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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Horizon Kinetics | - | - | 0388.HK, 6544.T, AAPL, AB, AMZN, CME, CVX, FCX, GOOGL, LSEG.L, MA, META, MSFT, NEM, NRG, NVDA, TPL, TREE, TSLA, V, XOM | AI, Data centers, ETFs, gold, Indexation, Japan, Owner-Operators, Scarcity | AI poses competitive threats to the Magnificent 7 companies through creative destruction. OpenAI's ChatGPT could provide competition to Google's search engine, while Sora Video Generator threatens YouTube's content model. The Private Mag 7 companies represent significant competitive risks to the Public Mag 7. | 6544.T AB 6544 JP |
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| 2025 Q2 | Aug 22, 2025 | Shelton Equity Income Strategy | 7.2% | - | AAPL, APH, BMY, HPQ, JCI, META, MRK, MSFT, NRG, NVDA, OMC, ORCL, XOM | dividends, income, Options, tariffs, technology, volatility | The second quarter brought dramatic market volatility with the S&P 500 plunging into bear market territory in March-April due to Liberation Day tariffs before staging one of the fastest recoveries in history. The strategy is positioned to capitalize on volatility and buffer pullbacks. | View | |
| 2025 Q2 | Jul 9, 2025 | ClearBridge Investments Dividend Strategy | - | - | AAPL, AVGO, BDX, DIS, GM, LHX, MSFT, NVDA, ORCL, PPG, TEL, TMUS, UNH, V, XOM | AI, defense, diversification, dividends, energy, Quality, valuation, value | The strategy emphasizes dividend-paying companies with the ability to grow dividends significantly over time. Over the last eight years, the average portfolio company has grown its dividend by 7%, well in excess of inflation. Dividend growth is becoming increasingly critical as inflation expectations become more entrenched and stagflation becomes a concern. | ORCL AVGO XOM LHX AVGO XOM LHX |
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| 2024 Q2 | Jul 3, 2024 | LRT Capital Management | 0.0% | 15.8% | ABG, ALB, BALL, CCI, CHE, CIGI, DECK, DINO, ELS, EXPO, GPN, LAD, NOC, RLI, SSD, TSM, TTC, TXN, WH, XOM | Beta Hedging, Long/Short, quantitative, risk management, Systematic | View | ||
| 2025 Q2 | Jul 27, 2025 | 1290 SmartBeta Equity Fund | 7.2% | 7.8% | ABBV, AVGO, CVX, LLY, MCD, NFLX, NVDA, PEP, TT, XOM | Factor, global, Quality, SmartBeta, technology, Trade Policy, volatility | Trump's tariff policies dominated market movements throughout the quarter, with Liberation Day tariffs causing initial sell-offs followed by recovery as trade deals were negotiated with the UK and China. The fund navigated the initial Trump Tariff Turbulence well due to its low volatility exposure. | View | |
| 2025 Q2 | Jul 27, 2025 | RS Large Cap Val Strategy | 3.6% | 5.2% | APH, C, CACI, CPAY, EG, ETN, FFH.TO, LKQ, ST, UNH, XOM | defense, large cap, Quality, ROIC, tariffs, technology, Trade Policy, value | The quarter was dominated by tariff-induced volatility, with markets initially selling off on Liberation Day tariff announcements before recovering on perceived softening of the administration's trade policy stance. The administration's protectionist policies have introduced significant uncertainty, overshadowing economic renaissance goals and impacting global currencies and markets. | CPAY CACI |
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| 2025 Q2 | Jul 25, 2025 | Open Insights Capital | - | - | ATH.TO, CNQ.TO, CVE.TO, CVX, MEG.TO, OXY, SCR.TO, SU.TO, XOM | Carbon Capture, energy, M&A, oil, tariffs, Trade Policy | The US is engaged in a trade war with China, implementing tariffs as high as 145% on Chinese goods. The manager believes this decoupling strategy will ultimately fail as the US is already backtracking and softening positions. Trade frameworks lack substance and the market is betting on the TACO trade (Trump Always Chickens Out). | OXY MEG.TO OXY SCR CN MEG CN |
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| 2023 Q2 | Jul 24, 2023 | RVK | - | - | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, large cap, Market Leadership, Patience, Quality, technology | Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error. | View | |
| 2025 Q2 | Jul 22, 2025 | Columbia Dividend Opportunity Fund | 2.7% | - | ABBV, AMT, AVGO, BAC, C, CSCO, CVX, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM | AI, dividends, financials, healthcare, technology, value | The fund focuses on companies with historically consistent and increasing dividends, though dividend-paying stocks underperformed the broader market during the quarter. The manager believes undervalued dividend stocks continue to offer opportunities for individual security selection. | MCHP |
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| 2025 Q2 | Jul 21, 2025 | The Davenport Core Leaders Fund | 11.1% | 7.3% | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, SPOT, TEL, UNH, UPS, WMT, XOM | AI, growth, large cap, momentum, technology, Valuations, value | Artificial intelligence is prompting enormous spending from tech titans and has joined forces with monetary stimulus to embolden risk taking. AI is incredibly promising and the firm expects to participate via ownership of select technology leaders, though many perceived beneficiaries are prioritizing growth over profit. | PWR NVDA |
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| 2025 Q2 | Jul 21, 2025 | The Davenport Value & Income Fund | 2.6% | 6.5% | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, ROK, SPOT, TEL, UNH, UPS, XOM | AI, earnings, Federal Reserve, momentum, small caps, technology, Valuations | Artificial intelligence is described as a powerful technology theme prompting enormous spending from tech titans. The manager notes AI is incredibly promising and expects to participate via ownership of select technology leaders, though warns of a gold rush mindset in certain corners of the market with many perceived beneficiaries prioritizing growth over profit. | View | |
| 2025 Q2 | Jul 2, 2025 | Tapasya Investment Fund | - | 11.7% | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Discipline, Patience, Quality, rates, small caps, technology | The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire index. | View | |
| 2024 Q2 | Jul 17, 2024 | ARK Invest | - | - | AMZN, CSCO, HD, KHC, MCD, MMM, NKE, SBUX, TMO, TXN, UPS, XOM | AI, Deflation, Fed policy, innovation, rates, Recession, technology | ARK expects AI and other disruptive technologies to drive broad-based deflation and pull the economy out of recession. The convergence among 14 technologies in ARK's five major platforms should start moving the needle on macro metrics significantly during the next five to ten years. ARK is searching for diversified exposure to the AI revolution, particularly software applications that are underrepresented in broad-based benchmarks. | View | |
| 2023 Q2 | Jul 17, 2023 | Glenmede Investment Management | - | - | AAPL, AMZN, GOOGL, META, MSFT, NVDA, T, TSLA, XOM | active, Concentration, large cap, Passive, technology, valuation, value | The firm emphasizes that for strategies where valuation is a core tenet, the opportunity set is one of the most attractive in years. The top five S&P 500 components are trading at 34.0x next-12-month P/E, almost double the historical median, while the rest of the index trades at more reasonable 17.1x. They believe active strategies can mitigate overexposure to historically expensive companies and overweight more valuation attractive opportunities. | View | |
| 2025 Q2 | Jul 16, 2025 | Pittenger & Anderson | - | - | AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, Quality, tariffs, technology, volatility | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. | View | |
| 2025 Q2 | Jul 15, 2025 | Akre Focus Fund | 6.5% | - | AAPL, AMZN, BN, CSGP, CSU.TO, DHR, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V, XOM | Compounding, drawdowns, long-term, Quality, value | The manager emphasizes business quality as the key differentiator for long-term compounding, citing research showing high-quality businesses (measured by smaller drawdowns) compound positively over time while low-quality businesses generally do not. Quality businesses are distinguished by their ability to compound from pre-drawdown peaks, unlike lower quality names that may bounce higher but fail to sustain growth. | View | |
| 2025 Q2 | Jul 10, 2025 | Guinness Global Energy | - | 5.3% | BP, CNQ, COP, CVE, CVX, DVN, E, ENB, EOG, EQNR, FANG, GALP.LS, IMO, KMI, OMV.VI, PTR, REP.MC, SHEL, SU, TTE, XOM | dividends, energy, Geopolitical, Natural Gas, oil, Opec, valuation | Oil prices rose sharply intra-month due to Israel-Iran conflict, with Brent reaching $80/bl before falling back to $68/bl. OPEC+ continues increasing production quotas while US shale production growth slows due to lower rig counts and capital discipline. | View | |
| 2025 Q2 | Jun 30, 2025 | Merchant West | - | - | BP, BRK-A, COLB.CO, CVX, DHR, ISRG, NPN.JO, SHEL, SHP.JO, SYK, TTE, XOM | demographics, energy, healthcare, Investment Management, liquidity, policy, South Africa, technology | JSE liquidity has been declining with trading concentrated in fewer stocks. Large asset managers face significant challenges building meaningful positions in illiquid stocks without moving prices. This creates opportunities for boutique managers who can access under-researched small and mid-cap companies. | TTE TTE FP |
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| 2025 Q2 | Jun 30, 2025 | The Gabelli Global Content & Connectivity Fund | 9.3% | - | AAPL, AMZN, BAC, BRK.A, CVX, GOOGL, HD, JNJ, JPM, MA, META, MSFT, NFLX, NVDA, PG, TSLA, UNH, V, WMT, XOM | defense, energy, gold, growth, Sports, tariffs, technology, value | Trump administration announced sweeping tariffs on April 2 (Liberation Day) causing significant market volatility. Initial tariff rates were very high but were later moderated through bilateral trade deals. The effective weighted average tariff rate is estimated at 18%, down from initial Liberation Day levels but still significantly higher than the prior administration's 2.5%. | MSFT |
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| 2024 Q2 | Jun 30, 2024 | City Different Investments – Global Equity | 5.3% | 22.5% | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, large cap, Market Leadership, Patience, Quality, technology | Nine of the 10 largest companies in the S&P 500 are directly involved with or beneficiaries of artificial intelligence, with the tenth (Berkshire Hathaway) holding large stakes in AI-related companies. The Big Tech/AI trade continues to drive market leadership, though this concentration creates less room for error. | View | |
| 2024 Q1 | Jun 15, 2024 | Goehring & Rozencwajg Associates, LLC | 0.0% | 0.0% | 7203.T, BHP.AX, CCJ, COP, CVX, DVN, EOG, FCX, Gold, HAL, MRO, NEM, OXY, PXD, RELIANCE.NS, RIO, RRC, SHOP.TO, SLB, XOM | Agriculture, AI, Copper, Energy Transition, gold, Natural Gas, oil, uranium | North American natural gas market has reached a turning point with production likely peaking in December 2023 while demand is set to surge from LNG exports and AI data centers. The firm expects a structural deficit to emerge as shale production falters just as new LNG capacity comes online and data center proliferation drives unprecedented electricity demand. | View | |
| 2025 Q1 | May 22, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | AAPL, AMZN, AR, BMW.DE, CCJ, CVX, FANG, GOOGL, IMPUY, META, MSFT, NFLX, NVDA, OXY, PXD, RRC, SBSW, SHOP.TO, TSLA, XOM | commodities, Drought, energy, gold, Mining, natural resources, Platinum, Shale | The bear market in platinum and palladium is drawing to a close after 16 years for platinum and 4 years for palladium. Demand shifts favor PGMs as EV adoption disappoints and hybrid vehicles require more PGMs than traditional ICE vehicles. Both markets are in structural deficit with supply constraints from South Africa and declining recycled supply. | View | |
| 2024 Q1 | May 2, 2024 | Madison Dividend Income Fund | 10.1% | 9.5% | ADP, BLK, CMCSA, CME, EOG, FAST, HD, MDT, MS, NEE, XOM | dividends, energy, financials, income, industrials, Quality, value | Fund employs relative yield strategy buying stocks with dividend yield at least 1.1x the S&P 500. Portfolio has dividend yield of 2.84% with relative dividend yield of 2.1x S&P 500, the highest levels in 20 years. Manager believes dividend stocks are historically cheap versus broad market. | XOM |
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| 2026 Q1 | May 13, 2026 | Shelton Equity Income Strategy | -0.2% | -0.2% | AKAM, BAC, BSX, COP, CTSH, DIS, LRCX, MRK, SYF, VZ, XOM | dividends, energy, income, Options, volatility | View | ||
| 2026 Q1 | Apr 8, 2026 | ClearBridge Investments Dividend Strategy | - | - | ADP, APO, AVGO, BX, ENB, EQT, HON, LHX, MSFT, NOC, ORCL, OTIS, RTX, TSM, WMB, XOM | AI, defense, dividends, energy, Geopolitical, inflation, semiconductors, software | View | ||
| 2026 Q1 | Apr 8, 2026 | Stonehearth Capital Management | - | - | CVX, XOM | commodities, energy, Geopolitical, inflation, Iran, oil, value | View | ||
| 2025 Q1 | Apr 5, 2025 | ClearBridge Investments Dividend Strategy | - | - | AIG, APO, AVGO, CVS, EIX, GILD, GOOGL, ITX.MC, KO, MSFT, NESN.SW, NOC, RTX, SAP, SRE, TEL, TMUS, WMB, XOM | defense, dividends, energy, tariffs, Utilities, value | The strategy focuses on companies with ability to deliver continued, robust dividend growth. Portfolio emphasizes quality compounders with steady dividend policies like Inditex. | TEL ITX.MC CVS |
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| 2025 Q1 | Apr 30, 2025 | Guinness Global Energy | 9.4% | 9.4% | BP, CNQ, COP, CVE, CVX, DVN, E, ENB, EOG, EQNR, FANG, GALP.LS, IMO, KMI, OMV.VI, PTR, REP, SHEL, SU, TTE, XOM | dividends, energy, Geopolitical, global, Natural Gas, oil, value | Oil prices remained robust with Brent averaging $75/bl in Q1 2025, supported by lower supply expectations and geopolitical tensions. The managers believe oil remains good value at around 2.7% of global GDP, well below historical averages. They see potential for higher prices driven by OPEC+ production management and geopolitical supply disruptions. | View | |
| 2024 Q1 | Apr 30, 2024 | Guinness Global Energy | - | 10.2% | BP, CNQ, COP, CVE, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO, OMV.VI, PTR, PXD, REP.MC, SHEL, SU, TTE, XOM | dividends, energy, free cash flow, Gas, oil, Opec, valuation | Oil prices strengthened in March driven by tighter supply/demand fundamentals, Middle Eastern tensions, and good OPEC+ compliance. Brent rose 16% year-to-date while 5-year forward prices increased 5%. The fund sees oil remaining affordable at current levels, representing only 2.8% of global GDP versus 30-year average of 3%. | View | |
| 2026 Q1 | Apr 28, 2026 | Miller Howard Investments | - | - | AMZN, GOOG, JPM, META, MSFT, XOM | AI, disruption, dividends, energy, growth, infrastructure, software, valuation | View | ||
| 2026 Q1 | Apr 28, 2026 | Miller Howard Investments Utilities Plus | 7.0% | 7.0% | JPM, XOM | AI, disruption, dividends, growth, HALO, infrastructure, Utilities, valuation | View | ||
| 2026 Q1 | Apr 28, 2026 | Miller Howard North American Energy Fund | 38.7% | 38.7% | APA, CNQ, JPM, LBRT, OVV, TRP, XOM | AI Disruption, dividends, energy, Geopolitical, Natural Gas, North America, oil | View | ||
| 2026 Q1 | Apr 28, 2026 | Miller Howard Investments MLP Strategy | 17.6% | 17.6% | JPM, XOM | AI, disruption, dividends, growth, infrastructure, valuation | View | ||
| 2026 Q1 | Apr 28, 2026 | Miller Howard Investments Income-Equity Strategies | 5.1% | 5.1% | JPM, XOM | AI, disruption, dividends, energy, growth, infrastructure, software, valuation | View | ||
| 2026 Q1 | Apr 28, 2026 | Miller Howard Investments Infrastructure | 13.5% | 13.5% | AMZN, GOOG, JPM, META, MSFT, XOM | AI, disruption, dividends, growth, HALO, infrastructure, valuation | View | ||
| 2026 Q1 | Apr 22, 2026 | Columbia Dividend Opportunity Fund | 5.2% | 5.2% | APO, ARES, BG, BX, CVX, GLW, IBM, NTR, STX, T, VLO, VZ, XOM | dividends, energy, income, large cap, Quality, value | View | ||
| 2026 Q1 | Apr 21, 2026 | BNY Mellon Appreciation Fund | -6.5% | -6.5% | AMZN, ASML, BAESY, CVX, GOOGL, INTU, META, MSFT, TSM, XOM | AI, energy, geopolitics, large cap, Quality, technology, Trade Policy | View | ||
| 2024 Q1 | Apr 20, 2024 | Alpha Wealth Funds – The Insiders Fund | 0.0% | 1.2% | AAPL, AMZN, AXON, CRK, DELL, DVN, ET, GOOGL, HR, ILMN, INTC, MSFT, MU, NVDA, ORCL, PEAK, QCOM, RXRX, SEDG, XOM | AI, energy, insider buying, Natural Gas, semiconductors, technology | Manager believes we are at an internet game-changing moment with AI, describing it as profound and transformational. Companies are stampeding to embrace AI or risk being disrupted by chatbots, robots, or machine learning. A massive uptick in capex spending is underway directly attributable to AI adoption. | View | |
| 2026 Q1 | Apr 18, 2026 | John Hancock Balanced Fund | -0.6% | -0.6% | AMAT, MSFT, SU, VLO, XOM | AI, asset allocation, Balanced, energy, fixed income, Geopolitical, technology | View | ||
| 2026 Q1 | Apr 17, 2026 | Titan Wealth | - | - | ACN, ADBE, AEM, AMD, BKR, CCJ, GLEN.L, LLY, MELI, META, MOS, MSFT, ORCL, PAAS, PLTR, RELX.L, RWE.DE, UL, XOM | AI, energy, geopolitics, infrastructure, Iran, Multi-Manager, Regional | RWE.DE |
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| 2026 Q1 | Apr 15, 2026 | Ophir | - | - | NVDA, XOM | AI, Australia, Geopolitical, oil, rates, small caps, Valuations | View | ||
| 2026 Q1 | Apr 13, 2026 | The Davenport Value & Income Fund | 1.9% | 1.9% | ACN, BDX, CMCSA, CSCO, CVX, ELV, ENB, FDX, NEE, NSC, NVO, SLB, TXN, UNH, UNP, VSNT, WAT, WY, XOM | AI, dividends, energy, Geopolitical, income, infrastructure, large cap, value | View | ||
| 2025 Q1 | Mar 31, 2025 | Miller Howard North American Energy Fund | - | - | AESI, AR, COP, CVE, CVX, EQT, GPOR, HES, KMI, LBRT, SM, SOBO, SU, TRGP, WTTR, XOM | Canada, dividends, energy, Midstream, Natural Gas, oil, Trade Policy | Oil prices remained flat during the quarter despite energy sector outperformance. The portfolio focuses on producers with long drilling inventory to reduce volatility from short-term oil price fluctuations. Permian Basin production analysis shows rapid well decline rates, making longer-term price stability more likely than short-term volatility. | View | |
| 2025 Q1 | Mar 31, 2025 | American Century Equity Income Fund | 4.7% | 4.7% | BDX, BRK-A, C, CSCO, EPD, JNJ, JPM, KVUE, MCHP, MDT, MLM, NSC, PM, TROW, WFC, XOM | dividends, financials, healthcare, industrials, Quality, value, volatility | The fund continues to focus on higher-quality companies with stable revenues and profits, low indebtedness, stable cash flows and predictable business models that are less sensitive to economic conditions. This approach is driven by continuing inflation and uncertain macroeconomic and policy conditions. | View | |
| 2025 Q1 | Mar 31, 2025 | Columbia Dividend Opportunity Fund | 3.4% | 3.4% | ABBV, AFG, ALL, AVGO, CSCO, CVS, CVX, DLR, EIX, HD, HPE, IBM, JNJ, JPM, KO, MRK, PEG, PM, TGT, XOM | defensives, dividends, energy, large cap, Trade Policy, Utilities, value | The fund focuses on companies with historically consistent and increasing dividends. Dividend-paying stocks held up reasonably well in Q1 despite broader market weakness, benefiting from rotation into defensive areas. The fund maintains positions in core dividend-paying holdings across sectors. | View | |
| 2025 Q1 | Mar 31, 2025 | Fidelity Freedom 2045 Fund | 0.1% | 0.1% | ALAB, BA.L, DECK, GE, IMPUY, MRVL, NVDA, PDD, RHM.DE, SAN, SE, TSLA, XOM | asset allocation, diversification, geopolitics, policy, target date, tariffs | The fund emphasizes strategic asset allocation and diversification to help navigate different market environments and risks. Recent years have amplified portfolio diversification based on the view that participants will experience multiple market environments throughout their lifetime, and that regimes can change abruptly. The fund's glide path reflects long-term views on participant needs, diversification and capital markets. | View | |
| 2025 Q1 | Mar 31, 2025 | Fidelity Freedom 2055 Fund | 0.0% | 0.0% | ALAB, BA.L, DECK, GE, IMPUY, MRVL, NVDA, PDD, RHM.DE, SAN, SE, TSLA, XOM | asset allocation, diversification, geopolitics, Policy Uncertainty, target date, tariffs | The fund emphasizes strategic asset allocation and diversification to help navigate different market environments and risks. Recent years have amplified portfolio diversification based on the view that participants will experience multiple market environments throughout their lifetime, and that regimes can change abruptly. The fund's glide path reflects long-term views on participant needs, diversification and capital markets. | View | |
| 2025 Q1 | Mar 31, 2025 | RS Large Cap Val Strategy | 1.6% | 1.6% | ABBV, CBOE, CI, CRM, EXC, GOOGL, RRX, TEVA, XOM, ZBRA | large cap, Pharmaceuticals, ROIC, tariffs, value, volatility | The team continues to focus on value-oriented strategies, believing they are well-positioned in the current environment of elevated volatility. They seek companies with improving ROIC trading at deep discounts to intrinsic value, emphasizing that value stocks outperformed growth during the quarter's market decline. | ZBRA ABBV |
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| 2024 Q1 | Mar 31, 2024 | City Different Investments – Global Equity | 16.4% | 46.0% | AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, tariffs, technology | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. The top companies today are mostly technology-oriented and tied to artificial intelligence possibilities. | View | |
| 2023 Q1 | Mar 31, 2023 | Burke Wealth Managament The Focused Growth Strategy | 18.6% | 18.6% | AAPL, ACN, AMZN, BRK-A, CRM, CVX, GOOGL, ISRG, JNJ, JPM, MA, META, MSFT, NVDA, ORCL, PG, TSLA, UNH, V, XOM | AI, Banking, growth, large cap, semiconductors, technology | The public launch of ChatGPT marked AI's iPhone moment, representing the fourth major computing revolution after PC, internet, and mobile. Artificial intelligence will drive profound impacts on corporate productivity and society, with enterprises incorporating massive data lakes into language models for business-specific applications. | ISRG CRM ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q4 | Mar 1, 2025 | Columbia Dividend Opportunity Fund | -1.6% | 15.5% | ABBV, APO, AVGO, BAC, CSCO, CVS, CVX, GRMN, GS, HD, IBM, JNJ, JPM, KO, MRK, SWK, TPG, VST, WFC, XOM | AI, dividends, financials, large cap, semiconductors, value | The fund invests in companies that have historically paid consistent and increasing dividends. Dividend-paying companies lagged considerably in Q4 due to missing out on growth stock rallies and pressure from rising bond yields. The fund's dividend focus creates compelling relative values across the investment universe. | View | |
| 2025 Q4 | Feb 25, 2026 | The D. E. Shaw Group | - | - | AAPL, AMZN, AVGO, BRK-B, CVX, GE, GOOGL, IBM, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WFC, XOM | active management, AI, Concentration, market structure, Mega Cap, portfolio construction, risk management, technology | Breakthroughs in artificial intelligence have helped drive notably strong performance in a handful of mega cap stocks. The concentration in tech and AI-related companies has contributed to the current market dynamics where the ten largest S&P 500 constituents account for more than 40% of the index's weight. The document extensively analyzes how market concentration affects portfolio risk characteristics and active management strategies. It discusses the implications for risk models, beta distributions, and the challenges concentration poses for traditional risk management approaches in equity portfolios. The analysis focuses on how equity market concentration impacts the fundamental law of active management, transfer coefficients, and breadth of investment opportunities. It examines the structural changes in capital markets that affect managers' ability to generate alpha and express investment views effectively. | View | |
| 2024 Q4 | Dec 31, 2024 | Pzena Investment Management | - | - | AAPL, AMZN, C, CSCO, GE, GOOGL, IBM, INTC, META, MSFT, NVDA, TSLA, WMT, XOM | active management, AI, Concentration, growth, large cap, value | Value stocks have significantly underperformed during the current period of market concentration, but historically outperform when concentration levels decline. The firm expects value stocks to benefit from earnings convergence between the Magnificent Seven and the broader market. | View | |
| 2024 Q4 | Dec 31, 2024 | Miller Howard North American Energy Fund | - | - | AESI, AR, DINO, EQT, KMI, LBRT, LYB, PBA, PSX, RRC, SM, SOBO, TRP, WTTR, XOM | AI, China, Data centers, energy, Natural Gas, oil, Pipelines, Refiners | Natural gas emerged as a key beneficiary of AI-driven data center demand growth. Weather-driven price surges boosted natural gas producers like Antero Resources and Range Resources. The fund added natural gas pipelines as emerging beneficiaries of power-hungry AI/data center boom. | View | |
| 2023 Q4 | Dec 31, 2023 | Contrarius Global Equity Fund | 10.4% | 20.2% | DOCU, MSFT, TWLO, XOM, ZM | contrarian, energy, global, growth, software, technology, value | The fund follows a contrarian, valuation-based investment philosophy, finding compelling opportunities in high margin, long-term growth companies trading below intrinsic value. The manager emphasizes they are not typical value managers but invest in both value and growth stocks when attractively priced. | AZM IM |
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| 2023 Q4 | Dec 31, 2023 | Packer & Co | - | 6.2% | 0762.HK, 0941.HK, AAPL, AMZN, BABA, BAYRY, BKY.AX, CNOOC, CVX, ERA.AX, GOOGL, HES, META, MSFT, NHC.AX, NVDA, SRUUF, STNG, XOM, YCA.L | China, energy, oil, Recession, technology, uranium, value | The fund holds CNOOC as its largest position at 10.4%, China's premier oil company producing 2% of world oil. CNOOC trades at just 4x P/E and is rapidly expanding output with focus on offshore China and Guyana where it holds 25% interest in the enormous Stabroek discovery alongside Exxon and Hess. | 9988.HK ERA.AX 0941.HK HES CEO |
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| 2023 Q4 | Dec 1, 2024 | Claret Asset Management | 0.0% | 0.0% | AAPL, AMZN, GOOGL, META, MSFT, NFLX, NVDA, TSLA, XOM | asset allocation, Credit markets, global, interest rates, large cap, technology | Manager highlights that global credit markets are 3 times the size of equity markets at over $300 trillion. With interest rates rising from historically low levels, high-yield corporate bonds now offer 8.5-9% returns, providing attractive risk-adjusted returns relative to equities. The manager suggests considering more balanced asset allocation over the next 5-10 years. | View | |
| 2023 Q3 | Nov 29, 2023 | Goehring & Rozencwajg Associates, LLC | 0.0% | 0.0% | BHP, CCO, CVX, GDX, HES, IVN, IVNEF, KAP, OIH, PXD, QQQ, RIO, RRC, SIL, URA, XLE, XOM, XOP | commodities, demand, energy, natural resources, nuclear, Renewables, Shale, Supply Deficit | Managers argue renewable energy investments represent history's worst malinvestment due to poor energy return on investment (EROI). Wind and solar have terrible EROIs compared to fossil fuels, requiring massive raw materials and energy inputs. Recent project cancellations and cost increases validate their contrarian view that renewables cannot replace conventional energy. | View | |
| 2025 Q3 | Nov 25, 2025 | Goehring & Rozencwajg Associates, LLC | - | - | ABX, CCJ, COPX, FCX, GDX, IMPUY, IVN, KAP, NVDA, NXE, OSX, SBSW, SIL, SLB, TSLA, URNM, XBM, XLE, XOM, XOP | Carry Regime, commodities, energy, gold, Mining, monetary policy, natural resources, oil | Gold continues strong performance with 16% gain in Q3 and 45% year-to-date. Western ETF buying remains robust with 200 tonnes accumulated in Q3. Central banks purchased 220 tonnes in Q3, maintaining steady accumulation. Gold bull market still in early stages despite some valuation measures flashing overvaluation signals. | View | |
| 2024 Q3 | Nov 10, 2024 | Greenhaven Road Capital | 15.0% | 12.0% | BUR.L, CLBT, HGTY, KKR, LFCR, LLY, NVO, PAR, SOC, XOM | Concentration, energy, healthcare, PIPE, self-help, technology, value | LifeCore is positioned to benefit from GLP-1 drug manufacturing capacity constraints. While they don't currently manufacture Ozempic or Wegovy, they are equipped to do so and management has hinted at GLP-1 conversations. Eli Lilly and Novo Nordisk are severely capacity-constrained with 41 countries where GLP drugs are approved but haven't launched due to manufacturing constraints. | View | |
| 2024 Q3 | Oct 31, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMZN, BIDU, CMCM, FANG, GOOGL, HWT.UL, META, MSFT, NVDA, OXY, PXD, TPG, TSLA, XOM | AI, China, Data centers, energy, infrastructure, Natural Gas, oil, technology | AI data centers require massive electric power consumption, with exascale facilities consuming as much electricity as small countries. The AI boom is driving unprecedented capital expenditure by tech giants, with Microsoft, Meta, and Alphabet spending over $370 billion in five years. AI applications are expanding rapidly across industries, creating endless use cases and driving demand for physical infrastructure. | View | |
| 2024 Q3 | Oct 30, 2024 | Guinness Global Energy | - | 7.8% | 0857.HK, BP, CNQ.TO, COP, CVE.TO, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO.TO, OMV.VI, PXD, REP.MC, SHEL, SU.TO, TTE, XOM | CashFlow, dividends, energy, Gas, oil, Opec, valuation | Brent and WTI oil prices strengthened in September on OPEC+ supply cuts and declining inventories. Saudi Arabia and Russia extended voluntary production cuts through year-end, keeping markets undersupplied at 1.5m b/day. Global oil inventories declined 300m barrels over six months to late 2022 lows. | View | |
| 2025 Q3 | Oct 27, 2025 | Horizon Kinetics | - | - | ALS.TO, CLF, EME, FCX, FNV, LB, LNG, MCD, MOS, MSB, NEM, NRG, NTR, NVDA, SBR, SJT, TRC, WBI, WPM, XOM | AI, DataCenters, Exchanges, gold, inflation, Natural Gas, Scarcity, water | Securities exchanges sit atop market action like casino croupiers, collecting spreads and benefiting from volatility while remaining indifferent to market fashions. They have extraordinary ability to let products compound without impediment and minimal capital investment requirements to support new volume levels. | MESABI SJT ALS CN WPM CN MESABI SJT ALS CN WPM CN |
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| 2023 Q3 | Oct 24, 2023 | Pelican Bay Capital Management | 2.7% | 14.6% | CPRI, FANG, GNRC, GOOGL, PSX, PXD, TPR, VZ, XOM | buyouts, Concentration, dividends, energy, oil, Quality, value | Oil prices rose 32% in Q3 as global demand runs 1-2 million barrels per day ahead of supply, reaching record highs of 103 million barrels per day in July. Years of underinvestment outside US shale and prolonged OPEC production cuts have created supply constraints. The manager believes oil prices could continue rising given multi-year timeframes needed for new supplies and environmental policies constraining investment. | PXD DIPSX FANG BVZN SW GNRC CPRI |
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| 2025 Q3 | Oct 20, 2025 | The Davenport Core Leaders Fund | 3.2% | - | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, SPOT, TEL, UNH, UPS, WMT, XOM | AI, earnings, Fed policy, momentum, small caps, technology, Valuations | Artificial intelligence is driving enormous spending from tech titans and creating a powerful technology theme. AI has joined forces with monetary stimulus to embolden risk taking, with AI-linked stocks posting explosive moves higher since April. The technology is incredibly promising, though many perceived beneficiaries are prioritizing growth over profit. | NVO NVDA |
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| 2025 Q3 | Oct 20, 2025 | The Davenport Value & Income Fund | 5.2% | - | AAPL, ACN, AMZN, AVGO, EA, ELV, GOOGL, ISRG, META, MSFT, NOW, NVDA, NVO, ORCL, ROK, SPOT, TEL, UNH, UPS, XOM | AI, dividends, large cap, momentum, technology, Valuations, value | Artificial intelligence is driving enormous spending from tech titans and prompting explosive moves in AI-linked stocks. The technology theme has joined forces with monetary stimulus to embolden risk taking. While AI is incredibly promising, many perceived beneficiaries are prioritizing growth over profit and investors may question ultimate returns on AI spending. | View | |
| 2025 Q3 | Oct 2, 2025 | LRT Capital Management | - | -0.2% | ABG, CAAP, CCI, CHE, CHTR, CIGI, CM, DRI, FN, GPI, IESC, PBR-A, RLI, SNEX, SSD, TD, TRV, TTC, UNH, XOM | Long/Short, Market Neutral, Quality, risk management, Systematic, valuation, value | The manager emphasizes investing in high-quality companies that are growing their value per share. While the quality factor has struggled over the past year, the manager views this as presenting the greatest opportunity for future investment and believes now is a perfect time to add to the strategy given its muted returns. | View | |
| 2025 Q3 | Oct 2, 2025 | Pittenger & Anderson | - | - | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, Discipline, large cap, Patience, Quality, technology | The Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire S&P 500 index. | View | |
| 2025 Q3 | Oct 19, 2025 | LVS Advisory – Event Driven | - | 10.4% | BP, CW, E, GLNG, LNG, SHEL, TLN, XOM | Argentina, energy, infrastructure, LNG, nuclear, Power Generation | Electricity demand is accelerating due to AI computing surge, electric vehicle adoption, and global middle class growth. Demand for power is growing faster than supply, creating a nearly 50-gigawatt deficit over the next 5 years. This trend is driving higher electricity prices and incentivizing new power plant construction. | View | |
| 2025 Q3 | Oct 19, 2025 | LVS Advisory – Growth | - | 15.7% | BP, CW, E, GLNG, LNG, SHEL, TLN, XOM | Electricity, energy, infrastructure, LNG, Natural Gas, Power Generation | Electricity demand is accelerating due to AI computing surge, electric vehicle shift, and rising global middle class. Demand is growing faster than supply, with estimates showing a nearly 50-gigawatt deficit over the next 5 years in the US. This creates a powerful investment thesis for power generation businesses. | View | |
| 2025 Q3 | Oct 16, 2025 | Bridgewater Associates | - | - | AAPL, BASFY, DOW, GE, MP, MSFT, TSLA, XOM | AI, China, energy, geopolitics, Grid, Industrial Policy, Renewables, Self-sufficiency | The world is shifting toward modern mercantilism where governments prioritize energy self-sufficiency for national competitiveness, especially given the critical role of energy in the AI race. Climate considerations are becoming less important in directly shaping energy and industrial policy, lowering the probability of achieving the massive systems overhaul needed for decarbonization. | View | |
| 2023 Q3 | Oct 16, 2023 | Smead Value Fund | 5.1% | 11.1% | AMGN, AXP, BAC, COP, DHI, LEN, MRK, NVR, OVV, OXY, PFE, PXD, SPG, TGT, UHAL, XOM | Bear Market, commodities, Financial Euphoria, Homebuilders, Millennials, oil, value | The fund sees a once-in-a-lifetime opportunity in oil and gas shares, believing they are in the early stages of a commodity super-cycle. Oil and gas stocks have dramatically underperformed the price of oil this year, creating an excellent short-term buying opportunity. The fund expects consolidation in the industry with 40% of existing companies potentially merging into larger entities within 10 years. | View | |
| 2025 Q3 | Oct 14, 2025 | Columbia Dividend Opportunity Fund | 6.1% | - | ABBV, AVGO, BAC, C, CSCO, CVX, DRI, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM | AI, dividends, financials, healthcare, technology, value | Technology sector strength was propelled by positions in companies that have emerged as potential beneficiaries of AI over the past year, including Corning and Seagate Technology. AI's positive impact on earnings growth is being seen in the technology and utilities sectors. | View | |
| 2025 Q3 | Oct 14, 2025 | Guinness Global Energy | - | 14.2% | BKR, BP, COP, CVE, CVX, E, EOG, EQNR, FANG, GALP.LS, HAL, OMV.VI, REP.MC, SHEL, SLB, SU, TTE, VLO, WMB, XOM | energy, global, Natural Gas, oil, Opec, Russia, Ukraine | Oil prices remained mixed in September with WTI falling slightly while Brent stayed flat. Ukrainian attacks on Russian oil infrastructure and OPEC production decisions continue to drive price volatility. The fund expects oil prices to move higher over the next twenty years due to population growth, developing world industrialization, and diminishing fossil fuel supplies. | EOG REP SM HAL VAL |
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| 2025 Q3 | Oct 12, 2025 | Richie Capital Group | - | - | MSFT, NVDA, XOM | active management, AI, Market Concentration, Migration Effect, small caps, value creation | The migration effect shows that roughly 10% of small companies that grow into mid- and large-cap status explains most of small-cap outperformance. Despite concerns about quality decline in the Russell 2000, opportunities persist for active managers willing to do rigorous research in this less efficient market. | View | |
| 2024 Q4 | Jan 8, 2025 | Tapasya Investment Fund | - | 17.8% | AAPL, AMZN, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, Quality, tariffs, technology | AI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity gains across sectors, and improving corporate margins if companies retain cost savings from efficiency improvements. | View | |
| 2025 Q4 | Jan 7, 2026 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, ADP, APD, AVGO, GOOGL, ITX.MC, KO, LHX, META, MMC, MSFT, NESN.SW, NVDA, ODFL, ORCL, TEL, TMUS, UL, UNP, XOM | AI, Concentration, diversification, dividends, large cap, semiconductors, technology, value | AI will radically change lives, labor markets and the economy, but investors already ascribe trillions of dollars of value to AI-related enterprises while aggregate AI-related revenues are minimal relative to embedded expectations. The landscape is evolving too swiftly to conclude today's favored players will be ultimate winners, with fundamental questions remaining about LLM commoditization and revenue sustainability. The strategy's average holding has grown its dividend at 10% over the last 12 months with similar growth expected in coming years. The fund maintains focus on dividend-paying companies as part of its core investment approach and diversification strategy. The ClearBridge Dividend Strategy trades at a significant discount to the broader market with a P/E ratio of 19.8x versus 24.7x for the S&P 500. The managers value securities based on free cash flow yields and gravitate toward those with asymmetric risk-reward profiles. | View | |
| 2025 Q4 | Jan 27, 2026 | Gate City Capital | 2.7% | 15.4% | 1211.SR, ALCO, APP, BTU, DSP, EVC, HTLD, IPI, JAKK, MOS, TTD, XOM | Agriculture, energy, Media, Precious Metals, real estate, small caps, value | Gold and silver prices have continued their meteoric rise as large investors including central banks seek alternatives to U.S. Treasuries to preserve wealth. Silver prices rose nearly 150% in 2025, with both gold and silver reaching record highs. The inability of mining companies to increase production to meet elevated demand has led to soaring prices. The fund holds significant positions in fertilizer companies including Mosaic and Intrepid Potash. Mosaic is a market leading producer of potash and phosphate fertilizers in North America and the largest producer in Brazil. Intrepid produces potash from three U.S. solution mines and also mines Trio fertilizer, with potential for market share gains after competitor exits. Peabody Energy was the fund's top contributor in 2025, benefiting from strengthened domestic thermal coal prices as data center build-out strains the U.S. power grid. Metallurgical coal prices have increased substantially after a soft contracting season. Peabody's low-cost Centurion mine in Australia is ramping up production. Entravision was the fund's top performer in Q4, owning 49 television stations and 44 radio stations targeting Hispanic audiences. The company also operates a rapidly growing Advertising Technology & Services segment through Smadex subsidiary. Deregulation in broadcast television and radio should encourage industry consolidation. Alico continues as the fund's largest position, owning nearly 50,000 acres in Florida previously devoted to citrus farming. The company is undergoing strategic transformation, converting 75% of citrus acres to other agricultural purposes and 25% to higher and better use opportunities including residential and commercial developments. Heartland Express contributed positively as the extended three-year slowdown in U.S. trucking market shows signs of abating. Supply of available trucks has decreased as orders for new equipment have fallen sharply, while stricter enforcement of Commercial Drivers Licenses has decreased available drivers. Demand rose in holiday season with spot rates reaching multi-year highs. | ALCO JAKK IPI MOS HTLD BTU EVC |
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| 2025 Q4 | Jan 24, 2026 | Miller Howard Investments | - | - | AAPL, AMZN, BAC, BRK-B, GOOG, GOOGL, JNJ, JPM, META, MSFT, NVDA, PG, TSLA, WMT, XOM | Concentration, dividends, Indices, Magnificent 7, nuclear, SMRs, value | The US is on the cusp of a nuclear renaissance driven by rising electricity demand, policy support, and emerging technologies like small modular reactors. Nuclear capacity could quadruple by 2050, though regulatory, economic, and execution risks remain significant challenges. Miller/Howard maintains strict dividend focus across portfolios, avoiding Magnificent 7 stocks in income-oriented strategies. The firm emphasizes high current income and growth of income as core differentiators in an increasingly concentrated market. Index reconstitutions have compromised style integrity by adding growth-oriented Magnificent 7 stocks to value indices. This creates concentration risk and challenges traditional value investing principles based on lower valuations and higher dividend yields. | View | |
| 2025 Q4 | Jan 24, 2026 | Miller Howard North American Energy Fund | 1.0% | 6.1% | CHRD, CNQ, CVE, CVX, EQT, GPOR, HES, LBRT, MPC, OKE, OXY, PBA, PSX, RRC, SM, SU, VLO, XOM | Data centers, dividends, energy, Natural Gas, North America, oil, Refiners | Pressure pumpers are seeing growing interest in supplying power to data centers under long-term contractual arrangements. Mobile generation equipment can be deployed within weeks at competitive efficiency levels. Liberty Energy announced a positive 1GW data center power generation project by year-end 2027. Natural gas prices rallied sharply amid a cold start to winter in the US, supported by strong LNG exports and rising data center power demand. The portfolio reduced natural gas price exposure by selling EQT Corp and trimming Range Resources Corp. Oil prices drifted lower on a near-term supply glut and closed the quarter in the mid-$50/bbl range. Adjusted for inflation, prices are near century lows. At current prices, E&Ps are expected to further rein in production with US supply likely to decline in 2026. The portfolio increased Valero and Phillips 66 on strong refinery dynamics. Marathon Petroleum had a rare refinery earnings miss on operational items believed to be one-time, with favorable 2026 capex guidance. The portfolio currently offers an indicated yield of 3.2% that is well supported down to roughly $45/bbl oil, with potential for significantly larger variable capital returns at higher commodity prices. Suncor Energy raised its dividend 5.3% amid strong buybacks. | View | |
| 2025 Q4 | Jan 21, 2026 | Guinness Global Energy | 0.0% | 9.0% | BP, CNQ.TO, COP, CVX, FANG, SHEL, SU.TO, TTE, VLO, XOM | energy, Exploration, Gas, Integrated, oil, Production | The letter positions global energy equities as long-term beneficiaries of population growth, industrialization, and constrained fossil fuel supply, which together support structurally higher energy prices. Energy companies are viewed as a partial hedge against inflation given their linkage to real assets and commodity pricing. A disciplined, value-biased approach combines top-down energy market analysis with bottom-up stock selection in a concentrated portfolio of large, established energy producers. | View | |
| 2025 Q4 | Jan 20, 2026 | Madison Dividend Income Fund | -0.2% | 8.3% | AAPL, AMZN, AVGO, BLK, CME, CVX, GOOGL, HON, JNJ, MDT, META, MS, MSFT, NEE, NVDA, TSLA, UNP, XOM | defensives, dividends, income, large cap, Quality, value | The fund focuses on high-quality, above-average dividend yield stocks with sustainable competitive advantages. Portfolio holdings increased dividends by 6% on average over the past year, well above inflation rates. The fund's absolute portfolio dividend yield of 2.53% compares favorably to 1.12% for the S&P 500. Many dividend paying companies are historically cheap compared to the broad market. The relative yield of the Dividend Income Fund was 2.25x the S&P 500 at year-end, at the very high end of historical ranges. The equal weight S&P 500 is trading at just half the valuation level of the S&P 500. The fund maintains a high-quality portfolio with strong balance sheets that could protect on the downside in a market correction. 94% of fund holdings are rated A- or better by Standard & Poor's, which compares favorably to the S&P 500 at 35% and the Russell 1000 Value at 22%. | View | |
| 2023 Q4 | Jan 16, 2024 | Pelican Bay Capital Management | 12.2% | 28.6% | APAM, BLDR, CPRI, CSCO, EOG, EXPE, GNRC, GOOGL, MO, NTR, ON, PXD, TOL, XOM | concentrated, energy, Fertilizers, Homebuilders, Quality, semiconductors, Travel, value | Homebuilding-related stocks were top performers in Q4 with Toll Brothers up 39% and Builders FirstSource rising 32% as interest rates dropped from 5.0% to 3.8%. The manager made tactical position sizing adjustments in BLDR, trimming at $143 in summer and adding back at $117 in October before shares rebounded to $170. | EOG 6ON GR |
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| 2025 Q4 | Jan 15, 2026 | Columbia Dividend Opportunity Fund | 2.8% | 15.9% | ABBV, ALB, BAC, BLK, BRX, C, CSCO, DRI, GOOGL, GPC, GPS, GS, HD, IBM, IP, JNJ, JPM, LUV, MCD, MO, MRK, MU, PM, QRVO, SBUX, SWKS, T, UDR, XOM | AI, Banking, dividends, financials, Lithium, technology, value, Yield | The fund focuses on companies with historically consistent and increasing dividends, though dividend stocks generally underperformed during the quarter as investors favored speculative companies over defensive characteristics. The manager maintains a positive view on dividend-paying stocks as an out-of-favor segment largely devoid of speculative activity. The market remained supported by ongoing enthusiasm about the artificial intelligence theme, though there was a brief stretch of concern in November about a possible AI bubble. The manager sees potential for improved relative performance if excitement surrounding AI begins to cool. The quarter was characterized by broadening market leadership away from mega-cap technology companies, contributing to relative strength in the value style. The fund's investment universe offers fundamentally sound companies trading with attractive yields and reasonable valuations. A new position in mandatory convertible securities of lithium producer Albermarle made a sizable contribution as lithium prices rose due to reduced supply from China, and market participants became more optimistic about the metal's potential use in energy storage applications. | View | |
| 2024 Q3 | Sep 30, 2024 | Columbia Dividend Opportunity Fund | 9.5% | 0.0% | ABBV, BAC, BBY, BX, BXP, CSCO, CVX, F, GS, IBM, JNJ, JPM, K, KO, MMM, MRK, SWK, VST, WFC, XOM | AI, dividends, large cap, rates, Utilities, value | The fund focuses on companies with historically consistent and increasing dividends. The improving interest rate outlook helped fuel robust gains for dividend payers. The manager remains optimistic about dividend stock prospects given steady economic growth and falling interest rates. | View | |
| 2024 Q3 | Sep 30, 2024 | L1 Capital Long Short Fund | 2.4% | 10.8% | BKR, CBA.AX, CNU.TO, CRH, CVE.TO, FLTR.L, FRA.DE, HAL, MEG.TO, MIN.AX, NWG.L, NXE.TO, OXY, QAN.AX, REA.AX, RMV.L, TSCO.L, WOR.AX, WOW.AX, XOM | Australia, Banking, energy, gold, Long/Short, Travel, United Kingdom, value | The fund continues to focus on quality, lower P/E stocks with strong cash flow generation and solid earnings growth outlooks. They see extreme crowding and overvaluation in domestic banks and several ASX20 stocks, while many cyclical stocks trade at both depressed P/E multiples and depressed earnings bases, providing opportunity for large, medium-term upside for patient investors. | View | |
| 2024 Q3 | Sep 30, 2024 | Fidelity Dividend Growth Fund | 4.4% | 25.2% | AAPL, ABBV, ALSN, AMZN, APO, AVGO, BA, BN, BRK-A, CMCSA, CVX, EPD, ET, EXC, GEV, GOOGL, HD, JNJ, JPM, META, MRVL, MSFT, MU, NVDA, QCOM, TSLA, VST, XOM | aerospace, AI, dividends, energy, large cap, technology, Utilities, value | The fund sees explosive growth of AI as a key advantage in semiconductors and semiconductor equipment. AI's influence was reflected in the roughly 19% advance for the utilities sector, which benefited from its key role in providing electricity needed to power massive data centers used for AI. The fund maintains notable overweights in AI-related semiconductor names like Qualcomm, Marvell Technology and Micron Technology. | View | |
| 2024 Q3 | Sep 30, 2024 | Miller Howard North American Energy Fund | 0.0% | 0.0% | AESI, CHRD, CVE, CVX, DINO, HES, KMI, OXY, PBA, TRGP, TRP, WTTR, XOM | energy, Midstream, Natural Gas, oil, Pipelines, Shale | Portfolio rotation into natural gas-focused midstream stocks delivered strong returns this quarter, partially offsetting oil producer and refiner weakness. Kinder Morgan is seeing excitement around long-term exposure to AI-related natural gas developments. | AESI WTTR |
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| 2024 Q3 | Sep 30, 2024 | American Century Equity Income Fund | 9.6% | 0.0% | BDX, EPD, INTC, JNJ, JPM, KVUE, MCHP, MDT, NSC, ON, PG, RB.L, TROW, UNH, VZ, XOM | Consumer Staples, dividends, financials, healthcare, income, Quality, Utilities, value | Value stocks outperformed growth stocks across the market-capitalization spectrum during the quarter. The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company. | View | |
| 2023 Q4 | Aug 3, 2024 | Peterson Investment Fund | -3.5% | 21.7% | BABA, BRK-B, DJCO, EBAY, ORCL, T, XOM | Cloud, compounders, concentrated, dividends, E-Commerce, real estate, technology, value | Fund employs concentrated value investing approach targeting undervalued companies with exceptional growth prospects and strong management teams. Uses deep fundamental analysis and structured value purchasing methods to acquire shares below intrinsic value. | BABA DJCO |
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| 2024 Q2 | Jul 31, 2024 | Guinness Global Energy | 0.0% | 10.3% | BP, CNQ, COP, CVE, CVX, DVN, E, EOG, EQNR, FANG, GALP.LS, IMO, OMV.VI, PTR, REP.MC, SHEL, SNP, SU, TTE, XOM | dividends, energy, Free Cash, global, Natural Gas, oil, Opec, valuation | Oil prices strengthened in June with WTI closing at $81.5/bl and Brent at $87/bl. OPEC+ maintained production quotas while aspiring to add spare capacity back in 2025. The managers see oil demand growth of 1.0-1.3m b/day in 2024, with aviation being a key driver as global flights are now 13% above 2019 levels. | View | |
| 2024 Q2 | Jun 30, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, APD, AVB, CMCSA, DEO, GOOGL, HLN.L, INTC, MA, MDLZ, META, MSFT, NESN.SW, NVDA, ORCL, PXD, SRE, TRV, V, VMC, WMB, XOM | Concentration, diversification, dividends, Passive investing, technology, valuation | The strategy focuses on companies with nicely growing dividends that provide cushion amid volatility and preserve purchasing power. Recent additions of Alphabet and Meta reflect the benefits of their flexible dividend approach, enabling quick moves after dividend announcements. They expect continued robust dividend growth from their companies. | View | |
| 2024 Q2 | Jun 30, 2024 | American Century Equity Income Fund | 9.6% | 0.0% | ADI, BDX, CB, EPD, INTC, JNJ, JPM, KMB, KVUE, MCHP, MDT, NSC, RHHBY, TXN, UL, VZ, XOM | Consumer Staples, dividends, financials, Quality, technology, Utilities, value | The portfolio focuses on higher-quality stocks with stable revenues and profits, low indebtedness, stable cash flows and predictable business models that are less sensitive to economic conditions. This approach is viewed as offering resilience against uncertain economic environments and lagging effects of elevated interest rates. | View | |
| 2024 Q1 | May 4, 2024 | AMG Yacktman Fund | 7.5% | 7.5% | CNQ, CVX, DAR, EAF, EMBCF, FANG, GOOGL, HES, K, MSFT, NWSA, PEP, PG, PXD, SCHW, UHAL, VLO, XOM | Consumer Staples, energy, large cap, Media, technology, value | The energy sector had a strong first quarter with portfolio energy companies performing well. The thesis is based on a medium-term supply/demand imbalance and the shift to returning capital to shareholders. CNQ was Yacktman's first investment in the energy space in over a decade, followed by domestic exploration and production companies added in mid-2022. | BOL.PA K DAR CNQ.TO |
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| 2023 Q4 | Mar 1, 2024 | ClearBridge Investments Dividend Strategy | 0.0% | 0.0% | AAPL, AMT, AVGO, AZN, BDX, CHK, CSCO, ENB, GILD, INTC, JPM, MSFT, PFE, PSA, SRE, WMB, XOM | AI, dividends, healthcare, inflation, Pipelines, rates, technology, Utilities | The strategy focuses on high-quality dividend growers as a core investment approach. Growing dividends are positioned as one of investors' few tools for combating inflation and rising interest rates, preserving and expanding purchasing power when dividends grow faster than inflation. | AZN GILD AAPL AAPL|MSFT|NFLX|NVDA|UNH |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 12, 2026 | Seeking Alpha | Seeking Alpha | Exxon Mobil Corporation | Energy | Oil & Gas Integrated | Bull | New York Stock Exchange | derivative charges, downstream operations, Exxon Mobil, geopolitical impact, Guyana, LNG assets, oil prices, Permian Basin, Strait of Hormuz, upstream production | View Pitch |
| Apr 13, 2026 | Fund Letters | Madison Dividend Income Fund | Exxon Mobil Corporation | Energy | Integrated Oil & Gas | Bull | NYSE | capital discipline, dividend aristocrat, Downstream, energy, Guyana, Integrated Oil, natural gas, Permian Basin, refining, share repurchase, Upstream, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | ClearBridge Investments Dividend Strategy | Exxon Mobil Corporation | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Commodity Cyclical, Cost Reduction, Double-digit Returns, Emissions, energy, oil, production growth, Stagflation Hedge | View Pitch |
| Mar 31, 2026 | Seeking Alpha | Seeking Alpha | Exxon Mobil Corporation | Energy | Oil & Gas | Bull | New York Stock Exchange | Exxon Mobil, geopolitical risks, Guyana production, Iran tensions, oil prices, Permian Basin, production growth, technical analysis, upstream oil and gas, Valuation premium | View Pitch |
| Jan 8, 2026 | Substack | Sleepy Sol | Exxon Mobil Corporation | Energy | Oil & Gas Integrated | Bull | New York Stock Exchange | Energy Sector, Exxon Mobil, geopolitical risk, Guyana, heavy crude, oil production, political stability, Refining Margins, US oil majors, Venezuela | View Pitch |
| Dec 5, 2025 | Fund Letters | John Baldi | Exxon Mobil Corporation | Energy | Integrated Oil & Gas | Bull | NYSE | cashflow, energy, Margins, Production, valuation | View Pitch |
| Oct 7, 2025 | Seeking Alpha | Seeking Alpha | Exxon Mobil Corporation | Oil & Gas Integrated | Bull | capital discipline, energy transition, Exxon Mobil, integrated energy, low-carbon solutions, low-cost assets, Permian Basin, shareholder returns, Stabroek Block, upstream portfolio | View Pitch | ||
| Aug 13, 2025 | Seeking Alpha | Long Player | Exxon Mobil Corporation | Energy | Oil & Gas Integrated | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Louis Gerard | Exxon Mobil Corporation | Energy | Oil & Gas Integrated | Bull | NYSE | — | 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 |
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| No investor data available. | ||||||||