Letters by company
Federal National Mortgage Association Fannie Mae
5 letters discussing FNMA. Everything written about it on this site is on its ticker page.
- O'Keefe Stevens Advisory Quarterly Investor Letter Q4 2025 Fannie Mae common shares were sold to reduce exposure to uncertain privatization outcomes, while preferred shares were retained for their contractual payoff. The portfolio added to Callaway after its Topgolf sale, trimmed Sphere, and expects GreenFirst to benefit as lumber supply tightens. Q4 2025 FNMA $4.6BICLTF $28MSPHR $4B
- O'Keefe Stevens Advisory Quarterly Investor Letter Q1 2026 O'Keefe Stevens Advisory kept cash as its largest position, sold Alibaba and Tri Pointe Homes, and trimmed Corning as valuations and AI spending risks widened. The firm initiated Baxter, added to Perrigo and Weyerhaeuser, and argues that security-specific dislocations, rather than macro calls, should govern redeployment. Q1 2026 BABA $270BBAX $13BCALY $2.5B
- Pershing Square Holdings Letter to Shareholders Pershing Square Holdings added Amazon and Meta after market dislocations, arguing that AI infrastructure spending will reinforce the competitive advantages of Alphabet, Amazon and Meta. It backed Howard Hughes Holdings’ acquisition of Vantage as the first step in building a diversified holding company, while exiting Hilton, Chipotle, Canadian Pacific and Nike. 2025 HHH $4.3BAMZN $2.7TBN $81B
- Pershing Square Holdings Letter to Shareholders Howard Hughes Holdings is being remade into a diversified holding company, starting with a property-and-casualty insurer whose assets Pershing Square would manage without charge. Pershing Square added Amazon and Hertz, trimmed Universal Music Group, Hilton and Chipotle, and exited Canadian Pacific to reduce tariff-related risk. Six-month period ended June 30, 2025 HHH $4.3BAMZN $2.7TBN $81B
- O'Keefe Stevens Advisory Quarterly Investor Letter Q4 2024 Beyond Inc. and Donnelley Financial Solutions are the 2025 top picks, based on expected easing of non-fundamental selling pressure, operational recovery and undervalued recurring-revenue opportunities. The portfolio retained Nvidia, sees small-cap inefficiency and shareholder sell-downs as fertile research areas, and made no new positions during the quarter. Q4 2024 DFIN $1.2BAER $22BFPH $665M
