UPS

UPS

UPS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	ClearBridge Investments Large Cap Value	-	-	APD, AVGO, AXP, COP, EIX, INTC, ITW, LRCX, MCHP, MCK, NESN.SW, ORLY, PH, SBUX, SCHW, SHW, SRE, UPS, XPO	industrials, large cap, Quality, semiconductors, technology, Utilities, value	The strategy focuses on high-quality, less commoditized and less cyclical stocks with strong franchise characteristics. These businesses generate higher returns and compound value at more sustainable rates than deeper value peers, though they tend to lag in very strong markets.	PH AVGO SBUX ORLY APD SHW MCK INTC	View
2025 Q2	Jul 22, 2025	American Century Equity Income Fund	-0.3%	-	AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS	Consumer Staples, Defensive, financials, healthcare, income, Quality, value	The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company. This value-oriented approach has historically resulted in a less volatile portfolio versus the benchmark.		View
2025 Q2	Jul 22, 2025	Miller Howard Investments Infrastructure	-	-	AMT, CCI, CMCSA, ENB, ETR, KMI, OKE, PPL, SRE, TRP, UPS	AI, Data centers, dividends, energy, infrastructure, Natural Gas, Utilities	AI training requires increasingly more computational power and energy, with usage doubling every 5.5 months for compute and 1.2 years for energy. Major tech companies are investing billions in data center infrastructure and signing agreements to secure reliable energy. This trend is expected to continue for the next generation of AI models.	CMCSA CCI	View
2025 Q2	Jul 21, 2025	The Davenport Core Leaders Fund	11.1%	7.3%	AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, SPOT, TEL, UNH, UPS, WMT, XOM	AI, growth, large cap, momentum, technology, Valuations, value	Artificial intelligence is prompting enormous spending from tech titans and has joined forces with monetary stimulus to embolden risk taking. AI is incredibly promising and the firm expects to participate via ownership of select technology leaders, though many perceived beneficiaries are prioritizing growth over profit.	PWR NVDA	View
2025 Q2	Jul 21, 2025	The Davenport Value & Income Fund	2.6%	6.5%	AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, ROK, SPOT, TEL, UNH, UPS, XOM	AI, earnings, Federal Reserve, momentum, small caps, technology, Valuations	Artificial intelligence is described as a powerful technology theme prompting enormous spending from tech titans. The manager notes AI is incredibly promising and expects to participate via ownership of select technology leaders, though warns of a gold rush mindset in certain corners of the market with many perceived beneficiaries prioritizing growth over profit.		View
2025 Q2	Jul 20, 2025	The London Company Income Equity	4.5%	9.1%	AAPL, APD, BRK.B, CB, CMCSA, CVX, D, GLW, MSFT, NSC, NTDOY, PGR, PM, UPS	Consumer Staples, dividends, healthcare, industrials, Quality, technology, value	AI infrastructure and applications drove strong performance for Microsoft during the quarter due to its leading position. The company's partnership with OpenAI remains strategically important despite recent tensions. AI provides strong optionality for Microsoft's entrenched operating system and productivity software businesses.	CB CB APD PM MSFT	View
2024 Q2	Jul 17, 2024	ARK Invest	-	-	AMZN, CSCO, HD, KHC, MCD, MMM, NKE, SBUX, TMO, TXN, UPS, XOM	AI, Deflation, Fed policy, innovation, rates, Recession, technology	ARK expects AI and other disruptive technologies to drive broad-based deflation and pull the economy out of recession. The convergence among 14 technologies in ARK's five major platforms should start moving the needle on macro metrics significantly during the next five to ten years. ARK is searching for diversified exposure to the AI revolution, particularly software applications that are underrepresented in broad-based benchmarks.		View
2025 Q2	Jul 15, 2025	Mayar Capital	6.5%	9.6%	005930.KS, 7974.T, AHT.L, BH, BNR.DE, CAP.PA, CRDA.L, HLCL.L, JNJ, JSG.L, KVUE, MA, NESN.SW, NKE, NVO, SOLV, UL, UPS, V, VTY.L	antifragility, global, long-term, Quality, Resilience, value	The manager emphasizes building antifragile portfolios that improve with stress rather than merely surviving it. The fund focuses on businesses with sound economics, conservative balance sheets, and reasonable valuations that can endure disorder and adapt to change. Portfolio companies average 86 years in age, demonstrating proven resilience through multiple wars, recessions, and crises.	NESN SW	View
2024 Q1	May 2, 2024	Madison Sustainable Equity Fund	6.1%	20.1%	A, AAPL, AMZN, BDX, CSCO, GOOGL, LIN, LLY, MFSIX, MFSYX, MSFT, NESN.SW, NKE, NUE, ORCL, PEP, PGR, TGT, UNH, UPS	Esg, growth, healthcare, large cap, sustainability, technology	GLP-1 therapies are in strong demand with limited availability as capacity increases will be skewed towards year-end. Zepbound for Obesity was approved in Q4 2023 and has seen very strong initial demand, but is limited by capacity constraints.		View
2024 Q1	Apr 15, 2024	Mayar Capital	7.7%	9.6%	005930.KS, AHT.L, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, JNJ, KVUE, LH, MMM, NTDOY, PYPL, SAP.DE, UL, UPS, VTY.L, VWS.CO	global, Quality, REITs, technology, value	The fund emphasizes buying great businesses at reasonable prices with a margin of safety. The manager discusses how conventional wisdom about higher risk equaling higher returns is often wrong, and advocates for conservative approaches that prioritize steady growth with risk mitigation over chasing outrageous returns.	BLND.L	View
2024 Q1	Apr 15, 2024	Coho Relative Value Equity	0.0%	6.1%	COR, DG, DIS, GWW, LOW, MDLZ, NKE, PRGO, UNH, UPS	conviction, downside protection, large cap, Quality, US, value	The manager emphasizes their value-oriented philosophy focusing on downside protection and lower volatility. They note that growth continues to outperform value and high beta outperforms low beta, which runs counter to their investment approach. The team remains committed to their value disciplines despite recent underperformance.		View
2025 Q1	Mar 31, 2025	Miller Howard Investments Infrastructure	-	-	AMT, ATO, AWK, CCI, CEG, CMCSA, CSX, EQIX, ETR, EXC, HCA, NI, SRE, T, TMUS, TRGP, UPS, WCN, WM, WMB	Data centers, Defensive, dividends, infrastructure, Telecom, Utilities, Waste management	Infrastructure sector outperformed S&P 500 by widest margin in 20 years, providing downside protection amid market uncertainty. Portfolio focuses on essential service providers with high barriers to entry, stable cash flows, and attractive risk-adjusted returns with strong up/down capture ratios.		View
2025 Q1	Mar 31, 2025	The Davenport Value & Income Fund	3.8%	3.8%	AVY, BAM, BMY, BRK.B, BUD, CMCSA, CVX, ELV, FDX, HP, HSY, JNJ, LHX, NEE, NSC, ORCL, PM, SNY, STZ, UPS	Buybacks, Consumer Staples, Defensive, dividends, healthcare, value	Sixteen of DVIPX's holdings raised their dividends during the quarter, led by double-digit percentage increases at Walmart, Brookfield Corp, and others. The average DVIPX constituent has raised its dividend 8% year-over-year, which exceeds the S&P 500's 6%. The Fund is both higher yielding and possesses higher dividend growth than the benchmarks.		View
2025 Q1	Mar 31, 2025	Cullen Enhanced Equity Income Fund	5.8%	5.8%	AAPL, AMZN, BCE, BMY, CVX, DOC, DOW, GOOGL, KDP, META, MO, PM, PNC, RIO, TFC, TRV, TSLA, UPS, VICI, VZ	AI, dividends, growth, income, tariffs, value, volatility	The strategy is positioned for a potential secular shift from Growth to Value stocks, with Value trading at a 94% discount to Growth versus the historical average of 57%. Value defensive sectors like Healthcare and Consumer Staples are trading at historically low valuations, presenting compelling opportunities.	PNC KDP	View
2025 Q1	Mar 31, 2025	Madison Sustainable Equity Fund	-	-	A, AAPL, ACN, AMZN, COST, ECL, GOOGL, JPM, LIN, LLY, MSFT, NEE, ORCL, PGR, UPS, USB, V	financials, healthcare, Quality, sustainability, tariffs, technology	New tariffs announced by President Trump on April 2, 2025 are expected to erode business and consumer confidence, increase business costs, and keep inflation elevated. The impact is causing earnings estimate revisions and contributing to a more pronounced economic slowdown.		View
2025 Q4	Feb 3, 2026	Fidelity Freedom 2055 Fund	3.8%	23.7%	BAC, GEV, UPS, WFC	asset allocation, diversification, equities, global, target date, Valuations	The fund emphasizes portfolio diversification as a key strategy, particularly highlighting the need for diversification in fixed income and inflation-resistant assets to hedge against macro risks including government debt, global fragmentation, aging demographics and new technology impacts. The fund views elevated asset valuations, particularly for U.S. stocks, as providing little cushion against near-term risks. However, they believe valuations outside of the AI epicenter are reasonable, with many sectors showing improving growth expectations.		View
2024 Q4	Dec 31, 2024	Mairs & Power – Balanced Fund	-	9.6%	AMP, AVGO, AXP, CASY, FISV, GGG, JPM, LFUS, LLY, MDT, MSI, NEOG, NTRS, NVDA, PG, ROK, TTC, UNH, UPS, WFC	AI, Balanced, financials, healthcare, industrials, semiconductors, small caps, technology	The fund acknowledges AI as a key driver of mega cap technology performance in 2024, though their diversified approach left them underexposed to this narrow leadership group. UnitedHealth is aggressively deploying AI technology across its business to create enduring operating efficiencies. JPMorgan has been investing heavily in AI deployment across its businesses, positioning it well for outsized earnings growth compared to peers.		View
2024 Q4	Dec 31, 2024	Mondrian Global Equity Fund	-	-	BF-B, DGX.DE, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SAN.PA, UL, UPS	Corporate Governance, Energy Transition, Europe, international, Japan, Utilities, valuation, value	US markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Japanese equities offer particularly attractive valuations with solid balance sheets and corporate governance improvements driving record buybacks.		View
2024 Q4	Dec 31, 2024	Mondrian International Equity Value Opportunities	-	-	BF-B, DG.PA, DPW.DE, ENEL.MI, F, FDX, GM, HMC, MBG.DE, MRK, NEE, NESN.SW, PG, PWR, RI.PA, ROG.SW, SNY, SPIE.PA, UL, UPS	Currency, Energy Transition, international, Japan, Utilities, value	US markets trade at historically high 60% premium to non-US markets, creating compelling value opportunities internationally. Valuation discrepancies exist across sectors where fundamentally similar companies trade at significant multiples differences based solely on listing location.		View
2025 Q3	Oct 20, 2025	The Davenport Core Leaders Fund	3.2%	-	AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, SPOT, TEL, UNH, UPS, WMT, XOM	AI, earnings, Fed policy, momentum, small caps, technology, Valuations	Artificial intelligence is driving enormous spending from tech titans and creating a powerful technology theme. AI has joined forces with monetary stimulus to embolden risk taking, with AI-linked stocks posting explosive moves higher since April. The technology is incredibly promising, though many perceived beneficiaries are prioritizing growth over profit.	NVO NVDA	View
2025 Q3	Oct 20, 2025	The Davenport Value & Income Fund	5.2%	-	AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, ROK, SPOT, TEL, UNH, UPS, XOM	AI, dividends, large cap, momentum, technology, Valuations, value	Artificial intelligence is driving enormous spending from tech titans and prompting explosive moves in AI-linked stocks. The technology theme has joined forces with monetary stimulus to embolden risk taking. While AI is incredibly promising, many perceived beneficiaries are prioritizing growth over profit and investors may question ultimate returns on AI spending.		View
2024 Q3	Oct 2, 2024	The London Company Large Cap	8.1%	14.6%	BLK, BRK.B, CB, CSCO, FDX, FI, GOOG, MO, ORLY, PGR, SCHW, TEL, UPS	financials, large cap, Quality, rates, technology, value	The fund focuses on profitable, financially stable, quality large-cap companies that consistently generate free cash flow and high returns on unleveraged operating capital. Management emphasizes their focus on quality, diversification, and valuation as their margin of safety in uncertain market conditions.	CB FI BLK PGR	View
2025 Q3	Oct 19, 2025	Miller Howard Investments Infrastructure	3.0%	-	AMT, CCI, CMCSA, ENB, ETR, KMI, OKE, PPL, SRE, TRP, UPS	AI, Data centers, dividends, energy, infrastructure, Natural Gas, Utilities	AI training requires increasingly more computational power and energy, with usage doubling every 5.5 months for compute and 1.2 years for energy. Major tech companies are investing billions in data center infrastructure and signing agreements to secure reliable energy for AI development.	PPL SRE ETR ENB CN CCI	View
2025 Q3	Oct 19, 2025	American Century Equity Income Fund	5.3%	-	AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS	Consumer Staples, dividends, financials, healthcare, income, Quality, Utilities, value	The portfolio focuses on higher-quality stocks that may offer resilience amid continuing inflation and uncertain macroeconomic conditions. The team emphasizes companies with stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions.		View
2024 Q3	Oct 16, 2024	ARK Invest	-	-	AMZN, CAT, CSCO, DOW, FDX, KHC, MCD, MMM, NKE, PG, SBUX, TMO, TXN, UPS	AI, Deflation, Fed, innovation, rates, Recession, technology	ARK expects AI and other disruptive technologies to drive productivity growth and create new products and services that replace legacy solutions. The convergence among 14 technologies involved in ARK's five major platforms should start moving the needle on macro metrics significantly during the next five to ten years. ARK is searching for diversified exposure to the AI revolution, particularly among software applications that are underrepresented in broad-based benchmarks.		View
2025 Q3	Oct 14, 2025	Mayar Capital	-0.4%	9.1%	005930.KS, AHT.L, AOM.PA, BFAM, BNR.DE, CAP.PA, CRDA.L, GOOGL, JNJ, JSG.L, KER.PA, KVUE, NESN.SW, NVO, PYPL, SOLV, UL, UPS, VTY.L, VWS.CO	AI, contrarian, Discipline, global, Speculation, technology, value	The manager draws extensive parallels between the current AI boom and the TMT bubble, noting that technology companies will invest $7 trillion in AI capex over five years. He argues that AI companies trade at valuations assuming perpetual dominance, with minimal revenue and no clear path to profitability, creating a self-reinforcing cycle similar to the late-1990s telecom boom.	SOLV US	View
2024 Q3	Oct 14, 2024	Mayar Capital	7.7%	9.6%	005930.KS, 7974.T, ALO.PA, BFAM, CFR.SW, EA, GOOGL, HLCL.L, HWDN.L, JNJ, KER.PA, KVUE, MMM, PYPL, SAP, SOLV, UL, UPS, V, VWS.CO	Esg, global, Manufacturing, Patience, Recovery, value	Visa's business model as a payment network intermediary creates powerful network effects and generates impressive shareholder returns. The ongoing shift towards cashless payments has driven payment volume growth from $4.4 trillion in 2008 to $15.4 trillion in 2023. The company maintains high returns on invested capital averaging 65% over two decades while reducing share count by a third since IPO.		View
2023 Q3	Oct 13, 2023	Mayar Capital	7.7%	9.6%	005930.KS, BFAM, BN.PA, BNTG.DE, CAP.PA, DBX, EA, GOOGL, HLCL.L, KVUE, SAP.DE, UL, UPS, V	global, Quality, rates, risk management, technology, value	Manager emphasizes value investing approach, focusing on great businesses at reasonable prices with margin of safety. Discusses how value investing has been painful during recent tech bubble but believes patience will be rewarded as higher interest rates favor quality businesses over mediocre ones.	KVUE CAP.PA	View
2024 Q4	Jan 7, 2025	ClearBridge Investments Dividend Strategy	0.0%	0.0%	AAPL, AMZN, APO, AVGO, DEO, EQT, GOOGL, HLN.L, JPM, KVUE, MDLZ, MET, META, MSFT, NESN.SW, NVDA, ORCL, TSLA, UPS, WMB	diversification, dividends, Natural Gas, Quality, technology, value	The strategy focuses on high-quality dividend payers with three key attributes: downside protection, current income, and growth. Dividend growers help combat inflation and provide 40% of total return over the long term. The fund initiated positions in Alphabet and Meta when they announced regular dividend policies.		View
2024 Q4	Jan 7, 2025	GreenWood Investors	0.0%	16.6%	AMZN, CTT.LS, FDX, LDO.MI, PDD, TPL, UPS	active ownership, defense, E-Commerce, Europe, Logistics, value	The fund is invested in CTT's parcel delivery business serving the under-penetrated Iberian e-commerce market, and PDD Holdings which has built an e-commerce platform with similar GMV to Amazon in one-third the time. E-commerce infrastructure services have significant runway as Iberian e-commerce remains under-penetrated as a portion of retail sales.	PDD CTT.LS LDO.MI TPL	View
2025 Q4	Jan 28, 2026	Fidelity Freedom 2045 Fund	3.7%	23.8%	BAC, GEV, UPS, WFC	asset allocation, diversification, equities, fixed income, global, Target-Date	The fund emphasizes portfolio diversification as a key strategy to navigate macro-oriented themes including government debt, global fragmentation, aging demographics and new technology. Diversification in fixed income and inflation-resistant assets remains attractive to hedge these risks. Active risk is at the low end of the historical range based on elevated asset valuations, particularly for U.S. stocks, which provide little cushion against near-term economic and geopolitical risk. Valuations outside of the AI epicenter are considered reasonable.		View
2025 Q4	Jan 24, 2026	Miller Howard Investments Infrastructure	-2.9%	8.8%	AMT, CEG, LNG, MPC, NEE, NGG, PEG, SRE, T, TMUS, TRGP, UPS, VZ, XEL	Data centers, dividends, energy, infrastructure, nuclear, Utilities	The US nuclear industry is undergoing its most significant shift in decades with rising electricity demand, policy support, and emerging technologies creating foundation for long-term capacity expansion. The manager views companies with existing nuclear assets and restart plans as ideal investments with attractive risk/reward profiles. Rising electricity demand driven by data centers is a key growth driver, with hyperscalers signing multiple power purchase agreements for nuclear offtake. Data centers have power demands ranging from 50 MW to 2 GW and are willing to sign agreements at premium prices for nuclear generation. The portfolio offers high dividend yield over 2.5x the S&P 500 Index with strong prospects for dividend growth and ample coverage. Eight holdings announced dividend increases this quarter with an average increase of 9.5%. Policy support through the Infrastructure Investment and Jobs Act and Inflation Reduction Act has provided financial support and tax credits for nuclear development, putting it on level ground with wind and solar while creating a floor for existing nuclear fleet.		View
2025 Q4	Jan 18, 2026	Mayar Capital	4.5%	14.1%	005930.KS, 7476.T, 7974.T, BFAM, BKNG, BNNTF, CAP.PA, CFR.SW, CRDA.L, GOOGL, JNJ, KVUE, NESN.SW, NKE, OR.PA, PYPL, SOLV, TW.L, UL, UPS, V, VWS.CO	defense, fundamentals, global, Quality, Speculation, value	The fund maintains its disciplined value investing approach, focusing on boring companies with durable competitive advantages trading at reasonable prices. The manager emphasizes that fundamentals eventually win out despite current market speculation. The manager identifies significant red flags in circular financing fueling the AI boom, comparing it to vendor financing of the late 90s. Companies like Oracle, OpenAI, Nvidia and CoreWeave participate in arrangements that effectively fund their own customers' purchases. Strategy Inc. (formerly MicroStrategy) serves as a cautionary tale of speculative excess. The stock fell 60% as its premium to Bitcoin holdings evaporated, forcing the company to sell equity to cover preferred dividends rather than buy more Bitcoin.	NKE TW LN BKNG	View
2024 Q3	Sep 30, 2024	Mairs & Power – Balanced Fund	0.0%	11.0%	ABT, AMP, CASY, CHRW, ECL, FI, HRL, HSY, JPM, LFUS, LLY, LOW, MSI, NEOG, NVDA, PG, ROK, TECH, TTC, UPS	Balanced, Bonds, consumer, healthcare, industrials, rates, technology	The Federal Reserve cut its key lending rate by half a percentage point in September, with potential for additional cuts in November and December. Lower rates are expected to benefit smaller companies by reducing borrowing costs and improving earnings growth prospects.		View
2024 Q2	Jul 31, 2024	ClearBridge Investments All Cap Growth	0.0%	0.0%	AAPL, AMZN, AVGO, CRL, CRM, CRWD, EL, ELF, GOOGL, IDXX, MDB, MNST, MSFT, NKE, NVDA, SNOW, TGT, UPS, WDAY, ZTS	AI, Consumer Staples, diversification, growth, Mega Cap, semiconductors, technology	AI-related momentum was a key driver of performance in the second quarter, lifting technology enablers and holdings supporting increasing energy needs of data centers. The market's focus on AI beneficiaries created concentration risk and headwinds for diversified portfolios. Enterprise software stocks were impacted by weakening software spending partially resulting from AI-related diversions of IT budgets.	IDXX ELF	View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMZN, CSGP, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS	AI, Cloud, free cash flow, large cap, payments, technology, value	Amazon's AWS continues to show strong customer pipeline despite growth deceleration, with significant technology workloads remaining on-premise. Microsoft drives digital cloud growth and benefits from AI wave while generating operating leverage. The managers remain confident in long-term cloud assumptions.	CHKP. ELV ENS PRG MEDP SFR DNB ^GSPC SSNC FISV	View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Small Cap	9.1%	9.4%	AMZN, CRNC, CSGP, CW, CWK, DNB, ELV, ENS, FI, G, GE, GOOGL, MEDP, MLKN, MSFT, PRG, SMRT, SSNC, TDG, UPS	AI, Cloud, free cash flow, healthcare, payments, small cap, technology, value	AWS growth continues to slow but significant technology workloads remain on-premise with strong new customer pipeline. Microsoft driving digital cloud growth and benefiting from AI wave while generating operating leverage.		View
2024 Q2	Jul 29, 2024	Mayar Capital	7.7%	9.6%	005930.KS, 7974.T, ALO.PA, BFAM, BLND.L, BNR.DE, CAP.PA, CFR.SW, EA, GOOGL, HLCL.L, JNJ, KER.PA, KVUE, MMM, NESN.SW, PYPL, UL, UPS, VTY.L, VWS.CO, WIX.L	Compounding, Defensive, global, long-term, Quality, value	The fund follows a disciplined value investing strategy, focusing on buying great businesses at reasonable prices with a margin of safety. The manager emphasizes patience and long-term compounding over quick gains, maintaining a tortoise-like approach to investing.	VWS.CO	View
2023 Q2	Jul 18, 2023	Mayar Capital	7.7%	9.6%	AMZN, UPS	-			View
2024 Q2	Jun 30, 2024	ClearBridge Investments Large Cap Value	0.0%	0.0%	APD, BAC, CHTR, COP, CVS, GOOGL, INTC, MCK, MSI, NESN.SW, SHW, SRE, TRV, UPS, XPO	AI, financials, healthcare, industrials, large cap, technology, value	The massive ramp up in AI spending has crowded out spending in other technology verticals, creating a market where AI winners enjoy strong multiple expansion while perceived AI losers are severely punished. The divergence in valuations between perceived AI winners and losers has created attractive opportunities where high-quality companies are being underappreciated.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	banks, dividends, energy, free cash flow, infrastructure, Natural Gas, Utilities	Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. The firm views regular dividends as a signal of management confidence in future profitability and prefers them over buybacks for capital returns.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	banks, dividends, energy, free cash flow, Natural Gas, Utilities, value	Miller/Howard argues dividend-paying stocks are underappreciated due to misleading free cash flow comparisons with non-dividend payers. After adjusting for stock-based compensation, dividend payers show superior free cash flow margins and yields. Regular dividends signal management confidence in future profitability and provide more predictable returns than buybacks.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	banks, dividends, energy, free cash flow, Midstream, Natural Gas, Utilities	Miller/Howard emphasizes dividend-paying stocks as superior investments, arguing they have higher-quality free cash flow after adjusting for non-cash compensation. Dividend payers return 91% of free cash flow to shareholders versus 53% for non-dividend payers. Regular dividends are viewed as management commitments that signal confidence in future profitability.		View
2024 Q2	Jun 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	ABBV, AVGO, BAC, BK, CAG, CAH, GILD, GS, JEF, JNJ, JPM, LYB, MDT, MRK, PAYX, PSX, RHI, RY, TRGP, UPS	Banking, Data centers, dividends, Energy Infrastructure, free cash flow, Natural Gas, Utilities	The letter extensively analyzes dividend-paying stocks versus non-dividend payers, arguing that dividend payers have higher quality free cash flow after adjusting for stock-based compensation. Regular dividend payers return 91% of free cash flow to shareholders through dividends and buybacks, compared to 53% for non-dividend payers.		View
2023 Q2	Jun 30, 2023	ClearBridge Investments Dividend Strategy	0.0%	0.0%	AAPL, APO, AVGO, COF, DEO, DIS, MSFT, ORCL, PFE, PSA, SAP, SRE, UPS, VMC	AI, dividends, energy, financials, inflation, rates, technology, value	Managers acknowledge AI's transformative potential but express caution about the narrow market rally driven by AI enthusiasm. They note AI could displace workers and create economic disruption, with progress likely to be bumpy despite long-term potential.	COF PSA	View
2023 Q1	Apr 22, 2023	Mayar Capital	7.7%	9.6%	005930.KS, 9627.T, AAPL, AMZN, BFAM, BNR.DE, CFR.PA, DBX, EA, GOOGL, HLCL.L, JNJ, LH, MA, PYPL, SAP.DE, UL, UPS, V, VWS.CO	consumer, global, long-term, Pharmaceuticals, Quality, technology, value	Manager emphasizes investing in great businesses with durable economic moats, favorable customer economics, consistent financial results, high returns on capital, and strong cash flow generation. Uses examples of Amazon, Google, and Apple to illustrate companies that have profoundly shaped our reality through superior customer service, information democratization, and product design excellence.	9627.T	View
2023 Q1	Apr 14, 2023	Madison Dividend Income Fund	10.1%	9.5%	UPS, USB	-			View
2025 Q1	Mar 31, 2025	Mayar Capital	2.9%	2.9%	005930.KS, 7974.T, AHT.L, ALO.PA, BH, BLND.L, BNR.DE, CAP.PA, CFR.PA, EA, FOUR.L, GOOGL, HLCL.L, JNJ, JSG.L, KERY.PA, KVUE, LH, MA, NESN.SW, NKE, NVO, OR.PA, PYPL, SAP, SOLV, SOM.L, UL, UPS, V, VTY.L, VWS.CO	AI, Europe, global, Pharmaceuticals, Quality, risk management, technology, value	Capgemini reported 5% of Q4 bookings were generative AI-related, up from 2% earlier in the year. Management sees AI as transformative technology with potential to revolutionize every industry globally. The company is well-positioned to serve as industry's key technology partner in realizing AI benefits for businesses worldwide.	NKE NVO CAP.PA	View
2024 Q1	Mar 31, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AAPL, AMZN, CMCSA, CMS, CNQ, CSCO, EOG, EPD, EWBC, EXC, GILD, GOOGL, IPG, JPM, KO, LAMR, META, MSFT, NTR, NVDA, ORI, STAG, TSLA, TTE, UPS	AI, dividends, energy, growth, income, infrastructure, Utilities, value	High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance driven by market concentration in mega-cap tech stocks with low dividend yields. Manager expects dividend investing revival as market concentration reverses.		View
2024 Q1	Mar 31, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	AAPL, AMZN, CMCSA, CMS, CNQ, CSCO, EOG, EPD, EWBC, EXC, GILD, GOOGL, IPG, JPM, KO, LAMR, META, MSFT, NTR, NVDA, ORI, STAG, TSLA, TTE, UPS	AI, dividends, energy, income, Market Concentration, Utilities, value, volatility	High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses.		View
2024 Q1	Mar 31, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AES, AM, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, HESM, IPG, JPM, KMI, KO, LAMR, LBRT, LNG, MPC, NEE, NTR, OKE, ORI, PAGP, PCG, PEG, POR, SRE, STAG, TMUS, TRGP, TTE, UPS, VST, WM	dividends, energy, income, infrastructure, Midstream, Utilities, value	The letter extensively analyzes dividend investing, arguing that high-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. The manager believes dividend stocks are positioned for a revival as market concentration reverses.		View
2024 Q1	Mar 31, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	AAPL, AES, AM, AMZN, ATO, BCE, CEG, CMCSA, CMS, CNP, CNQ, CSCO, CVX, DTE, EOG, EPD, EWBC, EXC, FTS, GILD, GOOGL, HESM, IPG, JNJ, JPM, KMI, KO, LAMR, LBRT, LNG, META, MPC, MSFT, NEE, NTAP, NTR, NVDA, OKE, ORCL, ORI, PAGP, PCG, PEG, POR, QCOM, SRE, STAG, TMUS, TRGP, TSLA, TTE, UPS, VST, WM	AI, dividends, energy, growth, Utilities, valuation	High-yield dividend stocks have historically outperformed the S&P 500 by 1.3% annually over 75 years with lower volatility. Recent underperformance is attributed to market concentration in mega-cap tech stocks with low dividend yields. The manager expects dividend stocks to resume outperformance when market concentration reverses.		View
2023 Q1	Mar 31, 2023	Coho Relative Value Equity	0.0%	6.1%	ABC, DG, GWW, LOW, MCHP, MDLZ, ROST, SYY, UNH, UPS	dividends, healthcare, Quality, technology, value			View
2023 Q1	Mar 31, 2023	Vulcan Value Partners – Focus Plus	5.6%	18.6%	AMAT, AMZN, ARES, AYI, CNM, CRM, CW, GE, GEHC, GOOGL, IHG.L, KKR, LFUS, MSFT, SEE, SNBR, SWKS, TDG, UPS	aerospace, Hotels, infrastructure, large cap, semiconductors, small cap, technology, value	Microsoft's Azure growth decelerated during the quarter and is expected to decelerate further next quarter. The company is managing expenses to preserve margins amid headwinds. Microsoft's partnership with OpenAI and ChatGPT announcements represent a complex and rapidly developing opportunity.	ARES DEEPSEEK CNM AYI ACWI UPS IHG.L	View
2023 Q1	Mar 31, 2023	Vulcan Value Partners – Large Cap	8.2%	17.6%	AMAT, AMZN, ARES, AYI, CNM, CRM, CW, GE, GOOGL, IHG.L, KKR, LFUS, MSFT, SEE, SWKS, TDG, UPS	aerospace, Hotels, large cap, Logistics, semiconductors, technology, value	Purchased InterContinental Hotels Group, benefiting from long-term consolidation around large hotel brands and rising global middle class travel demand. Asset-light model with 99% of profits from managed and franchised hotels provides attractive economics.	ARES DEEPSEEK CNM AYI ACWI GEHC UPS IHG	View
2023 Q1	Mar 30, 2024	Miller Howard Investments Infrastructure	0.0%	0.0%	AMT, CMCSA, CMS, CPT, CSCO, DINO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, LYB, MAA, MMP, MPLX, ORI, POR, PPL, SO, STAG, TRGP, TTE, UPS	Banking, dividends, energy, infrastructure, interest rates, real estate, Recession, Utilities	The firm emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in the Income-Equity Strategy and 7 in the MLP Strategy. They view dividend commitments as signals of management confidence in stable cash flows and believe dividend-paying stocks have historically outperformed with lower volatility.		View
2023 Q1	Mar 30, 2024	Miller Howard Investments Income-Equity Strategies	3.6%	0.0%	AMT, CMCSA, CMS, CPT, CSCO, EPD, EXR, GILD, GPC, HUN, IPG, KMI, KO, LAMR, MAA, MMP, MPLX, ORI, STAG, TTE, UPS	Banking, credit, dividends, infrastructure, interest rates, Recession, Utilities	The fund focuses on dividend-paying companies with a history of dividend increases. Almost half of holdings raised their regular dividend in the first quarter. The fund believes dividend-paying stocks outperformed over the past 30 years with lower volatility.		View
2023 Q1	Mar 30, 2024	Miller Howard Investments MLP Strategy	0.0%	0.0%	AMT, CMCSA, CMS, CPT, CSCO, EPD, EXR, GILD, GPC, HUN, IPG, KO, LAMR, MMP, MPLX, ORI, POR, STAG, TTE, UPS	Banking, dividends, energy, inflation, infrastructure, interest rates, Midstream, Recession	The firm emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in the Income-Equity Strategy and 7 in the MLP Strategy. They view dividend commitment as a signal of management confidence in stable cash flows and believe dividend-paying stocks have historically outperformed with lower volatility.		View
2023 Q1	Mar 30, 2024	Miller Howard Investments Utilities Plus	0.0%	0.0%	CMCSA, CMS, CPT, CSCO, DINO, EXR, GILD, GPC, HUN, IPG, KO, LAMR, MAA, ORI, POR, PPL, SO, STAG, TTE, UPS	Banking, dividends, energy, infrastructure, interest rates, real estate, Recession, Utilities	Miller/Howard emphasizes dividend-paying companies across all strategies, with 15 holdings increasing dividends in Q1 2023. The firm believes dividend commitments signal management confidence in stable cash flows and impose discipline on capital allocation. High-dividend-yield stocks outperformed the S&P 500 over 30 years with lower volatility.		View
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 18, 2025	Mayar Capital	-10.0%	-1.5%	005930.KS, AHT.L, BNR.DE, CAP.PA, CFR.SW, EA, FIMK.L, GOOGL, JNJ, JSG.L, LH, NESN.SW, OR.PA, PYPL, SAP, SOLV, UL, UPS, V, VRS.L	Concentration, global, Quality, technology, Valuations, value	Manager emphasizes investing in high-quality businesses trading at significant discounts to intrinsic value. The fund focuses on boring companies with strong fundamentals and attractive long-term growth prospects at reasonable valuations, contrasting with overvalued technology stocks.	AHT.L MSTR NVDA CSCO	View
2023 Q4	Jan 13, 2024	ClearBridge Investments All Cap Growth	0.0%	0.0%	AAPL, AMZN, APTV, AVGO, BIIB, CMCSA, CRWD, CTAS, GH, GOOGL, HUBS, META, MSFT, MTCH, NFLX, NOW, NVDA, PANW, TGT, TSLA, U, UPS, WBD	diversification, growth, large cap, software, technology, volatility	AI remains a key trend supporting parts of technology sector. The managers expect AI to continue driving performance in certain technology segments while market participation broadens beyond the AI-focused Magnificent Seven stocks.	0CUN LN AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM CTAS	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 27, 2026	Fund Letters	Vulcan Value Partners - All Cap	United Parcel Service Inc.	Industrials	Air Freight & Logistics	Bull	New York Stock Exchange	Equity, Free Cash Flow, Integrated Network, Labor Relations, Logistics, Margins, oligopoly, parcel delivery	View Pitch
Apr 27, 2026	Fund Letters	Vulcan Value Partners - Focus	United Parcel Service Inc.	Industrials	Air Freight & Logistics	Bull	New York Stock Exchange	Amazon competition, barriers to entry, Free Cash Flow, global scale, Integrated Network, Labor Relations, Logistics, margin expansion, oligopoly, parcel delivery	View Pitch
Apr 27, 2026	Fund Letters	Vulcan Value Partners - Focus Plus	United Parcel Service Inc.	Industrials	Air Freight & Logistics	Bull	New York Stock Exchange	barriers to entry, Free Cash Flow, Integrated Network, Labor Relations, Logistics, Margin Improvement, oligopoly, parcel delivery, Returns on Capital	View Pitch
Apr 27, 2026	Fund Letters	Vulcan Value Partners - Large Cap	United Parcel Service Inc.	Industrials	Air Freight & Logistics	Bull	New York Stock Exchange	barriers to entry, Free Cash Flow, Global, Integrated Network, labor agreement, Logistics, Margins, oligopoly, parcel delivery	View Pitch
Apr 27, 2026	Fund Letters	Vulcan Value Partners - Small Cap	United Parcel Service Inc.	Industrials	Air Freight & Logistics	Bull	New York Stock Exchange	barriers to entry, Free Cash Flow, Integrated Network, Labor Relations, Logistics, margin expansion, oligopoly, parcel delivery, Returns on Capital	View Pitch

BSD Shareholders of UPS

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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