| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 7.94% | 1.73% | 1.73% |
Auxier Focus Fund gained 1.73% in Q1 2026 while the S&P 500 declined 4.33%, benefiting from value outperformance and defensive positioning. The quarter was marked by the Strait of Hormuz crisis which boosted energy stocks while technology suffered from AI disruption fears. Defense spending themes drove strong performance as US military budgets exceeded $1 trillion for the first time, benefiting contractors like Lockheed Martin and General Dynamics. The fund's industrial holdings performed well due to reshoring trends and massive hyperscaler capital expenditures projected over $650 billion. Key contributors included Bank of New York Mellon, which reached all-time highs on strong earnings and AI implementation benefits. Software holdings faced headwinds from AI commoditization concerns, though the manager sees advantages for companies with proprietary data. Private credit markets show growing stress with Payment-in-Kind loans proliferating. The manager maintains focus on identifying exceptional operators and sustainable business models, emphasizing micro fundamentals over macro headlines while remaining positioned for long-term value creation.
Focus on undervalued businesses with exceptional management teams and enduring competitive advantages, purchased during periods of market fear and uncertainty to generate superior long-term returns.
The manager remains focused on identifying great operators and businesses with sustainable earnings power, emphasizing the importance of micro fundamentals over macro headlines. While monitoring risks from the Strait of Hormuz shutdown, the approach continues to seek businesses with strong culture and leadership purchased during periods of uncertainty.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 11 2026 | 2026 Q1 | BK, MSFT, UNH | AI, defense, energy, Geopolitical, industrials, software, technology, value |
BK UNH MSFT |
Auxier Focus Fund outperformed significantly in Q1 2026, gaining 1.73% versus S&P 500's -4.33% decline. Strong performance driven by defense spending theme, energy crisis beneficiaries, and value orientation. Defense contractors and energy refiners led gains while software faced AI disruption fears. Manager maintains focus on exceptional operators with enduring advantages purchased during uncertainty. |
| Feb 8 2026 | 2025 Q4 | BK, BRK-A, BTI, C, CAT, CVX, FI, GE, GLW, GOOGL, HD, LOW, MSFT, MU, NOW, PH, QCOM, RTX, UNH, VLO | AI, Banking, Buybacks, defense, energy, healthcare, technology, value | - | Auxier Focus Fund delivered solid 15.22% annual returns while rotating toward undervalued quality companies with strong cash flows. Banks and AI infrastructure benefited from favorable conditions, but record margin debt and AI overinvestment risks echo dot-com parallels. The fund maintains disciplined focus on fundamental business quality over speculation, positioning for projected mid-teens earnings growth in 2026. |
| Nov 13 2025 | 2025 Q3 | BA, BAC, BK, C, CAT, DEO, GD, GLW, GOOGL, KR, LMT, MA, META, MSFT, PH, PM, PSX, RTX, TAP, VLO | AI, Banking, credit, defense, energy, infrastructure, Speculation, technology | - | Auxier Focus Fund gained 5.35% in Q3, benefiting from AI infrastructure spending and defense buildout while avoiding speculative excesses. Technology and industrial stocks drove performance, but consumer businesses struggled with inflation. The manager sees growing market speculation and credit risks but remains focused on quality companies benefiting from structural AI and defense trends. |
| Aug 5 2025 | 2025 Q2 | ABT, BAC, BDX, BK, BKNG, BRK.B, CAE, CI, ELV, GLW, GOOGL, KR, LINC, MA, META, MSFT, PM, UNH, V, ZBH | AI, Buybacks, healthcare, tariffs, technology, Travel, value |
GOOGL GOOGL BKNG |
Auxier Focus Fund posted modest gains in Q2 2025 despite market volatility from tariff uncertainty. Technology holdings recovered strongly while healthcare lagged on policy concerns. The manager maintains focus on quality businesses with proven management teams and competitive moats, emphasizing fundamental research over market sentiment in an increasingly speculative environment. |
| Mar 31 2025 | 2025 Q1 | AAPL, AFL, AIG, AMZN, BRK.B, GOOGL, HD, KO, KR, LOW, META, MMC, MNST, MO, MSFT, NVDA, PM, TRV, TSLA, UNM | AI, Buybacks, Consumer Staples, insurance, Leverage, tariffs, technology, value | - | Auxier Focus Fund outperformed with defensive positioning during Q1 market turbulence, gaining 4.63% versus S&P 500's -4.27% decline. Value rotation benefited consumer staples and insurance holdings while tech stocks suffered. Manager sees opportunity in current volatility to acquire quality businesses at attractive prices while avoiding speculative leverage risks. |
| Dec 31 2024 | 2024 Q4 | AAPL, AMP, AMZN, BAC, BK, BRK.B, C, GOOGL, KR, MA, META, MSFT, NVDA, PLTR, PM, TRV, TSLA, UNH, UNM, V | AI, Buybacks, financials, growth, insurance, real estate, technology, value | - | Auxier Focus Fund gained 11.32% in 2024 while maintaining its concentrated value approach focused on quality businesses with strong management. Financials and technology drove performance while healthcare lagged. The manager is optimistic about pro-growth policies but concerned about speculative market behavior and maintains focus on durable compounding opportunities. |
| Sep 30 2024 | 2024 Q3 | AFL, BAC, BK, BRK.B, COP, CVX, GOOGL, KR, MA, MMC, MRK, MSFT, NVDA, PM, PSX, TRV, UNH, UNM, V, VLO | AI, Buybacks, energy, financials, nuclear, Onshoring, value | - | Auxier Focus Fund outperformed in Q3 2024 with strong financials and consumer staples performance, but manager warns of elevated market risks. Current S&P 500 valuations at 22x earnings with minimal dividend yield echo 1999 bubble conditions. Sees opportunities in reshoring trends and smaller quality companies while avoiding speculative AI infrastructure investments. |
| Jul 31 2024 | 2024 Q2 | AAPL, BAC, BK, GLW, GOOGL, KO, KR, LINC, MA, META, MNST, MRK, MSFT, NVDA, PEP, PM, RTX, TAP, UNH, V | AI, infrastructure, risk management, small caps, Speculation, technology, value | - | Auxier Focus Fund underperformed in Q2 as AI-driven big tech concentration dominated markets while retail speculation reached dangerous levels. The manager sees better value in smaller companies trading at discounts, maintaining disciplined approach focused on founder-run businesses with strong fundamentals despite market euphoria and concerning speculative trading patterns. |
| May 23 2024 | 2024 Q1 | AAPL, AMZN, ASML, BAC, BK, C, CPF, CSCO, GOOGL, KR, MA, META, MSFT, MU, NVDA, TSLA, TSM, USB, V, WMT | AI, Buybacks, financials, infrastructure, technology, Travel, Utilities, value | - | Auxier Focus Fund gained 7.85% in Q1 2024, outperforming through concentrated positions in quality financials and AI beneficiaries while maintaining disciplined valuation approach. Manager warns of dot-com era parallels with elevated S&P 500 valuations and AI speculation, emphasizing importance of fundamental research over algorithmic trading dominance to capitalize on market volatility. |
| Dec 31 2023 | 2023 Q4 | ABT, ACGL, AFL, AIG, AON, BAC, BK, BKNG, BRK-A, C, ELV, GOOGL, KR, MA, MCD, MDLZ, MMC, MRK, MSFT, PM, TRV, UNH, V, WFC | AI, Banking, energy, healthcare, insurance, small caps, technology, value | - | Auxier Focus Fund underperformed in 2023 as markets favored mega-cap growth over small-cap value, creating the widest valuation gap in 20 years. Strong performance from financials and AI-benefited tech was offset by healthcare weakness from GLP-1 concerns. The fund maintains conviction in quality small-caps trading at historically attractive discounts. |
| Nov 16 2023 | 2023 Q3 | AFL, AIG, AON, BP, BRK-A, COP, CVX, ELV, KR, LLY, MA, MCD, MDT, MMC, MRK, MSFT, NVO, PEP, PM, PSX, SBUX, TRV, TSM, UNH, V, VLO | energy, healthcare, insurance, rates, technology, value | - | Auxier navigates historic bond bear market by focusing on energy beneficiaries and insurance hard market winners while avoiding debt-heavy utilities. Fund outperformed in Q3 decline with disciplined approach to businesses generating steady free cash flow. Sees attractive values emerging in smaller companies after prolonged multiple compression. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Defense SpendingGeopolitical uncertainties have driven steadily increasing defense budgets, with the US budget exceeding $1 trillion for the first time in 2026 and a proposed $1.5 trillion for 2027. Major defense contractors like Lockheed Martin, Northrop Grumman, RTX, General Dynamics, and Boeing stand to benefit significantly from programs like the $185 billion Golden Dome missile defense system and $65.8 billion naval modernization effort. |
Defense Military Contractors Geopolitical |
AIAI disruption fears hit software companies hard as investors worry about commoditization and margin compression, with software P/E ratios falling from 35 to 20 times. However, established SaaS companies like Intuit and Adobe have advantages through proprietary data and specialized training capabilities that could help them compete with general AI models. |
Artificial Intelligence Software Disruption SaaS | |
Private CreditThe private equity and credit markets have exploded to $15 trillion in assets under management in 2024, projected to reach $18 trillion by 2027. However, this lightly regulated industry faces headwinds with Payment-in-Kind loans flourishing as borrowers struggle, funds unable to exit mid-market companies, and investor confidence damaged by opaque valuations. |
Private Equity Credit Alternative Assets Risk | |
EnergyThe Strait of Hormuz crisis effectively halted shipping of 20.5-21 million barrels per day, boosting energy as the best performing sector. Energy refiners Valero and Phillips 66 outperformed with diesel and Jet A fuel prices soaring, with crack spreads hitting a record $88.25 per barrel in March. |
Oil Refiners Geopolitical Crisis | |
OnshoringStrong reshoring trends driven by low domestic natural gas prices, legislation like the CHIPS and Inflation Reduction Acts, and geopolitical risks incentivizing companies to return manufacturing to the US. This has benefited industrials and contributed to strong demand for skilled trades education. |
Manufacturing Reshoring Industrial Policy | |
Data CentersMassive increase in hyperscaler capital expenditures continues, projected to be over $650 billion this year and may account for up to half of US GDP growth. This has driven strong demand for optical connectivity products and contributed to expansion in skilled trades education for electricians and HVAC technicians. |
Hyperscaler Infrastructure Capex Growth | |
| 2025 Q4 |
AIAI infrastructure plays dominated 2025 returns with 65% of Russell 2000's return coming from AI infrastructure. The manager views this as a concentrated market levered to a singular theme - essentially a bet on how much CAPEX five companies will spend building data centers. Questions whether the AI trade will persist given its concentration. |
Infrastructure Data Centers CAPEX Concentration |
Small CapsSmall caps continued to underperform large caps in 2025. The Russell 2000's returns were dominated by AI infrastructure plays and speculative unprofitable companies, creating extreme bifurcation between quality stocks and unprofitable stocks. Manager sees this as creating opportunities for active management. |
Russell 2000 Underperformance Quality Active Management | |
QualityQuality businesses today trade at historically cheap multiples due to extreme valuation disparities between winners and losers. The manager highlights the bifurcation in performance between unprofitable stocks and quality stocks, suggesting quality is undervalued. |
Valuation Multiples Undervalued Bifurcation | |
| 2025 Q3 |
AIRobust capital investment boom in Artificial Intelligence is boosting the US economy and market, with up to half of 3.8% GDP gain attributable to tech capital spending. Companies like Alphabet, Microsoft and Meta are putting up exceptional growth in cloud computing, AI and digital advertising. The massive infrastructure buildout to expand data center capacity has boosted demand for traditional machinery and power solutions. |
Data Centers Cloud Infrastructure Spending Technology Capital Investment |
Defense SpendingGlobal tensions from long-running conflicts have boosted aerospace and defense companies due to rising military spending. The UN reported $2.7 trillion spent on militaries in 2024, projected to grow to $6.6 trillion annually by 2035. US companies like RTX, Boeing, Parker Hannifin and Lockheed Martin have benefited and raised 2025 guidance. |
Aerospace Defense Military Geopolitical Government | |
Credit StressGrowing sovereign debt levels and unregulated borrowing in shadow banking are concerning. Non-deposit financial institutions now account for 50% of all financial services and 33% of commercial loans, which are lightly regulated and opaque. Recent bankruptcies of NDFIs shocked lending banks, and margin debt has surpassed dotcom and 2008 crisis highs. |
Shadow Banking Leverage Debt Financial Risk Margin | |
SpeculationSigns of growing speculation include the $55 billion Electronic Arts leveraged buyout at 27 times operating cash flow, proliferation of 5x levered ETFs, and zero-revenue story stocks like nuclear startup Oklo hitting $20 billion valuation. Unprofitable Russell 2000 stocks are up 55% year-to-date versus 8% for profitable ones. |
Leverage Valuations ETFs Buyouts Risk Appetite | |
RefinersHigher margins due to favorable oil prices are boosting refinery stocks. Lower input prices have allowed companies like Valero Energy and Phillips 66 to expand cash flows as they benefit indirectly from AI infrastructure buildouts that require significant usage of heavy machinery. |
Oil Refined Products Energy Margins Cash Flow | |
| 2025 Q2 |
AIAI disruption has been a growing concern for investors as they are uncertain of long-term consequences. Apple research shows current LLMs only present an illusion of thinking and reasoning, producing results based on patterns rather than true reasoning. The largest tech companies expect to spend over $300 billion on AI infrastructure in 2025 alone. |
Artificial Intelligence LLMs Infrastructure Disruption Computing |
Trade PolicyThe most aggressive tariff policies were postponed temporarily as the administration alters plans if markets react dramatically. Tariffs are now six times higher than when Trump entered office and the highest since the 1930s. This has led to uncertainty and companies rushing to beat tariff deadlines. |
Tariffs Trade Wars Policy Uncertainty Deadlines | |
TravelThe travel industry has been one of the slowest to recover from the pandemic but is finally returning to normal levels. TSA set records with nearly 3.1 million individuals screened on June 22. Global travel is estimated to contribute $11.7 trillion to the world economy in 2025, above the 2019 peak. |
Recovery TSA Tourism Global Economy | |
BuybacksS&P 500 companies had authorized a record $750 billion in stock buybacks this year, up from $600 billion for the same time in 2023 and 2024. Projections for the full year 2025 exceed $1.2 trillion. |
Stock Repurchases Capital Allocation Record S&P 500 Shareholder Returns | |
| 2025 Q1 |
ValueValue outperformed growth during the quarter with the S&P 500 Value Index finishing up 0.28% while the S&P 500 Growth Index finished down 8.47%. This was the best performance for the value index relative to the growth index since 2022. The fund emphasizes in-depth, rigorous research and favors a systematic lower risk approach. |
Value Growth Outperformance Research Risk |
AIHigh-growth tech stocks were driven by the exponential potential of Artificial Intelligence. Hyperscalers like Meta, Amazon, Alphabet and Microsoft intend to spend as much as $320 billion combined on AI technology in 2025, an increase from $230 billion in 2024. However, the monetization potential of this investment has come into question. |
AI Technology Hyperscalers Investment Monetization | |
BuybacksUS corporations have responded to uncertainty by lowering stock buybacks to hold more cash. In March, US companies announced the fewest stock buybacks in dollar value since the start of the pandemic. Announced buybacks have reached $39.1 billion so far, contrasting with 2024's second-highest level of buybacks ever. |
Buybacks Cash Corporate Uncertainty Pandemic | |
Trade PolicyThe market braced for uncertainties brought on by a new administration and potential impacts of increased tariffs. Stagflation is a major concern. Unpredictable and extreme policy directives by President Trump with blunt tariffs placed on 185 countries add to market risk. History shows tariffs escalating into retaliatory trade wars is bad for the economy. |
Tariffs Trade Policy Stagflation Risk | |
Risk AppetiteSpeculative investing strategies have been on the rise due to high market confidence and new technologies. Hedge fund leverage in equity positions was 2.9x their books, the highest level over the last five years. However, these funds have been experiencing amplified losses in down markets, with hedge funds giving up half their average yearly gains by March. |
Leverage Speculation Hedge Funds Volatility Losses | |
| 2024 Q4 |
AITechnology and communication were the best performing sectors driven by AI excitement reaching new highs. The Magnificent Seven companies drove about half of the S&P 500's gain in 2024, with these companies expected to report 33% earnings growth versus 4% for the remaining S&P 500 companies. The manager is concerned by the large capital investment in AI by leading tech firms and government, with Wedbush projecting $2 trillion over the next three years. |
Artificial Intelligence Technology Cloud Computing Digital Advertising Large Language Models |
Commercial Real EstateOffice vacancies continue to be an issue with the US office vacancy rate at 20.1%, a 30-year high. Portland, Oregon was reported to have around 30% office vacancy rate, the highest in the country. High vacancies and lower property values lead to lower tax revenue, ultimately making these cities less desirable places to live. |
Office Vacancies Property Values Remote Work Tax Revenue Urban Decline | |
BuybacksStrong earnings have been supported by stock buybacks which reached nearly $1 trillion in 2024 and are anticipated to be $1.5 trillion in 2025 according to Goldman Sachs. The dearth of Initial Public Offerings and increasing foreign investment flows have extended the favorable supply/demand dynamic for US stocks in general. |
Stock Buybacks Supply Demand IPO Shortage Foreign Investment Market Support | |
P&C InsuranceThe insurance market was mixed with composite personal lines rates increasing by 4% during the quarter and 5.79% for the full year, the highest annual rate increase in 12 years. Rate growth continues to be supported by rising natural disaster losses which reached $310 billion globally in 2024. January 1 reinsurance renewals saw global property catastrophe reinsurance rates fall by 8% due to record high dedicated reinsurance capital. |
Insurance Rates Natural Disasters Reinsurance Catastrophe Bonds Premium Pricing | |
| 2024 Q3 |
AIManager discusses massive $200+ billion investment into AI by top four hyperscalers this year, questioning returns on investment. Sees better potential in smaller companies focused on inference and small language models that are more economical and not cloud-dependent. Next wave of AI PCs expected to be more powerful and affordable. |
Cloud Data Centers Semiconductors Enterprise Software |
EnergyOil prices declined 17% during quarter, falling below $70 per barrel for first time in three years despite Middle East conflicts. Record US oil production at 13.4 million barrels per day helping supply side. Natural gas prices expected to reach lowest levels since 1977 in 2025, acting like a tax cut for consumers. |
Oil Natural Gas Refiners Energy Trading | |
OnshoringReshoring mentions in S&P 500 earnings calls increased 128% in Q1 2024, exceeding even AI mentions. UBS poll shows 70% of US manufacturing executives plan to move supply chains back home. US manufacturing construction spending reached $238.26 billion in August, up 190% from 2021. |
Manufacturing Supply Chain Infrastructure Trade Policy | |
BuybacksProjected $850 billion in stock buybacks combined with lack of new IPOs created favorable supply-demand backdrop for US stocks in 2024. Manager notes this as one of the positive tailwinds supporting market performance. |
Capital Markets Liquidity Earnings | |
NuclearHyperscalers' voracious energy needs bringing back investments into nuclear power. Manager expresses concern about nuclear risks including waste storage and cost overruns, citing historical examples like WPPSS bankruptcy and Southern Company's Plant Vogtle cost overruns. |
Energy Transition Power Equipment Utilities | |
| 2024 Q2 |
AIAI investment boom continues driving massive capital spending on tech infrastructure, with cloud service providers potentially investing $300 billion into AI hardware this year. The AI industry would need to generate $600 billion in annual revenue to justify current infrastructure spending. Companies like Alphabet and Microsoft are accelerating capital spending significantly. |
Infrastructure Capital Spending Cloud Hardware Revenue |
Risk AppetiteRetail investors are taking increasingly risky bets with zero-day options now accounting for nearly half of daily S&P 500 options volume. Individual investors are concentrating heavily in popular tech stocks, with Nvidia comprising 9.3% of average retail portfolios. This speculative trading at record highs poses risks of permanent capital loss during market downturns. |
Zero-day Options Speculation Retail Trading Volatility Concentration | |
ValueThe fund is finding much better value in smaller companies with potential for legitimate double play returns based on improving earnings and P/E multiple expansion. The forward P/E on the fund is 15, representing a 25% discount to the S&P 500. The manager emphasizes seeking margin of safety with high odds on each carefully researched selection. |
Small Caps Multiple Expansion Margin of Safety Discount Earnings | |
| 2024 Q1 |
AITop US tech firms are ramping up capital spending into AI infrastructure toward the $200 billion mark for 2024, benefiting hardware firms like Nvidia, Micron, ASML and Taiwan Semiconductor. Microsoft and OpenAI are working on a new data center and supercomputer project that could cost as much as $100 billion. High spending in the service industry on AI infrastructure could prove to be a long-term driver of inflation. |
Data Centers Infrastructure Spending Semiconductors Cloud Inflation |
BuybacksStrong earnings from the largest companies in the S&P 500 are expected to drive record levels of share repurchases this year and next. Goldman Sachs expects $924 billion in 2024 and $1.08 trillion in 2025, representing about a 13% increase in 2024 and 16% in 2025. The top seven largest S&P 500 companies have $215 billion authorized for repurchase as of Q4 2023. |
Earnings Large Cap Capital Markets Value | |
Grid UpgradeDue to climate directives and growing demand for connected devices and AI technology, utilities are facing multibillion-dollar grid overhauls to replace aging infrastructure and expand capacity. By 2028 demand is expected to be nearly 5% more than 2023 levels. The Institute of Electrical and Electronics Engineers estimated the cost to upgrade and expand the grid would be $2.5 trillion by 2035. |
Infrastructure Spending Energy Transition Regulated Utilities AI | |
TravelTravel spending has been improving since the pandemic, even with global uncertainties surrounding the economy this year. The World Travel & Tourism Council expects the travel industry to produce $11.1 trillion in 2024, an all-time high since it generated $10 trillion in 2019. Aerospace suppliers are beneficiaries of these travel trends. |
Airlines Aerospace Entertainment Hotels | |
| 2023 Q4 |
AIArtificial Intelligence drove significant investments in new AI programs and increased data center capacity. In a CNBC survey of top technology companies, 47% of respondents said that AI is their #1 budget item for the next 12 months. AI integration into cloud services benefited companies like Microsoft. |
Cloud Data Centers Technology Investment |
Small CapsSmall-cap stocks are trading at a historically steep discount as investors crowd into mega-cap names. The gap in valuations for the S&P SmallCap 600 and S&P 500 is near its widest level in 20 years, with the forward P/E of the SmallCap 600 at 14.1x versus the 20-year average of 19.6x. |
Valuation Discount Opportunity Value | |
EnergyRecord energy production from Russia, Latin America, Iran and the US is helping reduce energy costs despite wars and OPEC cutbacks. US crude oil production is projected to set records at 13.2 million barrels per day in 2024 and 13.4 in 2025. Oil prices were down 17.82% in 2023 and natural gas prices declined 62%. |
Production Oil Natural Gas Prices | |
P&C InsuranceThe insurance industry experienced strong repricing in the second half of 2023 with global property and casualty premium growth of 3.4%. Higher interest rates boosted investment returns, with the Swiss Re Global Cat Bond Index reaching an all-time high return of 19.69% in 2023. Swiss Re forecasts premium growth of 7% in 2024. |
Pricing Premiums Interest Rates Catastrophe | |
GLP1Weight loss drugs led to selloffs in food, beverage and medical device stocks due to fears of the Ozempic Effect. However, CEOs from Abbott, Mondelez and McDonald's have modeled the impact and are not projecting a material impact over the next five years, suggesting indiscriminate selling. |
Weight Loss Healthcare Food Medical Devices | |
| 2023 Q3 |
RatesBond vigilantes emerged as longer-term rates rose due to growing government deficits and defense spending. The current bond bear market is the worst in US history with 30-year bonds down over 50% from 2020 highs. Higher rates are becoming the new normal, ending the era of free money. |
Interest Rates Bond Market Treasury Yields Federal Deficit |
EnergyEnergy was the best performing sector in Q3, up 12.2%. OPEC+ supply cuts kept oil prices elevated with WTI crude rising 29%. The fund holds multiple energy names including Valero, BP, ConocoPhillips, Chevron and Phillips 66. |
Oil Prices OPEC Energy Stocks Crude Oil Supply Cuts | |
InsuranceProperty casualty stocks are enjoying a hard-pricing market with the longest run of consecutive quarterly rate hikes since 2012. US property rates up 14% and auto insurance rates up 15.5%. Higher interest rates also improve portfolio cash flows for insurers. |
Property Casualty Insurance Pricing Hard Market Premium Volume | |
GLP1New weight loss drugs from Novo Nordisk and Eli Lilly could reach $100 billion market by 2030. Investors worry these drugs could fundamentally change consumption patterns and impact food and beverage companies. However, there are still unknowns around side effects and high costs. |
Weight Loss Obesity Pharmaceutical Consumption Patterns |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| May 11, 2026 | Fund Letters | Auxier Asset Management | BK | Bank of New York Mellon | Banks - Diversified | Asset Management & Custody Banks | Bull | New York Stock Exchange | AI implementation, asset management, capital allocation, Custody Bank, financial services, Interest income, operational efficiency, share repurchase | Login |
| May 11, 2026 | Fund Letters | Auxier Asset Management | UNH | UnitedHealth Group | Healthcare Plans | Managed Health Care | Bull | New York Stock Exchange | AI investment, Claims Processing, CMS Rates, healthcare, managed care, Margin Improvement, Medical Cost Ratio, turnaround | Login |
| May 11, 2026 | Fund Letters | Auxier Asset Management | MSFT | Microsoft Corporation | Software - Infrastructure | Systems Software | Bull | NASDAQ | AI investment, Cloud computing, Copilot, Enterprise software, Fortune 500, Software, Systems Software, technology | Login |
| Aug 5, 2025 | Fund Letters | Jeff Auxier | GOOGL | Alphabet, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, Platforms, Regulation, Search, Video | Login |
| Jun 30, 2025 | Fund Letters | Auxier Asset Management | BKNG | Booking Holdings Inc. | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NASDAQ | AI technology, digital platform, Global Travel, Online Travel Agency, pandemic recovery, Tourism Industry, Travel Recovery | Login |
| Jun 30, 2025 | Fund Letters | Auxier Asset Management | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI technology, Antitrust Risk, cash-rich, Content Distribution, digital advertising, market dominance, search engine, Video Streaming | Login |
| TICKER | COMMENTARY |
|---|---|
| BK | Bank of New York Mellon reached all-time highs following their first quarter earnings report of a 42% increase in year-over-year earnings per share along with an 18% increase in interest income resulting from higher yields. Assets under management grew 12% to a record $59.4 trillion. AI initiatives have been paying off as AI agents led to 20% faster client onboarding and 80% faster settlement inquiry investigation; agents are now writing 40% of all code. They returned $1.4 billion through repurchases and dividends and authorized a new $10 billion share repurchase program. CEO Robin Vince has done an exceptional job since taking over four years ago. |
| UNH | UnitedHealth has been a major laggard for the past quarter and year. However, since CEO Stephen Hemsley's return last May operating performance has been improving. We made over a fivefold return under his previous tenure from 2006-2017 and are confident that he can navigate a successful turnaround going forward. The recent medical cost ratio (MCR) of 83.9% is the lowest in two years and combined with a 2.48% CMS rate increase this spring has been a big boost. The lower amount spent on patient medical claims follows the company's late 2025 shift to focus on higher margin patients over aggressive membership growth. Total membership has fallen by about 700,000 since the end of 2025. |
| MSFT | Microsoft's 21.9% drop in the quarter was the worst decline since the 2008 financial crisis. They are spending $190 billion on AI-related capital expenditures in 2026 yet their AI Copilot product has failed to scale, with less than 15 million total paid seats. Microsoft has a large installed base with Fortune 500 companies. They have over $88 billion in cash on the balance sheet which is a huge competitive advantage. It is hard to bet against CEO Satya Nadella who took over in February 2014 and has a great record with the stock up over elevenfold. |
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