| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.4% | 10.9% | 1.9% |
The GreensKeeper Value Fund returned +10.9% in Q2 2026, bringing year-to-date performance to +1.9%. After addressing market frothiness at the Annual Meeting, the portfolio benefited from a rotation away from momentum back to valuations. ICON plc was the top performer (+57%) after the manager aggressively added to the position during peak pessimism when accounting issues caused the stock to plummet. The delayed results validated the thesis that cash generation would remain intact, and shares appreciated over 90% in less than five months. Richemont (+30.8%) continued executing well with disciplined pricing protecting brand equity, while Alphabet (+23.2%) demonstrated AI is enhancing rather than cannibalizing search, with Cloud margins expanding to 33%. Elevance Health (+32.1%) is turning the corner on medical cost inflation. Detractors included Intercontinental Exchange (-21.7%) on overblown concerns about perpetual futures competition, and Lockheed Martin (-15.7%) on temporary execution challenges. The concentrated portfolio of 15-20 high-quality businesses remains positioned to compound intrinsic value over the long term.
GreensKeeper practices disciplined value investing by buying high-quality businesses at attractive valuations and holding them for the long term, with the conviction to act aggressively during periods of peak pessimism when opportunities arise.
The manager believes this may be value investing's time to shine as the market rotates away from momentum back to valuations. The fund is positioned in high-quality businesses with attractive growth prospects that can compound intrinsic value over the long term. Near-term catalysts include ICON resuming growth in 2027, Elevance's margin recovery beginning in 2027, and continued strong execution at Richemont and Alphabet. The manager maintains conviction in the portfolio's ability to generate strong returns despite temporary operational headwinds at certain holdings.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 27 2026 | 2026 Q2 | CBOE, CFRUY, CME, ELV, GOOG, ICE, ICLR, LMT | Concentration, financials, global, healthcare, large cap, technology, value |
ICLR CFRUY GOOG ELV ICE LMT |
GreensKeeper's concentrated value portfolio surged 10.9% in Q2 as markets rotated back to valuations. ICON exemplified the strategy: aggressively buying a quality business at a 15% free cash flow yield during peak pessimism, then capturing a 90% gain as uncertainty receded. Richemont's pricing discipline, Alphabet's AI-enhanced search growth, and Elevance's margin recovery demonstrate the portfolio's focus on compounding high-quality franchises trading at attractive valuations. |
| Apr 26 2026 | 2026 Q1 | AMADY, BRK/A, GD, HSY, ICLR, LMT, TVA.TO, V | Buybacks, defense, Geopolitical, technology, Travel, value |
BRK.A AMADY |
GreensKeeper used Q1 market weakness from Middle East conflict to add to core positions and initiate Amadeus IT Group. Despite 8.1% decline, manager maintains conviction in concentrated value approach, highlighting Berkshire Hathaway's fundamental strength and defense holdings' performance. Sees quality companies available but few bargains, emphasizing patience and discipline in current environment. |
| Jan 23 2026 | 2025 Q4 | ADBE, AXP, BRK-B, CBOE, CFRUY, CHKP, ELV, FISV, GOOG, ICE, ICLR, LULU, MRK, NVO, SPGI, V, VRTX | AI, Concentration, Discipline, financials, Luxury, technology, value |
GOOG AXP CFRUY FISV LULU NVO ICLR ADBE |
GreensKeeper Value Fund returned +0.4% in 2025, hurt by currency headwinds and market concentration favoring growth. Alphabet led gains on AI success while Fiserv collapsed on accounting revelations. The fund maintains disciplined value approach, trimming winners and holding 14.7% cash defensively, confident that valuations will ultimately matter despite current market dynamics. |
| Oct 13 2025 | 2025 Q3 | ADBE, AXP, BRK-A, CBOE, CFR.PA, FI, GD, GOOG, ICE, ICLR, NVO, V | AI, Capitalism, defense, GLP1, healthcare, technology, Trade Policy, value |
GOOG ICLR GD FI NVO ADBE |
GreensKeeper Value Fund gained 4.0% in Q3 led by Alphabet's AI progress and favorable antitrust outcomes. Despite market speculation in AI and crypto creating frothy conditions, the manager focuses on risk management and identifying overlooked quality companies. Portfolio emphasizes defensive diversification while maintaining conviction in competitively advantaged technology and healthcare platforms trading at attractive valuations. |
| Jul 15 2025 | 2025 Q2 | AXP, BRK.B, CFR.SW, ELVN, FI, GOOGL, ICE, LLY, MRK, NVO, V, VRTX | AI, GLP1, Luxury, Market Correction, Pharmaceuticals, Speculation, technology, value |
AXP GOOGL CFR SW AXP GOOGL CFR.SW FI BRK.B NVO |
GreensKeeper Value Fund down -3.6% in Q2 as speculative markets challenge value approach. Strong performance from American Express, Alphabet's AI progress, and Richemont's luxury jewelry growth offset by Fiserv weakness and Berkshire leadership transition. Manager remains patient amid market froth, selectively adding undervalued opportunities like Novo Nordisk while trimming overvalued positions, confident value investing will be rewarded when sentiment shifts. |
| Apr 8 2025 | 2025 Q1 | AXP, BRK-B, CFR.SW, CHKP, ELV, FI, GOOG, ICE, ICLR, LULU, SPGI, V, VRTX | Buybacks, financials, healthcare, Quality, technology, Trade Policy, value |
BRK-B VRTX CHKP GOOG ICLR |
GreensKeeper outperformed major indices in Q1 despite Trump tariff volatility, demonstrating the value of quality companies with strong balance sheets. The manager views current market selloff as opportunity to acquire great businesses at bargain prices, adding Icon PLC while maintaining focus on well-capitalized companies that can adapt to economic challenges. |
| Jan 12 2025 | 2024 Q4 | AXP, BRK.B, CBOE, CFR.SW, CHKP, CSCO, ELV, FI, GD, GOOGL, HSY, ICE, LMT, LULU, MC.PA, MRK, SHVA.TA, SPGI, V, VRTX | global, healthcare, insurance, payments, Quality, technology, value | - | GreensKeeper delivered 23.6% returns by avoiding overpriced AI stocks and focusing on quality companies with competitive moats at discounted valuations. Increasingly investing globally as US markets become expensive, with successful additions in Israeli payments monopoly SHVA and athleisure leader Lululemon. Low-turnover approach maintains tax efficiency while hunting for value opportunities worldwide. |
| Oct 10 2024 | 2024 Q3 | AXP, BRK-A, CSCO, FI, GOOGL, MRK | alignment, concentrated, long-term, Quality, Skin in Game, value |
BRK-B AXP FI GOOGL MRK |
GreensKeeper delivered strong Q3 performance (+4.7%) through concentrated value investing in quality companies like Berkshire Hathaway and American Express. The manager maintains conviction in long-term compounding despite regulatory headwinds affecting Alphabet. Complete alignment of interests with 100% employee capital invested alongside clients reinforces disciplined, patient approach to wealth creation. |
| Jul 19 2024 | 2024 Q2 | AAPL, AMZN, BRK-B, CFRUY, ELV, FI, GOOGL, HSY, META, MSFT, NVDA, TSLA, V, VRTX | AI, Concentration, long-term, Quality, technology, value |
GOOGL VRTX ELV BRK.B V |
GreensKeeper Value Fund delivered +11.5% YTD through disciplined value investing in quality companies with sustainable competitive advantages. While acknowledging frothy valuations in concentrated technology names, the manager maintains patience and focuses on intrinsic value over market timing. Strong contributors included Alphabet, Vertex Pharmaceuticals, and Elevance Health, demonstrating the fund's selective approach to long-term wealth creation. |
| Apr 25 2024 | 2024 Q1 | AXP, BRK-A, MRK, SNAP, SPGI | financials, large cap, Pharmaceuticals, Quality, Resilience, value |
BRK-B AXP MRK SPGI |
GreensKeeper delivered +10.1% in Q1 through concentrated value investing in quality businesses like Berkshire Hathaway, American Express, and Merck. The firm builds resilient portfolios avoiding speculation while market P/E ratios sit well above historical averages. With disciplined stock selection and margin of safety principles, they remain in compounding mode hunting for attractive opportunities. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
ValueThe manager emphasizes value investing as a disciplined, long-term strategy that endures despite periodic market disfavor. The letter highlights the market rotating away from momentum back to valuations after a frothy period. The ICON episode exemplifies the value philosophy: buying quality businesses at distressed prices during peak pessimism and being rewarded when uncertainty recedes. |
Value Investing Valuations Discipline Long-term |
CRO & CDMOICON plc, a clinical research organization, was the fund's top performer after recovering from accounting issues. The manager aggressively added to the position when the stock plummeted on revenue restatement concerns, concluding the issues would not materially affect cash generation or customer relationships. Forward indicators show strong bookings growth outpacing peers, validating competitive positioning. |
ICON Clinical Research Bookings Free Cash Flow | |
LuxuryRichemont's flagship Jewellery Maisons (Cartier and Van Cleef & Arpels) benefit from strong ultra-high-net-worth exposure, insulating the company from pressures facing aspirational luxury peers. Management's disciplined approach to pricing, distribution, and product availability—prioritizing long-term brand equity over short-term profits—contrasts with competitors who raised prices aggressively and damaged their value proposition. |
Richemont Jewelry Pricing Discipline Brand Equity | |
AIAlphabet's AI integration is enhancing rather than displacing its core search business, with Search revenue growing nearly 20% driven by AI Overviews and AI mode. The manager views fears of AI chatbots cannibalizing Google search as unfounded based on recent results showing higher paid-click volume and modest revenue-per-click increases. |
Alphabet Search AI Integration Revenue Growth | |
CloudAlphabet's Cloud division shows strong momentum with backlog nearly doubling and operating margins expanding to 33%, highlighting robust demand and expanding operating leverage. The manager believes Alphabet is exceptionally well-positioned to earn strong returns on capex investments across cloud infrastructure. |
Cloud Operating Leverage Backlog Margins | |
Managed CareElevance Health is turning the corner after a challenging period of elevated medical cost inflation in government-sponsored plans. Medical utilization remains elevated but cost trends have stabilized into a more predictable pattern. The manager anticipates 2026 will mark the bottom for operating margins, with disciplined repricing driving an earnings recovery in 2027. |
Elevance Medical Costs Margins Repricing | |
ExchangesIntercontinental Exchange declined despite strong underlying performance (revenue and earnings up 20% and 34% respectively) due to concerns about cyclical peak earnings and competitive threats from perpetual futures. The manager views these concerns as overblown, particularly for ICE's flagship energy markets where commercial hedgers and institutional investors rely on features perpetual futures don't prioritize. ICE is well-positioned to launch its own offerings if institutional demand materializes. |
ICE Derivatives Energy Markets Perpetual Futures | |
DefenseLockheed Martin faced execution challenges in its Aeronautics division, delaying aircraft deliveries and requiring additional rework on fixed-price contracts. The manager views these operational headwinds as temporary, with global defense demand remaining exceptionally strong as governments replenish depleted inventories and navigate complex geopolitical conditions. Lockheed remains well-positioned for long-term cash generation. |
Lockheed Martin Defense Demand Execution Geopolitical | |
| 2026 Q1 |
DefenseOngoing global conflicts and the fraying of the NATO alliance continue to underscore the critical need for sustained investment in national defense. Defense holdings Lockheed Martin and General Dynamics performed well, with both companies reaching a historic milestone through the successful Artemis II mission. |
Defense Spending Aerospace Space |
TravelAmadeus IT Group holds a dominant duopoly position in global distribution systems connecting airline inventory to travel agencies worldwide. While recent spikes in jet fuel prices will likely pressure near-term revenues, this is viewed as a cyclical headwind rather than structural, with long-term growth of global travel expected to drive significant value. |
Airlines Travel Air Travel | |
AIThe manager added to several core positions during the quarter that were unfairly caught up in the broader narrative that AI will disrupt every software company. The fear that AI will displace critical infrastructure like Amadeus' airline IT systems is viewed as unfounded. |
AI Technology Software | |
| 2025 Q4 |
AIManager draws parallels between today's AI-driven market concentration and the 2014-15 oil collapse, warning that AI has become a macroeconomic assumption embedded in capital expenditure plans and valuations. Physical constraints like energy intensity and grid limitations complicate AI scalability assumptions. |
Artificial Intelligence Data Centers Valuations Energy Infrastructure Technology |
EnergyEnergy plays a critical role in AI infrastructure economics through data center power consumption. Rising electricity prices and grid constraints in data-center-heavy regions are compressing margins and extending deployment timelines, creating physical bottlenecks to AI scaling. |
Electricity Data Centers Grid Infrastructure Power Pricing Utilities | |
Small CapsThe Small Cap Strategy underperformed benchmarks in Q4 and trailing twelve months as markets favored large-cap AI companies. Manager likes the current portfolio fundamentals with strong balance sheets and resilient cash flows, but acknowledges patience is required as markets don't reward fundamentals on a linear schedule. |
Russell 2000 Fundamentals Valuation Performance Portfolio | |
| 2025 Q3 |
AIAlphabet's Gemini AI models are gaining momentum, with Gemini gaining meaningful share of Global Search Instances at ChatGPT's expense. The company launched Gemini Enterprise with enterprise security and privacy features. Adobe faces concerns that AI products pose a threat to its core Photoshop and Illustrator franchises, though the manager believes Adobe is well-positioned to integrate AI into its Creative Cloud suite. |
Gemini ChatGPT Enterprise Creative Cloud Search |
Trade PolicyThe manager discusses tariff exposures affecting pharmaceutical companies and their R&D investment decisions. Pharmaceutical companies are starting to reach agreements with the Trump administration to provide greater clarity on tariffs and drug pricing. The letter extensively covers the importance of free trade for prosperity and peace, warning against protectionist policies. |
Tariffs Trump Protectionism Free Trade R&D | |
Defense SpendingGeneral Dynamics secured several billion-dollar defense contracts during the quarter, reinforcing the strength of its government business. The manager values the stability and diversification that defense holdings bring to the portfolio, particularly amid elevated global geopolitical tensions. |
Contracts Government Geopolitical Stability Diversification | |
GLP1Novo Nordisk lowered guidance due to persistent use of compounded GLP-1 medications, slower market expansion for obesity treatments, and competition from Eli-Lilly's tirzepatide-based therapies. The manager believes more vigorous enforcement against illicit drug compounding is emerging and that the obesity market will continue to expand as GLP-1 therapies gain broader indications. |
Compounding Obesity Tirzepatide Enforcement Indications | |
CapitalismThe letter extensively discusses capitalism as the prosperity engine, emphasizing how free markets, specialization, and comparative advantage drive human progress. The manager argues that capitalism's genius lies in unlocking human potential through market signals and creative destruction, contrasting it with state-directed economies that breed corruption and inefficiency. |
Free Markets Creative Destruction Specialization Market Signals Human Progress | |
| 2025 Q2 |
ValueManager emphasizes value investing approach during speculative market conditions, focusing on capital preservation and buying quality companies when they trade below fair value. The fund trims positions trading above fair value while adding to undervalued opportunities. |
Value Investing Fair Value Capital Preservation Quality Undervalued |
AIAlphabet's AI developments highlighted with Google's AI Overview gaining 1.5 billion monthly users and Gemini reaching 400 million users. AI Overviews are increasing total queries at Google while maintaining similar monetization rates to traditional search. |
Artificial Intelligence AI Overview Gemini Search Monetization | |
GLP1Novo Nordisk's GLP-1 franchise comprising Ozempic, Wegovy and Rybelsus drives company growth despite competitive pressure from Eli Lilly. Manager believes the GLP-1 market is large enough for both companies to grow revenues and that NVO's pipeline is undervalued. |
GLP-1 Ozempic Wegovy Diabetes Weight Loss | |
LuxuryRichemont's core jewelry brands Cartier and Van Cleef & Arpels demonstrate durability with 11% growth in jewelry segment. Recent acquisitions of Italian jewellers Buccellati and Vhernier expand portfolio, with strong medium to long-term tailwinds expected across luxury industry. |
Luxury Jewelry Cartier Van Cleef Buccellati Vhernier | |
SPACsSPACs making a comeback as sign of excessive risk-taking in current speculative market environment, indicating frothy conditions that historically challenge value investing approaches. |
SPACs Speculation Risk Taking Market Froth | |
| 2025 Q1 |
Trade PolicyTrump's tariff announcement has created significant market volatility, erasing over $6 trillion in market value. The manager views the escalating trade war as potentially damaging to all involved but emphasizes the need to evaluate portfolio company impacts objectively rather than making political investment decisions. |
Tariffs Trade War Protectionism Import Substitution Anti-Americanism |
QualityThe fund focuses on well-capitalized businesses with solid balance sheets purchased when cheap, describing their portfolio companies as having limited debt and attractive economics. These quality companies can effectively adapt to various negative surprises including tariffs, inflation, higher interest rates, and recessions. |
Balance Sheets Limited Debt Competitive Positions Durable Well-Capitalized | |
BuybacksMany portfolio companies actively repurchase their own stock, with lower stock prices allowing them to repurchase a greater percentage of outstanding shares. This creates a powerful and tax-free mechanism for long-term value creation by leaving remaining shareholders with larger claims on future cash flows. |
Share Repurchases Outstanding Shares Tax-Free Value Creation Cash Flows | |
ValueThe manager is excited about price declines of companies they have long admired and is scouring their watchlist for opportunities to acquire great companies at bargain prices. They emphasize that stocks become less risky and more likely to deliver superior returns after declining in price. |
Bargain Prices Watchlist Intrinsic Value Mispricing Superior Returns | |
| 2024 Q4 |
ValueManager emphasizes purchasing high-quality companies with large margin of safety at material discounts to intrinsic value. Focuses on companies with sustainable competitive advantages and strong economics while avoiding overpriced securities. |
Margin of safety Intrinsic value Quality Moats Undervalued |
GlobalPortfolio increasingly allocated to attractively priced businesses domiciled outside US including Canada, France, Israel, Switzerland and UK. Manager pivots to where value is found rather than following benchmarks. |
Geographic diversification Opportunistic International Domicile agnostic | |
PaymentsSignificant exposure to payment networks including Visa, Mastercard business models. SHVA operates Israel's local payment network with monopoly position and strong network effects similar to Visa. |
Network effects Payment processing Transaction volumes Monopoly | |
QualityFocus on companies with limited debt, solid economics, pristine balance sheets and strong management teams. Emphasizes businesses that can maintain leadership positions and adapt to changing conditions. |
Balance sheet Economics Management Leadership Resilience | |
| 2024 Q3 |
ValueThe fund maintains a concentrated value investing approach, focusing on companies trading below intrinsic value. The manager emphasizes long-term capital appreciation through disciplined stock selection and patient capital deployment. |
Value Intrinsic Value Long-term Concentrated Capital Appreciation |
QualityPortfolio companies demonstrate strong business fundamentals with robust cash generation capabilities. The fund avoids companies heavily reliant on debt and focuses on businesses that can compound capital through economic cycles. |
Quality Cash Generation Business Fundamentals Debt Avoidance Compounding | |
| 2024 Q2 |
ValueGreensKeeper emphasizes buying high-quality companies at valuations that provide a large margin of safety. The manager explicitly states they stick to this approach and are immune from FOMO virus regarding must-own AI stocks. They focus on answering what a stock is worth rather than timing the market. |
Margin of safety Intrinsic value Undervalued Quality Valuation |
AIThe letter discusses AI's impact on markets, particularly through the Magnificent 7 stocks. NVDA trades at 99x FY24 EPS with significant risk embedded in current valuation. GOOGL continues making progress in AI capabilities with compute costs for AI search platform falling 80% year-over-year. |
Artificial intelligence GPU Search Technology Valuation | |
| 2024 Q1 |
ValueGreensKeeper maintains a steadfast focus on finding high-quality businesses trading at attractive earnings multiples. The firm restricts portfolio investments to situations that check all their investment boxes, requiring obvious undervaluation relative to earnings power and prospects. They emphasize that great opportunities are rare and fleeting, requiring preparation and conviction to make sizable bets when the right price is offered. |
Value Quality Earnings |
ResilienceThe firm constructs portfolios like brick houses to survive financial storms, restricting investments to companies with limited debt and solid economics. They emphasize building portfolios that can cope with inflation, higher interest rates, recessions, and other negative surprises. As an added layer of protection, they limit purchases to securities trading at a material discount to intrinsic value. |
Resilience Quality |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 27, 2026 | Fund Letters | GreensKeeper Value Fund | ICLR | ICON plc | Diagnostics & Research | Life Sciences Tools & Services | Bull | NASDAQ | Accounting restatement, Book-to-Bill, Clinical Research Organization, contrarian, Cro, Free Cash Flow, Healthcare services, life sciences, turnaround | Login |
| Jul 27, 2026 | Fund Letters | GreensKeeper Value Fund | CFRUY | Compagnie Financière Richemont | Luxury Goods | Luxury Goods | Bull | - | Brand Equity, defensive, Jewellery, Luxury goods, Premium Consumer, Pricing power, Switzerland, Ultra High Net Worth | Login |
| Jul 27, 2026 | Fund Letters | GreensKeeper Value Fund | GOOG | Alphabet Inc | Internet Content & Information | Interactive Media & Services | Bull | NASDAQ | AI integration, Artificial Intelligence, Capex Investment, Cloud computing, digital advertising, operating leverage, search engine, technology | Login |
| Jul 27, 2026 | Fund Letters | GreensKeeper Value Fund | ELV | Elevance Health | Healthcare Plans | Managed Health Care | Bull | New York Stock Exchange | Commercial Insurance, Government-Sponsored Plans, health insurance, managed care, Margin recovery, Medical Cost Inflation, Repricing, turnaround | Login |
| Jul 27, 2026 | Fund Letters | GreensKeeper Value Fund | ICE | Intercontinental Exchange | Financial Data & Stock Exchanges | Financial Exchanges & Data | Bull | New York Stock Exchange | Clearing House, competitive moat, Data Services, Derivatives, Energy Markets, Financial Exchange, Institutional, Mortgage Technology | Login |
| Jul 27, 2026 | Fund Letters | GreensKeeper Value Fund | LMT | Lockheed Martin | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, Aircraft Manufacturing, Cyclical Recovery, Defense, Fixed-Price Contracts, geopolitical, Government Contractor, Order Backlog | Login |
| Apr 26, 2026 | Fund Letters | GreensKeeper Value Fund | BRK.A | Berkshire Hathaway Inc. | Other | Multi-line Insurance | Bull | New York Stock Exchange | AI-Resistant, cash position, conglomerate, defensive, Insurance, operational efficiency, Share Buybacks, Value | Login |
| Apr 26, 2026 | Fund Letters | GreensKeeper Value Fund | AMADY | Amadeus IT Group | Information Technology Services | IT Services | Bull | Bolsas y Mercados Españoles (Madrid) | Airline IT, duopoly, Global Distribution System, high switching costs, Mission-Critical Software, network effects, Spain, Travel Technology | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, cash flow, scale, Search, semiconductors | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | AXP | American Express Co. | Financials | Consumer Finance | Bull | New York Stock Exchange | Brand, consumer spending, Credit, Margins, Payments | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | CFRUY | Compagnie Financière Richemont SA ADR | Consumer Discretionary | Luxury Goods | Bull | Dubai Financial Market | Brand Equity, China, Jewelry, Luxury, Pricing power | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | FISV | Fiserv Inc. | Information Technology | Transaction & Payment Processing Services | Bear | New York Stock Exchange | Earnings-quality, management, Payments, turnaround, valuation | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | LULU | Lululemon Athletica Inc. | Consumer Discretionary | Apparel Retail | Bull | NASDAQ | Apparel, Brand, Execution, International, Margins | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | NVO | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | GLP-1, growth, innovation, Obesity, pharmaceuticals | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | ICLR | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | backlog, Biotech, Clinical research, Outsourcing, recovery | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | ADBE | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, buybacks, Margins, Software, valuation | Login |
| Oct 13, 2025 | Fund Letters | Michael McCloskey | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, buybacks, cloud, growth, innovation, Regulation, Search | Login |
| Oct 13, 2025 | Fund Letters | Michael McCloskey | ICLR | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Clinical trials, Cro, growth, pharma, Pricing, R&D, tariffs | Login |
| Oct 13, 2025 | Fund Letters | Michael McCloskey | GD | General Dynamics Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, backlog, Contracts, Defense, diversification, growth, Jets | Login |
| Oct 13, 2025 | Fund Letters | Michael McCloskey | FI | Fiserv Inc. | Information Technology | Financial Technology | Bull | NASDAQ | buybacks, FCF, Fintech, growth, Merchant, Payments, valuation | Login |
| Oct 13, 2025 | Fund Letters | Michael McCloskey | NVO | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | NYSE | Competition, Diabetes, efficiency, GLP-1, growth, Obesity, pipeline | Login |
| Oct 13, 2025 | Fund Letters | Michael McCloskey | ADBE | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Creativity, growth, Moat, SaaS, Software, Subscription | Login |
| Jul 15, 2025 | Fund Letters | Michael McCloskey | AXP | American Express Company | Financials | Credit Services | Bull | NYSE | Cards, consumer, network effect, Payments, spending | Login |
| Jul 15, 2025 | Fund Letters | Michael McCloskey | GOOGL | Alphabet Inc. | Communication Services | Internet Content & Information | Bull | NASDAQ | AI, cloud, Models, monetization, Search | Login |
| Jul 15, 2025 | Fund Letters | Michael McCloskey | CFR SW | Compagnie Financière Richemont SA | Consumer Discretionary | Luxury Goods | Bull | Swiss Exchange | Acquisitions, brands, Jewelry, Luxury, Pricing power | Login |
| Jul 15, 2025 | Fund Letters | GreensKeeper Value Fund | AXP | American Express Company | Financials | Consumer Finance | Bull | NYSE | Commercial Payments, consumer finance, credit cards, Expense Management, Gen Z, Millennials, network effects, working capital | Login |
| Jul 15, 2025 | Fund Letters | GreensKeeper Value Fund | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI Overview, Artificial Intelligence, ChatGPT Competitor, Gemini, monetization, Query Volume, search engine, technology | Login |
| Jul 15, 2025 | Fund Letters | GreensKeeper Value Fund | CFR.SW | Compagnie Financière Richemont SA | Consumer Discretionary | Luxury Goods | Bull | SIX Swiss Exchange | Acquisitions, brand portfolio, Buccellati, Cartier, Jewelry, Luxury goods, Swiss, Van Cleef & Arpels, Vhernier | Login |
| Jul 15, 2025 | Fund Letters | GreensKeeper Value Fund | FI | Fiserv, Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Clover, contrarian, Fintech, Hyperinflation, payment processing, Point of Sale, valuation, volume growth | Login |
| Jul 15, 2025 | Fund Letters | GreensKeeper Value Fund | BRK.B | Berkshire Hathaway Inc. | Financials | Multi-Sector Holdings | Neutral | NYSE | CEO Succession, conglomerate, diversified holdings, Greg Abel, Insurance, intrinsic value, leadership transition, Warren Buffett | Login |
| Jul 15, 2025 | Fund Letters | GreensKeeper Value Fund | NVO | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | NYSE | Danish, Diabetes, GLP-1, Insulin, Obesity, Ozempic, pharmaceuticals, pipeline, Rybelsus, Wegovy | Login |
| Apr 8, 2025 | Fund Letters | GreensKeeper Value Fund | BRK-B | Berkshire Hathaway Inc. | Financials | Multi-Sector Holdings | Bull | NYSE | Acquisitions, cash, conglomerate, Diversified, Insurance, utilities, Value | Login |
| Apr 8, 2025 | Fund Letters | GreensKeeper Value Fund | VRTX | Vertex Pharmaceuticals Incorporated | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Blockbuster, Cystic fibrosis, Non-opioid, Pain Management, pipeline, rare disease | Login |
| Apr 8, 2025 | Fund Letters | GreensKeeper Value Fund | CHKP | Check Point Software Technologies Ltd. | Information Technology | Systems Software | Bull | NASDAQ | cash-rich, cybersecurity, Enterprise software, Israeli Technology, Network Security, Share Buybacks | Login |
| Apr 8, 2025 | Fund Letters | GreensKeeper Value Fund | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, autonomous vehicles, Cloud computing, cybersecurity, digital advertising, search engine, technology infrastructure | Login |
| Apr 8, 2025 | Fund Letters | GreensKeeper Value Fund | ICLR | Icon PLC | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Clinical research, Clinical trials, contract research organization, drug development, Healthcare Outsourcing, Pharmaceutical Services | Login |
| Oct 10, 2024 | Fund Letters | GreensKeeper Value Fund | BRK-B | Berkshire Hathaway Inc. | Financials | Multi-Sector Holdings | Bull | NYSE | cash generation, conglomerate, defensive, Insurance, manufacturing, railroad, utilities, Value | Login |
| Oct 10, 2024 | Fund Letters | GreensKeeper Value Fund | AXP | American Express Company | Financials | Consumer Finance | Bull | NYSE | affluent consumers, credit cards, Exclusive Access, financial services, Gen Z, Millennials, network effects, premium services | Login |
| Oct 10, 2024 | Fund Letters | GreensKeeper Value Fund | FI | Fiserv, Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | Banking Solutions, EPS growth, financial technology, Fintech, Merchant Services, payment processing, software integration | Login |
| Oct 10, 2024 | Fund Letters | GreensKeeper Value Fund | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | antitrust, market dominance, Quality Advantage, Regulatory Pressure, search engine, technology, user retention | Login |
| Oct 10, 2024 | Fund Letters | GreensKeeper Value Fund | MRK | Merck & Co., Inc. | Health Care | Pharmaceuticals | Bull | NYSE | cancer treatment, China, GARDASIL, HPV Vaccine, Immunotherapy, Inventory Issues, Keytruda, pharmaceuticals | Login |
| Jul 19, 2024 | Fund Letters | GreensKeeper Value Fund | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI technology, Cloud computing, digital advertising, large-cap, search engine, technology | Login |
| Jul 19, 2024 | Fund Letters | GreensKeeper Value Fund | VRTX | Vertex Pharmaceuticals | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Cystic fibrosis, diabetes treatment, FDA approval, pipeline development, Stem Cell Therapy | Login |
| Jul 19, 2024 | Fund Letters | GreensKeeper Value Fund | ELV | Elevance Health | Health Care | Health Care Services | Bull | NYSE | defensive, health insurance, Healthcare services, managed care, Medicaid, underwriting | Login |
| Jul 19, 2024 | Fund Letters | GreensKeeper Value Fund | BRK.B | Berkshire Hathaway | Financials | Multi-Sector Holdings | Bull | NYSE | capital allocation, conglomerate, core holding, Insurance, railroad, utilities, value investing | Login |
| Jul 19, 2024 | Fund Letters | GreensKeeper Value Fund | V | Visa Inc. | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | Antitrust Settlement, digital payments, Fintech, Global Commerce, network effects, payment processing | Login |
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| TICKER | COMMENTARY |
|---|---|
| ICLR | Our top performer in the second quarter was ICON plc (ICLR), which gained 57%. The surge followed the release of ICLR's delayed year-end and first-quarter results, which provided clarity on the accounting issues that had previously weighed heavily on the stock. ICLR had been the Value Fund's largest detractor in the first quarter, after announcing in February that it would delay its year-end results and restate its 2023 and 2024 financial statements due to revenue overstatements. The stock plummeted as investors rushed to sell amid the uncertainty. We spent the next 24 hours reviewing the company's disclosures and examining the allegations in a whistleblower lawsuit. We concluded that ICLR's ability to generate $1 billion of free cash flow was unlikely to be materially affected and that these issues would not affect its customer relationships. With the stock trading at a free cash flow yield of approximately 15%—despite remaining, in our view, a high-quality business with attractive growth prospects—we decided to materially increase our position. The delayed results released in Q2 validated our assessment. The restatement reduced reported revenue by less than 2% and had no material effect on the company's cash generation. Forward-looking indicators also look promising heading into 2027: direct fee book-to-bill exceeded 1.3x in each of the past two reported quarters, with management expecting it to remain above 1.2x in Q2. This suggests the company should resume attractive growth next year. Importantly, ICLR's bookings growth outpaced its large clinical research organization (CRO) peers, providing evidence that its competitive position and customer relationships remain intact. As the uncertainty receded and investors refocused on the company's underlying earnings power, the shares rerated. By quickly adding to our ICLR position amidst peak pessimism in mid-February, we were rewarded when its shares appreciated by over 90% in less than five months. |
| CFRUY | Our second-best performer during the quarter was Compagnie Financière Richemont (CFRUY), which gained +30.8%. The company continues to execute exceptionally well despite a challenging environment for the broader luxury industry. Richemont's flagship Jewellery Maisons—Cartier and Van Cleef & Arpels—benefit from strong exposure to ultra-high-net-worth consumers. This has helped insulate the company from many of the pressures facing luxury peers, as more aspirational consumers have remained cautious with discretionary spending. Navigating high inflation in precious metals and labour, management implemented measured price increases that offset margin pressure without dampening demand. This disciplined approach contrasts sharply with several competitors that raised prices aggressively during the recent luxury boom—damaging their value proposition and struggling to balance pricing, volume, and brand prestige. We have long admired Richemont's willingness to prioritize long-term brand equity over short-term profits. Its disciplined approach to pricing, distribution, and product availability is paying dividends today. |
| GOOG | Alphabet Inc (GOOG), +23.2%, was our third-best performer in the quarter. After more than two years of market concern that AI chatbots would cannibalize Google's core search business, recent results are proving those fears unfounded. Boosted by AI Overviews and AI mode, Search revenue grew nearly 20% in the most recent quarter. This performance was driven primarily by higher paid-click volume, alongside a modest rise in revenue per click—demonstrating that AI integration is enhancing, rather than displacing, the platform's core value proposition. Alphabet's Cloud division is showing even stronger momentum: its backlog has nearly doubled, while operating margins expanded to 33%, highlighting both robust demand and expanding operating leverage. Meanwhile, management continues to invest heavily in compute infrastructure. With market-leading positions across search, cloud, digital advertising, and AI, we believe Alphabet remains exceptionally well-positioned to earn strong returns on its capex and compound intrinsic value over time. |
| ELV | Elevance Health (ELV) was another strong contributor during the quarter, gaining 32.1%. Profitability has begun to turn the corner following a challenging period marked by elevated medical cost inflation across its government-sponsored insurance plans. While medical utilization remains elevated, cost trends have stabilized into a more predictable pattern, and government reimbursement updates were more favorable than expected. We anticipate 2026 will mark the bottom for operating margins, with disciplined repricing and better alignment between premiums and medical expenses driving an earnings recovery in 2027. Our investment thesis remains grounded in the strength of ELV's commercial health insurance franchise, which continues to perform well and provides a durable foundation for the company's long-term earnings power. |
| ICE | Our largest detractor during the quarter was Intercontinental Exchange (ICE), which declined 21.7%. The company's underlying performance remains strong, with revenue and earnings increasing 20% and 34%, respectively, to start the year. Nevertheless, ICE's shares declined alongside peers including Cboe Global Markets (CBOE) and CME Group (CME), amid concerns of a cyclical peak in earnings. Investors are also concerned that a relatively new product known as perpetual futures could pose a competitive threat to incumbent derivatives exchanges. Trading activity is currently concentrated in cryptocurrency markets, but several recent product announcements have raised concerns that perpetual futures could expand into more traditional asset classes. We view these concerns as overblown, particularly for ICE's flagship energy markets (such as Brent crude and TTF natural gas). ICE's core users are commercial hedgers and institutional investors, not retail speculators. These market participants rely on fixed settlement dates, standardized contracts, deep liquidity, robust clearing, and established regulatory oversight—features perpetual futures do not prioritize. Furthermore, should institutional demand for perpetual contracts ever materialize, ICE is well-positioned to launch its own offerings. Its market-leading technology, clearing infrastructure, regulatory standing, and global customer base give it a massive advantage over emerging platforms. While record volatility set a high bar for year-over-year volume comparisons, ICE's diversified footprint across exchanges, data, and mortgage technology should enable it to continue compounding earnings and intrinsic value over the long run. |
| CBOE | Nevertheless, ICE's shares declined alongside peers including Cboe Global Markets (CBOE) and CME Group (CME), amid concerns of a cyclical peak in earnings. |
| CME | Nevertheless, ICE's shares declined alongside peers including Cboe Global Markets (CBOE) and CME Group (CME), amid concerns of a cyclical peak in earnings. |
| LMT | Lockheed Martin (LMT) was our second-largest detractor during the quarter, declining 15.7%. The sell-off was primarily driven by execution challenges within its Aeronautics division, which delayed aircraft deliveries and required additional rework on certain fixed-price contracts. These issues weighed on near-term profitability and raised concerns about the company's ability to meet its production targets. We view these operational headwinds as temporary. Global demand for defence capabilities remains exceptionally strong as governments replenish depleted inventories and navigate an increasingly complex geopolitical backdrop. Anchored by leading positions across critical defence programs, Lockheed Martin remains well-positioned to drive long-term cash generation as execution normalizes and order backlogs convert into deliveries. |
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