Tributary Capital Management
Tributary Capital Management Large Cap Core Equity Strategy
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy and positions in 44 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Tributary Capital Management for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- YTD+9.9%index +12.8%
Index: S&P 500 Index
| YTD | |
|---|---|
| Tributary Capital Management Large Cap Core Equity Strategy | +9.9% |
| S&P 500 Index | +12.8% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
Capital One is the largest credit card issuer (by loans) in the United States.
We initiated a position in the stock after a pullback in the sector.
Boston Scientific was eliminated following a decline in fundamentals and a cybersecurity incident that impacted its ability to process and ship customer orders.
Genuine Parts was eliminated after a period of outperformance given the quality of its automotive business and the impending business separation.
Uber is a technology platform that connects customers with providers of ride services (Mobility) and with restaurants, grocers and other stores (Delivery).
We initiated a position in the company after it underperformed following concerns of slowing capex.
- ExitedHoneywell AerospaceSep 2026
Honeywell Aerospace was eliminated following disappointing earnings results due to supply chain issues.
After the stock experienced a period of underperformance, we added the name to reduce our underweight in information technology and, more specifically, semiconductors.
Accenture was eliminated after a period of strong outperformance despite weakening fundamentals.
The stock sold off following an earnings preannouncement creating the opportunity to establish a position.
- TrimmedMobility GlobalSep 2026
After reviewing the company, we decided not to establish a full position and eliminated the small position.
Consumer discretionary outperformance was primarily driven by an overweight in Amazon and an underweight in Tesla.
Information technology outperformance was driven by overweight positions in Microsoft, Salesforce and Apple and an underweight in memory stocks as software stocks outperformed semiconductor stocks in the quarter.
Automatic Data Processing was eliminated given its uncertain long-term competitive position after a period of outperformance.
ConocoPhillips was eliminated following a period of outperformance as oil prices rose during the Iran conflict.
Charles Schwab was eliminated after a period of outperformance as fears of AI disintermediation dissipated.
AECOM is an engineering and construction firm with exposure to water, transportation, environment & energy and facilities that is seeing a record backlog and improving margins as it benefits from the growing opportunity in infrastructure investment.
Fluor is an engineering and construction firm with exposure to life sciences, mining & metals, energy and other infrastructure projects.
SouthState Bank is a regional bank with $68 billion in assets with key markets in South Carolina, Florida, Georgia, Texas and Colorado.
Truist Financial is a super-regional bank with $549B in assets.
Warner Bros. Discovery was eliminated due to its limited upside potential after Paramount Skydance agreed to acquire it.
SAIA was eliminated after the stock significantly outperformed in response to PMI data and signs of an industry turnaround.
The stock continued to underperform, creating the opportunity to purchase a high-quality healthcare company at a reduced valuation.
Canadian Pacific Kansas City is a transportation company with the only railway linking the U.S., Canada and Mexico.