| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Mountain Vista's Q1 2026 letter addresses market volatility driven by the U.S.-Israel conflict with Iran, which caused oil prices to surge 84% and the S&P 500 to decline 4.4%. The manager emphasizes that while geopolitical tensions create near-term uncertainty, historically high market valuations of 22-23x forward P/E left markets vulnerable to negative news. Key themes include AI disruption of enterprise software companies through tools like Anthropic's Claude Code, stress in private credit markets with 20-30% software exposure, and renewed inflationary pressures with CPI reaching 3.4%. Energy was the standout performer while gold corrected despite initial geopolitical hedging demand. Despite current challenges, the manager remains highly optimistic about medium-to-long-term equity prospects, citing unprecedented innovation, automation favoring capital over labor, supply chain reshoring to the U.S., and emerging industries in AI and robotics. The outlook emphasizes maintaining equity exposure while acknowledging inevitable volatility periods requiring disciplined, long-term perspective for achieving strong real returns.
While geopolitical tensions with Iran create near-term market volatility and inflationary pressures, the manager maintains strong conviction in long-term equity returns driven by unprecedented innovation, automation trends, supply chain reshoring, and emerging technologies like AI and robotics.
The manager remains highly optimistic about the medium- to long-term outlook for equities despite near-term geopolitical uncertainty. They cite unprecedented innovation pace, automation trends favoring capital over labor, supply chain reshoring, emerging AI and robotics industries, and European defense spending as structural tailwinds. However, they acknowledge markets will face volatility and periods of uncertainty, requiring discipline and long-term perspective.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 9 2026 | 2026 Q1 | FBTC, GLD, IWM, QQQ, SPY, USO, VXUS, XLE | AI, energy, Geopolitical, gold, inflation, Iran, private credit, software | - | Iran conflict drove oil up 84% and markets down 4.4% in Q1, exposing vulnerabilities from high valuations. AI disruption hammers software stocks while private credit faces stress. Inflation re-accelerates to 3.4%. Despite near-term volatility, manager stays bullish on long-term equity returns driven by unprecedented innovation, automation trends, and supply chain reshoring creating structural tailwinds. |
| Jan 9 2026 | 2025 Q4 | AGG, DBB, EMB, ETHA, FBTC, GLD, IVE, IVW, IWM, JNK, QQQ, SPY, TLT, USO, VXUS, XLK, XLP, XLRE, XLU, XLV | AI, Bitcoin, Economic Outlook, ETFs, Federal Reserve, gold, inflation, Market Commentary | - | Strong 2025 performance across most asset classes masks underlying economic challenges including affordability crises and employment weakness. Gold outperformed as defensive store of value while Bitcoin proved volatile and risk-sensitive. Fed delivered divided rate cut amid economic uncertainty. Forward outlook cautiously optimistic on dovish policy and AI productivity gains, but elevated valuations suggest much optimism already priced in. |
| Oct 12 2025 | 2025 Q3 | AMZN, GOOGL, MSFT, NVDA, ORCL | AI, Data centers, Fed policy, gold, Market Risk, technology, Valuations | - | Markets trade at dot-com bubble valuations driven by AI speculation while Fed financial repression creates inflation risks. Technology companies are spending hundreds of billions chasing artificial intelligence with high execution risks. Gold's 47% year-to-date surge reflects hedge demand. Better value exists in international and smaller-cap stocks at reasonable 15-16x multiples versus large-cap's 22-23x. |
| Jul 8 2025 | 2025 Q2 | FBTC, IEMG, IVE, IVW, IWM, IYZ, QQQ, SPY, VXUS, XLB, XLC, XLE, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY | diversification, Dollar, IPOs, Recovery, tariffs, volatility | - | Market volatility from Trump's tariff announcement created temporary pain but validated diversification benefits as international assets outperformed. IPO market recovery signals improving capital market conditions. Neutral on stocks given elevated valuations despite positive tax and rate cut catalysts. Dollar weakness supports diversified portfolios while fixed income offers attractive income. |
| Apr 14 2025 | 2025 Q1 | AAPL, ADBE, AMZN, BSX, CRM, CSCO, ELUT, GOOGL, MDT, MDXH, META, MSFT, NVDA, ORCL, XERS, ZETA | AI, Diagnostics, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, technology |
MDXH XERS ZETA ELUT |
Strong Q3 performance (+18-25% net) outpacing benchmarks through focus on healthcare and small-cap growth companies. Manager shifted to healthcare overweight as defensive positioning while maintaining optimism on rate cuts benefiting small companies. Key holdings include prostate cancer diagnostics (MDXH), specialty pharma (XERS), and marketing tech (ZETA). Sees continued opportunities in undervalued small-caps versus expensive large-cap peers. |
| Jan 9 2025 | 2024 Q4 | 1211.HK, AHT.L, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HTHT, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL, SHEL, TMO | AI, Bubble, China, Cloud, infrastructure, technology, Valuations |
BABA 1211.HK HTHT MDT |
Emerald delivered 4.7% net returns in Q3 led by Alibaba and Alphabet gains, but warns AI euphoria has created dangerous bubble conditions with S&P 500 at 93rd percentile valuations. Strategy focuses on undervalued infrastructure plays and Chinese opportunities while avoiding speculative momentum, prioritizing capital preservation over chasing unsustainable returns in stretched markets. |
| Oct 9 2024 | 2024 Q3 | ALD.AX, ALL.AX, APZ.AX, BHP.AX, BSL.AX, CBA.AX, CHC.AX, CSL.AX, EBO.AX, GMG.AX, MQG.AX, NCK.AX, NWSA, RMD, SOL.AX | Australia, banks, concentrated, equities, gold, real estate, value | SOL.AX | Airlie's concentrated Australian equity fund underperformed in Q3 due to CSL and EBOS disappointments and bank underweights, despite strong performance from Nick Scali and real estate holdings. With ASX 200 valuations elevated at 20.7x P/E and minimal growth, managers remain selective but opportunistic, leveraging high market volatility to identify undervalued businesses. |
| Jul 10 2024 | 2024 Q2 | 300750.SZ, 6920.T, 9988.HK, CLS, CRM, HAL, HIMS, ICE, ISRG, KGHM.WA, KRN.DE, KVUE, LRCX, PEP, TSM, UMI.BR, UNH, UPWK, VNA.DE, ZAL.DE | AI, Argentina, Energy Transition, global, healthcare, semiconductors, technology, value | - | ACATIS maintains selective exposure to AI infrastructure winners including semiconductor equipment makers and cloud providers while pursuing high-conviction opportunities in Argentine reform plays and energy transition metals. The value-oriented approach targets structural beneficiaries of technological and economic transformation, with particular focus on companies with pricing power and sustainable competitive advantages in evolving markets. |
| Apr 3 2024 | 2024 Q1 | 1211.HK, 8035.T, AMAT, AMZN, ASML, AVGO, CRM, DDOG, ENTG, FTNT, GOOGL, INTU, LSEG.L, MDT, MSFT, NOW, ORCL, SAP, TMO, ZS | AI, Bubble, Cloud, growth, infrastructure, semiconductors, technology |
AVGO ORCL ASML META 1211.HK MSFT |
Growth Equity Strategy gained 4.3% in Q3 driven by AI holdings like Oracle and Broadcom. While AI adoption accelerates across the economy, bubble risks are rising with many tech stocks up 40-100%. The manager trimmed winners for risk management while adding Medtronic and BYD, focusing on quality companies with defendable moats to capture AI opportunities without excessive risk. |
| Jan 2 2024 | 2023 Q4 | - | AI, Fed policy, Market Commentary, Rate Cuts, small caps, technology | - | Markets hit new highs in Q3 driven by Fed rate cuts and AI investment boom, with small caps outperforming on rate sensitivity. Technology spending grew 14% year-over-year as AI buildout accelerated. Market expects soft landing but faces risks from tight credit spreads and expensive AI valuations heading into data-dependent Q4. |
| Oct 5 2023 | 2023 Q3 | - | Fed policy, inflation, Market Commentary, tariffs, Trade Policy, volatility | - | Trade policy volatility defined the first half of 2025, with Q1 escalation causing a 15% market decline followed by strong Q2 recovery as tensions eased. The Fed paused rate cuts due to uncertainty while inflation expectations rose despite subdued actual data. Markets have proven resilient, fully recovering losses, suggesting modest long-term trade policy impacts. |
| Jul 5 2023 | 2023 Q2 | - | AI, diversification, growth, Optimism, technology, Valuations | - | Financial Synergies maintains an optimistic market outlook supported by declining rates, controlled inflation, and steady growth. Despite elevated valuations at 38x Shiller P/E, strong corporate fundamentals and AI innovation potential justify current levels. The firm recommends diversified portfolios across market caps and sectors to manage concentration risk while capturing opportunities in undervalued areas like Small Caps and Value stocks. |
| Apr 6 2023 | 2023 Q1 | - | Estate Planning, financial planning, Internship, Market Commentary, Wealth management | - | Financial Synergies' newsletter showcases their internship program while providing practical guidance on estate planning and market psychology. Historical analysis demonstrates investing at S&P 500 all-time highs has produced solid returns, challenging common investor hesitation. The firm emphasizes wealth management's emotional dimensions, advocating for purpose-driven financial planning that aligns money with personal goals and family legacy objectives. |
| Jan 3 2023 | 2022 Q4 | - | - | - | |
| Oct 5 2022 | 2022 Q3 | - | - | - | |
| Jul 5 2022 | 2022 Q2 | - | - | - | |
| Apr 7 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilOil prices surged 84% in Q1 and nearly 60% since the Iran conflict began in late February, driven by supply shock concerns and potential disruptions in global energy flows. Energy sector (XLE) gained 37.9% for the quarter and continued rallying 12.4% post-conflict. Oil prices may remain elevated short-term but are unlikely to sustain these levels medium-term. |
Energy Geopolitical Supply Commodities Iran |
AIArtificial intelligence is disrupting enterprise software companies as AI-powered agents like Anthropic's Claude Code and CoWork enable users to create customized software in hours. This has sparked concerns about the future demand for traditional enterprise software solutions, contributing to a selloff in software stocks despite no observable impact in current earnings. The viral wave of 'vibecoding' demonstrates AI's automation potential. |
Software Automation Enterprise Disruption Technology | |
Private CreditPrivate credit funds face stress as many have 20-30% software exposure while publicly traded software companies are down 50%+ due to AI disruption. Many funds reached quarterly redemption limits of 5% and limited investor withdrawals. The manager expects an uptick in defaults, continued redemptions, and deterioration of the 10%+ historical returns. |
Credit Software Redemptions Defaults Liquidity | |
InflationInflation dynamics shifted from moderating to re-accelerating, with headline CPI moving to approximately 3.4% and core PCE firming above 3.0%. Producer price inflation exhibited renewed volatility and upward pressure, reinforcing pipeline cost pressures. The Iran conflict amplified inflation concerns through energy price spikes. |
CPI PCE Energy Monetary Fed | |
GoldGold and silver corrected in Q1 after a powerful two-year rally, with gold declining 9.1% after the Iran conflict began despite rising 8.6% for the quarter. The pullback was driven by a stronger dollar, rising real interest rates, and profit-taking from increasingly crowded positioning as metals became a popular retail momentum trade. |
Metals Dollar Rates Positioning Momentum | |
| 2025 Q4 |
AIAI remains transformative but markets are shifting from hype to show me the money phase. The industry has spent over $400 billion on capex while producing roughly $50 billion in revenues. Physical constraints like power shortages and build delays are challenging assumptions of frictionless scaling. |
Artificial Intelligence Technology Capex Infrastructure Valuations |
Private CreditPrivate markets are finally offering opportunity as supply and demand balance has shifted. Traditional institutions are over-allocated, distributions have dried up, and scarcity of capital gives patient liquidity providers leverage on price and terms. Launching a private markets fund in Q1 2026. |
Private Markets Illiquid Strategies Secondaries Credit | |
Commercial Real EstateReal estate is where price and replacement cost have meaningfully diverged. Valuations have fallen approximately 20% since 2022 while construction costs have risen 20-30%. Refinancing cliffs force motivated behavior creating opportunities to acquire assets at deep discounts. |
Real Estate Valuations Construction Costs Refinancing | |
| 2025 Q3 |
AITechnology companies are spending hundreds of billions chasing Artificial General Intelligence, creating speculative activity. Oracle's datacenter expansion for AI clients involves heavy debt financing with high execution risks. The AI investment cycle drives valuations but may prove unsustainable if it fails to deliver on lofty aspirations. |
Data Centers Cloud Semiconductors Technology Growth |
ValuationsU.S. large-cap stocks are historically expensive with S&P 500 forward P/E around 22-23x, matching 2021 peaks and approaching dot-com bubble levels. High price-to-earnings multiples require high future growth. International, small-cap, and mid-cap stocks trade at more reasonable 15-16x forward earnings. |
Growth Value Small Caps Quality Risk Appetite | |
GoldGold surged 16.6% in Q3 and finished with 47% year-to-date returns, reinforcing its role as a preferred hedge. Federal Reserve's policy of financial repression, holding rates artificially low to manage debt burdens, should continue to support gold performance alongside Bitcoin. |
Inflation Dollar Commodities Rates Volatility | |
| 2025 Q2 |
VolatilityManager emphasizes that volatility is the price of admission for superior long-term returns, citing the April market decline and subsequent recovery. The VIX reached 60 during Liberation Day sell-off, the highest since March 2020. |
VIX Market Stress Drawdowns Recovery Risk Management |
DiversificationInternational stocks, gold, and Bitcoin significantly outperformed US markets in 2025, validating diversification beyond US equities. The weakening dollar created favorable conditions for non-dollar assets. |
International Currency Asset Allocation Risk Management Dollar Weakness | |
Capital MarketsIPO activity is showing strong signs of recovery with 100 IPOs in the first half of 2025. Notable IPO performances include CoreWeave rising 359% and Circle gaining nearly 900% from offering prices. |
IPOs Public Markets Issuance Private Companies Market Access | |
Trade PolicyPresident Trump's Liberation Day tariff announcement caused significant market volatility before being moderated with a 90-day pause. The manager views this as a self-inflicted policy wound that was quickly reversed. |
Tariffs Policy Risk Market Impact Political Risk Trade Relations | |
| 2025 Q1 |
HealthcareThe manager has shifted portfolios towards an overweight in healthcare, viewing it as both offensive and defensive. Healthcare companies offer new products addressing large market opportunities while being nondiscretionary and less economically sensitive. Pharmaceuticals are particularly emphasized for novel therapies targeting large market opportunities. |
Pharmaceuticals Diagnostics Medical Devices Biotechnology Specialty Pharma |
AIThe manager discusses the massive investments by tech giants in AI infrastructure and training models, comparing current partnerships to the dot-com era. While acknowledging AI's productivity benefits, they express skepticism about whether capabilities will meet current expectations and note the lack of a killer app demonstrating high ROI. |
Cloud Data Centers Enterprise Software Semiconductors | |
Small CapsThe manager emphasizes that small and mid-cap stocks are trading at 16x earnings, considerably less than large and mega-cap stocks. They believe small companies typically outperform during rate cutting cycles and see tremendous investment opportunities in this space through active stock selection. |
Value Growth Quality | |
| 2024 Q4 |
AIAI is driving massive infrastructure investments in data centers and cloud computing, creating a bubble-like environment with stretched valuations. The manager sees AI as transformative but warns that progress in monetizable applications remains limited while FOMO drives excessive spending. |
Data Centers Cloud Infrastructure Valuations Bubble |
ChinaThe manager finds attractive opportunities in Chinese companies like Alibaba, BYD, and H World due to improved regulatory environment and compelling valuations. Chinese businesses have developed strong franchises while trading at significant discounts to fair value. |
Regulatory Valuations E-commerce Electric Vehicles Hotels | |
Electric VehiclesBYD represents a compelling investment due to its vertical integration advantage and 15-25% cost advantage over legacy automakers. The company commands significant market share in China's EV market with successful expansion into emerging markets. |
Vertical Integration Cost Advantage Market Share Expansion | |
CloudCloud computing infrastructure providers like Microsoft and Amazon are positioned to benefit from AI deployment regardless of which specific applications succeed. Alibaba's cloud business is accelerating with its Qwen LLM integration. |
Infrastructure AI Integration Growth | |
| 2024 Q3 |
GoldGold price up 16% in the quarter, outperforming S&P 500 by ~30% year to date. Historical correlation with US real yields has broken down, coinciding with Russia-Ukraine war and Western nations freezing Russian central bank funds. Central banks accelerating reserve diversification away from US dollar. |
Gold Reserve Diversification Central Banks USD Monetary |
BanksBig Four banks continue to drive elevated S&P/ASX 200 valuations. Portfolio maintains underweight position to major banks including Westpac and ANZ, which was a headwind during the quarter as these banks outperformed. |
Banks Valuations Big Four Underweight | |
Real EstateCharter Hall rallied on optimism that rates have peaked, supported by strong guidance and positive momentum from new fund launches. Aspen Group reported strong earnings ahead of expectations, with market gaining visibility on affordable housing development pipeline. |
Real Estate Rates Housing Development REITs | |
| 2024 Q2 |
AIAI infrastructure continues driving strong performance across semiconductor equipment manufacturers like Lam Research, Lasertec, and TSMC. Companies are benefiting from sustained AI demand with TSMC maintaining technological leadership and pricing power in the AI supply chain. Salesforce has reduced workforce due to AI reducing labor requirements, viewed positively by the manager. |
Semiconductors Data Centers Cloud Automation Software |
Semiconductor CycleWafer equipment manufacturers performed exceptionally well in September with strong technical developments in three-dimensional computer chips. TSMC's capacities for advanced chips were nearly exhausted, justifying price increases for next-generation processes. The sector benefits from continued AI infrastructure buildout. |
Equipment Manufacturing Foundries Memory Processing | |
Energy TransitionArgentina's rich lithium and copper resources position it well for energy transformation. KGHM Polska Miedz represents strategic importance as Europe's only notable copper and silver producer for digital infrastructure development in an era of deglobalization. |
Lithium Copper Critical Minerals Infrastructure Deglobalization | |
ArgentinaArgentina under President Milei represents a radical reform opportunity with potential for explosive growth through remonetarization if reforms succeed. The country has significant natural resources including lithium, copper, oil, gas, and agriculture, but faces high political risk with interim elections determining the reform trajectory. |
Reform Inflation Banking Resources Politics | |
TelemedicineHims & Hers Health facilitates discreet online access to prescription medication for sensitive health problems, benefiting from recurring sales and international expansion plans. The telemedicine model addresses customer discretion needs while building sustainable revenue streams. |
Healthcare Digital Subscription Privacy Growth | |
| 2024 Q1 |
AIThe AI arms race among technology companies is in full flight with massive investments in AI infrastructure. The long-term opportunity in Generative AI keeps growing as adoption rates increase and usage broadens, with 77% of companies using Claude AI for automation patterns. However, risks are rising with more signs of an AI bubble forming. |
Infrastructure LLMs Automation Bubble Investment |
CloudOracle's cloud infrastructure growth guidance was upgraded dramatically, with Oracle Cloud potentially becoming equal to or larger than Google Cloud Platform by FY29-30. Microsoft's Azure accelerated growth to 39% driven by AI demand and businesses rushing to digitalize and adopt AI-powered services. |
Infrastructure Azure Oracle Growth Hyperscaler | |
SemiconductorsASML's High NA EUV technology is key for future growth with strong reliability and demand outlook. The company's competitive position is almost unassailable for the next 10-15 years. Broadcom is gaining share with XPU customers and is positioned as a prime beneficiary of AI infrastructure ramping. |
EUV Lithography XPU Manufacturing Equipment | |
Electric VehiclesBYD's success lies in its deeply vertically integrated supply chain, designing and manufacturing key components in-house. With expertise in electronics and batteries, BYD has an estimated 15-25% cost advantage over legacy OEMs while maintaining gross margins comparable to best-in-class manufacturers like Toyota. |
Integration Batteries Cost Manufacturing China | |
| 2023 Q4 |
AITechnology-related investment grew 14% year-over-year in Q2, the fastest pace since the late 1990s, driven by AI industry buildout including high-performance computer chips, cloud architecture, and data center construction. Management teams across the AI supply chain report strong demand with spending plans in the hundreds of billions and order backlogs spanning years. AI enthusiasm has fueled outsized gains in technology and semiconductor stocks, though some question whether spending is outpacing potential revenue growth. |
Data Centers Semiconductors Cloud Technology |
RatesThe Federal Reserve delivered a 0.25% rate cut in September, ending its 9-month pause, framed as a risk management cut to keep economic expansion on track. The central bank updated its policy forecast to include two more rate cuts before year-end with potential for more in 2026. The market initially celebrated but later dialed back rate cut expectations after stronger economic data suggested fewer cuts may be needed. |
Monetary Policy Fed Policy Interest Rates | |
Small CapsSmall-cap stocks rallied sharply in anticipation of the Fed's rate cut, with the Russell 2000 surpassing its previous high from 2021 and returning nearly 12% in Q3. Small caps posted their biggest quarter of outperformance over the S&P 500 since Q1 2021 as investors bet that rate cuts would benefit smaller companies. Small caps are viewed as more sensitive to rate cuts and shifts in global financial conditions. |
Russell 2000 Rate Sensitivity Outperformance | |
| 2023 Q3 |
Trade PolicyTrade policy uncertainty dominated the first half of 2025, with escalation in Q1 followed by de-escalation in Q2. The administration implemented targeted tariffs on China, Canada, and Mexico, then announced sweeping global tariffs before pivoting toward trade agreements. This volatility created distinct market environments across quarters and continues to influence Fed policy and economic forecasts. |
Tariffs China Trade War Policy Uncertainty Economic Impact |
InflationTariff uncertainty caused inflation expectations to rise sharply despite actual inflation remaining subdued. Consumer expectations diverged significantly from trailing inflation data, creating a debate about whether companies will pass through tariff costs or absorb them to remain competitive. The Fed is monitoring this dynamic closely as it weighs future rate cuts. |
Consumer Expectations Tariffs Fed Policy Price Pressures Economic Data | |
RatesThe Federal Reserve held rates steady due to trade policy uncertainty, adopting a wait-and-see approach. Markets expect gradual rate cuts beginning in September, with approximately 1.25% of cuts anticipated over the next 18 months. The 30-year Treasury yield experienced significant volatility, ranging from 4.40% to 5.10% before ending near starting levels. |
Fed Policy Rate Cuts Treasury Yields Monetary Policy Interest Rates | |
VolatilityMarket volatility was extreme in the first half of 2025, with the S&P 500 falling over 15% in Q1 before rebounding strongly in Q2. This created two distinct market environments, with defensive stocks outperforming in Q1 and growth/tech leading the Q2 recovery. The dramatic sentiment shifts highlight how quickly conditions can change. |
Market Swings Sentiment Shifts Risk Appetite Factor Rotation Market Leadership | |
| 2023 Q2 |
AIArtificial intelligence represents incredible potential from curing diseases to improving productivity to reshaping how we live and work. The rapid rise of AI is unsettling at times but offers endless opportunities. Current AI-related companies are well established with strong profitability and healthy balance sheets, unlike unprofitable dot-com companies of the past. |
Technology Innovation Productivity Growth Disruption |
ValuationsThe Shiller price-to-earnings ratio shows current levels at 38x, well above the historical average of 27x. While valuations are high by historical standards, they don't reliably predict near-term returns and can be justified by strong business fundamentals and earnings growth expectations. |
Metrics Earnings Fundamentals Risk Analysis |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, China, Cloud computing, digital infrastructure, e-commerce, LLM, market leader, Value | Login |
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | 1211.HK | BYD Company Limited | Consumer Discretionary | Automobiles | Bull | HKEX | automotive, battery technology, China, Cost advantage, Electric Vehicles, growth, market leader, vertical integration | Login |
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | HTHT | H World Group Limited | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NASDAQ | China, Emerging Middle Class, franchise model, Hotels, market share gains, operational efficiency, Value | Login |
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | MDT | Medtronic plc | Health Care | Health Care Equipment & Supplies | Bull | NYSE | Chronic Diseases, Healthcare Technology, innovation, Medical devices, Strategic Refocusing, turnaround, Value | Login |
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | SOL.AX | Washington H. Soul Pattinson | Financials | Asset Management & Custody Banks | Bull | ASX | asset management, Australia, Defensive portfolio, diversified holdings, investment company, Listed Securities, long-term returns, permanent capital, private equity | Login |
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Networking, semiconductors, Software, technology, XPU Chips | Login |
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | ORCL | Oracle Corporation | Information Technology | Software | Bull | NYSE | AI training, cloud infrastructure, Database, hyperscaler, Software, technology | Login |
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | ASML | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | EUV technology, High NA, Lithography, Netherlands, semiconductor equipment, technology | Login |
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | META | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, digital advertising, social media, technology, user engagement, Video Content | Login |
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | 1211.HK | BYD Company Limited | Consumer Discretionary | Automobiles | Bull | HKEX | automotive, battery technology, China, Electric Vehicles, manufacturing, vertical integration | Login |
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | MSFT | Microsoft Corporation | Information Technology | Software | Bull | NASDAQ | AI, Azure, Cloud computing, enterprise, Software, technology | Login |
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | MDXH | MDxHealth | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | Biotech, diagnostics, growth, healthcare, Medical devices, Prostate Cancer, Value | Login |
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | XERS | Xeris Pharmaceuticals Inc. | Health Care | Pharmaceuticals | Bull | NASDAQ | Cushing's Syndrome, growth, healthcare, high margins, pharmaceuticals, rare disease, Specialty pharma | Login |
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | ZETA | Zeta Global Holdings Corp. | Communication Services | Interactive Media & Services | Bull | NYSE | advertising technology, Artificial Intelligence, digital marketing, Martech, SaaS, Software, Value | Login |
| Sep 30, 2025 | Fund Letters | Mountain Vista Wealth Management | ELUT | Elutia Inc. | Health Care | Health Care Equipment & Supplies | Bear | NASDAQ | biologics, Cardiac Devices, healthcare, M&A, Management Risk, Medical devices, value destruction | Login |
| TICKER | COMMENTARY |
|---|---|
| SPY | The S&P 500 (SPY) falling (-4.4%) for the quarter and down (-5.9%) since February 25th. |
| QQQ | The Nasdaq 100 (QQQ) underperformed, dropping (-5.9%) in Q1 and (-6.3%) post-conflict, driven by weakness in growth-oriented names. |
| IWM | Interestingly, small caps (IWM) held up better on a full-quarter basis, posting a modest 0.9% gain, though they fully participated in the selloff after the conflict began. |
| VXUS | International equities (VXUS +2.3%) and emerging markets (IEMG +3.8%) outperformed during the quarter, but this strength reversed sharply after February 25th, with both down 8–10%. |
| XLE | Energy (XLE) surged 37.9% during the quarter and continued to rally (+12.4%) after the conflict began, driven by a sharp spike in oil prices. |
| USO | Oil (USO) surging an extraordinary 84.0% in Q1 and nearly 60% since February 25. |
| GLD | Gold (GLD) rose 8.6% during the quarter, consistent with its role as a geopolitical hedge, but notably declined (-9.1%) after the conflict began, suggesting profit-taking or a shift toward cash and energy exposure. |
| FBTC | Bitcoin (FBTC (-22.6%)) and Ethereum (ETHA (-29.4%)) sharply lower in the quarter, though performance stabilized somewhat after late February. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
