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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Invesco Small Cap Value Fund | 6.5% | 0.2% | AL, COHR, DAVA, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS | AI, Banking, energy, healthcare, Intrinsic Value, materials, small cap, value | The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and estimated intrinsic value was attractive, indicating potential long-term capital appreciation. Following outperformance of large-cap stocks over small-cap stocks in recent years, the managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. | TEX SAIA |
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| 2025 Q2 | Jul 22, 2025 | American Century Small Cap Value Fund | -0.4% | - | ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS | banks, consumer discretionary, financials, industrials, Rate Cuts, small cap, value | The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle. | View | |
| 2024 Q1 | May 15, 2024 | Gator Capital Management | 10.8% | 24.3% | AX, BAC, BCS, CNOB, CUB, DCOM, ESQ, FBP, FCNCA, GNW, HOOD, JXN, NYCB, OFG, OSBC, PNFP, ROOT, SLM, UMBF, WAL, WBS | Credit Risk, financials, interest rates, Regional Banks, SMID Cap, value | Manager sees selective opportunities in small-to-mid-sized regional banks despite sector headwinds. Believes stock investors are overly pessimistic about credit concerns while the real issues are interest rate risk and loan volume growth. Groups favorites into Puerto Rican banks, growth banks, and small banks with unique stories. | View | |
| 2026 Q1 | May 11, 2026 | Gator Capital Management | -7.2% | -7.2% | AMP, CPASS, FFBC, PRG, WBS | Banking, financials, Long/Short, SMID Cap, Wealth management | AMP |
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| 2026 Q1 | Apr 29, 2026 | Cambiar SMID Fund | 2.2% | 2.2% | ALGN, BOKF, CF, CLX, HF, LUV, ON, PHR, SAIA, SOLV, WBS | AI, diversification, energy, Geopolitical, Quality, SMID Cap, value | PHR SOLV ON |
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| 2025 Q1 | Apr 24, 2025 | Diamond Hill Small Cap Fund | -11.5% | -11.5% | ALGT, AVNS, CALM, CIVI, COOP, ESGR, FADV, FTAI, HLIO, IGIC, LOB, NSP, SEB, TBK, TKO.TO, TTAN, UGI, WBS | Mortgage, small caps, tariffs, Trade Policy, Utilities, value, volatility | President Trump announced significant tariffs including a 104% tariff on China in response to retaliation, creating widespread uncertainty about global trade relationships. Markets are struggling to digest whether tariffs are negotiation tactics or permanent policy changes that will reshape world trade order. | View | |
| 2026 Q1 | Apr 17, 2026 | Polaris Global Equity | 5.9% | 5.9% | 000660 KS, 005930 KS, ARW, CAP.PA, COF, DNB.OL, E, ELV, GILD, LNTH, LUN.TO, MEOH, MKSI, MPC, NVDA, SLM, TTE, UTHR, WBS, YAR.OL | AI, diversification, energy, Fertilizers, Geopolitical, global, semiconductors, value | View | ||
| 2025 Q1 | Mar 31, 2025 | American Century Small Cap Value Fund | -6.3% | -6.3% | ACLS, AXS, BCO, BECN, BLBD, CHX, CRGY, EMBCF, ENOV, EVTC, FLWO, FNB, GPK, MGY, ONB, SSB, TITN, TKR, TPG, WBS | Banking, energy, industrials, materials, small caps, value | The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical multiples despite strong fundamentals. | View | |
| 2024 Q4 | Feb 11, 2025 | Invesco Small Cap Value Fund | 4.3% | 24.5% | AVTR, COHR, CSTM, EWBC, EXPE, GL, GTLS, HUN, ICLR, LITE, MSM, MXL, NRG, ONTO, QDEL, RMBS, TECK, VRT, VST, WAL, WBS | financials, industrials, Intrinsic Value, semiconductors, small cap, value | The fund employs an intrinsic value approach to select holdings, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and estimates of intrinsic value was attractive, indicating above-average long-term capital appreciation potential. The fund maintains a long-term investment horizon focused on wealth creation through undervalued opportunities. | MSM ONTO ICLR |
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| 2024 Q4 | Dec 31, 2024 | Diamond Hill Mid Cap | -2.4% | 10.6% | ALK, ARW, ASH, CIEN, CUBE, FCX, FWONA, ICON, INFA, JLL, LPLA, NVR, OZK, RRR, SOLV, TDY, TFX, WBS, WCC | Data centers, healthcare, Intrinsic Value, mid cap, Trade Policy, value | Trade policy uncertainty has fueled a rise in the US dollar and is roiling local politics globally. Fears and speculation around which countries will be primary tariff targets sparked market shifts in Q4. Trade uncertainty is affecting emerging markets currencies and prompting fiscal reckonings in countries like Brazil. | View | |
| 2024 Q4 | Dec 31, 2024 | Diamond Hill Small-Mid Cap Strategy | -0.8% | 8.3% | ALGT, ARW, ASH, BOKF, CIEN, CUBE, FTRE, GTES, HII, ICLR, INFA, JLL, NVR, REXR, RRR, SOLV, TDY, TFX, WBS, WCC | financials, healthcare, industrials, real estate, small cap, technology, value | WESCO is benefiting from strong demand in its data center business, representing a key growth driver for the industrial distributor. The company's scale advantage positions it well to capture share in this expanding market. | View | |
| 2025 Q3 | Oct 20, 2025 | Invesco Small Cap Value Fund | 10.0% | 10.2% | AL, COHR, DAVA.L, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS | AI, energy, healthcare, Intrinsic Value, materials, small caps, Transportation, value | The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and intrinsic value estimates was attractive, indicating potential long-term capital appreciation. Following outperformance of large-caps over small-caps in recent years, managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. | View | |
| 2025 Q3 | Oct 19, 2025 | American Century Small Cap Value Fund | 4.7% | - | ACLS, ASH, AXS, BBWI, BCO, CHX, COLD, EEFT, ENOV, EVTC, GMS, GPK, HD, ONB, SLB, SSB, TKR, UMBF, VC, WBS | banks, consumer, financials, industrials, semiconductors, small cap, value | The portfolio seeks to invest in small-cap companies where the valuation does not reflect the quality and normal earnings power of the company. Many holdings are trading meaningfully below historical valuations, particularly in financials where the market has overstated fears for an extended negative lending cycle. | View | |
| 2025 Q4 | Jan 30, 2026 | Invesco Small Cap Value Fund | 6.8% | 17.6% | ACM, ARCB, COHR, CR, CRL, ENTG, EXPE, GL, GMED, HBM.TO, KBR, LITE, MKSI, NRG, PENN, SAIA, WAL, WBS | AI, Biotech, financials, healthcare, Intrinsic Value, small cap, technology, value | The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and intrinsic value estimates was attractive, indicating potential long-term capital appreciation. Small-cap value stocks appear attractive relative to S&P 500 Index stocks. Following outperformance of large-cap stocks over small-cap stocks in recent years, the managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. The Russell 2000 Value Index P/E multiple has been at a historical discount compared to the S&P 500 Index P/E. The fund benefited from AI-driven growth potential in holdings like Lumentum, which rallied due to investor enthusiasm for its AI applications. ArcBest's operational efficiency and technological advancements using artificial intelligence should position the company well for demand recovery in trucking. | LITE GTLB ARCB GMED CRL |
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| 2025 Q4 | Jan 18, 2026 | Ariel Global Fund | 2.9% | 23.3% | 000660.KS, 1024.HK, 4751.T, 6367.T, 6460.T, 6762.T, 6856.T, 7832.T, BIRG.L, BMPS.MI, BMY, FME.DE, FORTUM.HE, FSLR, HPE, LREN3.SA, SAN, T, WBS, WCH.DE | AI, Banking, Data centers, Energy Transition, global, international, semiconductors, value | The fund sees strong opportunities in semiconductor equipment and memory companies. Lasertec is positioned for growth as it transitions toward high-volume manufacturing with its new APMI tool for EUV processes. SK Hynix benefits from accelerating AI inference demand for high-bandwidth memory and NAND solutions, maintaining a commanding lead with Nvidia. European banking presents compelling opportunities through consolidation and operational improvements. BMPS transformed into Italy's third-largest bank through Mediobanca acquisition, while Santander offers efficiency gains and stronger profitability through streamlined operations. Bank of Ireland provides upside through cost restructuring and strategic decisions. Solar and renewable energy infrastructure offer attractive growth prospects. First Solar's new U.S. facility aims to reduce tariff costs and capture domestic tax incentives in an increasingly tight utility-scale solar market. Fortum provides exposure to data center power demand through above-market purchase agreements in the Nordic region. Artificial intelligence drives demand across multiple sectors from memory semiconductors to content platforms. SK Hynix benefits from AI inference workloads requiring high-bandwidth memory, while Kuaishou leverages AI-driven video tools to enhance content recommendation and advertising targeting capabilities. Growing data center demand creates opportunities in power and infrastructure. Fortum is positioned for upward earnings revisions through power purchase agreements with data center operators in the Nordic region, benefiting from low-cost power and favorable climate conditions. | ES WBS WCH GR 1024 HK 6367 JP 4751 JP BMY T 000660 KS 6920 JP FSLR |
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| 2025 Q4 | Jan 15, 2026 | ClearBridge Investment Value Strategy | 0.0% | 0.0% | 300750.SZ, ARGX, CELH, CHTR, CMA, CORT, FCX, FI, FITB, GPN, ICE, META, MTB, MU, NEM, OM, PYPL, SLGN, TLN, WBS | AI, financials, gold, healthcare, materials, semiconductors, technology, value | AI adoption is expected to broaden economic benefits in 2026, requiring justification of massive capital investment. The team sees opportunities in AI adoption across sectors where it's not currently priced, while maintaining exposure to AI-related infrastructure investments despite reducing exposure during volatility spikes. Value spreads remain at historic extremes with value stocks trading at the cheapest 10% of their history relative to growth. The team believes this creates a probability gap with meaningful upside potential for valuation-driven investors as the market prices value stocks as having little chance of leading. Memory chip demand driven by AI exceeded supply growth, creating price spikes that benefited holdings like Micron Technology. The team correctly anticipated AI would drive memory demand well above supply growth, positioning in picks-and-shovels AI infrastructure plays. Gold prices spiked higher than reflected in mining stock prices, benefiting Newmont Mining. The team has been long-term bullish on gold due to limited annual supply and new demand sources, creating opportunities to buy high-probability events at low-probability prices. | PYPL FITB |
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| 2024 Q3 | Sep 30, 2024 | Invesco Small Cap Value Fund | 6.5% | 19.5% | ATGE, BECN, COHR, EWBC, EXPE, GL, GTLS, HSIC, IART, LITE, MKSI, MTZ, MXL, NFE, NRG, QDEL, RMBS, SPB, VRT, VST, WAL, WBS | AI, healthcare, industrials, Intrinsic Value, Regional Banks, semiconductors, small cap, value | The fund uses an intrinsic value approach to select investments, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market price and estimated intrinsic value of holdings was very attractive according to their estimation. Following outperformance of large-cap over small-cap in recent years, they see greater long-term upside to intrinsic value in many small-cap stocks compared to large-cap stocks. | QDEL RMBS BECN |
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| 2023 Q3 | Sep 30, 2023 | Diamond Hill Mid Cap | 8.3% | 13.3% | AIG, ALGT, BHF, CIEN, CTRA, CTSH, ENOV, ESAB, EXR, LHX, LNDC, MAA, RRR, SRCL, WBS, WCC, WY | energy, financials, industrials, mid cap, REITs, technology, value | Initiated position in L3 Harris Technologies, a defense contractor focused on communications, surveillance and electronic warfare. Anticipate US defense budget will be better than expected as the Defense Department prepares for peer-level threats. Believe there is room for improvement in recent execution, particularly at recently acquired Aerojet Rocketdyne. | View | |
| 2024 Q2 | Jul 31, 2024 | Gator Capital Management | 10.8% | 24.3% | AX, BANC, BARC.L, CG, CUBI, EWBC, FBP, FCNCA, HOOD, JXN, PNFP, PYPL, SLM, UMBF, WAL, WBS, WTFC | credit, financials, Growth Banks, Rate Cuts, Regional Banks, valuation | Regional banks rallied strongly in July due to tame inflation, prospects of more favorable regulatory environment, and better-than-expected earnings. The Fund benefited from extreme negative positioning by other investors who had been using regional bank ETF as large short position. Manager believes regional banks remain cheap compared to history with coming rate cuts driving earnings higher. | View | |
| 2024 Q2 | Jul 16, 2024 | Rewey Asset Management | 9.8% | 18.5% | AAPL, AMZN, GOOGL, HQY, III, LAKE, MSFT, NVDA, RELL, WBS | Regional Banks, Rotation, semiconductors, small caps, technology, value | Manager believes small and mid-cap stocks are positioned for strong performance due to cooling inflation, potential soft landing, and likely rotation away from concentrated large-cap technology positions. The concentration in mega-cap stocks has created neglect and valuation opportunities in smaller companies. | WBS |
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| 2024 Q2 | Jun 30, 2024 | Polaris Global Equity | 6.9% | 12.7% | 000270.KS, 000660.KS, 066570.KS, 2338.HK, 8001.T, 8002.T, ALSN, ANTO.L, BARN.SW, CG, CVS, DG.PA, DTG.DE, ELV, FTK.DE, GNC.L, JAZZ, LKQ, LUN.TO, MEOH, MG, MPC, MSFT, MUV2.DE, NEE, NVS, OTEX, SRBANK.OL, SVEG.OL, TEP.PA, TSN, U11.SI, UNH, UTHR, WBS, WMB | AI, Copper, Energy Transition, financials, global, healthcare, value | Copper prices increased over 20% from mid-February to late May due to tight supply and high demand from energy transition applications like electric vehicles and AI automation. Lundin Mining and Antofagasta benefited from this copper price momentum. | View | |
| 2024 Q2 | Jun 30, 2024 | Invesco Small Cap Value Fund | 6.5% | 19.5% | ATGE, AVTR, COHR, CRS, ENDV.L, EPAM, EXPE, GL, LITE, MOH, MTZ, MXL, NFE, NRG, SEM, SIMO, VRT, VST, WAL, WBS | Intrinsic Value, materials, small cap, technology, Utilities, value | The fund benefits from AI growth through holdings like Coherent, which develops optical transceivers that are key enablers for networking of AI servers. Vistra shares rose due to better outlook for long-term demand driven by the build out of energy-intensive AI data centers. | EPAM DAVA GL |
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| 2025 Q1 | Mar 31, 2025 | Polaris Global Equity | 4.1% | 4.1% | 000660.KS, 005930.KS, 066570.KS, ABBV, ALSN, ARW, CFR, CG, CVS, DCOM, DG.PA, DNB.OL, DTE.DE, EBC, ENI.MI, FTK.DE, GILD, HNR1.DE, IAG.L, INCH.L, IPG, LOOM.ST, MEOH.TO, MGA.TO, MKSI, MPC, MSFT, MTB, MUV2.DE, NTRS, NXT.L, OTEX.TO, PFS, PUB.PA, SBH, SDZ, SW, TTE, UTHR, VIPS, WBS, WMB, WSBC | AI, energy, Europe, financials, global, tariffs, technology, Trade | The Trump Administration has initiated far-reaching changes to reset decades of global trade agreements. Tariffs came to the forefront of every discussion in global markets, with broader-than-expected tariffs causing market volatility. By disrupting natural trade flows, tariffs can lead to reduced economic efficiency and slower global growth. | View | |
| 2023 Q1 | Mar 31, 2023 | Diamond Hill Mid Cap | 8.3% | 13.3% | AIG, ALL, ARW, BKU, CUBE, DIS, ESAB, ESGR, FIS, FRC, NVR, OZK, RRR, SF, SIVB, SJI, WBS, WCC | Banking, financials, mid cap, rates, value | Banking sector faced significant stress with SVB and First Republic failures, driven by rapid deposit outflows and unrealized losses on securities portfolios. Manager maintains conviction in remaining regional bank holdings despite sector-wide concerns. | DFISX AAPL|MSFT|NFLX|NVDA|UNH ALL ARW CNVRG PM AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ CUBE ESAB WESCO |
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| 2023 Q1 | Mar 31, 2023 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | BOKF, BRBR, CIVI, CRI, ESAB, FIBK, GRBK, ITGR, LOB, LYV, MYFW, OZK, RRR, SAMG, TRS, WBS, WCC | energy, financials, industrials, Regional Banks, small caps, value | Banking sector faced significant stress in Q1 with SVB and Signature Bank failures spreading liquidity fears across regional banks. The fund maintains exposure to several regional banks despite sector weakness, believing the market overreacted and that their holdings are differentiated from failed institutions. | SAMG ESAB WCC |
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| 2023 Q1 | Mar 31, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | AAP, ADM, AIG, ALGT, ALK, ALL, ARW, ASH, BHF, BKU, BOKF, BR, BRBR, BRO, BSX, BWA, CALM, CHKP, CIEN, CIVI, COOP, CTRA, CTSH, CUBE, DEI, ENOV, ERII, ESAB, ESGR, FA, FCX, FIBK, FIS, FWONA, GTES, HBI, HIG, ITGR, JLL, KEX, KMX, L, LANC, LOB, MTN, NVR, NXPI, OZK, PH, POST, PRG, RHP, RNR, RRR, RRX, RYN, SANM, SF, SRCL, SSNC, ST, UDR, UGI, VFC, WBS, WCC, WNS, WTW, WWW, WY | financials, industrials, mid cap, small cap, value | View | ||
| 2023 Q4 | Jan 18, 2024 | Polaris Global Equity | 6.9% | 12.7% | 000270.KS, 000338.SZ, 000660.KS, 005930.KS, 6758.T, 7267.T, AD.AS, ALSN, AMC, BERY, BPOP, BWY.L, COF, ENI.MI, GD, HNR1.DE, IBOC, IPS.PA, JAZZ, KGX.DE, MSFT, MUV2.DE, NOV, NOVN.SW, NXT.L, PUB.PA, SBH, SDZ.SW, SKG.L, SLM, TW.L, WBS, YAR.OL | AI, Banking, financials, global, interest rates, value | Banking sector outperformed after Fed shifted narrative from rate increases to possible declines in 2024. Thirteen financial holdings recorded gains exceeding 15%, including U.S. banks and German reinsurers benefiting from hard market pricing and better investment returns. | View | |
| 2023 Q4 | Jan 2, 2024 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | BRBR, CIVI, CTRA, CUBE, ERII, FBIN, FHN, FIBK, GDDY, HBI, LOB, NSP, NVST, RRR, SXT, WBS, WCC, WNS | energy, financials, mid cap, real estate, Regional Banks, small cap, technology, value | Regional banks performed well in Q4 as investors interpreted Fed signals as indicating an end to rate hikes and potential pivot to cuts in 2024. The fund initiated a position in First Horizon Corporation, capitalizing on the failed merger with Toronto Dominion, and holds Live Oak Bancshares and Webster Financial which both contributed positively to performance. | View | |
| 2023 Q4 | Jan 2, 2024 | Diamond Hill Mid Cap | 8.3% | 13.3% | BRBR, BWA, CIEN, CTRA, CUBE, FBIN, GDDY, HBI, NSP, NVST, PH, RRR, ST, VFC, WBS, WCC | Automotive, energy, financials, industrials, mid cap, real estate, technology, value | Real estate was the top performing sector in Q4, rising 17% alongside growing consensus that the Federal Reserve is done raising rates. REITs broadly rallied as long-term interest rates rapidly declined. Self-storage REIT CubeSmart benefited as storage rents showed signs of bottoming. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Rewey Asset Management | Webster Financial Corp. | Financials | Regional Banks | Bull | NYSE | Capital strength, commercial real estate, Deposit Diversification, Healthcare Financial Services, HSA, Northeast Banking, regional banks, Value | View Pitch |
| Jan 20, 2026 | Fund Letters | Rupal J. Bhansali | Webster Financial Corporation | Financials | Banks | Bull | New York Stock Exchange | banking, buybacks, Credit, Margins, valuation | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Daniel Jones | Webster Financial Corporation | Financials | Banks - Regional | Bull | NYSE | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||