Investor Letters

Letters through December 31, 2025

66 letters reporting on the period ending December 31, 2025, in each firm's own reckoning.

Artisan Partners Quarterly Commentary: Artisan Small Cap Fund Artisan Small Cap Fund added to MACOM after temporary profit-cycle pressure, then trimmed it as valuation rose, while exiting Insmed, Integer Holdings and SharkNinja. The fund initiated nLIGHT, Guardant Health and Cellebrite, and increased Bruker, Hexcel and Penumbra on product-cycle, aerospace and medical-device adoption catalysts. Q4 2025 BRKR $9BCLBT $2.9BCOCO $3.3B
Oldfield Partners Overstone World All Cap Equity Fund 4Q 2025 Commentary Overstone World All Cap Equity Fund retained exposure to Samsung, SK, ArcelorMittal, Jardine Matheson, Aberdeen and Barrick Mining while selling Lloyds Banking. The portfolio argues that US policy volatility and concentrated index ownership are reviving diversification demand, while neglected traditional businesses retain modest valuations. 4Q 2025 JMHLY $16B
North Sky Capital 4th Quarter 2025 Solar Coaster North Sky Capital navigated policy disruption and volatile solar-equipment markets by pursuing exits, recycling proceeds into Orenda and Paddle, and advancing new EV-charging and community-solar investments. The firm expects improving M&A conditions and sustained demand for impact secondaries to support liquidity, while electricity demand strengthens the case for solar, storage and renewable fuels. 4th Quarter 2025 TSLA $1.5T
Stone Sentinel Capital Wild or zoo: 2025 letter to partners Stone Sentinel Capital frames investing as choosing between a constrained, benchmark-oriented environment and an unconstrained one that rewards patience, original judgment and infrequent action. The portfolio added Ascentech K.K., citing its shift to Citrix operator in Japan, recurring revenue, higher margins and durable demand for virtual-desktop infrastructure. 2025 3565 $135M
Greenwood Gearhart Fourth Quarter 2025: Market Commentary US markets entered 2026 with corporate earnings, rate cuts and AI-related capital spending supporting a broader rally beyond technology. The commentary identifies consumer debt, a cooling labor market, elevated valuations and geopolitics as risks, while favoring diversification as leadership rotates toward energy, defense, industrials and financials. Fourth Quarter 2025 —
TIFF Investment Management 4th Quarter 2025 CIO Commentary TIFF Investment Management expects tax incentives and AI-led productivity to support growth, while deficits keep it cautious on long-duration bonds and the U.S. dollar. The portfolios remain fully invested, modestly overweight healthcare, near market weight in the Mag 7, and positioned for greater equity-market volatility as AI spending faces scrutiny. 4th Quarter 2025 CSCO $465B
Artisan Partners Quarterly Commentary, Artisan Mid Cap Fund Artisan Mid Cap Fund added L3Harris, Astera Labs and Carvana, seeking exposure to missile defense, data-center connectivity and scaled online used-car retailing. It exited Veeva, Snowflake and Ferguson on competitive, AI-related or valuation concerns, while trimming Coherent, iRhythm and MACOM under its valuation discipline. Q4 2025 ALAB $66BARGNF $59BASND $15B
Kingdom Capital Advisors Q4 2025 Investor Letter Kingdom Capital exited Superior Industries after its customer losses, doubled its United Natural Foods position after a cyber-attack, and used common stock and call options to capitalize on Enviri’s Clean Earth sale. The portfolio enters 2026 concentrated in liquidation situations including Net Lease Office Properties and Apartment Investment and Management, alongside discounted operating businesses such as UNFI, AKA Brands, Magnera and WeightWatchers. Q4 2025 AIV $256MMAGN $419MNLOP $142M
Vision Capital Fund Vision Capital Fund - 2025 Annual Letter Vision Capital Fund added Sea Limited after its selloff, backing Shopee’s regional e-commerce scale, Monee’s lending data and recovering Garena cash generation. It added to nine existing holdings during the drawdown, avoided memory makers, Oracle and neoclouds over cyclicality, concentration and capital-intensity concerns, and capped direct AI exposure at TSMC and NVIDIA. 2025 SE $57BCRWV $46BMU $1.2T
Muhlenkamp & Company Quarterly Letter, January 2026 Gold is supported by central-bank buying, potential gold settlement of international trade and new demand from gold-backed cryptocurrency structures. The portfolio added chemical companies and a non-AI microchip maker during a cyclical downturn, retained limited AI exposure and sold one unsuccessful Chinese investment. Q4 2025 —
Regency Wealth Management There’s a Lady Who’s Sure All That Glitters is Gold Gold anchors Regency Wealth Management’s discussion of central-bank buying, geopolitical risk and rate cuts, with the holding retained as insurance against currency stress rather than a dollar-collapse forecast. The firm favors diversified, quality-focused allocations, sees value in international and small-cap equities, and views its U.S. large-cap sleeve as cheaply valued relative to the S&P 500. Fourth Quarter 2025 —
Vltava Fund A Postcard from Latin America Vltava Fund argues that Latin America’s resource wealth has repeatedly been undermined by weak institutions, currency instability and state intervention, while reformist shifts could eventually broaden the opportunity set. The portfolio added Corpay, citing its recurring corporate-payment revenues, high switching costs, cross-border payments growth and disciplined acquisition record. 4/2025 CPAY $26B
Frank Capital Partners Frank Value Fund Q4 2025 Letter to Shareholders Garrett Motion and other low-valuation holdings are presented as superior long-term cash-flow investments to richly valued mega-cap technology companies. Brian Frank argues that shareholder yields, buybacks and debt reduction can compound value while index investors face the risk of valuation compression. Q4 2025 GTX $4.9BMSFT $3.9T
Brasada Capital Fourth Quarter of 2025 Brasada Capital argues that tariff uncertainty produced a sharp but short-lived correction, while resilient earnings and concentrated artificial-intelligence spending restored market leadership. The firm expects supportive monetary and fiscal conditions to sustain expansion but avoids concentrating client capital in the A.I. theme, anticipating broader leadership over time. Fourth Quarter of 2025 —
Smead Capital Management 4Q25 U.S. Value Strategy Newsletter: Dealing With Stock Market Extremes Smead Capital Management argues that extreme valuations, AI enthusiasm and unusually strong long-term S&P 500 results resemble conditions preceding the dot-com collapse. The strategy favors cash, long-term bonds, healthcare, energy and home builders as capital rotates away from capitalization-weighted technology and growth stocks. 4Q25 —
Smead Capital Management From Mythos to Logos: An Investor Tragedy Smead Capital Management argues that investor faith in American exceptionalism, a permanently stagnant Europe and unconstrained oil supply reflects market myth rather than economic logic. It favors European banks’ improving capital discipline and sees constrained US and OPEC production capacity tightening the long-term oil-supply outlook. 4Q25 —
Peapack Private Fourth Quarter 2025: Jingle All the Way Peapack Private favors continued exposure to US technology and large caps despite rich valuations, while identifying small caps, international equities and longer-duration bonds as attractive beneficiaries of easier policy. It flags labor-market weakness, elevated equity valuations, uncertain AI investment payoffs and geopolitical disruption as the principal risks for 2026. Fourth Quarter 2025 —
Riverwater Partners The Four-Year Harvest: Q4 2025 Small-Cap Market Update Limoneira exemplifies Riverwater’s case for patient ownership: its maturing California avocado acreage could benefit from domestic supply constraints and seasonal gaps in Mexican imports. Riverwater retained its quality focus despite a speculative small-cap market, arguing that profitable businesses with strong balance sheets remain positioned for a valuation re-rating. Q4 2025 LMNR $220M
Chilton Capital Management Portfolio Insight | 4th Quarter 2025 Chilton Capital Management argues that AI investment remains supported by rapid adoption, strong corporate earnings and spending on data-center infrastructure despite concerns about debt financing and circular deals. It favors investment-grade bonds for income and stability, and expects publicly traded REITs to benefit from constrained supply, rent growth and a potential rotation by income investors. 4th Quarter 2025 —
Protean Funds Paper Profits, Pulp Fiction Protean Funds shorted Holmen, arguing that Nordic pulp and paper economics face eucalyptus competition, rising wood costs, climate-related forestry risks and an unsustainable ESG premium. Protean Small Cap added Arctic Falls and Afry, tendered Addvise and sold Nilfisk after takeover bids, while the firm considers a low-fee global Aktiesparfond. December 2025 HLMNY $4.8BARFA $63M
Broadleaf Partners Growth Equity Portfolio Fourth Quarter Review Broadleaf Growth Equity Portfolio retained its long-term growth posture despite AI-spending concerns, arguing that productivity gains can extend beyond the largest technology platforms without requiring their decline. The portfolio sees AI capital expenditure, credit availability and security investment as durable themes, while relying on sell discipline rather than a wholesale shift toward defensiveness. Q4 2025 —
Lansing Street Advisors Q4 2025 Letter – Bear Blue/Bull Red: ‘Good Riddance’ to Market Predictions Lansing Street Advisors argues that AI is a durable earnings-driven technology trend rather than a replay of the dot-com bubble, while rejecting political and macro forecasts as investment inputs. It warns that options speculation and rising margin debt create leverage risk, and identifies demographics and deteriorating education as more consequential long-term concerns. Q4 2025 NVDA $5.8T
Latitude Investment Management Latitude Annual Report 2025 Latitude Investment Management argues that disciplined trading in Dollar Tree improved the portfolio while preserving exposure to its core discount-retail thesis. It replaced Heineken with Royalty Pharma, Interactive Brokers with Intercontinental Exchange and BP with Assa Abloy, seeking stronger growth with less cyclicality. The portfolio also emphasizes defensive healthcare, infrastructure and selected AI exposure through Alphabet. 2025 DLTR $22BAIQUY $120BASAZY $36B
Polaris Capital Management Fourth Quarter 2025 International Equity Composite Commentary Polaris International Equity Composite credited memory-chip suppliers SK Hynix and Samsung Electronics, power-equipment maker HD Hyundai Electric and several industrial holdings for the quarter. It sold Vipshop, Magna International, Novartis and Sony Financial after target valuations were reached, then deployed proceeds into Alibaba, AIA Group and Ping An Insurance. FOURTH QUARTER 2025 BABA $270B
Polaris Capital Management Fourth Quarter 2025 Global Equity Composite Commentary Polaris Global Equity Composite sold Vipshop, Carlyle, Magna, Novartis and Sony Financial after targets were reached, then deployed proceeds into Alibaba, AIA and Ping An to capture Asian e-commerce, cloud and insurance demand. The portfolio favored cash-generative picks-and-shovels businesses and diversification beyond the U.S., citing opportunities in Asian AI supply chains, European industry and financials. FOURTH QUARTER 2025 BABA $270BLNTH $6.5BSKHY $943B
EdgePoint Wealth Management I bet the 8 ball didn't see that one coming EdgePoint Global Portfolio used the April selloff to buy Thermo Fisher Scientific and add to Roche and Alfa Laval while selling holdings with less attractive risk-reward. The commentary argues that resilient base businesses protect capital when a proprietary thesis is delayed or fails, citing Lincoln Electric’s unrealized EV-charger opportunity and subsequent exit. Q4 2025 LECO $14B
EdgePoint Wealth Management A good credit history – 4th quarter, 2025 Calfrac Well Services capped a 16-year credit investment when its secured bond was repaid. EdgePoint recounts buying discounted bonds through successive cycles, selling when industry capacity looked excessive, and using restructuring rights and diversification across the capital structure to manage downside risk. Q4 2025 CFW $474M
Andrew Hill Investment Advisors Q4 2025 Client Letter Andrew Hill Investment Advisors harvested stock profits into laddered high-grade bonds, held gold, and positioned portfolios underweight equities relative to targets. It expects AI leadership to shift from infrastructure builders to users, adding First Horizon and Thermo Fisher while restoring Deere and initiating Rivian. fourth quarter 2025 AAPL $4.9TCEG $95BDE $179B
Confluence Investment Management Asset Allocation Quarterly (Fourth Quarter 2025) Confluence Investment Management shifts its equity tilt toward growth and large caps, retains developed-market exposure, and avoids small caps amid tariff, financing, and pricing-power risks. The allocation favors intermediate-duration Treasurys and mortgage-backed securities, underweights corporate credit, and retains gold as a geopolitical and dollar-diversification hedge. Fourth Quarter 2025 —
Troy Asset Management Investment Report No.87 January 2026 Troy Multi-Asset Strategy increased equity exposure during the tariff-driven selloff, reduced net dollar exposure and shifted from US TIPS toward UK linkers while shortening duration. It retained gold and liquidity while warning that AI investment economics, private-market valuations and pressure on US funding costs could destabilise markets. the 2025 calendar year —
Warden Capital Warden 2025 year end letter Warden Capital made Vail Resorts its largest position, arguing that irreplaceable ski assets and the Epic Pass outweigh snowfall variability. It also added Alexandria and uniQure, while maintaining a short in Palantir and warning that AI capital spending and OpenAI’s growth expectations are unsustainable. 2025 ARE $7.8BMTN $5.2BNVS $268B
Highwood Value Partners Highwood Value Partners H2 2025 Letter to Investors – Download PDF Highwood Value Partners sold Protector, Ryanair and Alimak after their valuation cases matured, then redeployed capital into discounted existing holdings. The portfolio is concentrated around Burford, Borr Drilling, GetBusy, Fever-Tree, Bolloré and Compagnie de L’Odet, where improving fundamentals and corporate catalysts are expected to narrow valuation discounts. second half of 2025 0R8W BOIVF $12BBORR $1.3B
Comus Investment 2025 Annual Letter Comus Investment attributed its year to purchases of small Hong Kong companies during the market’s depressed period, while Interactive Brokers’ restrictions prevented US clients from adding to those positions. The manager is raising cash as global equity prices look expensive, while retaining strict purchase criteria for isolated laggards and future market dislocations. 2025 —
Fairlight Capital Fairlight Alpha Fund LP Q4 2025 Letter Fairlight Alpha Fund argues that junior gold miners Serabi Gold and Monument Mining remain undervalued despite higher production and gold prices. It also makes cases for Logic Instrument's certified-device niche, Shelly Group's professional IoT channel, and BranchOut Food's patented drying technology, while warning of a non-AI economic slowdown. Q4 2025 ALLOG $24MBOF $62MMMTMF $185M
Davis Real Estate Fund Davis Real Estate Fund Annual Review 2026 Davis Real Estate Fund attributes its benchmark shortfall to exiting Welltower while maintaining a large Alexandria position through a deep life-science downturn. The fund is refining benchmark and valuation analysis while retaining convictions in apartments, select office REITs, industrials, London office properties and cautiously sized data-center holdings. the year ended December 31, 2025 ARE $7.8BWELL $161BBXP $9.5B
Davis Opportunity Fund Davis Opportunity Fund Annual Review 2026 Davis Opportunity Fund argues that concentrated, expensive passive indexes warrant a selective active approach, with reduced exposure to richly valued megacap technology. The portfolio added managed-care insurers after cost-driven weakness, trimmed selected Magnificent 7 holdings, and emphasizes Capital One, Wesco International, Coterra and Teck Resources as undervalued or structurally advantaged holdings. 2025 AMAT $404BCOF $120BUNH $338B
Lyrical Asset Management 2025 Global Impact Value Equity Strategy (GIVES) Review GIVES attributed its year to earnings growth across undervalued holdings, while avoiding mega-cap growth stocks and crowded sustainability names. The strategy pressed Wesco to measure and disclose Scope 3 emissions, and expects valuation gaps between value stocks, smaller companies and mega-caps to narrow over time. 2025 6091 $77MAPTV $9.2B
Nelnet 2025 Letter to Shareholders Nelnet exited solar construction after concluding the business did not fit its objectives, while retaining solar tax-equity, syndication, and consulting activities. It reduced its ALLO stake, expanded consumer lending and servicing through Klarna and SoFi relationships, and emphasized AI-driven automation across its education and payments businesses. 2025 KLAR $5BSOFI $20B
Markel Group Home Markel Group reorganized its insurance operations under Simon Wilson, shifted authority closer to customers, and sold reinsurance renewal rights to concentrate capital on specialty underwriting. It paired conservative reserving and high-quality fixed income with share repurchases, preferred-stock redemption, and selective equity investments while supporting its industrial, financial and consumer businesses. 2025 MKL $22B
Berkshire Hathaway 2025ltr Berkshire sets out Greg Abel’s stewardship priorities: decentralized operations, underwriting discipline, a fortress balance sheet and capital allocation focused on durable businesses. It announced acquisitions of OxyChem and Bell Laboratories, expects insurance pricing pressure to reduce premium volume, and targets operational improvement at BNSF, GEICO and other subsidiaries. 2025 BRK.A $1.1T
Horizon Kinetics 2026 New Year Letter from Our Founders Horizon Kinetics argues that private investments in exchanges, royalties and Permian infrastructure extend its long-horizon value discipline, citing TPL, MIAX, LandBridge and WaterBridge. It avoids AI-IT mega-caps while seeking beneficiaries controlling land, water and natural gas, and says continual chip replacement makes sector cash-flow forecasts internally inconsistent. 2025 ICE $86BLB $6.6BMIAX $3.1B
Artisan Partners Artisan Global Discovery Fund Quarterly Commentary Artisan Global Discovery Fund added to Sea, Spotify, Baker Hughes and ServiceTitan after share-price weakness, while trimming Coherent, Babcock, iRhythm and MACOM on valuation discipline. The fund initiated Texas Roadhouse, TopBuild and SailPoint, and exited Nemetschek and Samsara as near-term growth prospects and catalysts weakened. Q4 2025 0A3T ALAB $66BARGNF $59B
Cedar Creek Partners Cedar Creek Partners 2025 Results Cedar Creek Partners redeployed cash after exits in PharmChem, Propel Media and First IC, while building major positions in Exco Resources and PHI Group. The fund argued that Exco's production growth and hedging support its upside, and that Solitron Devices and ENDI are positioned for improving earnings and asset growth. 2025 ENDI $125MEXCE $1.2BPHIG $760M
Palm Harbour Capital Letter 2025 Q4 | 244 KB Palm Harbour Capital exited Playtech, RHI Magnesita, Aichi, Aberdeen European Logistics Income and Kri-Kri after governance concerns, cyclical risks, liquidation and fuller valuations changed the risk-reward balance. The fund added Converge ICT, arguing that Philippine fiber-network monetization, easing capital expenditure and broadband penetration growth can drive free cash flow. fourth quarter 2025 111770 $2.3B284740 $408MAICXF $574M
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
Alluvial Capital Management Letter to Limited Partners Fourth Quarter 2025 Zegona Communications monetized fiber assets, cut debt and repurchased shares following its Vodafone Spain acquisition, while Alluvial retained the position despite its rerating. The fund added Sylvamo, Itafos and McDermott International, citing temporary paper-market pressure, structurally tight phosphate supply and McDermott’s operational recovery. Crawford United agreed to sell to SPX Technologies, a deal Alluvial views as undervaluing parts of the business. Fourth Quarter 2025 ZEG $5.3BGTX $4.9BITFS $297M
Sequoia Fund Annual Report – Dec 2025 Annual 2025 —
Artisan Partners Artisan Global Opportunities Fund Quarterly Commentary Artisan Global Opportunities Fund added RTX, Capital One, Somnigroup, L3Harris and BAE Systems while exiting several Garden investments whose theses were not progressing. The portfolio emphasizes health care franchises, defense suppliers and AI infrastructure beneficiaries, while maintaining valuation discipline around Oracle and reducing Netflix, Snowflake and Boston Scientific. Q4 2025 ARGNF $59BBAESY $72BBSX $61B
Sequoia Fund Annual Shareholder Report | December 31, 2025 Sequoia Fund trimmed several holdings on valuation, position-size and opportunity grounds, added to Ashtead Group, exited Jacobs Solutions and opened positions in MSA Safety, Accenture and Align Technology. Rolls-Royce, Alphabet, Taiwan Semiconductor Manufacturing, Eurofins Scientific and Charles Schwab led contributors, while Constellation Software and UnitedHealth Group were among detractors. year ended December 31, 2025 —
Hayden Capital Quarterly Letter 2025 | Vol. 4 Hayden Capital sold New Oriental after its turnaround matured and backs Sea Limited, arguing Shopee’s logistics investment is offensive while TikTok Shop growth slows. It sees AI-driven selloffs creating opportunities in software, gaming and ecommerce platforms whose network effects, proprietary data and physical infrastructure remain defensible. 4th Quarter 2025 EDU $8.9BSE $57BAMZN $2.7T
Sequoia Fund Year-End 2025 Sequoia Fund Letter Sequoia Fund trimmed Rolls-Royce and Alphabet after their weightings and valuations rose, while retaining both as its largest holdings. It added to Elevance and built new positions in MSA Safety, Accenture, and Align Technology, arguing that each combines a durable franchise with a temporary source of market concern or a favorable valuation. 2025 GOOGL $4.2TRLLCF $87BACN $118B
Rowan Street Capital Rowan Street 2025 Year-End Letter Rowan Street retained its long-held Meta Platforms stake and argues that durable businesses merit concentration when management and economics remain strong. It maintained patience with Shopify, let The Trade Desk shrink without averaging down as conviction moderated, and initiated Tesla amid pessimistic sentiment. 2025 META $1.8TSHOP $212BTSLA $1.5T
Greenhaven Road Capital Partners Fund Q1 Horizon Kinetics Holding Company is presented as an overlooked, management-aligned asset manager whose cash and investments, prospective incentive fees and recurring management business exceed its market valuation. Greenhaven Road explains that Maran Capital’s large HKHC position fits its preference for inexpensive, lightly followed companies outside major indices. fourth quarter 2025 HKHC $417M
RGA Investment Advisors Working with AI, Thinking with Discipline RGA Investment Advisors is formalizing AI use in research through proprietary-note queries, specialized risk agents and Claude Code automations, while retaining human judgment and adversarial review. The firm added Celsius Holdings and Lattice Semiconductor, and argues that Amazon’s logistics network and Lattice’s efficient FPGAs are well placed for AI application-layer demand. Q4 2025 LSCC $18BAMZN $2.7TDASH $83B
Grey Owl Capital Management Q4 2025 Grey Owl All-Season Strategy increased U.S. small-cap, emerging-market equity, precious-metals and commodity exposure while cutting fixed income and cash allocations. The strategy argues that accelerating growth, contained inflation and improving market breadth favor cyclical companies and broader equity leadership beyond mega-cap technology. Q4 2025 —
Greenhaven Road Capital Q4 2025 Greenhaven Road Capital groups Lifecore and Vistry as transformations whose operating progress has yet to be reflected in their valuations. It argues that fears around Burford, PAR, Cellebrite and KKR are overstated, while Hagerty’s State Farm rollout, operating leverage and marketplace expansion support its investment case. Q4 2025 BUR $772MCLBT $2.9BHGTY $4.8B
Horizon Kinetics 4th Quarter Commentary Texas Pacific Land anchors the commentary’s case that Delaware Basin land, water and disposal infrastructure gain strategic value as AI data centers require dedicated power and cooling. The firm contrasts the capital burden and obsolescence risk facing chip buyers with royalty and exchange businesses that collect fees with limited capital at risk. 4th Quarter 2025 TPL $24BAMG $9.8BATUSF $2.8B
Patient Capital Management 4Q25 Quarterly Market Review U.S. markets entered 2026 with solid growth and resilient consumer spending supporting the outlook despite uneven inflation data and labor-market softness. Patient Capital Management argues that widespread concern over AI valuations and elevated equities may itself support further market upside. fourth quarter of 2025 —
Patient Capital Management 4Q25 Portfolio Activity and Attribution Patient Opportunity Equity added long-dated Biogen calls, initiated Fiserv and Chime, and exited Angi, arguing Biogen's Alzheimer’s franchise and pipeline offer upside while Fiserv can recover following a management reset. It backed Alphabet’s AI monetization, Precigen’s Papziemos launch, Illumina’s sequencing recovery, Coinbase’s platform expansion and Bitcoin’s scarcity. 4Q25 BIIB $33BCHYM $11BCOIN $47B
Weitz Investment Management Patience, Perspective, and the Wall of Worry Weitz Investment Management argues that concentrated leadership, accommodative policy and passive flows have made the bull market vulnerable to a choppy interim period. The firm is avoiding the AI trade, holding Berkshire Hathaway, and expects its life-science, software and business-services holdings to benefit when tariff pressures and AI fears recede. 4Q25 —
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
Giverny Capital Annual Letter to our Partners 2025 Giverny Capital sold CarMax after its turnaround faltered and exited Fiserv after leadership changes, weakened guidance and balance-sheet concerns raised risk. The firm retained Constellation Software, arguing its niche vertical software, embedded customer data and acquisition model remain resilient despite AI fears. It cautioned that AI infrastructure spending may produce poor early-investor economics. 2025 CNSWF $43BCNI $72BFISV $24B
Biglari Holdings 2025* Biglari Holdings deployed Steak n Shake’s $225 million borrowing as parent-company liquidity while keeping the proceeds in Treasury bills pending acquisitions. It built its Ferrari position, pushed Steak n Shake toward owner-operated franchise units and premium ingredients, and identified insurance acquisitions and reinsurance as the group’s principal growth engine. 2025 RACE $68B
Massif Capital Fourth Quarter 2025 Letter to Investors Massif Capital exited G Mining Ventures as its upside became increasingly dependent on gold, while retaining Equinox Gold and adding Larvotto Resources for antimony exposure. The strategy favors cash-generative oil producers and copper assets constrained by scarce supply, while preparing to diversify beyond mining into real-asset businesses. fourth quarter of 2025 MDNGF $71MEQNR $102BEQX $13B
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
Palm Valley Capital Fourth Quarter 2025 Commentary Palm Valley Capital Fund added Domino’s Pizza Group, Utz Brands and Ingredion, increased Flowers Foods and Farmland Partners, and exited its Sprott Physical Silver Trust position. The managers argue that tax-loss selling and index rebalancing have created selective small-cap opportunities, while maintaining a cautious stance on inflation, valuations and speculative markets. Fourth Quarter 2025 DPUKY $1.2BFLO $1.2BFORR $217M