Alluvial Capital ManagementLetter to Limited Partners First Quarter 2026 ↗Alluvial Fund sold Peakstone Realty Trust following its agreed acquisition by Brookfield, while retaining a focus on unpopular real estate despite a largely matured distressed-property cycle. The portfolio added Gulf Marine Services and argues for EACO, FitLife Brands, McBride, McDermott and Zegona based on operational catalysts, valuation discounts and balance-sheet progress.First Quarter 2026 +3.0%EACO$574MFTLF$96MGMS$290MMCB$395M
Wedgewood PartnersAre Hyperscalers Still Magnificent? ↗Wedgewood Partners increased Alphabet, Amazon, Meta Platforms and Microsoft, arguing that their AI infrastructure spending is supported by high-return core businesses and investments that hedge DRAM cost inflation. The firm initiated Hermès, citing its artisan-led supply constraints, durable brand equity and pricing power, while trimming several large technology positions to maintain concentration limits.Second Quarter 2026 +9.4%HRMSAMZN$2.8TGOOGL$4.2TMETA$1.4T
Tweedy, BrowneQ2 2026 Commentary ↗Global value portfolios added Capgemini and bioMérieux at discounts to intrinsic value, expanded Autotrader, Berkeley Group and Nihon Nohyaku, and trimmed chemicals and holdings nearing value. Tweedy, Browne warns that AI capital spending, stretched US technology valuations and financing excess echo the pre-2000 market, while smaller and mid-cap non-US holdings remain cheaper.Q2 2026 —005930$1.2T4368$2BBMXXY$10BCAPMF$22B
Giverny CapitalAnnual Letter to our Partners 2025 ↗Giverny Capital sold Carmax after deteriorating sales and profits, and exited Fiserv after its CEO departure, weaker guidance and balance-sheet concerns. It retained Constellation Software, arguing that its deeply embedded vertical-market software and decentralized operating model can adapt to AI disruption. The firm cautioned that AI infrastructure spending may produce poor early-investor economics despite its technological value.2025 +2.7%CNSWF$47BCNI$77BFISV$28BFIVE$13B
Polen Capital U.S. Opportunistic High YieldPolen U.S. Opportunistic High Yield – 2Q 2026 Portfolio Manager Commentary ↗Polen Capital retained Baffinland notes through its Canadian creditor-protection process and held RealTruck’s new second-lien notes following its liability-management exchange. The portfolio purchased Meridian Arc’s secured notes for contracted, Google-backed data-center cash flows and exited Oldcastle BuildingEnvelope after a negotiated sponsor transaction.Q2 2026 +2.0%—
Intrepid CapitalMutual Fund Commentary Intrepid Capital Fund 1Q 2026 ↗Intrepid Capital Fund faced a sharp market selloff after conflict in Iran disrupted oil supplies and pushed Treasury yields higher. Sprott, Permian Resources, Fabrinet, Madison Square Garden Sports and Alphabet led contributors, while Fiserv, Jefferies, Take-Two, Conduent notes and Copart detracted.1Q 2026 -0.9%—
BHBiglari Holdings2025* ↗Biglari Holdings used Steak n Shake borrowing to build dry powder while preserving parent-level liquidity for acquisitions. It made Ferrari its largest equity holding, expanded Steak n Shake’s owner-operator model and premium-food strategy, and positioned its insurance group and reinsurance arm to pursue further acquisitions.2025 —RACE$75BTSLA$1.4T
Grandeur Peak Global Advisors2Q26 Quarterly Letter ↗Grandeur Peak Global Advisors rotated away from software exposed to AI-driven obsolescence risk and favored semiconductor, industrial, consumer and capital-markets holdings with improving fundamentals. The firm remains cautious on banks, REITs and speculative biotechnology, while selectively seeking Chinese consumer brands that create emotional value amid weak consumer confidence.2Q26 ——
UCUpslope Capital Management2026-Q2 Update ↗Upslope retained its cheap, defensive long book amid a momentum-driven preference for AI-linked and speculative stocks, while exiting Intel, Hershey and Jack Henry on valuation or risk-management grounds. The fund added Magnum Ice Cream, arguing its global brands, frozen supply chain, standalone margin opportunity and valuation create an attractive defensive investment.Q2 2026 -6.6%MICC$12BCCK$13BCME$99BDPLMF$13B
Rowan Street CapitalRowan Street Q2 2025 Letter ↗Rowan Street Capital argues that holding Meta Platforms and Spotify through severe drawdowns, rather than trading around sentiment, reflects its edge in backing durable businesses. The portfolio also includes Netflix, The Trade Desk, Topicus, Shopify, Adyen and Dino Polska, while the firm says AI will not replace investor temperament and patience.The first half of 2025 +20.1%META$1.4TSPOT$110BADYEY$39BDNOPF$9.2B
RGA Investment AdvisorsYear Zero: How AI Is Reshaping Our Investment Process ↗RGA Investment Advisors has rebuilt its research workflow around Claude Code, structured data tools and cross-model validation while retaining its low-turnover GARP discipline. It argues that Amazon Web Services is positioned to capture AI workflow demand through model-agnostic orchestration, and uses a SaaS risk tracker to identify resilient software businesses and avoid value traps.Q1 2026 —AMZN$2.8TGOOGL$4.2TNVDA$5.1T
HAHeartland AdvisorsHeartland Value Fund 1Q26 Portfolio Manager Commentary ↗Heartland Value Fund argues that geopolitical volatility has not derailed a longer-term rotation toward small-cap value, citing discounted valuations, improving fundamentals and underownership. The fund exited acquired holdings Calavo Growers, SunOpta, Alexander & Baldwin and Plymouth Industrial, while adding conviction in Allegiant, i3 Verticals and Chiron Real Estate.1Q26 +7.4%ALGT$2.1BCVGWdelistedIIIV$436MSTKLdelisted
MCMassif CapitalFourth Quarter 2025 Letter to Investors ↗Massif Capital retained Equinox Gold after selling G Mining Ventures, arguing that Equinox offers operational momentum, deleveraging and prospective capital returns. The strategy favors cash-generative European producers amid oil volatility and maintains a large copper allocation on constrained mine supply, thin inventories and policy-driven stockpiling.Fourth Quarter 2025 +9.6%EQNR$103BEQX$16BGMIN$10BLAR$1.1B
Pershing Square HoldingsLetter to Shareholders ↗Pershing Square added Amazon and increased Brookfield and Hertz while trimming UMG, Hilton and Chipotle and exiting Canadian Pacific amid tariff-driven volatility. It is transforming Howard Hughes Holdings into a diversified holding company, beginning with a planned property-casualty insurance platform whose assets it would manage without charge.Six-month period ended June 30, 2025 +15.5%HHH$4.1BAMZN$2.8TBN$94BCMG$47B
Pershing Square HoldingsLetter to Shareholders ↗Pershing Square Holdings returned 20.9% on NAV in 2025, ahead of the S&P 500’s 17.9%, while its share price gained 33.9% as the NAV discount narrowed to 24.1%. The portfolio added Meta, Amazon and Alphabet, backed Howard Hughes Holdings’ Vantage acquisition, and exited Hilton, Chipotle, Canadian Pacific and Nike.2025 +20.9%AMZN$2.8TBN$94BFMCC$3.6BFNMA$7.3B
Horizon Kinetics2nd Quarter Commentary ↗Horizon Kinetics argues that passive indexation has concentrated equity risk in large U.S. technology companies as disinflationary forces, cheap capital and global labor arbitrage reverse. It identifies electricity and natural gas as AI bottlenecks, favoring Permian landowner LandBridge and Texas Pacific Land for data-center, water and royalty exposure.2nd Quarter 2024 —LB$6.7BAMZN$2.8TGOOGL$4.2TMETA$1.4T
ACAskeladden CapitalQ2 2025 Letter: 10x ↗Askeladden Capital says AI has lifted research productivity by roughly 5-10x, cutting diligence timelines and enabling a broader, current watchlist. The firm established Grocery Outlet before its 40%+ earnings-driven rise, backs Fitlife after its Irwin acquisition, sold Bel Fuse on valuation, and plans a roughly 20-stock portfolio.Q2 2025 —GO$1.1BBELFB$3.8BFC$226MFTLF$96M
BHBerkshire Hathaway2024 ↗Berkshire Hathaway reported $47.4 billion of 2024 operating earnings, led by insurance underwriting income of $9.0 billion and investment income of $13.7 billion. GEICO’s turnaround, a $171 billion insurance float, and long-term Japanese stakes in five trading companies anchored the discussion, while Berkshire’s per-share market value rose 25.5% versus 25.0% for the S&P 500.2024 +25.5%ITOCY$91BMARUY$50BMITSF$87BMSBHF$111B
Palm Valley CapitalThird Quarter 2025 Commentary ↗Palm Valley Capital Fund gained 2.35% in the third quarter, trailing the S&P SmallCap 600’s 9.11% return while maintaining 74.1% cash equivalents. The fund added Teleflex, Robert Half, LKQ and Avista, sold Seaboard after its rally, and argues that richly valued AI leaders and small caps leave limited margin for error.Third Quarter 2025 +2.4%AAPL$4.5TAVA$3.2BDOX$6.5BFLO$1.6B
Palm Valley CapitalFourth Quarter 2025 Commentary ↗Palm Valley Capital Fund gained 0.66% in the fourth quarter, trailing the S&P SmallCap 600's 1.70% return while holding 76.3% in Treasury bills. The fund added Domino's Pizza Group, Utz Brands and Ingredion, sold its silver trust, and argues that disfavored small caps offer selective value despite elevated market valuations.Fourth Quarter 2025 +0.7%DMPZF$1BFLO$1.6BFORR$224MHTLD$959M
Palm Valley CapitalFirst Quarter 2026 Commentary ↗Palm Valley Capital Fund gained 0.74% in the first quarter, trailing the S&P SmallCap 600 Index’s 3.51% return while holding 77% of assets in Treasury bills and cash equivalents. The fund argues that AI fears have mispriced Amdocs, Resources Connection and other holdings, while trimming Chord Energy, Heartland Express and Farmland Partners near estimated value.First Quarter 2026 +0.7%CHRD$8.1BDOX$6.5BFLO$1.6BFPI$437M
Markel Group2024 Shareholder Letter ↗Markel Group reported $3.7 billion of operating income, a 95.2% insurance combined ratio, and 20.1% equity-investment returns against the S&P 500’s 25.0%. Management cited strong Markel International results and $5.1 billion of Ventures revenue, while targeting further improvement in underperforming U.S. specialty lines and technology.2024 —BRK.A$1.1T
