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 |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 8, 2025 | Manole Capital Management | - | - | AMZN, AXP, BAC, C, COF, COIN, COST, EEFT, FDX, FIS, JPM, MA, MGI, PYPL, SHOP, TGT, V, WFC, WMT, WU | Credit Cards, crypto, Fintech, payments, regulation, Stablecoins | Manager maintains focus on FINTECH sector defined as anything that utilizes technology to improve an established process. Discusses stablecoins as the most disruptive force in payments industry in over a decade, analyzing their impact on payment companies and viewing them more as opportunity than threat. | View | |
| 2025 Q4 | Feb 22, 2026 | Unconventional Value | 0.0% | 0.0% | AMZN, HIMS, PGY, PL, RELY, SPIR, THRY, UPST, WISE.L, WU, XMTR | AI, Fintech, growth, SaaS, Satellites, small cap, technology, value | AI is viewed as a technology enabler that will accelerate product development and create tailwinds for existing businesses rather than replace human judgment. The manager believes AI will never replace human judgment and sees it as enhancing rather than disrupting core investment strategies. Planet's satellite constellation and daily Earth imaging capability represents a unique infrastructure play. The manager believes Planet is building the default system of record for monitoring Earth, with the daily scan providing infinitely scalable data distribution at zero marginal cost. Remitly's digital remittance platform is taking market share from legacy players like Western Union. The business model relies on acquiring customers via digital channels and earning fees on repeat transactions, with scale benefits improving economics over time. Thryv represents a business model transition from legacy marketing services to SaaS, targeting small businesses moving up-market. The strategy focuses on converting legacy customers to the SaaS platform and expanding functionality for larger businesses with more complex needs. | RELY THRY PL |
View |
| 2024 Q4 | Dec 4, 2025 | Saga Partners | - | 112.2% | AAPL, AMZN, BRK-A, CVNA, F, GM, GOOGL, META, MGI, MSFT, NFLX, RDFN, RKT, ROKU, SPOT, TRUP, TTD, WISE.L, WMT, WU | Advertising, disruption, E-Commerce, growth, payments, Platform, Streaming, technology | Carvana demonstrates a superior customer value proposition versus traditional dealerships with a structurally lower cost model at scale. The company has achieved industry-leading unit economics with gross profit per unit reaching $6,900 in 2024, up from $3,000 in 2022, while maintaining high Net Promoter Scores. | View | |
| 2024 Q3 | Oct 10, 2024 | Frank Value Fund | - | 12.1% | AAPL, WU | Catalyst, Concentration, mid cap, Recession Resistant, shareholder returns, value | The fund focuses on catalyst-unlocking value investing with concentrated positions in undervalued companies. Western Union exemplifies this approach with low valuation metrics and extreme shareholder friendliness through high dividend yields and material share repurchases. | WU |
View |
| 2024 Q3 | Sep 30, 2024 | Ariel Focus Fund | 10.6% | 0.0% | APA, BIO, CLB, LMT, MHK, MOS, ORCL, WU | AI, Buybacks, defense, energy, Fertilizers, large cap, value | Oracle is benefiting from artificial intelligence demand as well as its ability to provide cloud-based infrastructure for data centers. The company announced partnerships with AWS, Microsoft and Google that have fueled excellent growth and raised management's longer-term revenue target to over $104 billion, implying 16% annual growth. | BIO MOS CLB APA LMT ORCL MHK |
View |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital International | 0.0% | 10.9% | 005930.KS, AAP, AAPL, ADBE, AKER.OL, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SMOORE, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, international, Leverage, Quality, rates, selectivity, value | Silicon Valley Bank and Signature Bank collapsed due to maturity mismatches and deposit flight, while Credit Suisse was forced into a UBS sale. Banking pressures highlight risks from high leverage and potential further distress in commercial real estate lending. | View | |
| 2023 Q1 | Apr 14, 2023 | Distillate Capital Small/Mid Cap Quality & Value | 0.0% | 5.6% | 005930.KS, AAP, AAPL, ADBE, AMX, AMZN, AN, APA, BABA, BLDR, BTI, CE, CI, CVS, FIS, FTNT, GOOGL, ITX.MC, JBL, JD.L, JNJ, MC.PA, META, MO, MSFT, NVDA, PHM, PM, PRG, ROG.SW, SWKS, TMUS, TSLA, UNH, V, WRK, WU | Banking, free cash flow, Leverage, Quality, small caps, value | Distillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The strategy achieves a 9.7% free cash flow to enterprise value yield, substantially higher than Russell 2000 benchmarks. Wide valuation dispersions in small/mid cap space create opportunities through selectivity. | View | |
| 2023 Q1 | Mar 31, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, BAC, BK, BOKF, FAF, GNRC, Gold, GS, JNJ, KKR, LAZ, LH, LMT, MHK, MOS, NTRS, ORCL, REZI, SNA, WU, ZBH, ZBRA, ZIMV | Banking, Fed Tightening, industrials, Recession, technology, value | The fund emphasizes low PE stocks as core to their approach, trading at significantly lower multiples compared to both value indices and the broad market. This value emphasis has been a near-term performance headwind but positions them well as the market begins to look past Fed tightening. | View | |
| 2023 Q3 | Mar 10, 2023 | Ariel Focus Fund | 10.6% | 0.0% | APA, BK, BWA, CVX, GNRC, GS, JNJ, KVUE, LAZ, LESL, MHK, PHIN, SPHR, WU, ZBH | Buybacks, capital returns, discount, energy, large cap, value | The fund holds multiple energy positions including APA Corporation and Chevron Corporation. APA continues delivering strong earnings with solid production volumes and expects to hit oil production guidance. Chevron is viewed as competitively advantaged with sustainable growth pathway and expects double-digit return of capital employed by 2027. | PHIN KVUE CVX GNRC MHK LESL ^GSPC WU ADNT|APA|BPOP|FLR|KOS|OLN |
View |
| 2023 Q4 | Jan 31, 2024 | Ariel Focus Fund | 10.6% | 0.0% | APA, BWA, GS, KVUE, MHK, WU, ZIMV | concentrated, discount, fundamentals, large cap, Patient, value | The fund focuses on identifying stocks trading at discounts to private market value estimates, with holdings like MHK at -57% discount and APA trading below intrinsic value. The manager emphasizes patient value investing spanning 41 years across five market cycles. | WU BWA ADNT|APA|BPOP|FLR|KOS|OLN MHK ^GSPC ZIMV |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Ariel Focus Fund | Western Union Company | Financials | Data Processing & Outsourced Services | Bull | NYSE | capital returns, economic resilience, Evolve Strategy, Global Payments, money transfer, Remittances, Value Discount | View Pitch |
| Apr 28, 2026 | Fund Letters | Ariel Focus Fund | Western Union Company | Financials | Data Processing & Outsourced Services | Bull | NYSE | cash flow, defensive, dividends, Equity, financial services, money transfer, Remittances, Share Buybacks, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Frank Value Fund | Western Union Company | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | Catalyst-Driven, financial services, high dividend yield, money transfer, Share Buybacks, shareholder returns, undervalued, Value | View Pitch |
| Feb 1, 2026 | Seeking Alpha | Seeking Alpha | The Western Union Company | Financial Services | Money Transfer Services | Bull | New York Stock Exchange | dividend yield, global markets, Immigration policy, Margins, money transfer, North America, Remittances, stablecoin, valuation, Western Union | 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 |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $21.8M | 0.03% | 2,337,403 | -467,810 | -16.68% | 0.6971% |
| Ray Dalio | Bridgewater Associates | $27.4B | $8.9M | 0.03% | 961,157 | +160,601 | +20.06% | 0.2867% |
| Israel Englander | Millennium Management LLC | $233.2B | $11.4M | 0.00% | 1,229,097 | -317,767 | -20.54% | 0.3666% |
| Jeremy Grantham | GMO LLC | $39.1B | $3.1M | 0.01% | 327,625 | +285 | +0.09% | 0.0977% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $50.8M | 0.08% | 5,454,099 | +4,966,422 | +1018.38% | 1.6267% |
| Cliff Asness | AQR Capital Management | $190.6B | $99.9M | 0.05% | 10,746,779 | +962,341 | +9.84% | 3.2001% |
| Bob Wyckoff | Tweedy Browne CO LLC | $1.2B | $1.0M | 0.08% | 107,753 | +15,336 | +16.59% | 0.0321% |