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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 18, 2025 | Mairs & Power – Balanced Fund | - | 2.7% | ABT, AMZN, FI, TECH, TTC, USB, WEC, WFC | balanced allocation, capital preservation, dividends, income, Quality | The commentary focuses on balanced allocation as a way to navigate uncertain markets while preserving capital. Emphasis is placed on dividend-paying equities and high-quality bonds to smooth returns. The approach targets steady compounding across market cycles. | View | |
| 2025 Q1 | Mar 31, 2025 | Madison Sustainable Equity Fund | - | - | A, ACN, COST, ECL, GOOG, LIN, LLY, ORCL, PGR, UPS, USB, V | - | View | ||
| 2025 Q4 | Feb 11, 2026 | Tweedy, Browne Worldwide High Dividend | 2.4% | 21.7% | 005930.KS, BAE.L, CNHI, DHL.DE, GOOGL, IONS, J36.SI, KEMIRA.HE, MEGACPO.MX, NESN.SW, NOVN.SW, RB.PA, RHM.DE, ROG.SW, SAF.PA, TFC, TTE, U11.SI, USB, ZURN.SW | defense, dividends, global, industrials, Pharmaceuticals, value | Health care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. The Worldwide High Dividend Yield Value Fund shared many attribution themes with a slightly different emphasis. Financials and industrials contributed meaningfully, consistent with the Fund's dividend-focused orientation. The fund maintains an average-weighted dividend yield on fund stocks of 3.94%. Defense-related holdings such as BAE Systems and Rheinmetall, which had been standout performers for much of the year, fell back a bit in the 4th Quarter. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals. The gap in valuation between US and non-US equities still remains quite significant and should serve us well going forward given the non-US-centric postures of our fund portfolios. We believe fervently that a diversified portfolio of well-capitalized, competitively advantaged companies purchased at attractive valuations offers the best defense against market uncertainty. | View | |
| 2024 Q4 | Dec 31, 2024 | Miller Howard Investments Income-Equity Strategies | - | - | GSK, USB | - | View | ||
| 2023 Q4 | Dec 31, 2023 | Magellan Global Fund | - | 20.6% | AMZN, DGE LN, NFLX, USB | - | View | ||
| 2023 Q2 | Dec 7, 2023 | Madison Sustainable Equity Fund | 6.1% | 20.1% | DHR, ECL, GOOG, HD, JPM, LLY, NKE, ORCL, PGR, TGT, USB | - | View | ||
| 2025 Q4 | Jan 30, 2026 | Aristotle Value Equity Fund | 1.0% | 9.7% | AMGN, CBSH, COF, LEN, MRK, MSFT, PH, SONY, STZ, TDY, UBER, USB, WFC | AI, earnings, large cap, rates, Trade Policy, US, value | Artificial intelligence continued to be a major theme with more than 300 S&P 500 companies mentioning AI on earnings calls. This enthusiasm helped propel mega-cap tech stocks higher and drive market gains. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. Trade relations between the U.S. and China remained a key market focus. Tensions flared with tariff escalations and export controls, with China expanding export controls on rare earth minerals and the U.S. threatening 100% tariffs in retaliation. President Trump and President Xi ultimately reached a one-year trade truce at the APEC summit. The Federal Reserve implemented two 0.25% interest rate cuts during the quarter, lowering the federal funds target range to 3.50%-3.75%. Fed Chair Powell emphasized a data-dependent approach, acknowledging risks to both sides of the Fed's dual mandate and maintaining a cautious stance going into 2026. Value stocks handily outperformed growth stocks with the Russell 1000 Value Index outperforming its Growth counterpart by 2.69% in the quarter. However, for the full year, the Russell 1000 Growth Index outperformed the Russell 1000 Value Index by 2.65%, reflecting continued growth leadership despite quarterly value outperformance. | CBSH COF PH UBER SONY |
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| 2025 Q4 | Jan 29, 2026 | Hotchkis & Wiley Global Value Fund | 3.8% | 23.8% | AIG, BNP.PA, CMCSA, CRM, ELV, ERIC, FFIV, FISV, GEHC, GOOGL, UNH, USB, WBD, WDAY | AI, financials, global, healthcare, software, technology, valuation, value | The portfolio trades at 13x forward earnings and less than 10x normal earnings, representing attractive valuations relative to the broad market. The fund focuses on opportunities outside the Magnificent 7 where overall valuations remain near average despite elevated market multiples. The fund views AI as more likely to be a tailwind for application software vendors like Workday as they incorporate AI-powered features into their software suites. Google delivered strong new AI products that appear to be taking material share of Consumer Chatbot activity from OpenAI's ChatGPT. The fund has significant exposure to cloud-based enterprise software companies like Workday and Salesforce, which provide human capital management, financial management, and analytics solutions. These companies benefit from sticky customer bases and recurring revenue models. | View | |
| 2025 Q4 | Jan 26, 2026 | Davis Opportunity Fund | 0.0% | 22.0% | AMAT, AMZN, COF, CTRA, CVS, DGX, GOOGL, META, MKL, SOLV, TECK, UNH, USB, VTRS, WCC | active management, energy, financials, healthcare, Outperformance, selectivity, technology, valuation | Davis advocates for active management over passive indexing given stretched valuations in major indexes. They believe active managers can be selective at the security level and maintain rational diversification, contrasting with passive indexes where weightings are determined by share price momentum. The fund was opportunistic in healthcare throughout 2025, investing decisively in managed care insurers when operating costs surged unexpectedly. They believe these businesses traded at low multiples on depressed earnings with good recovery potential, as small margin improvements can translate into large percentage increases in earnings power. Holdings span social media, online search, cloud computing and e-commerce including select Magnificent 7 positions. They also own semiconductor companies at reasonable valuations, including picks and shovels businesses like Applied Materials with strong competitive positions and long track records of value creation. The portfolio looks different from major passive indexes in financials. Capital One Financial is a core holding with strong consumer finance, deposit-rich banking, and payment processing capabilities. It trades at only 13-14 times forward earnings despite attractive economics and is the fifth-largest holder of AI-related patents among major US companies. The fund owns stakes in energy and commodities companies that they have been quietly building. Coterra represents their energy business holdings, while Teck Resources reflects interest in select commodities like copper that serve as critical inputs to the electrification trend. | WCC COF UNH |
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| 2025 Q4 | Jan 26, 2026 | Davis Financial Fund | 0.0% | 29.3% | AXP, BAER.SW, BK, BRK-A, CB, COF, D05.SI, DIS, FI, FITB, JPM, MKL, PNC, RE, RKT, RNR, USB, WFC | Banking, capital, financials, insurance, regulation, returns, value | Banks continue to represent the majority of holdings with strong tailwinds across credit, spreads, expenses, and regulation. Interest spreads have begun widening as fixed rate assets roll over at higher yields, revealing attractive economics of low-cost deposit franchises. Many banks are generating returns on tangible equity in the mid-to-high teens with management targets suggesting sustainability in the medium term. Capital markets firms were among the drivers of S&P Financials Index performance and contributed to fund outperformance. The regulatory environment has been moving in a favorable direction with capital rules being finalized that are far less onerous than under the prior administration. Regulators are more willing to consider M&A transactions with relief on certain supervisory limitations. Property & casualty reinsurers were added to the portfolio as capital was redeployed from trimmed bank positions. Pricing trends in insurance markets have been strong in recent years. Chubb has consistently generated returns on equity comfortably ahead of the industry owing to advantaged lines of business with disciplined underwriting and operating culture. Payments and consumer lending companies were the biggest contributors to relative performance including Capital One, American Express and Rocket Companies. Capital One's transformational acquisition of Discover Financial closed with anticipated annual cost synergies of $1.5 billion and network synergies of $1.2 billion from transitioning card volumes into Discover's networks. Financial stock valuations have begun to reset higher with price-to-tangible book value multiples expanding by over 70% on average in the past three years. The portfolio in aggregate is valued at approximately 13x this year's earnings, representing a significant discount to both the broader S&P 500 Index and S&P Financials Index. | CB WFC COF |
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| 2025 Q4 | Jan 23, 2026 | Brandes Core Plus Fixed Income Fund | 0.9% | 6.7% | ADT, CNSL, COTY, F, GTN, KSS, OGN, SABR, SPR, USB, UVN | Corporate Bonds, credit, duration, Fed policy, fixed income, inflation, Treasuries, Yield Spreads | Consumer Price Index is approximately 25% higher since COVID pandemic, the highest rise in nearly forty years. Inflation has outpaced wage growth, creating affordability issues. The manager believes inflation will trend higher rather than moving toward the Fed's 2% target. Early warning signs of credit stress in private credit markets with collapses of subprime issuers and private debt markdowns. Goldman Sachs reports 15% of private credit borrowers cannot cover interest costs. The manager questions whether these are isolated events or signs of broader trouble ahead. Fed cut rates by 1.75% since September 2024 with third consecutive reduction in December. The manager believes the market may be underestimating the ultimate neutral fed funds rate and that the last 18 years of unconventional monetary policy may have skewed perceptions of normal rates. | View | |
| 2025 Q4 | Jan 18, 2026 | Mairs & Power – Balanced Fund | 0.0% | 6.6% | AMZN, CASY, ENTG, FI, GOOG, HD, HON, HRL, JPM, LLY, MSI, NEOG, PFG, RHHBY, ROK, TECH, TGT, TRV, TXN, UNH, USB, WEC, WFC | AI, Balanced, earnings, financials, healthcare, rates, technology | AI and increasing market concentration took center stage in 2025, with the rate of investment in technology and AI infrastructure spending driving market narrative. McKinsey projects nearly $7 trillion in capital expenditures will be needed worldwide by 2030 to build up AI infrastructure. The Fund believes we are entering a transition period for AI, moving into a higher risk phase with flood of capital and unusual financing structures. The consistency of corporate earnings is a major reason for continued stock market strength. The S&P 500 is projected to deliver 12% earnings growth in 2025, while small cap companies are showing their first signs of earnings growth recovery after three years of contraction, posting 13% growth in 2025. The Federal Reserve began cutting rates in the fourth quarter with cooling inflation giving policymakers confidence. Lower interest rates are expected to continue into 2026, which typically takes around a year to feel effects through the economy and would likely support small business hiring and consumer confidence. | View | |
| 2024 Q2 | Jun 30, 2024 | Meridian Hedged Equity Fund | 6.2% | 0.0% | AMZN, DIS, LSXMA, RIVN, USB, VST | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Coho Relative Value Equity | 0.0% | 6.1% | COHO, CVS CN, DG, USB | - | View | ||
| 2023 Q1 | Apr 14, 2023 | Madison Dividend Income Fund | 10.1% | 9.5% | UPS, USB | - | View | ||
| 2023 Q1 | Apr 14, 2023 | Madison Investors Fund | 7.8% | 17.0% | ADI, BKI, GOOG, SCHW, USB | - | View | ||
| 2023 Q1 | Apr 14, 2023 | Madison Sustainable Equity Fund | 6.1% | 20.1% | ADI, DHR, GOOG, HD, LLY, NESR GR, ORCL, PEP, QCOM, TEL, TGT, USB | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Madison Investors Fund | -0.9% | -0.9% | ACGL, ACN, ELV, FI, GOOG, PGR, USB | - | View | ||
| 2023 Q1 | Mar 31, 2023 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, BAC, JNJ, MET, MSFT, PFE, SAP, USB | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Meridian Hedged Equity Fund | 6.2% | 0.0% | AAP, AAPL, LEVI, LMACU, SBH, USB | - | View | ||
| 2023 Q4 | Jan 13, 2024 | Aristotle Value Equity Fund | 6.3% | 12.3% | CTVA, LEN, TDY, USB | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Sep 16, 2025 | Short Thesis | HoldCo Asset Management | US Bancorp | Financials | Regional Banks | Bear | NYSE | Banks, CRE, Deposits, Margins, Regulation | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Daniel Urbina | U.S. Bancorp | Financials | Banks - Regional | Neutral | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Joseph E. Jones | U.S. Bancorp | Financials | Banks - Regional | Bull | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||