| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.8% | -10.6% | -10.6% |
Burke Wealth Management's Focused Growth portfolio declined 10.6% in Q1 2026, underperforming the S&P 500's 4.3% decline as war with Iran and resulting oil shock overwhelmed strong corporate earnings. The manager maintains conviction that exogenous events have temporarily overshadowed robust fundamentals, with S&P 500 earnings growing 14% in Q4 2025 led by 30% technology sector growth. Enterprise software holdings faced continued pressure despite strong results and accelerating guidance, with valuations at 10-year lows due to AI disruption fears. The manager believes this indiscriminate sell-off has gone too far and is nearing conclusion. Positive contributors included ASML (+24%) on record bookings and Micron (+18%) as AI-driven memory demand drove explosive earnings revisions. Key risks include prolonged Strait of Hormuz disruption and Kevin Warsh's hawkish Fed nomination facing political friction. The portfolio's balance sheet strength and focus on AI infrastructure beneficiaries positions it to weather near-term turbulence while capturing long-term AI revolution opportunities.
Exogenous events have overwhelmed strong fundamentals, but corporate earnings strength will ultimately prevail as the AI revolution drives long-term growth opportunities.
Manager expects war resolution and greater AI clarity ahead against a backdrop of continued strength in corporate profits. This is viewed as a favorable backdrop for equities but getting from point A to point B may be bumpy. Strong corporate profits will ultimately rule the day over time.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| May 5 2026 | 2026 Q1 | ASML, CRM, CRWD, MU, NOW, NVDA, SNOW | AI, energy, Enterprise Software, geopolitics, growth, semiconductors, technology | - | Q1 2026 saw war with Iran overwhelm strong tech earnings, driving the portfolio down 10.6%. Enterprise software trades at decade-low valuations despite accelerating growth, while AI infrastructure plays like ASML and Micron delivered strong gains. Manager expects geopolitical resolution and AI clarity to restore focus on robust corporate fundamentals. |
| Dec 31 2025 | 2025 Q4 | AAPL, ADBE, ASML, BWXT, CMCSA, CRM, GOOGL, ISRG, META, MU, NOW, NVDA, ORCL, SNOW, TDG | AI, Data centers, Enterprise Software, growth, semiconductors, technology, Trade Policy | - | Burke Wealth Management remains optimistic on AI infrastructure investments, viewing the current cycle as fundamentally different from the dot.com bubble due to insufficient compute capacity meeting existing demand. Portfolio positioned around semiconductor leaders Nvidia, ASML, and Micron while consolidating enterprise software into platforms ServiceNow and Salesforce. Trump's growth agenda provides favorable equity backdrop despite ongoing AI bubble concerns and tariff uncertainties. |
| Sep 30 2025 | 2025 Q3 | ASML, BWXT, CHTR, CMCSA, CRM, MA, META, MU, NOW, NVDA, V | AI, Enterprise Software, growth, nuclear, semiconductors, technology, Trade Policy | - | Portfolio underperformed despite strong earnings growth as AI concerns weighed on enterprise software holdings. Manager maintains conviction that platforms like ServiceNow and Salesforce will prove essential for corporate AI adoption. Added Micron on structural memory demand growth, sold Charter on subscriber weakness. Trump pro-growth policies now established, creating favorable environment for quality companies to execute. |
| Jun 30 2025 | 2025 Q2 | ABNB, ABT, BWXT, CHTR, ICE, ISRG, LLY, NOW, NVDA, NVO, SNOW, TDG, UBER | AI, defense, growth, nuclear, Pharmaceuticals, regulation, technology, Trade Policy |
NVDA SNOW BWXT UBER |
Burke's Focused Growth portfolio gained 15.9% in Q2 2025 despite trade war volatility and geopolitical tensions. Strong performance from AI leaders Nvidia and Snowflake offset regulatory headwinds. Portfolio repositioned toward defensive holdings like nuclear technology provider BWX Technologies while exiting economically sensitive positions. Manager expects policy clarity from Trump's tax legislation to drive continued growth. |
| Mar 31 2025 | 2025 Q1 | ABT, AMZN, CHTR, CRM, ICE, MA, META, NOW, NVDA, TDG, UNH, V | AI, growth, semiconductors, software, tariffs, technology, Trump, volatility |
NVDA NOW CRM TDG |
Growth portfolio suffered worst quarter in three years due to Trump tariff uncertainty, not earnings weakness. Manager views current policy-driven volatility as temporary adjustment period before beneficial tax cuts and deregulation. High-quality companies with strong balance sheets can weather political turbulence. AI demand remains robust despite efficiency gains through Jevon's Paradox dynamics. |
| Dec 31 2024 | 2024 Q4 | AAPL, ACN, ADBE, AMZN, CHTR, CMCSA, CRM, CRWD, CVS, GOOGL, HUM, LLY, MSFT, NOW, NVDA, NVO, SNOW, UNH | AI, growth, healthcare, large cap, regulation, software, technology, Telecommunications | - | Burke's Focused Growth strategy delivered 28.4% returns in 2024 by concentrating in high-quality technology leaders with scale advantages. The manager believes market concentration will persist as AI enters the Agentic Age, driving productivity gains. Portfolio changes included repurchasing Charter and Snowflake while exiting Alphabet on regulatory concerns. Trump's policies should benefit corporate earnings despite potential volatility. |
| Sep 30 2024 | 2024 Q3 | ASML, BLK, CRWD, DAL, INTC, MSFT, NVDA, TSM | AI, cybersecurity, Election, Fed policy, growth, large cap, semiconductors, technology |
BLK CRWD ASML |
Focused Growth portfolio gained 2.6% in Q3 amid market volatility from political uncertainty and Fed rate cuts. Manager used weakness to upgrade portfolio quality, selling Blackrock after thesis completion and adding to Crowdstrike and ASML during temporary setbacks. Strong underlying fundamentals with 9 of 20 holdings posting 20%+ earnings growth support confidence in secular growth positioning. |
| Jun 30 2024 | 2024 Q2 | ACN, ADBE, AMD, AMZN, CRM, CRWD, GOOGL, NOW, NVDA, SNOW, WDAY | AI, cybersecurity, Data centers, Enterprise Software, growth, large cap, semiconductors, technology |
NVDA CRWD |
Focused Growth delivered exceptional Q2 performance (+5.9%) driven by concentrated AI beneficiaries led by Nvidia's continued dominance. Portfolio demonstrates broad earnings growth with 12 of 21 companies showing 20%+ EPS growth, contradicting narrow rally concerns. Enterprise software showing early AI monetization signs. Strong balance sheet companies positioned to capitalize on AI transformation while managing through election uncertainty. |
| Mar 31 2024 | 2024 Q1 | AAPL, ABNB, ADBE, AMZN, CHTR, CMCSA, CRM, GOOGL, HD, LLY, LOW, META, MSFT, NOW, NVDA, NVO, PYPL, SNOW, TSLA | AI, growth, large cap, Pharmaceuticals, retail, semiconductors, technology | - | Burke's Focused Growth portfolio gained 15.2% in Q1 2024, outperforming the S&P 500's 10.6% return on strong AI-driven performance from Nvidia and Meta. The fund added positions in Novo Nordisk, Lowes, and Adobe while eliminating Charter, PayPal, and Snowflake. Management expects company fundamentals to drive performance in 2024 rather than macro factors. |
| Dec 31 2023 | 2023 Q4 | AAPL, AMD, AMZN, CHTR, CMCSA, CRM, GOOGL, META, MSFT, NOW, NVDA, SNOW, TMUS, TSLA, VZ | AI, Cloud, earnings, growth, large cap, semiconductors, technology | - | Burke's Focused Growth portfolio rebounded 53% in 2023 after 2022's growth rout, holding four Magnificent Seven stocks driven by earnings growth rather than valuation expansion. The manager is optimistic about 2024, positioning for the AI revolution through companies like Nvidia, Amazon, and Meta, while projecting 20% annual portfolio earnings growth with reasonable valuations. |
| Sep 30 2023 | 2023 Q3 | AMZN, ASML, CHTR, CMCSA, CRM, DIS, GOOGL, ISRG, META, MSFT, NVDA, SNOW, SPOT | AI, Cable, growth, healthcare, semiconductors, Streaming, technology | - | Burke's Focused Growth Strategy delivered +35.9% YTD returns through Q3 2023, positioning for the AI investment cycle with quality growth companies. The portfolio benefits from GPU supply constraints extending into 2024 and software demand following hardware deployment. Key moves included adding Snowflake for AI data strategy and increasing Intuitive Surgical while trimming Nvidia for risk management. |
| Jun 30 2023 | 2023 Q2 | ABNB, ACN, AMZN, ASML, CHTR, CMCSA, CRM, GOOGL, ISRG, META, NOW, NVDA, PYPL, SPOT, TSM, UNH | AI, Cloud, growth, large cap, semiconductors, software, technology | - | Focused Growth portfolio returned +15.2% in Q2, driven by AI revolution positioning. Nvidia delivered historic upside surprise with data center revenue guidance jumping to $11B. Portfolio companies already made necessary cost adjustments and are positioned around secular growth trends. Manager reduced Alphabet due to search disruption risks, added ASML for AI infrastructure exposure. |
| Mar 31 2023 | 2023 Q1 | AAPL, ACN, AMZN, BRK-A, CRM, CVX, GOOGL, ISRG, JNJ, JPM, MA, META, MSFT, NVDA, ORCL, PG, TSLA, UNH, V, XOM | AI, Banking, growth, large cap, semiconductors, technology |
AAPL|MSFT|NFLX|NVDA|UNH ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO CRM ISRG |
Burke's Focused Growth portfolio gained 18.6% in Q1 2023, led by AI beneficiary Nvidia and cost-cutting success stories Meta and Salesforce. The Silicon Valley Bank crisis validated their strategy of owning fortress balance sheet companies independent of capital markets. Technology firms that right-sized costs are positioned to outperform despite macro uncertainty. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIManager views AI as a transformative force driving compute demand and infrastructure investment. Believes current AI-disruption sell-off in enterprise software has gone too far. Sees AI as creating new opportunities for SaaS companies through partnerships with frontier model companies rather than destroying them. |
Artificial Intelligence Compute Infrastructure Enterprise Software Frontier Models |
Enterprise SoftwareStrong conviction that the market's indiscriminate sell-off of enterprise software stocks is nearing conclusion. Believes platform companies will incorporate AI capabilities and maintain competitive advantages. Expects business model evolution from seat-based to consumption/subscription hybrid. |
SaaS Platform Business Models Valuations AI Integration | |
SemiconductorsBullish on semiconductor equipment and memory companies driven by insatiable AI compute demand. ASML's record bookings and Micron's explosive earnings growth demonstrate the strength of AI-driven semiconductor cycle. |
Memory Lithography Equipment Cycle Demand | |
OilWar with Iran has driven oil prices from $70 to over $100 per barrel. Strait of Hormuz disruption remains unresolved, keeping energy markets volatile. Higher oil prices will dampen consumer spending and cause transitory inflation uptick. |
Energy Geopolitics Inflation Supply Disruption | |
DefenseU.S. and Israeli military action against Iran has achieved air superiority and degraded Iran's nuclear program. Military objectives being met but uncertainty remains over Strait of Hormuz control and regional stability. |
Military Geopolitics Iran Nuclear | |
| 2025 Q4 |
AIManager believes AI revolution is fundamentally different from dot-com bubble due to current compute capacity constraints versus future demand. Views infrastructure buildout as most secure part of AI food chain, explaining continued investment in Nvidia, ASML, and new Micron position. |
Artificial Intelligence Data Centers Compute Infrastructure GPUs |
Trade PolicyDiscusses Trump administration's tariff policies and upcoming Supreme Court ruling on IEEPA tariffs. Notes global trade order was rewritten in 2025 but restructuring occurred without triggering outright trade war, creating solid backdrop for equities. |
Tariffs Trade IEEPA Policy | |
RatesFederal Reserve continued easing cycle with Fed Funds rate reaching parity with 2-year bond at 3.5%. Manager believes they are within 25-50 basis points of neutral rate and criticizes Trump's advocacy for rates near zero as unlikely to work as intended. |
Federal Reserve Interest Rates Monetary Policy | |
Enterprise SoftwareConsolidated exposure to platform companies ServiceNow and Salesforce while eliminating Adobe due to AI disruption concerns. Views platforms as less vulnerable to disintermediation than best-of-breed applications during AI transition. |
SaaS Platforms AI Disruption | |
| 2025 Q3 |
AIManager believes AI will drive increased adoption at higher prices for enterprise software companies like ServiceNow and Salesforce, rather than allowing Fortune 2000 clients to bypass them with internal custom applications. Both companies are transitioning to consumption pricing models for AI modules to capture value from productivity gains. |
Enterprise Software Productivity Consumption Pricing Innovation Automation |
SemiconductorsASML maintains monopoly in extreme ultraviolet lithography essential for high-end chips required for AI. Micron positioned to gain market share in high bandwidth memory with Vera Rubin launch, benefiting from structural AI data center demand growth from $8B in 2023 to expected $30B+ in 2026. |
Memory Lithography Data Centers High Bandwidth Memory Market Share | |
NuclearBWX Technologies benefits from massive growth in nuclear-related backlog, up 70% to $6B, driven by urgent need for additional power generation capacity. Nuclear positioned as critical solution for AI data center buildout where power is the biggest constraint according to Jensen Huang. |
Power Generation Energy Infrastructure Backlog Growth Small Module Reactors Data Center Power | |
Trade PolicyTrump administration rewrote international trade terms favoring US domestic production through tariffs and secured massive manufacturing investment commitments. Combined with tax policy and deregulation promises, this represents a massive bet on growth that should benefit equity markets. |
Tariffs Manufacturing Investment Domestic Production Growth Policy Deregulation | |
BroadbandCable companies face persistent broadband subscriber decline despite solid earnings and cash flow growth, leading to severe multiple compression. Charter sold due to weak balance sheet and lack of near-term catalysts, while Comcast retained temporarily pending proof of bundled mobile/broadband strategy success. |
Subscriber Trends Multiple Compression Cable Bundling Strategy Free Cash Flow | |
| 2025 Q2 |
AIThe AI revolution continues to drive significant opportunities and challenges, with Nvidia facing regulatory threats from government restrictions on chip exports while maintaining dominance in global AI infrastructure. Snowflake is positioning itself as a critical platform for real-time AI-powered data analytics through AI agents and secure third-party applications. |
Nvidia Snowflake Infrastructure Regulation Data |
Trade PolicyGlobal trade war initiated in April created massive market volatility before bilateral agreements provided relief. The Trump administration's trade policies including tariffs and the Big Beautiful Bill are reshaping international commerce and creating both opportunities and risks for portfolio companies. |
Tariffs Bilateral China Regulation Policy | |
NuclearBWX Technologies provides sole-source nuclear propulsion components for US Navy submarines and has growth opportunities in small modular reactors for data center power needs. The company also participates in radiopharmaceuticals with over 90 drugs in FDA approval process. |
Defense Submarines Reactors Energy Healthcare | |
PharmaceuticalsThe pharmaceutical industry faces regulatory pressure from tariff threats to force manufacturing back to the US and Trump administration efforts to end US subsidization of global drug pricing. Novo Nordisk was sold due to competitive disappointments and regulatory headwinds affecting the obesity treatment market. |
Pricing Manufacturing Obesity Regulation Competition | |
| 2025 Q1 |
AIManager discusses AI revolution's productivity benefits and efficiency gains through DeepSeek's breakthrough. Notes AI capabilities growing rapidly at ServiceNow and Salesforce with hybrid consumption models. Emphasizes AI efficiency gains will increase demand through Jevon's Paradox rather than reduce compute needs. |
Artificial Intelligence DeepSeek Inference Compute Efficiency |
Trade PolicyExtensive analysis of Trump administration's tariff policies and reciprocal tariff calculations. Manager expresses concern about tariff formula based on trade deficits rather than actual tariff rates. Views tariffs as negotiating tool but warns of protectionist risks and economic disruption. |
Tariffs Reciprocal Trade War Protectionism Negotiations | |
CloudCloud service providers continue massive CAPEX spending of $330B across major players despite efficiency gains. Manager notes AWS and Google remain capacity constrained for AI workloads. Cloud infrastructure remains critical for AI compute power expansion. |
CAPEX Data Centers Capacity Infrastructure Workloads | |
| 2024 Q4 |
AIThe manager discusses the dawn of the Agentic Age where AI agents will solve problems and complete business tasks, with marginal cost of labor approaching zero for tasks AI can complete. AI agents will allow knowledge workers to operate at the top of their degree and eliminate mindless tasks. The manager expects this to drive productivity gains and help solve labor shortage issues. |
Artificial Intelligence Automation Productivity Agents Innovation |
CloudCloud computing is highlighted as an area where only a handful of companies can invest tens of billions annually to achieve datacenter scale necessary to compete. The manager views this as creating insurmountable advantages for the largest players. AWS specifically showed strong performance with 19% growth and improving margins. |
AWS Datacenter Infrastructure Scale Computing | |
GLP1The manager discusses obesity drugs as the biggest drug class in history, with supply still insufficient to meet demand. Despite Novo Nordisk's Cagri-Sema results falling short of 25% weight loss targets, the manager believes the market will support multiple winners and sees long-term growth potential. |
Obesity Weight Loss Pharmaceuticals Diabetes Healthcare | |
CybersecurityCrowdstrike's recovery from the July IT outage is highlighted as exemplary crisis management. The company maintained high client retention and used the customer care program as a discounted bundling strategy to drive platform adoption. The manager views this as successful platformization during a challenging transition. |
Security Platform Enterprise Software Recovery | |
BroadbandCharter's successful navigation of the Affordable Connectivity Program expiration is discussed as a key development. The company managed subscriber losses better than expected and successfully transitioned ACP subscribers to lower-cost converged offerings. The manager sees improving prospects with the ACP headwind now passed. |
Internet Subscribers Infrastructure Connectivity Telecommunications | |
| 2024 Q3 |
AIManager discusses artificial intelligence as providing a major productivity boost to whoever is elected President. References Nvidia's Blackwell product delays affecting semiconductor adoption. Mentions Jensen Huang as the person most responsible for the AI windfall. |
Artificial Intelligence Productivity Semiconductors Nvidia Blackwell |
CybersecurityDetailed analysis of Crowdstrike's global IT outage caused by a flawed Windows update affecting 8.5M devices. Manager increased position after the incident, viewing the decline as an opportunity given strong customer retention and positive response to the crisis. |
Crowdstrike IT Outage Falcon Platform Kernel Access Security | |
SemiconductorsASML discussion focuses on their monopoly in Extreme Ultra Violet Lithography systems critical for cutting-edge chip production. Manager views near-term headwinds from China restrictions and Intel CAPEX cuts as transitory, using weakness to build position. |
ASML EUV Lithography Foundries CAPEX China Restrictions | |
| 2024 Q2 |
AIThe AI revolution continues to be at the center of the market universe with Nvidia powering today's AI revolution through its Hopper and Blackwell chip sets. The durability of Nvidia's dominance in the data center is coming into clearer focus with ecosystem lock-in through CUDA programming language and accelerated product release cadence. Enterprise software companies are beginning to monetize AI-infused products after a period of testing and heavily discounted demos. |
Artificial Intelligence Data Centers CUDA Enterprise Software Monetization |
Enterprise SoftwareEnterprise software has been disappointing in the first half of 2024 as optimism around AI-driven investment failed to materialize initially. However, Adobe's successful monetization of AI products and Accenture's indication of demand stabilization suggest the weakness is a matter of timing rather than invalid thesis. Companies need time to develop AI strategy, secure data, and implement AI applications. |
SaaS AI Integration Workflow Automation Digital Transformation Subscription | |
CybersecurityCybersecurity is rapidly transitioning from best-of-breed solutions to platform consolidation, with Crowdstrike as a key beneficiary. The company offers 28 modules across cybersecurity needs via its Falcon platform, with 65% of customers utilizing 5 or more modules. Crowdstrike aims to grow annual recurring revenue from $3.6B to $10B and beyond. |
Platform Consolidation Cloud Security Subscription Revenue Threat Detection Endpoint Protection | |
Data CentersThe transition of roughly $1 trillion in legacy data center architecture from CPU-centric to GPU-centric represents a massive opportunity. Nvidia's data center revenues reached $22.6B in Q1 with guidance for $28B in Q2. The size and durability of the data center opportunity in AI continues to be underestimated by investors. |
GPU Computing Infrastructure Transition Cloud Computing Accelerated Computing Hardware Upgrade | |
| 2024 Q1 |
AIThe artificial intelligence revolution is unfolding in three phases: infrastructure investment, application development, and productivity implementation. Nvidia dominates the infrastructure phase while companies like Meta are advancing in application development and implementation. |
Infrastructure Applications Productivity Computing Enterprise |
GLP1Obesity treatments represent a massive market opportunity with only two FDA-approved players. Novo Nordisk and Eli Lilly are expanding beyond diabetes into cardiovascular and other disease indications, with supply constraints currently limiting growth. |
Obesity Diabetes Cardiovascular Supply Insurance | |
Data CentersLegacy data center infrastructure is being reinvented as computing shifts from CPU-dominant to GPU-centric architecture. This trillion-dollar transformation is driven by AI computing requirements and accelerated computing needs. |
Infrastructure GPUs CPUs Computing Architecture | |
Home ImprovementThe industry operates as a benign duopoly between Home Depot and Lowes. After digesting pandemic demand pull-forward, the sector faces favorable drivers from aging housing stock and household formation, offset by negative interest rate impacts. |
Duopoly Housing Cyclical Demographics Rates | |
| 2023 Q4 |
AIThe manager believes the AI revolution will be transformational for business, with 2023 being a year of massive investment in data centers for generative AI compute power. 2024 needs to be the year AI applications come into clearer focus, with companies like Snowflake helping enterprises organize data while Salesforce and ServiceNow deliver custom AI applications. Software applications tend to follow hardware investments by 3-6 months, and early AI applications from portfolio companies are encouraging. |
Data Centers Generative AI Applications Productivity Enterprise |
CloudThe manager takes the long-term success of AWS as a given and doesn't view it as much of a concern beyond one-day volatility around earnings releases regarding growth acceleration or deceleration. Cloud-based software providers should see a step up in demand as AI applications drive business investment, equating to strong returns for these companies' stocks. |
AWS Software Providers Demand Growth Infrastructure | |
SemiconductorsNvidia is highlighted as a key beneficiary of the AI infrastructure buildout, with the company up roughly 10x since the manager's initial 2019 investment. The controversy centers on whether 2025 will see continued growth or an earnings reset, requiring confirmation that 2023/2024 data center spending is the beginning of a reset toward GPU-powered parallel processing rather than a one-time event. |
GPU Data Center Parallel Processing Competition Infrastructure | |
E-commerceAmazon's retail margins are identified as a sleeper issue, with North American retail margins improving from -0.9% in 2022 to 3.4% in the first three quarters of 2023. The manager believes margins can go much higher and reach there sooner rather than later, as Amazon grows into its massive 2020-2022 investment in employees, trucks, planes, and warehouse space. |
Retail Margins Profitability Infrastructure Investment Growth | |
BroadbandThe Golden Age of Cable thesis centers on cable companies being the low-cost provider of telecommunication services with significant market share and margin opportunities in wireless. The manager believes competitive threats from fixed wireless broadband will abate by 2025 when T-Mobile reaches capacity, and capital intensity will return to lower levels by 2026 after current upgrade cycles complete. |
Cable Wireless Fixed Wireless Margins Competition | |
| 2023 Q3 |
AIThe fund is positioned for the early stages of a massive technology investment cycle around generative AI, expecting above-trend earnings growth for many holdings over the next couple of years. There is currently insufficient high-speed GPU capacity to meet AI demand, with visibility extending well into 2024, and software solutions should follow hardware deployment by about six months. |
Generative AI GPU Hardware Software Enterprise |
CloudCloud service providers like Amazon, Google and Microsoft are major customers for AI infrastructure, moderating 2023 CAPEX plans due to chip supply constraints but indicating 2024 increases as supplies improve. The fund sees cloud-based data management as foundational to AI strategy implementation. |
Cloud Infrastructure CAPEX Data Management Enterprise Software | |
SemiconductorsASML benefits from global semiconductor decoupling as Western countries build local foundries for national security, despite near-term delays in high-end system placements. The company maintains leadership in both DUV and EUV lithography systems essential for chip manufacturing. |
Lithography Foundries National Security Chip Manufacturing | |
StreamingCharter forced changes on Disney in carriage negotiations, ending content provider double-dipping and making streaming services available to cable subscribers. This shift benefits high-speed broadband demand while content providers struggle with unprofitable direct-to-consumer models outside of Netflix. |
Cable Content Broadband Carriage Disputes | |
| 2023 Q2 |
AIManager views AI as the fourth major computing revolution after PC, internet, and mobile. Portfolio companies like ServiceNow, Salesforce, and Accenture are positioned to deliver AI applications to enterprises. The AI revolution creates opportunities for productivity gains and new business models across the portfolio. |
Artificial Intelligence Enterprise Software Productivity Applications Revolution |
SemiconductorsNvidia's data center revenue guidance jumped from $7B to $11B, representing one of the largest upward surprises in large cap growth history. The transition from CPU-centric to GPU-driven data centers for AI applications creates massive demand for accelerated computing chipsets. |
GPUs Data Centers Computing Infrastructure Chipsets | |
CloudCloud service providers face huge demand uptick as they build AI-capable data centers. Companies like Alphabet, Amazon, and Meta are heavy investors in AI infrastructure while also being on the cutting edge of the revolution, though they must fund massive infrastructure investments. |
Infrastructure Data Centers Computing Applications Investment | |
| 2023 Q1 |
AIThe public launch of ChatGPT marked AI's iPhone moment, representing the fourth major computing revolution after PC, internet, and mobile. Artificial intelligence will drive profound impacts on corporate productivity and society, with enterprises incorporating massive data lakes into language models for business-specific applications. |
ChatGPT Language Models Productivity Computing Revolution Enterprise Applications |
SemiconductorsNvidia is positioned as the biggest winner in the AI revolution, with its Hopper next-generation accelerated computing chipset launching precisely as AI went mainstream. The company's lead in accelerated computing is greater than ever at the moment of this generational technological breakthrough. |
Accelerated Computing GPUs Hopper AI Chips Computing Power | |
Credit StressSilicon Valley Bank's failure exemplifies poor risk management during the Fed tightening cycle, investing deposits in long-duration mortgage securities while serving concentrated venture capital customers. The government bailout creates moral hazard and will likely lead to increased banking regulation and higher capital costs. |
Banking Crisis Risk Management Duration Risk Government Bailout Regulatory Response |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Mar 31, 2023 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | AAPL|MSFT|NFLX|NVDA|UNH | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI revolution, Artificial Intelligence, data centers, Gpu, growth, semiconductors, technology | Login |
| Mar 31, 2023 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Meta Platforms Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI investment, cost-cutting, digital advertising, Reels, social media, TikTok Competition, turnaround, workforce reduction | Login |
| Mar 31, 2023 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | CRM | Salesforce Inc | Information Technology | Software | Bull | NYSE | Activist Investment, CRM Software, Enterprise software, margin expansion, operating leverage, profitability, Revenue Growth, SaaS | Login |
| Mar 31, 2023 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | ISRG | Intuitive Surgical Inc | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | Healthcare Technology, Hospital Equipment, Medical devices, Minimally Invasive, Patient outcomes, Procedure Growth, recurring revenue, Robotic Surgery | Login |
| Jun 30, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | NVDA | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, China Trade, data centers, geopolitical risk, GPUs, semiconductors, Technology Export Controls | Login |
| Jun 30, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | SNOW | Snowflake Inc. | Information Technology | Software | Bull | NYSE | AI Analytics, Cloud Data Platform, Consumption Pricing, Data Warehousing, Enterprise software, Real-time Analytics, SaaS | Login |
| Jun 30, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | BWXT | BWX Technologies, Inc. | Industrials | Aerospace & Defense | Bull | NYSE | AUKUS Partnership, Defense Contractor, government contracts, Naval Propulsion, Nuclear Components, Radiopharmaceuticals, small modular reactors | Login |
| Jun 30, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | UBER | Uber Technologies, Inc. | Communication Services | Interactive Media & Services | Bull | NYSE | autonomous vehicles, food delivery, global expansion, Mobility Platform, network effects, Platform economics, subscription model | Login |
| Mar 31, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | NVDA | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Artificial Intelligence, China, Cloud computing, data centers, GPUs, semiconductors, tariffs | Login |
| Mar 31, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | NOW | ServiceNow Inc | Information Technology | Software | Bull | NYSE | AI, Consumption Model, DOGE, efficiency, Enterprise software, Government, SaaS | Login |
| Mar 31, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | CRM | Salesforce Inc | Information Technology | Software | Bull | NYSE | Agent Force, AI, Consumption Model, CRM, DOGE, Enterprise software, Government, SaaS | Login |
| Mar 31, 2025 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | TDG | TransDigm Group Inc | Industrials | Aerospace & Defense | Bull | NYSE | Acquisitions, Aerospace, aftermarket, Boeing, Commercial Aviation, Defense, Levered Equity, Sole Source | Login |
| Sep 30, 2024 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | BLK | BlackRock Inc. | Financials | Asset Management & Custody Banks | Neutral | NYSE | asset management, AUM growth, Beta Plus Strategy, Fund Flows, investment management, risk/reward, valuation | Login |
| Sep 30, 2024 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | CRWD | CrowdStrike Holdings Inc. | Information Technology | Systems Software | Bull | NASDAQ | Crisis Management, customer retention, cybersecurity, Falcon platform, IT Outage, Kernel Access, Microsoft partnership, opportunity | Login |
| Sep 30, 2024 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | ASML | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | CAPEX Programs, China Restrictions, EUV lithography, Foundry Capacity, Monopoly, semiconductor equipment, Structural Growth | Login |
| Jun 30, 2024 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | NVDA | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, CUDA, data center, Ecosystem, Gpu, growth, semiconductors, technology | Login |
| Jun 30, 2024 | Fund Letters | Burke Wealth Managament The Focused Growth Strategy | CRWD | CrowdStrike Holdings Inc | Information Technology | Software | Bull | NASDAQ | cloud, cybersecurity, Enterprise software, growth, platform, SaaS, Security, Subscription | Login |
| TICKER | COMMENTARY |
|---|---|
| CRM | As a sector, enterprise software stocks peaked at the end of 2024, had a terrible 2025 and an even worse start to 2026. We have tried to manage through this environment by consolidating around what we view to be best of breed platform companies across different segments of the enterprise software stack including multi-cloud platform solutions (NOW, CRM). Admittedly, Salesforce's profit growth of 12% puts it in a different, and lesser, category than the others but none of these results would seem to warrant the 70%+ degradation in valuation that these stocks have endured over the past 15 months. ServiceNow and Salesforce are already offering customers a variety of payment options for the AI solutions they offer. For now, we think the best action is to stay the course with the belief that our view of the business fundamentals will prove correct, and patience in the face of overwhelming frustration will ultimately be rewarded. That said, we continue to look for evidence that our thesis is wrong and do not rule out another round of high grading our exposure to this sector (Salesforce is on watch). |
| CRWD | We have tried to manage through this environment by consolidating around what we view to be best of breed platform companies across different segments of the enterprise software stack including cyber security (CRWD). Service Now and Crowdstrike grew operating profit over 25% in 2025 while Snowflake more than doubled its operating profit from a somewhat depressed base. The fact that each of the enterprise software companies in our portfolio have beaten earnings estimates consistently over the past year and are forecasting revenue acceleration in 2026 has not mattered either. |
| NOW | We have tried to manage through this environment by consolidating around what we view to be best of breed platform companies across different segments of the enterprise software stack including multi-cloud platform solutions (NOW, CRM). Service Now and Crowdstrike grew operating profit over 25% in 2025. ServiceNow and Salesforce are already offering customers a variety of payment options for the AI solutions they offer. |
| SNOW | We have tried to manage through this environment by consolidating around what we view to be best of breed platform companies across different segments of the enterprise software stack including the raw data layer (SNOW). Service Now and Crowdstrike grew operating profit over 25% in 2025 while Snowflake more than doubled its operating profit from a somewhat depressed base. |
| ASML | In an otherwise dismal quarter for growth equities, shares of ASML and Micron delivered strong returns gaining +24% and +18% respectively during the first quarter. ASML makes the machines that make the chips that make AI possible. ASML has a monopoly in the high end of the market with its Extreme Ultraviolet Lithography machines that are used to produce the most cutting-edge chips. In the fourth quarter of 2025, ASML announced systems bookings of over $13B, well ahead of the $7B expected by analysts and an 86% increase over the prior year period. Further, 56% of these bookings were for memory tools which indicates a broadening out from the already strong logic driven demand. |
| MU | In an otherwise dismal quarter for growth equities, shares of ASML and Micron delivered strong returns gaining +24% and +18% respectively during the first quarter. Memory is one of the key bottlenecks in the global AI datacenter buildout. To put things in context, when we bought Micron six months ago, consensus earnings estimates for FY 26 and FY 27 were $13 and $19 respectively. Current consensus EPS estimates for FY 26 and 27 now sit at $57 and $93 respectively. As we noted at the time of purchase, we entered into our position in Micron fully aware of the hyper cyclicality of the memory market. We simply believed, and continue to believe, that the current cycle will be greater in magnitude and longer in duration than anticipated. |
| NVDA | Had the market displayed any sort of rational behavior during the first quarter, Nvidia would have joined this list of gainers after announcing the strongest results in the history of results and providing the strongest guidance in the history of guidance in late February, but near-term market absurdities prevented this outcome for the time being. With the increased use of high bandwidth memory in the next generation of Nvidia GPUs, memory is becoming increasingly important to the story. |
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