| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.2% | 21.1% | - |
Burke Wealth Management's Focused Growth portfolio returned +21.1% in Q2 2026 versus +15.2% for the S&P 500, rebounding strongly from a weak first quarter as corporate earnings strength overshadowed geopolitical concerns. The manager views AI as an early-stage technological revolution driving massive investment and productivity gains, though the path will be non-linear. Key portfolio activity included selling Abbott Labs after repeated execution disappointments and Lowe's due to dependence on unpredictable mortgage rates, while initiating positions in Eaton (4%) for datacenter liquid cooling exposure and Apollo (3%) following indiscriminate sell-off on minimal software credit risk. Micron was trimmed twice despite thesis exceeding expectations, as strategic customer agreements covering 20-33% of volumes shift cyclicality risk to customers and support higher long-term weighting. The manager explores resource scarcity as AI's defining constraint, questioning whether upcoming OpenAI and Anthropic IPOs will reveal finite management bandwidth and compute limitations. With $200 billion recently raised by cash-rich tech giants, the manager flags potential capital market stress and restricted debt access for weaker balance sheets. Portfolio companies' financial strength positions the strategy well for continued earnings growth through year-end.
Burke Wealth Management's Focused Growth strategy is positioned to capitalize on the early stages of an AI-driven technological revolution through concentrated investments in dominant infrastructure players like Nvidia, memory suppliers benefiting from unprecedented DRAM shortages, and datacenter power management leaders, while maintaining portfolio discipline through active risk management and reallocation toward companies with strong fundamentals, pricing power, and success factors within management control.
Manager expects continued strength in corporate earnings to persist in the second half of 2026, driven largely by AI-related investment. With macro overhang reduced (new Fed Chair installed, fragile Middle East peace holding, oil flowing through Strait of Hormuz), manager sees pockets of slack in several portfolio company stocks that could close quickly should certain controversies resolve favorably. Overall upbeat heading into second half of 2026, with portfolio's strong financial profile positioning it well for an exciting if uncertain environment.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 11 2026 | 2026 Q2 | ABT, AMZN, APO, DIS, ETN, EXAS, GOOGL, ISRG, LOW, META, MSFT, MU, NOW, NVDA, TSLA, UBER | AI, Data centers, growth, large cap, Memory, private credit, semiconductors, technology |
MU ABT LOW APO ETN |
Burke Wealth's Focused Growth returned 21.1% in Q2 2026, capitalizing on AI infrastructure dominance through Nvidia, memory shortage beneficiary Micron, and new datacenter power play Eaton. Manager sold Abbott and Lowe's on execution concerns and mortgage rate dependency, initiated Apollo on indiscriminate sell-off. Explores resource scarcity—power, memory, capital, talent—as AI's defining constraint. Portfolio's balance sheet strength positions it well as capital access tightens for weaker credits. |
| May 5 2026 | 2026 Q1 | ASML, CRM, CRWD, MU, NOW, NVDA, SNOW | AI, energy, Enterprise Software, geopolitics, growth, semiconductors, technology | - | Q1 2026 saw war with Iran overwhelm strong tech earnings, driving the portfolio down 10.6%. Enterprise software trades at decade-low valuations despite accelerating growth, while AI infrastructure plays like ASML and Micron delivered strong gains. Manager expects geopolitical resolution and AI clarity to restore focus on robust corporate fundamentals. |
| Dec 31 2025 | 2025 Q4 | AAPL, ADBE, ASML, BWXT, CMCSA, CRM, GOOGL, ISRG, META, MU, NOW, NVDA, ORCL, SNOW, TDG | AI, Data centers, Enterprise Software, growth, semiconductors, technology, Trade Policy | - | Burke Wealth Management remains optimistic on AI infrastructure investments, viewing the current cycle as fundamentally different from the dot.com bubble due to insufficient compute capacity meeting existing demand. Portfolio positioned around semiconductor leaders Nvidia, ASML, and Micron while consolidating enterprise software into platforms ServiceNow and Salesforce. Trump's growth agenda provides favorable equity backdrop despite ongoing AI bubble concerns and tariff uncertainties. |
| Sep 30 2025 | 2025 Q3 | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | - | Portfolio underperformed despite strong earnings growth as AI concerns weighed on enterprise software holdings. Manager maintains conviction that platforms like ServiceNow and Salesforce will prove essential for corporate AI adoption. Added Micron on structural memory demand growth, sold Charter on subscriber weakness. Trump pro-growth policies now established, creating favorable environment for quality companies to execute. |
| Jun 30 2025 | 2025 Q2 | ABNB, ABT, BWXT, CHTR, ICE, ISRG, LLY, NOW, NVDA, NVO, SNOW, TDG, UBER | AI, defense, growth, nuclear, Pharmaceuticals, regulation, technology, Trade Policy |
NVDA SNOW BWXT UBER |
Burke's Focused Growth portfolio gained 15.9% in Q2 2025 despite trade war volatility and geopolitical tensions. Strong performance from AI leaders Nvidia and Snowflake offset regulatory headwinds. Portfolio repositioned toward defensive holdings like nuclear technology provider BWX Technologies while exiting economically sensitive positions. Manager expects policy clarity from Trump's tax legislation to drive continued growth. |
| Mar 31 2025 | 2025 Q1 | ABT, AMZN, CHTR, CRM, ICE, MA, META, NOW, NVDA, TDG, UNH, V | AI, growth, semiconductors, software, tariffs, technology, Trump, volatility |
NVDA NOW CRM TDG |
Growth portfolio suffered worst quarter in three years due to Trump tariff uncertainty, not earnings weakness. Manager views current policy-driven volatility as temporary adjustment period before beneficial tax cuts and deregulation. High-quality companies with strong balance sheets can weather political turbulence. AI demand remains robust despite efficiency gains through Jevon's Paradox dynamics. |
| Dec 31 2024 | 2024 Q4 | AAPL, ACN, ADBE, AMZN, CHTR, CMCSA, CRM, CRWD, CVS, GOOGL, HUM, LLY, MSFT, NOW, NVDA, NVO, SNOW, UNH | AI, growth, healthcare, large cap, regulation, software, technology, Telecommunications | - | Burke's Focused Growth strategy delivered 28.4% returns in 2024 by concentrating in high-quality technology leaders with scale advantages. The manager believes market concentration will persist as AI enters the Agentic Age, driving productivity gains. Portfolio changes included repurchasing Charter and Snowflake while exiting Alphabet on regulatory concerns. Trump's policies should benefit corporate earnings despite potential volatility. |
| Sep 30 2024 | 2024 Q3 | ASML, BLK, CRWD, DAL, INTC, MSFT, NVDA, TSM | AI, cybersecurity, Election, Fed policy, growth, large cap, semiconductors, technology |
BLK CRWD ASML |
Focused Growth portfolio gained 2.6% in Q3 amid market volatility from political uncertainty and Fed rate cuts. Manager used weakness to upgrade portfolio quality, selling Blackrock after thesis completion and adding to Crowdstrike and ASML during temporary setbacks. Strong underlying fundamentals with 9 of 20 holdings posting 20%+ earnings growth support confidence in secular growth positioning. |
| Jun 30 2024 | 2024 Q2 | ACN, ADBE, AMD, AMZN, CRM, CRWD, GOOGL, NOW, NVDA, SNOW, WDAY | AI, cybersecurity, Data centers, Enterprise Software, growth, large cap, semiconductors, technology |
NVDA CRWD |
Focused Growth delivered exceptional Q2 performance (+5.9%) driven by concentrated AI beneficiaries led by Nvidia's continued dominance. Portfolio demonstrates broad earnings growth with 12 of 21 companies showing 20%+ EPS growth, contradicting narrow rally concerns. Enterprise software showing early AI monetization signs. Strong balance sheet companies positioned to capitalize on AI transformation while managing through election uncertainty. |
| Mar 31 2024 | 2024 Q1 | AAPL, ABNB, ADBE, AMZN, CHTR, CMCSA, CRM, GOOGL, HD, LLY, LOW, META, MSFT, NOW, NVDA, NVO, PYPL, SNOW, TSLA | AI, growth, large cap, Pharmaceuticals, retail, semiconductors, technology | - | Burke's Focused Growth portfolio gained 15.2% in Q1 2024, outperforming the S&P 500's 10.6% return on strong AI-driven performance from Nvidia and Meta. The fund added positions in Novo Nordisk, Lowes, and Adobe while eliminating Charter, PayPal, and Snowflake. Management expects company fundamentals to drive performance in 2024 rather than macro factors. |
| Dec 31 2023 | 2023 Q4 | AAPL, AMD, AMZN, CHTR, CMCSA, CRM, GOOGL, META, MSFT, NOW, NVDA, SNOW, TMUS, TSLA, VZ | AI, Cloud, earnings, growth, large cap, semiconductors, technology | - | Burke's Focused Growth portfolio rebounded 53% in 2023 after 2022's growth rout, holding four Magnificent Seven stocks driven by earnings growth rather than valuation expansion. The manager is optimistic about 2024, positioning for the AI revolution through companies like Nvidia, Amazon, and Meta, while projecting 20% annual portfolio earnings growth with reasonable valuations. |
| Sep 30 2023 | 2023 Q3 | AMZN, ASML, CHTR, CMCSA, CRM, DIS, GOOGL, ISRG, META, MSFT, NVDA, SNOW, SPOT | AI, Cable, growth, healthcare, semiconductors, Streaming, technology | - | Burke's Focused Growth Strategy delivered +35.9% YTD returns through Q3 2023, positioning for the AI investment cycle with quality growth companies. The portfolio benefits from GPU supply constraints extending into 2024 and software demand following hardware deployment. Key moves included adding Snowflake for AI data strategy and increasing Intuitive Surgical while trimming Nvidia for risk management. |
| Jun 30 2023 | 2023 Q2 | ABNB, ACN, AMZN, ASML, CHTR, CMCSA, CRM, GOOGL, ISRG, META, NOW, NVDA, PYPL, SPOT, TSM, UNH | AI, Cloud, growth, large cap, semiconductors, software, technology | - | Focused Growth portfolio returned +15.2% in Q2, driven by AI revolution positioning. Nvidia delivered historic upside surprise with data center revenue guidance jumping to $11B. Portfolio companies already made necessary cost adjustments and are positioned around secular growth trends. Manager reduced Alphabet due to search disruption risks, added ASML for AI infrastructure exposure. |
| Mar 31 2023 | 2023 Q1 | AAPL, ACN, AMZN, BRK-A, CRM, CVX, GOOGL, ISRG, JNJ, JPM, MA, META, MSFT, NVDA, ORCL, PG, TSLA, UNH, V, XOM | AI, Banking, growth, large cap, semiconductors, technology |
AAPL|MSFT|NFLX|NVDA|UNH ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO CRM ISRG |
Burke's Focused Growth portfolio gained 18.6% in Q1 2023, led by AI beneficiary Nvidia and cost-cutting success stories Meta and Salesforce. The Silicon Valley Bank crisis validated their strategy of owning fortress balance sheet companies independent of capital markets. Technology firms that right-sized costs are positioned to outperform despite macro uncertainty. |
| Jun 30 2022 | 2022 Q2 | AMZN, CHTR, CMCSA, GOOGL, ISRG, JD, NVDA, UNH | AI, Broadband, Cloud, growth, inflation, Recession, semiconductors, technology |
AMZN ISRG NVDA CHTR |
Growth portfolio down 35% year-to-date on valuation reset, not earnings decline. Manager sees excessive pessimism around quality companies with strong fundamentals and growing earnings power. Current inflation and Fed tightening create challenging macro environment, but fortress balance sheets and secular growth trends in cloud, AI, and broadband position portfolio for rebound when sentiment improves. |
| Mar 31 2022 | 2022 Q1 | AAPL, ABT, ADBE, ALGN, AMZN, CHTR, CMCSA, JD, MASI, META, MSFT, NFLX, NVDA, PYPL, SPOT | cash flow, Decoupling, Fed, growth, inflation, technology, volatility | - | Burke's Focused Growth portfolio fell 15.1% in Q1 2022 amid growth stock bear market, but superior free cash flow generation distinguishes it from speculative companies. Sold Netflix and Masimo for fundamental reasons, added Align Technologies, increased Charter and Nvidia. Historical patterns suggest recovery ahead as technology provides deflationary offset to structural inflation from global decoupling. |
| Dec 31 2021 | 2021 Q4 | ABNB, CHTR, CMCSA, MA, NVDA, PYPL, STNE, UNH, V | growth, healthcare, infrastructure, large cap, payments, technology, Travel |
NVDA UNH ABNB |
Growth manager delivered solid absolute returns but lagged market due to cable and payments weakness. Maintains conviction in high-quality portfolio companies including Nvidia (AI/Metaverse leader) and United Healthcare (demographic beneficiary). Added Airbnb for travel recovery, eliminated StoneCo. Expects continued volatility but believes portfolio earnings will prove more stable than broader market. |
| Sep 30 2021 | 2021 Q3 | ACN, ADBE, AMZN, BLK, CMCSA, GOOGL, ISRG, JD, MA, MASI, META, NFLX, NVDA, PYPL, SPOT, STNE, UNH, V | Cloud, digital transformation, growth, large cap, payments, Streaming, technology | - | Burke's Focused Growth Strategy targets high-quality companies with durable competitive advantages for long-term compounding. Despite Q3 underperformance, three-year returns of 23.7% demonstrate the approach's effectiveness. Key positions include Alphabet with exceptional growth, newly added Netflix as it matures into an earnings-driven business, and PayPal recovering from temporary eBay separation headwinds. |
| Jul 31 2021 | 2021 Q2 | ABT, ADBE, AMZN, BABA, CMCSA, ISRG, JD, MA, NOW, NVDA, PYPL, UNH, V | AI, Cloud, E-Commerce, growth, healthcare, inflation, rates, technology | - | Focused Growth strategy delivered strong 13% Q2 returns through secular growth companies with 26% average revenue growth. Manager sold Alibaba and Abbott due to thesis breakdowns, redeploying to PayPal, United Health, ServiceNow and Amazon. Portfolio positioned for inflation resilience through pricing power and intellectual capital advantages while benefiting from AI, cloud, and healthcare technology trends. |
| - | 2021 Q1 | ABT, ACN, EA, GOOGL, ISRG, MASI, META, SPOT, STNE, VRSK | digital transformation, growth, healthcare, large cap, secular growth, technology | - | Burke's Focused Growth portfolio declined 1.6% in Q1 2021 as rising rates pressured growth valuations despite strong 17.8% revenue growth from holdings. The manager added Accenture and StoneCo while maintaining conviction in secular growth thesis. Market rotation into cyclicals created headwinds, but strong business fundamentals and earnings growth should drive long-term outperformance. |
| - | 2020 Q4 | ABT, BABA, BLK, CMCSA, DIS, GOOGL, INTC, META, NOW, NVDA, PYPL, SPOT, V | digital transformation, growth, innovation, large cap, Pandemic, Quality, technology | - | Burke Wealth delivered 45.3% returns in 2020 by owning high-quality companies that thrived during pandemic-driven digital transformation. Strong balance sheets provided resilience during the crash while secular growth characteristics drove outperformance as trends accelerated. Portfolio companies continued innovating with expanded addressable markets. Manager remains optimistic for 2021 performance in a stable environment. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIManager views AI as a technological revolution in early stages driving massive investment and sustained productivity gains, though the path will not be linear. AI dominated market narrative in Q2 with supply chain bottleneck opportunities. Manager expects AI-related investment to drive continued corporate earnings strength through second half of 2026. |
Infrastructure Disruption Productivity Investment Supply Chain |
Data CentersPower and memory identified as key constraints to datacenter buildout needed for AI revolution. Manager sees datacenter opportunity as most attractive end market for Eaton, with Boyd Thermal acquisition adding liquid cooling exposure ahead of Nvidia's newest chip requirements. Trillions of dollars in announced datacenter projects beginning to become reality. |
Power Liquid Cooling Infrastructure Buildout Capacity | |
MemoryGlobal DRAM shortage due to high bandwidth memory requirements of Nvidia's latest chips has become dominant market theme. DRAM prices up 4x over past year, creating inflationary risk but driving parabolic run in memory stocks. Micron transitioning customers to 3-5 year take-or-pay contracts, shifting cyclicality risk to customers and supporting higher long-term weighting. |
DRAM HBM Shortage Pricing Cyclicality | |
Private CreditApollo has almost $1 trillion in assets under management with vast majority in private credit. Unmatched capabilities in credit origination with material portion of deals being bespoke rather than competitive. Private credit as asset class is growing and taking share from traditional investment vehicles due to bank unwillingness to underwrite loans. |
Asset Management Origination Growth Banks Alternative Assets | |
Capital MarketsGoogle raised $80 billion equity, SpaceX raised $84 billion equity plus $25 billion debt, Nvidia announced $25 billion debt offering - totaling $200 billion raised by largest, most cash-rich companies. Manager questions why companies with strong balance sheets are raising expensive equity capital, wondering about implications for corporate debt access and refinancing as AI infrastructure buildout demands capital. |
Debt Issuance Equity Raising Refinancing Capital Access Balance Sheets | |
SemiconductorsNvidia described as dominant player in AI infrastructure buildout that will dominate next decade, with competitive positioning strengthening with each new GPU platform release. Nvidia warrants highest weighting in portfolio. Memory and semiconductor equipment space experiencing exhilarating times with strong momentum. |
GPUs Nvidia Competitive Position Equipment Dominance | |
MomentumMarket is momentum driven with leading momentum ETF up 37% year-to-date including 43% in Q2. Momentum can be both good and bad as seen in 2026. Market increasingly dominated by algorithmic trading with volatility boosted by zero-day options and double levered single stock ETFs, making for harrowing and exhilarating times. |
ETFs Volatility Algorithmic Trading Options Market Dynamics | |
EarningsCorporate earnings were outstanding in Q2. Manager expected stocks to follow path of earnings after Q1 divergence between market returns and earnings growth. Strong fundamentals ruled the day in Q2 and manager expects continued strength in corporate profits through second half of 2026, driven largely by AI-related investment. |
Growth Fundamentals Corporate Profits AI Investment Outlook | |
| 2026 Q1 |
AIManager views AI as a transformative force driving compute demand and infrastructure investment. Believes current AI-disruption sell-off in enterprise software has gone too far. Sees AI as creating new opportunities for SaaS companies through partnerships with frontier model companies rather than destroying them. |
Artificial Intelligence Compute Infrastructure Enterprise Software Frontier Models |
Enterprise SoftwareStrong conviction that the market's indiscriminate sell-off of enterprise software stocks is nearing conclusion. Believes platform companies will incorporate AI capabilities and maintain competitive advantages. Expects business model evolution from seat-based to consumption/subscription hybrid. |
SaaS Platform Business Models Valuations AI Integration | |
SemiconductorsBullish on semiconductor equipment and memory companies driven by insatiable AI compute demand. ASML's record bookings and Micron's explosive earnings growth demonstrate the strength of AI-driven semiconductor cycle. |
Memory Lithography Equipment Cycle Demand | |
OilWar with Iran has driven oil prices from $70 to over $100 per barrel. Strait of Hormuz disruption remains unresolved, keeping energy markets volatile. Higher oil prices will dampen consumer spending and cause transitory inflation uptick. |
Energy Geopolitics Inflation Supply Disruption | |
DefenseU.S. and Israeli military action against Iran has achieved air superiority and degraded Iran's nuclear program. Military objectives being met but uncertainty remains over Strait of Hormuz control and regional stability. |
Military Geopolitics Iran Nuclear | |
| 2025 Q4 |
AIManager believes AI revolution is fundamentally different from dot-com bubble due to current compute capacity constraints versus future demand. Views infrastructure buildout as most secure part of AI food chain, explaining continued investment in Nvidia, ASML, and new Micron position. |
Artificial Intelligence Data Centers Compute Infrastructure GPUs |
Trade PolicyDiscusses Trump administration's tariff policies and upcoming Supreme Court ruling on IEEPA tariffs. Notes global trade order was rewritten in 2025 but restructuring occurred without triggering outright trade war, creating solid backdrop for equities. |
Tariffs Trade IEEPA Policy | |
RatesFederal Reserve continued easing cycle with Fed Funds rate reaching parity with 2-year bond at 3.5%. Manager believes they are within 25-50 basis points of neutral rate and criticizes Trump's advocacy for rates near zero as unlikely to work as intended. |
Federal Reserve Interest Rates Monetary Policy | |
Enterprise SoftwareConsolidated exposure to platform companies ServiceNow and Salesforce while eliminating Adobe due to AI disruption concerns. Views platforms as less vulnerable to disintermediation than best-of-breed applications during AI transition. |
SaaS Platforms AI Disruption | |
| 2025 Q3 |
AIManager believes AI will drive increased adoption at higher prices for enterprise software companies like ServiceNow and Salesforce, rather than allowing Fortune 2000 clients to bypass them with internal custom applications. Both companies are transitioning to consumption pricing models for AI modules to capture value from productivity gains. |
Enterprise Software Productivity Consumption Pricing Innovation Automation |
SemiconductorsASML maintains monopoly in extreme ultraviolet lithography essential for high-end chips required for AI. Micron positioned to gain market share in high bandwidth memory with Vera Rubin launch, benefiting from structural AI data center demand growth from $8B in 2023 to expected $30B+ in 2026. |
Memory Lithography Data Centers High Bandwidth Memory Market Share | |
NuclearBWX Technologies benefits from massive growth in nuclear-related backlog, up 70% to $6B, driven by urgent need for additional power generation capacity. Nuclear positioned as critical solution for AI data center buildout where power is the biggest constraint according to Jensen Huang. |
Power Generation Energy Infrastructure Backlog Growth Small Module Reactors Data Center Power | |
Trade PolicyTrump administration rewrote international trade terms favoring US domestic production through tariffs and secured massive manufacturing investment commitments. Combined with tax policy and deregulation promises, this represents a massive bet on growth that should benefit equity markets. |
Tariffs Manufacturing Investment Domestic Production Growth Policy Deregulation | |
BroadbandCable companies face persistent broadband subscriber decline despite solid earnings and cash flow growth, leading to severe multiple compression. Charter sold due to weak balance sheet and lack of near-term catalysts, while Comcast retained temporarily pending proof of bundled mobile/broadband strategy success. |
Subscriber Trends Multiple Compression Cable Bundling Strategy Free Cash Flow | |
| 2025 Q2 |
AIThe AI revolution continues to drive significant opportunities and challenges, with Nvidia facing regulatory threats from government restrictions on chip exports while maintaining dominance in global AI infrastructure. Snowflake is positioning itself as a critical platform for real-time AI-powered data analytics through AI agents and secure third-party applications. |
Nvidia Snowflake Infrastructure Regulation Data |
Trade PolicyGlobal trade war initiated in April created massive market volatility before bilateral agreements provided relief. The Trump administration's trade policies including tariffs and the Big Beautiful Bill are reshaping international commerce and creating both opportunities and risks for portfolio companies. |
Tariffs Bilateral China Regulation Policy | |
NuclearBWX Technologies provides sole-source nuclear propulsion components for US Navy submarines and has growth opportunities in small modular reactors for data center power needs. The company also participates in radiopharmaceuticals with over 90 drugs in FDA approval process. |
Defense Submarines Reactors Energy Healthcare | |
PharmaceuticalsThe pharmaceutical industry faces regulatory pressure from tariff threats to force manufacturing back to the US and Trump administration efforts to end US subsidization of global drug pricing. Novo Nordisk was sold due to competitive disappointments and regulatory headwinds affecting the obesity treatment market. |
Pricing Manufacturing Obesity Regulation Competition | |
| 2025 Q1 |
AIManager discusses AI revolution's productivity benefits and efficiency gains through DeepSeek's breakthrough. Notes AI capabilities growing rapidly at ServiceNow and Salesforce with hybrid consumption models. Emphasizes AI efficiency gains will increase demand through Jevon's Paradox rather than reduce compute needs. |
Artificial Intelligence DeepSeek Inference Compute Efficiency |
Trade PolicyExtensive analysis of Trump administration's tariff policies and reciprocal tariff calculations. Manager expresses concern about tariff formula based on trade deficits rather than actual tariff rates. Views tariffs as negotiating tool but warns of protectionist risks and economic disruption. |
Tariffs Reciprocal Trade War Protectionism Negotiations | |
CloudCloud service providers continue massive CAPEX spending of $330B across major players despite efficiency gains. Manager notes AWS and Google remain capacity constrained for AI workloads. Cloud infrastructure remains critical for AI compute power expansion. |
CAPEX Data Centers Capacity Infrastructure Workloads | |
| 2024 Q4 |
AIThe manager discusses the dawn of the Agentic Age where AI agents will solve problems and complete business tasks, with marginal cost of labor approaching zero for tasks AI can complete. AI agents will allow knowledge workers to operate at the top of their degree and eliminate mindless tasks. The manager expects this to drive productivity gains and help solve labor shortage issues. |
Artificial Intelligence Automation Productivity Agents Innovation |
CloudCloud computing is highlighted as an area where only a handful of companies can invest tens of billions annually to achieve datacenter scale necessary to compete. The manager views this as creating insurmountable advantages for the largest players. AWS specifically showed strong performance with 19% growth and improving margins. |
AWS Datacenter Infrastructure Scale Computing | |
GLP1The manager discusses obesity drugs as the biggest drug class in history, with supply still insufficient to meet demand. Despite Novo Nordisk's Cagri-Sema results falling short of 25% weight loss targets, the manager believes the market will support multiple winners and sees long-term growth potential. |
Obesity Weight Loss Pharmaceuticals Diabetes Healthcare | |
CybersecurityCrowdstrike's recovery from the July IT outage is highlighted as exemplary crisis management. The company maintained high client retention and used the customer care program as a discounted bundling strategy to drive platform adoption. The manager views this as successful platformization during a challenging transition. |
Security Platform Enterprise Software Recovery | |
BroadbandCharter's successful navigation of the Affordable Connectivity Program expiration is discussed as a key development. The company managed subscriber losses better than expected and successfully transitioned ACP subscribers to lower-cost converged offerings. The manager sees improving prospects with the ACP headwind now passed. |
Internet Subscribers Infrastructure Connectivity Telecommunications | |
| 2024 Q3 |
AIManager discusses artificial intelligence as providing a major productivity boost to whoever is elected President. References Nvidia's Blackwell product delays affecting semiconductor adoption. Mentions Jensen Huang as the person most responsible for the AI windfall. |
Artificial Intelligence Productivity Semiconductors Nvidia Blackwell |
CybersecurityDetailed analysis of Crowdstrike's global IT outage caused by a flawed Windows update affecting 8.5M devices. Manager increased position after the incident, viewing the decline as an opportunity given strong customer retention and positive response to the crisis. |
Crowdstrike IT Outage Falcon Platform Kernel Access Security | |
SemiconductorsASML discussion focuses on their monopoly in Extreme Ultra Violet Lithography systems critical for cutting-edge chip production. Manager views near-term headwinds from China restrictions and Intel CAPEX cuts as transitory, using weakness to build position. |
ASML EUV Lithography Foundries CAPEX China Restrictions | |
| 2024 Q2 |
AIThe AI revolution continues to be at the center of the market universe with Nvidia powering today's AI revolution through its Hopper and Blackwell chip sets. The durability of Nvidia's dominance in the data center is coming into clearer focus with ecosystem lock-in through CUDA programming language and accelerated product release cadence. Enterprise software companies are beginning to monetize AI-infused products after a period of testing and heavily discounted demos. |
Artificial Intelligence Data Centers CUDA Enterprise Software Monetization |
Enterprise SoftwareEnterprise software has been disappointing in the first half of 2024 as optimism around AI-driven investment failed to materialize initially. However, Adobe's successful monetization of AI products and Accenture's indication of demand stabilization suggest the weakness is a matter of timing rather than invalid thesis. Companies need time to develop AI strategy, secure data, and implement AI applications. |
SaaS AI Integration Workflow Automation Digital Transformation Subscription | |
CybersecurityCybersecurity is rapidly transitioning from best-of-breed solutions to platform consolidation, with Crowdstrike as a key beneficiary. The company offers 28 modules across cybersecurity needs via its Falcon platform, with 65% of customers utilizing 5 or more modules. Crowdstrike aims to grow annual recurring revenue from $3.6B to $10B and beyond. |
Platform Consolidation Cloud Security Subscription Revenue Threat Detection Endpoint Protection | |
Data CentersThe transition of roughly $1 trillion in legacy data center architecture from CPU-centric to GPU-centric represents a massive opportunity. Nvidia's data center revenues reached $22.6B in Q1 with guidance for $28B in Q2. The size and durability of the data center opportunity in AI continues to be underestimated by investors. |
GPU Computing Infrastructure Transition Cloud Computing Accelerated Computing Hardware Upgrade | |
| 2024 Q1 |
AIThe artificial intelligence revolution is unfolding in three phases: infrastructure investment, application development, and productivity implementation. Nvidia dominates the infrastructure phase while companies like Meta are advancing in application development and implementation. |
Infrastructure Applications Productivity Computing Enterprise |
GLP1Obesity treatments represent a massive market opportunity with only two FDA-approved players. Novo Nordisk and Eli Lilly are expanding beyond diabetes into cardiovascular and other disease indications, with supply constraints currently limiting growth. |
Obesity Diabetes Cardiovascular Supply Insurance | |
Data CentersLegacy data center infrastructure is being reinvented as computing shifts from CPU-dominant to GPU-centric architecture. This trillion-dollar transformation is driven by AI computing requirements and accelerated computing needs. |
Infrastructure GPUs CPUs Computing Architecture | |
Home ImprovementThe industry operates as a benign duopoly between Home Depot and Lowes. After digesting pandemic demand pull-forward, the sector faces favorable drivers from aging housing stock and household formation, offset by negative interest rate impacts. |
Duopoly Housing Cyclical Demographics Rates | |
| 2023 Q4 |
AIThe manager believes the AI revolution will be transformational for business, with 2023 being a year of massive investment in data centers for generative AI compute power. 2024 needs to be the year AI applications come into clearer focus, with companies like Snowflake helping enterprises organize data while Salesforce and ServiceNow deliver custom AI applications. Software applications tend to follow hardware investments by 3-6 months, and early AI applications from portfolio companies are encouraging. |
Data Centers Generative AI Applications Productivity Enterprise |
CloudThe manager takes the long-term success of AWS as a given and doesn't view it as much of a concern beyond one-day volatility around earnings releases regarding growth acceleration or deceleration. Cloud-based software providers should see a step up in demand as AI applications drive business investment, equating to strong returns for these companies' stocks. |
AWS Software Providers Demand Growth Infrastructure | |
SemiconductorsNvidia is highlighted as a key beneficiary of the AI infrastructure buildout, with the company up roughly 10x since the manager's initial 2019 investment. The controversy centers on whether 2025 will see continued growth or an earnings reset, requiring confirmation that 2023/2024 data center spending is the beginning of a reset toward GPU-powered parallel processing rather than a one-time event. |
GPU Data Center Parallel Processing Competition Infrastructure | |
E-commerceAmazon's retail margins are identified as a sleeper issue, with North American retail margins improving from -0.9% in 2022 to 3.4% in the first three quarters of 2023. The manager believes margins can go much higher and reach there sooner rather than later, as Amazon grows into its massive 2020-2022 investment in employees, trucks, planes, and warehouse space. |
Retail Margins Profitability Infrastructure Investment Growth | |
BroadbandThe Golden Age of Cable thesis centers on cable companies being the low-cost provider of telecommunication services with significant market share and margin opportunities in wireless. The manager believes competitive threats from fixed wireless broadband will abate by 2025 when T-Mobile reaches capacity, and capital intensity will return to lower levels by 2026 after current upgrade cycles complete. |
Cable Wireless Fixed Wireless Margins Competition | |
| 2023 Q3 |
AIThe fund is positioned for the early stages of a massive technology investment cycle around generative AI, expecting above-trend earnings growth for many holdings over the next couple of years. There is currently insufficient high-speed GPU capacity to meet AI demand, with visibility extending well into 2024, and software solutions should follow hardware deployment by about six months. |
Generative AI GPU Hardware Software Enterprise |
CloudCloud service providers like Amazon, Google and Microsoft are major customers for AI infrastructure, moderating 2023 CAPEX plans due to chip supply constraints but indicating 2024 increases as supplies improve. The fund sees cloud-based data management as foundational to AI strategy implementation. |
Cloud Infrastructure CAPEX Data Management Enterprise Software | |
SemiconductorsASML benefits from global semiconductor decoupling as Western countries build local foundries for national security, despite near-term delays in high-end system placements. The company maintains leadership in both DUV and EUV lithography systems essential for chip manufacturing. |
Lithography Foundries National Security Chip Manufacturing | |
StreamingCharter forced changes on Disney in carriage negotiations, ending content provider double-dipping and making streaming services available to cable subscribers. This shift benefits high-speed broadband demand while content providers struggle with unprofitable direct-to-consumer models outside of Netflix. |
Cable Content Broadband Carriage Disputes | |
| 2023 Q2 |
AIManager views AI as the fourth major computing revolution after PC, internet, and mobile. Portfolio companies like ServiceNow, Salesforce, and Accenture are positioned to deliver AI applications to enterprises. The AI revolution creates opportunities for productivity gains and new business models across the portfolio. |
Artificial Intelligence Enterprise Software Productivity Applications Revolution |
SemiconductorsNvidia's data center revenue guidance jumped from $7B to $11B, representing one of the largest upward surprises in large cap growth history. The transition from CPU-centric to GPU-driven data centers for AI applications creates massive demand for accelerated computing chipsets. |
GPUs Data Centers Computing Infrastructure Chipsets | |
CloudCloud service providers face huge demand uptick as they build AI-capable data centers. Companies like Alphabet, Amazon, and Meta are heavy investors in AI infrastructure while also being on the cutting edge of the revolution, though they must fund massive infrastructure investments. |
Infrastructure Data Centers Computing Applications Investment | |
| 2023 Q1 |
AIThe public launch of ChatGPT marked AI's iPhone moment, representing the fourth major computing revolution after PC, internet, and mobile. Artificial intelligence will drive profound impacts on corporate productivity and society, with enterprises incorporating massive data lakes into language models for business-specific applications. |
ChatGPT Language Models Productivity Computing Revolution Enterprise Applications |
SemiconductorsNvidia is positioned as the biggest winner in the AI revolution, with its Hopper next-generation accelerated computing chipset launching precisely as AI went mainstream. The company's lead in accelerated computing is greater than ever at the moment of this generational technological breakthrough. |
Accelerated Computing GPUs Hopper AI Chips Computing Power | |
Credit StressSilicon Valley Bank's failure exemplifies poor risk management during the Fed tightening cycle, investing deposits in long-duration mortgage securities while serving concentrated venture capital customers. The government bailout creates moral hazard and will likely lead to increased banking regulation and higher capital costs. |
Banking Crisis Risk Management Duration Risk Government Bailout Regulatory Response | |
| 2022 Q2 |
InflationInflation remains at levels not seen since the early 1980s with May's 8.6% CPI reading triggering sharp market declines. The manager believes both politicians and the Fed took wrong lessons from the Financial Crisis, leading to excessive fiscal and monetary stimulus during the pandemic that created current inflationary pressures. |
CPI Fed Stimulus Monetary Policy Fiscal Policy |
RatesThe Fed is raising rates to combat inflation with Fed Funds expected to reach 2.5% and likely beyond. Bond market is implementing changes in real-time with 2-year bonds over 3% and mortgage rates doubling from 2.75% to 6%. This represents the first real price discovery in fixed income markets in 15 years. |
Fed Funds Bond Market Mortgage Rates Price Discovery | |
CloudAmazon's AWS business continues to demonstrate great strength despite retail challenges. Nvidia's data center business remains scorching hot with 83% growth in Q1, driven by cloud computing buildout. Commentary from Amazon and Alphabet indicates capital spending plans for cloud remain very strong. |
AWS Data Center Capital Spending Infrastructure | |
AINvidia has leadership in artificial intelligence and inference capabilities that will help mitigate semiconductor cyclicality. The shift to cloud computing and increasing reliance on artificial intelligence are described as multi-decade trends that will drive secular growth. |
Artificial Intelligence Inference Secular Growth Multi-decade | |
BroadbandCharter's competitive position in broadband is central to the investment thesis. Cable broadband is viewed as superior to fixed wireless and cheaper than fiber to the curb. The manager believes cable will maintain market share despite competitive threats from fiber and fixed wireless offerings. |
Cable Fiber Fixed Wireless Market Share Competitive Position | |
| 2022 Q1 |
InflationInflation reached four-decade highs, driving market volatility and forcing Fed tightening. Manager expects inflation to persist due to supply chain disruptions, energy price spikes, and global decoupling trends. Technology is viewed as the deflationary offset to rising input and labor costs. |
Inflation Fed Supply Chain Energy Decoupling |
RatesFed began raising rates from 0% after unprecedented accommodation, with 25bps increase in March. Manager notes bond market already did much of Fed's work in advance with 2-year treasury at 2%. Historical analysis shows positive market returns during tightening cycles. |
Fed Funds Tightening Treasury Monetary Policy | |
Trade PolicyMulti-decade shift from globalization to decoupling accelerated by pandemic and Ukraine war. Manager sees move from free trade to fair trade as bipartisan, with reshoring of manufacturing for national security reasons. This trend is expected to be inflationary but necessary. |
Globalization Decoupling Reshoring Manufacturing Tariffs | |
StreamingNetflix sold due to disappointing subscriber growth guidance, particularly in emerging markets. Manager's thesis required 25M annual subscribers but company guided to only 15M. Content spending leverage works both ways in pure subscription model. |
Netflix Subscribers Content Emerging Markets | |
PaymentsPayPal maintained despite disappointing guidance and strategic shift away from adding unprofitable users. Manager differentiates platform model from pure subscription, focusing on revenue per user rather than gross user count. Expects acceleration in second half 2022. |
PayPal Platform Digital Wallet Revenue Per User | |
BroadbandIncreased Charter position as boring, levered pure play on broadband connectivity. Manager projects Charter could repurchase $190B of stock through 2030 if EBITDA grows at 7.4% annually, potentially retiring all shares except their holdings. |
Charter Broadband EBITDA Buybacks Connectivity | |
SemiconductorsNvidia increased to maximum position weight after ARM deal rejection and clarity on software opportunity. Manager believes Nvidia may have world's second most valuable software business in 5 years to complement GPU chip business. |
Nvidia ARM Software GPU Accelerated Computing | |
| 2021 Q4 |
AINvidia's leadership in accelerated computing continues to unlock massive additional markets including video games, cloud datacenters, artificial intelligence and autonomous driving. The Metaverse allows for digitization of almost all things physical, and the computing power required to achieve this vision is enormous and will require an awful lot of Nvidia chips. |
Nvidia GPUs Computing Metaverse Datacenter |
Managed CareUnited Healthcare continues to deliver mid-teens earnings growth with favorable demographic trends and tremendous benefits of scale. The company's ability to utilize technology to deliver better patient outcomes through capitated plans and leverage patient data collected over years positions it well for future growth. |
Healthcare Demographics Technology Capitated Optum | |
BroadbandCable companies like Comcast and Charter have tremendous long-term value in decades of infrastructure investment connecting homes. Despite increased competition from telcos, cable boasts 60% broadband market share and consumer churn metrics remain stable across markets whether fiber competition exists or not. |
Infrastructure Competition Fiber Market Share Churn | |
PaymentsAll three payment holdings delivered disappointing returns in 2021. While PayPal faces temporary headwinds from eBay partnership dissolution, Visa and Mastercard face uncertainty around global travel recovery and potential threats from fintech innovations like digital wallets and QR code payments that could bypass card networks. |
FinTech Digital Wallets Cross-border Travel Networks | |
TravelAirbnb is positioned to benefit from post-pandemic return to travel as an asset-light platform connecting 54M active bookers with 5.6M hosts. The company has used pandemic time to right-size cost structure and upgrade website functionality, positioning it for when unprecedented pent-up travel demand is unleashed. |
Alternative Platform Pandemic Demand Recovery | |
| 2021 Q3 |
CloudGoogle Cloud is now a $19B business transitioning from operating losses to positive operating income after dramatic investment and management changes. The scale necessary for profitability has been achieved and cloud computing represents a generational opportunity. |
Google Cloud Microsoft Amazon Profitability Investment |
StreamingNetflix has transitioned from a story stock to an earnings-supported business with over 200M subscribers and $25B+ revenues. YouTube is positioned as potentially the most valuable streaming property globally, generating $30B in advertising revenues and growing over 50% annually. |
Netflix YouTube Subscribers Content Competition | |
PaymentsPayPal's underlying growth remains strong with 48% transaction volume growth excluding eBay impact. The eBay separation represents a temporary headwind that will diminish significantly, revealing accelerating growth trends for 2022-2025. |
PayPal eBay Transaction Volume Digital Wallet Fintech | |
AdvertisingAlphabet's advertising business is performing exceptionally with 47% revenue growth in H1 2021. YouTube advertising revenues will reach $30B in 2021, growing over 50% and becoming large enough to provide meaningful growth tailwinds going forward. |
Alphabet YouTube Digital Advertising Search Growth | |
| 2021 Q2 |
CloudManager emphasizes cloud software businesses with high customer retention and pricing power. Adobe represents a prime example with steady subscription revenues and digital content creation tools. ServiceNow continues expanding workflow automation despite some quarterly volatility. |
SaaS Subscription Digital Software Retention |
E-commerceStrong focus on digital payments and e-commerce infrastructure. PayPal positioned as future digital wallet with massive user growth. Chinese e-commerce through JD.com shows strong fundamentals despite regulatory concerns affecting Alibaba. |
Digital Payments Marketplace Transaction Volume Digital Wallet User Growth | |
AINvidia represents core AI infrastructure play with massive data center opportunity extending beyond gaming. The company is becoming more diversified and less cyclical through AI and data center growth, positioning for the artificial intelligence revolution. |
Data Centers GPUs Infrastructure Machine Learning Computing | |
Healthcare ITUnited Health positioned to benefit from capitated care model and data-driven healthcare delivery. The company's technology and OptumHealth network create competitive advantages in managing patient populations and costs. |
Capitated Care Data Analytics Cost Management Technology Population Health | |
Surgical RoboticsIntuitive Surgical demonstrates strong procedure growth recovery post-COVID with 18% Q1 growth and 22-26% guidance. The company is expanding its ecosystem through cost reductions, leasing options, and surgeon training to increase addressable procedures. |
Robotic Surgery Procedures Training Ecosystem Cost Competitive | |
InflationManager views modest inflation as desirable and believes portfolio companies are well-positioned to handle inflationary pressures. Many holdings already deal with wage inflation in tech talent and have pricing power due to valuable services. |
Pricing Power Wage Inflation Cost Pass-Through Intellectual Capital Necessary Services | |
| 2021 Q1 |
Digital AdvertisingAlphabet and Facebook positioned to benefit from reopening as travel advertising rebounds and economic activity increases. Both companies face regulatory scrutiny but have strong business momentum in non-search areas like YouTube and Cloud. |
Advertising Travel Reopening |
Medical DevicesAbbott Labs showing strong innovation pipeline in rapid testing and continuous glucose monitoring. Masimo and Intuitive Surgical face near-term headwinds from procedure deferrals but have long-term growth opportunities as elective surgeries resume. |
Medical Devices Healthcare Innovation | |
Digital TransformationAccenture positioned as the guide for global corporations climbing the digitization mountain. The company serves as a long-term business partner rather than consultant, with 99% retention rate and strong client relationships spanning decades. |
Digitization Technology Consulting | |
PaymentsStoneCo represents opportunity in Brazilian digital payments market through white glove service to small businesses. Early stage company with potential to expand beyond merchant acquisition into banking, credit and software services. |
Payments Brazil Small Business | |
StreamingSpotify announced expansion into 80+ new markets reaching over 1 billion people, representing step function change in reach and capabilities. Stock declined despite what manager viewed as favorable investor day presentation. |
Streaming Music Global Expansion | |
| 2020 Q4 |
E-commerceThe pandemic accelerated digital transformation trends by several years into a six-month period. PayPal benefited from this acceleration and ramped investment dramatically to capitalize on the opportunity. The company aims to become one of the five or six apps consumers open daily as the digital wallet of choice. |
Digital transformation Digital wallet Payments Consumer apps Digital commerce |
StreamingSpotify has been volatile but up 70% since inclusion in June. The company is navigating a competitive landscape including Amazon and Apple while building a two-sided platform through targeted advertising and exclusive podcast content. Recent acquisition of Megaphone for targeted podcast advertising and expansion into South Korea market. |
Podcasts Advertising platform Music streaming Content International expansion | |
ETFsBlackrock benefits from favorable fund flows as the leader in the ETF space and owner of a growing alternative investments business. The company has large opportunities in Fixed Income ETFs and ESG investing that are gaining traction, coupled with continued investment in Aladdin technology platform. |
Asset management Fund flows ESG Technology platform Alternative investments | |
SemiconductorsIntel spent $36.5B on share repurchases and $15B on dividends since 2018, while Nvidia acquired Mellanox for $7B, introduced breakthrough Ampere chip platform, and agreed to acquire Arm Holdings for $40B. Nvidia is positioned to transform data center computing while Intel faces uncertainty. |
Data center GPU Innovation Capital allocation Computing transformation | |
Social MediaFacebook owns three monster properties and discussed adding interoperability between apps along with shopping features. Management talked about expanding beyond the $600B global advertising market into the multi-trillion dollar commerce market, allowing the $650B market cap company to continue delivering outsized returns. |
Advertising Commerce Platform integration Market expansion Digital ecosystem |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Mar 31, 2023 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | AAPL|MSFT|NFLX|NVDA|UNH | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI revolution, Artificial Intelligence, data centers, Gpu, growth, semiconductors, technology | Login |
| Mar 31, 2023 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI investment, cost-cutting, digital advertising, Reels, social media, TikTok Competition, turnaround, workforce reduction | Login |
| Mar 31, 2023 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | CRM | Salesforce Inc | Information Technology | Software | Bull | NYSE | Activist Investment, CRM Software, Enterprise software, margin expansion, operating leverage, profitability, Revenue Growth, SaaS | Login |
| Mar 31, 2023 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | ISRG | Intuitive Surgical Inc | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | Healthcare Technology, Hospital Equipment, Medical devices, Minimally Invasive, Patient outcomes, Procedure Growth, recurring revenue, Robotic Surgery | Login |
| Jul 11, 2026 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | MU | Micron Technology, Inc. | Semiconductors | Semiconductors | Bull | NASDAQ | AI infrastructure, Cyclical, DRAM, Equity, HBM, High-Bandwidth Memory, Memory, Nand, semiconductors, Supply Shortage, take-or-pay contracts | Login |
| Jul 11, 2026 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | ABT | Abbott Laboratories | Medical Devices | Health Care Equipment | Bear | New York Stock Exchange | Cgm, Continuous Glucose Monitoring, diagnostics, Equity, execution risk, exit, FreeStyle Libre, growth deceleration, Health Care Equipment, Medical devices, Nutritionals | Login |
| Jul 11, 2026 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | LOW | Lowe's Companies, Inc. | Home Improvement Retail | Home Improvement Retail | Neutral | New York Stock Exchange | Consumer Discretionary, duopoly, Equity, exit, Home Improvement Retail, Housing Turnover, Macro-Dependent, mortgage rates, Reallocation, retailer | Login |
| Jul 11, 2026 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | APO | Apollo Global Management, Inc. | Asset Management | Asset Management & Custody Banks | Bull | New York Stock Exchange | alternative assets, asset management, Athene, Contrarian Entry, Credit Origination, Equity, financials, Private Credit, private equity, Retirement Services, secular growth, Stable Capital | Login |
| Jul 11, 2026 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | ETN | Eaton Corporation plc | Specialty Industrial Machinery | Electrical Components & Equipment | Bull | New York Stock Exchange | Aerospace, AI infrastructure, Boyd Thermal, Datacenter infrastructure, electrical equipment, Equity, Industrials, liquid cooling, portfolio transformation, Power management, spin-off | Login |
| Jun 30, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | NVDA | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, China Trade, data centers, geopolitical risk, GPUs, semiconductors, Technology Export Controls | Login |
| Jun 30, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | SNOW | Snowflake Inc. | Information Technology | Software | Bull | NYSE | AI Analytics, Cloud Data Platform, Consumption Pricing, Data Warehousing, Enterprise software, Real-time Analytics, SaaS | Login |
| Jun 30, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | BWXT | BWX Technologies, Inc. | Industrials | Aerospace & Defense | Bull | NYSE | AUKUS Partnership, Defense Contractor, government contracts, Naval Propulsion, Nuclear Components, Radiopharmaceuticals, small modular reactors | Login |
| Jun 30, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | UBER | Uber Technologies, Inc. | Communication Services | Interactive Media & Services | Bull | NYSE | autonomous vehicles, food delivery, global expansion, Mobility Platform, network effects, Platform economics, subscription model | Login |
| Mar 31, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | NVDA | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Artificial Intelligence, China, Cloud computing, data centers, GPUs, semiconductors, tariffs | Login |
| Mar 31, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | NOW | ServiceNow Inc | Information Technology | Software | Bull | NYSE | AI, Consumption Model, DOGE, efficiency, Enterprise software, Government, SaaS | Login |
| Mar 31, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | CRM | Salesforce Inc | Information Technology | Software | Bull | NYSE | Agent Force, AI, Consumption Model, CRM, DOGE, Enterprise software, Government, SaaS | Login |
| Mar 31, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | TDG | TransDigm Group Inc | Industrials | Aerospace & Defense | Bull | NYSE | Acquisitions, Aerospace, aftermarket, Boeing, Commercial Aviation, Defense, Levered Equity, Sole Source | Login |
| Sep 30, 2024 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | BLK | BlackRock Inc. | Financials | Asset Management & Custody Banks | Neutral | NYSE | asset management, AUM growth, Beta Plus Strategy, Fund Flows, investment management, risk/reward, valuation | Login |
| Sep 30, 2024 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | CRWD | CrowdStrike Holdings Inc. | Information Technology | Systems Software | Bull | NASDAQ | Crisis Management, customer retention, cybersecurity, Falcon platform, IT Outage, Kernel Access, Microsoft partnership, opportunity | Login |
| Sep 30, 2024 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | ASML | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | CAPEX Programs, China Restrictions, EUV lithography, Foundry Capacity, Monopoly, semiconductor equipment, Structural Growth | Login |
| Jun 30, 2024 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | NVDA | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, CUDA, data center, Ecosystem, Gpu, growth, semiconductors, technology | Login |
| Jun 30, 2024 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | CRWD | CrowdStrike Holdings Inc | Information Technology | Software | Bull | NASDAQ | cloud, cybersecurity, Enterprise software, growth, platform, SaaS, Security, Subscription | Login |
| Jun 30, 2022 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | AMZN | Amazon.com Inc | Internet Retail | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, AWS, Cloud computing, e-commerce, fixed cost leverage, Logistics, Overcapacity, retail, technology | Login |
| Jun 30, 2022 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | ISRG | Intuitive Surgical Inc | Medical Instruments & Supplies | Health Care Equipment | Bull | NASDAQ | da Vinci, Equipment Leasing, Healthcare Equipment, Hospital Capital Budgets, medical technology, Procedure Growth, recurring revenue, Robotic Surgery | Login |
| Jun 30, 2022 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | NVDA | NVIDIA Corporation | Semiconductors | Semiconductors | Bull | NASDAQ | AI inference, Artificial Intelligence, Cloud computing, data center, Gaming, Graphics Processing, semiconductors, technology infrastructure | Login |
| Jun 30, 2022 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | CHTR | Charter Communications Inc | Telecom Services | Cable & Satellite | Bull | NASDAQ | broadband, cable, Cash Flow Yield, Fiber Competition, Fixed wireless, leveraged buyout, market share, MVNO, telecommunications | Login |
| Dec 31, 2021 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | NVDA | Nvidia Corporation | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, Artificial Intelligence, autonomous driving, Cloud computing, Gaming, Gpu, Metaverse, semiconductors | Login |
| Dec 31, 2021 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | UNH | UnitedHealth Group Incorporated | Healthcare Plans | Managed Health Care | Bull | New York Stock Exchange | Capitated Plans, Demographics, healthcare, managed care, Optum, Patient Data, Preventative Care, technology | Login |
| Dec 31, 2021 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | ABNB | Airbnb, Inc. | Travel Services | Hotels, Restaurants & Leisure | Bull | NASDAQ | Alternative Travel, asset-light, Extended Stays, Millennials, network effects, Platform business, Travel Recovery, Work From Home | Login |
| TICKER | COMMENTARY |
|---|---|
| MU | Our purchase of Micron in September of 2025 was predicated on a simple thesis that the demand for the High Bandwidth Memory (HBM) required in Nvidia's latest generation of chips was going to result in a memory cycle of greater magnitude and longer duration than anticipated. We also were very clear to acknowledge the risk associated with making an investment in the hyper cyclical memory industry. Needless to say, the thesis has played out a little better than we anticipated. In fact, the higher magnitude/longer duration memory cycle theory has played out so well that we are rethinking our assessment of the risk associated with the memory industry. Micron is using the unprecedented DRAM shortage to transition certain large customers into signing strategic customer agreements (SCAs) that are effectively 3-5 year take or pay contracts. This locks in a guaranteed level of supply with price floors that approximate Q2 levels. Effectively, Micron is shifting the risk associated with its upcoming CAPEX investment and a portion of the cyclicality risk associated with memory to its customer base at a time in which its bargaining power has never been higher. These are 3-5 year contracts and as of the most recent quarter, 20% of DRAM and 33% of NAND volumes are under recently signed SCAs and Micron expects that over the next year or so 50% of long-term revenues will come from such agreements. This puts in a base level of earnings throughout the cycle while still allowing for the capture of the excess profits associated with the current dynamic of supply shortage meeting unprecedented levels of demand. We trimmed Micron twice during the quarter for risk management purposes, once near the beginning of the period and once towards the end. While our evolving view on the risk of Micron's inherent cyclicality allows for a higher long-term weighting and the fundamental results since we initiated our position have exceeded our wildest expectations, I wouldn't put Micron in the Nvidia category when it comes to competitive positioning just yet. As much as we love Micron, and believe me we do, and recognize the improving risk/reward profile that the business is migrating into, we also must remember that they are the #3 player in a memory market in which a large portion of the market remains a commodity. Memory is a critical chokepoint in the AI buildout at the present time and the improving risk profile warrants a higher long-term weighting than we originally envisioned. That said, this is a position whose sizing we will continue to monitor closely as even with reduced cyclicality, memory remains a relatively volatile and highly competitive market. |
| ABT | At the end of the day, it was always something with Abbott. Whether it was an inventory adjustment in China, a division every now and again that fell short of plan and required a leadership change or a reset in pricing in infant nutrition, it always seemed as though we could never reach the point where we could enjoy the double-digit organic growth being achieved in the all-important medical devices unit at Abbott. After first quarter results that featured a material slowdown in the critical Continuous Glucose Monitoring (CGM) business and a protracted debate on the conference call about whether they did nor did not downwardly revise the 2026 organic growth target for the second quarter in a row (spoiler alert, they did), we decided to throw in the towel on this holding. The CGM business was central to our thesis on Abbott and indeed it has more than carried its share of the burden growing 18%-20% annually over the past three years and accounting for roughly 40% of medical device sales and almost 20% of total company revenues. In the first quarter of 2026, CGM growth slowed to 7.5%. To be fair, part of this slowdown was due to a challenging compare in the year ago period and management did express confidence that growth would reaccelerate, but I just can't shake the feeling that we've wasted the prime years of a blockbuster product in FreeStyle Libre on a series of missteps in what we would view as non-core parts of the business. From a business portfolio standpoint, Abbott has fired its big gun with the recently closed acquisition of Exact Sciences and while we were supportive of that deal, we also were not looking forward to another year of 'count this, don't count that' earnings reports for a company whose relationship with GAAP earnings is already a bit stressed. Still, continued strength in the medical devices business unit might have been enough for us to stay with this holding a bit longer. The weakness in CGM coupled with the previously announced pricing reset in nutrition leaves too much riding on a second half growth rebound that now needs one more thing to go right to materialize. |
| LOW | Our purchase of Lowe's was predicated on the view that home improvement operated as a benign duopoly and that a favorable competitive environment coupled with solid company level execution would drive attractive risk adjusted returns with an added upside kicker should housing turnover rebound. During our ownership of Lowe's, competition remained rational and we were generally pleased with the company's execution. However, it also became clear that a rebound in housing turnover was not just an upside kicker, but rather a core requirement to any sort of sustained advance in the share price. Predicting mortgage rates is not one of our core competencies so we found ourselves owning a company for whom sustained success relied on a factor outside of its control. This coupled with the fact that shares of existing holdings Intuitive Surgical and Uber were under material pressure despite continued fundamental strength drove our decision to liquidate our position in Lowe's and reallocate those funds to Intuitive and Uber, where the opportunity for success seems to lie more within company control. |
| ETN | We initiated a 4% position in Eaton Corporation during the second quarter. Eaton is a global leader in intelligent power management serving the datacenter, utilities, industrial plants and aerospace industries. Of these end markets, it will come as little surprise to regular readers of this letter that the datacenter opportunity is the most attractive in our view. While Eaton has a diversified end market base, the company is undertaking a couple of corporate actions that will make it more datacenter focused in 2027 and beyond. First and most importantly, Eaton expects to complete the acquisition of Boyd Thermal in the second quarter of this year. This is a $9.5B deal that will add Boyd Thermal's $1.7B of revenue and $400M of EBITDA to Eaton's existing $27.5B business. Importantly, roughly $1.5B of Boyd Thermal's $1.7B in annual revenues are in liquid cooling. This is a critical area for the future of datacenter buildouts as Nvidia's newest chip sets require liquid cooling. Prior to this transaction, Eaton's datacenter opportunity stood at roughly $2.5B for every 1-gigawatt datacenter built. Boyd will add an additional $500M to this total. In addition to the Boyd deal which beefs up its datacenter exposure, Eaton also plans to spin-off its Vehicle and eMobility units by the end of this year. Together, these divisions contributed $3.5B or roughly 13% to Eaton's revenue base and delivered little, if any, growth. Following the Boyd Thermal acquisition and Vehicle and eMobility spin-off, Eaton will be a roughly $30B business with 87% of revenues from power equipment and the remaining 13% from the structurally attractive Aerospace industry. Following a period of investor enthusiasm surrounding the datacenter buildout, shares of Eaton have largely tread water over the past 18 months. During this time, earnings growth has made the valuation less challenging, and the portfolio actions position this to be a cleaner, faster growing business going forward. Add to this the fact that we are just now reaching the starting point at which trillions of dollars of announced datacenter projects begin to become reality and this makes Eaton an attractive way to participate in the global infrastructure boom that is forthcoming. |
| APO | We initiated a 3% position in Apollo during the second quarter. Apollo has almost $1 Trillion in assets under management with the vast majority being in private credit. Apollo has unmatched capabilities in credit origination which means that a material portion of the deals in which it invests are bespoke rather than subject to a competitive bidding process. Finally, through Athene, its retirement services subsidiary, Apollo has a stable capital base of nearly $300B and growing. This alleviates some of the pressure of constant fundraising and promotes greater investment discipline as Apollo rarely faces the pressure of having to deploy newly raised assets against a shot clock. In the world of alternative asset managers, Apollo is a unique business. Private equity/Private Credit as an asset class is growing and taking share from traditional investment vehicles. Part of this is due to an unwillingness/inability of banks to underwrite loans which has led to an explosion in private credit, part of this is due to private companies wishing to remain private longer and raising private capital to do so, and part of this is due to everyone knowing someone who 'has a deal'. Apollo shares have been under severe pressure this year despite the firm's aggregate exposure to software credit risk being only about 2%-3% of the total portfolio. In our view, this was the proverbial baby hurtling through the air surrounded by bathwater before coming to rest in our loving arms. As these fears subside, we expect the favorable long-term fundamentals when it comes to asset gathering and Apollo's position as a diversified global leader in the private credit and private equity space to drive superior long-term returns. |
| ISRG | This coupled with the fact that shares of existing holdings Intuitive Surgical and Uber were under material pressure despite continued fundamental strength drove our decision to liquidate our position in Lowe's and reallocate those funds to Intuitive and Uber, where the opportunity for success seems to lie more within company control. |
| META | About nine months ago, the conventional wisdom was that OpenAI would disrupt Google in search and Meta in consumer engagement. Conventional wisdom still holds that Anthropic is going to disrupt the entire enterprise software space, including Microsoft. Somehow, all of this is supposed to be done using compute power leased largely from the same hyperscalers whose businesses they aimed to disrupt. |
| NOW | We trimmed Micron twice on risk management; added to Intuitive Surgical, Meta, ServiceNow, and Uber on share price weakness. |
| UBER | This coupled with the fact that shares of existing holdings Intuitive Surgical and Uber were under material pressure despite continued fundamental strength drove our decision to liquidate our position in Lowe's and reallocate those funds to Intuitive and Uber, where the opportunity for success seems to lie more within company control. |
| NVDA | Jensen Huang himself frequently highlights power as the key constraint to the data center buildout needed to drive the AI revolution. More recently a global shortage in DRAM due to the high bandwidth memory requirements of Nvidia's latest generation of chips has become a dominant market theme. Also, we look forward to the time when instead of searching for the next Nvidia, market participants realize that the actual Nvidia trades at a 25% discount to the broader market on 2027 earnings. When Jensen Huang was asked to summarize Nvidia's strategic philosophy he replied, 'we do as much as necessary and as little as possible'. He further explained that Nvidia seeks to solve impossibly difficult problems rather than finding slightly better ways to address problems that have already been largely solved. He was explaining why Nvidia didn't start a cloud computing business to compete with Amazon, Microsoft and Google. Nvidia is the dominant player in the AI infrastructure buildout that is going to dominate the next decade. The competitive positioning gets stronger with the release of each new GPU platform. This is why Nvidia warrants the highest weighting in our portfolio. Eaton is a global leader in intelligent power management serving the datacenter, utilities, industrial plants and aerospace industries. Importantly, roughly $1.5B of Boyd Thermal's $1.7B in annual revenues are in liquid cooling. This is a critical area for the future of datacenter buildouts as Nvidia's newest chip sets require liquid cooling. |
| GOOGL | About nine months ago, the conventional wisdom was that OpenAI would disrupt Google in search and Meta in consumer engagement. In early June, Google announced plans to raise $80 billion in an equity offering. I realize that Google announced plans to spend $200B in CAPEX this year, but this is also a company that has about $50B of net cash on the balance sheet and is going to generate close to $200B in operating cash flow this year. Google is a better credit risk than the US government. Why are they raising expensive equity capital? Given the incredible demand for capital related to the AI related infrastructure buildout, we could face an issue where traditional participants in the debt markets find their access to capital restricted or the price materially higher. |
| AMZN | Jeff Bezos told a story in a recent interview of the early days at Amazon when one of his more senior Board members pulled him aside and told him he had just enough good ideas to bankrupt his company. When Jensen Huang was asked to summarize Nvidia's strategic philosophy he replied, 'we do as much as necessary and as little as possible'. He further explained that Nvidia seeks to solve impossibly difficult problems rather than finding slightly better ways to address problems that have already been largely solved. He was explaining why Nvidia didn't start a cloud computing business to compete with Amazon, Microsoft and Google. Ultimately, to the extent external capital is required to fuel the AI buildout, I expect our portfolio companies that need funding will have access to that capital. Given the incredible demand for capital related to the AI related infrastructure buildout, we could face an issue where traditional participants in the debt markets find their access to capital restricted or the price materially higher. |
| MSFT | Conventional wisdom still holds that Anthropic is going to disrupt the entire enterprise software space, including Microsoft. Somehow, all of this is supposed to be done using compute power leased largely from the same hyperscalers whose businesses they aimed to disrupt. When Jensen Huang was asked to summarize Nvidia's strategic philosophy he replied, 'we do as much as necessary and as little as possible'. He further explained that Nvidia seeks to solve impossibly difficult problems rather than finding slightly better ways to address problems that have already been largely solved. He was explaining why Nvidia didn't start a cloud computing business to compete with Amazon, Microsoft and Google. Given the incredible demand for capital related to the AI related infrastructure buildout, we could face an issue where traditional participants in the debt markets find their access to capital restricted or the price materially higher. |
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