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Cambiar Investors

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

Our archive holds 18 letters from Cambiar Investors, behind 13 investment theses and positions in 41 companies. Every quote below is copied verbatim from the letter it came from.

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Cambiar Investors’s own letters page
18
Letters
41
Companies
12
Moves
13
Theses

6 strategies

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

What they bought and sold · 12 moves

  • 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.”
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  • 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.”
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  • 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.”
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  • New positionCanadian National Railway
    June 2026
    “Additions included Canadian National Railway (CNI) and MTU Aero Engines (MTUAY).”
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  • New positionIntercontinental Exchange
    June 2026
    “One of the new buys was Intercontinental Exchange (ICE), which is a former holding and company we know well.”
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  • New positionMTU Aero Engines
    June 2026
    “Additions included Canadian National Railway (CNI) and MTU Aero Engines (MTUAY).”
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  • 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.”
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  • ExitedAmdocs
    March 2026
    “we sold Amdocs in favor of ON, which we view to offer a more attractive return profile.”
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  • ExitedCF Industries
    March 2026
    “with the stock up over 58% in the quarter, we closed out our position.”
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  • New positionON Semiconductor
    March 2026
    “We also made a swap within the Tech sector, selling IT services provider Amdocs in favor of ON Semiconductor.”
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  • ExitedRecruit Holdings
    March 2026
    “We subsequently decided to sell Recruit and maintain positions in Publicis and SAP.”
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  • New positionEnergias de Portugal
    March 2026
    “we increased our allocation to Utilities with the purchase of Energias de Portugal (EDP).”
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Companies held · 41

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

Theses · 13

  • Alphabet
    June 2026

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

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  • 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.

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  • Honeywell Aerospace
    June 2026

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

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  • 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.

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  • 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.

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  • ACV Auctions
    September 2025

    ACV Auctions is a dealer-to-dealer car sales platform with recession-proof growth, strong margins, and potential for volume recovery and multiple expansion.

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  • Align
    September 2025

    Align is the leading clear aligner manufacturer with unmatched scale and strong balance sheet, trading at an attractive valuation with long-term growth intact.

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  • Molina Healthcare
    September 2025

    Molina Healthcare is a managed Medicaid insurer with rebound potential through higher state reimbursements, conservative earnings recovery assumptions, and substantial insider buying underpinning attractive valuation.

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  • Tower Semiconductor
    September 2025

    Tower Semiconductor is an analog foundry leader in specialty materials and silicon photonics supplying Nvidia, benefiting from high AI datacenter optics demand.

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  • Tower Semiconductor
    September 2025

    Tower Semiconductor is an analog foundry with a strong specialty position and AI optics tailwinds.

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  • ACV Auctions
    September 2025

    ACV Auctions is a recession-resistant dealer-to-dealer auto marketplace with strong growth, margins, and recovery upside.

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Letter archive · 18

2026

2025

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