TICKERS MAKING HEADLINES,
straight from hedge fund letters.

"Google subsidiary search revenues accelerated to +15% growth, driven by AI Overviews and automated ad creative services. Google Cloud processed 1.3 quadrillion AI tokens per month. Though trimmed twic"

"Valued at levels that make long-term returns ferociously mediocre. Analysts expect $75 billion of free cash production in 2026, which is only about 2% of the $3.6 trillion purchase price. If Microsoft"

"The manager is highly skeptical of Nvidia's massive valuation and the capital-intensive nature of the broader AI race. He argues that massive capital expenditure forecasts are unsustainable, datacenters face rapid obsolescence, and early investments are highly likely to yield disappointing returns."

"The manager highlights Amazon's inclusion in both the Russell 1000 Value and S&P 500 Value indices as a prime example of style drift. They argue its extremely high valuation and growth characteristics do not align with traditional value investing principles."

"Initiated position following a 20% decline post-Q3 earnings on AI spending concerns. Bought at a cheap valuation of 20x EPS (less than 16x excluding Reality Labs). Manager believes AI will accelerate"

"Apple is now a mature business with stagnant iPhone sales, yet its valuation has expanded from 10x earnings in 2016 to 33x today. Massive share repurchases, which historically drove outsize EPS growth"

"Widely praised by industry CEOs as a critical source for silicon manufacturing. Executes flawlessly on advanced node progression with high pricing power. High-Performance Computing (HPC) revenues have"

"The manager avoids Tesla in their core income-focused strategies due to its outlier valuation and lack of dividend yield. However, they maintain a bullish posture on the company specifically for their Clean Energy strategy."

"During the quarter, we initiated a below-average weight position in leading semiconductor and infrastructure software company Broadcom. Broadcom's ongoing trans..."

"Oracle experienced an unsustainable stock surge fueled by AI hype, which ultimately collapsed. The manager used this as a reason to avoid overhyped situations and maintain investment discipline."

"The manager expanded their position in Visa for a second consecutive month, finding the valuation of 25x forward earnings highly compelling for a high-quality, stable business. They prefer to purchase such compounders near the bottom of their historical valuation ranges to simplify the investment process."

"Netflix remains the largest investment in the portfolio, held at an 18% weight at the start of Q4. The stock declined 21.8% in Q4 due to its announced $83 billion acquisition of Warner Bros. Discovery"

"Purchased during the quarter. Standout sector rebound play after a period of elevated medical cost trends. Management is taking proactive steps to reset margins, improve earnings quality, and restore"

"Invested in Alibaba in 2025. The company remains central to China's economy with solid fundamentals. Market sentiment has turned deeply negative, creating an asymmetric, compelling risk-reward scenari"

"Salesforce could be one of the largest gainers of incremental AI spend outside of the hyperscalers thanks to its AI agents, Agentforce, which are interacting di..."

"Acquired during a temporary cyclical downturn in 2025. Serves as the sole manufacturer of EUV lithography tools, operating as an effective monopoly. Expected to grow EPS in the mid-to-high-teens over"

"Top performer in 2025 (+64.8%). The manager remains bullish on Alphabet's AI capabilities, self-funding infrastructure, search moat, and proprietary TPUs (avoiding the 'Nvidia Tax'). However, because"

"Along with other large memory stocks, Samsung benefited from a strong supply-demand deficit driven by the growth of AI data centers, computers, and mobile phones. This allowed the company to consistently hike prices for its memory chips and secure massive stock returns during the year."

"Mercado Livre built unmatched competitive advantages through long-term owner thinking, as shown by its decision to sacrifice short-term profitability for a free shipping scale advantage. The company also showed exemplary M&A discipline by prioritizing internal R&D and returning SPAC capital rather than overpaying for assets."

"Surged in Q4 on blowout quarterly results. Management announced its entire 2026 advanced memory chip production is sold out, with pricing and volume agreements locked through 2027. Projections point t"

"Mastercard represents a premier payment processing holding in the fund's core portfolio. The manager favors its duopolistic market position and participation in the secular shift toward cashless transactions. It offers highly scalable, high-margin growth."

"Eli Lilly was a key performance contributor, driven by accelerating sales growth for its GLP-1 weight loss products (Mounjaro and Zepbound) and positive progress on late-stage clinical trial pipeline"

"Second largest detractor (-0.8%) due to concerns over AI disrupting SaaS. The manager argues ServiceNow is well-positioned to connect enterprises' AI applications and thrive amid IT fragmentation. Acq"

"Most recent addition to the fund. The manager believes the narrative that Generative AI will make Adobe obsolete is vastly overstated, and that the company is uniquely positioned to integrate AI into"

"Sold during the quarter. While still viewed as a highest-quality money center bank, its dividend yield has fallen below 2% after considerable price appreciation. Trading at 15.5x 2026 EPS and 2.4x boo"

"Advanced Micro Devices represents a long-duration share-gain story driven by execution rather than hype. Over the past decade, the company has demonstrated a consistent ability to take share in large,"

"Spotify Technology S.A. is a leading global digital music service, offering on-demand audio streaming through paid premium subscriptions and an ad-supported mod..."

"One of the largest detractors despite record trip volumes and booking growth. The stock underperformed due to investor concern over near-term margin expansion guidance as the company reinvests profits"

"Shopify is a leading global provider of mission-critical commerce infrastructure that enables retail companies to start, grow, market, and manage a retail busin..."

"In our view, the market is underappreciating the durability and breadth of Novo Nordisk's GLP-1 franchise relative to the massive global obesity opportunity. Th..."

"Danaher is the largest position in the Zeno Investment Fund. The manager praises the company as a prime example of founder-led risk assessment and long-term decision-making. Over the last decade, Dana"

"Initiated a holding. The fund's investment case is anchored in structural demand for high-bandwidth memory (HBM) driven by AI scaling. SK Hynix is widely regarded as the technological leader in HBM, t"

"Brokerage firm The Charles Schwab Corporation has embarked on a multi-year program to improve funding costs. Net new asset trends have strengthened as the compa..."

"Intuit is positioned as a leading technology holding in the fund's top ten portfolio. The investment thesis highlights its dominant position in tax and accounting software for small businesses. It represents a high-margin, resilient software compounder."

"Leading business with strong competitive advantages and attractive growth at reasonable valuations. WeChat ecosystem improvements are slowly enhancing monetization. FSSA has been a shareholder since 2"

"Applied Material contributed most to portfolio performance both on an annual basis and in Q4. The stock was up respectively 59.6% and 25.8%, adding 2.1% and 1.1..."

"After selling in 1Q 2025 close to fair value, the manager began rebuilding a position in September following guidance revisions. The new management uncovered previous aggressive tactics used to boost"

"Thermo Fisher functions as a leading end-to-end platform in the life sciences sector with exceptional scale and reliable performance. The manager leveraged market volatility during early 2025 to buy the company at a discounted rate, building a significant position."

"Sold during the quarter-end rebalance to decrease the number of holdings in Tier 3 and redeploy capital into higher-conviction positions."

"FMI considers Accenture a premier global IT consultant whose valuation has halved due to temporary IT spending headwinds and the misguided perception of being an AI loser. FMI expects that while AI may cause minor deflationary impacts, the massive consulting work required for enterprises to adopt AI will heavily offset this. The complex, fragmented AI supplier landscape is positioned to drive clients to Accenture, making current cyclical pressures an attractive entry point."

"A material detractor. Enterprise margins have contracted significantly due to persistent large investments in Homes.com, which has fallen short of long-term expectations and will continue to be loss-m"

"Added as a new position in Information Technology. It is one of the largest manufacturers of semiconductor equipment, benefiting from industry-wide secular tailwinds (such as transition to larger chip"

"Palantir, the specialist for AI-supported data analysis, was sold due to its significant dependency on US government business and the resulting political risks ..."

"Added to the portfolio. Edgewood sees structural tailwinds from the AI buildout as dense GPU racks require significantly higher high-speed copper, fiber, and power interconnect content compared to tra"

"Intercontinental Exchange is a core exchanges-focused financial holding for the fund. The manager favors its defensive, fee-based revenue model and strong competitive moat in financial market infrastructure. It serves as a resilient portfolio diversifier."

"Johnson & Johnson. This pharmaceutical and health care products company reported better-than-expected earnings and announced it would spin off its orthopedics s..."

"Added during the fourth quarter of 2025. Intuitive Surgical has a massive installed base of over 10,000 systems generating recurring revenue. The company is increasingly leveraging AI to enhance surgi"

"Sea Limited represents a compelling opportunity due to its robust revenue growth, margin expansion, and improved efficiency across its three business segments. Most notably, the company's sales and marketing spend is now highly efficient, returning multiple times the incremental investment, indicating a powerful reinvestment runway."

"Intel – I owned shares of this large American semiconductor microchip manufacturer previously. We bought shares around US$55 when Greenfield started managing in..."