Broyhill Fund Quarterly Letter Highlights Key Position Changes
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 18 2026
0mins
Source: seekingalpha
- Profit-Taking Strategy: In its quarterly letter, Broyhill Fund reported booking gains on a portion of its investment in Philip Morris International (PM) and fully liquidating several positions, including Ball (BALL), demonstrating its agile investment strategy and responsiveness to market dynamics.
- New Investment Positions: The fund initiated several new positions during the quarter, including Microsoft (MSFT) and Smurfit WestRock (SW), particularly as Microsoft's valuation aligned with broader market levels, indicating confidence in future growth and a focus on value investing.
- Liquidation and Reinvestment: Broyhill Fund fully exited positions in Evolution (EVVTY) and Avantor (AVTR) to reinvest in higher conviction ideas, reflecting its ongoing pursuit of portfolio optimization and strategic repositioning.
- Market Expectation Adjustments: The fund began accumulating shares of Leggett & Platt (LEG) and fully exited when a bid from Somnigroup International (SGI) emerged, showcasing its keen ability to capitalize on market opportunities and pursue potential returns.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy PM?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on PM
Wall Street analysts forecast PM stock price to rise
11 Analyst Rating
8 Buy
3 Hold
0 Sell
Moderate Buy
Current: 178.570
Low
175.00
Averages
191.95
High
210.00
Current: 178.570
Low
175.00
Averages
191.95
High
210.00
About PM
Philip Morris International Inc. is an international tobacco company. The Company’s product portfolio primarily consists of cigarettes and smoke-free products. Its smoke-free business (SFB) also includes wellness and healthcare products, as well as consumer accessories, such as lighters and matches. The Company’s segments include Europe Region; South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (SSEA, CIS & MEA); East Asia, Australia & PMI Global Travel Retail (EA, AU & PMI GTR), and Americas Region. The Company's brands include Marlboro, HEETS, IQOS, IQOS ILUMA, TEREA, VEEV and ZYN. Its IQOS smoke-free product brand portfolio includes heated tobacco and nicotine-containing vapor products. Its international cigarette brands are Chesterfield, L&M, and Philip Morris. It also owns a number of local cigarette brands, such as Dji Sam Soe and Sampoerna A in Indonesia, and Fortune and Jackpot in the Philippines.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Republican Lawmakers Shift Investment Focus to Tech and Bitcoin
- Portfolio Shift: Republican lawmakers are experiencing a significant shift in their investment portfolios, particularly with increased investments in Intel (INTC) and Bitcoin (BTC-USD), reflecting President Trump's influence and potentially enhancing their competitiveness in the tech sector.
- ETF Performance: Republican investors tracking the ETF of GOP lawmakers have seen returns exceeding 20% year-to-date, while the Democratic ETF has only yielded 9%, indicating a relative advantage for Republicans in the market.
- Frequent Intel Trading: Since Trump's inauguration, Republican lawmakers have traded Intel stock nearly 50 times, with transaction values ranging from $525,000 to $1.8 million, and Intel's share in GOP portfolios has surged from 3% to 7.72%, indicating increased confidence in the company.
- Increased Bitcoin Investment: Bitcoin Trust ETF accounts for about 4% of GOP lawmakers' holdings, and Trump's support for the industry may further boost its popularity within the party, reflecting an optimistic outlook on future market structures.
See More
Top ETFs for Down Markets: Consistent Outperformance
- FDL Outperformance: The First Trust Morningstar Dividend Leaders ETF (FDL) gained approximately 3% during the 2022 bear market when the S&P 500 fell by 19%, demonstrating its ability to withstand market downturns effectively.
- Year-to-Date Returns: As of March 30, FDL rose about 15% while the S&P 500 dropped 7.3% and the Nasdaq Composite fell 10.5%, showcasing its strong resilience and attractiveness to investors in turbulent times.
- DHS Stable Returns: The WisdomTree U.S. High Dividend ETF (DHS) returned about 4% in 2022, significantly outperforming both the S&P 500 and Nasdaq, highlighting its stability during market corrections.
- Long-Term Performance: Currently, DHS has a year-to-date return of approximately 12% and around 24% over the past 12 months, with annualized returns of 11% and 10% over the past five and ten years, respectively, further validating its effectiveness as a diversification tool in investment portfolios.
See More
ETFs Show Strong Performance Amid Market Volatility
- Strong Market Performance: The First Trust Morningstar Dividend Leaders ETF achieved approximately 3% positive returns during the 2022 bear market while the S&P 500 fell by 19%, demonstrating its resilience in downturns and boosting investor confidence.
- Sustained Earnings Growth: As of March 30, 2023, this ETF rose about 15% while the S&P 500 dropped 7.3%, indicating its ability to maintain strong performance amid market volatility, further solidifying its role as a diversification tool in investment portfolios.
- High Dividend ETF Performance: The WisdomTree U.S. High Dividend ETF returned about 4% in 2022 and increased approximately 7% year-to-date in 2023, outperforming major market indices, showcasing its stability and appeal during economic uncertainty.
- Long-Term Return Advantage: Both ETFs have achieved annualized returns of 11% and 12.5% over the past five and ten years, respectively, providing investors with consistent long-term gains and emphasizing their significance in diversified investment strategies.
See More
SPMO Stock Price Analysis and ETF Dynamics
- Price Fluctuation Analysis: SPMO's 52-week low is $103.88 per share, with a high of $149.60, and the last trade was at $149.58, indicating the stock is near its peak, potentially attracting investor interest.
- Technical Analysis Tool: Comparing the latest share price to the 200-day moving average can provide valuable insights for investors, helping to assess market trends and price movements effectively.
- ETF Trading Mechanism: Exchange-traded funds (ETFs) trade like stocks, where investors buy and sell 'units' that can be created or destroyed based on demand, impacting the liquidity and market performance of the ETF.
- Inflows and Outflows Monitoring: Weekly monitoring of changes in shares outstanding for ETFs helps identify those experiencing significant inflows or outflows, allowing investors to evaluate the impact on underlying holdings and make more informed decisions.
See More
Investment Opportunities in Walmart, Realty Income, and Philip Morris Amid Market Volatility
- Walmart's Resilience: As the world's largest retailer with over 10,800 stores, Walmart has raised its dividend for 53 consecutive years, and despite a current yield of 0.8%, its stock has soared 155% over the past five years, demonstrating its resilience and long-term investment value amid economic fluctuations.
- Stability of Realty Income: Realty Income owns over 15,500 commercial properties leased to recession-resistant businesses, achieving a 98.9% occupancy rate in 2025, and has raised its dividend 134 times since its IPO, currently offering a 5.2% yield, showcasing its appeal and stable cash flow as a REIT.
- Philip Morris's Transformation: As one of the largest tobacco companies, Philip Morris saw a 14% growth in smoke-free revenue in 2025, accounting for 43% of total revenue, with projected CAGR of 7% and 10% for revenue and EPS respectively over the next three years, indicating its potential in the tobacco industry's transformation.
- Investment Opportunities in Market Crashes: In the event of a market crash, Walmart, Realty Income, and Philip Morris stocks may present more attractive valuations, allowing investors to capitalize on these opportunities to increase their holdings and potentially achieve higher returns during economic recovery.
See More
FDA's Looser Vape Regulations May Transform Market Landscape
- Regulatory Shift: The FDA's new enforcement discretion allows unauthorized vaping products to enter the market if they meet certain standards, potentially unleashing 100 to 200 new products in the coming weeks, reflecting strong industry lobbying for regulatory changes.
- Youth Health Concerns: The new guidance may lead to increased legal sales of flavored vapes, raising concerns about youth access, especially as FDA data shows around 1.4 million U.S. teens vaped last year, down from over 6 million in 2019, highlighting ongoing public health risks.
- Market Impact Analysis: Barclays analysts predict that the regulatory shift will catalyze sales growth for the industry, with Philip Morris International expected to sell an additional 12 million of its Zyn nicotine pouches, indicating strong demand and profitability potential for new products.
- Political and Industry Relations: The Trump administration's policy changes are closely tied to its relationship with tobacco companies, which have influenced policy through donations and lobbying, suggesting that political factors may negatively impact public health policies and erode trust in government.
See More
Republican Lawmakers Shift Investment Focus to Tech and Bitcoin
- Portfolio Shift: Republican lawmakers are experiencing a significant shift in their investment portfolios, particularly with increased investments in Intel (INTC) and Bitcoin (BTC-USD), reflecting President Trump's influence and potentially enhancing their competitiveness in the tech sector.
- ETF Performance: Republican investors tracking the ETF of GOP lawmakers have seen returns exceeding 20% year-to-date, while the Democratic ETF has only yielded 9%, indicating a relative advantage for Republicans in the market.
- Frequent Intel Trading: Since Trump's inauguration, Republican lawmakers have traded Intel stock nearly 50 times, with transaction values ranging from $525,000 to $1.8 million, and Intel's share in GOP portfolios has surged from 3% to 7.72%, indicating increased confidence in the company.
- Increased Bitcoin Investment: Bitcoin Trust ETF accounts for about 4% of GOP lawmakers' holdings, and Trump's support for the industry may further boost its popularity within the party, reflecting an optimistic outlook on future market structures.
See More
Top ETFs for Down Markets: Consistent Outperformance
- FDL Outperformance: The First Trust Morningstar Dividend Leaders ETF (FDL) gained approximately 3% during the 2022 bear market when the S&P 500 fell by 19%, demonstrating its ability to withstand market downturns effectively.
- Year-to-Date Returns: As of March 30, FDL rose about 15% while the S&P 500 dropped 7.3% and the Nasdaq Composite fell 10.5%, showcasing its strong resilience and attractiveness to investors in turbulent times.
- DHS Stable Returns: The WisdomTree U.S. High Dividend ETF (DHS) returned about 4% in 2022, significantly outperforming both the S&P 500 and Nasdaq, highlighting its stability during market corrections.
- Long-Term Performance: Currently, DHS has a year-to-date return of approximately 12% and around 24% over the past 12 months, with annualized returns of 11% and 10% over the past five and ten years, respectively, further validating its effectiveness as a diversification tool in investment portfolios.
See More
ETFs Show Strong Performance Amid Market Volatility
- Strong Market Performance: The First Trust Morningstar Dividend Leaders ETF achieved approximately 3% positive returns during the 2022 bear market while the S&P 500 fell by 19%, demonstrating its resilience in downturns and boosting investor confidence.
- Sustained Earnings Growth: As of March 30, 2023, this ETF rose about 15% while the S&P 500 dropped 7.3%, indicating its ability to maintain strong performance amid market volatility, further solidifying its role as a diversification tool in investment portfolios.
- High Dividend ETF Performance: The WisdomTree U.S. High Dividend ETF returned about 4% in 2022 and increased approximately 7% year-to-date in 2023, outperforming major market indices, showcasing its stability and appeal during economic uncertainty.
- Long-Term Return Advantage: Both ETFs have achieved annualized returns of 11% and 12.5% over the past five and ten years, respectively, providing investors with consistent long-term gains and emphasizing their significance in diversified investment strategies.
See More
SPMO Stock Price Analysis and ETF Dynamics
- Price Fluctuation Analysis: SPMO's 52-week low is $103.88 per share, with a high of $149.60, and the last trade was at $149.58, indicating the stock is near its peak, potentially attracting investor interest.
- Technical Analysis Tool: Comparing the latest share price to the 200-day moving average can provide valuable insights for investors, helping to assess market trends and price movements effectively.
- ETF Trading Mechanism: Exchange-traded funds (ETFs) trade like stocks, where investors buy and sell 'units' that can be created or destroyed based on demand, impacting the liquidity and market performance of the ETF.
- Inflows and Outflows Monitoring: Weekly monitoring of changes in shares outstanding for ETFs helps identify those experiencing significant inflows or outflows, allowing investors to evaluate the impact on underlying holdings and make more informed decisions.
See More
Investment Opportunities in Walmart, Realty Income, and Philip Morris Amid Market Volatility
- Walmart's Resilience: As the world's largest retailer with over 10,800 stores, Walmart has raised its dividend for 53 consecutive years, and despite a current yield of 0.8%, its stock has soared 155% over the past five years, demonstrating its resilience and long-term investment value amid economic fluctuations.
- Stability of Realty Income: Realty Income owns over 15,500 commercial properties leased to recession-resistant businesses, achieving a 98.9% occupancy rate in 2025, and has raised its dividend 134 times since its IPO, currently offering a 5.2% yield, showcasing its appeal and stable cash flow as a REIT.
- Philip Morris's Transformation: As one of the largest tobacco companies, Philip Morris saw a 14% growth in smoke-free revenue in 2025, accounting for 43% of total revenue, with projected CAGR of 7% and 10% for revenue and EPS respectively over the next three years, indicating its potential in the tobacco industry's transformation.
- Investment Opportunities in Market Crashes: In the event of a market crash, Walmart, Realty Income, and Philip Morris stocks may present more attractive valuations, allowing investors to capitalize on these opportunities to increase their holdings and potentially achieve higher returns during economic recovery.
See More
FDA's Looser Vape Regulations May Transform Market Landscape
- Regulatory Shift: The FDA's new enforcement discretion allows unauthorized vaping products to enter the market if they meet certain standards, potentially unleashing 100 to 200 new products in the coming weeks, reflecting strong industry lobbying for regulatory changes.
- Youth Health Concerns: The new guidance may lead to increased legal sales of flavored vapes, raising concerns about youth access, especially as FDA data shows around 1.4 million U.S. teens vaped last year, down from over 6 million in 2019, highlighting ongoing public health risks.
- Market Impact Analysis: Barclays analysts predict that the regulatory shift will catalyze sales growth for the industry, with Philip Morris International expected to sell an additional 12 million of its Zyn nicotine pouches, indicating strong demand and profitability potential for new products.
- Political and Industry Relations: The Trump administration's policy changes are closely tied to its relationship with tobacco companies, which have influenced policy through donations and lobbying, suggesting that political factors may negatively impact public health policies and erode trust in government.
See More
