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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 27, 2025 | Diamond Hill Mid Cap | 6.1% | 4.8% | ALK, ASH, COOP, FCN, ICLR, POST, RRR, RRX, TFX, WCC | fundamentals, margin expansion, Mid Caps, self-help, valuation | The letter emphasizes mid-cap companies with strong fundamentals and mispriced growth prospects. Operational improvement, margin expansion, and self-help initiatives are key sources of value creation. Mid-cap volatility is viewed as an opportunity for active managers. | FCN ALK ASH ICLR RRX WCC RRR |
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| 2025 Q2 | Jul 22, 2025 | Third Avenue Real Estate Value Fund | 6.8% | 6.4% | BRK/A, JAR LN, PLD, SKY, WCC | capital structure, Patience, real estate, Resource Conversion, valuation | The letter emphasizes U.S. real estate companies with strong assets and conservative capital structures. Management focuses on resource conversion and private market realizations. Patience is stressed amid cyclical headwinds. | JAR LN SKY WCC PLD |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli Dividend Growth Fund | 6.3% | - | KR, WCC | cash flow, catalysts, Dividend Growth, private market value, shareholder returns | The letter emphasizes dividend growth investing grounded in private market value and identifiable catalysts. Companies with rising cash flows, strong franchises, and the ability to grow payouts are favored. Dividend growth is positioned as both an income and compounding strategy. | WCC KR |
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| 2025 Q1 | Apr 24, 2025 | Diamond Hill Mid Cap | -1.3% | -1.3% | AIG, ASH, COOP, ILMN, MLM, RRX, TRU, VTR, WCC | - | View | ||
| 2025 Q1 | Apr 24, 2025 | Diamond Hill Small-Mid Cap Strategy | -4.2% | -4.2% | BLDR, COOP, ILMN, INFA, LOB, RRX, TFX, TRU, VRSN, WCC | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Artisan Mid Cap Fund | 2.4% | 6.6% | BJ, CMG, DASH, EFX, EXAS, GDDY, LULU, NVR, ON, POOL, RGEN, SPOT, SWAV, TEAM, VRT, WCC, XYL | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ALGT, ERII, GNRC, LANC, POST, PRGO, RRR, RRX, WCC, WNS | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Diamond Hill Mid Cap | 8.3% | 13.3% | ADM, AIG, FANG, JCI, PH, POST, RRR, RRX, SBAC, WCC | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | CELH, FIVE, FRSH, MKTX, SMAR, SMCI, VKTX, VNOM, WCC, WING | - | View | ||
| 2024 Q1 | Mar 31, 2024 | Spree Capital Advisers | - | - | WCC | - | View | ||
| 2025 Q4 | Feb 11, 2026 | BlackRock Mid-Cap Value Fund | 2.5% | 13.7% | BAX, BDX, CAH, CVS, FCNCA, FIS, MMS, SSNC, WCC, WDC | AI, dividends, financials, healthcare, industrials, inflation, mid cap, value | Manager notes exuberance driven by artificial intelligence and narrow leadership raises questions about durability. They see value investing as offering a risk-aware way to participate in secular themes, including AI. Large-scale AI-related capital spending could strain power, materials, and construction capacity. The fund explicitly follows a value investing approach, investing in mid-cap companies that pay attractive, sustainable and growing dividends. Manager emphasizes value investing offers a risk-aware way to participate in secular themes and argues for selectivity and disciplined risk control. | View | |
| 2024 Q4 | Dec 31, 2024 | Diamond Hill Mid Cap | -2.4% | 10.6% | ASH, CUBE, ICLR, LPLA, RRR, SOLV, TDY, WCC | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Diamond Hill Small-Mid Cap Strategy | -0.8% | 8.3% | ALGT, ASH, CUBE, ICLR, INFA, REXR, RRR, SOLV, TDY, WBS, WCC | - | View | ||
| 2023 Q3 | Oct 30, 2023 | Appleseed Fund | 0.0% | 0.0% | DG, GNK, WCC | - | View | ||
| 2022 Q3 | Oct 27, 2022 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, FARM, OEC, SITE, WCC | - | View | ||
| 2025 Q3 | Oct 24, 2025 | Diamond Hill Mid Cap | 4.5% | 9.5% | AIG, COO, EQH, GDDY, KMX, RRR, RVTY, TTC, WCC | AI, Consumer Demand, industrials, Mid Caps, valuation | The fund notes that AI enthusiasm is inflating valuations across mid-cap equities while creating opportunities in overlooked industrial and consumer names. It highlights investments in defense, data centers, and housing-related sectors that can benefit from secular tailwinds. Managers remain focused on intrinsic value and quality amid macro uncertainty. | HII WCC CIEN |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Small-Mid Cap Strategy | 6.2% | 7.3% | CIEN, COO, EQH, GDDY, KMX, RRR, RVTY, TFIN, TTC, WCC | AI, defense, industrials, infrastructure, valuation | The strategy underperformed as AI-driven rallies boosted large-cap tech, though holdings like Ciena and WESCO benefited from AI infrastructure spending. Managers see opportunities in undervalued industrials and defense suppliers such as Huntington Ingalls, which gain from rearmament trends. The team warns of AI overvaluation and focuses on patient value investing amid market exuberance. | RVTY COO TTC HII CIEN HII WCC CIEN |
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| 2024 Q3 | Oct 12, 2024 | Blue Tower Asset Management | 8.8% | 0.0% | ENVA, WCC | - | View | ||
| 2025 Q4 | Jan 5, 2026 | Greenfield Investment Management | 0.0% | 0.0% | BLDR, BNT.DE, CARR, CSU.TO, GOOGL, HEI.DE, INTC, JMHLY, MCK, OMC, POW.TO, RSHO, RYAAY, TAP, WCC | Airlines, Conglomerates, global, infrastructure, Pharmaceuticals, semiconductors, technology, value | Manager believes Heidelberg Materials will benefit from investment in and upgrading of infrastructure around the world. New bridges, highways, dams, tunnels, airports, ports, pipes, and railways require a lot of cement. McKesson investment viewed as similar to a royalty on Americans taking more pharmaceuticals over time. The pharmaceutical distribution company operates mainly in the United States and has climbed steadily despite earlier opioid crisis concerns. Manager follows value investing approach, buying companies at attractive valuations relative to earnings. Multiple examples given of purchasing stocks at low price-to-earnings multiples when they were out of favor. | View | |
| 2025 Q4 | Jan 27, 2026 | Diamond Hill Mid Cap | 3.7% | 13.5% | CHKP, CIEN, CIVI, CUBE, GIS, HII, LEA, POST, VRSN, WCC, WIX, WLK, ZTS | AI, defense, healthcare, industrials, materials, mid cap, technology, value | AI-related spending continued to be a primary driver in equity markets throughout 2025, with many top-performing portfolio positions benefiting from ongoing AI-spending buildout across industrials, materials and information technology. However, the managers note increased investor scrutiny around AI developments and market bubble discussions in December. Data center business growth was a significant driver for portfolio holdings, with WESCO International's data center business reaching nearly 20% of total revenue and driving better-than-expected organic growth. The theme reflects the ongoing infrastructure buildout supporting AI and cloud computing demand. Defense spending opportunities emerged through Huntington Ingalls Industries, which benefited from strong Navy shipbuilding demand, new frigate contract awards, and discussion of potential Trump-class battleship opportunities. The company showed improving execution as labor challenges eased. | View | |
| 2025 Q4 | Jan 27, 2026 | Diamond Hill Small Cap Fund | 4.9% | 11.9% | ALGT, ARE, CIVI, CSR, MVBF, ODC, OZK, POST, RKT, SM, TFIN, TKO, TRNS, WCC | defense, industrials, infrastructure, real estate, Resilience, small cap, value, volatility | The manager emphasizes focusing on resilient businesses that can navigate ongoing uncertainty and take advantage of market volatility. They seek companies built with the ability to endure through uncertainty while capitalizing on opportunities. This resilience theme is central to their investment approach in the current volatile environment. The portfolio has exposure to industrial infrastructure which has been neglected from an investment standpoint over the previous decade. The manager sees opportunity in businesses with exposure to industrial infrastructure as a key area of focus. This represents a structural investment theme they are pursuing. Defense modernization is identified as one of the key areas where the manager continues to see opportunity. This sector has been neglected from an investment standpoint over the previous decade, creating potential opportunities for the portfolio. The manager views defense modernization as having structural growth drivers. The manager has exposure to critical materials as an area that has been neglected from an investment standpoint over the previous decade. They continue to see opportunity in businesses with exposure to critical materials. This includes holdings like Taseko Mines, a copper mining company that benefited from rising copper prices. The manager has increasingly been finding opportunities within the real estate sector as of late. They initiated positions in apartment REIT Centerspace and life-sciences real estate company Alexandria Real Estate Equities. The real estate sector represents a growing area of opportunity for the portfolio. | ARE |
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| 2025 Q4 | Jan 27, 2026 | Diamond Hill Small-Mid Cap Strategy | 1.2% | 8.5% | AMH, ARE, BAH, CCS, CIEN, CUBE, GIS, GTES, HII, HLIO, IAC, LEA, PRGO, SBAC, UDR, WCC, WIX, WLK, WNS | defense, healthcare, industrials, mid cap, real estate, small cap, technology, value | The portfolio faced headwinds from AI-driven market exuberance creating momentum-driven rallies favoring lower-quality businesses. However, some holdings like Ciena benefited from hyperscaler and AI-related demand optimism. The managers express caution about AI bubble concerns emerging in December. WESCO International's data center business reached nearly 20% of total revenue and drove better-than-expected organic growth. The rapid expansion of this segment was a key contributor to the company's outperformance during the quarter. Huntington Ingalls Industries benefited from strong execution, new frigate contract awards, and discussion of a potential Trump-class battleship. Booz Allen Hamilton faced pressure from Department of Government Efficiency initiatives but remains well-positioned given differentiated technology capabilities and sustained government demand. The portfolio includes exposure to various real estate segments including self-storage (CubeSmart facing occupancy pressures), wireless tower infrastructure (SBA Communications), life sciences real estate (Alexandria Real Estate), and single-family rentals (Invitation Homes). The sector faces headwinds from higher interest rates and housing market challenges. | INVH ARE BAH SBAC CUBE GTES HII WCC CIEN ZTS HII |
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| 2025 Q4 | Jan 26, 2026 | Davis Opportunity Fund | 0.0% | 22.0% | AMAT, AMZN, COF, CTRA, CVS, DGX, GOOGL, META, MKL, SOLV, TECK, UNH, USB, VTRS, WCC | active management, energy, financials, healthcare, Outperformance, selectivity, technology, valuation | Davis advocates for active management over passive indexing given stretched valuations in major indexes. They believe active managers can be selective at the security level and maintain rational diversification, contrasting with passive indexes where weightings are determined by share price momentum. The fund was opportunistic in healthcare throughout 2025, investing decisively in managed care insurers when operating costs surged unexpectedly. They believe these businesses traded at low multiples on depressed earnings with good recovery potential, as small margin improvements can translate into large percentage increases in earnings power. Holdings span social media, online search, cloud computing and e-commerce including select Magnificent 7 positions. They also own semiconductor companies at reasonable valuations, including picks and shovels businesses like Applied Materials with strong competitive positions and long track records of value creation. The portfolio looks different from major passive indexes in financials. Capital One Financial is a core holding with strong consumer finance, deposit-rich banking, and payment processing capabilities. It trades at only 13-14 times forward earnings despite attractive economics and is the fifth-largest holder of AI-related patents among major US companies. The fund owns stakes in energy and commodities companies that they have been quietly building. Coterra represents their energy business holdings, while Teck Resources reflects interest in select commodities like copper that serve as critical inputs to the electrification trend. | WCC COF UNH |
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| 2025 Q4 | Jan 12, 2026 | Blue Tower Asset Management | 13.2% | 53.1% | 4028.T, BELFB, CGEO.L, ENVA, WCC | AI, Banking, Buybacks, Fintech, growth, international, productivity, value | Blue Tower focuses on value investing with international diversification. The manager notes that the valuation spread between cheap and expensive stocks is one of the greatest in market history, creating a favorable environment for their value-oriented approach. Enova has been aggressively repurchasing shares, reducing share count by more than 5% over 12 months and from 36.87M shares in Q3 2021 to 24.88M shares in Q3 2025. Georgia Capital also pursued aggressive share repurchases, reducing shares outstanding by 8.8% in the first nine months of 2025. The manager believes AI represents true innovation with measurable impacts on businesses and worker productivity. A Federal Reserve study found AI usage translated to roughly 1.1% aggregate productivity gains, with expectations for higher quality tools to drive further improvements. Enova represents a rapidly growing fintech company with machine learning-driven underwriting algorithms that are retrained frequently. The acquisition of Grasshopper Bank will create a more vertically integrated financial services platform with new banking and lending products. | CGEO LN ENVA |
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| 2025 Q4 | Jan 12, 2026 | Heartland Value Plus Fund | -0.1% | 1.1% | BLDR, LAMR, WCC | Advertising, Buybacks, dividends, industrials, real estate, small caps, value | Small-cap earnings continued to gain strength with expected profits to grow around 15% in 2026, slightly exceeding current forecasts for the S&P 500. Small caps are more sensitive to refinancing costs and should benefit disproportionately from falling rates. The market is beginning to broaden out as small value stocks outpaced the majority of the Magnificent 7. The strategy focuses on bottom-up fundamentals based on the 10 Principles of Value Investing, requiring attractive valuations, quality balance sheets, and sound business strategies. The team seeks undervalued companies with low debt, positive earnings dynamics, and competitive advantages. Value investments are confirmed by share buybacks, insider buying, and dividend growth. The team looks for improving fundamentals confirmed by active share buybacks as a sign of management confidence in future profits and cash flows. A majority of companies in the portfolio are active in buyback programs. LAMR has been active on its buyback program and BLDR has been a consistent acquirer of its own shares through buybacks. Growing dividends are viewed as confirmation of improving fundamentals and management confidence in future cash flows. The team seeks companies active in dividend growth as one of three focus areas for capital allocation. LAMR increased its dividend this year as part of its capital allocation strategy. Lamar Advertising was one of the top contributors to performance in the quarter as the nation's leading out-of-home advertising company. LAMR's pacings have been strong, which should lead to positive earnings growth in 2026, with additional boost expected from mid-term election cycle political advertising spending. Builders FirstSource is the largest distributor of lumber and building products materials for contractors and home builders. The company has been a consolidator of smaller regional lumberyards and made a push towards increasing value-add building products such as pre-assembled trusses to save builders time and labor. | BLDR WCC LAMR ALEX CMCO ITGR |
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| 2024 Q3 | Sep 30, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | AC FP, LEN, WCC | - | View | ||
| 2023 Q3 | Sep 30, 2023 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | 02B GR, 096 GR, ARGX, CCCS, EXAS, GNRC, GWRE, LSCC, MTSI, NTBL, NVST, PCOR, SPXC, STVN, SWAV, WCC, WMC | - | View | ||
| 2023 Q3 | Sep 30, 2023 | Diamond Hill Mid Cap | 8.3% | 13.3% | AIG, ENOV, LHX, MAA, RRR, WCC | - | View | ||
| 2023 Q3 | Sep 30, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ENOV, MAA, PRGS, RRR, WCC | - | View | ||
| 2024 Q2 | Jul 26, 2024 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ALGT, COOP, FTRE, GDDY, LH, MGY, RRR, SNV, UDR, VRSN, WCC | - | View | ||
| 2024 Q2 | Jul 26, 2024 | Diamond Hill Mid Cap | 8.3% | 13.3% | BSX, CIVI, GDDY, HUM, LH, NXPI, RRR, RRX, SYY, UDR, VRSN, WCC | - | View | ||
| 2023 Q2 | Jul 25, 2023 | Diamond Hill Mid Cap | 8.3% | 13.3% | ASH, CIEN, ENOV, FERG, LEA, PH, SBAC, ST, UGJ, WCC | - | View | ||
| 2023 Q2 | Jul 25, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ALGT, ASH, CALM, COOP, ENOV, NVR, PRG, SPH, WCC | - | View | ||
| 2024 Q2 | Jul 19, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | PLD, WCC | - | View | ||
| 2023 Q1 | Apr 20, 2023 | Merion Road Capital | 5.4% | 11.2% | RFIL, WCC | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Diamond Hill Small Cap Fund | 8.5% | 12.2% | ESAB, MYFW, SAMG, WCC | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ARW, ESAB, FRC, SF, SIVBQ, WCC | - | View | ||
| 2023 Q4 | Jan 2, 2024 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | CIVI, CTRA, CUBE, ERII, FBIN, FHN, GDDY, LOB, NSP, NVST, RRR, ST, WBS, WCC, WNS | - | View | ||
| 2023 Q4 | Jan 2, 2024 | Diamond Hill Mid Cap | 8.3% | 13.3% | BWA, CIEN, CTRA, CUBE, FBIN, GDDY, NSP, NVST, PH, RRR, ST, VFC, WBS, WCC | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | Fund Letters | Chris Welch | WESCO International Inc | Industrials | Industrial Distribution | Bull | New York Stock Exchange | data centers, Distribution, Electrification, infrastructure, Margins | View Pitch |
| Jan 28, 2026 | Fund Letters | Chris Davis | Wesco International Inc. | Industrials | Electrical Components & Equipment Distribution | Bull | New York Stock Exchange | compounding, Distribution, Execution, Industrials, supply chain | View Pitch |
| Jan 27, 2026 | Fund Letters | Bradford Evans | WESCO International, Inc. | Industrials | Trading Companies & Distributors | Bull | New York Stock Exchange | Automation, Distribution, Margins, recovery, valuation | View Pitch |
| Jan 8, 2026 | Fund Letters | Jason Wolf | WESCO International, Inc. | Industrials | Industrial Distribution | Bull | New York Stock Exchange | cashflow, Cyclicality, Distribution, Electrification, infrastructure | View Pitch |
| Jan 8, 2026 | Fund Letters | Justin Bergner | Wesco International, Inc. | Industrials | Trading Companies & Distributors | Bull | New York Stock Exchange | Automation, cashflow, datacenter, deleveraging, Distribution, inflation, Margins, utility | View Pitch |
| Dec 5, 2025 | Fund Letters | Chris Welch | WESCO International, Inc. | Industrials | Capital Goods | Bull | NYSE | Distribution, Electrification, infrastructure, Margins, scale | View Pitch |
| Dec 5, 2025 | Fund Letters | Chris Welch | WESCO International, Inc. | Industrials | Capital Goods | Bull | NYSE | Distribution, Electrification, infrastructure, Margins, scale | View Pitch |
| Nov 29, 2025 | Fund Letters | Chris Welch | WESCO International | Industrials | Electrical Components & Equipment | Bull | NYSE | data centers, Distribution, Electrification, growth, infrastructure, Margins, utilities | View Pitch |
| Nov 29, 2025 | Fund Letters | Chris Welch | WESCO International | Industrials | Electrical Components & Equipment | Bull | NYSE | data centers, Distribution, Electrification, growth, infrastructure, Margins, utilities | 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. | ||||||||