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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 30, 2025 | Davis Opportunity Fund | - | 9.5% | AGCO, CI, COF, CVS, DGX, META, MKL, SOLV, TECK, TOU.TO, USB, VTRS, WCC | earnings, financials, growth, healthcare, industrials, technology, value | The portfolio focuses on dominant healthcare companies, predominantly healthcare services that are both cheap and underestimated. Holdings range over managed insurance, lab and diagnostics services, generic pharmaceuticals and medical supply businesses. As the population ages, aggregate healthcare spend in absolute terms will continue to climb over the coming decade. | View | |
| 2025 Q2 | Jul 27, 2025 | Diamond Hill Mid Cap | 6.1% | 4.8% | AIG, CIEN, COO, COOP, EQH, FCX, FIS, GDDY, HII, KMX, NVRO, NVST, RRR, RVTY, TTC, WCC | AI, consumer, Data centers, defense, mid cap, technology, value | Technology companies have continued their torrid run as sentiment around the potential for AI to radically change life as we know it remains high. Strong demand for networking systems company Ciena's hyperscale offerings has helped drive strong earnings growth, with hyperscaler demand being fueled by AI-related projects. However, investors are weighing whether and to what extent AI may impact companies like GoDaddy's business in the future. | FCN ALK ASH ICLR RRX WCC RRR |
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| 2025 Q2 | Jul 27, 2025 | Diamond Hill Small-Mid Cap Strategy | 5.4% | 1.0% | ALK, ASH, CCS, CIVI, COOP, FCN, GNRC, GTES, ICLR, KNF, MTN, NSP, POST, RRR, RRX, TKO.TO, WCC | energy, mid cap, small cap, tariffs, technology, Trade Policy, value | President Trump's Liberation Day tariffs announcement caused market volatility in April, followed by new trade deals with UK and China. US-China agreed to cut tariffs for 90 days in May, though progress has stalled since then. | FCN WCC RRR |
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| 2025 Q2 | Jul 22, 2025 | Third Avenue Real Estate Value Fund | 6.8% | 6.4% | AMH, BAM, BN, CBRE, DHI, FMCC, FNMA, FPH, FR, GRI.L, JLL, JM.SI, LEN, PHM, PLD, RYN, SKY, SUI, UHAL, UTG.L, WCC, WY | GSEs, Industrial, Manufacturing, Onshoring, real estate, REITs, Residential, value | Supply chain disruptions from Covid-19 have accelerated efforts to reshore critical industries including defense, pharmaceuticals, semiconductors, and materials. U.S. manufacturing investment has increased three-fold over five years to $230 billion annually, with nearly $2 trillion of reshoring initiatives announced since 2023. | J36.SI SKY WCC PLD JAR LN SKY WCC PLD |
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| 2024 Q1 | May 15, 2024 | Appleseed Fund | 0.0% | 0.0% | AER, AGNC, ARDX, BEI.TO, CCJ, CF, DG, EVR, GNK, HLF, HUM, ITRN, MOS, RHHBY, SFM, VFC, WCC | Defensive, gold, healthcare, inflation, value | Gold has risen 20% over six months to new all-time highs driven by monetary debasement, emerging market demand especially from China, central bank purchases exceeding 1,000 tonnes annually, and physical gold flows shifting from West to East. The fund expects gold to outperform the S&P 500 over the next decade. | AGNC HUM |
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| 2025 Q1 | Apr 24, 2025 | Diamond Hill Mid Cap | -1.3% | -1.3% | AIG, ALK, ASH, BSX, CIEN, COOP, ESAB, HII, ILMN, L, MLM, RRX, RYN, ST, TFX, TRU, UDR, VRSN, VTR, WCC | defense, financials, healthcare, mid cap, tariffs, Trade Policy, value, volatility | President Trump announced significant tariffs including Liberation Day tariffs and threatened 104% tariffs on China in response to retaliation. Markets are nervous about wholesale reworking of global trade landscape affecting historical allies like Taiwan. Companies are preemptively announcing US investments to avoid tariffs. | View | |
| 2025 Q1 | Apr 24, 2025 | Diamond Hill Small-Mid Cap Strategy | -4.2% | -4.2% | ALGT, ALK, BLDR, CIEN, COOP, CTRA, HII, ILMN, INFA, LOB, MGY, RRX, RYN, SXT, TFX, TRU, VRSN, WCC, WNS | defense, mid cap, small cap, tariffs, Trade Policy, value, volatility | President Trump announced significant tariffs including a 104% tariff on China in response to retaliation, creating tremendous uncertainty around trade policy shifts. Markets are struggling to digest whether tariffs are negotiation tactics or permanent reshaping of world trade order. The US-China trade relationship is front and center in this showdown with potential for full-blown trade war. | View | |
| 2026 Q1 | Apr 22, 2026 | Third Avenue Real Estate Value Fund | -10.1% | -10.1% | 0101.HK, 1113.HK, BKG.L, BRK, BYG.L, CBRE, FMCC, FNMA, FR, J36.SI, JLL, LEN, PLD, SVS.L, WCC | Commercial, demographics, international, real estate, REITs, Residential, value | 0010.HK BKD |
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| 2026 Q1 | Apr 16, 2026 | Lyrical Asset Management | -6.7% | -6.7% | ARW, EBAY, EXPE, FFIV, FIS, FLEX, GEN, ICLR, JCI, NRG, SSNC, UBER, WCC | earnings, financials, healthcare, industrials, technology, value | 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, BHF, BWA, ERII, GNRC, GTES, KEX, LNDC, LOB, POST, PRGO, RRR, RRX, WCC, WNS | Automation, Electrification, energy, industrials, Onshoring, small caps, value | The fund is positioned to benefit from secular tailwinds including increased focus on energy efficiency, automation, re-shoring and electrification. Regal Rexnord is capitalizing on these trends through its industrial powertrain solutions. Generac Holdings is well-positioned for growth as increasing electricity usage and electrical grid instability drive demand for its energy technology solutions. | PRGO GNRC WNS WCC GTES POST LANC RRX RRR |
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| 2024 Q1 | Apr 15, 2024 | Diamond Hill Mid Cap | 8.3% | 13.3% | ADM, AIG, BWA, EXR, FANG, GNRC, HUM, JCI, KEX, OZK, PH, POST, RRR, RRX, SBAC, WCC | energy, financials, healthcare, industrials, mid cap, real estate, value | The fund initiated a position in Diamondback Energy (FANG), a scaled, low-cost energy exploration and production company in one of the US's most prolific shale basins. The company focuses on cost efficiency and prudent, sustainable management of its assets, and is well-positioned for free cash-flow generation over the long term. | View | |
| 2024 Q1 | Apr 15, 2024 | Carillon Eagle Small Cap Growth Fund | 0.0% | 0.0% | CELH, EXR, FIVE, FRSH, KWR, LSTR, MKTX, MNDY, MSA, PJT, RBA, SMAR, SMCI, SUM, VKTX, VNOM, WCC, WING, WWD | AI, Biotechnology, energy, growth, healthcare, small caps, technology | AI investment theme continued to drive strong gains as companies exposed to artificial intelligence posted strong performance. The fund benefited from AI infrastructure plays like Super Micro Computer, which provides accelerated computing platforms for cloud computing and AI applications. The managers are closely monitoring AI adoption and the sustainability of the AI investment cycle to determine future market leadership. | View | |
| 2024 Q1 | Mar 31, 2024 | Spree Capital Advisers | - | - | WCC | Consolidation, Electrification, Industrial Distribution, infrastructure, technology, value | Wesco operates as the scale player in electrical, communications, and utilities distribution with 150,000 customers accessing 1.5 million products from 50,000 suppliers. The company adds value by lowering cost of ownership and increasing supply chain resilience, with over 70% of sales attached to services including technical support and logistics. | WCC |
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| 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 | Third Avenue Real Estate Value Fund | 0.4% | 14.1% | 1113.HK, AC.PA, AMH, BKG.L, BN, BYG.L, CBRE, DHI, FNF, FPH, FR, JLL, LEN, PLD, RYN, SGRO.L, SUI, UHAL, WCC, WY | Commercial, Homebuilders, NAV, rates, real estate, REITs, Uk, value | Fund maintains significant exposure to commercial real estate through REITs and operating companies focused on industrial, logistics, self-storage, and real estate services. Holdings include platforms like Big Yellow self-storage, Prologis industrial, and CBRE services that benefit from structural demand drivers and limited maintenance capex requirements. | AC.PA BYG.L BKG.L |
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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 | Nov 17, 2025 | Appleseed Fund | - | - | AER, AGNC, CAG, CC, CCJ, CCNE, DEA, DSX, EL, GXO, LULU, NICE, RHHBY, SONY, SSNC, STAN.L, SWK, TWO, WCC, WMMVY | commodities, Dollar, global, gold, inflation, value | Gold has risen 60% year-to-date with the price touching $4,250/ounce. The fund expects continued outperformance through the balance of this decade driven by foreign central bank purchases, persistent inflation, declining U.S. relative power, and gold's role as a neutral reserve asset. Physical gold stores in the West are declining while debt-to-GDP ratios worldwide have never been higher. | View | |
| 2023 Q3 | Oct 31, 2023 | Choice Equities Capital Management | -1.8% | 5.5% | CROX, MGNI, OEC, PLCE, SHAK, STGW, WCC | Advertising, consumer, industrials, Restaurants, small caps, value | Manager emphasizes that small and mid-cap stocks have severely lagged larger peers and are now historically attractive. The Russell 2000 fell below pre-pandemic levels, with forward earnings multiple of S&P 600 at 11.5x, a level only seen three times since 1999. All prior instances produced double-digit annualized returns across multiple years. | SHAK |
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| 2023 Q3 | Oct 30, 2023 | Appleseed Fund | 0.0% | 0.0% | 005930.KS, AER, ARDX, BEI-UN.TO, BOL.PA, CF, DG, FNMAS, FNMAT, GNK, HRTX, ITRN, MOS, MRC, SFM, SNV, VFC, WCC | Agriculture, Bonds, Defensive, Deficit, gold, inflation, Treasury, value | The fund believes inflation is not under control and expects it to remain persistently elevated. They view continued inflation as the politically palatable solution to reduce the U.S. debt burden and associated interest costs. | GNK WCC 0TDG LN |
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| 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, CIEN, COO, COOP, EQH, FCX, FIS, GDDY, HII, KMX, NVRO, NVST, RRR, RVTY, TTC, WCC | AI, defense, financials, healthcare, mid cap, technology, value | Technology companies have continued their torrid run as sentiment around the potential for AI to radically change life as we know it remains high. Strong demand for networking systems company Ciena's hyperscale offerings has helped drive strong earnings growth, with hyperscaler demand being fueled by AI-related projects. However, investors are weighing whether and to what extent AI may impact GoDaddy's business in the future. | HII WCC CIEN |
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| 2025 Q3 | Oct 24, 2025 | Diamond Hill Small-Mid Cap Strategy | 6.2% | 7.3% | BR, CIEN, COO, COOP, ENOV, EQH, GDDY, HII, KMX, LOB, NVST, OZK, PRGO, PRGS, RHP, RRR, RVTY, TRIN, TTC, WCC | AI, mid cap, Quality, small cap, technology, value | AI-fueled boom in technology continues driving market returns, with sentiment around AI's potential to radically change life remaining high. However, the manager believes sentiment is at least partially disconnected from reality given AI's potential is yet to be fully borne out. Markets are rewarding companies with even minimal AI exposure while punishing those at risk from AI disruption. | 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% | ARW, AVT, ENVA, GWW, RXL.PA, WCC | Buybacks, Distribution, Energy Transition, Rate Cuts, small caps, value | Electric vehicle adoption, solar energy expansion, and data center growth are driving huge secular demand for electrical equipment distribution. These trends create new opportunities in charging infrastructure, photovoltaic components, and power infrastructure while benefiting distributors through operational leverage. | WCC |
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| 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% | AMH, BN, BYG.L, CBRE, DHI, FMCC, FNF, FNMA, FPH, JLL, LEN, LOW, PLD, RYN, SGRO.L, SUI, SVS.L, UHAL, WCC, WY | Commercial real estate, Homebuilders, Hotels, Housing, real estate, REITs, value | Fund holds major homebuilders like Lennar and D.R. Horton positioned to benefit from persistent housing supply deficits and consolidation trends. Large publicly traded builders have increased market share to 55% from 40% five years ago by focusing on attainable housing and offering rate buydowns through captive mortgage subsidiaries. | WCC AC.PA |
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| 2023 Q3 | Sep 30, 2023 | Artisan Partners Small Cap Fund | 9.0% | 14.0% | ARGX, ASND, BL, BSY, CAVA, CCCS, ETSY, EXAS, FIVE, GLBE, GWRE, HALO, IRTC, LSCC, MTSI, PCOR, PZZA, RGEN, SAIA, SMAR, SPXC, STVN, SWAV, TREX, WCC, WING, WMS | Biotechnology, growth, healthcare, Medical Devices, semiconductors, small cap, software, technology | Manager discusses the rapid growth of GLP-1 obesity drugs from Novo Nordisk and Eli Lilly, noting their impact on medical device stocks. While acknowledging public health benefits, believes the effects on cardiovascular disease incidence will take time and that opportunities for innovative franchises to gain share outweigh market expansion concerns. | View | |
| 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 | |
| 2023 Q3 | Sep 30, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ALGT, CALM, CIEN, CTRA, CVNA, ENOV, ESAB, LANC, MAA, PRGS, RRR, WCC | energy, financials, industrials, rates, small caps, value | Energy was the best performing sector in Q3 with a 17% gain driven by rising oil prices and OPEC+ production cuts. The portfolio benefited from holdings like Civitas Resources and Coterra Energy, both oil and gas producers with assets in key basins. | View | |
| 2024 Q2 | Jul 26, 2024 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ALGT, BKU, COOP, ENOV, FTRE, GDDY, GNRC, LH, MAA, MGY, RRR, RRX, SANM, SNV, UDR, VRSN, WCC, WWW | financials, healthcare, industrials, real estate, small caps, technology, value | Apartment REITs Mid-America Apartment Communities and UDR benefited from stronger than expected rents and occupancy rates, positioning them well for peak leasing season. The portfolio's above-benchmark exposure to real estate contributed positively to relative performance as the sector outperformed the broad index. | View | |
| 2024 Q2 | Jul 26, 2024 | Diamond Hill Mid Cap | 8.3% | 13.3% | ADM, BSX, CIVI, ENOV, GDDY, GNRC, HUM, LH, MAA, NXPI, PH, RRR, RRX, SYY, UDR, VRSN, WCC | AI, mid cap, Quality, technology, value | AI-related stocks have driven increasingly narrow market performance, with a small number of massive technology stocks driving the majority of index returns. This creates opportunities for active managers to add value by avoiding the temptations of following trends and maintaining disciplined fundamental approaches. The concentration in AI stocks affords opportunities to identify high-quality, underappreciated companies outside the obvious front lines of the latest fad. | View | |
| 2023 Q2 | Jul 25, 2023 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | AAP, ALGT, ASH, CALM, CIEN, COOP, ENOV, ITGR, LEA, NVR, PRG, UGI, WCC, WNS | Banking, industrials, inflation, rates, small caps, value | The manager emphasizes their value-oriented approach, stating they invest in companies selling for less than their estimate of intrinsic value. They believe value and cyclically oriented stocks are likely to become more attractive to investors as they are well-positioned to produce abundant, consistent cash flows in the near and intermediate terms. | View | |
| 2024 Q2 | Jul 19, 2024 | Third Avenue Real Estate Value Fund | 15.7% | 0.0% | 1CKH.HK, 4WH.HK, AMH, BAM, BKG.L, BYG.L, CBRE, DHI, FMCC, FNMA, FR, GRI.L, JLL, LEN, LOW, PLD, SEGRO.L, SUI, SVS.L, WCC | Commercial, Data centers, Grid Upgrade, infrastructure, real estate, REITs, Residential, value | Fund has approximately 30% of capital invested in companies with ties to the data center value chain, including leasing powered shells, realizing higher-and-better use opportunities by repositioning land for data center development, and providing energy and logistics services. The rapid adoption of AI and accelerated build out of energy-intensive data centers is driving demand for electrical grid infrastructure. | PLD WCC |
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| 2023 Q1 | Apr 20, 2023 | Merion Road Capital | 5.4% | 11.2% | MWA, RFIL, WCC | Electrical Equipment, Industrial Distribution, infrastructure, small cap, value | WCC is positioned to benefit from increasing public sector infrastructure spending from multiple federal acts including the $1.2 trillion Infrastructure Investment & Jobs Act, $369 billion Inflation Reduction Act, $53 billion CHIPS and Science Act, and $20 billion Rural Digital Opportunity Fund. These initiatives should drive demand across WCC's communications, utility, and electrical segments. | RFIL WCC |
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| 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 | ||
| 2024 Q4 | Jan 25, 2025 | Blue Tower Asset Management | 5.0% | 22.3% | ARM, ENVA, MSFT, NVDA, ORCL, WCC | AI, global, infrastructure, Russia, Sanctions, technology, Ukraine, value | AI continues as the most important technology theme in 2025, with DeepSeek's breakthrough demonstrating superior reasoning capabilities using reinforcement learning at a fraction of US training costs. The $500 billion Stargate Project will build massive AI infrastructure across the US. AI will transform the entire economy over 20 years, with the biggest beneficiaries potentially being companies with proprietary data or deployment capabilities rather than AI technology suppliers. | View | |
| 2023 Q4 | Jan 22, 2024 | Choice Equities Capital Management | -1.8% | 5.5% | BXC, CROX, MGNI, OEC, PAR, SHAK, STGW, WCC | Building Products, Buybacks, Restaurants, small caps, technology, value | Manager focuses on low multiple stocks of quality businesses at discounted valuations. Despite challenging backdrop in 2023, continues to believe this approach offers best chance of outperforming over sustained periods. | IPAR BXC |
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| 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 28, 2026 | Fund Letters | Appleseed Fund | Wesco International | Industrials | Trading Companies & Distributors | Bull | NYSE | electrical distribution, Free Cash Flow, Industrial, Inflation beneficiary, market leader, North America, shareholder returns | View Pitch |
| Apr 27, 2026 | Fund Letters | Merion Road Capital | Wesco International Inc | Capital Goods | Trading Companies & Distributors | Bull | NYSE | 5G, acquisition, Communications, Distributor, Electrical, Grid modernization, infrastructure, share repurchase, synergies, utility, Value | View Pitch |
| Apr 27, 2026 | Fund Letters | Diamond Hill Small Cap Fund | WESCO International | Industrials | Trading Companies & Distributors | Bull | NYSE | acquisition, Communications, cross-selling, Distributor, Electrical, Fragmented Market, Industrial, market leader, supply chain, synergies | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Avenue Real Estate Value Fund | Wesco International | Capital Goods | Trading Companies & Distributors | Bull | NYSE | B2b, data centers, Distributor, Electrical, Free Cash Flow, Grid modernization, infrastructure, supply chain, utilities, working capital | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Avenue Real Estate Value Fund | WESCO International Inc. | Industrials | Trading Companies & Distributors | Bull | NYSE | Communications, consolidation, data centers, Distribution, Electrical, Grid Upgrades, North America, Reshoring, utilities, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Diamond Hill Small-Mid Cap Strategy | WESCO International | Industrials | Trading Companies & Distributors | Bull | NYSE | Electrification, Industrial distribution, market share, Merger Integration, Re-shoring, Scale Advantages, supply chain | View Pitch |
| Apr 13, 2026 | Fund Letters | Spree Capital Advisers | Wesco International | Capital Goods | Trading Companies & Distributors | Bull | NYSE | B2b, broadband, Communications, Distributor, Electrical, Electrification, infrastructure, Manufacturing Renaissance, market consolidation, Scale Player, secular growth, supply chain, Technology investment, utilities, Value-based pricing | View Pitch |
| Apr 13, 2026 | Fund Letters | Blue Tower Asset Management | Wesco International | Capital Goods | Trading Companies & Distributors | Bull | NYSE | AI, data centers, Digital transformation, Distributor, Electric Vehicles, electrical equipment, infrastructure, margin expansion, Operational Leverage, Rate Sensitive, Share Buybacks, Solar Energy | View Pitch |
| Apr 13, 2026 | Fund Letters | Third Avenue Real Estate Value Fund | Wesco International | Industrials | Trading Companies & Distributors | Bull | NYSE | cross-selling, data centers, Distribution, Electrical, Grid Upgrades, infrastructure, margin expansion, secular growth | View Pitch |
| 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. | ||||||||