Investor Letters
Letters through March 31, 2025
19 letters reporting on the period ending March 31, 2025, in each firm's own reckoning.
- Muhlenkamp & Company Quarterly Letter, April 2025 Muhlenkamp & Company argues that shifting tariff policy is disrupting business planning, weakening sentiment and raising recession risks, while a trade-war depression remains unlikely. The firm is reassessing investments for regulatory threats and opportunities after EPA and FCC reviews, and has sold one holding in that process. first quarter of 2025 —
- Horizon Kinetics 1st Quarter Commentary Horizon Kinetics argues that AI-driven data-center construction will intensify demand for power, natural gas, water and industrial inputs, while broad indexes concentrate exposure in their consumers rather than suppliers. It favors limiting-factor resource owners and infrastructure, using Aris Water Solutions, San Juan Basin Royalty Trust and Hawaiian Electric as cases where capacity constraints or temporary capital burdens obscure longer-term value. 1st Quarter 2025 ARIS $3.6BHE $1.5BLB $6.6B
- Oldfield Partners March 2025 Commentary Overstone World All Cap Equity Fund increased Barrick Gold and added RIT, Stellantis and several Japanese holdings, arguing that depressed valuations outweigh tariff risks and private-equity concerns. It backs ArcelorMittal for infrastructure-led capital spending and sees Japan’s inflation, wage growth and corporate-governance shift supporting a revival. first quarter 2025 MT $47BSTLA $13B
- Lansing Street Advisors Q1 2025 Letter – Carry on My Wayward Son Lansing Street Advisors argues that tariff-driven volatility and a prospective rotation toward cheaper international assets do not end U.S. economic leadership. It favors diversification as bonds, value stocks, commodities and international equities regain support, while identifying wealth inequality, struggling young men and immigration policy as deeper structural risks. Q1 2025 —
- Broadleaf Partners Growth Equity Portfolio First Quarter Review Broadleaf Growth Equity Portfolio held portfolio changes gradual amid volatile tariff policy, shifting recession expectations and a momentum unwind in growth stocks. It judged earnings expectations resilient, employment stable and consumer spending firmer than sentiment surveys, while urging asset-allocation decisions suited to investors’ tolerance for policy-driven anxiety. Q1 2025 —
- EdgePoint Wealth Management Finding opportunity in uncertainty – 1st quarter, 2025 EdgePoint Global Portfolio favors medium-sized companies undergoing change, arguing that their unrecognized growth potential trades at a substantial discount to popular large-cap growth stocks. The firm cites field research and management visits as the basis for identifying businesses such as Dayforce, Roche, Nippon Paint, Techtronic, Revvity and Grupo Aeropuerto del Pacifico. 1st quarter, 2025 —
- EdgePoint Wealth Management The art of portfolio managing (expectations) EdgePoint’s fixed-income portfolios favour mispriced credit and securities below par, using a flexible mix of bonds, loans, convertibles and preferred shares rather than tracking an index. The team avoided unattractively priced refinancings, built cash and a watch list, and expects credit-market volatility to create opportunities over a five-year horizon. 1st quarter, 2025 —
- Vision Capital Fund Vision Capital Fund - Q1 2025 Quarterly Letter Vision Capital Fund added to The Trade Desk after its earnings miss and platform rollout problems drove steep pessimism, judging CEO Jeff Green capable of repairing the product and sales execution. The portfolio remains concentrated in platform businesses such as Amazon, Shopify, TSMC and JD.com, whose proprietary infrastructure and ecosystem effects are seen as durable advantages despite tariff risks. Q1 2025 0LF5 453950 AMZN $2.7T
- Fairlight Capital Fairlight Alpha Fund LP Q1 2025 Letter Fairlight Alpha Fund attributes its first-quarter outperformance to Monument Mining and Serabi Gold, arguing that higher gold prices, improved grades and rising cash flow create a margin of safety. It is re-screening for tariff-resilient regional businesses while monitoring Valeura Energy’s Thai assets, tax losses, buyback and debt-free balance sheet. Q1 2025 ALLOG $24MMMTMF $185MSLYG $1.3B
- Andrew Hill Investment Advisors 2025.Q1 Client Letter Andrew Hill Investment Advisors cut equity exposure, added high-quality bond ladders and allocated 2% to 3% of most client portfolios to gold as tariff uncertainty and federal budget cuts clouded the economic outlook. Portfolios favor healthcare, financials and utilities, with Johnson & Johnson, Progressive, JPMorgan Chase and Microsoft among core defensive holdings. 2025.Q1 AAGC $1MAAPL $4.9TAMZN $2.7T
- Alluvial Capital Management Q1 2025 Letter to Limited Partners Alluvial Fund credited its London-listed Zegona Communications and McBride holdings for offsetting a weak small-cap backdrop, while arguing that both remain undervalued. The fund backed cement producers, discounted real estate and office assets, sold Supremex and BankFirst to fund better opportunities, and expects asset sales and portfolio upgrades at Net Lease, Peakstone and CBL to unlock value. First Quarter 2025 BFCC $334MCBL $1.5BGTX $4.9B
- Palm Harbour Capital Letter 2025 Q1 | 284 KB Palm Harbour Capital argues that tariff-driven selling has created opportunities in overlooked global small caps with limited direct US trade exposure. It discusses corporate actions at Verallia, Aichi and Ocean Wilson, reviews contributors and detractors, and introduces Sun International as a cash-generative South African gaming and resorts investment. first quarter 2025 DNIYY $4BENOG $1.7BFCODF $4.7B
- 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
- Palm Valley Capital First Quarter 2025 Commentary Palm Valley Capital Fund kept more than three quarters of assets in cash equivalents while adding starter positions in Forrester Research, Monro, Reynolds Consumer Products and Flowers Foods, citing a split small-cap market and concern over permanent impairment in low-quality companies. It added staffing and trucking exposure, trimmed securities near valuation, and argues fiscal retrenchment and speculation leave investors vulnerable to a fuller market cycle. First Quarter 2025 CRI $1.2BFLO $1.2BFORR $217M
- O'Keefe Stevens Advisory Quarterly Investor Letter Q1 2025 O'Keefe Stevens Advisory argues that punitive reactions to earnings misses require tighter position sizing and create opportunities to add to businesses facing temporary setbacks. It defends Donnelley Financial’s software growth, remains bullish on Five Point Holdings, and initiated positions in BMW, Mercedes-Benz and Compass Minerals. Q1 2025 BMW CMP $964MDFIN $1.2B
- Patient Capital Management 1Q25 Quarterly Market Review US markets absorbed tariff-policy volatility, deteriorating consumer and corporate sentiment, renewed inflation concerns and rising job-cut announcements. The review says the Federal Reserve held rates steady as investors increased expectations for cuts, while value sectors and bonds outpaced growth-oriented equities. 1Q25 —
- Patient Capital Management 1Q25 Portfolio Activity and Attribution Patient Opportunity Equity Strategy added Carvana, New Fortress Energy and JD.com while selling Expand Energy and Green Thumb to concentrate on higher-conviction ideas. It argues that CVS’s Medicare Advantage pricing is improving, Chinese holdings are insulated by domestic revenue, and operational turnarounds support Carvana, Dave & Buster’s and Illumina. first quarter of 2025 BABA $270BCVNA $46BCVS $112B
- Patient Capital Management Samantha's Quarterly Letter Opportunity Equity argues that tariff policy has raised recession risk, but negotiated trade deals could stabilize markets and preserve the secular bull case. The portfolio added back airline exposure after trimming it during strength, and favors Nvidia, Amazon, Alphabet and Meta alongside cyclical travel names priced for a downturn. 1Q25 NVDA $5.8TAMZN $2.7TDAL $54B
- Greenhaven Road Capital Q1 2025 Greenhaven Road increased Lifecore, Vistry and Hagerty after tariff-related selling, while retaining its core case for KKR, PAR and Cellebrite. It presents Kingsway as an underfollowed acquirer that can scale a search-fund model through operator-led purchases of small, asset-light businesses. Q1 2025 BUR $772MCLBT $2.9BKKR $80B
