Letters by company
Philip Morris International Inc.
6 letters discussing PM. Everything written about it on this site is on its ticker page.
- Auxier Asset Management Auxier Report: Summer 2026 Auxier Focus Fund favored AI-infrastructure suppliers including Corning, Nvidia and Dell while warning that debt-funded data-center expansion, leverage and concentrated momentum exposure could reverse sharply. The portfolio also emphasized durable franchises such as Mastercard, Visa, Bank of New York Mellon, Philip Morris and Alphabet, and cited operational AI savings at UnitedHealth and other insurers. Second Quarter 2026 AMZN $2.7TBNY $3.4BDELL $368B
- Broyhill Asset Management The Broyhill Letter Q4 2025 Broyhill exited Fiserv and Six Flags, cut Avantor, and reallocated toward higher-conviction businesses after execution failures and leverage undermined several holdings. The portfolio emphasizes global defensives, smaller companies and Western Europe, arguing that AI infrastructure spending has distorted valuations and that users of the technology will capture more value than its builders. 2025 0QR4 AVTR $11BDLTR $22B
- Broyhill Asset Management The Broyhill Letter Q2 2025 Broyhill’s equity strategy added to Dollar Tree after tariff-driven selling and trimmed Philip Morris while retaining it as its largest holding. It shifted part of Avantor into Thermo Fisher, increased Fiserv after its selloff, and initiated IQVIA. The firm consolidated offshore exposure into Noble and favors undervalued smaller, international, and healthcare businesses. 2025.Q2 AVTR $11BDLTR $22BIQV $42B
- Broyhill Asset Management The Broyhill Letter Q1 2025 Broyhill favored globally diversified, undervalued assets as tariff uncertainty and US market concentration increased, while re-underwriting every holding for recession and tariff risks. It trimmed Philip Morris, added Baxter and Avantor on weakness, initiated Uber and Dollar Tree, built offshore oil exposure, and exited Nintendo after the Switch 2 announcement. Q1 2025 AVTR $11BBAX $13BDLTR $22B
- Broyhill Asset Management The Broyhill Letter 2024.Q3 Broyhill initiated Rentokil Initial, Evolution AB and Nice Ltd, citing consolidation potential, online-gaming legalization, and AI-enabled cloud contact-center software. It exited Danone, PayPal and EPAM Systems over valuation, unclear product growth and changing labor-force risks, while maintaining its theses on Philip Morris and Baxter. Q3 2024 BAX $13BDANOY $42BDG $26B
- Bireme Capital December 2023 Investor Letter Bireme Capital sold Netflix and substantially reduced Meta after their discounts to intrinsic value narrowed, while shorting Tesla, Apple, selected consumer-staples stocks, ARM Holdings and C3.ai on valuation concerns. It added British American Tobacco, citing its low valuation, established tobacco brands and expanding reduced-risk nicotine products. The firm argues that concentrated equity indices, persistent inflation and loose fiscal policy leave markets vulnerable. December 2023 BTI $120B0ADF AAPL $4.9T
