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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q2 | Jun 30, 2023 | Contrarius Global Equity Fund | 3.4% | 11.0% | PARA, WBD | - | View | ||
| 2024 Q1 | Jun 16, 2024 | Bonhoeffer Capital Management | 11.3% | 0.0% | 005300 KS, ABG, ARW, FFBB, ODFL, TIGO, WBD, WILWY | - | View | ||
| 2024 Q1 | May 7, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | CNX, FDX, FIS, WBD | - | View | ||
| 2024 Q1 | May 7, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | CNX, FDX, FIS, LBRDA, WBD | - | View | ||
| 2024 Q1 | May 29, 2024 | Silver Ring Value Partners | 0.0% | 0.0% | PHIN, WBD | - | View | ||
| 2024 Q1 | May 15, 2024 | Broyhill Asset Management | 6.0% | 0.0% | AVTR, FI, FIS, FMX, WBD | - | View | ||
| 2025 Q4 | Feb 5, 2026 | ClearBridge Investments All Cap Growth | - | - | AAPL, AIR.PA, DXYN, FCX, GOOGL, HLT, LIN, LLY, MSFT, NFLX, NTRA, ORCL, TMO, VRTX, WBD | aerospace, AI, growth, healthcare, Hospitality, Pharmaceuticals, technology, volatility | AI continues to represent a powerful long-term opportunity, though early beneficiaries such as semiconductors and infrastructure have already seen significant gains. The team is focused on ensuring proper exposure within the AI complex while also positioning for potential market leadership broadening. Eli Lilly rose strongly after striking a deal with the U.S. government to offer its GLP-1 treatments to Medicare and Medicaid patients while readouts on the company's oral GLP-1 treatment indicated a broader market than expected. Long-term demand for commercial aircraft to support air travel is increasing, with much of the growth from China and other parts of Asia, while aging of the existing fleet provides a robust pipeline of replacement demand for years to come. Hilton has a long runway for growth supported by continued mid- to high-single-digit net unit expansion. The company has strong margins and free cash flow conversion, enabling consistent return of capital through share buybacks. | View | |
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Focused Fund | 8.7% | 24.1% | 005380.KS, 005930.KS, 012330.KS, AAPL, CNRL.TO, FOXA, MSFT, MU, NFLX, NVDA, PEP, SCHW, UHAL, WBD | AI, Auto Parts, free cash flow, Media, semiconductors, South Korea, technology, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and long-term underlying business performance, holding companies through periods of stock price underperformance when the long-term thesis offers attractive risk-adjusted returns. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The manager believes MSCI will eventually re-rate South Korea from Emerging Market to developed market status, with investor access and index flows beginning to close the 30-year Korean discount. Samsung was late relative to competitors SK Hynix and Micron in HBM design wins with NVIDIA but was awarded HBM qualification in 2025 and ramped production quickly. Samsung has long been a leader in memory including NAND, DRAM, and now HBM, with memory chips appearing in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. The U.S. indices reached record highs driven by artificial intelligence exuberance. Memory chips are ubiquitous in AI data centers, and Samsung reorganized to emphasize Galaxy phones with AI feature leadership to compete with Apple. Hyundai Mobis benefitted from share gain and electric vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline as one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position that contributed to performance in 2025. After the legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2025 Q4 | Feb 4, 2026 | AMG Yacktman Fund | 6.2% | 19.8% | 000660.KS, 005930.KS, 012330.KS, AAPL, CNQ, FOXA, GOOGL, MSFT, MU, NFLX, NVDA, PEP, PG, SCHW, UHAL, UMG.AS, VIV.PA, WBD | AI, Electric Vehicles, free cash flow, long-term, Media, semiconductors, South Korea, value | Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals, comparing price to arrive at forward rate of return based on current market valuation. The approach focuses on risk-adjusted returns and owner's mindset investing with long-term focus on underlying business performance. Samsung was late relative to competitors in HBM design wins with NVIDIA but was awarded HBM qualification with NVIDIA in 2025 and ramped production quickly. Memory chips are ubiquitous in AI data centers and broad array of IOT devices from cars to refrigerators to wearables. South Korea is launching broad value-up reforms modeled after Japan's program, shifting governance standards from company-centric to shareholder value creation focus. The country may eventually be re-rated by MSCI from Emerging Market to developed market, with investor access and index flows beginning to close the 30-year Korean discount. Samsung has three primary lines of business including memory, foundry, and phones. The company has long been a leader in memory including NAND, DRAM, and now HBM. Samsung has focus on U.S. foundry with massive fab outside Austin in Taylor, Texas. Hyundai Mobis benefitted from share gain and electrical vehicle penetration by Hyundai and Kia, continuing strong capital allocation discipline. The company is one of the top global auto parts suppliers. Warner Bros. Discovery has been a relatively small position along with other sizeable media holdings. After legacy Warner Bros. merged with Discovery, the company embarked on multi-year deleveraging process and management transition. Netflix and Paramount-Skydance bidding process has re-rated the company price. | View | |
| 2025 Q4 | Feb 3, 2026 | The Sound Shore Fund | 7.8% | 18.2% | C, COF, FLEX, GM, HII, LUV, MSFT, PVH, PYPL, REGN, TEVA, TMO, TXN, WBD | defense, earnings, healthcare, Manufacturing, Transformation, undervalued, value | Sound Shore specializes in identifying undervalued companies undergoing transformations, focusing on stocks trading at attractive valuations relative to earnings power. The portfolio trades at 13.5 times forward earnings versus S&P 500 at 22 times, providing meaningful discount despite strong balance sheets and free cash flow. Healthcare was the best performing sector in Q4 after lagging earlier in 2025. Portfolio holdings Regeneron and TEVA provided positive pipeline updates and were among largest contributors as regulatory clarity emerged around previously uncertain policies. Huntington Ingalls Industries, the largest US Naval shipbuilder, was a standout 2025 performer after working through post-COVID supply chain issues. The company benefits from US Navy's commitment to rapidly expand the fleet and prospects for further margin gains. FLEX evolved from low-value electronics assembly to high-value specialized manufacturing for medical, industrial, and automotive industries. Under CEO Revathi Advaithi, the company achieved operational discipline and double-digit earnings growth with expanding margins, benefiting from accelerating data center end-markets. | View | |
| 2025 Q4 | Feb 20, 2026 | VH Standard Asset Management | 1.3% | 14.8% | EA, EXAS, JAMF, KVUE, NSC, QRVO, SGOV, WBD | AI, Capital markets, Deregulation, M&A, Merger Arbitrage, Onshoring, Regulatory, Spreads | The merger arbitrage landscape has shifted meaningfully with spreads becoming less efficient due to capital leaving the space during tough regulatory years. The pendulum for regulators has swung toward being more favorable for M&A activity, creating opportunities for those positioned to take advantage. Tariffs and the current U.S. administration's goals are creating a monumental shift in the global economy. Onshoring and supply chain re-optimization will create new winners and losers as companies adapt to changing trade dynamics. AI is viewed as the biggest catalyst to be let loose into economies, creating a sea of change. This technological shift is expected to drive significant transformation across industries and create new investment opportunities. | View | |
| 2025 Q4 | Feb 18, 2026 | The Gabelli ABC Fund | 0.5% | 6.1% | CFLT, EXAS, FOX, FRGE, GTLS, HOLX, KKR, KMB, KVUE, LEN, NEM, NFG, NFLX, PAAS, PSKY, TGNA, TXNM, WBD | arbitrage, healthcare, industrials, M&A, private equity, technology | Multiple biotech and pharmaceutical M&A deals closed during the quarter, including Akero Therapeutics acquired by Novo Nordisk for $54.00 per share plus CVR, Metsera acquired by Pfizer after outbidding Novo Nordisk, and Tourmaine Bio acquired by Novartis for $48.00 per share. M&A volume activity reached $4.6 trillion in 2025, representing a 49% increase from the previous year and the highest since 2021. Technology, industrials, and financials were the top sectors for M&A activity, accounting for over $2 trillion in deal activity. | ALE HOLX EXAS GTCH |
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| 2025 Q4 | Feb 10, 2026 | LVS Advisory – Event Driven | -8.2% | 0.0% | AMZN, CW, GOOGL, IBKR, META, NFLX, TLN, WBD, WISE | AI, Event-Driven, Fintech, growth, Leverage, Netflix, Power, software, Streaming | Netflix remains the largest holding at 18% weight, viewed as the global category killer in scripted entertainment rapidly eroding linear TV market share. Despite the Warner Brothers Discovery acquisition causing a 21.8% Q4 decline, the manager sees Netflix continuing to take share through reinvestment in live entertainment, sports content, video games, and advertising capabilities. Artificial intelligence is viewed as creating competition and reducing switching costs in software, leading to liquidation of software exposure. However, AI should benefit tech platforms with physical economies of scale and network effects by allowing them to better serve customers and potentially reduce costs. The power basket performed well with investments in companies benefiting from the energy transition. Talen Energy doubled and Curtiss-Wright appreciated 64%, reflecting the manager's positive view on longer-term power infrastructure trends despite short-term volatility. The fintech basket includes Interactive Brokers and Wise, with stocks showing volatility due to interest rate sensitivity and consumer spending exposure. Stablecoin risk emerged as a new theme in 2025, particularly for cross-border payments, though current costs remain higher than traditional payment rails. | View | |
| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | CNX, GE, IAC, MAT, WBD, WMG | - | View | ||
| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | CNX, DHE GR, GE, IAC, MAT, WBD | - | View | ||
| 2025 Q3 | Oct 28, 2025 | Hotchkis & Wiley Global Value Fund | 5.3% | 19.2% | CMCSA, ELV, GOOG, JDEP NA, WBD, WPP LN | Cloud Computing, Communication Services, Growth Stocks, semiconductors, tariffs | AI: AI infrastructure spending in semiconductors, hardware, and cloud drove earnings and performance leadership. Trade: Global equities advanced despite tariff risks and policy uncertainty, with volatility rising but North America outperforming. Value: Growth outperformed value amid investor preference for secular visibility and scale. | View | |
| 2025 Q3 | Oct 28, 2025 | Hotchkis & Wiley Large Cap Fundamental Value | 6.4% | 12.0% | AIG, APA, C, CMCSA, WBD, WPP LN | Energy E&P, Fed Funds, Market Concentration, S&P 500, Value Stocks | Rates: A 25 bps Fed rate cut with inflation near 3% supported multiples and risk appetite. Valuation: The S&P 500 traded at historically high forward P/E while the portfolio remained discounted, emphasizing margin-of-safety positioning. Energy: Select E&Ps benefited from disciplined capex, improving project pipelines, and strong free-cash-flow yields. | View | |
| 2025 Q3 | Oct 28, 2025 | Hotchkis & Wiley Mid-Cap Value Fund | 7.7% | 5.4% | APA, CNC, FLR, OLN, WBD, WPP LN | Artificial Intelligence, earnings, energy, interest rates, Value Investing | The fund benefited from improving breadth in U.S. equities as AI optimism, Fed easing, and strong corporate earnings drove performance. Managers expect the environment to favor disciplined valuation strategies as rates decline and AI-related spending broadens across sectors. Energy, financials, and select consumer names contributed most, while technology and industrials detracted modestly amid cyclical volatility. | View | |
| 2025 Q3 | Oct 28, 2025 | Harris Associates Concentrated Strategy | 2.4% | 6.2% | CRM, GOOG, IQV, KDP, MOH, WBD | Artificial Intelligence, Cloud, healthcare, Media, U.S. Equities | U.S. equities rose on tech strength, with key contributors Warner Bros Discovery and Alphabet benefiting from M&A speculation and AI-driven cloud growth. IQVIAs analytics and clinical research platform also advanced due to next-gen data capabilities. While detractors included Keurig Dr Pepper and Molina Healthcare, management remains focused on concentrated, high-conviction holdings tied to AI innovation and healthcare recovery. | CRM MOH KDP IQV GOOGL WBD CRM MOH KDP IQV GOOGL WBD |
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| 2022 Q3 | Oct 19, 2022 | Greenlight Capital | 1.1% | 9.0% | AAWW, CC, CEIX, CHNG, GRBK, INSW, PLBY, TWTR, WBD | - | View | ||
| 2025 Q3 | Oct 16, 2025 | Contrarius Global Equity Fund | 30.9% | 45.0% | BEAM, CRSP, NTLA, TSLA, WBD | Artificial Intelligence, Biotechnology, CRISPR, Gene Editing, Robotics | The fund highlights the transformative impact of artificial intelligence across industries, suggesting that AI adoption is still early and could surpass the internet in economic influence. It also emphasizes opportunities in the biotechnology sector, particularly gene editing technologies such as CRISPR-Cas9 and base editing, which could redefine healthcare through functional cures. Contrarius views both AI and biotech as undervalued long-term growth themes with substantial innovation-driven upside. | BEAM NTLA CRSP |
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| 2025 Q3 | Oct 10, 2025 | Oakmark Select Fund | 2.3% | 5.4% | KDP, WBD | Beverages, M&A, Media, Streaming, technology | The fund focuses on consolidation in media, beverage M&A, and technology efficiency themes. Warner Bros Discovery rose on acquisition speculation, while Keurig Dr Peppers strategic split into coffee and soft drinks offers long-term value despite near-term volatility. | View | |
| 2025 Q4 | Jan 8, 2026 | Diameter Capital Partners LP | 0.3% | 8.0% | AEP, AFRM, AMZN, DIGI, GOOGL, META, MSFT, NFLX, NI, NVDA, ORCL, PARA, PGY, PPL, SATS, SOFI, T, TALEN, UPST, WBD | AI, credit, distressed, energy, Fraud, healthcare, technology | The fund made significant investments in AI-related debt including Beignet Investor LLC (Meta's AI data center financing) and xAI corporate debt. The quarter saw massive AI-related IG issuance of $90 billion with expectations of $50 billion more in Q1. The fund expects AI to drive continued massive capital needs with OpenAI alone requiring ~$600 billion through 2029. The fund had significant losses in distressed investments, particularly First Brands (a fraudulent auto parts company) and Eye Care Partners. The manager acknowledges mistakes in underwriting management quality and position sizing. Despite setbacks, they see future opportunities in sectors facing productivity-driven disruption. The fund expects increased capital solutions opportunities as PE-backed companies face refinancing challenges from higher rates. They participated in several rescue financings and expect more zombified PE companies to need capital solutions in various structures from prefs to hybrid equity. The fund invested in EchoStar's spectrum assets which became valuable for AI inference and wireless carriers. They also have exposure to LNG through Delfin, positioning for the coming oversupply period. Power demand from AI datacenters is driving infrastructure investment opportunities. The fund analyzed the growth in asset-backed finance driven by insurers seeking yield on annuity proceeds. They're cautious about residual risks in BNPL and FinTech lending, noting credit box expansion and potential fraud risks as the market grows rapidly. | NVDA SATS ORCL |
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| 2025 Q4 | Jan 6, 2026 | Legal & General – Active Fixed Income | 0.0% | 0.0% | AMZN, GOOGL, LXS.DE, META, MSFT, ORCL, PARA, SESG.PA, WBD, WPP.L | AI, Bonds, credit, Fiscal, Hyperscalers, infrastructure, Issuance, technology | Massive AI capital expenditure by hyperscalers is driving extraordinary levels of bond issuance, with companies like Microsoft, Amazon, Meta and Google requiring $500-800 billion of additional debt annually. This AI spending boom is creating significant macroeconomic impact and supporting US growth expectations as companies redeploy capital back into the economy. Hyperscalers are increasingly accessing private credit markets for bespoke AI infrastructure projects, with Meta's $29 billion public/private credit deal representing the largest private credit transaction in history. The private credit market is becoming a key funding source for off-balance-sheet AI projects and data center development. Global shift from monetary to fiscal policy is driving increased government infrastructure spending, with Germany releasing their debt-brake and Japan electing a pro-fiscal policy prime minister. This fiscal expansion is creating a new paradigm of government-led growth initiatives alongside corporate AI infrastructure investment. | View | |
| 2025 Q4 | Jan 29, 2026 | 8th Wonder Investments | 0.0% | 0.0% | AAPL, AMZN, CMCSA, CRM, CSU.TO, DECK, DIS, GOOGL, HEI, LYV, META, MSFT, NFLX, NVDA, PARA, RH, SKX, TOI.TO, TSLA, WBD | aerospace, AI, Leadership, Luxury, M&A, Media, software, value | Warner Bros. Discovery represents a special situation investment driven by CEO David Zaslav's shift toward shareholder value creation and aggressive debt paydown. The company announced plans to split into two entities and received multiple takeover bids, with Netflix ultimately winning the bidding war. The market fears AI will disrupt vertical market software by eliminating switching costs and seat-based pricing. However, AI agents will likely increase demand for systems of record and control point software rather than replace them, as enterprises need guardrails for non-deterministic AI outputs. Constellation Software and Topicus represent the core thesis of acquiring mission-critical vertical market software businesses with high switching costs, recurring revenue, and defensive moats. These businesses serve niche markets where switching is painful and alternatives offer minimal benefits. The fund employs covered call strategies to generate income and reduce cost basis while building positions. This options-based approach allows for larger position sizing in balance sheet challenged businesses while providing downside protection. HEICO represents an antifragile business model in aftermarket aerospace components that gains market share during economic stress as airlines extend fleet life. The company demonstrates seamless leadership transition and decentralized operations that thrive on adversity. RH under Gary Friedman exemplifies exceptional leadership combining capital allocation with creative genius, transforming the company from near-bankruptcy into a luxury lifestyle brand with galleries that redefine retail and 30% EBITDA margins. | TOI CN CSU CN RH HEI WBD |
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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 29, 2026 | Hotchkis & Wiley Large Cap Fundamental Value | 4.5% | 17.1% | AIG, APA, C, CMCSA, CRM, CRWD, CVS, ERIC, FDX, FFIV, FISV, GM, NFLX, PLTR, UNH, WBD, WDAY, WPP | banks, energy, financials, healthcare, large cap, software, valuation, value | The portfolio trades at 13x forward earnings and less than 10x normal earnings, both in line with historical averages. The manager emphasizes attractive valuations outside the Magnificent 7, with the S&P 500 excluding these stocks trading at 18x forward P/E versus a 35-year average of 17.4x. The fund focuses on undervalued quality businesses with strong fundamentals. Software is the portfolio's largest industry exposure on both absolute and relative basis. The manager views prospects of select software companies as highly compelling, citing sticky customer bases, recurring revenues, and predictable businesses. Major purchases included Workday and Salesforce, which trade at discounts to their own history despite being higher quality businesses. The portfolio's banks returned 13% compared to 6% for the index in Q4, with an average weight of 12% that returned nearly 40% for the year. The manager took capital out of the group as valuations increased. Banks were the top contributing industry to relative performance both quarterly and annually. The portfolio remains overweight in healthcare, noting the sector's return is about half that of the rest of the market over the past decade. Healthcare's P/E ratio is less than 80% of the broad market's P/E, trading at a deeper discount only 8% of the time since 1990. The manager views this as an attractive opportunity given the quality of businesses and growth prospects. Energy exposure spans both exploration & production companies as well as oilfield services. While these businesses are not as structurally attractive as software or healthcare, energy remains among the most attractively valued areas of the portfolio. The group trades at less than 7x normal earnings and offers an expected free cash flow yield of 11%. | View | |
| 2025 Q4 | Jan 26, 2026 | Harris Associates Concentrated Strategy | 8.4% | 14.4% | CHTR, EFX, FCNCA, GOOGL, LBRDK, PAYC, TRGP, WBD | AI, Banking, Buybacks, energy, Media, Midstream, technology, value | Warner Bros Discovery was a major contributor as multiple parties submitted acquisition offers, with Netflix acquiring the Streaming and Studios business while Global Networks spins to shareholders. Paramount Skydance made a $30 per share offer for the entire company, representing significant value unlocking opportunities in the media sector. Alphabet delivered impressive earnings with strong Cloud segment performance driven by accelerating demand for AI compute. The manager sees potential for the company's AI leadership to drive further upside across the portfolio and views Alphabet as undervalued on a sum-of-the-parts basis. First Citizens Bancshares was a contributor with solid results exceeding consensus expectations. Loans and deposits grew healthily while management continues steady share repurchases. The manager believes it's a high-quality regional bank with strong management that can unlock sustained long-term value. Targa Resources was initiated as a new position, representing a leading midstream natural gas and NGL company controlling 90% of fractionation capacity at Mont Belvieu. The company generates approximately 90% of earnings through multi-year fee-based arrangements, providing protection against oversupply with meaningful cost advantages and barriers to entry. | View | |
| 2025 Q4 | Jan 21, 2026 | Harbor Mid Cap Value Fund | 4.1% | 16.0% | AMKR, BK, CFG, COIN, EA, ENS, EXPE, FOXA, GM, GTX, HIW, HLF, HOG, HOOD, HPQ, JAZZ, KR, NEU, OC, PHM, PLAB, PVH, SNDK, STT, TXT, WBD, WDC | Buybacks, consumer discretionary, dividends, financials, mid cap, technology, value | The fund maintains its disciplined value investment approach, seeking high-quality, profitable companies that generate cash, pay dividends, and repurchase shares. Mid- and small-cap value stocks continue to trade at attractive multiples despite strong relative performance. AI-driven demand for storage led to strong earnings and increases in revenue growth and margins for technology holdings. AI-related technology stocks may appear priced to perfection, but the fund continues to identify opportunities among mid-cap value stocks. The fund seeks companies that repurchase shares, viewing aggressive stock buybacks positively. Several holdings including General Motors, Garrett Motion, and EnerSys have been aggressively buying back stock. | AMKR EA ENS GTX |
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| 2025 Q4 | Jan 20, 2026 | Greenlight Capital | 8.5% | 9.0% | AR, BHF, CNH, DECK, FLR, GPK, GPN, GRBK, HPQ, HSIC, LXS.DE, MSTU, MSTX, PRKS, SMR, SOLB.BR, SPB, TEVA, VSCO, WBD | Copper, Cyclical, gold, Hedge Fund, Long/Short, Macro, value | Gold had an exceptional year appreciating 64%. The primary driver was countries seeking to reduce dollar exposure for reserves and trade as the U.S. loses hegemonic leadership. Foreign central banks are increasing gold reserves and establishing it as an alternative to settling global trade in dollars, effectively re-monetizing gold within official government channels. Copper prices rose about 40% in 2025 driven by AI world demand for more copper while supply remains limited. Several large mines around the world experienced production shortfalls, contributing to the price appreciation. The fund focuses on building a bottom-up portfolio of equity longs that are absolutely cheap and misunderstood, paired with overvalued shorts. Many cyclical businesses faced earnings shortfalls but P/E multiples failed to expand as typically expected during cyclical downturns. | CNR SPB HSIC GPN DECK AR TEVA VSCO FLR |
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| 2025 Q4 | Jan 18, 2026 | Brennan Asset Management | 0.0% | 0.0% | CODI, DCC.L, GLIBA, MTRO.L, NFLX, PTSB.IR, WBD | AI, Banking, energy, international, Media, special situations, value | Manager experimented with AI tools for presentation creation, finding initial promise but significant limitations in execution. The experience highlighted both benefits and constraints of current AI applications for routine work tasks. This reinforced skepticism about AI productivity promises and market valuations at 41x CAPE. Focus on Metro Bank's transformation into commercial and specialty mortgage bank, with MREL exit providing significant cost savings. PTSB sales process ongoing with potential strategic and private equity bidders. Both banks offer attractive risk-reward profiles despite challenging UK and Irish economic environments. DCC represents focused energy distribution opportunity following divestiture of non-core businesses. The propane distribution business offers stable, cost-plus pricing with customer captivity through tank ownership. Solar installation services provide growth opportunity in European commercial market. Warner Brothers Discovery sales process continues with Netflix bid competing against Paramount's hostile tender. The regulatory process will involve political considerations. GCI Communications rights offering completed with potential for future acquisitions as Liberty Media vehicle. Manager continues finding more attractive opportunities internationally than domestically. Portfolio holdings trade at low relative and absolute valuations despite broader market expensiveness. Focus on special situations with multiple catalysts for rerating. | DCC LN CODI WBD PTSB ID MTRO LN |
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| 2025 Q4 | Jan 13, 2026 | Oakmark Select Fund | 8.4% | 14.3% | CHTR, EFX, GLIBA, GOOGL, IQV, LBRDK, NFLX, PAYC, TRGP, WBD | large cap, M&A, Media, Midstream, undervalued, value | Warner Bros Discovery was the top contributor as multiple parties submitted acquisition offers, with Netflix acquiring the Streaming and Studios business while Global Networks spins to shareholders. Paramount Skydance made a $30 per share offer for the entire company, creating a bidding war that unlocked shareholder value. Targa Resources represents a leading midstream natural gas and NGL company controlling 90% of fractionation capacity at Mont Belvieu hub. The company benefits from cost advantages, barriers to entry, and generates 90% of earnings through multi-year fee-based arrangements providing protection against oversupply. The fund continues to find attractive opportunities to invest in undervalued companies across various industries, including areas left behind in the momentum rally. Targa was purchased at a discount to peers based on normalized earnings power and intrinsic value estimates. | TRGP PAYC WBD |
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| 2022 Q4 | Sep 2, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | AMG, CNHI, CNX, DEI, GE, IAC, LUMEN SS, PVH, WBD | - | View | ||
| 2022 Q4 | Sep 2, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | AMG, CNX, GE, IAC, LUMN, TIGO, WBD | - | View | ||
| 2023 Q2 | Jul 19, 2023 | Longleaf Partners Fund | 10.4% | 10.3% | IAC, LYV, WBD | - | View | ||
| 2023 Q2 | Jul 19, 2023 | Longleaf Partners Global Fund | 14.8% | 18.4% | GOOG, IAC, LYV, TIGO, WBD | - | View | ||
| 2023 Q4 | Jan 17, 2024 | Longleaf Partners Fund | 10.4% | 10.3% | FDX, FFX GR, GE, H, LUMEN SS, LYV, MAT, MGM, PVH, WBD | - | View | ||
| 2023 Q4 | Jan 17, 2024 | Longleaf Partners Global Fund | 14.8% | 18.4% | EXO NA, FDX, FFX GR, GE, LUMEN SS, LYV, PVH, TIGO, WBD | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Fund | -1.3% | 8.8% | CNX, DINO, FIS, IAC, K, LBRDK/A, MGM, PYPL, RTX, WBD | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Global Fund | -6.7% | 10.5% | CNX, ERF FP, FIS, IAC, K, MGM, PRX NA, TIGO, VIV FP, WBD | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 2, 2026 | Seeking Alpha | Seeking Alpha | Warner Bros. Discovery, Inc. | Media | Broadcasting & Cable TV | Bull | Nasdaq Stock Market | acquisition, bidding war, divestiture, media, Netflix, shareholder value, strategic moves, Streaming | View Pitch |
| Jan 30, 2026 | Fund Letters | Patrick Brennan | Warner Bros Discovery Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | arbitrage, M&A, media, Regulatory risk, Streaming | View Pitch |
| Jan 30, 2026 | Fund Letters | Daniel Bellehsen | Warner Bros. Discovery, Inc. | Communication Services | Media & Entertainment | Bull | NASDAQ | Free Cash Flow, Incentives, Media Deleveraging, rerating, Special Situation | View Pitch |
| Jan 28, 2026 | Fund Letters | Tony Coniaris | Warner Bros. Discovery Inc. | Communication Services | Media | Bull | NASDAQ | Governance, M&A, media, spin-off, Valuation Unlock | View Pitch |
| Jan 27, 2026 | Fund Letters | William Nygren | Warner Bros. Discovery, Inc. | Communication Services | Media | Bull | NASDAQ | media, mergers, spin-off, Streaming, valuation | View Pitch |
| Jan 8, 2026 | Value Investors Club | falcon44 | Warner Bros. Discovery, Inc. | Information Technology | Software | Bull | NASDAQ | cloud, Digital platforms, Enterprise software, IT services, Software, technology | View Pitch |
| Nov 29, 2025 | Fund Letters | Harry Burn, John P. DeGulis, T. Gibbs Kane | Warner Bros. Discovery, Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | Content, deleveraging, Freecashflow, M&A, media, rerating, spinoff, Streaming | View Pitch |
| Nov 29, 2025 | Fund Letters | Tony Coniaris | Warner Bros Discovery Inc. | Communication Services | Media & Entertainment | Bull | NASDAQ | Content, Earnings momentum, entertainment, leverage, media, merger, Streaming, synergy, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | Tony Coniaris | Warner Bros Discovery Inc. | Communication Services | Media & Entertainment | Bull | NASDAQ | Content, Earnings momentum, entertainment, leverage, media, merger, Streaming, synergy, valuation | View Pitch |
| Oct 28, 2025 | Substack | Toff Cap Monday Monitor | Warner Bros. Discovery | Communication Services | Entertainment | Neutral | asset revaluation, investment opportunity, media industry, media split, potential acquisition, strategic alternatives, streaming vs linear, Warner Bros. Discovery | View Pitch | |
| Oct 23, 2025 | Value Investors Club | washwizards | Warner Bros. Discovery Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | deleveraging, IP monetization, M&A optionality, media, turnaround | View Pitch |
| Sep 14, 2025 | Seeking Alpha | Seeking Alpha | Warner Bros. Discovery, Inc. | Entertainment | Bull | advertising revenues, debt management, media company, Paramount Skydance, separation, shareholder value, strategic flexibility, Streaming, Subscriber Growth, Warner Bros. Discovery | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | Steven Mallas | Warner Bros. Discovery | Communication Services | Entertainment | Bull | NASDAQ | — | 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 |
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