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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 5, 2025 | Springview Capital Management | - | 15.7% | AMZN, COF, COIN, CR, EIX, FFH.TO, HOOD, IBKR, INTC, MCY, NTDOY, SCHW, SEG, SPOT, UBER, WRB, WS | Concentration, Fintech, growth, insurance, Long/Short, Quality, value | Robinhood has been the Partnership's most profitable investment, driven by rapid innovation, market share gains, and customer loyalty in a large growing market. Business results dramatically exceeded expectations with assets under custody growing 115% and earnings up 109% year-over-year. The company benefits from product innovation, international expansion, strategic acquisitions, and favorable tailwinds from strong equity and crypto markets. | WS MCY SEG HOOD WS MCY SEG HOOD |
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| 2023 Q2 | Aug 4, 2023 | Springview Capital Management | 3.9% | 5.5% | ATVI, BRK-B, CPRT, EXO.MI, FFH, FMX, HLN.L, HLT, MKL, WRB, WTM | Buybacks, Concentration, insurance, Long/Short, Quality, value | The fund has significant concentration in property/casualty insurance at approximately 29% of assets. Insurance stocks are characterized as cheap, generating substantial cash flow, and run by trusted owner-operators. The competitive landscape remains favorable with firm pricing and rising interest rates enhancing investment income. | WRB FMX HLN.L |
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| 2024 Q2 | Aug 12, 2024 | Springview Capital Management | -3.2% | 7.7% | BRK-A, COKE, CR, CRH, EXO, FFH, FMX, HLT, MCY, NTDOY, WOR, WRB | Concentration, fundamentals, insurance, Long/Short, value | The manager discusses property/casualty insurance cycle concerns and skeptical investor sentiment about near-term profit outlook. Despite market volatility, the manager believes prospects for insurance holdings remain unchanged and reports strong fundamental progress with W.R. Berkley showing 37% Y/Y increase in operating EPS and Fairfax increasing book value per share by 17% Y/Y. | View | |
| 2022 Q2 | Jul 18, 2022 | Springview Capital Management | -8.4% | -7.3% | BRK/A, GOOG, MKL, WRB, WTM | - | View | ||
| 2025 Q2 | Jul 15, 2025 | Madison Mid Cap Fund | 5.3% | 0.9% | ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MCHP, MEDP, MKSI, PCAR, ROST, TDY, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | Technology stocks continued strong performance driven by AI-related data center spending. Amphenol and Arista Networks are capitalizing on the surge in AI-related data center spending with outstanding revenue growth. The Information Technology sector is benefiting from widespread exuberance around AI. | View | |
| 2025 Q2 | Jun 30, 2025 | Mapfre US Forgotten Value Fund | -2.3% | -6.6% | BATRA, GOOGL, HHH, KVUE, LH, MKL, MODG, MSGS, NWSA, QSR, SSNC, TRIP, UBER, WRB | Communication Services, small caps, technology, undervalued, US, value | The fund focuses on companies undervalued by the market, particularly forgotten stocks that may be outside the focus of the investment community. These include companies with complex capital structures, those in temporarily out-of-favor sectors, or smaller capitalization companies followed by fewer analysts. | View | |
| 2025 Q1 | May 3, 2025 | Springview Capital Management | -1.8% | -1.8% | ABAC, AMZN, BRK-B, CPRT, CR, CRH, FFH, HLT, HOOD, MCY, NTDOY, SEG, SPOT, WRB, WS | Compounding, insurance, Long/Short, Quality, value, volatility | Manager embraces volatility as the price of admission to long-term compounding, viewing it as an opportunity rather than something to avoid. During April's sharp market decline, the fund maintained minimal trading activity and kept net exposure steady at 90-95%. The manager believes volatility is the one constant in markets and reflects human emotion reacting to uncertainty. | WS SEG MCY SPOT |
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| 2023 Q1 | May 3, 2023 | Springview Capital Management | 1.6% | 1.6% | ATVI, FFH, GGG, HLT, MKL, SHW, V, WRB, WTM | Banking Crisis, Buybacks, Concentration, Float, insurance, value | The fund holds significant positions in property-casualty insurers including W.R. Berkley, Markel, and White Mountains. These companies experienced temporary headwinds from deceleration in premium rate growth and concerns about the hard cycle ending, but the manager expects casualty pricing to improve in the second half. Insurance is viewed as a durable business with stable demand and the benefit of float investment. | View | |
| 2024 Q1 | Apr 29, 2024 | Springview Capital Management | 11.3% | 11.3% | BRK-A, CPRT, CRH, EXO.MI, FFH, FMX, HLN.L, HLT, MSGS, NTDOY, WRB | Concentration, global, insurance, Long/Short, value | The fund holds significant positions in W.R. Berkley and Fairfax Financial, which were top contributors to performance. The manager uses sector ETF shorts to hedge insurance sector exposure, indicating concentrated exposure to this sector. | View | |
| 2023 Q4 | Feb 21, 2024 | Springview Capital Management | 6.5% | 15.3% | BRK-B, CPRT, CRH, EXOR.MI, FFH, FMX, HLN.L, HLT, MKL, NTDOY, UNP, WRB, WTM | Concentration, insurance, Long/Short, tax efficiency, underperformance, value | Fund holds three large property/casualty insurers (W.R. Berkley, White Mountains, Markel) that underperformed in 2023 as investors rotated away from companies benefiting from rising rates. Despite disappointing short-term performance, excellent underwriters like Berkley have historically earned solid returns across interest rate cycles. | FMX FFH SUNP IN MKL WRB |
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| 2024 Q4 | Feb 10, 2025 | Springview Capital Management | 5.4% | 19.7% | AMZN, BRK-B, CPRT, CR, CRH, FFH, FMX, HLN.L, HLT, HOOD, MCY, MKL, MSGS, SEG, SPOT, V, VAC, WRB, WS, WTM | Capital Allocation, Concentration, long-term, P&C Insurance, risk management, value | The property/casualty insurance industry remains a favorite hunting ground for the partnership. The fund currently owns five P/C insurance companies (six including Berkshire Hathaway), with one being a special situation merger-arbitrage play. These insurers trade at attractive valuations, generate strong Returns on Equity, and have the ability to recycle and reinvest capital internally at high returns. | View | |
| 2024 Q4 | Dec 31, 2024 | Madison Mid Cap Fund | -1.9% | 10.3% | ACGL, ANET, APH, BAM, BRO, CDW, CPRT, CSL, DLTR, FND, IT, LAD, LBRDK, LH, PCAR, ROST, TDY, THO, WAT, WRB | Autos, Cyclical, fundamentals, insurance, mid cap, Quality, technology, value | The fund holds positions in auto-related companies including Lithia Motors, which reported quarterly results suggesting some COVID-induced elevated profitability levels may be more sustainable than previously thought. The fund also sold CarMax during the quarter, believing it will be harder for the company to continue gaining market share due to changing industry dynamics. | View | |
| 2024 Q4 | Dec 31, 2024 | Coho Relative Value Equity | - | - | AMZN, AZO, CVS, DG, GOOGL, MCHP, META, MSFT, MSTR, NVDA, UNH, WRB | Bubble, Concentration, defensives, technology, valuation, value | Coho maintains adherence to valuation discipline despite underperformance, believing they would sacrifice downside protection by chasing Technology stocks higher. The market is objectively expensive by most measures with the S&P 500 trailing P/E at its fourth highest levels in the past 125 years. Studies show valuation often does not matter in the short term, but it always matters in the long term. | View | |
| 2023 Q2 | Dec 7, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ABG, ACGL, ANET, APH, BAM, BRO, CDW, CFR, CHTR, CPRT, CSL, EXPD, FND, FWONA, FWONK, GBCI, GCI, GGG, IT, KNSL, LAD, LBRDA, LH, MC, MCHP, MEDP, MKSI, PCAR, ROST, TDY, TECH, THO, TREX, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | AI-related data center spending is driving strong performance in technology holdings like Amphenol and Arista Networks. The fund is participating in this surge while also noting strength in other business areas beyond AI for these companies. | View | |
| 2024 Q3 | Nov 19, 2024 | Springview Capital Management | 5.6% | 13.6% | AAPL, CR, CRH, CSCO, EXO.MI, FFH, FMX, HLT, MCY, MSFT, NTDOY, NVDA, SEPO, TSLA, WRB, WS, YHOO | Concentration, Mega Cap, small caps, technology, value | Manager believes value-oriented investing is making a comeback as mega-cap stocks face mathematical reality of size constraints and elevated valuations. The fund focuses on smaller, less high-profile companies trading cheaply relative to intrinsic value estimates. Current market offers rich opportunities in small- and mid-cap stocks trading at single-digit earnings multiples or below liquidation value. | View | |
| 2023 Q3 | Nov 10, 2023 | Springview Capital Management | 2.5% | 8.2% | AAPL, AMZN, BRK-B, CPRT, EXO.MI, FFH, FMX, GOOGL, HLN.L, HLT, META, MKL, MSFT, NVDA, TSLA, V, WRB, WTM | Concentration, insurance, Long/Short, Quality, special situations, value | The fund has intentionally allocated significant capital to property/casualty insurers, which stand to benefit greatly from rising interest rates. Fairfax Financial continues to post exceptional numbers with operating ROE clocking in at 21%. W.R. Berkley staged a welcome recovery with excellent 21% return on equity as both underwriting profits and investment income surpassed expectations. | View | |
| 2025 Q3 | Oct 14, 2025 | Madison Mid Cap Fund | 1.9% | 2.8% | ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MCHP, MEDP, MKSI, PCAR, ROST, TDY, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | Information Technology sector benefiting from widespread exuberance around AI, with portfolio companies Amphenol and Arista Networks capitalizing on surge in AI-related data center spending. Technology stocks continued very strong performance driven by AI momentum. | ANET APH MEDP |
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| 2022 Q4 | Jan 25, 2023 | Springview Capital Management | 7.2% | -4.6% | BRK/A, FFH CN, HLT, MKL, WRB, WTM | - | View | ||
| 2025 Q4 | Jan 20, 2026 | Madison Mid Cap Fund | -1.2% | 1.8% | ACGL, ANET, AOS, APH, BRO, CDW, EXPD, FND, LBRDA, MCHP, MKSI, MSA, PCAR, ROST, TDY, TECH, TREX, TTAN, WAT, WRB | AI, financials, industrials, mid cap, Quality, technology, value | The fund focuses on high-quality, highly profitable, durable businesses with shareholder-oriented management teams selling below intrinsic value assessments. This quality-focused approach has historically provided strong long-term performance despite being temporarily out of favor in speculative market environments. Several portfolio companies are benefiting from AI-related applications and data center spending. MKS's Electronics and Packaging business shows accelerating growth partly due to AI applications, while Amphenol's IT/Datacom business produces spectacular organic growth driven by AI-related data center spending. | MCHP MSA AOS TTAN BIO ROST |
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| 2023 Q1 | Apr 14, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, APH, BRO, CDW, CHTR, CPRT, CSL, FND, IT, LBRDA, LH, MEDP, MKSI, PCAR, ROST, TDY, TREX, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | Technology stocks continued strong performance driven by AI-related data center spending. Amphenol and Arista Networks capitalized on the surge in AI-related data center spending, though managers note strength in other business areas as well. | View | |
| 2025 Q1 | Mar 31, 2025 | Coho Relative Value Equity | 4.0% | 4.0% | AMGN, AZO, COR, DIS, GPN, PM, ROST, STZ, WRB | consumer, Defensive, healthcare, inflation, Stagflation, tariffs, value | Rising inflation expectations due to tariff-induced trade tensions are constraining Fed policy. Prices have surged higher with six consecutive months of increases in manufacturing data. The Fed revised inflation expectations higher for 2025 while lowering GDP forecasts. | View | |
| 2025 Q1 | Mar 31, 2025 | Madison Mid Cap Fund | -4.2% | -4.2% | ACGL, ANET, AWI, BF.B, BRO, CSL, DLTR, EXPD, IT, KNSL, LBRDA, MCHP, MKSI, PCAR, ROST, TDY, THO, TREX, WAT, WRB | industrials, insurance, mid cap, semiconductors, technology, value | Three insurance companies topped the contributor list during the quarter. Industry fundamentals remain sound with defensive demand profiles and limited tariff exposure. Brown & Brown benefits from strong organic growth and margin expansion, while Arch Capital and W.R. Berkley showed solid premium growth and better-than-expected reserve development. | TREX KNSL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Springview Capital Management | W.R. Berkley Corporation | Financials | Property & Casualty Insurance | Bull | NYSE | financials, Float, Insurance, Interest Rate Sensitive, Property & Casualty Insurance, underwriting, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Springview Capital Management | W.R. Berkley Corporation | Financials | Property & Casualty Insurance | Bull | NYSE | book value growth, investment income, Property & Casualty Insurance, ROE, Sector Consolidation, Share Buybacks, underwriting, Value | View Pitch |
| Nov 3, 2025 | Substack | Pacific Northwest Edge | W.R. Berkley Corp. | Financials | Insurance - Property & Casualty | Bull | A.M. Best rating, bond portfolio, combined ratio, decentralized structure, excess and surplus lines, financial strength, Niche markets, property and casualty insurance, stock portfolio, underwriting | View Pitch | |
| Sep 19, 2025 | Seeking Alpha | Seeking Alpha | W. R. Berkley Corporation | Insurance - Property & Casualty | Bull | Asset Base, capital gains, Credit rating, Dividend history, financial strength, Insurance, investment grade, Market Capitalization, Reinsurance, yield to maturity | 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. | ||||||||