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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Stenham Asset Management | 8.4% | 9.2% | AFG, AIR.PA, AMZN, CME, GE, MA, MSFT, SAF.PA, TMO, TSM, UNP, V | aerospace, AI, Cloud, Exchanges, global, payments, technology | Cloud computing stood out as a bright spot with continued AI adoption driving strength across hyperscalers. Microsoft's Azure business significantly exceeded expectations with AI revenues growing 175% year-over-year. The AI business is already generating $14bn annualized revenue after only 2 years, compared to 8 years for cloud to reach the same milestone. | CME CME GE SAF FP AIR FP MA V AMZN MSFT |
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| 2025 Q2 | Jul 25, 2025 | Bretton Fund | 2.7% | - | AXP, AZO, BAC, BRK.A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | fundamentals, healthcare, insurance, technology, value | UnitedHealth Group faced severe challenges with Medicare Advantage patients consuming far more healthcare than expected, particularly public employee retirees, and OptumHealth division enrollees from exited plans requiring more care than anticipated. The company revised earnings guidance down significantly and management was replaced, but the stock now trades at attractive valuations around 10 times earnings. | UNH |
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| 2025 Q2 | Jul 25, 2025 | Ironvine Capital Partners | - | 7.7% | AAPL, APH, CAR, CSX, DE, GOOGL, HON, META, NSC, UNH, UNP, WSO | aerospace, AI, Distribution, HVAC, infrastructure, Railroads, technology, value | Union Pacific represents a crown jewel of North American freight transportation with strong positions in heavy commodity and hazardous materials. Under CEO Jim Vena's leadership, the company has achieved record network efficiency with on-time service levels nearing 100%. The operational improvements have enabled strong pricing power and freight revenue growth despite industrial headwinds. | WSO HON UNP DE |
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| 2025 Q2 | Jul 22, 2025 | Columbia Dividend Opportunity Fund | 2.7% | - | ABBV, AMT, AVGO, BAC, C, CSCO, CVX, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM | AI, dividends, financials, healthcare, technology, value | The fund focuses on companies with historically consistent and increasing dividends, though dividend-paying stocks underperformed the broader market during the quarter. The manager believes undervalued dividend stocks continue to offer opportunities for individual security selection. | MCHP |
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| 2025 Q2 | Jul 15, 2025 | Madison Dividend Income Fund | 1.1% | 4.4% | ADP, BLK, CME, HD, HON, JNJ, MDT, MS, NEE, UNP | AI, defensives, dividends, Quality, technology, Utilities, value | The fund focuses on high-quality dividend stocks trading at attractive valuations, with portfolio holdings increasing dividends by 6% annually. The relative yield strategy targets stocks at the high end of their historic dividend yield ranges, with the fund yielding 2.52% versus 1.15% for the S&P 500. | View | |
| 2024 Q1 | May 7, 2024 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | healthcare, insurance, large cap, Quality, value | Progressive demonstrated strong performance by increasing prices and adding customers as accident rates rose. The company was early to raise prices and now finds its rates competitive again as competitors follow suit, leading to 19% revenue growth from premiums. | UNH |
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| 2026 Q1 | Apr 22, 2026 | Ironvine Capital Partners | -5.6% | -5.6% | ADBE, ADI, AMAT, AMZN, AON, APH, ASML, CSU.TO, HEI, MA, MCO, MSFT, SPGI, TSM, UNP, V, WMT, WSO | AI, Concentration, disruption, semiconductors, software, technology, value, volatility | View | ||
| 2025 Q1 | Apr 22, 2025 | Ironvine Capital Partners | - | 0.1% | ADI, AHT.L, AMAT, APH, ENTG, GOOGL, HEI, HON, ODFL, TSM, UNP, URI | activism, aerospace, AI, Onshoring, semiconductors, tariffs, technology, Trade Policy | The United States enacted tariffs on essentially all global trading partners, with the magnitude and scope surprising markets. The Liberation Day announcement on April 2nd suggests significant structural change to global trade is possible for the first time in decades. Trade negotiations remain volatile, creating uncertainty for businesses and consumers about manufacturing costs and pricing. | AHT.L HON APH |
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| 2024 Q1 | Apr 20, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ADBE, AMZN, ASML, ETN, GOOGL, META, MSFT, NFLX, NVDA, PANW, PYPL, TEAM, TGT, TSLA, UNH, UNP, WDAY, ZTS | AI, cyclicals, growth, large cap, risk management, semiconductors, technology | Continued enthusiasm for generative artificial intelligence boosted market performance, with mega cap growth stocks maintaining leadership. The Strategy maintains exposure to AI beneficiaries while managing concentration risk. | View | |
| 2024 Q1 | Apr 15, 2024 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, ABNB, ADBE, AMZN, BIIB, CRWD, CSCO, GOOGL, MDB, META, MSFT, NVDA, PODD, PYPL, SNOW, SPLK, TGT, TSLA, UNH, UNP, WDAY | AI, growth, healthcare, mid cap, risk management, technology | Continued enthusiasm for generative artificial intelligence boosted market performance. MongoDB is expanding its potential market by adding ancillary capabilities like vector search for AI applications. | WDAY MDB |
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| 2026 Q1 | Apr 13, 2026 | The Davenport Value & Income Fund | 1.9% | 1.9% | ACN, BDX, CMCSA, CSCO, CVX, ELV, ENB, FDX, NEE, NSC, NVO, SLB, TXN, UNH, UNP, VSNT, WAT, WY, XOM | AI, dividends, energy, Geopolitical, income, infrastructure, large cap, value | View | ||
| 2025 Q1 | Mar 31, 2025 | Impax Global Environmental Markets Fund | -1.8% | -1.8% | A, AI.PA, KRZ.L, LIN, MSFT, NVDA, SIE.DE, SU.PA, UNP, VIE.PA, WM | Defensive, Environmental, healthcare, industrials, materials, tariffs, technology, Utilities | The development of an open-source large language model from Chinese AI startup DeepSeek raised concerns of disruption in AI leadership and triggered a sharp sell-off in the Information Technology sector. DeepSeek's efficiency suggests lower computational requirements, raising investor concerns about reduced demand for high-end graphics processing units. Despite these concerns, Nvidia's advanced chips and proprietary coding language Cuda remain industry standards, indicating it still holds a strong position in the AI market. | View | |
| 2024 Q1 | Mar 31, 2024 | Carillon Eagle Growth & Income Fund | - | - | AMGN, AMT, AVGO, CVX, ETN, GS, HD, JPM, MCD, MDLZ, MRK, MSFT, PNC, UNH, UNP | AI, dividends, growth, income, inflation, large cap, technology | The market continued to show excitement around AI and the potential earnings growth that should come with it. AI appears to be a very real, once-in-a-generation tech trend that is likely only in the early innings. However, there has been overexcitement in some areas that may not be able to deliver on the promises management teams are making. | View | |
| 2024 Q4 | Feb 6, 2025 | Bretton Fund | -1.0% | 20.3% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | consumer, financials, healthcare, technology, value | Dozens of new AI companies like OpenAI, Anthropic, and DeepSeek offer compelling alternatives to Google's search monopoly. Google has created Gemini AI app that is on par with competitors, but it's not the dominant platform like Google search. Microsoft has become the go-to provider of computing services for emerging AI companies, benefiting from the AI arms race. | UNH DFH NVR AZO GOOGL AXP PGR |
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| 2023 Q4 | Feb 21, 2024 | Springview Capital Management | 6.5% | 15.3% | BRK-B, CPRT, CRH, EXOR.MI, FFH, FMX, HLN.L, HLT, MKL, NTDOY, UNP, WRB, WTM | Concentration, insurance, Long/Short, tax efficiency, underperformance, value | Fund holds three large property/casualty insurers (W.R. Berkley, White Mountains, Markel) that underperformed in 2023 as investors rotated away from companies benefiting from rising rates. Despite disappointing short-term performance, excellent underwriters like Berkley have historically earned solid returns across interest rate cycles. | FMX FFH SUNP IN MKL WRB |
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| 2025 Q4 | Feb 17, 2026 | Cullen Enhanced Equity Income Fund | 2.0% | 7.5% | AAPL, AMZN, GOOGL, JPM, KVUE, META, MSFT, NSC, NVDA, QCOM, TSLA, UNH, UNP | AI, dividends, growth, healthcare, income, rates, technology, value | The manager discusses the AI boom extensively, noting that hyperscalers continue to escalate capital spending on AI data centers while several Industrial and Utilities companies benefit from the buildout. However, they express concern that markets have already discounted much future AI-driven growth, with $9-$12 trillion of post-2022 market cap gains unexplained by fundamentals. The aggressive AI spending has materially slowed free cash flow and earnings growth for hyperscalers. The strategy focuses heavily on dividend-paying stocks, with a large dividend contribution of 4.1% and total yield of 7.2% for the year. The manager notes that defensive and dividend-oriented sectors are now at multi-decade lows in index weight and investor interest, trading at unusually attractive relative valuations. They believe equity income is becoming increasingly competitive as money market yields decline from their peaks. The manager emphasizes that Value stocks are positioned for outperformance, noting the Growth-to-Value valuation spread is near historical extremes at nearly 100% premium versus the long-term average of 57%. They highlight extreme underweight positioning, elevated valuations in growth, and historically favorable mean-reversion dynamics as creating a compelling setup for value stocks to deliver strong risk-adjusted returns. The Federal Reserve cut rates twice in Q4 to the current range of 3.50% to 3.75%, following a September cut. The manager views the Fed's easing cycle positively for high-dividend stocks, as declining short-term rates should make equity dividend yields increasingly attractive compared to money market funds. They note nearly $8 trillion is currently invested in money market funds with yields falling from peaks above 5% to 3.7%. The manager expresses concern about elevated risk appetite and speculative excess, noting that leveraged ETFs now represent roughly 1% of total ETF assets but account for over 12% of trading volume. They highlight that retail investors now account for roughly 25% of total trading volume, more than twice the long-term average, which has historically served as a signpost of market excess and potential tops. | NSC JPM KVUE UNP UNH QCOM |
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| 2025 Q4 | Feb 12, 2026 | Bretton Fund | 1.4% | 11.6% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | AI, Banking, consumer, financials, Housing, technology, value | The fund views the overall market as fairly elevated but not in bubble territory regarding AI, though some parts of the AI craze appear bubble-like. Alphabet's AI chatbot Gemini exceeded expectations and was on par with leading AI models, contributing significantly to performance. The managers are comfortable missing out on highly speculative AI investments while focusing on long-term value. Banks had a strong year due to increased lending, reduced regulation, and moderately high interest rates. American Express cardholders continue spending with high payment rates, while the Platinum Card remains desirable despite competition. Credit and banking environment remained strong throughout the period. Off-price retailers TJX and Ross returned to form after struggling during post-Covid inflation, with strong stock performance. AutoZone faced challenges navigating tariff impacts on earnings, though the consolidated auto parts retail market historically passes through price increases. Consumer spending patterns showed resilience in certain segments. Housing investments had a weak year as high interest rates and hopes for lower rates left potential buyers on the sidelines. Home builders initially held up well when rates first rose in 2022, but continued high rates eventually impacted demand. The managers expect pent-up housing demand to eventually drive performance once the market unfreezes. | RVTY GOOG UNH |
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| 2025 Q4 | Feb 10, 2026 | PM Capital Enhanced Yield Fund | 0.8% | 4.6% | 2282.HK, 8570.PA, APO, BAER.L, BHP.AX, CABK.MC, CGF.AX, COL.AX, CRN.L, CS.AX, FCX, FDV.AX, FOXA, HEIA.AS, IMI.L, INGA.AS, LLOY.L, NEM, NSC, NST.AX, QUB.AX, RPRX, SHL.DE, SMR.AX, TECK, TSCO.L, UNP, WDS.AX, WOW.AX | Bonds, credit, fixed income, inflation, rates, Yield | Despite signs of re-emergence of higher inflation across major global developed economies including Australia in the December quarter, the fund delivered positive returns. Australian bond yields increased significantly with three year bonds rising over 60 basis points and 10 year bonds almost 50 basis points, representing a shift from rate cut expectations to multiple rate increase expectations in 2026. The fund increased exposure to fixed interest rates during the quarter as markets became overly optimistic about cash rate increases in 2026. Management believes multiple rate increases would put notable downward pressure on the economy given cost-of-living pressures and higher house prices remain issues. | View | |
| 2025 Q4 | Feb 10, 2026 | PM Capital Global Companies Fund | 7.8% | 38.3% | 2282.HK, APO, BARC.L, BHP.AX, CABK.MC, CGF.AX, CRN.L, CS.AX, FCX, FDV.AX, FOXA, IMI.L, LLOY.L, NEM, NSC, NST.AX, SHL.DE, SMR.AX, TECK, UNP | Banking, commodities, Copper, Europe, gold, infrastructure, Railroads, value | Copper surged 17% over the quarter, driven by supply risks and production disruptions at major mines. Portfolio holdings Freeport McMoRan, Teck Resources, and BHP delivered strong performance. The fund maintains conviction in copper due to tightening supply, record prices, and geopolitical uncertainty. Gold gained 12% in the quarter, reaching record highs and delivering extraordinary 64% gains for 2025. Monetary policy uncertainty and geopolitical tensions provided positive backdrop. Portfolio holdings Newmont and Northern Star Resources contributed meaningfully to performance. Union Pacific's proposed merger with Norfolk Southern would create the first coast-to-coast rail network in the US, potentially unlocking rail's potential to capture long-distance freight. The unified network could benefit broader US supply chains and provide the next leg of growth for an industry that has relied on efficiency gains. European banking sector produced strong outperformance led by Bank of Ireland, Lloyds Banking Group, and CaixaBank. Sector returns supported by interest rate stabilization and yield curve steepening. The market is transitioning toward improving organic loan growth after fifteen years of stagnant credit activity. | CRN LN APO SHL GR UNP LLOY LN BIRG LN IMI LN TECK FCX |
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| 2024 Q4 | Dec 31, 2024 | Impax US Sustainable Economy Fund | -0.8% | 20.4% | AAPL, AMZN, APD, AVGO, DHI, ELV, GILD, GOOGL, HIG, HUBS, LII, MA, MSFT, NVDA, PGR, TEAM, TSLA, UNP, V, ZTS | AI, Biotechnology, Energy Efficiency, Esg, healthcare, large cap, sustainability, technology | The portfolio's energy efficiency tilt detracted from performance as Energy Efficiency-related companies lagged the market while Energy stocks outperformed. The fund maintains allocations to energy efficiency solutions as part of its sustainable economy focus. | View | |
| 2023 Q4 | Dec 31, 2023 | Matrix Dividend Income | 0.0% | 0.0% | AEP, BK, CMCSA, GILD, JPM, MDT, MSFT, PNC, UNP, USB | dividends, financials, income, large cap, value | The portfolio focuses on high-quality companies that pay strong dividend yields with a long history of continually growing those dividends. The strategy generated high current and growing income with a 3.10% dividend yield and 6.43% average annual dividend growth. | View | |
| 2022 Q4 | Dec 31, 2022 | Diamond Hill Large Cap Strategy | 12.1% | -13.1% | ABT, AIG, AMZN, CAT, COP, FCX, GOOG, HD, MSFT, TFC, UNP | - | View | ||
| 2023 Q3 | Dec 10, 2023 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | 6758.T, 8035.T, 8113.T, ADYEN.AS, AHT.L, AJG, AON, APG, BKNG, BME.L, CDW, COST, CRM, DHR, ERF.PA, FER.MC, FERG.L, G24.DE, HDB, HLMA.L, HLN.L, IQV, LBRDK, LSEG.L, RELX.L, RTO.L, TSM, ULTA, UNP, URI, YUMC | China, cyclicals, Equipment Rental, global, infrastructure, Railroads, value | Global investor sentiment has soured further on China in recent months with the commercial real estate market implosion hitting headlines. The manager sees Value Latency emerging when markets are labeled 'uninvestable' as China now is for many investors. They highlight Yum China as an example of this opportunity. | SUNP IN AHT.L ANDURIL MELI|NFLX|ORCL|TCOM|VRTX|YUMC |
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| 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 | |
| 2023 Q3 | Nov 10, 2023 | ClearBridge Investments All Cap Growth | 0.0% | 0.0% | AAPL, AVGO, COST, CRWD, CSCO, GOOGL, JCI, LLY, MSFT, NFLX, NVDA, PODD, SBUX, SE, SPLK, TGT, UNH, UNP, WDC, WMT | consumer, Earnings Reset, growth, healthcare, interest rates, Soft Landing, technology | Nvidia remains the clear leader in supplying graphics processing units to power AI applications, finishing the quarter on an upswing despite multiple position trims to manage portfolio risk. The company's multiple has compressed year to date due to better-than-expected earnings growth. | SBUX SUNP IN ICLR|LLY|PLTR|SNPS|TGT AAPL|MSFT|NFLX|NVDA|UNH AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q3 | Nov 10, 2023 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | ADBE, AMZN, CSCO, DXCM, EL, ETN, GWW, INTU, ISRG, LLY, NKE, NVDA, SE, SPLK, TEAM, TGT, UBER, UNH, UNP, V | AI, China, consumer, growth, healthcare, large cap, technology | Portfolio includes companies directly indexed to the secular growth of artificial intelligence. Research efforts focus on new use cases as inference models ramp up and determining which software and services companies will remain relevant versus being supplanted by AI. | View | |
| 2025 Q3 | Oct 9, 2025 | ClearBridge Investments Dividend Strategy | - | - | AVGO, CMCSA, DEO, GOOGL, KO, LHX, META, MMC, NESN.SW, NOC, NSC, ODFL, ORCL, RTX, SRE, TEL, TMUS, TRV, UNH, UNP | AI, defense, dividends, large cap, Quality, risk management, technology, valuation | AI enthusiasm continued to propel the S&P 500 higher with sizable gains in IT and tech proxy sectors. The Strategy profited from AI exposure through holdings like TE Connectivity, Broadcom, and Oracle, though maintained disciplined risk management approach. | ODFL MARSH LHX TEL ORCL AVGO |
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| 2024 Q3 | Oct 24, 2024 | Bretton Fund | 10.0% | 0.0% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | financials, growth, Homebuilders, insurance, materials, technology, value | Progressive is highlighted as the most sophisticated auto insurer, leveraging vast driver data to recognize shifts in driver behavior and collision costs. The company was early to raise rates in 2021 to offset higher post-Covid costs, temporarily losing customers but now benefiting from comparatively attractive rates and highly profitable growth with premiums up 20% year-over-year. | GOOGL PGR |
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| 2025 Q3 | Oct 22, 2025 | Bretton Fund | 8.2% | - | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | Antitrust, consumer, financials, healthcare, retail, technology | The fund benefited from favorable antitrust ruling for Alphabet's Google, where the judge mandated only limited sharing of search data rather than implementing harsher penalties like divesting Chrome browser or Android operating system. This left Google's core search business essentially intact, driving significant outperformance. | UNH GOOGL |
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| 2025 Q3 | Oct 21, 2025 | Impax Global Environmental Markets Fund | 4.5% | 15.5% | 2308.TW, A, AI.PA, APTV, CARR, DSM.AS, KRZ.L, LIN, MSFT, SU.PA, TEL, TSM, UNP, VIE.PA, WM | Energy Efficiency, Environmental, Esg, global, industrials, materials, sustainability, technology | AI fervour catalysed returns for Efficient IT and Cloud Computing holdings during the quarter. Delta Electronics outperformed after reporting positive quarterly earnings driven by robust AI-related cooling and power component demand, resulting in significant margin expansion. AI-related opportunities remain attractive secular growth opportunities for portfolio holdings. | View | |
| 2022 Q3 | Oct 21, 2022 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BRK/A, DFH, GOOG, JPM, MA, MCO, MSFT, NVR, PGR, PKI, PRK, ROST, SPGI, TJX, UNH, UNP, V | - | View | ||
| 2025 Q3 | Oct 20, 2025 | Ironvine Capital Partners | - | 10.0% | AMD, AMZN, ASML, GOOGL, INTC, META, MSFT, NSC, NVDA, ORCL, TSM, UNP | AI, Capital Deployment, infrastructure, Monopolies, Railroads, semiconductors | ASML represents a monopoly-like position in lithography systems essential for semiconductor manufacturing, with over 90% market share and massive barriers to entry through decades of R&D investment. The company's extreme ultraviolet systems are critical infrastructure for advanced chip production, positioning it as a toll that must be paid for semiconductor fabs driving global technological progress. | View | |
| 2025 Q3 | Oct 16, 2025 | Distillate Capital Fundamental Stability & Value | - | 6.5% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | Benchmarks, Concentration, large cap, Quality, technology, valuation, value | Manager emphasizes systematic value investing approach focused on free cash flow valuation rather than book value. Strategy trades at 6.1% FCF yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. Systematic quarterly rebalancing allows proceeds from expensive stocks to flow into cheaper names with higher underlying cash flows. | View | |
| 2025 Q3 | Oct 16, 2025 | Distillate Capital International | - | 33.3% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, Quality, valuation, value | The manager emphasizes that while the Russell 1000 Value benchmark is intended to offer a counter to valuation risk, it suffers from being demarcated on book value which inadequately measures valuation in today's economy. Their U.S. FSV strategy offers substantially better valuation at 6.1% free cash flow yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. | CMCL LN |
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| 2025 Q3 | Oct 16, 2025 | Distillate Capital Small/Mid Cap Quality & Value | - | 3.4% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI Bubble, Benchmarks, Concentration, free cash flow, Quality, small caps, valuation, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting that their U.S. FSV strategy trades at a 6.1% free cash flow yield versus 3.9% for Russell 1000 Value and 3.1% for the S&P 500. They focus on finding quality companies trading at attractive valuations while avoiding the valuation and concentration risks in major benchmarks. | View | |
| 2025 Q3 | Oct 16, 2025 | Distillate Capital Large Cap Value | - | 9.0% | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, free cash flow, Quality, valuation, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting their strategy's superior valuation metrics compared to benchmarks. They focus on finding quality companies trading at attractive levels while avoiding the valuation risks present in current market leadership. | IT US ACN US ADBE US CRM US |
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| 2025 Q3 | Oct 14, 2025 | Madison Dividend Income Fund | 3.9% | 8.5% | ADP, BLK, CME, HD, HON, JNJ, MDT, MS, NEE, UNP | AI, defensives, dividends, financials, Quality, Utilities, value | The fund focuses on high-quality dividend stocks trading at attractive valuations, with portfolio holdings increasing dividends by 6% annually. The strategy emphasizes above-average dividend yields as protection against market volatility and inflation. | View | |
| 2025 Q3 | Oct 14, 2025 | Columbia Dividend Opportunity Fund | 6.1% | - | ABBV, AVGO, BAC, C, CSCO, CVX, DRI, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM | AI, dividends, financials, healthcare, technology, value | Technology sector strength was propelled by positions in companies that have emerged as potential beneficiaries of AI over the past year, including Corning and Seagate Technology. AI's positive impact on earnings growth is being seen in the technology and utilities sectors. | View | |
| 2025 Q3 | Oct 10, 2025 | Oakmark Fund- International Small Cap | 3.2% | 8.9% | BLK, C, CHTR, CNC, GOOGL, KDP, KVUE, TRGP, UNP, WBD | energy, financials, healthcare, Railroads, technology, value | The fund continues to find attractive opportunities to invest in high-quality, undervalued businesses across various industries. They purchased Union Pacific at a meaningful discount to intrinsic value and Targa Resources at a discount to peers based on normalized earnings power. | UNP US TRGP US |
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| 2025 Q3 | Oct 1, 2025 | Infuse Partners | 33.2% | - | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, free cash flow, international, Quality, small caps, value | The manager emphasizes systematic value investing through free cash flow analysis, highlighting that their U.S. FSV strategy trades at a 6.1% FCF yield versus 3.9% for Russell 1000 Value and 3.1% for S&P 500. They focus on finding quality companies trading at attractive valuations while avoiding the valuation and concentration risks in major benchmarks. | TMDX US |
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| 2025 Q3 | Oct 1, 2025 | ClearBridge Investments Large Cap Growth Strategy | - | - | AAPL, ACN, AIR.PA, AVGO, CMG, COST, CRM, DDOG, FICO, GOOGL, INTU, ISRG, LLY, MA, MSFT, NFLX, NSC, NVO, ORCL, PH, PLTR, RTX, SBUX, TSM, UNH, UNP, VRTX, WDAY, ZTS | AI, Cloud, cyclicals, growth, healthcare, large cap, technology | The growth market has seen wide divergence between AI winners and AI losers since Liberation Day, with AI winners including cloud providers, chip makers and infrastructure software companies rallying strongly while capital flows out of perceived AI laggards in application software and services. The managers are adding new AI-indexed growth ideas in a disciplined way rather than chasing momentum. | VRTX US DDOG US ORCL US |
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| 2025 Q4 | Jan 7, 2026 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, ADP, APD, AVGO, GOOGL, ITX.MC, KO, LHX, META, MMC, MSFT, NESN.SW, NVDA, ODFL, ORCL, TEL, TMUS, UL, UNP, XOM | AI, Concentration, diversification, dividends, large cap, semiconductors, technology, value | AI will radically change lives, labor markets and the economy, but investors already ascribe trillions of dollars of value to AI-related enterprises while aggregate AI-related revenues are minimal relative to embedded expectations. The landscape is evolving too swiftly to conclude today's favored players will be ultimate winners, with fundamental questions remaining about LLM commoditization and revenue sustainability. The strategy's average holding has grown its dividend at 10% over the last 12 months with similar growth expected in coming years. The fund maintains focus on dividend-paying companies as part of its core investment approach and diversification strategy. The ClearBridge Dividend Strategy trades at a significant discount to the broader market with a P/E ratio of 19.8x versus 24.7x for the S&P 500. The managers value securities based on free cash flow yields and gravitate toward those with asymmetric risk-reward profiles. | View | |
| 2025 Q4 | Jan 20, 2026 | Madison Dividend Income Fund | -0.2% | 8.3% | AAPL, AMZN, AVGO, BLK, CME, CVX, GOOGL, HON, JNJ, MDT, META, MS, MSFT, NEE, NVDA, TSLA, UNP, XOM | defensives, dividends, income, large cap, Quality, value | The fund focuses on high-quality, above-average dividend yield stocks with sustainable competitive advantages. Portfolio holdings increased dividends by 6% on average over the past year, well above inflation rates. The fund's absolute portfolio dividend yield of 2.53% compares favorably to 1.12% for the S&P 500. Many dividend paying companies are historically cheap compared to the broad market. The relative yield of the Dividend Income Fund was 2.25x the S&P 500 at year-end, at the very high end of historical ranges. The equal weight S&P 500 is trading at just half the valuation level of the S&P 500. The fund maintains a high-quality portfolio with strong balance sheets that could protect on the downside in a market correction. 94% of fund holdings are rated A- or better by Standard & Poor's, which compares favorably to the S&P 500 at 35% and the Russell 1000 Value at 22%. | View | |
| 2025 Q4 | Jan 18, 2026 | The Davenport Core Leaders Fund | 0.1% | 10.7% | AAPL, ACN, ADBE, AMZN, AVGO, CTAS, EOG, GOOG, ISRG, META, MRVL, MSFT, NOW, NVDA, ROK, SPOT, UBER, UNH, UNP, VRTX | AI, diversification, large cap, Quality, risk management, technology, value | AI and technology stocks led market gains in 2025, with Nvidia up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem, spreading to speculative corners including MEME stocks and unprofitable AI/tech companies. However, there are risks around massive capital outlays for computing power and unclear paths to returns. The market was dominated by momentum-driven stories with little regard for valuation, particularly in AI and tech sectors. 18 of the top 20 performers in the Russell 3000 from April through November were unprofitable companies. Jumping on momentum bandwagons proved more fruitful than having differentiated perspectives or being valuation sensitive. The Fund emphasizes high return businesses with durable competitive advantages and management teams committed to long-term capital allocation. Strategy holdings are positioned to consistently compound intrinsic value across market conditions, staying grounded in business fundamentals rather than short-term market trends. The Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios. | MRVL CTAS GOOG |
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| 2025 Q4 | Jan 18, 2026 | The Davenport Value & Income Fund | 1.5% | 13.7% | ACN, ADBE, ARE, C, CTAS, EOG, FDX, GOOG, HPQ, ISRG, META, MMC, MRVL, MSFT, NOW, NVDA, ORCL, SPOT, UBER, UNP, VRTX | AI, Buybacks, dividends, large cap, technology, value | Technology and AI-related stocks led the charge again in 2025, with tech and communications services sectors advancing 23.83% and 32.47% respectively. AI darling Nvidia was up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem with fervor spreading to speculative corners of the market. In 2025, 36 of the Value & Income Fund's 42 holdings increased their dividends by an average of 7% year-over-year. Companies like McDonald's, Exxon Mobil, Fidelity National Financial, and Becton-Dickinson continued their annual streak of dividend enhancements at 49, 43, 10, and 54 years respectively. In 2025, 30 of the Value & Income Fund's holdings reduced their share count via buybacks by 1.2% on average. Companies are taking advantage of discounted valuations to accelerate buyback pace and return capital to shareholders. The managers focus on stocks that have been cast aside as investors focused elsewhere on momentum plays. They believe the market's sun could shine elsewhere soon and can't stomach the risk associated with many of today's highflyers. Their conservative approach has weighed on relative performance but they've seen this dynamic before. | View | |
| 2025 Q4 | Jan 12, 2026 | QV Investors | 0.0% | 0.0% | 005930.KS, 0700.HK, BABA, CAT, CNI, DG, FTT.TO, GOOGL, MU, NVDA, TPZ.TO, UNP | AI, commodities, Dollar, financials, gold, international, Market Concentration, value | AI narrative shifted from Magnificent 7 to hardware providers building data centers. Memory chip providers like Micron and Samsung surged 240% and 120% respectively. Industrial businesses like Caterpillar and Finning benefited from AI-related capital spending for power generation equipment. Gold prices rose 64% as global central banks bolstered reserves and investors sought store of value amid geopolitical concerns and US deficit levels. Precious metals had their best year since 1979, contributing significantly to Canadian market returns. European financials rose 65.7% in 2025 as positive interest rates re-ignited profitability. Canadian bank stocks rose 43.4% as falling rates caused yield curve steepening. Over five years, European financials returned 111.5% versus S&P 500's 82.3%. Manager emphasizes opportunities in defensive areas like healthcare and consumer staples trading at historically low multiples. European cyclicals and smaller cap companies globally trade at low earnings multiples with depressed margins, offering reasonable returns with conservative assumptions. Industrial metals moved to new highs following precious metals surge. Manager sees opportunity in companies that manufacture raw materials into value-added products and pass through cost increases. Commodities rising alongside capital expenditure and fiscal stimulus. | TPZ CN FTT CN DG 005930 KS |
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| 2025 Q4 | Jan 11, 2026 | FMI All Cap Equity | - | - | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, Capex, Quality, small caps, technology, value | AI has driven massive market concentration with 42 AI-related stocks representing 45% of S&P 500 market cap and accounting for 78% of returns since ChatGPT launched. The top five hyperscalers are expected to spend over $500 billion on capex this year alone, with capex-to-revenue reaching 29% in aggregate by 2026. FMI questions whether the enormous capital spending will generate attractive returns and warns of potential bubble conditions similar to the 2000 tech crash. FMI emphasizes their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. Quality has underperformed low-quality sharply in 2025, particularly in small caps where money-losing companies have dominated. Despite recent headwinds, Quality Value's long-term relative outperformance is unmistakable and offers superior downside protection during market downturns. The firm maintains a value orientation, tracking Quality Value versus other gradients including cheap stocks and junky value. They believe buying advantaged businesses at discount valuations is a winning formula, though value has faced headwinds in the current junk rally environment where low-quality stocks have outperformed significantly. | View | |
| 2025 Q4 | Jan 11, 2026 | FMI International Equity | - | - | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | AI has had a staggering impact on global stock markets, with 42 AI-related stocks representing 45% of S&P 500 market cap and accounting for 78% of returns since ChatGPT launched. However, FMI questions whether the enormous capital spending will generate attractive returns, citing OpenAI's unsustainable economics and hyperscalers' 29% capex-to-revenue ratios. FMI emphasizes their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. Quality has underperformed in the current junk rally, but historically provides superior downside protection and long-term outperformance through economic cycles. Quality Value (cheap stocks that rank high on quality metrics) has demonstrated long-term relative outperformance despite recent headwinds. FMI believes buying advantaged businesses at discount valuations creates margin of safety and superior risk-adjusted returns over time. | View | |
| 2025 Q4 | Jan 11, 2026 | FMI Large Cap Equity | 0.0% | 0.0% | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | AI-related companies continued to dominate markets in 2025, with 42 AI stocks representing 45% of S&P 500 market cap and accounting for 78% of returns. The top five hyperscalers are expected to spend over $500 billion on capex this year, with capital intensity reaching 29% of revenue by 2026. FMI questions whether the enormous capital spending will generate attractive returns and warns of potential downside risks similar to the 2000 tech bubble. High-quality businesses have underperformed low-quality sharply in 2025, despite outperforming over the long run. FMI maintains their focus on quality businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. They believe quality value investing offers superior downside protection during market downturns and creates a powerful compounding effect over time. Small cap active managers have struggled to keep pace during the junk rally, with companies that lose money, have low ROE, or are high beta dominating since April 2025. The Russell 2000 gained 12.81% in 2025, but quality has been a meaningful laggard as investors extended out along the risk curve and were rewarded for taking on more speculative positions. | View | |
| 2025 Q4 | Jan 11, 2026 | FMI Small Cap Equity | 0.0% | 0.0% | ACN, CAT, HAYW, JPM, MSFT, NVDA, SMIN.L, UNP | AI, Bubble, capital intensity, Quality, small caps, technology, value | AI has driven massive market concentration with 42 AI-related stocks representing 45% of S&P 500 market cap and accounting for 78% of returns since ChatGPT launched. The capital intensity of hyperscalers is reaching 29% capex-to-revenue by 2026, raising questions about return generation. FMI sees long-term potential but questions whether enormous capital spending will generate attractive returns. Quality businesses have underperformed significantly in 2025 as investors favored low-quality junk rally stocks. FMI maintains focus on businesses with sustainable competitive advantages, strong balance sheets, and ROIC above cost of capital. Quality Value has demonstrated superior long-term performance despite recent headwinds. Small cap markets have been dominated by companies that lose money, have low ROE, or lack sales since April 2025. Active small cap managers have struggled to keep pace during this junk rally environment. FMI continues finding attractive opportunities despite challenging backdrop. | View | |
| 2025 Q4 | Jan 11, 2026 | Impax Global Environmental Markets Fund | -1.5% | 14.0% | A, AI.PA, AMAT, ITRI, KYGA.L, LIN, MSFT, RNR, SU.PA, TSM, UNP, VIE.PA | AI, Energy Efficiency, Environmental, global, Industrial Gases, semiconductors, technology, Waste management | AI-related investments drove portfolio performance with impressive execution from semiconductor foundries, chip equipment manufacturers, and power management companies. The team maintains high conviction in a picks and shovels approach to AI, focusing on performance efficiency and companies improving power supply delivery. Despite market concerns about elevated AI capital expenditure, the team believes AI-driven secular tailwinds remain intact. Energy efficiency remains a core focus with holdings in HVAC, heat pumps, and power management electronics. Weaker US residential construction volumes contributed to underperformance from energy-efficient HVAC and heat pump exposure. The strategy emphasizes companies bending the total power demand curve and improving efficiency of power supply. Industrial gases holdings like Linde and Air Liquide provide operationally defensive businesses with resilient end markets and clear multi-decade pricing power. These companies operate within oligopolistic market structures benefitting from durable demand and attractive pricing power, serving as portfolio ballast despite current muted volume growth. Waste and recycling holdings offer compelling reward-to-risk characteristics through operationally defensive businesses tied to resilient end markets. The team maintains exposure to high-quality businesses in waste and recycling as portfolio ballast, benefiting from oligopolistic market structures and durable demand patterns. Smart and efficient grids exposure faced challenges with companies like Itron disappointing on order intake expectations. However, grid upgrades remain attractive secular growth opportunities over the long-term as part of the broader infrastructure modernization theme. Water infrastructure holdings experienced underperformance during the quarter due to factors including profit taking and poor business execution. Despite near-term challenges, water infrastructure remains part of the long-term environmental markets opportunity set. | View | |
| 2024 Q3 | Sep 30, 2024 | Matrix Dividend Income | 0.0% | 0.0% | ABBV, BDX, CMCSA, CSCO, DUK, GS, JPM, MDT, PYPL, QCOM, SBUX, UNP | dividends, financials, healthcare, large cap, rates, value | Matrix's Dividend Income portfolio continues to deliver on its three objectives: generating high current and growing income, downside protection, and capital appreciation. In Q3, three portfolio holdings raised their dividends by an average of 6.1%, and over the past 12 months 23 of 24 holdings increased their dividends by 6.1%. The portfolio maintains a 2.80% dividend yield compared to the S&P 500's 1.28% yield. | NESN.SW BDX MDT |
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| 2024 Q3 | Sep 30, 2024 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | ABBV, BDX, CMCSA, CSCO, DUK, GS, JPM, MDT, NESN.SW, PYPL, QCOM, SBUX, UNP | dividends, financials, healthcare, large cap, rates, value | Matrix's Dividend Income portfolio delivered strong performance with 19 holdings raising dividends by 6.4% average in nine months. The portfolio maintains a 2.80% dividend yield versus 1.28% for S&P 500, with 23 of 24 holdings increasing dividends over past 12 months by 6.1% average. | NESN.SW BDX MDT |
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| 2024 Q3 | Sep 30, 2024 | Impax US Sustainable Economy Fund | 6.6% | 21.4% | AAPL, AMAT, BBY, CBRE, EMR, GILD, HUBS, LLY, LOW, MA, MSFT, NVDA, PGR, PINS, ROK, TXN, UNP, V, VFC | Esg, financials, large cap, real estate, sustainability, technology | The fund's energy efficiency tilt was additive as Energy Efficiency-related names outperformed the market and Energy stocks. The portfolio takes allocation from Energy and reallocates it to companies focused on energy efficiency solutions. | View | |
| 2023 Q2 | Aug 15, 2023 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, PKI, ROST, SPGI, TJX, UNH, UNP, V | AI, consumer discretionary, financials, Homebuilders, insurance, technology | Artificial intelligence appears promising and drove strong performance for tech holdings Alphabet and Microsoft. AI offers promise for drug discovery and development, with potential to sort molecules for therapeutic promise more effectively than ever. | View | |
| 2023 Q1 | Aug 5, 2023 | Matrix Dividend Income | 0.0% | 0.0% | AEP, AMZN, APD, BK, EBAY, HD, KMB, KO, MDT, MTB, PARA, PNC, SLB, TFC, TSN, UNP, USB | Banking, dividends, financials, healthcare, rates, technology, value | Three U.S. banks failed in March, creating market volatility and concerns about banking system stability. Manager believes the selloff in regional bank stocks is overdone and will be short-lived, expecting strong rebounds in high-quality financials. Portfolio includes well-capitalized banks like PNC Financial that are likely to gain market share. | SUNP IN PNC |
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| 2023 Q1 | Aug 5, 2023 | Matrix Large Cap Value Strategy | 0.0% | 0.0% | AEP, AMZN, APD, BK, EBAY, HD, KMB, KO, MDT, MTB, PARA, PNC, SLB, TFC, TSN, UNP, USB | Banking, dividends, financials, healthcare, rates, technology, value | Three U.S. banks failed in March including Silicon Valley Bank, creating concerns about banking system stability. Manager believes the selloff in regional bank stocks is overdone and will be short-lived, expecting strong rebounds in high-quality financials. Added PNC Financial and increased positions in other regional banks during the quarter. | SUNP IN PNC |
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| 2024 Q2 | Jul 24, 2024 | Bretton Fund | 10.0% | 0.0% | AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | Building Materials, financials, Homebuilders, large cap, Quality, technology, value | The fund sees long-term demand for wallboard and cement driven by structural housing shortage and infrastructure spending. Eagle Materials benefits from competitive advantages including low-cost gypsum sources, transportation barriers creating regional oligopolies, and locations in fast-growing Sun Belt markets. | EXP |
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| 2024 Q2 | Jun 30, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, ADBE, AMZN, ASML, ETN, GOOGL, META, MSFT, NFLX, NVDA, PANW, PYPL, TEAM, TGT, TSLA, UNH, UNP, WDAY, ZTS | AI, growth, large cap, Mega Cap, risk management, semiconductors, technology | Continued enthusiasm for generative artificial intelligence boosted market performance, with mega cap growth stocks maintaining leadership. The Strategy maintains exposure to AI beneficiaries including Nvidia, which was a leading contributor to performance. | View | |
| 2024 Q2 | Jun 30, 2024 | BlackRock Global Dividend Fund | 7.2% | 14.8% | AAPL, AXP, AZN, CRM, GOOGL, MC.PA, MSFT, NESN.SW, NVDA, NVO, PRU, RELX.L, TSM, TXN, UNH, UNP | dividends, global, healthcare, Quality, technology | TSMC continued to draw strength from its strategic position in artificial intelligence chip manufacturing, which drove both demand growth and pricing power for leading-edge chips. The fund added IT exposure through Alphabet and Salesforce during the quarter. | View | |
| 2025 Q1 | Apr 23, 2025 | Bretton Fund | -1.0% | -1.0% | AXP, AZO, BAC, BRK-A, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V | durability, Franchises, Pricing Power, tariffs, Trade Policy, value | The fund discusses the current administration's frequent U-turns on tariff policy, attempting to balance imposing high tariffs while preventing market crashes. They view trade wars as wealth-destructive and believe the current policies will eventually end. | View | |
| 2023 Q1 | Apr 21, 2023 | Bretton Fund | 10.0% | 0.0% | AMNF, AXP, AZO, BAC, BRK-B, DFH, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, PKI, ROST, SPGI, TJX, UNH, UNP, V | Banking, healthcare, Housing, technology, value | Regional banking crisis emerged with Silicon Valley Bank and First Republic facing deposit flight and liquidity issues. Megabanks like JPMorgan and Bank of America expected to benefit from flight to quality and increased regulation of community banks. | ABAC JPM CNVRG PM AAPL|MSFT|NFLX|NVDA|UNH |
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| 2023 Q4 | Mar 1, 2024 | ClearBridge Investments Large Cap Growth Strategy | 0.0% | 0.0% | AAPL, AMZN, APTV, CSCO, DXCM, EL, GOOGL, ICE, META, MSFT, NFLX, NKE, NVDA, SPLK, SYK, TGT, TMO, TSLA, U, UNP, UPS | AI, diversification, growth, large cap, Magnificent Seven, technology | Microsoft and Nvidia continued to be supported by strong execution and leadership positions in the implementation of generative artificial intelligence. AI will remain a key trend supporting parts of technology going forward. | View | |
| 2024 Q4 | Jan 29, 2024 | Stenham Asset Management | -3.3% | 10.3% | AAPL, AIR.PA, AMZN, CDI.PA, CLNX.MC, CNI, CP, CSU.TO, GE, GOOGL, HLT, MA, MC.PA, META, MSFT, NVDA, RMS.PA, SAF.PA, TSLA, UNP | aerospace, Concentration, Europe, Luxury, payments, Quality, Railroads, valuation | Aerospace was the largest positive contributor to portfolio performance in 2024. Aftermarket engine holdings including General Electric and Safran outperformed as strong air travel demand and delivery delays extended aircraft operational lifecycles, driving robust engine maintenance demand and upward earnings revisions. Looking to 2025, while strong aftermarket growth is expected to persist, a gradual shift toward OE-driven growth is anticipated as supply chain pressures slowly subside. | HLT CNI CLNX.MC GE MC.PA |
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| 2023 Q4 | Jan 2, 2024 | Diamond Hill Large Cap Strategy | 7.9% | 14.7% | AAPL, AIG, ALL, AMZN, BAC, BDX, BWA, CARR, CVX, GOOGL, HON, KKR, META, MSFT, NVDA, PFE, TGT, TSLA, UNP | energy, financials, large cap, Quality, rates, technology, value | The fund focuses on finding good companies with solid fundamentals trading at attractive discounts to intrinsic value estimates. They emphasize their rigorous, bottom-up approach to identifying compelling investing opportunities despite market uncertainty. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Ironvine Capital Partners | Union Pacific | Transportation | Railroads | Bull | NYSE | Bulk Commodities, consolidation, freight transportation, infrastructure, Intermodal, Operational Turnaround, Precision Scheduled Railroading, railroad | View Pitch |
| Feb 26, 2026 | Fund Letters | Paul Moore | Union Pacific Corporation | Industrials | Rail Transportation | Bull | New York Stock Exchange | infrastructure, merger, oligopoly, productivity, railroads | View Pitch |
| Feb 21, 2026 | Fund Letters | James Cullen | Union Pacific Corporation | Industrials | Rail Transportation | Bull | New York Stock Exchange | dividend, Free Cash Flow, merger, Pricing, railroads, synergies | View Pitch |
| Nov 27, 2025 | Value Investors Club | Fat_Tony | Union Pacific Corp | Industrials | Railroads | Bull | NYSE | Railroads, UNP, Norfolk Southern,Trump administration, synergies, freight cycle, industrial production, trucking share gain, precision scheduled railroading, operating ratio | 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 | $60.9M | 0.03% | 263,116 | -9,765 | -3.58% | 0.0389% |
| Keith Meister | Corvex Management | $3.3B | $115.7M | 3.54% | 500,000 | +8,500 | +1.25% | 0.0740% |
| Anthony Bozza | Lakewood Capital Management | $1.5B | $36.4M | 2.41% | 157,400 | +157,400 | +100.00% | 0.0233% |
| Daniel Loeb | Third Point | $7.3B | $418.7M | 5.76% | 1,810,000 | +935,000 | +106.86% | 0.2679% |
| Michael Price | Empyrean Capital Partners | $2.7B | $86.5M | 3.22% | 373,800 | +41,800 | +12.59% | 0.0553% |
| Tom Russo | Gardner Russo & Quinn | $9.3B | $5.8M | 0.06% | 24,984 | +141 | +0.57% | 0.0037% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $6.4M | 0.01% | 27,500 | -217,100 | -88.76% | 0.0041% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $129.0M | 0.15% | 557,479 | -893,333 | -61.57% | 0.0825% |
| Zach Schreiber | PointState Capital | $6.8B | $10.5M | 0.15% | 45,466 | +45,466 | +100.00% | 0.0067% |
| Lee Ainslie | Maverick Capital | $9.3B | $303.8M | 3.26% | 1,313,207 | +197,597 | +17.71% | 0.1944% |
| Ray Dalio | Bridgewater Associates | $27.4B | $12.6M | 0.05% | 54,509 | -140,110 | -71.99% | 0.0081% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $763,356 | 0.00% | 3,300 | -830,607 | -98.17% | 0.0005% |
| Israel Englander | Millennium Management LLC | $233.2B | $28.9M | 0.01% | 125,065 | -291,871 | -70.00% | 0.0185% |
| Jeremy Grantham | GMO LLC | $39.1B | $10.8M | 0.03% | 46,640 | +33,698 | +260.38% | 0.0069% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $803.3M | 0.64% | 3,472,757 | +66,404 | +1.95% | 0.5140% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $211.0M | 0.31% | 912,198 | -116,878 | -11.36% | 0.1350% |
| Cliff Asness | AQR Capital Management | $190.6B | $163.6M | 0.09% | 707,038 | +53,717 | +8.22% | 0.1046% |
| Ricky Sandler | Eminence Capital | $6.3B | $81.4M | 1.29% | 351,839 | +351,839 | +100.00% | 0.0521% |
| Seth Klarman | Baupost Group | $5.3B | $376.4M | 7.13% | 1,627,254 | +131,050 | +8.76% | 0.2408% |
| Richard L. Chilton Jr. | Chilton Investment | $4.8B | $6.2M | 0.13% | 26,971 | -588 | -2.13% | 0.0040% |
| Bob Wyckoff | Tweedy Browne CO LLC | $1.2B | $4.6M | 0.37% | 20,050 | -81 | -0.40% | 0.0030% |
| Eric Mandelblatt | Soroban Capital Partners | $14.3B | $241.8M | 1.69% | 1,022,833 | +1,022,833 | +100.00% | 0.1547% |
| Rich Handler | Jefferies | $19.3B | $1.2M | 0.01% | 5,156 | -226,844 | -97.78% | 0.0008% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $3.1M | 0.01% | 13,212 | -96 | -0.72% | 0.0020% |