Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 |
View |
| 2025 Q2 | Jul 29, 2025 | The London Company SMID Cap | -0.8% | -7.3% | AER, AWI, CNNE, MUSA, NEU, SAIA, SGI, WTM, ZBRA | Air Travel, Freight, Quality, SMID Cap, tariffs, Trade Policy, value | Elevated uncertainty exists with high likelihood of greater tariffs being announced in weeks ahead. Volatility surged in early April following new U.S. tariff announcements aimed at reshaping global trade. The effect of tariffs on both inflation and the broader economy could change Fed monetary policy plans. | AER AWI NEU |
View |
| 2025 Q2 | Jul 22, 2025 | Longleaf Partners Small-Cap Fund | 2.7% | 4.2% | BATRA, CNX, CUERVO.MX, DOLE, GHC, GRUMA.MX, KODK, MAT, OSCR, PCH, SAM, TRIP, WEST, WTM | Alcohol, Buybacks, real estate, small caps, undervalued, value | The fund has an overweight to the alcohol industry with Boston Beer and Becle. There is market debate about whether current weak industry trends are cyclical versus structural factors, with the manager leaning toward cyclical explanations. | PCH SAM WEST BATRA BECLE.MX OSCR PCH SAM WEST BATRA CUERVO MM OSCR |
View |
| 2025 Q2 | Jul 20, 2025 | The London Company Small Cap | 2.4% | -4.9% | ACIW, AWI, CABO, GTES, IPAR, MATX, NEU, SGI, WTM | Quality, small cap, tariffs, Trade Policy, value, volatility | The manager emphasizes their focus on high-Quality, low-Volatility orientation as a defensive strategy. They believe their reliance on high Quality factors has proven to be a strategy that can lose battles along the way but tends to win the war over time, positioning them well for an environment of elevated policy risks and fragile global growth. | IPAR MATX WTM ACIW GTES AWI NEU ACIW AWI NEU GTES |
View |
| 2025 Q2 | Jul 20, 2025 | The London Company Small-Mid Cap | -0.8% | -7.3% | AER, AWI, CNNE, MUSA, NEU, SAIA, SGI, WTM, ZBRA | Freight, Logistics, Quality, SMID Cap, tariffs, Trade Policy, volatility | The manager emphasizes their high-Quality, low-Volatility orientation as positioning them well for an environment of elevated policy risks and fragile global growth. They focus on company quality, sustainable returns on capital, and resilience across economic scenarios. | AWI NEU |
View |
| 2022 Q2 | Jul 18, 2022 | Springview Capital Management | -8.4% | -7.3% | BRK/A, GOOG, MKL, WRB, WTM | - | View | ||
| 2024 Q1 | May 7, 2024 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | BATRA, CNX, DEI, GHC, GRUMAB, H, HOUS, IMKTA, KODK, MAT, OSCR, PK, SAM, WEST, WTM | Buybacks, insurance, Natural Gas, real estate, small caps, value | Fund focuses on carefully constructed portfolio that looks very little like any index, seeking 60 cent dollars while maintaining investment discipline in a fully priced market. Portfolio companies are growing their value per share while management partners take action to realize value via discounted share buybacks. | HOUS WTM CNX OSCR |
View |
| 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 | |
| 2025 Q1 | Apr 12, 2025 | Longleaf Partners Small-Cap Fund | 1.5% | 1.5% | BATRA, CNX, DOLE, GHC, GMAB, KODK, MAT, PCH, PK, SAM, WEST, WTM | Buybacks, downside protection, Outperformance, small caps, stock picking, value | The fund emphasizes value investing discipline and downside protection. The portfolio's price-to-value ratio in the high-60s% is attractive and improved materially after quarter end. The fund continues to focus on companies trading below intrinsic value with substantial opportunity in the current portfolio. | PK CNX SAM PCH GRUMAB.MX GHC |
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 |
View |
| 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 | |
| 2023 Q3 | Dec 10, 2023 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | BATRA, CNX, DOOR, ESRT, GHC, GRUMAB, KODK, LUMN, MAT, OSCAR, SAM, WEST, WTM | consumer, discount, energy, Entertainment, Quality, small caps, value | Small-cap stocks remained out of favor as they continue to be viewed as more volatile, cyclical businesses, while a small handful of US mega-cap stocks have dominated markets. This wide valuation gap has created a compelling opportunity to own high-quality small-cap businesses trading at a steep discount. | WEST OSCR AMAT SAM CNX |
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 28, 2025 | The London Company Small Cap | 1.6% | -3.3% | AWI, GHC, HAE, IPAR, NGVT, WTM | Fed, industrials, materials, Quality, rates, small caps, value | The portfolio maintains a high Quality, low Volatility positioning that has been out of favor since April but historically regains leadership when fundamentals reassert themselves. Quality factors were headwinds during the high beta rally as markets rewarded speculation over stability. | GHC NGVT AWI |
View |
| 2024 Q3 | Oct 2, 2024 | The London Company Small-Mid Cap | 2.0% | 4.8% | AWI, ENTG, LW, WAT, WTM, ZBRA | Balance Sheet, Quality, rates, small caps, value | The London Company emphasizes balance sheet strength and quality factors as core investment criteria. Their focus on quality became a temporary headwind during Q3 as lower-quality, highly leveraged companies outperformed due to rate relief expectations. The firm believes balance sheet strength will become a differentiator as corporate debt maturities approach. | WTM LW ENTG AWI ZBRA WAT |
View |
| 2024 Q3 | Oct 2, 2024 | The London Company Small Cap | 7.0% | 8.9% | ACIW, CERT, INVX, PLUS, RVLV, VNT, WTM | Balance Sheet, Quality, rates, real estate, small caps, technology, value | The fund focuses on balance sheet strength and quality companies, which became a temporary headwind during Q3 as lower-quality, highly leveraged companies rallied most from rate relief. The manager emphasizes profitable, financially stable companies that generate free cash flow and high returns on capital. | CERT VNT WTM PLUS ACIW RVLV |
View |
| 2025 Q3 | Oct 15, 2025 | Longleaf Partners Small-Cap Fund | 2.0% | 6.4% | BECLE.MX, CLW, CNX, GHC, GRUMAB.MX, H, KODK, MAT, OSCR, PCH, PK, RYN, TRIP, WEST, WTM | Alcohol, Buybacks, energy, FCF, insurance, small cap, Timberland, value | Fund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at 10-12x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-60s% indicates significant discount to intrinsic value. | TRIP US MAT US WFG US CNX US |
View |
| 2024 Q4 | Jan 7, 2025 | The London Company Small Cap | 2.3% | 11.4% | ACIW, AUB, AWI, EPRT, LSTR, MATX, MC, RVLV, TPX, WTM | concentrated, downside protection, Quality, small caps, value | The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 13.5% pre-tax ROC versus 6.2% for the Russell 2000 and lower leverage at 1.5x net debt/EBITDA versus 3.8x for the benchmark. | View | |
| 2024 Q4 | Jan 7, 2025 | The London Company Small-Mid Cap | 1.7% | 6.5% | AER, AWI, BR, CHDN, DECK, ENTG, MUSA, POST, WAT, WTM | concentrated, downside protection, Quality, SMID Cap, value | The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 16.7% pre-tax ROC versus 8.4% for the Russell 2500 and lower leverage at 2.1x net debt/EBITDA versus 3.4x for the benchmark. | View | |
| 2022 Q4 | Jan 25, 2023 | Springview Capital Management | 7.2% | -4.6% | BRK/A, FFH CN, HLT, MKL, WRB, WTM | - | View | ||
| 2025 Q4 | Jan 21, 2026 | The London Company SMID Cap | 2.0% | -4.8% | AER, LW, NEU, WAT, WTM, ZBRA | industrials, mid cap, Quality, small cap, SMID Cap, value | The portfolio emphasizes companies with high and stable returns on invested capital, conservative leverage, and reasonable valuations. Quality factors were headwinds during the quarter but the manager believes the environment is becoming more conducive to fundamentals where earnings growth, dividends, and balance-sheet strength matter more than valuation multiple expansion. Value outperformed Growth across the market cap spectrum during the quarter, with Value factors being the primary driver of returns, led by stocks trading at lower prices relative to sales and book value. The manager expects a return to fundamentals where reasonable valuations become more important. | LW NEU ZBRA AER |
View |
| 2025 Q4 | Jan 21, 2026 | The London Company Small Cap | 2.5% | -1.0% | AWI, CCC, CERT, DV, GTES, HAE, NEU, RVLV, WTM | Disciplined, Outperformance, Quality, Russell 2000, small caps, stock selection, value | The Small Cap portfolio outperformed the Russell 2000 Index in Q4, finishing 2025 on a high note with strong stock selection. The high beta rally that drove much of the index's 2025 gains showed signs of exhaustion in Q4, creating opportunities for disciplined stock pickers focused on quality companies. Value factors were the primary driver of returns during the quarter, led by stocks trading at lower prices relative to sales and book value. The portfolio's focus on companies trading at significant discounts to intrinsic value aligned well with this market environment. Quality factors were headwinds during the quarter, though the portfolio maintains its tilt toward profitable, financially stable companies that consistently generate free cash flow and high returns on unleveraged operating capital. This positioning is expected to provide resilience through shifting market regimes. | DV CCC GTES CERT NEU HAE |
View |
| 2025 Q4 | Jan 14, 2026 | Longleaf Partners Small-Cap Fund | 1.1% | 7.6% | ALX, CLW, CNX, CUERVO.MX, ESRT, GHC, GLIBA, GRUMA.MX, MAT, PCH, RYN, SAM, SHEN, TRIP, WTM | Alcohol, Media, real estate, small cap, Telecommunications, undervalued, value | Fund focuses on undervalued companies trading below intrinsic value with P/V ratios in low-60s%. Manager emphasizes buying quality companies at discounted prices when market favors unprofitable, lower quality stocks. Significant exposure to alcoholic beverage companies including Becle (tequila/whiskey manufacturer) and Boston Beer. Alcohol industry faces consumption headwinds but companies have strong brands and pricing power. Holdings in Empire State Realty and Alexander's provide exposure to New York real estate. Despite political concerns about Mayor Mamdani, on-the-ground leasing trends outpace weak stock performance. Graham Holdings diversified conglomerate includes broadcast television assets that could benefit from increased M&A activity. Kaplan education segment returning to growth after multi-year turnaround. | PK ALX ESRT CLW SAM OSCR MAT GHC GLIBA |
View |
| 2024 Q2 | Jul 23, 2024 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | BATRA, CNX, DEA, GHC, GRUMA, HOWE, KODK, MAT, OSCR, PCH, PK, WEST, WTM | energy, healthcare, materials, real estate, small caps, value | Fund focuses exclusively on small-cap investments with 19 holdings and P/V ratio in low-60s%. Manager believes environment becoming increasingly favorable for bottom-up stock pickers as Treasury rates stabilize at historical norms. Over 50% of portfolio NAV is in investments with heightened odds of value-realizing corporate events in next 6-12 months. | PCH MAT HOUS KODK OSCR |
View |
| 2023 Q2 | Jul 19, 2023 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | BATRA, CNX, ESRT, GMK, H, HOUS, KODK, LUMN, LXS.DE, MAT, OSCR, SAM, WEST, WTM | concentrated, Consumer Staples, Defensive, real estate, small cap, value | Fund maintains concentrated portfolio of 18-22 ideas trading at discount to intrinsic value. Portfolio P/V ratio in mid-60s% indicates significant upside potential. Management emphasizes buying high quality businesses at temporary discounts with 3-5 year investment horizon. | LUMN SAM LXS.DE HOUS BATRA OSCR |
View |
| 2022 Q2 | Jun 30, 2022 | Cove Street Capital Small Cap Value Fund | 3.7% | -6.0% | BKEP, CMP, HNRG, INFU, LGF/B, VSAT, WTM | - | View | ||
| 2023 Q1 | Apr 20, 2023 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | BATRA, CNX, GRUMA, H, HOUS, KODK, LNXSF, LUMN, MAT, OSCR, WEST, WTM | Banking, Concentration, small caps, technology, value | Fund focuses on concentrated portfolio of 18-22 best ideas meeting Business, People, Price investment criteria. Managers invest with 3-5 year horizon taking advantage of short-term volatility to own high quality businesses trading at discount. Portfolio has low-60s% P/V ratio indicating significant discount to intrinsic value. | LUMN ^HSI OSCR |
View |
| 2023 Q1 | Apr 20, 2023 | The London Company Small Cap | 7.0% | 8.9% | AQUA, ENOV, IAA, LIVN, MUSA, PAG, RBA, TPX, VNT, WTM, XYL | Banking, healthcare, Quality, small caps, technology, value | The manager emphasizes their focus on durable profitability, strong free cash flow and balance sheet flexibility as key advantages in a higher cost of capital environment. They believe the quality of their portfolios provides a tangible advantage in an unpredictable world with greater economic volatility. | ENOV AER|AWI|MUSA|NEU|SAIA|WTM AER|AWI|MUSA|NEU|SAIA|WTM LIVN TPX AVNT |
View |
| 2023 Q4 | Jan 23, 2024 | The London Company Small Cap | 7.0% | 8.9% | AUB, AWI, CABO, DOOR, LIVN, MUSA, PLUS, QLYS, RVLV, TPX, WTM | Banking, industrials, Quality, small cap, technology, value | The portfolio maintains a positive tilt toward Quality factors, focusing on companies with sustainably high returns on capital and balance sheet strength. This Quality-orientation provided relative advantage for the full year despite being a headwind in Q4. | RVLV PLUS |
View |
| 2023 Q4 | Jan 23, 2024 | The London Company SMID Cap | 9.2% | 9.2% | BR, CABO, DAVA, DECK, HAS, HAYW, MBI, TREX, WTM | consumer discretionary, Quality, rates, small caps, value, volatility | The manager emphasizes quality as the antidote to uncertainty, believing solid company fundamentals will lead to strong risk-adjusted returns in the long run. Portfolio characteristics remain attractive and well-positioned for an uncertain future. | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM CABO ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AER|AWI|MUSA|NEU|SAIA|WTM TREX DECK KAMBI SS |
View |
| 2023 Q4 | Jan 17, 2024 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | ARE, CNX, DEI, ESRT, GHC, GRUMAB, H, IMKTA, KNF, KODK, LUMN, MAS, MAT, OHI, PK, SAM, WEST, WTM | Buybacks, Hotels, Quality, real estate, small caps, value | The fund emphasizes their Business, People, Price discipline and differentiated approach to value investing. They focus on hidden quality companies with management teams that will take steps to get that quality recognized by the market over the medium to long term. The fund believes they are well positioned for the return of value investing as interest rates normalize. | WEST ^HSI ESRT GRUMAB KNF OSCR |
View |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Small-Cap Fund | -1.6% | 9.7% | BATRA, CNX, DOLE, GHC, GRUMA.MX, HHH, HOUS, KODK, LLYVA, MAT, OSCR, PCH, PK, WEST, WTM | Buybacks, Cash, Concentration, Natural Gas, small cap, Trump, value | Fund operates with concentrated value investing approach, holding 18 positions at high-60s% price-to-value ratio and 11x price/earnings power multiple. Portfolio grouped into companies where value per share growth has turned the corner (75%), those expected to turn within 18 months (15%), and recent additions. Management emphasizes fundamental appraisal-driven research and patient capital deployment. | GRUMAB WEST HOUS GHC KODK LLYVA OSCR CNX |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | The London Company Small Cap | White Mountains Insurance Group Ltd | Financials | Property & Casualty Insurance | Bull | NYSE | Bermuda, book value growth, capital allocation, Insurance, Property & Casualty Insurance, value creation | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | White Mountains Insurance Group | Financials | Multi-line Insurance | Bull | NYSE | acquisition, California, conglomerate, contrarian, defensive, Homeowners Insurance, Insurance, net cash | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Small-Mid Cap | White Mountains Insurance Group Ltd. | Financials | Insurance | Bull | NYSE | Bermuda Domicile, book value growth, capital allocation, Insurance, P&C insurance, portfolio optimization, value creation | View Pitch |
| Apr 13, 2026 | Fund Letters | The London Company Small Cap | White Mountains Insurance Group Ltd. | Financials | Property & Casualty Insurance | Bull | NYSE | book value growth, capital allocation, financial services, Insurance, Portfolio Management, Property & Casualty Insurance, value creation | 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 |
|---|---|---|---|---|---|---|---|---|
| Israel Englander | Millennium Management LLC | $233.2B | $1.8M | 0.00% | 856 | -78 | -8.35% | 0.0326% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $207,803 | 0.00% | 100 | +100 | +100.00% | 0.0038% |
| Murray Stahl | Horizon Kinetics | $7.4B | $27.3M | 0.37% | 13,121 | +37 | +0.28% | 0.5004% |
| Mason Hawkins | Southeastern Asset Management | $2.2B | $65.8M | 2.93% | 31,652 | +30,696 | +3210.88% | 1.2070% |
| Cliff Asness | AQR Capital Management | $190.6B | $9.3M | 0.00% | 4,476 | -1,437 | -24.30% | 0.1707% |
| Oliver Murray | Brandes Investment | $13.1B | $1.4M | 0.01% | 665 | +51 | +8.31% | 0.0254% |
| Rich Handler | Jefferies | $19.3B | $232,739 | 0.00% | 112 | +112 | +100.00% | 0.0043% |