HF Best Ideas
AnalysesQuarterly LettersInsightsChartsWarren AI
All funds

Cambiar Investors

Mar 2025 → Sep 2026 · Publishes twice a year · 6 funds

Our archive holds 21 letters from Cambiar Investors, behind 19 investment theses and positions in 79 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

Get an email when this fund publishes its next letter

21
Letters
79
Companies
31
Moves
19
Theses

6 strategies

Cambiar Investors publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 31 moves

  • ExitedRyanair
    September 2026
    “the team made the decision to part ways with low cost airline Ryanair.”
    Read the letter
  • ExitedACV Auctions
    September 2026
    “On a more positive note, the portfolio incurred a takeout during the quarter, as ACV Auctions (wholesale vehicle auction marketplace) was acquired by Copart, a larger player in the industry.”
    Read the letter
  • AddedNutanix
    September 2026
    “We also moved basis points from semis to software with the sale of Texas Instruments and purchases of Microsoft and Nutanix.”
    Read the letter
  • AddedHoneywell Automation
    September 2026
    “Net, we viewed the sell-off to be an overreaction and added to our position.”
    Read the letter
  • New positionHasbro
    September 2026
    “Examples include Hasbro (leading game/toy manufacturer that is ramping into the digital gaming space) and Gartner (tech-focused research and advisory services).”
    Read the letter
  • New positionChipotle
    September 2026
    “New positions included Expand Energy, The Southern Company, and Chipotle.”
    Read the letter
  • AddedMicrosoft
    September 2026
    “We also moved basis points from semis to software with the sale of Texas Instruments and purchases of Microsoft and Nutanix.”
    Read the letter
  • New positionThe Southern Company
    September 2026
    “New positions included Expand Energy, The Southern Company, and Chipotle.”
    Read the letter
  • AddedIntercontinental Exchange
    September 2026
    “ICE was added to the portfolio in 2Q, as we took advantage of the price dislocation from AI disruption fears.”
    Read the letter
  • New positionCopart
    September 2026
    “In light of the expanded market position and added technology capabilities that this transaction now provides Copart, we initiated a position in the company.”
    Read the letter
  • ExitedTexas Instruments
    September 2026
    “We also moved basis points from semis to software with the sale of Texas Instruments and purchases of Microsoft and Nutanix.”
    Read the letter
  • New positionExpand Energy
    September 2026
    “Given the reduced upside, we sold the position in favor of Expand Energy, which is the largest natural gas producer in the U.S.”
    Read the letter
  • New positionExpand Energy
    September 2026
    “New positions included Expand Energy, The Southern Company, and Chipotle.”
    Read the letter
  • New positionGartner
    September 2026
    “Examples include Hasbro (leading game/toy manufacturer that is ramping into the digital gaming space) and Gartner (tech-focused research and advisory services).”
    Read the letter
  • TrimmedHF Sinclair
    September 2026
    “Given the reduced upside, we sold the position in favor of Expand Energy, which is the largest natural gas producer in the U.S.”
    Read the letter
  • New positionPetroleo Brasileiro
    September 2026
    “We did increase our exposure during 3Q with the purchase of Petroleo Brasileiro (PBR).”
    Read the letter
  • AddedCarlsberg
    June 2026
    “Sales similarly were varied in nature, with the team selling Barry Callebaut in favor of Carlsberg within Consumer Staples, as well as a reduction in Healthcare exposure via liquidations of Icon and UCB.”
    Read the letter
  • ExitedIcon
    June 2026
    “Sales similarly were varied in nature, with the team selling Barry Callebaut in favor of Carlsberg within Consumer Staples, as well as a reduction in Healthcare exposure via liquidations of Icon and UCB.”
    Read the letter
  • ExitedBarry Callebaut
    June 2026
    “Sales similarly were varied in nature, with the team selling Barry Callebaut in favor of Carlsberg within Consumer Staples, as well as a reduction in Healthcare exposure via liquidations of Icon and UCB.”
    Read the letter
  • New positionCanadian National Railway
    June 2026
    “Additions included Canadian National Railway (CNI) and MTU Aero Engines (MTUAY).”
    Read the letter
  • New positionIntercontinental Exchange
    June 2026
    “One of the new buys was Intercontinental Exchange (ICE), which is a former holding and company we know well.”
    Read the letter
  • New positionMTU Aero Engines
    June 2026
    “Additions included Canadian National Railway (CNI) and MTU Aero Engines (MTUAY).”
    Read the letter
  • ExitedUCB
    June 2026
    “Sales similarly were varied in nature, with the team selling Barry Callebaut in favor of Carlsberg within Consumer Staples, as well as a reduction in Healthcare exposure via liquidations of Icon and UCB.”
    Read the letter
  • ExitedAmdocs
    March 2026
    “we sold Amdocs in favor of ON, which we view to offer a more attractive return profile.”
    Read the letter
  • ExitedCF Industries
    March 2026
    “with the stock up over 58% in the quarter, we closed out our position.”
    Read the letter
  • New positionON Semiconductor
    March 2026
    “With the recent announcement of a CEO transition and fairly muted upside at current valuations, we sold Amdocs in favor of ON, which we view to offer a more attractive return profile.”
    Read the letter
  • New positionON Semiconductor
    March 2026
    “We also made a swap within the Tech sector, selling IT services provider Amdocs in favor of ON Semiconductor.”
    Read the letter
  • ExitedRecruit Holdings
    March 2026
    “We subsequently decided to sell Recruit and maintain positions in Publicis and SAP.”
    Read the letter
  • New positionClorox
    March 2026
    “Recent additions covered a wide range of industries, from Clorox to Southwest Airlines.”
    Read the letter
  • New positionSouthwest Airlines
    March 2026
    “Recent additions covered a wide range of industries, from Clorox to Southwest Airlines.”
    Read the letter

Showing the 30 most recent of 31 recorded moves.

Companies held · 79

Every company Cambiar Investors has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 19

  • Uber Technologies
    September 2026

    Uber Technologies is a leading mobility platform with strong free cash flow, a net cash balance sheet, and expanding autonomous vehicle partnerships.

    Read the full thesis
  • Honeywell Automation
    September 2026

    Honeywell Automation has a large installed base, monopolistic niches, high switching costs, pricing power, and strong free cash flow.

    Read the full thesis
  • Nutanix
    September 2026

    Nutanix provides server utilization software and is positioned for revenue and earnings growth as on-premises hardware demand grows.

    Read the full thesis
  • Expand Energy
    September 2026

    Expand Energy is the largest natural gas producer in the U.S., with hedging, demand tailwinds, and acquisition synergies supporting free cash flow upside.

    Read the full thesis
  • Petroleo Brasileiro (Petrobras)
    September 2026

    Petrobras offers the widest valuation opportunity in global energy, running the best offshore upstream business with growing low-cost Atlantic Basin crude production and improving refining spreads, with risks already reflected in its valuation.

    Read the full thesis
  • Grab Holdings
    September 2026

    Grab operates the dominant Southeast Asian rideshare and delivery network with a competitive moat in mapping and payments, growing demand, and a high-conviction holding despite fuel-price-driven stock weakness.

    Read the full thesis
  • Alphabet
    June 2026

    Alphabet is reaccelerating core search growth, monetizing AI capacity quickly, and generating strong cash flow despite heavy AI investment.

    Read the full thesis
  • Amazon
    June 2026

    Amazon is investing ahead of the next AI inflection point, with AWS growth and a longer-term moat supporting high conviction.

    Read the full thesis
  • FedEx Freight
    June 2026

    FedEx Freight is the largest pure-play LTL transport company and could improve margins as volumes recover.

    Read the full thesis
  • Honeywell Aerospace
    June 2026

    Honeywell Aerospace offers direct exposure to growing end markets such as commercial aerospace and global defense spending.

    Read the full thesis
  • ON Semiconductor
    March 2026

    ON Semiconductor makes power semiconductors and is seen as a cyclical recovery play with best-in-class management and a datacenter-driven catalyst.

    Read the full thesis
  • Energias de Portugal
    March 2026

    Energias de Portugal is an integrated utility with cost-advantaged assets and secular growth tailwinds from datacenters and power demand.

    Read the full thesis

Letter archive · 21

2026

2025

Get Cambiar Investors’s next letter the day it lands

We track Cambiar Investors alongside hundreds of other managers, read every letter, and pull out what they bought and sold. Warren AI reads the whole archive for you.

View plans→
Share this fund