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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Jul 5, 2024 | Ennismore Global Equity Fund | 3.0% | 5.1% | 9404.T, ADM.L, AUTO.L, AZE.BR, BECLE.MX, CLNX.MC, DIE.BR, IDS.L, KWS.L, MRO.L, NNI, PHLL.L, RYA.L, SCHA.OL, VVV | Airlines, Cost Leadership, Crisis Opportunities, insurance, Long/Short, SMID Cap, value | Ryanair represents a cost leadership opportunity in a commodity industry. The company has material cost advantages from low-priced aircraft purchases, higher fleet utilization, and lower airport costs. Current fare weakness presents a buying opportunity as the company will emerge stronger from industry challenges, similar to how it benefited from Covid disruptions. | RYA.L ADM.L |
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| 2026 Q1 | May 13, 2026 | Broyhill Asset Management | -8.9% | -8.9% | AVTR, BALL, CACI, FMS, FND, IQV, KW, LEG, MAS, MC.PA, MSFT, PM, RKT.L, RTO.L, SHC, SMWT, VVV, WOSG.L | AI, Defensive, Europe, healthcare, Quality, value | FND MAS SW MSFT SHC AVTR IQV RB.L BALL RTO VVV |
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| 2026 Q1 | Apr 20, 2026 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | -6.7% | -6.7% | BJ, CGON, CWST, EE, GRDN, HLNE, LGND, LSCC, MIRM, MTDR, MTSI, ONTO, RBC, RGEN, RRX, SOLV, STVN, VCTR, VVV, WING | Biotechnology, energy, growth, healthcare, semiconductors, small caps, technology | View | ||
| 2025 Q1 | Mar 31, 2025 | Aristotle Small Cap Equity Fund | -7.6% | -7.6% | ADC, AER, AGI, ASGN, B, CDMO, CHE, CHH, CMCO, DBI, FFIC, HURN, MMSI, MODV, MTSI, ONB, SUM, VECO, VVV, WWE | gold, healthcare, industrials, REITs, semiconductors, small cap, technology, value | Fund focuses on small-cap segment with compelling valuations relative to large caps, trading near multi-decade lows on a relative basis. Potential tailwinds include deregulation, lower corporate tax rates, increased M&A activity, and continued reshoring of U.S. manufacturing. | View | |
| 2025 Q1 | Mar 31, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | -9.6% | -9.6% | ADUS, BFAM, BJ, BOOT, CBLL, CHEF, DAWN, ERJ, FRPT, HLNE, INFN, INSM, ITCI, MGY, MVBF, PAY, SLNO, VRNA, VVV, WHD | AI, Biotechnology, defense, growth, semiconductors, small cap, tariffs, Trade Policy | Global trade outlook and tariff concerns are creating significant market turbulence. Companies are girding for greater turbulence before waters calm, with specific impacts on Boot Barn from tariff concerns and Cactus Inc. building Vietnam capacity to address tariff risks. | View | |
| 2025 Q1 | Mar 31, 2025 | Aristotle Small/Mid Cap Equity | -6.2% | -6.2% | ACIW, ADC, AER, AGI, ASGN, BDC, CHE, CIEN, CII, DBI, DY, HURN, ITRI, MMSI, MTSI, NDAQ, ONB, RRC, VVV, WWW | Consulting, gold, healthcare, Regional Banks, semiconductors, small caps, technology, value | The fund maintains exposure to semiconductor companies like MACOM Technology Solutions despite sector weakness during the quarter. The manager believes in meaningful exposure to growing demand from data center and 5G end-market applications, with recent acquisitions expected to drive additional shareholder value. | View | |
| 2023 Q3 | Oct 21, 2023 | FMI All Cap Equity | -1.8% | 11.2% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN, SYY, VVV, ZION | China, Concentration, defensives, Europe, small caps, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with U.S. Small Caps and European valuations at significant discounts. | CCEP SYY VVV |
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| 2023 Q3 | Oct 21, 2023 | FMI International Equity | -7.4% | 2.7% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | China, Concentration, defensives, international, small caps, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading at historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to benchmarks while investing in above-average businesses with strong balance sheets. | CCEP SYY VVV |
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| 2023 Q3 | Oct 21, 2023 | FMI Large Cap Equity | -4.0% | 10.5% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, HWDN.L, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | Concentration, defensives, Quality, small caps, value | FMI emphasizes value investing opportunities as global value stocks trade near historically wide discounts to growth. The firm sees attractive relative values outside mega-cap companies, with their portfolios trading at significant discounts to core benchmarks while investing in above-average businesses with strong balance sheets. | CCEP SYY VVV |
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| 2023 Q3 | Oct 21, 2023 | FMI Small Cap Equity | -0.8% | 10.7% | 005930.KS, BARN.SW, BJ, BKNG, CCEP, CDW, DG, DLTR, FBIN, HLI, IPG, LGIH, MU, OMC, SLB, SNN.L, SYY, VVV, ZION | China, Concentration, defensives, inflation, rates, small caps, valuation, value | FMI emphasizes value investing opportunities across geographies, noting that global value stocks are trading near historically wide discounts to growth. The firm expects any reversion to the mean should result in brighter days for value-oriented investors, with attractive relative values outside mega-cap companies. | CCEP SYY VVV |
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| 2025 Q3 | Oct 10, 2025 | Headwaters Capital Management, LLC | -2.9% | -5.4% | AMD, AMZN, BSY, BYD, DRVN, GOOGL, INSP, MEDP, META, MSFT, NVDA, ORCL, VVV | AI, Auto Aftermarket, Biotechnology, Bubble, Capex, mid cap, value | Manager believes AI infrastructure spending represents a massive capital cycle similar to telecom buildout in late 1990s, with hyperscalers spending $405B annually by 2026. Views current AI investment as unsustainable earnings bubble driven by elevated CAPEX rather than valuation bubble. Cites Oracle-OpenAI $300B contract as example of irrational economics requiring OpenAI to reach Google Search scale in two years. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 13, 2026 | Fund Letters | Broyhill Asset Management | Valvoline Inc. | Auto & Truck Dealerships | Specialty Retail | Bull | New York Stock Exchange | Automotive Services, Cash generative, defensive, market leader, Pricing power, Quick Lube, Unit growth | View Pitch |
| Apr 28, 2026 | Fund Letters | FMI All Cap Equity | Valvoline Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Automotive Services, defensive, High returns, market share gains, Quick Lube, Specialty retail, store expansion, Synthetic Oils, turnaround | View Pitch |
| Apr 28, 2026 | Fund Letters | FMI International Equity | Valvoline Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Automotive Services, defensive, High returns, market share gains, Quick Lube, Specialty retail, Synthetic Oils, turnaround | View Pitch |
| Apr 28, 2026 | Fund Letters | FMI Large Cap Equity | Valvoline Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Automotive Services, defensive, High returns, Labor Efficiency, market share gains, Pricing power, Quick Lube, Specialty retail, turnaround | View Pitch |
| Apr 28, 2026 | Fund Letters | FMI Small Cap Equity | Valvoline Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | Automotive Services, Defensive growth, franchise model, market share gains, Quick Lube, Specialty retail, Synthetic Oils, turnaround | 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 |
|---|---|---|---|---|---|---|---|---|
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $30.2M | 0.04% | 1,039,498 | +678,304 | +187.79% | 0.6132% |
| Israel Englander | Millennium Management LLC | $233.2B | $38.7M | 0.02% | 1,330,629 | +431,234 | +47.95% | 0.7849% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $22.1M | 0.02% | 760,949 | -17,671 | -2.27% | 0.4489% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.1M | 0.00% | 38,456 | +63 | +0.16% | 0.0227% |
| Ricky Sandler | Eminence Capital | $6.3B | $122.4M | 1.94% | 4,212,293 | +4,212,293 | +100.00% | 2.4847% |
| Bruce Kovner | Caxton Associates | $3.2B | $686,154 | 0.02% | 18,965 | -27,282 | -58.99% | 0.0139% |
| Charles Mawer | Mawer Investment Management | $17.9B | $45.0M | 0.25% | 1,547,060 | -713,483 | -31.56% | 0.9126% |
| Mario Gabelli | GAMCO Investors | $10.4B | $3.1M | 0.03% | 106,102 | -29 | -0.03% | 0.0626% |
| Kevin M. Keeley | Keeley-Teton Advisors, LLC | $824.8M | $318,303 | 0.04% | 9,144 | -319 | -3.37% | 0.0065% |