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WBD

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Contrarius Global Equity Fund	13.8%	-1.4%	DIS, DKNG, FLUT.L, FOXA, WBD	contrarian, global, Media, sports betting, Streaming, value	Traditional media companies are transitioning from cable bundles to streaming/cable hybrid models. Fox has positioned itself strategically by focusing on live sports and news content, which are immune to streaming disruption. The company sold entertainment assets to Disney and retained valuable live content rights including NFL, MLB, and college sports.	FOXA	View
2024 Q3	Sep 30, 2024	Octahedron Capital	-	-	AAPL, AMZN, CART, CPNG, DASH, DIS, GOOGL, GRAB, LYFT, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, SPOT, UBER, WBD, WMT, YELP	AI, Cloud, Digital, E-Commerce, growth, Internet, semiconductors, technology	Generative AI is driving significant productivity improvements across software development and enterprise applications. Companies are seeing measurable ROI from AI investments, with GitHub Copilot accounting for over 40% of GitHub revenue growth and Microsoft reporting billions in AI infrastructure revenue. AI is accelerating cloud migrations and enabling new usage-based pricing models.		View
2023 Q2	Aug 23, 2023	McElvaine Value Fund	-	5.1%	1.HK, BLCO, MXG.TO, ONEX.TO, PSK.TO, WBD	Canada, Cautious, Hedge, small cap, value	The fund holds Maxim Power which is commissioning a Combined Cycle Gas Turbine expansion expected to be operational by late fall. PrairieSky had strong performance with oil royalty production and leasing activity hitting multi-year highs.		View
2025 Q2	Jul 22, 2025	Harris Associates Concentrated Strategy	3.9%	3.7%	CRM, GOOGL, IQV, KDP, MOH, WBD	AI, Beverages, Concentration, fundamentals, healthcare, Media, technology, value	AI leadership is driving upside across portfolios, with companies like Alphabet benefiting from robust demand for AI workloads in Cloud growth acceleration. The technology is creating engagement and revenue benefits in search experiences.	CRM MOH KDP IQV GOOGL WBD IQV COP GOOG COF SCHW	View
2025 Q2	Jul 17, 2025	Contrarius Global Equity Fund	19.2%	10.7%	AAPL, AMD, AMZN, CZR, GM, GOOGL, INTC, KER.PA, META, MSFT, NVDA, ORCL, PARA, TM, TSLA, UHR.PA, WBD	AI, contrarian, Electric Vehicles, semiconductors, technology, value	AI adoption is accelerating with cloud hyperscalers investing over $217 billion in AI infrastructure in 2024. The next frontier of real-world AI including agentic AI, autonomous vehicles, and humanoid robotics promises even greater disruption. Chain-of-Thought reasoning represents a breakthrough in AI's ability to perform complex multi-step reasoning tasks, significantly increasing inference computational demands.	NVDA NVDA	View
2025 Q2	Jun 30, 2025	The Gabelli ABC Fund	2.1%	-	AAPL, AMZN, BATRA, CHWY, CZR, FOX, GOOGL, IDXX, IVG.MI, META, MSFT, MSGS, NFLX, NVDA, SBGI, TDS, TGNA, TSLA, WBD, ZTS	AI, defense, Mergers & Acquisitions, private market value, Sports, tariffs, Utilities, Value Investing	Major AI infrastructure platforms remained committed to aggressive investment with the five largest global data center operators communicating 2025 capex plans aggregating to ~$330bn. Adoption of generative AI services has inflected sharply with ChatGPT's Weekly Active Users doubling since the start of the year and Alphabet's Gemini reporting 50x year-over-year growth in tokens generated.	SWTX	View
2025 Q2	Jun 30, 2025	The Gabelli Dividend Growth Fund	6.3%	-	AMETEK, AMZN, AXP, BATRA, BK, BRK.A, CAT, CHWY, CNH, CR, CVS, CZR, DEERE, DTE.DE, ELAN, FOX, FRPT, IDXX, IVG.DE, MA, MFI.TO, MLI, MSFT, MSGS, NEM, NESN.SW, NFG, NFLX, NVDA, PETCO, RR.L, RSG, SBGI, SONY, TDS, TGNA, TMUS, TRATON.DE, TRUP, WBD, ZTS	AI, defense, gold, M&A, Pet Care, Sports, tariffs, Utilities	The Trump administration implemented sweeping tariffs on April 2nd (Liberation Day), creating significant market volatility. While initial tariff rates were very high, bilateral trade deals with the UK, China, Vietnam, and India reduced effective rates. The administration appears intent on rolling back globalization, with tariffs serving as both negotiation tactics and policy tools.	WCC KR	View
2023 Q2	Jun 30, 2023	Contrarius Global Equity Fund	3.4%	11.0%	AAPL, INTC, MSFT, NFLX, NVDA, PARA, WBD	AI, contrarian, growth, Media, Streaming, technology, value	Both Paramount and Warner Bros. Discovery are transitioning from legacy linear TV to Direct-To-Consumer streaming platforms. The streaming industry is reaching an inflection point for profitability after years of losses, with opportunities for ARPU increases through price hikes, ad-supported tiers, and password sharing restrictions.	NWBD.L PARA	View
2024 Q1	Jun 16, 2024	Bonhoeffer Capital Management	11.3%	0.0%	ABG, AHT, ARW, AZO, BLDR, ODFL, TIGO, WBD	Asia, Buybacks, Consolidation, Distribution, Electronics, small caps, Specialty Finance, value	The fund focuses on high-velocity dealerships and distributors across multiple sectors including auto dealerships, building products, and capital equipment. Arrow Electronics represents a major new investment in electronic components distribution with 15% global market share and strong consolidation opportunities.	ARW	View
2024 Q1	May 7, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AMG, BIO, CNX, DHER.DE, EQT, EXOR.MI, FBIN, FDX, FFH.TO, FIS, GLB.L, H, IAC, K, LYV, MLCO, PRX.AS, PVH, TIGO, WBD	Buybacks, global, Logistics, Media, Natural Gas, technology, value	Multiple portfolio companies are executing substantial share repurchase programs. CNX Resources continues share repurchase at a double-digit annualized pace, FedEx repurchased substantial stock with 6% annualized pace and authorized another $5 billion program, and FIS is using proceeds from asset sales to repurchase 10% of the company.	WBD FIS FDX CNX	View
2024 Q1	May 7, 2024	Longleaf Partners Fund	10.4%	10.3%	AMG, BIO, CHTR, CNHI, CNX, FBHS, FDX, FFH, FIS, H, IAC, K, LBRDA, LYV, MAT, RTX, WBD, WMG	Buybacks, free cash flow, Logistics, Media, Natural Gas, technology, value	Multiple portfolio companies are executing substantial share repurchase programs. FIS is repurchasing 10% of the company, CNX continues share repurchase at a double-digit annualized pace, and FedEx maintains a 6% annualized repurchase pace with another $5 billion program authorized.	WBD LBRDA FDX CNX FIS	View
2024 Q1	May 29, 2024	Silver Ring Value Partners	0.0%	0.0%	AAPL, AMZN, BWA, CMCSA, GTX, NFLX, PHIN, WBD	Automotive, Growth Duration, Media, Process Evolution, small caps, value	Manager emphasizes disciplined value investing based on first principles, seeking meaningful undervaluation combined with sufficient quality. Portfolio priced at 63% of base case value excluding cash, with focus on companies trading below intrinsic value estimates.	WBD PHIN	View
2026 Q1	May 13, 2026	AMG Yacktman Fund	5.7%	5.7%	005930 KS, CNQ, COP, EOG, FANG, FOXA, MSFT, UHAL, WBD	AI, energy, Geopolitical, large cap, semiconductors, value		UHAL FOXA MSFT CNQ 005930.KS	View
2026 Q1	May 13, 2026	AMG Yacktman Focused Fund	10.3%	10.3%	005930 KS, CNQ, FOXA, MSFT, UHAL, WBD	energy, large cap, long-term, Memory, semiconductors, technology, value		UHAL FOXA MSFT CNQ.TO 005930.KS	View
2024 Q1	May 10, 2024	O’Keefe Stevens Advisory, Inc	0.0%	0.0%	AER, AMGN, BGC, BKRIF, BLKB, EAF, EXPI, FPH, HCC, NVDA, QCOM, ROKU, WBD	activism, Aviation, materials, small cap, technology, trading, value	NVDA represents almost 15% of the portfolio as the top holding. The manager sold NVDA call options that expire in June and are deep in the money, planning to deploy cash from covered calls over time as opportunities arise.	BGC AER EAF	View
2026 Q1	Apr 8, 2026	Kingdom Capital Advisors	8.0%	8.0%	AENT, KODK, MAGN, MLCI, NLOP, NVRI, STKL, TSSI, UNFI, WATT, WBD, WW, ZD	Distribution, Media, real estate, small caps, special situations, value		NVRI MAGN UNFI NLOP AENT	View
2024 Q1	Apr 30, 2024	Smead Value Fund	5.1%	11.1%	AMGN, APA, AXP, DHI, JPM, LEN, MAC, MRK, OVV, OXY, SPG, UHAL, WBD	energy, Euphoria, Homebuilders, large cap, Psychology, value	The fund focuses on investing at much lower P/E multiples in industries that have avoided euphoria. They believe caution is warranted when euphoric greed is dominant in the stock market, making this a good reason to fear stock market failure and seek value opportunities.		View
2026 Q1	Apr 24, 2026	Brennan Asset Management	-	-	CAB.L, CODI, DCC.L, MTRO.L, NFLX, PARA, SNEX, WBD	Banking, energy, Europe, Geopolitical, M&A, Media, payments			View
2024 Q1	Apr 15, 2024	Oakmark Fund- International Small Cap	7.4%	0.0%	AAL, AMZN, CHTR, DAL, DE, GM, HCA, HLT, JNJ, KR, KVUE, META, UAL, WBD	Agriculture, Airlines, consumer discretionary, financials, healthcare, value	The fund focuses on purchasing stocks trading at meaningful discounts to intrinsic value estimates. They bought additional shares of underperforming holdings and are finding attractive opportunities amid growth stock outperformance to start the year.	KVUE DAL DE	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	View
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
2024 Q4	Dec 31, 2024	McElvaine Value Fund	-	19.2%	CFP.TO, ECO.TO, FFI.TO, GUD.TO, JMHLY, MDOHY, MXGP.TO, ONEX.TO, PSK.TO, SEG, WBD	Buybacks, Canada, Concentration, energy, royalties, value	The fund focuses on finding 50 cent dollars by investing in companies selling below intrinsic value. The manager emphasizes creating a margin of safety when Homer Simpson-like market pricing creates opportunities versus Mr. Spock-like intrinsic value determinations. The approach centers on bargain hunting rather than macro forecasting.		View
2023 Q4	Dec 31, 2023	McElvaine Value Fund	-	3.0%	0001.HK, BLCO, FIH.TO, J36.SI, MXG.TO, ONEX.TO, PSK.TO, WBD, XCO	Canada, Concentration, discount, Intrinsic Value, small caps, value	Manager focuses on finding 50 cent dollars through his ABBA framework, seeking companies selling below intrinsic value. Emphasizes that intrinsic value is a range supported on the downside and open-ended on the upside, preferring straightforward estimates over complex models. Current holdings are viewed as trading at significant discounts to estimated 3-5 year intrinsic values.		View
2023 Q3	Dec 10, 2023	Longleaf Partners Fund	10.4%	10.3%	AMG, BIO, CNH, CNX, FDX, FFH, GE, HAS, IAC, LBRDK, MAT, MGM, WBD, WMG	Buybacks, Concentration, energy, Media, Quality, value	The fund emphasizes owning high-quality businesses trading at significant discounts to intrinsic value. Portfolio trades at 13x P/E on not yet optimized earnings with a price-to-value ratio in the low-60s%, offering meaningful upside potential. Fund avoids mega-cap stocks trading at historic valuation multiples.	0GEG LN NWBD.L IAC AMAT WMG CNX	View
2023 Q3	Dec 10, 2023	Longleaf Partners Global Fund	14.8%	18.4%	0001.HK, CFR.SW, CNX, DHER.DE, FBHS, FDX, FIS, GE, GLB, HAS, IAC, MAT, MGM, PRX.AS, WBD, WMG	Concentration, discount, global, Quality, value	The fund emphasizes trading at 12.5x P/E on not yet optimized earnings versus mega-cap stocks at 29x P/E. Portfolio has price-to-value ratio in low-60s% offering meaningful upside potential. Fund owns high-quality businesses at discounted valuations.	NWBD.L DHER.DE IAC AMAT CNX	View
2025 Q3	Nov 8, 2025	The Sound Shore Fund	-	-	AES, AMZN, BLK, CEG, CTRA, DIS, FIS, Gold, GPN, META, VST, WBD	energy, free cash flow, gold, M&A, Media, payments, undervalued, value	Legacy media companies are creating value through strategic restructuring and streaming business improvements. Warner Brothers Discovery exemplifies this with balance sheet deleveraging, streaming profitability, and potential asset separation creating sum-of-parts value recognition.	AES WBD TLNE	View
2025 Q3	Nov 16, 2025	The Gabelli ABC Fund	3.0%	-	AAPL, AMETEK, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, MSGS, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD	AI, energy, financials, gold, M&A, rates, technology, Trade	Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion.	OR US ECG US	View
2025 Q3	Nov 16, 2025	The Gabelli Dividend Growth Fund	6.8%	-	AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CHWY, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD	AI, gold, growth, M&A, Markets, rates, technology, Trade	Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion.	MSGS US	View
2025 Q3	Nov 16, 2025	The Gabelli Equity Income Fund	6.1%	-	AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, CNH, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD	AI, Buybacks, defense, gold, M&A, rates, Trade, Utilities	Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to approximately $380 billion.	POLR LN 3110 JP	View
2025 Q3	Nov 16, 2025	The Gabelli Global Content & Connectivity Fund	12.3%	-	AAPL, AME, AMZN, AXP, BK, BRK.B, CAT, COST, DE, GOOGL, ITT, META, MSFT, NEM, NFLX, NVDA, RSG, SONY, TSLA, WBD	AI, Federal Reserve, gold, M&A, Pet Care, technology, Trade Policy, Value Investing	Artificial Intelligence continues to be the primary driver of market returns, with most of the Magnificent Seven at or near all time highs. The scale of investment in AI infrastructure continues to surpass expectations, with the five largest cloud computing platforms communicating capex plans for 2025 aggregating to ~$380bn.		View
2025 Q3	Oct 28, 2025	Hotchkis & Wiley Global Value Fund	5.3%	19.2%	AIG, CMCSA, D, ELV, ERIC, FFIV, GEHC, GOOGL, HEIA.AS, JDEP.AS, UNH, WBD, WDAY, WPP.L	AI, financials, global, healthcare, Media, technology, value	Artificial intelligence infrastructure spending and structural demand tied to AI drove significant performance in semiconductors and hardware companies. AI capabilities are viewed as key to digital transformation and turnaround plans for companies like WPP.		View
2025 Q3	Oct 28, 2025	Hotchkis & Wiley Large Cap Fundamental Value	6.4%	12.0%	AIG, APA, C, CMCSA, ELV, ERIC, FFIV, GEHC, GM, GOOGL, WBD, WDAY, WPP.L	energy, financials, large cap, Quality, technology, value	The portfolio trades at less than 13x consensus earnings and a little more than 9x normal earnings, in line with its historical average despite the broad market's elevated valuation. The manager emphasizes attractive valuation opportunities in segments of the equity market while noting the S&P 500 is fully valued or overvalued at 25x next year's consensus estimates.		View
2025 Q3	Oct 28, 2025	Hotchkis & Wiley Mid-Cap Value Fund	7.7%	5.4%	ADNT, AIG, APA, BPOP, CFG, CNC, ERIC, FFIV, FLR, MGA, OLN, STT, WBD, WPP.L	AI, earnings, energy, mid cap, rates, value	The fund focuses on mid-cap value stocks and outperformed the Russell Midcap Value Index in Q3. The environment is becoming more selective and will likely reward discipline around both valuation and risk. Mid cap value stocks outperformed mid cap growth stocks by a wide margin (+6.2% vs. +2.8%).		View
2025 Q3	Oct 28, 2025	Harris Associates Concentrated Strategy	2.4%	6.2%	CRM, GOOGL, IQV, KDP, MOH, WBD	Beverages, concentrated, healthcare, large cap, Media, technology, value	AI leadership is driving upside across portfolios, with companies like Alphabet benefiting from robust demand for AI workloads in Cloud growth acceleration. The technology is creating engagement and revenue benefits in search experiences.	CRM MOH KDP IQV GOOGL WBD CRM MOH KDP IQV GOOGL WBD	View
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%	APLS, BEAM, CRSP, NTLA, PARA, PFE, TSLA, VRTX, WBD	AI, Biotechnology, contrarian, CRISPR, Gene Editing, Media, Tesla, value	The fund believes AI represents a transformative opportunity similar to the internet revolution. They see the market as potentially being in 1997 rather than 1995 of the AI adoption cycle, with real-world AI applications like autonomy and robotics having not yet started. The impact of AI is expected to dwarf that of the internet over time.	BEAM NTLA CRSP	View
2024 Q3	Oct 15, 2024	Smead Value Fund	5.1%	11.1%	AMGN, APA, AXP, BAC, DHI, LEN, MAC, MRK, NVR, OVV, OXY, SPG, WBD	commodities, contrarian, Euphoria, Homebuilders, oil, value	Home builders continued to show they are meeting an economic need and aren't the heavily cyclical companies they were in the past. D.R. Horton, Lennar and NVR rose sharply as the Federal Reserve cut interest rates.		View
2025 Q3	Oct 10, 2025	Oakmark Fund- International Small Cap	3.2%	8.9%	BLK, C, CHTR, CNC, GOOGL, KDP, KVUE, TRGP, UNP, WBD	energy, financials, healthcare, Railroads, technology, value	The fund continues to find attractive opportunities to invest in high-quality, undervalued businesses across various industries. They purchased Union Pacific at a meaningful discount to intrinsic value and Targa Resources at a discount to peers based on normalized earnings power.	UNP US TRGP US	View
2025 Q3	Oct 10, 2025	Oakmark Select Fund	2.3%	5.4%	CRM, GOOGL, IQV, KDP, MOH, WBD	Beverages, Media, mid cap, Quality, undervalued, value	Warner Bros Discovery was the top contributor, surging 29% on acquisition speculation from Paramount-Skydance. The potential merger could generate meaningful cost synergies and create a scaled competitor with deep content library. The company shows solid recent earnings, renewed distribution deals and growing streaming momentum.		View
2025 Q4	Jan 8, 2026	Diameter Capital Partners	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	View
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	View
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	View
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	View
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	View
2023 Q4	Jan 17, 2024	Ensemble Capital	0.0%	8.0%	BKNG, BR, DIS, GOOGL, ILMN, MA, MASI, NFLX, NKE, NOW, NTDOY, PAYX, WBD	AI, earnings, growth, Streaming, technology	The fund extensively discusses artificial intelligence adoption across portfolio companies. Booking Holdings rolled out an AI trip planner using natural language processing. Broadridge deployed BondGPT and OpsGPT for bond trading and operations. ServiceNow launched Now Assist for workflow automation.	AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
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	View
2024 Q3	Sep 30, 2024	Hillman Value Fund	-	-	BMY, CPB, DD, DIS, IFF, NKE, PFE, T, USB, WBD	Communications, financials, healthcare, industrials, technology, value	The fund pursues investment in enterprises which they believe possess sustainable competitive advantages, coupled with adherence to fundamentally sound valuation discipline. The long-term pursuit of outperformance requires variability around the index, which necessarily includes periods of underperformance.		View
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
2024 Q2	Jul 29, 2024	Choice Equities Capital Management	-1.8%	5.5%	AMZN, DIS, DISH, FOX, FUBO, GOOGL, HEES, META, MGNI, MSFT, NFLX, NVDA, OEC, PAR, ROKU, WBD	Ad Tech, AI, Concentration, small caps, Streaming, technology, value	AI enthusiasm morphed into an outright AI vortex during Q2, with possibilities around AI use cases and productivity enhancements captivating public imaginations and creating an arms race mentality in corporate boardrooms. Four large hyperscalers intend to spend approximately $200B this year on AI chips, with the market capitalizing these large capital flows and rewarding recipients like Nvidia with higher trading multiples.	MGNI	View
2024 Q2	Jul 23, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AC.PA, AMG, BIO, CFR.SW, CNX, DHER.DE, ENT.L, ERF.PA, EXOR.MI, FDX, FIS, GLB.L, IAC, K, MAT, MGM, PRX.AS, TIGO, VIV.PA, WBD	Buybacks, Europe, free cash flow, global, Margins, technology, valuation, value	The fund trades at a low-60s% price-to-value ratio with holdings at roughly 10 times free cash flow on margins that can improve, while the FTSE Developed trades at 20 times potentially peak free cash flow. This positions investments for growth even in tougher economic times, especially on a relative basis. The valuation gap between the broader market and the portfolio is at a uniquely high level.	DHER.DE ERF.PA BIO FDX PRX.AS MILL.ST	View
2023 Q2	Jul 19, 2023	Longleaf Partners Fund	10.4%	10.3%	AMG, CNH, CNX, FBHS, FDX, FFH, FI, FIS, GE, H, HAS, IAC, K, LBRDK, LYV, MAT, MGM, PVH, WBD, WMG	concentrated, consumer discretionary, Media, Mega Cap, technology, value	Fund maintains concentrated portfolio of 18-22 best ideas trading at discount to intrinsic value. Portfolio ended quarter with compelling P/V ratio in mid-60s%, indicating significant future upside potential. Fund seeks businesses run by capable management teams whose stock prices are trading temporarily at discount.	NWBD.L IAC LLYVA	View
2023 Q2	Jul 19, 2023	Longleaf Partners Global Fund	14.8%	18.4%	AMG, CNX, ERF.PA, EXOR.MI, FDX, FI, FIS, GE, H, HAS, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, TIGO, WBD, WMG	Buybacks, concentrated, discount, global, Media, value	The fund holds significant positions in media companies including Warner Bros Discovery, Live Nation Entertainment, and IAC. Warner Bros Discovery remains dramatically undervalued despite near-term streaming uncertainty, while Live Nation benefited from strong concert demand acceleration in 2023.	NWBD.L TIGO IAC LLYVA	View
2024 Q2	Jul 17, 2024	White Falcon Capital Management	6.0%	8.5%	AMZN, ATZ.TO, CTS, CVX, DAVA, EPAM, FTRE, NU, NVDA, OXY, RTO.L, WBD	AI, IT Services, Quality, small caps, technology, value	AI is the new technology trend with investor emphasis on hardware investment. As hardware becomes widespread, focus will shift to creating and optimizing AI applications where EPAM and Endava will benefit. However, AI is still new and clients need time to identify best use cases, leading to cautious wait-and-see approach suppressing current IT services demand.	RTO.L ATZ.TO	View
2024 Q2	Jul 15, 2024	Smead Value Fund	5.1%	11.1%	AMGN, APA, AXP, BAC, DHI, JPM, LEN, MAC, MRK, OVV, OXY, QCOM, SPG, WBD	Concentration, energy, Euphoria, financials, Homebuilders, value	The fund maintains its value discipline and eight criteria despite underperformance against popular growth stocks. The manager expects to be well rewarded when the current euphoria episode ends, as has happened following other difficult popular markets.		View
2024 Q2	Jun 30, 2024	Mapfre US Forgotten Value Fund	-3.1%	6.0%	BAC, BATRA, GOOGL, HHH, IAC, LEVI, LH, MKL, MODG, MSGS, NWSA, UBER, WBD	Forgotten, small caps, undervalued, US, value	The fund focuses on companies undervalued by the market, particularly those outside the investment community's focus. These include companies with complex capital structures, enterprises in temporarily out-of-favor sectors, and lower capitalization companies followed by fewer analysts.		View
2023 Q2	Jun 30, 2023	Oakmark Fund- International Small Cap	7.4%	0.0%	AMZN, BAX, CE, CSL, FCNCA, GOOGL, IQV, TFC, WBD	Building Materials, healthcare, normalized earnings, Regional Banks, Specialty Chemicals, Traditional Value, value	The fund is finding cheap stocks on traditional value metrics despite value underperforming growth by 2400 basis points. Many new positions fall into traditional value category, replacing faster-growing stocks that outperformed this year.	IQV FCNCA ACEL CSL BAX	View
2023 Q2	Jun 30, 2023	Oakmark Select Fund	8.1%	0.0%	APA, COP, FCNCA, LAD, WBD	consumer discretionary, energy, financials, large cap, value	The fund's outperformance highlights the advantage of focusing on intrinsic value, which enables uncovering undervalued opportunities not captured by traditional value metrics. The underperformance of traditional value indexes is creating new opportunities to invest in strong businesses at cheap prices.	COP	View
2024 Q1	May 4, 2024	Harris Associates Concentrated Strategy	6.7%	6.7%	CHTR, COF, DE, DFS, HLT, KKR, LAD, PSX, WBD	Agriculture, concentrated, energy, financials, Intrinsic Value, value	KKR showed strong performance with private markets fundraising, carried interest revenue and capital markets fee generation achieving their best results since mid-2022. The firm benefited from improved market conditions for alternative asset managers.	DE PSX KKR COF	View
2023 Q1	Apr 20, 2023	Longleaf Partners Fund	10.4%	10.3%	FDX, GE, LUMN, MGM, PVH, WBD	concentrated, consumer discretionary, financials, industrials, Media, value	Warner Bros Discovery was the top contributor as management executes integration plan with strong track record of growing free cash flow per share. Industry price rationality emerging across streaming world.	LUMN PVH FDX MGM 0GEG LN NWBD.L	View
2023 Q1	Apr 20, 2023	Longleaf Partners Global Fund	14.8%	18.4%	0001.HK, AC.PA, AMG, CNXC, FDX, FFH.TO, GE, GLB.L, GOOGL, H, IAC, LUMN, MAT, MGM, MLCO, PVH, WBD, WMG	concentrated, discount, global, industrials, Logistics, Media, value	Fund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Manager invests with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. P/V ratio in low-60s% indicates portfolio trading below intrinsic value.	LUMN MGM FDX TIGO 0GEG LN NWBD.L	View
2024 Q4	Jan 27, 2025	O’Keefe Stevens Advisory, Inc	-	-	AER, BGC, BKRIF, BYON, DFIN, EAF, FNMA, FNMAS, FPH, GLW, ICLTF, NVDA, QCOM, WBD	AI, Capital markets, E-Commerce, real estate, small caps, technology, value	Nvidia continues to face strong product demand that significantly outpaces supply, with competitive advantages widening through advanced GPU and data center infrastructure launches. The Blackwell GPU architecture introduced B100 and B200 data center accelerators with substantial performance gains for AI workloads, featuring enhanced tensor cores and memory bandwidth for faster AI model training and inference.	DFIN BYON	View
2023 Q4	Jan 19, 2024	CrossingBridge Advisors	0.0%	0.0%	CCO, IEP, NGL, TPG, WBD	CMBS, credit, distressed, fixed income, rates, value	Fixed income markets are underpricing risk with credit spreads at tight levels. Credit spreads as a percentage of yield-to-worst for investment grade debt was 23% and high yield debt was 43%, the tightest levels since 2005-06. The manager is concerned about future corporate profitability as companies may struggle to maintain pricing power.		View
2023 Q4	Jan 17, 2024	White Falcon Capital Management	6.0%	8.5%	AMD, AMZN, CNDT, CTS.TO, DCBO.TO, FTRE, LFCR, NU, ROVR, WBD	Brazil, Fintech, growth, Quality, small caps, technology, value	White Falcon practices value investing by buying businesses for less than they are worth when the market has low expectations. Their style has nothing to do with low current valuations - a stock at 10x P/E can be expensive while another at 30x P/E may be fantastic value.	ARGX BB\|DAVA\|DDOG\|GLOB\|ILMN\|LOAR\|MELI\|NET\|NU\|NVDA\|TSM ROVR	View
2023 Q4	Jan 17, 2024	Longleaf Partners Fund	10.4%	10.3%	AMG, BIO, CNHI, CNX, FBHS, FDX, FFH, FIS, GE, H, IAC, K, LBRDK, LUMN, LYV, MAT, MGM, PVH, RTX, WBD	Buybacks, financials, Logistics, Quality, Travel, value	Fund focuses on Business, People, Price discipline, seeking hidden quality companies trading at discounts. Portfolio differs meaningfully from value indices, with ~50% not found in benchmark indices. Manager believes their differentiated approach positions them well versus Quality at Higher Price strategies and Value ETFs.	^HSI MGM FFH FDX PVH NWBD.L	View
2023 Q4	Jan 17, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AMG, BIO, CNX, DHER.DE, ERF.PA, EXOR.MI, FBHS, FDX, FFH.TO, FIS, GE, K, LUMN, LYV, MAT, MGM, MLCO, PVH, TIGO, WBD	Banking, Buybacks, global, portfolio, Quality, returns, value	Manager emphasizes their differentiated approach to value investing, focusing on Business, People, Price rather than traditional value ETF strategies or quality at higher prices. They believe value is positioned for outperformance in the 2020s similar to previous decades when interest rates normalized.		View
2024 Q4	Jan 16, 2025	Longleaf Partners Fund	-1.3%	8.8%	ACI, AMG, BIO, CNX, DINO, EXO, FBIN, FDX, FFH, FIS, IAC, K, LBRDK, LYV, MAT, MGM, PYPL, RTX, WBD, WMG	Buybacks, energy, Media, Natural Gas, payments, technology, value	Fund operates with high-60s% price-to-value ratio and 10x price/earnings power multiple, dramatically different than the market. Manager emphasizes appraisal-driven research and fundamental analysis to identify undervalued opportunities.		View
2024 Q4	Jan 16, 2025	Longleaf Partners Global Fund	-6.7%	10.5%	0700.HK, 4613.T, AC.PA, ACI, AMG, BIO, CFR.SW, CMCSA, CNX, ENT.L, ERF.PA, EXO.MI, FBIN, FDX, FFH.TO, FIS, H, HFC, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, RKT.L, TCOM, TIGO, WBD, WMG	Buybacks, global, inflation, Media, Natural Gas, Spin-Offs, Trump, value	Fund trades at low-60s% price-to-value ratio with sub-10x price/earnings power multiple, dramatically different than the market. Manager emphasizes fundamental, appraisal-driven research and finding mispriced value outside of the US at the moment.		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 13, 2026	Fund Letters	Harris Associates Concentrated Strategy	Warner Bros Discovery	Communication Services	Movies & Entertainment	Bull	NASDAQ	content library, Cost synergies, Distribution Deals, entertainment, M&A Target, media, Streaming, Value	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Global Fund	Warner Bros Discovery	Communication Services	Media	Neutral	NASDAQ	advertising, Content Creation, deleveraging, entertainment, Free Cash Flow, media, Merger Integration, Streaming, undervalued	View Pitch
Apr 13, 2026	Fund Letters	Longleaf Partners Fund	Warner Bros Discovery	Communication Services	Movies & Entertainment	Neutral	NASDAQ	advertising, Content Creation, deleveraging, entertainment, Free Cash Flow, media, Merger Integration, Streaming	View Pitch
Apr 13, 2026	Fund Letters	Silver Ring Value Partners	Warner Bros. Discovery Inc.	Communication Services	Movies & Entertainment	Bull	NASDAQ	cable networks, content library, entertainment, HBO, M&A, media, Streaming, turnaround, Value, Warner Studios	View Pitch
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

BSD Shareholders of WBD

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.

WBD

WBD

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BSD Shareholders of WBD

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