| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 0% | 0% |
| 2025 |
|---|
| 10.3% |
Tall Oak delivered solid results in 2025 with the Capital Appreciation Pool returning 10.3% and Diversified Income Pool returning 12.6%, resulting in 11.5% gross return for balanced portfolios. The volatile year reinforced the importance of staying disciplined through changing conditions while maintaining focus on high-quality businesses and broad diversification across risk drivers. The firm's Total Portfolio Approach, including consistent allocation to tail risk hedging, remained critical for navigating elevated valuations and concentrated market leadership. Key themes driving performance included automation enablers like FANUC, critical minerals exposure through Pan American Silver and Southern Copper, and AI infrastructure beneficiaries. Looking ahead, the transition toward a multipolar world is reshaping capital deployment and supply chains, creating opportunities in automation, supply-chain retooling, and critical materials. The firm expects to continue increasing global diversification beyond North America while broadening exposure to small and mid-sized companies as attractive opportunities become more widely distributed globally.
In an increasingly multipolar world where efficiency gives way to resilience and industrial policy plays a larger role in investment decisions, Tall Oak focuses on enablers of durable global trends through disciplined security selection and Total Portfolio framework designed to balance growth, resilience, and downside protection.
As we move into 2026, focus remains on strengthening both the depth and delivery of advice. From an investment perspective, expect to continue increasing global diversification, particularly outside North America, and broadening opportunity set across small and mid-sized companies. These efforts reflect the view that attractive opportunities are becoming more widely distributed in an increasingly multi-polar world. Remain committed to Total Portfolio Approach and consistent use of risk management tools designed to improve portfolio resilience across a range of market environments.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 20 2026 | 2025 Q4 | AAPL, AEM, ANET, AVGO, BABA, CCJ, CNQ.TO, EDV, EQT, GEV, GOOGL, MELI, MRK, MS, MSFT, NRG, PAAS, PANW, PH, SHOP.TO | AI, Automation, Critical Minerals, diversification, Energy Transition, Industrial Policy, Supply Chain, technology | - | Tall Oak's balanced portfolios returned 11.5% in volatile 2025 through disciplined focus on quality businesses and Total Portfolio diversification. The multipolar world transition creates opportunities in automation, critical minerals, and supply-chain resilience. Holdings like FANUC, Pan American Silver, and Southern Copper exemplify positioning for structural trends. Increasing global diversification beyond North America while maintaining risk management discipline. |
| Nov 17 2025 | 2025 Q3 | AAPL, AEM, ANET, BABA, CCO.TO, EDV, EQT, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NRG, NVDA, PANW, SAP, SCCO, VST | AI, Canada, energy, gold, inflation, Robotics, semiconductors, technology |
BABA US ASML NA NVDA JPM GS MSFT META TW |
Tall Oak maintains full investment despite expensive markets through a flexible Total Portfolio Approach emphasizing quality companies with pricing power. Key themes include AI/automation advances and materials strength from gold appreciation. The strategy incorporates tail-risk hedging for downside protection while positioning in structural growth areas like semiconductors and cloud infrastructure across North American and global markets. |
| Jul 29 2025 | 2025 Q2 | AEM, ANET, CCO, EDV, EHC, GEV, GOOGL, LRCX, MELI, META, MS, MSFT, NVDA, PANW, RBLX, RELX.L, SAP, STN.TO, VST, WFC | AI, healthcare, longevity, Market Volatility, Quality, technology, Trade Policy |
ISRG EHC ISRG EHC |
Tall Oak navigated Q2 volatility by focusing on quality businesses with strong cash flows and structural growth themes. Despite elevated valuations, the firm maintains conviction in longevity and AI investments like Intuitive Surgical and Nvidia. Market recovery from April's tariff shock reinforces the importance of downside protection and fundamental analysis in current environment. |
| May 20 2025 | 2025 Q1 | AEM, AMZN, AR, COST, EHC, EQIX, GOOGL, JPM, LLY, LRCX, MA, MELI, META, MRK, MS, MSFT, NVDA, PANW, REL.L, VRSK | Canada, Deglobalization, diversification, downside protection, global, Resilience, tariffs, Trade Policy | MELI | Tall Oak views Q1 2025's tariff announcements as signaling a structural shift toward deglobalization, reinforcing their focus on portfolio resilience through tail-risk hedging, global diversification, and disciplined security selection. While U.S. markets experienced sharp volatility, they see opportunities in companies like MercadoLibre that offer insulation from trade tensions through regional diversification and strong fundamentals. |
| Feb 13 2025 | 2024 Q4 | AAPL, AMZN, ANET, AR, CCO.TO, EQIX, FTNT, GOOGL, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, PLTR, REGN, TOU.TO, VST | AI, Data centers, energy, growth, infrastructure, Quality, technology |
GEV ANET |
Tall Oak delivered strong 2024 returns of 16.3% by shifting from defensive to balanced positioning, capitalizing on AI infrastructure and energy transition themes. The firm maintains quality-focused equity allocation while positioning for AI data center power demands projected to quadruple by 2030 through holdings in GE Vernova and Arista Networks. |
| Nov 8 2024 | 2024 Q3 | AAPL, AMZN, AZO, CAT, CCO.TO, DLR, EQIX, FTNT, GOOGL, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, TOL, VRT, VST | AI, Data centers, energy, growth, infrastructure, semiconductors, technology, Utilities |
VST DLR |
Tall Oak Capital positions for the AI infrastructure boom through strategic holdings in data centers and energy companies. With Vistra Corp and Digital Realty as key positions, the firm capitalizes on unprecedented demand for computing power and sustainable energy solutions. The Q3 rate cutting cycle and easing inflation create favorable conditions for continued growth in technology infrastructure investments. |
| Aug 12 2024 | 2024 Q2 | AAPL, AMZN, AZO, CCO, CNQ.TO, EQIX, FTNT, GOOGL, JPM, LLY, LRCX, MA, MELI, META, MSFT, NVDA, PANW, REGN, TOL, VST | AI, Canada, Diversified, infrastructure, large cap, technology | - | Tall Oak Capital Advisors delivered Q2 2024 results driven by AI-related technology stocks, particularly NVIDIA's 36.74% gain. The firm maintains diversified exposure across quality large-cap companies while investing in infrastructure themes through KKR. Despite high tech valuations and recession signals from inverted yield curves, improving inflation data supports expectations for Fed rate cuts. |
| May 3 2024 | 2024 Q1 | ABBV, AMD, AMZN, BSX, CAT, CCO.TO, CDNS, CNQ.TO, CRWD, EHC, EOG, EQIX, FTNT, GOOGL, LLY, LRCX, MA, MSFT, NVO, PANW | AI, Canada, Data centers, Diversified, energy, growth, healthcare, technology | - | Tall Oak delivered strong Q1 returns through diversified exposure to AI adoption and quality growth themes. The portfolio emphasizes technology leaders, healthcare innovators, and energy transition beneficiaries. With 25.7% technology allocation and focus on AI adopters rather than enablers, the strategy targets companies with growing earnings and healthy cash flows at reasonable valuations across North American markets. |
| Feb 20 2024 | 2023 Q4 | AAPL, ABBV, AMD, AMGN, AMP, AMZN, ATD.TO, AVGO, BEI-UN.TO, BSX, CAT, CBRE, CCO.TO, CDNS, CNR.TO, COST, CSCO, DOL.TO, EA, EHC, EMN, EOG, EQIX, FERG, FTNT, GOOGL, LLY, LRCX, MA, MCD, META, MSFT, NVDA, NVO, ORCL, PANW, PG, QCOM, ROK, SCCO, SHOP.TO, T, TD.TO, TGT, TIH.TO, TMUS, TSLA, UNH, VZ, WCN, WMT, WSP.TO | Banking, cybersecurity, dividends, large cap, private credit, Quality, Supply Chain, technology | PANW | Tall Oak maintained defensive positioning in 2023, focusing on cybersecurity growth driven by digital-physical integration, private credit opportunities from banking sector stress, dividend growth from quality large caps, and supply chain diversification benefiting Mexico, India, and Vietnam. The firm launched an income strategy targeting 4% yield while moving to neutral positioning for 2024. |
| Nov 14 2023 | 2023 Q3 | ADBE, BABA, BRK-A, BSX, CAT, CCO.TO, CNQ.TO, COST, EQIX, GOOGL, LLY, MA, MAR, MCD, MSFT, NVO, PEP, SLB, SU.TO, UNH | Defensive, dividends, energy, fixed income, healthcare, Quality |
CCO.TO ALLY |
Tall Oak Capital maintains defensive positioning below target equity allocation while investing in multi-decade uranium and weight loss drug themes through Cameco, Eli Lilly, and Novo Nordisk. The firm increased fixed income exposure to capture attractive yields in a higher-for-longer rate environment, avoiding financials and utilities equities while focusing on high-quality dividend-paying companies and waiting for better equity valuations. |
| Aug 1 2023 | 2023 Q2 | ADBE, ASML, ATVI, BRK.A, BSX, CAT, CCO, CDNS, CNQ.TO, EQIX, FERG, IFC.TO, JNJ, LLY, LRCX, MA, MAR, MCD, MSFT, PEP, UNH | AI, diversification, Energy Transition, infrastructure, Quality, rates, value |
AD8 AU|ARB AU|BAP AU|CAT AU|DHG AU|PME AU|PNI AU|RDX AU|TNE AU FERG LRCX ASML CDNS |
Tall Oak maintains defensive positioning amid market narrowness, focusing on quality companies exposed to AI infrastructure, energy transition, and government spending themes. The fund expects economic slowdown but sees opportunities in semiconductor equipment suppliers, industrial companies, and international markets with better valuations than the US. |
| May 2 2023 | 2023 Q1 | ATVI, AZO, BRK-A, CCJ, CNQ, COST, DVN, FCX, IFC.TO, JNJ, LLY, MCD, MSFT, NEM, NVO, PEP, SLB, SU, TSM, UNH | Banking, energy, healthcare, inflation, Quality, technology, value | - | Tall Oak maintains defensive positioning despite Q1 market gains, focusing on quality businesses with strong cash flows while avoiding overvalued technology stocks. The regional banking crisis validates their cautious approach as they see dangerous divergence between bond market recession fears and equity optimism, positioning for long-term capital preservation over short-term performance chasing. |
| Feb 15 2023 | 2022 Q4 | - | - | - | |
| Nov 4 2022 | 2022 Q3 | - | - | - | |
| Jul 27 2022 | 2022 Q2 | MA, META, MU, SLB | - | - | |
| Jun 2 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI infrastructure and technology continued to drive market performance in 2025, with companies tied to AI delivering the strongest results. The scale of AI investment is creating opportunities beyond the largest companies, supporting potential broadening of leadership across industrial, materials, and infrastructure-related businesses. |
Infrastructure Technology Investment Semiconductors Data Centers |
AutomationAutomation has become a strategic necessity rather than a cost optimization tool in a multipolar world. Companies like FANUC support resilient, flexible manufacturing across regions as supply chains are reconfigured and labor costs rise. |
Manufacturing Robotics Supply Chain Industrial | |
Critical MineralsMaterials have re-emerged as strategically important rather than purely cyclical, driven by supply chain re-engineering, infrastructure investment, and geopolitical considerations. Holdings like Pan American Silver and Southern Copper provide exposure to critical inputs underpinning electrification and industrial renewal. |
Silver Copper Electrification Infrastructure Geopolitical | |
OnshoringSupply chains are being re-engineered around strategic alignment and political reliability rather than pure efficiency. This shift is influencing capital allocation toward re-shoring and friend-shoring initiatives, creating opportunities in automation and supply-chain retooling. |
Supply Chain Manufacturing Geopolitical Strategic | |
Industrial PolicyGovernments and corporations are prioritizing supply-chain resilience across technology, manufacturing, energy infrastructure, and critical minerals. Industrial policy is increasingly shaping investment outcomes as efficiency gives way to resilience. |
Government Policy Infrastructure Technology Manufacturing | |
| 2025 Q3 |
AIAI enthusiasm continued to fuel gains in semiconductors and cloud infrastructure stocks. The humanoid robotics space is evolving rapidly as one of the most promising frontiers in AI and automation. Morgan Stanley projects the humanoid robot market could exceed US$5 trillion in annual revenue by 2050, with the inflection point arriving by the mid-2030s. |
Semiconductors Cloud Robotics Automation Data Centers |
InflationThree years after inflation peaked at 8% in 2022, the Bank of Canada's tightening cycle has largely done its job. Headline inflation sits around 2.4%, yet the level of prices remains roughly 20% higher than before the pandemic. The inflation shock has left lasting marks on how Canadians spend, save, and invest. |
Rates Canada Purchasing Power | |
Energy TransitionEnergy sector rose 12.6% despite a third-quarter fall in oil prices, due to policy clarity, strong fundamentals, and natural gas/LNG momentum. Policy momentum accelerated around trade and infrastructure with the Building Canada Act creating the Major Projects Office to advance nation-building projects. |
LNG Natural Gas Infrastructure Policy | |
GoldMaterials sector led the TSX with 37.8% gains, primarily driven by the sharp increase in gold prices. Gold miners like Agnico Eagle Mines and Endeavour Mining are prominent holdings in the portfolio. |
Gold Miners Materials Precious Metals | |
| 2025 Q2 |
LongevityAging population driving structural demand for healthcare technology, surgical innovation, and rehabilitation services. Focus on companies with clear demand, strong margins, and innovative leadership across the care continuum from surgical innovation to recovery infrastructure. |
Healthcare Demographics Surgical Robotics Rehabilitation Medical Devices |
AIAI infrastructure names outperformed during market recovery. Nvidia continued strong performance driven by AI chip demand. AI spreading into physical healthcare applications with companies like Intuitive Surgical positioned at intersection of automation and medicine. |
Artificial Intelligence Semiconductors Healthcare Technology Automation Infrastructure | |
Trade PolicySudden tariff announcement triggered sharp equity selloff in April, followed by policy walk-backs and trade exemptions that restored confidence. Ongoing uncertainty around Canada's exposure to retaliatory tariffs and upcoming August tariff deadline. |
Tariffs Policy Risk Trade War Geopolitical Supply Chain | |
| 2025 Q1 |
Trade PolicyThe first quarter marked a pivotal moment in global trade dynamics with the announcement of Liberation Day tariffs in early April, raising effective U.S. tariff rates to levels not seen in nearly a century. This signals a structural regime shift toward economic nationalism, strategic industrial policy, and deglobalization that will create more regionalized supply chains and persistent inflationary pressures. |
Tariffs Deglobalization Supply Chains Inflation Policy |
ResilienceTall Oak's investment approach is intentionally designed for periods of geopolitical and macroeconomic disruption, focusing on portfolio resilience through three pillars of downside protection: tail-risk hedging, global diversification including alternatives, and disciplined security selection. The firm emphasizes building portfolios that can weather regimes in transition rather than forecasting specific policy announcements. |
Downside Protection Risk Management Diversification Alternatives Hedging | |
E-commerceMercadoLibre exemplifies the type of company Tall Oak seeks during global uncertainty, operating as Latin America's dominant e-commerce and digital payments platform. The company offers insulation from North American and Sino-centric trade dynamics through its vertically integrated, locally embedded operations and digital infrastructure that facilitates commerce in underpenetrated markets. |
Digital Payments Latin America Logistics FinTech Regional | |
| 2024 Q4 |
AIAI's rapid expansion is driving unprecedented demand for high-performance data centres, with AI workloads requiring vast computing power and significantly increased energy consumption. Hyperscalers are rapidly expanding infrastructure, pushing AI data centre power demand projected four times higher by 2030. |
Data Centers Infrastructure Energy Computing Hyperscalers |
Energy TransitionThe energy systems supporting AI technology must evolve in tandem with AI advancement. Companies operating in power infrastructure development are poised to benefit from solving bottlenecks in AI-driven data centre growth and addressing grid modernization needs. |
Grid Upgrade Power Infrastructure Renewable Energy Energy Storage Transmission | |
Data CentersAI data centres frequently require 100-200 megawatts per site, comparable to the power needs of small cities. Grid bottlenecks, renewable energy constraints, and cooling challenges highlight the need for innovative power solutions and specialized infrastructure. |
Power Cooling Infrastructure Grid Energy | |
| 2024 Q3 |
AIAI's explosive growth is driving unprecedented demand for high-performance computing infrastructure, creating massive investment opportunities in data centers, semiconductors, and power management systems. The technology requires vast amounts of data processing, storage, and analysis, leading to significant capital investments from tech companies. AI-driven workloads demand cutting-edge hardware including GPUs, ASICs, and accelerators for high-speed data processing. |
Data Centers Semiconductors GPUs Computing Infrastructure |
Data CentersData centers serve as the backbone of modern AI operations and are experiencing unprecedented growth in both number and complexity. The surge in data center development has created massive demand for utility power, as these facilities are among the most energy-intensive, consuming vast amounts of electricity for servers and cooling systems. This trend is pushing boundaries of power generation and distribution, highlighting the importance of reliable, scalable energy sources. |
Real Estate Power Cooling Infrastructure Energy | |
Energy TransitionThe massive energy demands from data centers are driving focus on renewable energy sources, particularly solar and wind power, as companies seek to power their facilities sustainably. Vistra Corp exemplifies this transition with significant focus on decarbonization, aiming for 60% emission reduction by 2030 and net-zero emissions by 2050. The company's portfolio includes natural gas, nuclear, solar, and battery energy storage assets, emphasizing reliable, dispatchable power generation. |
Renewables Solar Wind Decarbonization Sustainability | |
UtilitiesThe explosive growth in data centers has created unprecedented demand for utility power, with these facilities being among the most energy-intensive operations requiring vast electricity consumption. Vistra Corp represents this opportunity as a leading energy company providing essential resources across competitive U.S. states with an integrated business model combining power generation with retail electricity. The company serves about 51 million customers and generates consistent free cash flow supporting robust shareholder returns. |
Power Generation Electricity Grid Infrastructure Energy | |
| 2024 Q2 |
AIAI continues to dominate market performance with tech and large-cap growth stocks leading gains. The energy demands of generative AI are significantly increasing power consumption, creating infrastructure investment opportunities. Data centers are building closer to power sources and investing in alternative energy solutions. |
Artificial Intelligence Data Centers Energy Infrastructure Technology Power Grid |
InfrastructureKKR Infrastructure Fund represents a key investment theme focused on digitization, decarbonization, and deconsolidation trends. Infrastructure investments offer inflation protection and consistent distributions while providing exposure to long-term structural growth drivers including fiber networks, renewable energy assets, and corporate carve-outs. |
Infrastructure Digitization Decarbonization Inflation Protection Long-term Contracts | |
| 2024 Q1 |
AIAI adoption is rapidly increasing with 68% of companies reporting AI-related impacts on IT budgets in Q4 2023. Early adopters in software/Internet sectors are experiencing productivity enhancements and margin expansion. The focus is shifting from AI enablers to adopters in 2024, with most companies expecting AI projects in production by late 2024. |
Machine Learning Productivity Software Automation Innovation |
Data CentersThe rapid growth in AI and cloud computing is driving surge in demand for data center power. This increased demand is straining the power grid and causing bottlenecks in connecting new energy sources. Data center energy demands are prompting companies to secure their own energy sources including building power plants. |
Cloud Computing Infrastructure Power Demand Grid Energy | |
Energy TransitionBig tech firms are leveraging AI to optimize grid operations and shift energy consumption to times of carbon-free availability. NextEra Energy is building sustainable data centers powered by clean renewable energy to help companies reduce costs and achieve emissions goals. |
Renewable Energy Clean Energy Grid Optimization Sustainability Carbon | |
| 2023 Q4 |
CybersecurityThe integration of digital and physical realms is revolutionizing security needs. Cybersecurity continues to be crucial due to expanding digital connectivity, cloud adoption, and hybrid operations. Key emerging themes include cloud security mainstreaming, software supply chain security, OT and IoT security, and API security evolution. |
Cloud Security OT Security IoT API Security Ransomware |
Private CreditThe regional banking crisis has created opportunities for alternative lenders in the private credit space. With mid-size regional banks retrenching in lending and higher rates, this has created opportunities for alternative lenders. Oaktree Strategic Credit Fund is highlighted as a strong alternative investment to take advantage of current opportunities. |
Alternative Lending Regional Banks Credit Spreads Oaktree Banking Crisis | |
DividendsCompanies with a track record of dividend growth often exhibit higher quality in terms of earnings and leverage. The equity allocation focuses on high quality large cap companies that pay a dividend and have a track record for growing their dividend over time. Dividend growth investing is a long-term strategy leveraging the benefits of reinvested dividends. |
Dividend Growth Dividend Yield Quality Large Cap Income | |
OnshoringSince the U.S.-China trade war in 2018 and COVID-19 pandemic, supply chains have adapted, diversifying away from over-reliance on China. Mexico, India and Vietnam have notably increased their shares in U.S. exports, compensating for China's loss. President Biden used the Defense Production Act to encourage reshoring of critical manufacturing. |
Supply Chain Mexico India Vietnam Reshoring | |
| 2023 Q3 |
UraniumGrowing demand for nuclear energy as a clean power source driven by climate change concerns and energy security. Uranium consumption has surged past pre-Fukushima levels with supply concentrated among state-owned enterprises. Small Modular Reactors expected to bolster long-term demand. |
Nuclear Energy Transition Supply Security Clean Energy SMR |
GLP1Breakthrough weight loss drugs tirzepatide and semaglutide are revolutionizing weight management with remarkable results. Originally developed for Type 2 diabetes, these GLP-1 receptor agonists have gained approval for obesity treatment with rising pharmaceutical demand. |
Weight Loss Diabetes Pharmaceuticals Obesity Innovation | |
Energy TransitionNuclear power stands out as a key solution for reducing carbon emissions and addressing climate change. The push for cleaner energy sources is driving uranium demand as emerging economies and established nuclear powers expand capacity. |
Nuclear Power Carbon Emissions Clean Energy Climate Change Capacity Expansion | |
| 2023 Q2 |
AIArtificial Intelligence is garnering significant attention for its potential impact in the near term. The fund holds positions in leading semiconductor equipment companies like LAM Research and ASML Holdings, crucial players in supplying cutting-edge chips needed to drive the AI future. They believe the true core competence lies in the picks and shovels - the companies supplying the essential equipment and software. |
Semiconductors Equipment Chips Software Infrastructure |
Energy TransitionThe fund is positioned in commodities and materials that are key to the energy transition and electrical future. They view this as a structural secular tailwind with compelling risk-reward potential. The energy transition is driving demand for essential metals and commodities. |
Commodities Materials Infrastructure Mining Metals | |
Infrastructure SpendingThe fund highlights some of the largest fiscal spending bills in history, such as the Inflation Reduction Act and the Chips Act, which have contributed significantly to increased industrial spending and onshoring. This surge in capital equipment company spending, combined with nearly $700 billion in spending bills, is expected to continue supporting the US economy. |
Government Fiscal Industrial Onshoring Capital Equipment | |
RatesInterest rates have risen more than 500 basis points since 2022, creating a new regime that the fund has been positioning for since 2021. They believe this normalization process would be a shock to markets, consumers, and businesses reliant on borrowing. The fund expects rates to remain higher for longer than the market anticipates. |
Interest Rates Federal Reserve Monetary Policy Normalization Central Banks | |
| 2023 Q1 |
Energy TransitionThe fund's Energy transition thesis hurt returns to start the year. The manager maintains exposure to this theme despite underperformance in Q1. |
Renewable Energy Clean Technology Decarbonization Sustainability Climate |
BankingRegional banking crisis emerged in Q1 with Silicon Valley Bank and Signature Bank failures. The fund maintains underweight stance on banks due to deposit outflows, regulatory scrutiny, and tightening lending standards limiting long-term return potential. |
Credit Risk Deposit Flight Lending Standards Financial Stability Regulation | |
InflationThe manager maintains their view that structural forces are at play in this cycle that have been absent in recent history. They believe deflationary pressures of the past will diminish, resulting in higher inflation than markets have become accustomed to. |
Structural Inflation Monetary Policy Price Pressures Economic Cycle Central Banks |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Nov 17, 2025 | Fund Letters | Shawn Jakupi | BABA US | Alibaba Group Holding Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI, cloud, ecommerce, growth, infrastructure, Llms, Partnerships, robotics | Login |
| Nov 17, 2025 | Fund Letters | Shawn Jakupi | ASML NA | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | Euronext Stock Exchange | AI, backlog, Chips, Equipment, Euv, hyperscalers, Lithography, Pricingpower, semiconductors | Login |
| Oct 16, 2025 | Fund Letters | Chuck Lieberman | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, CUDA, datacenter, leadership, Pricing power, semiconductors, TAM expansion, valuation | Login |
| Oct 16, 2025 | Fund Letters | Chuck Lieberman | JPM | JPMorgan Chase & Co. | Financials | Banks | Bull | NYSE | AI, banking, Digital transformation, efficiency, productivity, profitability, ROE, Technology moat | Login |
| Oct 16, 2025 | Fund Letters | Chuck Lieberman | GS | Goldman Sachs Group Inc. | Financials | Capital Markets | Bull | NYSE | Capital markets, earnings, investment banking, leverage, recovery, Regulation, valuation | Login |
| Oct 16, 2025 | Fund Letters | Chuck Lieberman | MSFT | Microsoft Corporation | Information Technology | Application Software | Bull | NASDAQ | AI, cloud, Copilot, Enterprise software, FCF, growth, productivity, recurring revenue | Login |
| Oct 16, 2025 | Fund Letters | Chuck Lieberman | META | Meta Platforms Inc. | Communication Services | Social Media & Advertising | Bull | NASDAQ | adtech, AI, digital advertising, growth, infrastructure, Margins, monetization, operating leverage | Login |
| Oct 16, 2025 | Fund Letters | Chuck Lieberman | TW | TSMC | Consumer Discretionary | Semiconductors & Foundry | Bull | NYSE | AI, Capacity, diversification, Foundry, manufacturing, Onshoring, profitability, ROIC, semiconductors | Login |
| Jul 29, 2025 | Fund Letters | Shawn Jakupi | ISRG | Intuitive Surgical, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Automation, Demographics, healthcare, robotics, Surgery | Login |
| Jul 29, 2025 | Fund Letters | Shawn Jakupi | EHC | Encompass Health Corporation | Health Care | Health Care Facilities | Bull | New York Stock Exchange | cashflow, Demographics, healthcare, infrastructure, Rehabilitation | Login |
| Jun 30, 2025 | Fund Letters | Tall Oak Capital Advisors | EHC | Encompass Health | Health Care Providers & Services | Health Care Facilities | Bull | NYSE | Aging demographics, Defensive Healthcare, healthcare infrastructure, Healthcare Real Estate, Post-Acute Care, predictable cash flows, Rehabilitation Hospitals | Login |
| Jun 30, 2025 | Fund Letters | Tall Oak Capital Advisors | ISRG | Intuitive Surgical | Health Care Equipment & Services | Health Care Equipment | Bull | NASDAQ | Aging demographics, AI Healthcare, Healthcare Technology, Medical devices, Minimally Invasive, recurring revenue, Robotic Surgery | Login |
| Dec 31, 2024 | Fund Letters | Tall Oak Capital Advisors | ANET | Arista Networks Inc. | Information Technology | Communications Equipment | Bull | NASDAQ | AI infrastructure, Capital-light, Cloud computing, Communications Equipment, data centers, Free Cash Flow Growth, High-Speed Networking, hyperscalers, networking equipment, Software Services | Login |
| Dec 31, 2024 | Fund Letters | Tall Oak Capital Advisors | GEV | GE Vernova Inc. | Industrials | Electrical Equipment | Bull | NYSE | AI infrastructure, data centers, electrical equipment, energy technology, Free Cash Flow Growth, Grid modernization, Power generation, renewable energy, Transformers, Transmission | Login |
| Sep 30, 2024 | Fund Letters | Tall Oak Capital Advisors | DLR | Digital Realty Trust Inc | Real Estate | Specialized REITs | Bull | NYSE | AI infrastructure, Carbon Neutral, cloud infrastructure, Colocation, data centers, Digital transformation, global footprint, Interconnection, REIT, Sustainability | Login |
| Sep 30, 2024 | Fund Letters | Tall Oak Capital Advisors | VST | Vistra Corp | Utilities | Independent Power and Renewable Electricity Producers | Bull | NYSE | AI data centers, Battery Storage, Decarbonization, energy infrastructure, Free Cash Flow, integrated business model, Nuclear Power, Power generation, renewable energy, utilities | Login |
| Dec 31, 2023 | Fund Letters | Tall Oak Capital Advisors | PANW | Palo Alto Networks Inc. | Information Technology | Systems Software | Bull | NASDAQ | cloud security, critical infrastructure, cybersecurity, IoT Security, IT/OT Convergence, Network Security, Next-Generation Firewall, OT Security, Ransomware Protection, Software | Login |
| Jun 30, 2023 | Fund Letters | Tall Oak Capital Advisors | AD8 AU|ARB AU|BAP AU|CAT AU|DHG AU|PME AU|PNI AU|RDX AU|TNE AU | Caterpillar Inc | Industrials | Construction & Farm Machinery & Heavy Trucks | Bull | NYSE | Construction Equipment, dividend, energy transition, Free Cash Flow, Government Spending, Industrial Equipment, infrastructure, Mining equipment, Onshoring | Login |
| Jun 30, 2023 | Fund Letters | Tall Oak Capital Advisors | FERG | Ferguson Plc | Industrials | Trading Companies & Distributors | Bull | NYSE | Biotech, dividend, EV Plants, Housing Undersupply, HVAC, Industrial Building, operating margins, Plumbing Distribution, Remodeling, Semiconductor manufacturing, Share Buyback | Login |
| Jun 30, 2023 | Fund Letters | Tall Oak Capital Advisors | LRCX | Lam Research Corporation | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, Chip Manufacturing, Leading-edge Equipment, Picks and shovels, semiconductor equipment, technology hardware | Login |
| Jun 30, 2023 | Fund Letters | Tall Oak Capital Advisors | ASML | ASML Holding NV | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Artificial Intelligence, Chip Manufacturing, EUV technology, Lithography, Picks and shovels, semiconductor equipment, technology hardware | Login |
| Jun 30, 2023 | Fund Letters | Tall Oak Capital Advisors | CDNS | Cadence Design Systems Inc | Information Technology | Application Software | Bull | NASDAQ | 5G Networks, autonomous vehicles, Computational Software, electronic design automation, Hyperscale Computing, Intelligent Systems, machine learning, patents, R&D, Semiconductor Design Software | Login |
| - | Fund Letters | Tall Oak Capital Advisors | ALLY | Eli Lilly & Co | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | biotechnology, Diabetes, GLP-1, healthcare innovation, Multi-year Theme, obesity treatment, pharmaceuticals, Thematic investing, tirzepatide, Weight loss | Login |
| - | Fund Letters | Tall Oak Capital Advisors | MELI | MercadoLibre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Deglobalization, digital payments, e-commerce, Emerging markets, Equity, Fintech, Latin America, supply chain, vertical integration | Login |
| - | Fund Letters | Tall Oak Capital Advisors | CCO.TO | Cameco Corp. | Energy | Uranium | Bull | Toronto Stock Exchange | Canada, carbon emissions, clean energy, commodity, energy transition, ESG, Mining, Multi-decade Theme, nuclear energy, uranium | Login |
| TICKER | COMMENTARY |
|---|---|
| AAPL | Apple Inc. represents 1.6% of company owned with cost basis of $6,255 million and market value of $61,962 million, providing $280 million in 2025 dividends. |
| AEM | We initiated Agnico Eagle Mines to diversify our gold miner exposure alongside AngloGold Ashanti. Given the operational complexity of mining, spreading exposure across high-quality operators helps mitigate single-company risk. |
| ANET | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| AVGO | The primary contributors to its performance were our exposures to Broadcom |
| BABA | Alibaba was a detractor during the quarter after the company reported mixed fiscal Q2 results. While cloud revenue growth accelerated and margins remained stable, the core commerce business struggled with slowing growth and significant profit pressure, particularly in the quick commerce segment where heavy investment and intense competition led to a sharp decline in profitability. |
| CCJ | According to data reported by Cameco, term prices rose roughly 7% during the quarter to $81.55 per pound, narrowing the gap with spot prices, which ended the quarter at $81.60. |
| CNQ.TO | Energy (MEG takeover, CNQ), Precious metals (a basket of producers, primarily silver) and Financials (Goldman Sachs/Fairfax Financial) all provided solid contributions within the quarter. With the exception of MEG, all remain large holdings, and in some cases, we have further added to our positions. |
| EQT | We sold EQT Corp (EQT) and trimmed Range Resources Corp (RRC) to reduce natural gas price exposure. EQT Corp: Shares weak as company digests acquisitions, and a competitor announced expansion into key territory. |
| GEV | The massive data center buildout is leading to a surge in demand for alternative and traditional energy generation, which led Jennison to add GE Vernova to the Fund's Industrials sector. Their natural gas turbine, wind, and electrification businesses, along with a rapidly growing and profitable services backlog, should support strong growth for the next several years. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| MELI | E-commerce Volatility: turbulence in our e-commerce portfolio companies, Sea Ltd (Southeast Asia) and MercadoLibre (Latin America), amidst aggressive price wars. |
| MRK | Top gainers in the Fund this quarter included Merck (+26%) |
| MS | During the quarter, the Fund invested in Morgan Stanley, a leading global investment bank and wealth management firm. Morgan Stanley has successfully diversified its business beyond cyclical banking and trading fees into more recurring wealth and investment management. These businesses collectively oversee $9.3 trillion in client assets that generate predictable, capital-light revenue that grows from inflows and market appreciation. |
| MSFT | MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand. |
| PAAS | Pan American Silver provides diversified exposure to silver and gold across the Americas. Our position was established following Pan American's acquisition of a long-standing pool holding, MAG Silver, in May 2025, which expanded the company's scale and reserve base. Even excluding recent price volatility, company all-in silver production costs remain around US$15 per ounce, supporting profitable production across a wide range of price environments. |
| PANW | A post-earnings pullback in Palo Alto Networks shares drove the decline in CyberArk. |
| PH | The provider of monitors and sensors highlighted an increase in orders across its business, supported by stronger aerospace and HVAC (heating, ventilation and air conditioning) demand. |
| SHOP.TO | Non dividend paying technology names Shopify and Celestica had also meaningful contribution to the index returns for the year, detracting our relative outcome. |
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