | Bull | NASDAQ | Business Owner Mentality, capital allocation, market share, Self-storage, Transportation, Truck Rental, value creation | View Pitch |
| Apr 13, 2026 | Fund Letters | EQUAM Global Value Fund | U-Haul Holding Company | Industrials | Commercial Services & Supplies | Bull | NASDAQ | capital allocation, Disciplined Management, Hybrid Business Model, Real Estate, recurring revenue, REIT Economics, Self-storage, Truck Rental, value creation | View Pitch |
| Jan 22, 2026 | Twitter / X | @evantindell | U-Haul Holding Company | Utilities | Trucking | Bull | New York Stock Exchange | Biz, Homebuilders, Monopoly, Moving, Moving Biz, Moving Business, Self-storage, Storage | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Anthony Cataldo | U-Haul Holding Company | Industrials | Rental & Leasing Services | Bear | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||