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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 27, 2025 | First Eagle Global Fund | 7.2% | - | BA/ LN, BABA, BDX, META, ORCL, SLB, TSM, WTW | Fiscal, inflation, Labor, Resilience, wages | The commentary centers on the underappreciated risk of renewed inflation driven by labor market tightness, fiscal expansion, and demographic constraints. While markets appear to be pricing equilibrium, the manager argues that shrinking labor supply and sustained fiscal largesse could reignite wage pressures and destabilize monetary policy. The fund emphasizes resilience through diversified global assets positioned to withstand inflationary and policy shocks. | BABA WTW SLB BDX TSM META ORCL |
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| 2025 Q2 | Jul 22, 2025 | Harris Associates Concentrated Strategy | 3.9% | 3.7% | COF, COP, CRL, CRM, GOOG, ICLR, IQV, SCHW, WTW | downside protection, fundamentals, Mean reversion, valuation dispersion, Value Investing | The letter centers on intrinsic value investing amid extreme valuation dispersion between popular growth stocks and unloved franchises. Management argues that patience and concentration in discounted, high-quality businesses will be rewarded as fundamentals reassert themselves. The strategy emphasizes downside protection and long-term mean reversion rather than short-term momentum. | IQV COP GOOG COF SCHW |
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| 2025 Q1 | Apr 15, 2025 | Polen Capital – Global SMID Company Growth | -5.5% | -5.5% | ABT, ADYEN NA, AMZN, AON, GLOB, MELI, NVDA, NVO, SAP GR, WTW | - | View | ||
| 2025 Q4 | Jan 21, 2026 | Polen Capital – Global SMID Company Growth | -2.7% | 1.8% | 0700.HK, ADBE, AMZN, BSX, CSGP, GOOGL, ICLR, LLY, MELI, NVDA, OR.PA, ORCL, PAYC, SGE.L, SHL.DE, SHOP, SPOT, TSM, WDAY, WTW | AI, global, growth, Quality, software, technology | The market experienced AI bubble concerns in Q4 that prompted a short-lived 5% sell-off, though NVIDIA's strong earnings report in late November alleviated the worst fears. Despite waning market enthusiasm in the AI trade, the managers believe the datacenter capex cycle should continue with revenues and earnings for critical players growing rapidly as they struggle to keep up with increasing demand. The portfolio's emphasis on quality growth investing was challenged by the market's preference for high-beta growth stocks, contributing to underperformance. The managers remain focused on competitive advantages and long-term business fundamentals while constantly re-assessing growth trajectories of portfolio companies competing in evolving global markets. Spotify was added as a new position, with the managers viewing it as a scaled two-sided network enjoying secular growth as streaming and smartphone proliferation become global norms. They believe music is the most under-monetized form of digital entertainment, with Spotify serving over 600 million active users and potential for greater than 20% annual free cash flow growth. Tencent Holdings was initiated as a new position, representing one of China's largest technology companies with leading positions in gaming, social media and payments. Despite economic headwinds, Tencent has remained a consistent growth business, compounding earnings growth at more than 30% annualized over the past 3 years. | SPOT 0700 HK ORCL LLY |
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| 2025 Q4 | Jan 18, 2026 | Dodge & Cox Stock Fund | 2.5% | 13.7% | AON, AVTR, BAC, BK, BN, CHTR, CMCSA, CVS, FDX, FI, GILD, GOOGL, GSK, JCI, MET, MSFT, OXY, REGN, RTX, SCHW, TSM, WFC, WTW | contrarian, financials, industrials, technology, valuation, value | The fund maintains its value-oriented investment approach despite a fully valued U.S. equity market. The portfolio trades at an attractive valuation of 14.6 times forward earnings, representing a significant discount to the S&P 500 at 22.9 times. The fund continues to find opportunities where long-term fundamentals are not fully reflected in current prices. The fund reduced its overall weighting in the Financials sector while shifting exposure across industries. They trimmed more cyclical bank holdings like Wells Fargo and Bank of America, while increasing exposure to insurance brokers and alternative asset managers. Despite headwinds, they added to Fiserv as its valuation compressed significantly. | FISV |
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| 2024 Q3 | Sep 30, 2024 | Diamond Hill International | 5.7% | 12.4% | 005930 KS, 6UY GR, ARCO, FUSION IN, GXL GR, TSCO LN, UL, WTW | - | View | ||
| 2023 Q3 | Apr 10, 2023 | Vltava Fund | 0.0% | 0.0% | ELV, FTRE, HUM, WTW | - | View | ||
| 2024 Q4 | Jan 16, 2025 | Polen Capital – International Growth | - | - | ACN, CSL AU, EVO SS, ICLR, KER FP, MELI, MNDY, NU, SAP GR, SGE LN, SHOP, SPOT, SU FP, TEMN SW, WTW | - | View | ||
| 2024 Q4 | Jan 13, 2025 | Heartland Mid Cap Value Fund | -5.5% | 3.6% | CNC, SYY, WTW | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 6, 2025 | Fund Letters | Julien Albertini | Willis Towers Watson Public Limited Company | Financials | Insurance Brokers | Bull | NASDAQ | Brokerage, Consulting, Margins, Retention, turnaround | 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. | ||||||||