Fund Letters

3rd Quarter 2019

• Andaz Private Investments - (CBS.B, $VIAB)
• Appleseed Fund - ($SINA, $WB, $CRTO, $BMWYY)
• Artisan Mid Cap Fund - ($ALXN, $EXAS, $GDI, $GWRE, $CTLT, $BURL, $PAGS, $LHX, $ANET, $ASND)
• Artko Capital
• Baron Health Care Fund
• Baron Discovery Fund
• Bernzott Capital Advisors - ($MINI, $SP, $PLOW, $OI, $AGS, $QUOT,$ CTLT, $EPAM, $KN, $CLDR, $AGS, $GNRC)
• Comus Investment
• Curreen Capital - ($GTX, $KTB, $MFGP, $BLD)
• East 72 Holdings - ($ECVTF, $DTLA, $FFXDF, $VULC, $PICO)
• Ensemble Fund - ($MA, $TIF)
• Firebird Management - ($LNC, $GES)
• Focused Compounding Capital Management - ($NC, $CSVI, $TPHS, $KEWL, $MLP)
• Longleaf Partners Fund - ($CTL, $GOOG, $GOOGL, $CMCSA, $GE, $FDX, $FRFHF)
• Merion Road Capital - ($HXL, $IAA, $TRNS)
• Nelson Roberts Investment Advisors - ($SIVB, $SCHW, $AKAM, $PFE, $DLR)
• Palm Valley Capital Fund - ($CRD.B, $CRD/B, $GENC)
• Polen Capital - Focus Growth - ($ALGN, $IT, $MSCI)
• Polen Capital - Global Growth - ($ALGN, $ABT, $SGSOY)
• Polen Capital - International Growth
• Polen Capital - U.S. Small Company Growth
• Polen Capital - International Small Company Growth
• RiverPark Large Growth Fund - ($GOOG, $BX, $AAPL, $NOC, $EQIX, $EXAS, $ALGN, $AMZN, $SDC, $ULTA, $TWLO)
• Saber Capital Management
• Tollymore Investment Partners
• Upslope Capital Management - ($IT)
• Vltava Fund - ($BRK.A, $BRK.B, $SBRCY, $BMWYY)
• Wedgewood Partners - ($CDW, BRK.B, $NVDA, $ULTA)

2nd Quarter 2019

• Alluvial Capital Management - ($SYCRF, $NUVR, $MMAC, $RAMPF, $CLWY, $CMLS, $FTR)
• Alta Fox Capital Management - ($PAYS, $KWS, $NTDOY)
• Andvari Associates - ($MLAB, $UPLD, $APPN, $BL, $WDAY, $TYL)
• Appleseed Fund - ($CRTO, $SINA)
• Ariel Funds - ($LAZ, $TAP, $MTSC)
• Arquitos Capital - ($SYTE, $MMAC)
• Artisan Mid Cap Fund
• Artisan Small Cap Fund
• Artko Capital - ($CCNI, $JYNT, $WFCW, $FLL, $NRCGW)
• Askeladden Capital - ($FC, $AER, $DLTH, $LGIH, $SFM, LQDT)
• Baron Growth Fund - ($CSGP, $MSCI, $IDXX, $SSNC, $BNFT, $IRDM, $FDS, $ACGL, $RRR, $TWOU, $CVET, $ADPT, $ALEC)
• Baron Focused Growth - ($CSGP, $FDS, $ACGL, $CHH, TSLA, $BNFT, $MANU)
• Baron Small Cap Fund - ($IDXX, $JBT, $SITE, $TTD, $BFAM, $GTT, $RRR, $CISN, $PRA, $CVET, $TREX)
• Bernzott Capital Advisors - ($CTLT, $GNRC, $BV, $CLDR, $SSTK, $MIK, $EPAM, $SNPS, $LOGM, $INOV, $CARB, $MINI)
• Blue Hawk Investment Group - ($MTCH, $GRUB, $TRIP)
• Blue Tower Asset Management - ($CNR)
• Bonhoeffer Capital Management - ($TOO, $GTN)
• Choice Equities Fund - ($DEST, $BXC, $PAR)
• Coho Capital - ($GDDY)
• Comus Investment
• Cooper Investors Global Equities Fund - ($FISV, $FRRVY, $FRRVF, $TTNDY)
• Curreen Capital - ($KTB)
• East 72 Holdings - ($AFTPF, $ADS)
• Ensemble Fund - ($BR, $SBUX, $FAST, $FRC, $GOOG)
• Evermore Global Value Fund - ($DIS, $BORR, $STING)
• Ewing Morris
• Fiduciary Management  FMI Large Cap
• Firebird Management - ($BV, $KSS)
• Focused Compounding Capital Management - ($NC, $CSVI)
• FPA Crescent Fund - ($ALGT, $XEC, $MKSI)
• FPA Capital Fund - ($ALGT, $XEC, $MKSI)
• Greenhaven Road Capital - ($KKR, $APPS, $PAR, $SHSP, $ETSY, $NTDOY)
• Greenlight Capital
• GreenWood Investors
• Hayden Capital - ($CMPR, $JD)
• Heartland Value Fund - ($RDN, $VST, $CALX)
• Lightsail Capital Management
• Long Cast Advisers - ($QRHC, $DAIO, $SIFY, $INS, $CTEK, $TBTC)
• Longleaf Partners Fund - ($CMCSA, $GE, $AMG, $CTL, $HCMLY\$HCMLF, $CHKGF, $CNHI, $FDX, $MAT, $CNX) - ($CBLLF, $DE)
• Mar Vista Investment Partners
• Massif Capital - ($CBLLF, $DE)
• Merion Road Capital - ($IAA, $KAR, $MHH)
• Mittleman Brothers
• MPE Capital
• Nelson Roberts Investment Advisors - ($ROP, $DLR, $PFE) 
• Palm Valley Capital Fund - ($CRD.A\$CRD.B, $CWGL, $NGS, $WMK, $UG, PTVCA\PTVCB, $AE, $DOX, $SCHL, $GENC)
• Pershing Square Holdings
• Polen Capital - Global Growth
• Polen Capital - International Growth
• Polen Capital - U.S. Small Company Growth
• Polen Capital - International Small Company Growth
• RGA Investment Advisors
• RiverPark Large Growth Fund - ($ADBE, $AMZN, $FIVE, $ISRG, $GOOG\$GOOGL, $FB, $AAPL, $BX, $EXAS, $MSFT, $DIS, $PANW, $TDC, $ADSK, $COG)
• Rockvue Capital - ($EAF, $TH, $UAA)
• RV Capital
• Saber Capital Management - ($FB, $WFC)
• Saga Partners - ($TTD, $LIMAF, $FB, $TRUP, $UA)
• Spree Capital - ($CVET, $BB, $QCOM)
• Stanphyl Capital Management - ($TSLA, $AVNW, $WSTL)
• Summers Value Fund - ($EGRX, $BSTC, $ELMD)
• Third Avenue Real Estate Value Fund
• Third Avenue Small-Cap Value Fund
• Third Avenue Value Fund
• Tollymore Investment Partners - ($BID)
• Upslope Capital Management - ($FLIR, $HGV, $COKE, $PACK)
• Vltava Fund - ($AN)
• Wedgewood Partners - ($ALC, $BRK.B, $SCHW, $CTSH, $EA, $MSI, $ODFL)
• Weitz Value Fund

1st Quarter 2019

• Alluvial Capital Management - ($NUVR, $LICT, $APTL, $IEHC, $HICKA)
• Alta Fox Capital Management - ($TPNL - $PAYS, $JYNT, $RMBL, $STKS). Full Pitch on $STKS)
• Andvari Associates - ($UPLD, $TLRA, $WDAY, $V, $MA, $TYL, $MKL)
• Appleseed Fund - ($SKM, $ERJ)
• Ariel Funds - ($AXE, $KMX, $ZBRA)
• Arquitos Capital - ($SYTE, $MMAC, $WEDXF)
• Artko Capital - ($REPH, $NRCGW, $GAIA, $EEI, $LEAF)
• Baron Funds
• Baron Growth Fund - ($CSGP, $MSCI, $SSNC, $IRDM, $ANSS, $NEOG)
• Baron Focused Growth - ($CSGP, $FDS, $H, $IRDM, $GWRE, $TSLA, $BNFT, $CHH)
• Baron Small Cap Fund - ($TTD, $TDG, $FND, $GWRE, $HUD, $OEC, $PRTY, $BJRI, $CCC, $OSW, $CCX.U)
• Bernzott Capital Advisors - ($EPAM, $SSTK,$VRNT, $MIK, $QUOT, $MG, $BV)
• Bluehawk Investors - ($MTCH, $FND)
• Bireme Capital - ($AAPL, $BKNG)
• Choice Equities Fund - ($RUBI, $USX)
• Comus Investment
• Cooper Investors Global Equities Fund - ($SHMZF, $APH, $FRRVY, $FRRVF, $DHR, BAM, $SAPIF)
• East 72 Holdings - ($ING, $MKL, $Y)
• Ensemble Fund - ($LSTR, $GOOG, $GOOGL)
• Evermore Global Value Fund - ($BDRBF, $KRA)
• Ewing Morris
• FPA Crescent Fund
• FPA Capital Fund
• Greenhaven Road Capital - ($PAR, $APPS, $KKR, $ETSY, $SHSP, $BOX, $EVI, $FCAU, $CSSE)
• Greenlight Capital
• GreenWood Investors
• Harding Loevner Global Small Cap Equities
• Harding Loevner Global Equities - ($KHC, $NSRGY, $LYFT, $WBC, $VRTX)
• Heartland Value Fund - ($BRY, $ARAY, $NWPX, $CCS, $FSLR)
• Hayden Capital - ($SE, $ZLPSF)
• Horan Capital Management - ($MTN, $ATVI, $BKNG, $AAPL, $THO, $TCEHY, $GOOG, $FB)
• Horizon Kinetics - ($K, $PEP, $NFLX, $AMZN, $TPL)
• JDP Capital Management - ($XPO, $TK, $SPOT)
• Laughing Water Capital
• Lightsail Capital Management - ($DRTTF)
• Long Cast Advisers - ($INS, $QRHC, $EVI, $CTEK)
• Longleaf Partners Fund - ($GE, $MAT, $WYNN, $CTL, $HCMLY, $CHKGF)
• Massif Capital
• Merion Road Capital - ($FCPT, $SLGG)
• Midwood Capital Partners - ($NXST, $DRTTF, $RCM, $LMB, $REPH)
• Miller Value Partners
• Platinum Asset Management
• Pershing Square Holdings - ($ADP, $QSR, $LOW, $SBUX, $HLT, $UTX, $HHC, $FNMA, $FMCC)
• Polen Capital - Focus Growth
• Polen Capital - Global Growth
• Polen Capital - International Growth
• Polen Capital - U.S. Small Company Growth
• Polen Capital - International Small Company Growth
• RGA Investment Advisors - ($GRUB)
• Saber Capital Management - ($AAPL. $FB, $TCEHY)
• Saga Partners - ($TRUP)
• Spree Capital - ($ROKU, $FTDR, $EBAY, $ALRM, $ZAYO)
• Summers Value Fund - ($EGRX, $CVET, $SLGD, $ELAN, $KHTRF)
• Templeton and Phillips Capital Management - ($FFXDF, $HDB)
• Tollymore Investment Partners - ($TRIP, $SE)
• Third Avenue Real Estate Value Fund - ($INTU.L, $NWHM, $JBGS)
• Third Avenue Small-Cap Value Fund - ($AGX)
• Third Avenue Value Fund - ($HCC, $TDW, $EXP, $MHK)
• Upslope Capital Management - ($ATR, $YETI, $BLD)
• WCM Global Growth
• Weitz Investment - An Introduction to CarMax, Inc. - ($KMX)

4th Quarter 2018

• Alta Fox Capital Management - ($TPNL)
• Alluvial Capital Management - ($NUVR, $MMAC, $RAMPF, $AMNF)
• Andvari Associates - ($MA, $TYL)
• Ariel Funds - ($ATGE, $AMG, $KN)
• Arquitos Capital - ($SYTE, $MMAC, $WEDXF)
• Artko Capital - ($JYNT, $SMED, $AFCN, $USAT, $PRIXQ, $SPAR)
• Baron Funds
• Bernzott Capital Advisors - ($HRC, $TRS, $CLH, $SSTK, $CMP, $CTLT, $EPAY, $MEDP, $ELY, $MIK, $MG, $SRCL)
• Choice Equities Fund - ($RUBI, $DEST, $UA, $CMG)
• Comus Investment
• Cooper Investors Global Equities Fund - ($BAM, $PTC, $SIRI, $PYPL, $HEI)
• East 72 Holdings - ($AER, $EXXRF, $VIRT)
• Ensemble Fund - ($SCHW, $ST)
• Evans and Partners International Fund - ($SKFOF, $RELX, $MMM, $GOOG, $V, $ADDYY, $AON)
• FPA Capital Fund - Annual Report
• FPA Crescent Fund
• Fundsmith Equity Funds - ($PM, $FB, $SBUX, $MSFT) - ($GCGMF, $WEDXF, $RAMPF, $PDDPF)
• Goodwood  Funds  - ($GCGMF, $WEDXF, $RAMPF, $PDDPF)
• Greenhaven Road Capital - ($FCAU, $ETSY, $SHSP, $KKR, $YELP, $BOX)
• Greenlight Capital
• GreenWood Investors
• Hayden Capital - ($MPNGF, $CVNA, $JD)
• Heartland Value Fund - ($CCS, $NWPX, $ARAY)
• Lightsail Capital management - ($DRTTF)
• Mittleman Brothers
• MPE Capital
• Nelson Roberts Investment Advisors - ($ZTS)
• Platinum Asset Management
• Polen Capital - Focus Growth
• Polen Capital - Global Growth
• Polen Capital - International Growth
• Polen Capital - U.S. Small Company Growth
• RGA Investment Advisors - ($ROKU, $CGNX)
• RV Capital
• Saga Partners - ($TTD, $ESI, $UA, $LIMAF, $LGIH, $FB)
• Sebids Capital
• Third Avenue Real Estate Value Fund - ($DLN.L, $WY, $ZION, $PNC Warrants)
• Third Avenue Small-Cap Value Fund - ($CUBI, $MYRG, $ATNI)
• Third Avenue Value Fund - ($DWDP, $DDAIF, $ANFGF)
• Tollymore Investment Partners - ($UHAL, $GYM.LN, $ITEGY, $TRIP, $TRUP)
• Upslope Capital Management - ($EVR, $BLD, $JE.LN, $DLTR, $KWR, $YETI, $MKTX, $TSLA)
• WCM Global
• Weitz Investment
• Wiedower Capital - ($TRUP, $JD, $ISDR)
• Willow Oak Select Fund - ($BEL)

3rd Quarter 2018

• Alta Fox Capital Management - ($XPEL, $TPNL, $UWN)
• Alluvial Capital Management - ($NUVR, $LICT, $OTEL, $MMAC, $CTRA, $BXC, $RAMPF)
• Artko Capital - ($TWNKW, $RSSS)
• Baron Funds
• Bernzott Capital Advisors - ($EPAY, $ELY, $SSTK, $MIK, $PLOW, $GNTX, $OI, $APAM, $QUOT)
• Choice Equities Fund - ($LAWS, $BECN, $BXC, $YELP, $DEST)
• Comus Investment
• Cooper Investors Global Equities Fund - ($FTV, $FERGY, $CCF, $ROP, $FRC, $AMADY, $CMCSA, $SIRI, $AON)
• Ensemble Fund - ($TRUP, $BKNG)
• Greenhaven Road Capital - ($FCAU, $ETSY, $SHSP, $TRIP, $YELP, $EVI, $BOX)
• Greenlight Capital
• GreenWood Investors - ($EXXRF, $TRIP, $TI)
• Hayden Capital - ($MKL, $JD)
• Heartland Value Fund - ($TLRY, $BRY, $SRCI, $AXAS, $CCS)
• Longleaf Partners Fund - ($CTL, $BEL, $OCINF)
• Platinum Asset Management
• Polen Capital - Focus Growth
• Polen Capital - Global Growth
• Polen Capital - International Growth
• Polen Capital - U.S. Small Company Growth
• RGA Investment Advisors - ($PYPL, $WBA)
• Saga Partners - ($TTD, $ESI, $UA, $LIMAF, $LILAK)
• Third Avenue Real Estate Value Fund - ($BKG.L, $JBGS, $CHKGF)
• Third Avenue Small-Cap Value Fund - ($ATNI, $ASIX, $MYRG)
• Third Avenue Value Fund - ($TDW, $CHKGF, $BZZFF, $DB)
• Upslope Capital Management - ($CWH, $TSLA, $MKTX)

2nd Quarter 2018

• Alta Fox Capital Management - (T$PNL, $XPLT)
• Alluvial Capital Management - ($SYCRF, $SCOO, $NUVR, $MMAC)
• Andvari Associates - ($TTD, $APPN, $TCEHY, $MKTX, $GOOG)
• Ariel Funds - ($LAKE, $TISI, $TGNA)
• Artko Capital - ($EEI, $ROSEW/ROSEU, $WFCF, $FRD)
• Baron Funds
• Bernzott Capital Advisors - ($EPAY, $ELY, $KN, $OI, $APAM, $CNK, $PLOW, $MIK, $CSOD, $EXLS)
• Bonhoeffer Capital Management - ($KT)
• Choice Equities Fund - ($CMG, $REED, $BECN)
• Comus Investment
• Cooper Investors Global Equities Fund - ($SAPIF, $TTNDY, $MKSI, $CMCSA, $PNR, $CIGI, $BAX, $SPGI)
• East 72 Holdings - ($ECVTF, $UCPLF, $ELFIF)
• Ensemble Fund - ($LB, $PBH)
• FPA Capital Fund
• Gator Capital Management - ($AMP)
• Greenhaven Road Capital - ($FCAU $ETSY, $TRIP, $EVI, $AINC, $YELP, $CSSE)
• Greenlight Capital
• GreenWood Investors - ($EXXRF, $TI)
• Heartland Value Fund - ($CCS)
• Laughing Water Capital - ($EZPW, $FCAU, $CDMO, $CWH, $RMNI/$RMNIW)
• Maran Capital Management - ($BH, $CLAR, $SVIN, $LOV)
• MPE Capital
• Platinum Asset Management
• Polen Capital - Focus Growth
• Polen Capital - Global Growth
• Polen Capital - International Growth
• Polen Capital - U.S. Small Company Growth
• RGA Investment Advisors - ($EQIX)
• RV Capital - (AddLife, PSG Group)
• Saga Partners - ($TTD, $ESI, $UA, $LIMAF, $LILAK)
• Third Avenue Real Estate Value Fund - ($FPH, $LEN)
• Third Avenue Small-Cap Value Fund - ($ATNI, $SAFM)
• Third Avenue Value Fund - ($HCTPF, $KKWFF, $BCAUY, $HA
• Wiedower Capital - ($JD)

1st Quarter 2018

• Alluvial Capital Management - ($SYCRF, $OTEL, $LICT, $MMAC $BXC)
• Arquitos Capital Management - ($SYTE, $WEDXF)
• Artko Capital - ($HTM, $GAIA, $HDSN, $SKY)
• Ariel Funds - ($KEYS, $MHK, $OAK)
• Bernzott Capital Advisors - ($MINI, $ELY, $EPAY, $CMP, $MIK, $MG)
• Bonhoeffer Capital Management - ($TI, $TOO)
• Comus Investment
• Cooper Investors Global Equities Fund - ($SPGI, $CME, $CMCSA, $SPB)
• Dane  Capital  Management - ($DSKE, $IEA, $LAZY, $LMB, $YTRA, $EVI)
• Ensemble Fund - ($NFLX, $DNOW)
• FPA Capital Fund - ($WDC, $TEN, $ALGT)
• FPA Crescent Fund
• Greenhaven Road Capital - ($FCAU $ETSY, $TRIP, $EVI, $AINC, $BXC)
• Greenlight Capital
• GreenWood Investors - ($EXXRF, $RYCEY, $VIVHY)
• Laughing Water Capital - ($BXC, $OCN, $TRC, $GHL, $ITI, $GAIA)
• Longleaf Partners
• Maran Capital Management - ($BH, $CLAR, $SVIN, $IAC, $ATTO)
• Platinum Asset Management
• Polen Capital - Focus Growth
• Polen Capital - Global Growth
• Polen Capital - International Growth
• Polen Capital - U.S. Small Company Growth
• RGA Investment Advisors - ($DIS, $RAMP)
• RiverPark Large Growth Fund
• RiverPark Focused Value Fund
• Saga Partners - ($ESI, $LILAK)
• Third Avenue Real Estate Value Fund - ($AKR, $SRG)
• Third Avenue Small-Cap Value Fund - ($FRPH, $WEDXF. $SMHI)
• Third Avenue Value Fund - ($BDRLF, $KKWFF, $BMWYY)
• Vulcan Value Partners