Weitz Investment ManagementLetter to Shareholders: Value Matters ↗Weitz Investments has concentrated portfolios in steady earners rather than the narrow group of AI-led index winners, leaving Nvidia unowned while retaining exposure through Alphabet, Microsoft, Amazon, Meta and Oracle. The firm argues that Salesforce, Constellation Software and Accenture can benefit from enterprise AI adoption, while Danaher and Thermo Fisher retain long-term life-sciences potential despite policy disruptions.3Q25 —DHR$149BTMO$231BACN$113BAMZN$2.8T
OFOakmark FundsThe discipline to stay boring ↗Oakmark Fund retained its value discipline rather than buy AI hardware companies without a sufficient margin of safety, despite their dominance in major value indexes. The portfolio favors businesses such as Corebridge Financial while expecting holdings including Capital One, AIG, Alphabet and Amazon to benefit from AI adoption.2Q 2026 +2.5%AMZN$2.8TCOF$133BCRBG$14BGOOGL$4.2T
Greenhaven Road CapitalQ4 2025 ↗Greenhaven Road Capital groups Lifecore and Vistry as “Bamboo Trees,” where operational transformations and capacity or partnership-model progress have yet to be reflected in valuations. It argues that fears around AI disruption, litigation, fundraising and credit are mispriced at PAR, Cellebrite, Burford and KKR, while Hagerty benefits from State Farm onboarding and marketplace growth.Q4 2025 -2.0%BUR$946MCLBT$2.9BHGTY$4.6BKKR-P-D
Sequoia FundQ2 2026 Sequoia Fund Letter ↗Sequoia Fund added to Bio-Techne, SAP and ICON Plc, funded by trims to Sunbelt Rentals and Elevance Health and exits from Amentum Holdings, Liberty Broadband and Credit Acceptance. The fund is pursuing a shareholder-approved conversion from a mutual fund to an actively managed ETF, targeted for mid-October.second quarter of 2026 +11.7%AMTM$4.9BELV$86BICLR$14BLBRDA$5.2B
Southeastern Asset Management2Q26 Commentary ↗Longleaf Partners Fund argues that speculative AI-linked market leaders have become detached from cash-flow fundamentals while its lower-multiple holdings offer greater upside with less risk. The fund engaged with Mattel and supported changes at Fortune Brands, while adding a new healthcare position, exiting Bio-Rad, and selling spun-off FedEx Freight above appraisal.2Q26 +3.9%ACI$6.1BAVTR$9.4BCNX$5.4BFBIN$5.4B
BCBireme Capital3Q22 FV Quarterly Report ↗Bireme Capital argues that persistent inflation and a Fed unwilling to support markets have replaced the buy-the-dip regime with a sell-the-rally one. It backed RCI Hospitality and Netflix on operating momentum and valuation, exited Tencent Music over weakening Social Entertainment and pricing pressure, and built Twitter into its largest position ahead of Musk's acquisition.3Q22 +2.5%NFLX$511BRICK$240MTME$14BTWTRdelisted
Horizon Kinetics4th Quarter Commentary ↗Texas Pacific Land, LandBridge and WaterBridge stand to benefit from data-center development in the Delaware Basin, where land, gas and water scarcity create strategic value. The commentary argues that rapid NVIDIA chip cycles may strand early data-center capital, while water treatment, disposal routes and royalty-like business models reward patient resource owners and exchange operators.4th Quarter 2025 —TPL$26BAB$3.4BAMG$9.4BATUSF$2.8B
Horizon Kinetics1st Quarter Commentary ↗Horizon Kinetics argues that crowd-driven capital flows create durable discounts in royalty businesses, partnerships and other assets outside index mandates. It discusses recovery-stage positions in Hawaiian Electric and Cheniere, private mineral-rights investments, and senior CLO tranches as income sources with inflation protection and limited rate sensitivity.1st Quarter 2026 —AB$3.4BHE$2BLNG$57BMIAX$4.2B
Horizon Kinetics2nd Quarter Commentary ↗Horizon Kinetics defends long-horizon compounding through land, royalty and exchange businesses, while arguing that index construction creates mispricings in smaller and unconventional companies. It reduced precious-metals royalties on valuation grounds, backs exchanges against perpetual-futures disruption, and frames bitcoin’s supply schedule and network effects as the basis for its long-term thesis.2nd Quarter 2026 —TPL$26BAMZN$2.8TCBOE$32BCME$99B
Baron FundsLetter from Ron ↗Ron Baron argues that long-term value creation requires backing executives willing to make consequential investments despite immediate costs and visible risks. He presents MSCI’s private-assets data strategy, Tesla’s autonomy and manufacturing ambitions, and SpaceX’s launch, connectivity, and AI infrastructure as examples of that approach.JUNE 30, 2026 —MSCI$41BTSLA$1.4T0R24$650BGOOGL$4.2T
Patient Capital Management3Q25 Portfolio Recap ↗Patient Opportunity Equity Strategy converted and trimmed Precigen after Papzimeos won early FDA approval, while retaining conviction in its commercial opportunity and pipeline. The strategy added aggressively to UnitedHealth during its sell-off and increased selected laggards including Crocs, Mattel, IAC and Biogen while keeping exposure to momentum areas.3Q25 +14.1%PGEN$2.6BUNH$350BBIIB$33BCROX$5.9B
Patient Capital Management4Q25 Quarterly Market Review ↗Markets extended their advance through an uneven fourth quarter as the Federal Reserve cut rates twice amid labor-market weakness and disrupted inflation data. Patient Capital Management expects resilient consumption and economic growth to support equities in 2026 despite elevated valuations and concerns about an AI-driven bubble.4Q25 ——
Patient Capital Management4Q25 Portfolio Activity and Attribution ↗Patient Opportunity Equity Strategy added long-dated Biogen calls, Chime and Fiserv while exiting Angi, citing Biogen’s Alzheimer’s pipeline, Chime’s underserved-consumer banking platform and Fiserv’s reset under new leadership. The strategy argues that health-care holdings remain undervalued and that idiosyncratic stock selection, rather than AI exposure, drives its edge.fourth quarter of 2025 +6.0%BIIB$33BCHYM$12BCOIN$45BFBTC
AIAriel InvestmentsAriel Fund ↗Ariel Fund added Haemonetics and RLI, citing plasma-therapy demand and RLI’s underwriting discipline, while exiting Paramount Skydance and First American on valuation and alternative opportunities. The portfolio maintains conviction in MSGE’s irreplaceable venues and Sphere’s expansion, while viewing Carlyle’s fundraising and dry powder as support for future earnings.Quarter Ended June 30, 2026 +13.6%CG$18BCLB$580MHAE$4.9BLESL$6.1M
APArtisan PartnersArtisan Global Opportunities Fund Quarterly Commentary ↗Artisan Global Opportunities Fund trimmed AMD and Lam Research after valuation gains, reduced Insmed and defense holdings, and initiated GE Aerospace, Corning, STMicroelectronics and Robinhood. The portfolio favors AI infrastructure franchises while seeking earlier-stage opportunities in health care and consumer internet, with valuation discipline guiding position sizes.Q2 2026 +12.4%AMD$773BAS$18BBAESF$89BCOR$61B
FEFirst Eagle InvestmentsGlobal Value Team Annual Letter ↗Global Value Team argues that US market concentration, China’s economic weakness and growing sovereign debt make differentiated sources of risk and return essential. The team retains a diversified, bottom-up value approach and a structural gold allocation, citing inflation, currency debasement and geopolitical risk.2024 —EVGRF$237M
Weitz Investment ManagementLetter to Shareholders: Value Matters — Patience, Perspective, and the Wall of Worry ↗Weitz Investment Management argues that a prolonged bull market, concentrated in a handful of large stocks, may give way to a choppy period favoring business analysis and value investing. The firm remains cautious on the AI trade, holds Berkshire Hathaway, and expects life-science, software, and business-services holdings to benefit despite tariff, spending-cut, and AI-related sentiment headwinds.4Q25 —BRK.A$1.1T
O'Keefe Stevens AdvisoryQuarterly Investor Letter Q3 2025 ↗O'Keefe Stevens Advisory warns that AI-related capital spending and crypto speculation require valuation discipline, using Corning’s dot-com history to frame the risk. The portfolio exited Donnelley Financial, Lazard and Capstone Copper, initiated Topgolf Callaway Brands, and retained Compass Minerals after a Goderich mine visit.Q3 2025 —GLW$131BCMP$1BCSCCY$13BDFIN$1.2B
O'Keefe Stevens AdvisoryQuarterly Investor Letter Q4 2025 ↗O'Keefe Stevens sold Fannie Mae common shares after conservatorship-exit expectations changed the risk-reward profile, while retaining preferred securities tied to eventual privatization. The firm added to Callaway after its Topgolf stake sale, trimmed Sphere despite its expanding venue and content opportunity, and sees a lumber-market recovery supporting GreenFirst.Q4 2025 —FNMA$7.3BICLTF$35MMODGdelistedSPHR$5.6B
O'Keefe Stevens AdvisoryQuarterly Investor Letter Q1 2026 ↗O'Keefe Stevens Advisory built cash after selling Alibaba, Fannie Mae common, Mercedes-Benz and Tri Pointe Homes, while initiating Baxter and adding to Perrigo and Weyerhaeuser. The firm argues that elevated AI-related spending and stretched valuations warrant selective underwriting, with Baxter’s deleveraging and Perrigo’s restructuring offering security-specific catalysts.Q1 2026 —BAX$14BPRGO$1.9BBABA$290BCALY$2.8B
Palm Harbour CapitalFund Commentary July 2026 ↗Palm Harbour Global Value Fund benefited from Youngone's activist pressure, Vår Energi's merger with BlueNord, and a rotation toward stable, high-yield businesses that supported Samyung Trading. Vitzrocell faced margin pressure and profit-taking, while FNGuide fell amid a Korean leverage washout. Vivendi declined after a court ruling and weaker UMG subscription growth.July 2026 +2.7%002810064850$135M082920$997M111770$2.4B
Royce Investment PartnersSemiannual Letter: How Small-Cap Can Navigate Sustained Leadership ↗Small-cap equities are argued to retain market leadership because earnings growth, relative valuations, and a historically low share of the Russell 3000 still favor the asset class. Royce expects volatility from geopolitical conflict, inflation, and weakening consumers, while finding opportunities in health care, consumer sectors, AI infrastructure, and selected software companies.first half of 2026 ——
Grey Owl Capital ManagementFata Morgana ↗Grey Owl Capital Management treated the fourth-quarter sell-off as a buying opportunity, adding to Jefferies, Allergan, Booking.com, Labcorp and the MSCI Momentum ETF while initiating Caesars Entertainment. It cut TripAdvisor after improved network economics and attractions growth, arguing that credit spreads and market breadth did not warrant a more defensive stance.fourth quarter of 2018 —JEF$12BTRIP$1.2BAGNdelistedBKNG$158B
WFWhite Falcon Capital ManagementQ2 2026 Partner Update Letter ↗White Falcon sold roughly three-quarters of AMD after its valuation came to reflect an optimistic AI consensus, while retaining conviction in Nu Holdings, Topicus and EPAM. The portfolio is adding precious-metals exposure on weakness and favors fundamentally strong businesses whose valuations remain detached from their long-term economics.Q2 2026 +8.5%AMD$773BEPAM$5.5BNU$71BTOI$6.2B
MRMerion Road CapitalQ2 2026 ↗Merion Road maintained exposure to industrial companies rather than shifting toward AI infrastructure, and added Honeywell Aerospace after its separation amid conservative guidance and a discounted valuation. The firm cited gains across several long-term holdings and pressed United Bancorporation of Alabama to improve capital allocation, profitability and governance.Q2 2026 +16.6%FEIM$648MHONA$53BUBAB$186MBELFB$3.8B
Distillate Capital2026 Q2 Letter to Investors: Momentum ↗Distillate Capital argues that AI-linked valuations have outrun underlying free cash flow, with hyperscaler capital spending shifting profits toward semiconductor and equipment suppliers. The firm favors high-quality, low-valuation stocks, cites Accenture as a contrarian example, and warns that depreciation, stock compensation, off-balance-sheet financing, and circular AI funding can obscure earnings.2026 Q2 —ACN$113BAMZN$2.8TAVGO$1.8TGOOGL$4.2T
O'Keefe Stevens AdvisoryQuarterly Investor Letter Q2 2026 ↗O'Keefe Stevens Advisory initiated Sotera Health after Warburg Pincus exited, arguing that its sterilization duopoly, regulatory barriers and normalizing capital spending can outweigh litigation concerns. The portfolio trimmed and hedged Qualcomm and Corning, retained substantial cash, and sees potential bargains outside crowded AI infrastructure trades.Q2 2026 —SHC$5.6BCALY$2.8BGLW$131BHCC$5.6B
CrossingBridge AdvisorsQ2 2026 Commentary - To Infinity and Beyond ↗CrossingBridge argues that AI infrastructure can be economically transformative while still producing poor credit outcomes when capital spending, competition and weak lender protections outrun cash flows. It bought Polar DC, Oracle, Warner Bros. Discovery, Spirit Airlines and GAMHOL debt, favoring secured structures, covenant protection and liquidity amid tight credit spreads.Q2 2026 —APLD$7.9BEVOKdelistedORCL$413BSAVEdelisted
McIntyre PartnershipsQ2 2025 Investor Letter ↗McIntyre Partnerships attributes its first-half setback to index-excluded holdings lagging a rapid market rebound and a broad selloff in small-cap special situations. The portfolio remained concentrated in the pool-equipment basket, Seaport Entertainment Group, Sotera Health, Sten, and Modivcare, while Sotera’s volume recovery and Seaport’s 250 Water Street sale were presented as key catalysts.H1 2025 -19.0%SEG$349MSHC$5.6B
GreensKeeper Asset ManagementScorecard #54 – Value in Action ↗The Value Fund materially increased ICON plc after concluding its accounting restatement would not impair cash generation or customer relationships. It retained positions in Richemont, Alphabet and Elevance Health, while arguing that concerns over Intercontinental Exchange’s perpetual-futures competition and Lockheed Martin’s execution issues are temporary.Q2 +10.9%ICLR$14BCFRHF$136BELV$86BGOOGL$4.2T
CCCedar Creek PartnersCedar Creek Partners 2026 Second Quarter Results ↗Cedar Creek Partners increased expert-market exposure while building positions in discounted microcaps and community banks. The fund argues that Exco Resources, Harbor Diversified and PHI Group are mispriced because trading restrictions, incomplete filings and flawed tender processes obscure underlying asset values, while Solitron’s defense backlog and strategic review provide a separate catalyst.Q2 ‘26 +5.4%ENDI$135MEXCE$1.1BHRBR$131MMIFFdelisted
LVS AdvisoryQ2 2026 ↗Vistance Networks is framed as a debt-cleared telecom remainco whose asset sales and planned shareholder distributions leave a cash-generative business that LVS expects may be sold. Hikari Tsushin is presented as a Japanese capital allocator with disciplined investment hurdles, founder-led ownership and an undervalued collection of operating businesses and investments.first half of 2026 —HKTGF$11BVISN$2.6B
Maran Capital ManagementQ1 2026 Letter to Partners ↗Maran Partners Fund used software and broader market dislocations to begin a small position in a cash-rich, free-cash-flow-generative company viewed as an AI fear casualty. The fund also reviews a delisting, an acquired uplisting candidate, and an insurance demutualization, arguing that patience and illiquidity can create special-situation opportunities.first quarter -2.3%HKHC$498M
Patient Capital Management1Q26 Quarterly Market Review ↗The Iran war drove a record oil shock and renewed inflation uncertainty, leaving the Federal Reserve caught between price pressures, a weakening labor backdrop and fragile consumer sentiment. Energy led a sharp rotation while software, private credit and the prior year’s large-cap technology leaders sold off.Q1 2026 ——
Patient Capital Management1Q26 Portfolio Activity & Attribution ↗Patient Opportunity Equity Strategy added Adobe after the software selloff and replaced FBTC with IBIT to retain Bitcoin exposure, while selling Alibaba at estimated intrinsic value and exiting Mattel and Peloton to fund new ideas. The strategy argues that concentrated energy exposure offers an anti-fragile diversifier, with offshore drilling and pipeline constraints supporting Noble, Seadrill and Energy Transfer.1Q26 -6.0%ADBE$110BCHYM$12BET$73BIBIT$173B
Patient Capital Management2Q26 Quarterly Market Review ↗The second quarter of 2026 saw an AI-led equity rally as easing Iran War tensions lowered oil prices. Inflation remained elevated, consumer sentiment stayed depressed despite resilient spending, and the Federal Reserve held rates steady while signaling a more restrictive path.2Q26 ——
FPA Crescent FundFPA Crescent Fund 2Q26 Commentary ↗FPA Crescent Fund scaled back exposure to AI and data-center beneficiaries as valuations and capital-cycle risks left little margin of safety. It added 14 largely AI-agnostic mid-cap businesses, including specialty chemical distribution and biotech equipment companies, seeking durable growth, strong balance sheets and conservative valuation support.2Q26 +7.1%028260$47BADI$180BNTDOF$62BNVDA$5.1T
Hayden CapitalQuarterly Letter 2026 | Vol. 1 ↗Hayden Capital argues that the AI infrastructure trade has created attractive valuations in internet and fintech platforms, where incumbents can use proprietary data to capture AI’s value. It adds to Sea Ltd and Unity, citing Shopee’s VIP and logistics flywheel and Unity’s Vector advertising platform under new leadership.Q1 2026 -28.3%SE$72BU$20BAMZN$2.8TAPP$102B
Protean FundsWide Confidence Intervals ↗Protean Funds argues that disciplined position sizing must account for the risk of being confidently wrong after RaySearch and Devyser issued profit warnings. Small Cap added to Devyser and rebuilt MT Hojgaard while increasing real-estate exposure, while Select traded Evolution and increased its Novo Nordisk short after a pipeline setback.July 2026 +5.4%DVYSR$107MEVGGF$17BIDTVFdelistedNVO$204B
Polaris Capital ManagementSecond Quarter 2026 Global Equity Composite Commentary ↗Polaris added Adobe, Fujifilm, UniCredit, Cytokinetics and Booking Holdings while exiting MKS, HD Hyundai Electric, SKF and Daicel after valuation targets or disappointing execution. It favors underappreciated, cash-generative international businesses as concentrated growth leadership, sticky inflation and geopolitical risk create valuation dislocations.SECOND QUARTER 2026 +13.3%AAIGF$98BADBE$110BBABA$290BBKNG$158B
Palm Harbour CapitalLetter 2026 Q2 | 687 KB ↗Palm Harbour Capital criticized leveraged single-stock ETFs and passive flows while retaining a value discipline focused on inexpensive cash-generative businesses. It outlined Norma’s capital return, exited BW Energy and M Dias Branco, and argued that Louis Hachette and Lagardère offer material value through a simpler ownership structure.second quarter +4.7%ALHG$2.1B082920$997M0NFS0OIY$1.7B
Third Avenue ManagementValue Fund Q226 ↗Third Avenue Value Fund added thyssenkrupp, exited Ayala and Compañía Sud Americana de Vapores, and argues that its restructuring can surface value from standalone businesses. The fund links takeover approaches for easyJet and Paltac to tangible assets, net cash and hard-to-replicate operating networks, while maintaining its offshore-energy thesis.Q226 +1.3%8283$2.5BESYJY$5.1BTKAMY$9B6856$6.2B
Patient Capital Management2Q26 Portfolio Activity & Attribution ↗Opportunity Equity added Adyen, Global Payments, Genius Sports, Fidelity Wise Origin Bitcoin Fund and QXO preferreds while exiting iShares Bitcoin Trust, Dave & Buster's and Noble. The strategy argues that depressed expectations in managed care, biotech, payments, offshore drilling and Adobe obscure durable earnings power and consolidation opportunities.2Q26 +17.3%ADBE$110BADYEN$39BCVS$120BFBTC
HIHoisington Investment ManagementQuarterly Review and Outlook, Second Quarter 2026 ↗U.S. Treasury securities face a structurally less stable rate regime as deglobalization, labor scarcity, industrial policy and AI infrastructure raise capital demand and inflation risk. Hoisington argues that Federal Reserve balance-sheet restraint is needed to slow liquidity growth, though tighter policy could initially lift real yields and term premiums.Second Quarter 2026 ——
Maran Capital ManagementFounder’s Letter ↗Maran Capital Management sets out a concentrated, value-oriented strategy focused on special situations, wide discounts to intrinsic value, active ownership and cash when high-conviction ideas are scarce. Dan Roller argues that permanent capital loss, rather than volatility or short-term benchmark divergence, is the central risk to avoid.2Q 2015 ——
Laughing Water CapitalH1 2026 ↗Laughing Water Capital sold through takeouts of Theravance Biopharma, Avanos Medical and SECURE Waste Infrastructure, leaving cash and merger securities for new opportunities. The portfolio added AnaptysBio ahead of its licensing dispute with GSK, while retaining conviction in Liquidia, NextNav, Lifecore Biomedical and Stride despite company-specific overhangs.H1 2026 +33.6%ANAB$1.7BAVNS$1.2BGSK$105BLFCR$172M
Dodge & Cox Stock FundStock Fund Investment Commentary ↗Dodge & Cox Stock Fund initiated positions in Visa, Thermo Fisher Scientific, and KKR after AI-disruption concerns and macro fears pushed their valuations lower. The fund retained conviction in Fidelity National Information Services, Fiserv, and Charter Communications, arguing that their valuation declines overstate risks, while its technology underweight hurt relative results.Second Quarter +5.6%KKR-P-DTMO$231BV$693BCHTR$18B
