| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Pittenger & Anderson's Q1 2026 letter addresses four major forces that created market volatility after three years of strong returns. Geopolitical tensions escalated when U.S. and Israeli strikes against Iran drove oil from $72 to $120 per barrel, with the Strait of Hormuz closure disrupting global energy flows. This oil shock, combined with deglobalization and AI infrastructure demands, reignited inflation concerns and shifted Fed rate cut expectations from two to potentially one. The AI boom continues driving unprecedented capital expansion with $650 billion in data center spending, largely financed through private credit markets now exceeding $2 trillion in assets. However, these funds faced elevated withdrawal requests amid concerns about leverage and liquidity. Two competing AI narratives exist: job displacement versus new industry creation. The firm maintains its philosophy of investing in high-quality companies with strong fundamentals while emphasizing diversification over sector concentration. They view current market conditions as requiring disciplined approach focused on timeless investment principles rather than chasing speculative opportunities.
Pittenger & Anderson advocates for disciplined long-term investing in high-quality companies with durable competitive advantages, emphasizing diversification and risk management over speculation during periods of rapid innovation and market uncertainty.
The firm maintains belief in owning high-quality companies with durable competitive advantages, strong balance sheets, and capable leadership. They emphasize the importance of well-constructed investment mix that doesn't lean too heavily on any single sector or narrative, viewing this diversification as more critical now than in years.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 31 2026 | 2026 Q1 | - | AI, energy, geopolitics, inflation, Iran, oil, private credit, technology | - | Q1 2026 brought volatility from four converging forces: Middle East conflicts driving oil to $120, inflation resurgence shifting Fed expectations, AI infrastructure boom straining private credit markets, and uncertainty over AI's job impact. Pittenger & Anderson maintains disciplined focus on high-quality companies with durable advantages, emphasizing diversification over speculation during this period of rapid innovation and geopolitical tension. |
| Jan 12 2026 | 2025 Q4 | - | AI, infrastructure, Investment, Markets, technology | - | AI infrastructure spending mirrors Field of Dreams with massive global investment based on belief rather than proof. Despite three strong market years, analysts project continued 2026 gains driven by earnings growth and rate cuts. Key risks include inflation and AI regulation. Firm maintains disciplined, fully-invested approach with diversified exposure avoiding AI overconcentration. |
| Oct 2 2025 | 2025 Q3 | AAPL, AMZN, AVGO, BRK-A, GOOG, GOOGL, JNJ, JPM, LLY, MA, META, MSFT, NFLX, NVDA, ORCL, TSLA, V, WMT, XOM | AI, Consistency, Discipline, large cap, Patience, Quality, technology | - | Pittenger & Anderson advocates disciplined long-term investing through Intelligence, Consistency, Quality, and Patience principles amid AI-driven market leadership. The S&P 500's 14.8% year-to-date gain reflects narrow concentration in Big Tech, creating both opportunity and risk. Federal Reserve rate cuts provide tailwinds, but elevated margin debt signals caution. Focus remains on quality companies with competitive advantages. |
| Jul 16 2025 | 2025 Q2 | AAPL, AMZN, BRK-A, GE, GOOGL, IBM, INTC, JPM, KO, META, MO, MRK, MSFT, NVDA, T, TSLA, WMT, XOM | AI, diversification, long-term, Quality, tariffs, technology, volatility | - | P&A's 30th anniversary letter reaffirms their quality-focused, long-term investment approach despite Q2 2025 market volatility from tariff concerns. AI productivity gains and potential Fed cuts provide upside catalysts, while U.S. debt levels pose systemic risks. International diversification proved valuable with strong EAFE performance. The firm maintains conviction in high-quality securities despite near-term uncertainty. |
| Apr 4 2025 | 2025 Q1 | AMZN, RIVN, WMT | Business, CEOs, Electric Vehicles, Government, Markets, policy, tariffs | RIVN | Surowiec warns that Trump Administration policies, particularly tariffs affecting 70% of businesses per Yale CEO survey, create harmful uncertainty despite steady markets. He criticizes regulatory interference and winner-picking while maintaining focus on companies with strong fundamentals and competitive moats that can adapt to policy volatility. Recent addition Rivian positioned for EV growth. |
| Jan 7 2025 | 2024 Q4 | NVO, RIVN, STZ | inflation, long-term, Macro, Quality, rates, value | - | GDS Investments maintains that company fundamentals trump macro concerns despite higher rates and inflation. The firm recently acquired Rivian, Constellation Brands, and Novo Nordisk at attractive prices during market dips. Manager emphasizes that strong businesses with moats can navigate any environment, and periods of turmoil create compelling entry points for quality companies trading at discounts. |
| Oct 10 2024 | 2024 Q3 | AMZN, F, GOOGL, JPM, RIVN, SHEL, SLB, STZ, TDW, TSLA, VAL | energy, Politics, Recession, tariffs, technology, Trade Policy, value |
GOOGL AMZN TDW VAL SLB RIVN STZ |
GDS maintains value positions in capital-light tech stocks and cyclically positioned energy investments despite Trump tariff-driven market turmoil. The manager views current policies as economically damaging but believes Trump is overplaying his hand politically. Market conditions resemble major inflection points where patient value investors get rewarded. New position in recession-resistant Constellation Brands added. |
| Jul 16 2024 | 2024 Q2 | AAPL, AMZN, BRK.A, DDS, GOOGL, LLYVA, META, NFLX, NKE, NVDA, PLTR, SIRI, SLB, TDW, VAL | AI, Concentration, cyclicals, energy, technology, Trump, value |
NKE TDW VAL SLB SIRI |
Value-focused manager sees opportunity in market concentration reminiscent of dot-com bubble, maintaining core tech positions Amazon and Alphabet while adding cyclical offshore drilling names and undervalued Sirius XM. Concerned about AI hype and Trump policy contradictions creating market vulnerability, positioning contrarian in overlooked areas expecting mean reversion to reward patient value approach over next 5-10 years. |
| Apr 10 2024 | 2024 Q1 | ABNB, GE, HD, NKE | consumer, Leadership, management, technology, value |
NKE ABNB |
GDS Investments views Nike's CEO change from Donahoe to Hill as strengthening their value position, emphasizing how leadership cultural fit drives performance. They contrast this with successful examples like Airbnb's Chesky versus mismatched appointments like Nardelli at Home Depot. The firm maintains focus on fundamentally strong companies at discounted prices with quality leadership. |
| Jan 17 2024 | 2023 Q4 | - | inflation, large cap, long-term, Quality, S&P 500, tariffs | - | Front Street maintains a 37-year philosophy of owning the S&P 500 or 30 best-managed US companies selected by quality criteria. The manager views tariffs as opportunities for superior companies to gain advantages through adaptability. Despite inflationary risks from trade policy, they maintain positioning in short-term Treasuries, index funds, and quality stocks for long-term wealth building. |
| Oct 10 2023 | 2023 Q3 | BRK-A | Competitive Advantage, Employee Empowerment, long-term, Quality, value | - | Front Street/Tarkio advocates focusing exclusively on knowable business fundamentals while ignoring unpredictable macro events. Following Ben Graham and Warren Buffett's principles, they concentrate on understanding competitive advantages and fair valuations of outstanding businesses. Their increasingly disciplined approach emphasizes employee empowerment companies as both socially beneficial and reliable wealth compounders. Management expresses strong optimism about future prospects. |
| Jul 5 2023 | 2023 Q2 | - | fixed income, international, Multi-Asset, risk management, Tactical Allocation, volatility | - | Horizon's multi-asset strategies successfully navigated extreme Q2 volatility through dynamic risk management. After de-risking during April's tariff-induced selloff, portfolios re-risked into the market's historic recovery. Tactical shifts favored international markets over domestic, investment grade credit over high-yield, and select AI themes over broad technology exposure. All models ended fully invested. |
| Apr 17 2023 | 2023 Q1 | AMG, CHTR, DOCN, FLEX, GOOGL, KMX, LOPE, NFLX, NOMD, TGT, TMO | long-term, multi-cap, Research, stock selection, value | - | City Different's Multi-Cap Core strategy lagged the S&P 500 in Q3 due to weakness in mid-caps and Emerging businesses, though it remains ahead year-to-date. The firm maintains its disciplined value approach, selling Digital Ocean and concentrating capital in higher conviction ideas while focusing on long-term outperformance through their business life-cycle framework. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIBig technology companies are driving the largest capital expansion in history with data center spending expected to reach $650 billion in 2026. Two competing narratives exist about AI's impact: the doomer scenario warns of significant white-collar job elimination, while the abundance narrative sees new industries emerging similar to past technological revolutions. Markets must price the future before knowing which narrative wins. |
Data Centers Technology Jobs Innovation Capital Spending |
Private CreditPrivate credit funds now exceed $2 trillion in assets and are financing much of the data center buildout outside traditional banking. During Q1 2026, several funds faced above-normal investor withdrawal requests as investors assess how rapid capital spending, rising leverage, and illiquid funding may affect AI and the broader economy. |
Illiquid Leverage Withdrawals Banking Funding | |
OilOil prices rose from $72 per barrel to a peak of $120 in mid-March following U.S. and Israeli military strikes against Iran, before settling near $100 by quarter-end. The Strait of Hormuz closure for nearly a month disrupted 20% of global oil and LNG flows, highlighting continued economic sensitivity to supply disruptions. |
Iran Strait of Hormuz Supply Disruption Energy Geopolitics | |
InflationPrices are expected to climb again as the oil shock works through energy bills, grocery prices, and shipping costs. Deglobalization, tighter immigration policy, and rising energy demand from AI infrastructure buildout may continue to keep prices elevated, shifting Fed rate cut expectations from two cuts to potentially one in December. |
Energy Immigration Deglobalization Fed Rate Cuts | |
| 2025 Q4 |
AIManager believes current AI investment cycle differs from dot-com bubble due to existing demand for compute capacity. Views infrastructure buildout as most secure part of AI food chain, explaining continued investment in Nvidia, ASML, and new Micron position. Expects volatility but remains committed to AI revolution thesis. |
Artificial Intelligence Data Centers Compute Infrastructure GPUs |
Trade PolicyManager notes 2025 saw global trade order rewritten through executive orders and tweets. Expects Supreme Court ruling on Trump tariff legality could impact markets, though believes similar tariffs would be reimposed under different legal authority if invalidated. Views tariff uncertainty as potential volatility driver. |
Tariffs Trade IEEPA Supreme Court | |
SemiconductorsManager maintains positions in Nvidia and ASML as part of AI infrastructure thesis. Reduced ASML position after strong outperformance to fund Alphabet purchase but remains enthusiastic about prospects. Added Micron as new investment in memory space. |
Nvidia ASML Micron Memory Equipment | |
Enterprise SoftwareManager consolidated enterprise software exposure into platform companies ServiceNow and Salesforce, eliminating Adobe. Views platforms as better positioned than best-of-breed apps against AI disruption threats. Expects platform companies to deliver accelerating performance as AI solutions gain critical mass. |
ServiceNow Salesforce Platforms SaaS | |
| 2025 Q3 |
AIThe Big Tech/AI trade continues to drive market leadership with nine of the ten largest S&P 500 companies directly involved with or benefiting from artificial intelligence. Market concentration has reached extreme levels with the top 10 companies accounting for 40% of the entire S&P 500 index. |
Technology Concentration Leadership Growth Innovation |
QualityHigh-quality investments with financial strength, consistent profitability, strong balance sheets, and durable competitive advantages are emphasized as easier to hold through difficult markets. Quality investments provide confidence to stay invested over full cycles and aid in maintaining consistency. |
Fundamentals Moats Leadership Durability Strength | |
| 2025 Q2 |
AIAI is viewed as a potential catalyst for stocks through two mechanisms: reducing inflation via productivity and efficiency gains across sectors, and potentially translating to higher margins and stronger equity performance if companies retain cost savings. |
Productivity Efficiency Margins Technology |
Trade PolicyUniversal tariffs announced by President Trump triggered significant market volatility, with the S&P 500 declining 21% before recovering on news of a 90-day pause. Markets are watching for clarity around tariffs and trade policy impacts. |
Tariffs Volatility Policy Inflation | |
| 2025 Q1 |
Trade PolicyThe manager discusses how the Trump Administration's tariff scheme has harmed 70% of businesses according to a Yale CEO survey. He explains how tariffs create policy unpredictability and avoidable costs that affect CEO decision-making around pricing, inventory, capex, and hiring, ultimately filtering down to growth, margins, and valuation. |
Tariffs Policy Supply Chain Costs Uncertainty |
Electric VehiclesThe manager mentions Rivian as a relatively recent addition to their portfolio and references research suggesting EV penetration will rise meaningfully over the next cycle. He views firms like Rivian as well positioned to capitalize on the electric transition shift. |
EV Penetration Transition Auto Growth | |
| 2024 Q4 |
ValueManager emphasizes finding companies trading at significant discounts during periods of turmoil, citing that chaos can be a crucible of opportunity. Recent acquisitions like Rivian, Constellation Brands, and Novo Nordisk were made when these quality companies became attractively priced after recent dips. |
Value Discounts Entry Points Quality Pricing |
QualityFocus on strong businesses with internal discipline, strategic moats, balance sheet strength, and operational flexibility to navigate difficult environments. Manager believes well-positioned companies can leverage their strengths to respond to current conditions and emerge stronger. |
Quality Moats Balance Sheet Resilience Strength | |
| 2024 Q3 |
Trade PolicyTrump's newly announced global tariffs package represents a fundamental shift in economic policy that markets are rejecting. The tariffs are based on flawed math and misunderstanding of trade deficits, will ultimately raise costs for consumers and businesses, and slow economic growth. The implementation creates uncertainty that makes long-term business investments harder to justify. |
Tariffs Trade Protectionism Policy Economics |
Energy TransitionThe manager maintains positions in oil and gas investments including Tidewater, Valaris, and Schlumberger, seeing a favorable capital cycle positioning. These companies have gone through significant balance sheet restructuring and are positioned to outperform when the cycle returns, particularly as competitors like Shell have redirected capital away from offshore drilling. |
Oil Gas Offshore Drilling Cycle | |
Electric VehiclesRivian is positioned as an attractive domestic EV manufacturer with strong leadership and internal tech capabilities. The company offers an ideal scenario with all domestic production, has a partnership with Volkswagen for software platforms, and the upcoming 2026 R2 model at $45,000 could be a gamechanger. They're well-positioned to capture customers from Tesla's declining market position. |
EV Domestic Software Tesla Competition | |
| 2024 Q2 |
AIManager discusses AI hype and concentration in tech stocks, comparing current environment to dot-com bubble. Notes concerns about commoditization of AI tools and lack of clear profit models, while highlighting Amazon's successful cost-focused AI implementation in warehouses. |
Technology Valuation Bubble Efficiency Disruption |
ValueFund maintains core value investing philosophy of buying quality assets at significant discounts to fair value. Manager emphasizes patience and contrarian positioning, particularly in cyclical companies and overlooked opportunities while avoiding overvalued market leaders. |
Contrarian Discount Quality Patience Fundamentals | |
Offshore DrillingNew positions in Tidewater, Valaris, and Schlumberger based on favorable supply dynamics with fewer operating rigs, strong balance sheets, and restricted supply leading to higher day rates. Long lead times for new capacity create sustained tight supply environment. |
Cyclical Supply Energy Recovery Margins | |
| 2024 Q1 |
LeadershipThe letter extensively discusses CEO leadership changes at Nike and their impact on company culture and performance. It examines how leadership background affects performance, using examples of Bob Nardelli at Home Depot and Brian Chesky at Airbnb to illustrate the importance of cultural fit and mission understanding. |
CEO Culture Management Succession Performance |
| 2023 Q4 |
QualityThe fund focuses on identifying the best-managed companies according to specific criteria including humility, integrity, trust, long-term focus, purpose and passion, teamwork, employee empowerment, and disciplined capital allocation. These criteria have been their north star for 38 years and continue to compound in understanding and refinement. |
Management Criteria Long-term Capital allocation Employee empowerment |
Trade PolicyThe manager discusses tariffs as economic dislocations that provide opportunities for their companies to gain advantages over peers due to their superior adaptability. Tariffs will mean higher prices and potentially lead to higher interest rates, creating an inflationary environment with declining bond prices. |
Tariffs Inflation Interest rates Economic dislocation Adaptability | |
| 2023 Q3 |
QualityThe fund focuses on identifying companies with long-term competitive advantages and outstanding business characteristics. They emphasize understanding business economics and what gives one business an advantage over its peers, with knowledge that compounds over time. |
Competitive Advantage Business Quality Long-term Compounding Economics |
ValueThe investment approach centers on buying ownership stakes in businesses at attractive prices, following Ben Graham's principles. They focus on understanding fair value for ownership stakes as completely knowable variables, separate from market noise. |
Fair Value Ownership Ben Graham Attractive Prices Business Valuation | |
| 2023 Q2 |
AIThe strategy reduced higher beta exposures to AI stocks in April during market volatility, then shifted more exposure toward select areas of the AI theme, particularly software and communication services, as market sentiment improved. Concentrated AI exposures in software and semiconductor sectors were among the weakest contributors to performance. |
Software Semiconductors Technology Growth Beta |
Risk AppetiteThe quarter was characterized by extreme volatility with investors rapidly adjusting expectations for recession due to tariff announcements. The Risk Assist algorithm was very active, first aggressively de-risking in early April then re-investing as market trends reversed higher. Market sentiment improved significantly over the quarter. |
Volatility De-risking Market Sentiment Risk Management Drawdown | |
Trade PolicyMuch larger-than-expected tariffs announced on April 2 caused extreme market volatility similar to Covid-19 and Global Financial Crisis experiences. Investors braced for an anticipated recession due to these tariffs, leading to a sharp two-day sell-off before reversing. |
Tariffs Recession Policy Volatility Economic Impact | |
| 2023 Q1 |
ValueThe manager describes a disciplined value-oriented approach, comparing investing to thrift shopping where you search for undervalued opportunities. The process involves extensive research to find companies trading below intrinsic value, with most ideas not surviving deep analysis. |
Value Investing Undervalued Deep Research Intrinsic Value Disciplined |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 11, 2025 | Fund Letters | Pittenger & Anderson | RIVN | Rivian Automotive Inc | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | automotive, Electric Vehicles, Electrification, EV, Portfolio Addition, Transition | Login |
| Apr 9, 2025 | Fund Letters | Pittenger & Anderson | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Capital-light, defensive, efficiency, innovation, Long-term, technology | Login |
| Apr 9, 2025 | Fund Letters | Pittenger & Anderson | AMZN | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Capital-light, consumer, e-commerce, efficiency, innovation, Long-term, technology | Login |
| Apr 9, 2025 | Fund Letters | Pittenger & Anderson | TDW | Tidewater Inc. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Balance sheet restructuring, Capital Cycle, Cyclical, Energy Services, offshore drilling, recovery, Value | Login |
| Apr 9, 2025 | Fund Letters | Pittenger & Anderson | VAL | Valaris Limited | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Balance sheet restructuring, Capital Cycle, Cyclical, Energy Services, offshore drilling, recovery, Value | Login |
| Apr 9, 2025 | Fund Letters | Pittenger & Anderson | SLB | Schlumberger N.V. | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Capital Cycle, Cyclical, Energy Services, oilfield services, recovery, technology, Value | Login |
| Apr 9, 2025 | Fund Letters | Pittenger & Anderson | RIVN | Rivian Automotive Inc. | Consumer Discretionary | Automobiles | Bull | NASDAQ | automotive, domestic production, Electric Vehicles, growth, market share, Software-defined vehicles, technology platform | Login |
| Apr 9, 2025 | Fund Letters | Pittenger & Anderson | STZ | Constellation Brands Inc. | Consumer Staples | Beverages | Bull | NYSE | Berkshire validation, Beverages, consumer staples, defensive, Recession-resistant, uncertainty, Well-managed | Login |
| Feb 15, 2025 | Fund Letters | Pittenger & Anderson | NKE | Nike Inc. | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | athletic apparel, Brand, Distribution, innovation, Leadership Change, Retail Relationships, turnaround | Login |
| Feb 15, 2025 | Fund Letters | Pittenger & Anderson | TDW | Tidewater Inc. | Energy | Oil & Gas Drilling | Bull | NYSE | Cyclical, Day-rates, Energy Services, Marine services, offshore drilling, shareholder returns, Supply Constraint | Login |
| Feb 15, 2025 | Fund Letters | Pittenger & Anderson | VAL | Valaris Limited | Energy | Oil & Gas Drilling | Bull | NYSE | Cyclical, Day-rates, Drilling rigs, Energy Services, offshore drilling, shareholder returns, Supply Constraint | Login |
| Feb 15, 2025 | Fund Letters | Pittenger & Anderson | SLB | Schlumberger NV | Energy | Oil & Gas Equipment & Services | Bull | NYSE | Cyclical, Energy Services, offshore drilling, oilfield services, shareholder returns, Supply Constraint, technology | Login |
| Feb 15, 2025 | Fund Letters | Pittenger & Anderson | SIRI | Sirius XM Holdings Inc. | Communication Services | Entertainment | Bull | NASDAQ | Berkshire Hathaway, capital allocation, Low Churn, platform, Satellite Radio, shareholder returns, Subscription | Login |
| Oct 12, 2024 | Fund Letters | Pittenger & Anderson | NKE | Nike Inc | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | athletic apparel, Brand, CEO transition, cultural fit, Employee Morale, Footwear, Leadership Change, turnaround, Value | Login |
| Oct 12, 2024 | Fund Letters | Pittenger & Anderson | ABNB | Airbnb Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | asset-light, growth, hospitality, international expansion, marketplace, net cash, platform, Travel, Two-Sided Market | Login |
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