Burke Wealth Managament The Focused Growth Strategy

Investor Summary

Kenneth M. Burke Jr., CFA, serves as Founder and Chief Investment Officer of Burke Wealth Management, bringing 17 years of experience from Fayez Sarofim & Company where he served as analyst, portfolio manager, leader of the consumer sector team, and member of the firm's investment committee. Burke graduated from Vanderbilt University in 1997 with a degree in Economics and Mathematics and earned his M.B.A from University of Texas McCombs School of Business in 2001 as a Sord Scholar. He holds the CFA charter and serves as advisor to the University of Texas MBA Investment Fund. Burke also serves as Portfolio Manager of Doliver's Focused Growth Strategy. The firm targets high net worth individuals, family offices, and registered investment advisors, emphasizing personalized service not typically available from larger institutions.

Fund Strategy

Burke Wealth Management operates as a bottoms-up investment firm that evaluates each investment on a company-by-company basis based on fit with their investment philosophy. The firm emphasizes that 'We are owners of businesses not traders of stocks' with a long-term focus on investments based on projected risk-adjusted returns over a 3-5 year time frame. The Focused Growth Strategy operates as a separately managed account consisting of 18-25 holdings with typical weightings ranging from 2-10%, providing full transparency of holdings to clients. The firm's tax-efficient approach serves to reduce tax liability over time, making it particularly suitable for high-net-worth taxable investors. They provide personalized service with direct client access to the investment team, giving real-time insight into decision-making rationale in volatile markets.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
10.8%	-10.6%	-10.6%

Executive Summary

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.

Forward Outlook

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.
Jun 30 2022	2022 Q2	AMZN, CHTR, CMCSA, GOOGL, ISRG, JD, NVDA, UNH	AI, Broadband, Cloud, growth, inflation, Recession, semiconductors, technology	AMZN ISRG NVDA CHTR	Growth portfolio down 35% year-to-date on valuation reset, not earnings decline. Manager sees excessive pessimism around quality companies with strong fundamentals and growing earnings power. Current inflation and Fed tightening create challenging macro environment, but fortress balance sheets and secular growth trends in cloud, AI, and broadband position portfolio for rebound when sentiment improves.
Mar 31 2022	2022 Q1	AAPL, ABT, ADBE, ALGN, AMZN, CHTR, CMCSA, JD, MASI, META, MSFT, NFLX, NVDA, PYPL, SPOT	cash flow, Decoupling, Fed, growth, inflation, technology, volatility	-	Burke's Focused Growth portfolio fell 15.1% in Q1 2022 amid growth stock bear market, but superior free cash flow generation distinguishes it from speculative companies. Sold Netflix and Masimo for fundamental reasons, added Align Technologies, increased Charter and Nvidia. Historical patterns suggest recovery ahead as technology provides deflationary offset to structural inflation from global decoupling.
Dec 31 2021	2021 Q4	ABNB, CHTR, CMCSA, MA, NVDA, PYPL, STNE, UNH, V	growth, healthcare, infrastructure, large cap, payments, technology, Travel	NVDA UNH ABNB	Growth manager delivered solid absolute returns but lagged market due to cable and payments weakness. Maintains conviction in high-quality portfolio companies including Nvidia (AI/Metaverse leader) and United Healthcare (demographic beneficiary). Added Airbnb for travel recovery, eliminated StoneCo. Expects continued volatility but believes portfolio earnings will prove more stable than broader market.
Sep 30 2021	2021 Q3	ACN, ADBE, AMZN, BLK, CMCSA, GOOGL, ISRG, JD, MA, MASI, META, NFLX, NVDA, PYPL, SPOT, STNE, UNH, V	Cloud, digital transformation, growth, large cap, payments, Streaming, technology	-	Burke's Focused Growth Strategy targets high-quality companies with durable competitive advantages for long-term compounding. Despite Q3 underperformance, three-year returns of 23.7% demonstrate the approach's effectiveness. Key positions include Alphabet with exceptional growth, newly added Netflix as it matures into an earnings-driven business, and PayPal recovering from temporary eBay separation headwinds.
Jul 31 2021	2021 Q2	ABT, ADBE, AMZN, BABA, CMCSA, ISRG, JD, MA, NOW, NVDA, PYPL, UNH, V	AI, Cloud, E-Commerce, growth, healthcare, inflation, rates, technology	-	Focused Growth strategy delivered strong 13% Q2 returns through secular growth companies with 26% average revenue growth. Manager sold Alibaba and Abbott due to thesis breakdowns, redeploying to PayPal, United Health, ServiceNow and Amazon. Portfolio positioned for inflation resilience through pricing power and intellectual capital advantages while benefiting from AI, cloud, and healthcare technology trends.
-	2021 Q1	ABT, ACN, EA, GOOGL, ISRG, MASI, META, SPOT, STNE, VRSK	digital transformation, growth, healthcare, large cap, secular growth, technology	-	Burke's Focused Growth portfolio declined 1.6% in Q1 2021 as rising rates pressured growth valuations despite strong 17.8% revenue growth from holdings. The manager added Accenture and StoneCo while maintaining conviction in secular growth thesis. Market rotation into cyclicals created headwinds, but strong business fundamentals and earnings growth should drive long-term outperformance.
-	2020 Q4	ABT, BABA, BLK, CMCSA, DIS, GOOGL, INTC, META, NOW, NVDA, PYPL, SPOT, V	digital transformation, growth, innovation, large cap, Pandemic, Quality, technology	-	Burke Wealth delivered 45.3% returns in 2020 by owning high-quality companies that thrived during pandemic-driven digital transformation. Strong balance sheets provided resilience during the crash while secular growth characteristics drove outperformance as trends accelerated. Portfolio companies continued innovating with expanded addressable markets. Manager remains optimistic for 2021 performance in a stable environment.

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

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.

Jun 30 2022

2022 Q2

AMZN, CHTR, CMCSA, GOOGL, ISRG, JD, NVDA, UNH

AI, Broadband, Cloud, growth, inflation, Recession, semiconductors, technology

AMZN
ISRG
NVDA
CHTR

Growth portfolio down 35% year-to-date on valuation reset, not earnings decline. Manager sees excessive pessimism around quality companies with strong fundamentals and growing earnings power. Current inflation and Fed tightening create challenging macro environment, but fortress balance sheets and secular growth trends in cloud, AI, and broadband position portfolio for rebound when sentiment improves.

Mar 31 2022

2022 Q1

AAPL, ABT, ADBE, ALGN, AMZN, CHTR, CMCSA, JD, MASI, META, MSFT, NFLX, NVDA, PYPL, SPOT

cash flow, Decoupling, Fed, growth, inflation, technology, volatility

Burke's Focused Growth portfolio fell 15.1% in Q1 2022 amid growth stock bear market, but superior free cash flow generation distinguishes it from speculative companies. Sold Netflix and Masimo for fundamental reasons, added Align Technologies, increased Charter and Nvidia. Historical patterns suggest recovery ahead as technology provides deflationary offset to structural inflation from global decoupling.

Dec 31 2021

2021 Q4

ABNB, CHTR, CMCSA, MA, NVDA, PYPL, STNE, UNH, V

growth, healthcare, infrastructure, large cap, payments, technology, Travel

NVDA
UNH
ABNB

Growth manager delivered solid absolute returns but lagged market due to cable and payments weakness. Maintains conviction in high-quality portfolio companies including Nvidia (AI/Metaverse leader) and United Healthcare (demographic beneficiary). Added Airbnb for travel recovery, eliminated StoneCo. Expects continued volatility but believes portfolio earnings will prove more stable than broader market.

Sep 30 2021

2021 Q3

ACN, ADBE, AMZN, BLK, CMCSA, GOOGL, ISRG, JD, MA, MASI, META, NFLX, NVDA, PYPL, SPOT, STNE, UNH, V

Cloud, digital transformation, growth, large cap, payments, Streaming, technology

Burke's Focused Growth Strategy targets high-quality companies with durable competitive advantages for long-term compounding. Despite Q3 underperformance, three-year returns of 23.7% demonstrate the approach's effectiveness. Key positions include Alphabet with exceptional growth, newly added Netflix as it matures into an earnings-driven business, and PayPal recovering from temporary eBay separation headwinds.

Jul 31 2021

2021 Q2

ABT, ADBE, AMZN, BABA, CMCSA, ISRG, JD, MA, NOW, NVDA, PYPL, UNH, V

AI, Cloud, E-Commerce, growth, healthcare, inflation, rates, technology

Focused Growth strategy delivered strong 13% Q2 returns through secular growth companies with 26% average revenue growth. Manager sold Alibaba and Abbott due to thesis breakdowns, redeploying to PayPal, United Health, ServiceNow and Amazon. Portfolio positioned for inflation resilience through pricing power and intellectual capital advantages while benefiting from AI, cloud, and healthcare technology trends.

2021 Q1

ABT, ACN, EA, GOOGL, ISRG, MASI, META, SPOT, STNE, VRSK

digital transformation, growth, healthcare, large cap, secular growth, technology

Burke's Focused Growth portfolio declined 1.6% in Q1 2021 as rising rates pressured growth valuations despite strong 17.8% revenue growth from holdings. The manager added Accenture and StoneCo while maintaining conviction in secular growth thesis. Market rotation into cyclicals created headwinds, but strong business fundamentals and earnings growth should drive long-term outperformance.

2020 Q4

ABT, BABA, BLK, CMCSA, DIS, GOOGL, INTC, META, NOW, NVDA, PYPL, SPOT, V

digital transformation, growth, innovation, large cap, Pandemic, Quality, technology

Burke Wealth delivered 45.3% returns in 2020 by owning high-quality companies that thrived during pandemic-driven digital transformation. Strong balance sheets provided resilience during the crash while secular growth characteristics drove outperformance as trends accelerated. Portfolio companies continued innovating with expanded addressable markets. Manager remains optimistic for 2021 performance in a stable environment.

QUARTER	THEMES	TAGS
2026 Q1	AI Manager 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 Software Strong 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
	Semiconductors Bullish 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
	Oil War 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
	Defense U.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	AI Manager 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 Policy Discusses 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
	Rates Federal 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 Software Consolidated 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	AI Manager 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
	Semiconductors ASML 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
	Nuclear BWX 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 Policy Trump 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
	Broadband Cable 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	AI The 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 Policy Global 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
	Nuclear BWX 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
	Pharmaceuticals The 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	AI Manager 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 Policy Extensive 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
	Cloud Cloud 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	AI The 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
	Cloud Cloud 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
	GLP1 The 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
	Cybersecurity Crowdstrike'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
	Broadband Charter'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	AI Manager 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
	Cybersecurity Detailed 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
	Semiconductors ASML 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	AI The 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 Software Enterprise 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
	Cybersecurity Cybersecurity 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 Centers The 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	AI The 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
	GLP1 Obesity 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 Centers Legacy 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 Improvement The 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	AI The 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
	Cloud The 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
	Semiconductors Nvidia 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-commerce Amazon'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
	Broadband The 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	AI The 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
	Cloud Cloud 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
	Semiconductors ASML 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
	Streaming Charter 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	AI Manager 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
	Semiconductors Nvidia'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
	Cloud Cloud 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	AI The 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
	Semiconductors Nvidia 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 Stress Silicon 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
2022 Q2	Inflation Inflation remains at levels not seen since the early 1980s with May's 8.6% CPI reading triggering sharp market declines. The manager believes both politicians and the Fed took wrong lessons from the Financial Crisis, leading to excessive fiscal and monetary stimulus during the pandemic that created current inflationary pressures.	CPI Fed Stimulus Monetary Policy Fiscal Policy
	Rates The Fed is raising rates to combat inflation with Fed Funds expected to reach 2.5% and likely beyond. Bond market is implementing changes in real-time with 2-year bonds over 3% and mortgage rates doubling from 2.75% to 6%. This represents the first real price discovery in fixed income markets in 15 years.	Fed Funds Bond Market Mortgage Rates Price Discovery
	Cloud Amazon's AWS business continues to demonstrate great strength despite retail challenges. Nvidia's data center business remains scorching hot with 83% growth in Q1, driven by cloud computing buildout. Commentary from Amazon and Alphabet indicates capital spending plans for cloud remain very strong.	AWS Data Center Capital Spending Infrastructure
	AI Nvidia has leadership in artificial intelligence and inference capabilities that will help mitigate semiconductor cyclicality. The shift to cloud computing and increasing reliance on artificial intelligence are described as multi-decade trends that will drive secular growth.	Artificial Intelligence Inference Secular Growth Multi-decade
	Broadband Charter's competitive position in broadband is central to the investment thesis. Cable broadband is viewed as superior to fixed wireless and cheaper than fiber to the curb. The manager believes cable will maintain market share despite competitive threats from fiber and fixed wireless offerings.	Cable Fiber Fixed Wireless Market Share Competitive Position
2022 Q1	Inflation Inflation reached four-decade highs, driving market volatility and forcing Fed tightening. Manager expects inflation to persist due to supply chain disruptions, energy price spikes, and global decoupling trends. Technology is viewed as the deflationary offset to rising input and labor costs.	Inflation Fed Supply Chain Energy Decoupling
	Rates Fed began raising rates from 0% after unprecedented accommodation, with 25bps increase in March. Manager notes bond market already did much of Fed's work in advance with 2-year treasury at 2%. Historical analysis shows positive market returns during tightening cycles.	Fed Funds Tightening Treasury Monetary Policy
	Trade Policy Multi-decade shift from globalization to decoupling accelerated by pandemic and Ukraine war. Manager sees move from free trade to fair trade as bipartisan, with reshoring of manufacturing for national security reasons. This trend is expected to be inflationary but necessary.	Globalization Decoupling Reshoring Manufacturing Tariffs
	Streaming Netflix sold due to disappointing subscriber growth guidance, particularly in emerging markets. Manager's thesis required 25M annual subscribers but company guided to only 15M. Content spending leverage works both ways in pure subscription model.	Netflix Subscribers Content Emerging Markets
	Payments PayPal maintained despite disappointing guidance and strategic shift away from adding unprofitable users. Manager differentiates platform model from pure subscription, focusing on revenue per user rather than gross user count. Expects acceleration in second half 2022.	PayPal Platform Digital Wallet Revenue Per User
	Broadband Increased Charter position as boring, levered pure play on broadband connectivity. Manager projects Charter could repurchase $190B of stock through 2030 if EBITDA grows at 7.4% annually, potentially retiring all shares except their holdings.	Charter Broadband EBITDA Buybacks Connectivity
	Semiconductors Nvidia increased to maximum position weight after ARM deal rejection and clarity on software opportunity. Manager believes Nvidia may have world's second most valuable software business in 5 years to complement GPU chip business.	Nvidia ARM Software GPU Accelerated Computing
2021 Q4	AI Nvidia's leadership in accelerated computing continues to unlock massive additional markets including video games, cloud datacenters, artificial intelligence and autonomous driving. The Metaverse allows for digitization of almost all things physical, and the computing power required to achieve this vision is enormous and will require an awful lot of Nvidia chips.	Nvidia GPUs Computing Metaverse Datacenter
	Managed Care United Healthcare continues to deliver mid-teens earnings growth with favorable demographic trends and tremendous benefits of scale. The company's ability to utilize technology to deliver better patient outcomes through capitated plans and leverage patient data collected over years positions it well for future growth.	Healthcare Demographics Technology Capitated Optum
	Broadband Cable companies like Comcast and Charter have tremendous long-term value in decades of infrastructure investment connecting homes. Despite increased competition from telcos, cable boasts 60% broadband market share and consumer churn metrics remain stable across markets whether fiber competition exists or not.	Infrastructure Competition Fiber Market Share Churn
	Payments All three payment holdings delivered disappointing returns in 2021. While PayPal faces temporary headwinds from eBay partnership dissolution, Visa and Mastercard face uncertainty around global travel recovery and potential threats from fintech innovations like digital wallets and QR code payments that could bypass card networks.	FinTech Digital Wallets Cross-border Travel Networks
	Travel Airbnb is positioned to benefit from post-pandemic return to travel as an asset-light platform connecting 54M active bookers with 5.6M hosts. The company has used pandemic time to right-size cost structure and upgrade website functionality, positioning it for when unprecedented pent-up travel demand is unleashed.	Alternative Platform Pandemic Demand Recovery
2021 Q3	Cloud Google Cloud is now a $19B business transitioning from operating losses to positive operating income after dramatic investment and management changes. The scale necessary for profitability has been achieved and cloud computing represents a generational opportunity.	Google Cloud Microsoft Amazon Profitability Investment
	Streaming Netflix has transitioned from a story stock to an earnings-supported business with over 200M subscribers and $25B+ revenues. YouTube is positioned as potentially the most valuable streaming property globally, generating $30B in advertising revenues and growing over 50% annually.	Netflix YouTube Subscribers Content Competition
	Payments PayPal's underlying growth remains strong with 48% transaction volume growth excluding eBay impact. The eBay separation represents a temporary headwind that will diminish significantly, revealing accelerating growth trends for 2022-2025.	PayPal eBay Transaction Volume Digital Wallet Fintech
	Advertising Alphabet's advertising business is performing exceptionally with 47% revenue growth in H1 2021. YouTube advertising revenues will reach $30B in 2021, growing over 50% and becoming large enough to provide meaningful growth tailwinds going forward.	Alphabet YouTube Digital Advertising Search Growth
2021 Q2	Cloud Manager emphasizes cloud software businesses with high customer retention and pricing power. Adobe represents a prime example with steady subscription revenues and digital content creation tools. ServiceNow continues expanding workflow automation despite some quarterly volatility.	SaaS Subscription Digital Software Retention
	E-commerce Strong focus on digital payments and e-commerce infrastructure. PayPal positioned as future digital wallet with massive user growth. Chinese e-commerce through JD.com shows strong fundamentals despite regulatory concerns affecting Alibaba.	Digital Payments Marketplace Transaction Volume Digital Wallet User Growth
	AI Nvidia represents core AI infrastructure play with massive data center opportunity extending beyond gaming. The company is becoming more diversified and less cyclical through AI and data center growth, positioning for the artificial intelligence revolution.	Data Centers GPUs Infrastructure Machine Learning Computing
	Healthcare IT United Health positioned to benefit from capitated care model and data-driven healthcare delivery. The company's technology and OptumHealth network create competitive advantages in managing patient populations and costs.	Capitated Care Data Analytics Cost Management Technology Population Health
	Surgical Robotics Intuitive Surgical demonstrates strong procedure growth recovery post-COVID with 18% Q1 growth and 22-26% guidance. The company is expanding its ecosystem through cost reductions, leasing options, and surgeon training to increase addressable procedures.	Robotic Surgery Procedures Training Ecosystem Cost Competitive
	Inflation Manager views modest inflation as desirable and believes portfolio companies are well-positioned to handle inflationary pressures. Many holdings already deal with wage inflation in tech talent and have pricing power due to valuable services.	Pricing Power Wage Inflation Cost Pass-Through Intellectual Capital Necessary Services
2021 Q1	Digital Advertising Alphabet and Facebook positioned to benefit from reopening as travel advertising rebounds and economic activity increases. Both companies face regulatory scrutiny but have strong business momentum in non-search areas like YouTube and Cloud.	Advertising Travel Reopening
	Medical Devices Abbott Labs showing strong innovation pipeline in rapid testing and continuous glucose monitoring. Masimo and Intuitive Surgical face near-term headwinds from procedure deferrals but have long-term growth opportunities as elective surgeries resume.	Medical Devices Healthcare Innovation
	Digital Transformation Accenture positioned as the guide for global corporations climbing the digitization mountain. The company serves as a long-term business partner rather than consultant, with 99% retention rate and strong client relationships spanning decades.	Digitization Technology Consulting
	Payments StoneCo represents opportunity in Brazilian digital payments market through white glove service to small businesses. Early stage company with potential to expand beyond merchant acquisition into banking, credit and software services.	Payments Brazil Small Business
	Streaming Spotify announced expansion into 80+ new markets reaching over 1 billion people, representing step function change in reach and capabilities. Stock declined despite what manager viewed as favorable investor day presentation.	Streaming Music Global Expansion
2020 Q4	E-commerce The pandemic accelerated digital transformation trends by several years into a six-month period. PayPal benefited from this acceleration and ramped investment dramatically to capitalize on the opportunity. The company aims to become one of the five or six apps consumers open daily as the digital wallet of choice.	Digital transformation Digital wallet Payments Consumer apps Digital commerce
	Streaming Spotify has been volatile but up 70% since inclusion in June. The company is navigating a competitive landscape including Amazon and Apple while building a two-sided platform through targeted advertising and exclusive podcast content. Recent acquisition of Megaphone for targeted podcast advertising and expansion into South Korea market.	Podcasts Advertising platform Music streaming Content International expansion
	ETFs Blackrock benefits from favorable fund flows as the leader in the ETF space and owner of a growing alternative investments business. The company has large opportunities in Fixed Income ETFs and ESG investing that are gaining traction, coupled with continued investment in Aladdin technology platform.	Asset management Fund flows ESG Technology platform Alternative investments
	Semiconductors Intel spent $36.5B on share repurchases and $15B on dividends since 2018, while Nvidia acquired Mellanox for $7B, introduced breakthrough Ampere chip platform, and agreed to acquire Arm Holdings for $40B. Nvidia is positioned to transform data center computing while Intel faces uncertainty.	Data center GPU Innovation Capital allocation Computing transformation
	Social Media Facebook owns three monster properties and discussed adding interoperability between apps along with shopping features. Management talked about expanding beyond the $600B global advertising market into the multi-trillion dollar commerce market, allowing the $650B market cap company to continue delivering outsized returns.	Advertising Commerce Platform integration Market expansion Digital ecosystem

QUARTER

THEMES

AI

Manager 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 Software

Strong 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

Semiconductors

Bullish 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

Oil

War 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

Defense

U.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

AI

Manager 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 Policy

Discusses 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

Rates

Federal 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 Software

Consolidated 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

AI

Manager 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

Semiconductors

ASML 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

Nuclear

BWX 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 Policy

Trump 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

Broadband

Cable 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

AI

The 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 Policy

Global 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

Nuclear

BWX 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

Pharmaceuticals

The 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

AI

Manager 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 Policy

Extensive 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

Cloud

Cloud 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

AI

The 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

Cloud

Cloud 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

GLP1

The 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

Cybersecurity

Crowdstrike'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

Broadband

Charter'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

AI

Manager 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

Cybersecurity

Detailed 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

Semiconductors

ASML 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

AI

The 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 Software

Enterprise 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

Cybersecurity

Cybersecurity 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 Centers

The 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

AI

The 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

GLP1

Obesity 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 Centers

Legacy 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 Improvement

The 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

AI

The 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

Cloud

The 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

Semiconductors

Nvidia 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-commerce

Amazon'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

Broadband

The 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

AI

The 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

Cloud

Cloud 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

Semiconductors

ASML 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

Streaming

Charter 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

AI

Manager 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

Semiconductors

Nvidia'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

Cloud

Cloud 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

AI

The 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

Semiconductors

Nvidia 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 Stress

Silicon 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

2022 Q2

Inflation

Inflation remains at levels not seen since the early 1980s with May's 8.6% CPI reading triggering sharp market declines. The manager believes both politicians and the Fed took wrong lessons from the Financial Crisis, leading to excessive fiscal and monetary stimulus during the pandemic that created current inflationary pressures.

CPI Fed Stimulus Monetary Policy Fiscal Policy

Rates

The Fed is raising rates to combat inflation with Fed Funds expected to reach 2.5% and likely beyond. Bond market is implementing changes in real-time with 2-year bonds over 3% and mortgage rates doubling from 2.75% to 6%. This represents the first real price discovery in fixed income markets in 15 years.

Fed Funds Bond Market Mortgage Rates Price Discovery

Cloud

Amazon's AWS business continues to demonstrate great strength despite retail challenges. Nvidia's data center business remains scorching hot with 83% growth in Q1, driven by cloud computing buildout. Commentary from Amazon and Alphabet indicates capital spending plans for cloud remain very strong.

AWS Data Center Capital Spending Infrastructure

AI

Nvidia has leadership in artificial intelligence and inference capabilities that will help mitigate semiconductor cyclicality. The shift to cloud computing and increasing reliance on artificial intelligence are described as multi-decade trends that will drive secular growth.

Artificial Intelligence Inference Secular Growth Multi-decade

Broadband

Charter's competitive position in broadband is central to the investment thesis. Cable broadband is viewed as superior to fixed wireless and cheaper than fiber to the curb. The manager believes cable will maintain market share despite competitive threats from fiber and fixed wireless offerings.

Cable Fiber Fixed Wireless Market Share Competitive Position

2022 Q1

Inflation

Inflation reached four-decade highs, driving market volatility and forcing Fed tightening. Manager expects inflation to persist due to supply chain disruptions, energy price spikes, and global decoupling trends. Technology is viewed as the deflationary offset to rising input and labor costs.

Inflation Fed Supply Chain Energy Decoupling

Rates

Fed began raising rates from 0% after unprecedented accommodation, with 25bps increase in March. Manager notes bond market already did much of Fed's work in advance with 2-year treasury at 2%. Historical analysis shows positive market returns during tightening cycles.

Fed Funds Tightening Treasury Monetary Policy

Trade Policy

Multi-decade shift from globalization to decoupling accelerated by pandemic and Ukraine war. Manager sees move from free trade to fair trade as bipartisan, with reshoring of manufacturing for national security reasons. This trend is expected to be inflationary but necessary.

Globalization Decoupling Reshoring Manufacturing Tariffs

Streaming

Netflix sold due to disappointing subscriber growth guidance, particularly in emerging markets. Manager's thesis required 25M annual subscribers but company guided to only 15M. Content spending leverage works both ways in pure subscription model.

Netflix Subscribers Content Emerging Markets

Payments

PayPal maintained despite disappointing guidance and strategic shift away from adding unprofitable users. Manager differentiates platform model from pure subscription, focusing on revenue per user rather than gross user count. Expects acceleration in second half 2022.

PayPal Platform Digital Wallet Revenue Per User

Broadband

Increased Charter position as boring, levered pure play on broadband connectivity. Manager projects Charter could repurchase $190B of stock through 2030 if EBITDA grows at 7.4% annually, potentially retiring all shares except their holdings.

Charter Broadband EBITDA Buybacks Connectivity

Semiconductors

Nvidia increased to maximum position weight after ARM deal rejection and clarity on software opportunity. Manager believes Nvidia may have world's second most valuable software business in 5 years to complement GPU chip business.

Nvidia ARM Software GPU Accelerated Computing

2021 Q4

AI

Nvidia's leadership in accelerated computing continues to unlock massive additional markets including video games, cloud datacenters, artificial intelligence and autonomous driving. The Metaverse allows for digitization of almost all things physical, and the computing power required to achieve this vision is enormous and will require an awful lot of Nvidia chips.

Nvidia GPUs Computing Metaverse Datacenter

Managed Care

United Healthcare continues to deliver mid-teens earnings growth with favorable demographic trends and tremendous benefits of scale. The company's ability to utilize technology to deliver better patient outcomes through capitated plans and leverage patient data collected over years positions it well for future growth.

Healthcare Demographics Technology Capitated Optum

Broadband

Cable companies like Comcast and Charter have tremendous long-term value in decades of infrastructure investment connecting homes. Despite increased competition from telcos, cable boasts 60% broadband market share and consumer churn metrics remain stable across markets whether fiber competition exists or not.

Infrastructure Competition Fiber Market Share Churn

Payments

All three payment holdings delivered disappointing returns in 2021. While PayPal faces temporary headwinds from eBay partnership dissolution, Visa and Mastercard face uncertainty around global travel recovery and potential threats from fintech innovations like digital wallets and QR code payments that could bypass card networks.

FinTech Digital Wallets Cross-border Travel Networks

Travel

Airbnb is positioned to benefit from post-pandemic return to travel as an asset-light platform connecting 54M active bookers with 5.6M hosts. The company has used pandemic time to right-size cost structure and upgrade website functionality, positioning it for when unprecedented pent-up travel demand is unleashed.

Alternative Platform Pandemic Demand Recovery

2021 Q3

Cloud

Google Cloud is now a $19B business transitioning from operating losses to positive operating income after dramatic investment and management changes. The scale necessary for profitability has been achieved and cloud computing represents a generational opportunity.

Google Cloud Microsoft Amazon Profitability Investment

Streaming

Netflix has transitioned from a story stock to an earnings-supported business with over 200M subscribers and $25B+ revenues. YouTube is positioned as potentially the most valuable streaming property globally, generating $30B in advertising revenues and growing over 50% annually.

Netflix YouTube Subscribers Content Competition

Payments

PayPal's underlying growth remains strong with 48% transaction volume growth excluding eBay impact. The eBay separation represents a temporary headwind that will diminish significantly, revealing accelerating growth trends for 2022-2025.

PayPal eBay Transaction Volume Digital Wallet Fintech

Advertising

Alphabet's advertising business is performing exceptionally with 47% revenue growth in H1 2021. YouTube advertising revenues will reach $30B in 2021, growing over 50% and becoming large enough to provide meaningful growth tailwinds going forward.

Alphabet YouTube Digital Advertising Search Growth

2021 Q2

Cloud

Manager emphasizes cloud software businesses with high customer retention and pricing power. Adobe represents a prime example with steady subscription revenues and digital content creation tools. ServiceNow continues expanding workflow automation despite some quarterly volatility.

SaaS Subscription Digital Software Retention

E-commerce

Strong focus on digital payments and e-commerce infrastructure. PayPal positioned as future digital wallet with massive user growth. Chinese e-commerce through JD.com shows strong fundamentals despite regulatory concerns affecting Alibaba.

Digital Payments Marketplace Transaction Volume Digital Wallet User Growth

AI

Nvidia represents core AI infrastructure play with massive data center opportunity extending beyond gaming. The company is becoming more diversified and less cyclical through AI and data center growth, positioning for the artificial intelligence revolution.

Data Centers GPUs Infrastructure Machine Learning Computing

Healthcare IT

United Health positioned to benefit from capitated care model and data-driven healthcare delivery. The company's technology and OptumHealth network create competitive advantages in managing patient populations and costs.

Capitated Care Data Analytics Cost Management Technology Population Health

Surgical Robotics

Intuitive Surgical demonstrates strong procedure growth recovery post-COVID with 18% Q1 growth and 22-26% guidance. The company is expanding its ecosystem through cost reductions, leasing options, and surgeon training to increase addressable procedures.

Robotic Surgery Procedures Training Ecosystem Cost Competitive

Inflation

Manager views modest inflation as desirable and believes portfolio companies are well-positioned to handle inflationary pressures. Many holdings already deal with wage inflation in tech talent and have pricing power due to valuable services.

Pricing Power Wage Inflation Cost Pass-Through Intellectual Capital Necessary Services

2021 Q1

Digital Advertising

Alphabet and Facebook positioned to benefit from reopening as travel advertising rebounds and economic activity increases. Both companies face regulatory scrutiny but have strong business momentum in non-search areas like YouTube and Cloud.

Advertising Travel Reopening

Medical Devices

Abbott Labs showing strong innovation pipeline in rapid testing and continuous glucose monitoring. Masimo and Intuitive Surgical face near-term headwinds from procedure deferrals but have long-term growth opportunities as elective surgeries resume.

Medical Devices Healthcare Innovation

Digital Transformation

Accenture positioned as the guide for global corporations climbing the digitization mountain. The company serves as a long-term business partner rather than consultant, with 99% retention rate and strong client relationships spanning decades.

Digitization Technology Consulting

Payments

StoneCo represents opportunity in Brazilian digital payments market through white glove service to small businesses. Early stage company with potential to expand beyond merchant acquisition into banking, credit and software services.

Payments Brazil Small Business

Streaming

Spotify announced expansion into 80+ new markets reaching over 1 billion people, representing step function change in reach and capabilities. Stock declined despite what manager viewed as favorable investor day presentation.

Streaming Music Global Expansion

2020 Q4

E-commerce

The pandemic accelerated digital transformation trends by several years into a six-month period. PayPal benefited from this acceleration and ramped investment dramatically to capitalize on the opportunity. The company aims to become one of the five or six apps consumers open daily as the digital wallet of choice.

Digital transformation Digital wallet Payments Consumer apps Digital commerce

Streaming

Spotify has been volatile but up 70% since inclusion in June. The company is navigating a competitive landscape including Amazon and Apple while building a two-sided platform through targeted advertising and exclusive podcast content. Recent acquisition of Megaphone for targeted podcast advertising and expansion into South Korea market.

Podcasts Advertising platform Music streaming Content International expansion

ETFs

Blackrock benefits from favorable fund flows as the leader in the ETF space and owner of a growing alternative investments business. The company has large opportunities in Fixed Income ETFs and ESG investing that are gaining traction, coupled with continued investment in Aladdin technology platform.

Asset management Fund flows ESG Technology platform Alternative investments

Semiconductors

Intel spent $36.5B on share repurchases and $15B on dividends since 2018, while Nvidia acquired Mellanox for $7B, introduced breakthrough Ampere chip platform, and agreed to acquire Arm Holdings for $40B. Nvidia is positioned to transform data center computing while Intel faces uncertainty.

Data center GPU Innovation Capital allocation Computing transformation

Social Media

Facebook owns three monster properties and discussed adding interoperability between apps along with shopping features. Management talked about expanding beyond the $600B global advertising market into the multi-trillion dollar commerce market, allowing the $650B market cap company to continue delivering outsized returns.

Advertising Commerce Platform integration Market expansion Digital ecosystem

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	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
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
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	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	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	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	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
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
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
Jun 30, 2022	Fund Letters	Burke Wealth Managament The Focused Growth Strategy	AMZN	Amazon.com Inc	Internet Retail	Internet & Direct Marketing Retail	Bull	NASDAQ	advertising, AWS, Cloud computing, e-commerce, fixed cost leverage, Logistics, Overcapacity, retail, technology	Login
Jun 30, 2022	Fund Letters	Burke Wealth Managament The Focused Growth Strategy	ISRG	Intuitive Surgical Inc	Medical Instruments & Supplies	Health Care Equipment	Bull	NASDAQ	da Vinci, Equipment Leasing, Healthcare Equipment, Hospital Capital Budgets, medical technology, Procedure Growth, recurring revenue, Robotic Surgery	Login
Jun 30, 2022	Fund Letters	Burke Wealth Managament The Focused Growth Strategy	NVDA	NVIDIA Corporation	Semiconductors	Semiconductors	Bull	NASDAQ	AI inference, Artificial Intelligence, Cloud computing, data center, Gaming, Graphics Processing, semiconductors, technology infrastructure	Login
Jun 30, 2022	Fund Letters	Burke Wealth Managament The Focused Growth Strategy	CHTR	Charter Communications Inc	Telecom Services	Cable & Satellite	Bull	NASDAQ	broadband, cable, Cash Flow Yield, Fiber Competition, Fixed wireless, leveraged buyout, market share, MVNO, telecommunications	Login
Dec 31, 2021	Fund Letters	Burke Wealth Managament The Focused Growth Strategy	NVDA	Nvidia Corporation	Semiconductors	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	Accelerated Computing, Artificial Intelligence, autonomous driving, Cloud computing, Gaming, Gpu, Metaverse, semiconductors	Login
Dec 31, 2021	Fund Letters	Burke Wealth Managament The Focused Growth Strategy	UNH	UnitedHealth Group Incorporated	Healthcare Plans	Managed Health Care	Bull	New York Stock Exchange	Capitated Plans, Demographics, healthcare, managed care, Optum, Patient Data, Preventative Care, technology	Login
Dec 31, 2021	Fund Letters	Burke Wealth Managament The Focused Growth Strategy	ABNB	Airbnb, Inc.	Travel Services	Hotels, Restaurants & Leisure	Bull	NASDAQ	Alternative Travel, asset-light, Extended Stays, Millennials, network effects, Platform business, Travel Recovery, Work From Home	Login

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Jun 30, 2022

Fund Letters

Burke Wealth Managament The Focused Growth Strategy

AMZN

Amazon.com Inc

Internet Retail

Internet & Direct Marketing Retail

Bull

NASDAQ

advertising, AWS, Cloud computing, e-commerce, fixed cost leverage, Logistics, Overcapacity, retail, technology

Jun 30, 2022

Fund Letters

Burke Wealth Managament The Focused Growth Strategy

ISRG

Intuitive Surgical Inc

Medical Instruments & Supplies

Health Care Equipment

Bull

NASDAQ

da Vinci, Equipment Leasing, Healthcare Equipment, Hospital Capital Budgets, medical technology, Procedure Growth, recurring revenue, Robotic Surgery

Jun 30, 2022

Fund Letters

Burke Wealth Managament The Focused Growth Strategy

NVDA

NVIDIA Corporation

Semiconductors

Bull

NASDAQ

AI inference, Artificial Intelligence, Cloud computing, data center, Gaming, Graphics Processing, semiconductors, technology infrastructure

Jun 30, 2022

Fund Letters

Burke Wealth Managament The Focused Growth Strategy

CHTR

Charter Communications Inc

Telecom Services

Cable & Satellite

Bull

NASDAQ

broadband, cable, Cash Flow Yield, Fiber Competition, Fixed wireless, leveraged buyout, market share, MVNO, telecommunications

Dec 31, 2021

Fund Letters

Burke Wealth Managament The Focused Growth Strategy

NVDA

Nvidia Corporation

Semiconductors

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

Accelerated Computing, Artificial Intelligence, autonomous driving, Cloud computing, Gaming, Gpu, Metaverse, semiconductors

Dec 31, 2021

Fund Letters

Burke Wealth Managament The Focused Growth Strategy

UNH

UnitedHealth Group Incorporated

Healthcare Plans

Managed Health Care

Bull

New York Stock Exchange

Capitated Plans, Demographics, healthcare, managed care, Optum, Patient Data, Preventative Care, technology

Dec 31, 2021

Fund Letters

Burke Wealth Managament The Focused Growth Strategy

ABNB

Airbnb, Inc.

Travel Services

Hotels, Restaurants & Leisure

Bull

NASDAQ

Alternative Travel, asset-light, Extended Stays, Millennials, network effects, Platform business, Travel Recovery, Work From Home

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.

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

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.

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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