VTRS

VTRS

VTRS

Market Cap: $18.37B

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 25, 2025	Davis Global Fund	-	14.1%	005930.KS, 3690.HK, 8058.T, 9999.HK, APP, COF, CVS, META, NTES, SE, TCOM, VTRS	AI, China, financials, gaming, healthcare, technology, Valuations	Chinese companies remain attractively valued and are increasingly at the forefront of cutting-edge industries. China leads in electric vehicle production, battery cell production, solar panel production, and is growing in biotech and robotics. The MSCI China Index trades at a 39% discount to MSCI ACWI.	SVM 8001.T NTES META 8001 JP NTES SOLV	View
2025 Q2	Aug 25, 2025	Davis New York Venture Fund	-	11.5%	AMAT, AMZN, BRK-B, COF, CVS, DANSKE.CO, DGX, HUM, META, MGM, OC, SOLV, TECK, TOU.TO, TSN, TXN, UNH, USB, VTRS, WFC	AI, Concentration, financials, inflation, Quality, technology, Transition, value	GenAI is likely the most transformational technological development in modern history, driving major advances across industries while creating significant competitive, economic and social risks. The market for AI products and services is still in early days with fierce competition, making it risky to project long-term winners based on recent performance. AI will prove disruptive to once stable industries in ways difficult to anticipate.		View
2025 Q2	Jul 30, 2025	Davis Opportunity Fund	-	9.5%	AGCO, CI, COF, CVS, DGX, META, MKL, SOLV, TECK, TOU.TO, USB, VTRS, WCC	earnings, financials, growth, healthcare, industrials, technology, value	The portfolio focuses on dominant healthcare companies, predominantly healthcare services that are both cheap and underestimated. Holdings range over managed insurance, lab and diagnostics services, generic pharmaceuticals and medical supply businesses. As the population ages, aggregate healthcare spend in absolute terms will continue to climb over the coming decade.		View
2025 Q2	Jun 30, 2025	Distillate Capital Fundamental Stability & Value	-	1.5%	AMGN, CRM, FERG, GMED, HCA, ICLR, JBL, JNJ, KLAC, LRCX, MSFT, PEP, REGN, TMUS, UNH, VST, VTRS, WMT	free cash flow, momentum, Quality, rebalancing, small caps, valuation, value	The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. The 20 most expensive stocks account for 40% of S&P 500 capitalization and trade at multiples 106% above the rest of the market. Valuation expansion has contributed 4.6 percentage points to S&P 500 returns since 2017 but could become a headwind going forward.		View
2025 Q2	Jun 30, 2025	Distillate Capital International	-	22.3%	AMGN, CRM, FERG, GMED, HCA, HII, ICLR, JBL, JNJ, KLAC, LRCX, MOS, PEP, REGN, STRL, TMUS, TPG, UNH, VST, VTRS	free cash flow, large cap, momentum, Quality, rebalancing, small caps, valuation, value	The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. Valuation expansion has contributed 4.6 percentage points to annualized returns since 2017, but this presents significant risk going forward as starting valuations historically predict future valuation headwinds.		View
2025 Q2	Jun 30, 2025	Distillate Capital Small/Mid Cap Quality & Value	-	-6.6%	000700.HK, AMGN, BABA, CRM, FERG, GMED, HCA, ICLR, JBL, JNJ, KLAC, LRCX, MSFT, PEP, REGN, TMUS, UNH, VST, VTRS, WMT	free cash flow, large cap, momentum, Quality, valuation, value	The S&P 500 is richly valued with a trailing free cash flow yield of 2.9% well below the 4.3% long-term median, having only been more expensive during the tech bubble. Valuation expansion has contributed 4.6 percentage points to annualized returns since 2017, but this presents significant risk going forward as historically high valuations suggest potential headwinds to future returns.		View
2024 Q1	Apr 25, 2024	Miller Value Partners Income Strategy	11.7%	11.7%	BFH, BKE, CHRD, CTO, JXN, LNC, MED, MPW, OMF, STLA, T, UGI, VTRS, WAL	Concentration, crypto, dividends, energy, flexibility, high yield, income, value	The portfolio added UGI Corp, a dividend aristocrat that has paid shareholders a dividend for 139 consecutive years and looks poised to boost its dividend for the 37th consecutive year. At current prices, UGI trades at its lowest price/earnings multiple in history despite sporting a 6% yield with a plan to grow earnings power at a high single-digit rate.	LNC UGI CHRD	View
2026 Q1	Apr 14, 2026	Mittleman Global Value Equity Fund	-4.6%	-2.3%	0001.HK, 7270.T, 8715.T, AIM.TO, AMA.AX, BABA, BAYRY, CGX.TO, CLVT, FMS, GRFS, HAI.TO, MAT, NEXN, NFI.TO, NOMO, VTRS, VYX, WLN.PA, WPP, ZD	Concentration, global, Opportunistic, small caps, value		AIM.TO AMA.AX	View
2024 Q4	Dec 31, 2024	Davis New York Venture Fund	-	17.2%	005930.KS, AMAT, AMZN, BRK-B, CI, COF, DGX, GOOGL, HUM, META, MGM, OC, TECK.TO, TOU.TO, TSN, TXN, USB, VTRS, WFC	AI, Concentration, financials, healthcare, industrials, inflation, technology, value	Generative AI is likely one of the most transformational technological developments in modern history, creating new risks and driving major advances across industries. The market for AI products is still early with fierce competition, making it risky to project long-term winners based on recent performance. AI will likely prove disruptive to stable industries in ways difficult to anticipate.		View
2023 Q4	Dec 31, 2023	Davis Global Fund	0.0%	0.0%	005930.KS, 081660.KS, 1299.HK, 2318.HK, 2423.HK, 3690.HK, 9618.HK, AMAT, AMZN, BAER.SW, COF, D05.SI, GOLF, GOOGL, META, MGM, MSFT, NVDA, OC, VTRS	AI, China, financials, global, rates, technology, value	Generative AI represents a significant platform transition in computing history, potentially bigger than PC, mobile, or internet. The manager expects widespread economic and societal impact but acknowledges uncertainty about how breakthroughs will unfold. Focus is on companies positioned to benefit from AI infrastructure and applications rather than speculative direct plays.		View
2023 Q3	Oct 31, 2023	Davis New York Venture Fund	0.0%	0.0%	2318.HK, AMAT, AMZN, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, OC, TECK, TXN, USB, VTRS, WFC	Banking, fundamentals, healthcare, Quality, Resilience, technology, undervalued, value	The fund focuses on companies trading at attractive valuations despite strong fundamentals. Portfolio companies trade at 11.4x forward earnings, a 45% discount to the S&P 500, while growing earnings faster than market averages. The end of the easy-money era has created opportunities in undervalued, high-quality businesses.		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	View
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	View
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	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	View
2024 Q2	Jul 25, 2024	Davis New York Venture Fund	0.0%	0.0%	005930.KS, 2318.HK, AMAT, AMZN, BAER.SW, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, MGM, OC, TECK, USB, VTRS, WFC	banks, healthcare, interest rates, Quality, technology, value	The fund emphasizes valuation discipline and seeks companies trading at attractive prices relative to fundamentals. Portfolio trades at only 12 times forward earnings, a 46% discount to S&P 500 despite strong earnings growth. The end of the free money era has created opportunities for value-conscious investors.		View
2024 Q1	May 4, 2024	Davis New York Venture Fund	0.0%	0.0%	005930.KS, 2318.HK, AMAT, AMZN, BAER.SW, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, MGM, OC, TECK, USB, VTRS, WFC	banks, financials, healthcare, Quality, rates, technology, value	The fund emphasizes the end of the free money era that began in 2008-2009, with the Federal Reserve raising rates 11 consecutive times starting March 2022. This normalization creates headwinds for speculative growth companies but tailwinds for durable, attractively valued businesses with strong fundamentals. The managers view this as a return to normalcy where valuation discipline matters again.		View
2025 Q1	Mar 31, 2025	Distillate Capital Large Cap Value	0.8%	0.8%	ABBV, AMZN, CI, CME, ELV, EPAM, JNJ, META, MPC, MRK, MSFT, NTAP, ON, ORCL, PYPL, SCCO, TMUS, VRSN, VST, VTRS	AI, free cash flow, Leverage, Market Concentration, Quality, tariffs, uncertainty, valuation	President Trump announced significant tariffs on April 2nd with an effective rate around 23%, marking levels not seen in a century. The potential tariff impact on GDP is enormous, creating inflationary pressures and economic uncertainty. The scale puts markets in uncharted territory with complex follow-on impacts including potential wealth declines and consumption effects.		View
2025 Q1	Mar 31, 2025	Distillate Capital Small/Mid Cap Quality & Value	-9.3%	-9.3%	AAPL, ABBV, AMZN, BABA, CI, ELV, EPAM, GOOGL, JNJ, META, MSFT, NTAP, NVDA, ON, ORCL, PYPL, TMUS, TPG, TSLA, VTRS	AI, Leverage, Quality, small caps, tariffs, uncertainty, valuation, value	Announced tariffs of around 23% represent the largest trade shock in a century, potentially creating enormous inflationary pressures and economic uncertainty. The scale exceeds even Smoot-Hawley tariffs and comes at a time when the economy was already showing signs of fragility.		View
2023 Q4	Jan 22, 2024	Greenlight Capital	1.1%	9.0%	ALIT, ATVI, BHF, CEIX, GRBK, KD, SWN, SYENS.BR, THC, VTRS, VTSC.DE	Buybacks, energy, Geopolitical, healthcare, Long/Short, technology, value	Greenlight emphasizes disciplined valuation criteria and investments where they get paid by issuers through buybacks, dividends, interest, or take-outs rather than relying on investor revaluation. Many of their largest holdings offer double-digit returns directly to investors.	SYENS.BR VTRS ALIT VTSC.DE THC BKD CEIX GRBK	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Greenlight Capital	Viatris	Health Care	Pharmaceuticals	Bull	NASDAQ	Generics, healthcare, Mylan, Pfizer, pharmaceuticals, Share Buybacks, turnaround	View Pitch

BSD Shareholders of VTRS

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
Larry Robbins	Glenview Capital Management	$4.9B	$138.0M	2.81%	11,087,244	+2,839,660	+34.43%	0.7513%
Anthony Bozza	Lakewood Capital Management	$1.5B	$20.9M	1.39%	1,681,300	+1,681,300	+100.00%	0.1139%
Robert Bruce	Bruce & Co.	$322.5M	$725,574	0.23%	58,279	+0	+0.00%	0.0039%
Chris Davis	Davis Selected Advisers	$22.2B	$973.3M	4.37%	78,177,984	-60,513,306	-43.63%	5.2974%
Bill Miller	Miller Value Fund	$283.8M	$7.7M	2.72%	619,000	+0	+0.00%	0.0419%
Paul Tudor Jones	Tudor Investment Corp	$53.4B	$2.0M	0.00%	158,463	+53,027	+50.29%	0.0107%
Ray Dalio	Bridgewater Associates	$27.4B	$17.7M	0.06%	1,424,817	-87,239	-5.77%	0.0965%
Dmitry Balyasny	Balyasny Asset Management	$76.6B	$214,588	0.00%	17,236	+17,236	+100.00%	0.0012%
Israel Englander	Millennium Management LLC	$233.2B	$75.5M	0.03%	6,067,124	-775,376	-11.33%	0.4111%
Aaron Weitman	CastleKnight Management LP	$4.5B	$6.2M	0.14%	494,800	+0	+0.00%	0.0335%
Cliff Asness	AQR Capital Management	$190.6B	$62.8M	0.03%	5,043,998	+1,089,000	+27.53%	0.3418%
Mario Gabelli	GAMCO Investors	$10.4B	$2.4M	0.02%	192,063	-95,922	-33.31%	0.0130%
James E. Flynn	Deerfield Management	$6.9B	$251.6M	3.66%	20,206,170	-3,892,913	-16.15%	1.3692%
		$2.0B	$36.3M	1.77%	3,355,770	+3,355,770	+100.00%	0.1978%
Rich Handler	Jefferies	$19.3B	$423,574	0.00%	34,022	+34,022	+100.00%	0.0023%
Richard Kayne & John Anderson	Kayne Anderson Rudnick Investment Management	$37.3B	$7,644	0.00%	614	-28	-4.36%	0.0000%

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