| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.6% | - | 0.4% |
| 2025 | 2024 |
|---|---|
| 0.4% | 23.6% |
The GreensKeeper Value Fund returned +0.4% in 2025, significantly impacted by -4.3% currency headwinds from a weakening U.S. dollar. The fund trailed broader markets in a year dominated by concentration, with the Magnificent Seven responsible for 42% of S&P 500 gains. Top performers included Alphabet (+64.8%) which successfully navigated AI transformation concerns, American Express (+24.7%) benefiting from premium consumer strength, and Richemont (+41.8%) as luxury jewelry outperformed amid Chinese market stabilization. The portfolio's worst performer was Fiserv (-67.3%), where management revealed inflated historical growth figures. The fund maintained disciplined value principles, trimming positions at price targets and exiting four holdings while initiating three new positions including Novo Nordisk, Icon PLC, and Adobe. Management enters 2026 with a defensive 14.7% cash position, committed to their long-term approach despite market concentration favoring growth over diversification. The fund emphasizes that valuations matter over the long run and refuses to abandon discipline during expensive market conditions.
The fund maintains disciplined value investing principles, refusing to abandon discipline despite expensive market conditions and prioritizing capital preservation through selective position management.
We enter 2026 with a defensive posture and a firm belief that, over the long run, valuations matter. Few investors possess the discipline to stick with a strategy during periods of underperformance, particularly in the later stages of a bull market, but we do.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 23 2026 | 2025 Q4 | ADBE, AXP, BRK-B, CBOE, CFRUY, CHKP, ELV, FISV, GOOG, ICE, ICLR, LULU, MRK, NVO, SPGI, V, VRTX | AI, Concentration, Discipline, financials, Luxury, technology, value |
GOOG AXP CFRUY FISV LULU NVO ICLR ADBE |
The dominant narrative of 2025 was the market's evolving view of Alphabet's search business in an AI-first world. Alphabet aggressively transformed its research into consumer-ready… |
| Oct 13 2025 | 2025 Q3 | ADBE, CBOE, FI, GD, GOOG, ICLR, NVO CN | Canada Economy, Capitalism, Free Trade, innovation, Protectionism |
GOOG ICLR GD FI NVO ADBE |
GreensKeeper defends capitalism and free-trade principles amid rising nationalism and protectionism. It argues that open markets and creative destruction remain the foundation of prosperity and… |
| Jul 15 2025 | 2025 Q2 | AXP, BRK/A, CFR SW, FI, GOOG, NVO | capital preservation, Discipline, risk taking, Speculation, valuation excess |
AXP GOOGL CFR SW |
The letter warns of rising speculative behavior marked by frothy valuations, renewed risk-taking, and investor complacency. Management stresses that such environments historically reward patience and… |
| Apr 8 2025 | 2025 Q1 | AXP, BRK/B, CHKP. ELV, GOOG, ICLR, VRTX | - | - | - |
| Jan 12 2025 | 2024 Q4 | CSCO, ELV, HSY, LULU, MA, MC FP, MSTR, NKE, SHVA IT, V | - | - | - |
| Oct 10 2024 | 2024 Q3 | AXP, BRK/A, FI, GOOG, MRK | - | - | - |
| Jul 19 2024 | 2024 Q2 | BRK/B, ELV, GOOG, HSY, V, VRTX | - | - | - |
| Apr 25 2024 | 2024 Q1 | AXP, BRK/A, MRK, SPGI | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
LuxuryNew investment in Swatch represents exposure to luxury watch brands including Omega, Longines, Tissot, and others. The investment thesis is based on tangible assets including Swiss real estate and the potential for operating leverage when luxury demand recovers from current structural pressures. |
Watches Swiss Brands Premium Recovery | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2025 Q3 |
Trade |
|
| 2025 Q2 |
SpeculationMarkets are experiencing extreme speculation with vibe investing replacing fundamental analysis. Assets are priced on fantastical stories rather than cash flows, with leveraged ETFs, retail options trading, and story stocks reaching bubble-like levels. This madness can only end in disaster. |
Bubble Options Leverage Stories Excess |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 23, 2026 | Fund Letters | Michael McCloskey | FISV | Fiserv Inc. | Information Technology | Transaction & Payment Processing Services | Bear | New York Stock Exchange | Earnings-quality, management, Payments, turnaround, valuation | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | LULU | Lululemon Athletica Inc. | Consumer Discretionary | Apparel Retail | Bull | NASDAQ | Apparel, Brand, Execution, International, Margins | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | NVO | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | GLP-1, growth, innovation, Obesity, pharmaceuticals | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | ICLR | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | backlog, Biotech, Clinical research, Outsourcing, recovery | Login |
| Oct 13, 2025 | Fund Letters | Michael McCloskey | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, buybacks, cloud, growth, innovation, Regulation, Search | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | ADBE | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, buybacks, Margins, Software, valuation | Login |
| Oct 13, 2025 | Fund Letters | Michael McCloskey | ICLR | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Clinical trials, Cro, growth, pharma, Pricing, R&D, tariffs | Login |
| Oct 13, 2025 | Fund Letters | Michael McCloskey | GD | General Dynamics Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, backlog, Contracts, Defense, diversification, growth, Jets | Login |
| Oct 13, 2025 | Fund Letters | Michael McCloskey | FI | Fiserv Inc. | Information Technology | Financial Technology | Bull | NASDAQ | buybacks, FCF, Fintech, growth, Merchant, Payments, valuation | Login |
| Oct 13, 2025 | Fund Letters | Michael McCloskey | NVO | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | NYSE | Competition, Diabetes, efficiency, GLP-1, growth, Obesity, pipeline | Login |
| Oct 13, 2025 | Fund Letters | Michael McCloskey | ADBE | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Creativity, growth, Moat, SaaS, Software, Subscription | Login |
| Jul 15, 2025 | Fund Letters | Michael McCloskey | AXP | American Express Company | Financials | Credit Services | Bull | NYSE | Cards, consumer, network effect, Payments, spending | Login |
| Jul 15, 2025 | Fund Letters | Michael McCloskey | GOOGL | Alphabet Inc. | Communication Services | Internet Content & Information | Bull | NASDAQ | AI, cloud, Models, monetization, Search | Login |
| Jul 15, 2025 | Fund Letters | Michael McCloskey | CFR SW | Compagnie Financière Richemont SA | Consumer Discretionary | Luxury Goods | Bull | Swiss Exchange | Acquisitions, brands, Jewelry, Luxury, Pricing power | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, cash flow, scale, Search, semiconductors | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | AXP | American Express Co. | Financials | Consumer Finance | Bull | New York Stock Exchange | Brand, consumer spending, Credit, Margins, Payments | Login |
| Jan 23, 2026 | Fund Letters | Michael McCloskey | CFRUY | Compagnie Financière Richemont SA ADR | Consumer Discretionary | Luxury Goods | Bull | Dubai Financial Market | Brand Equity, China, Jewelry, Luxury, Pricing power | Login |
| TICKER | COMMENTARY |
|---|---|
| ADBE | By looking at their Rnancials, FactSet, PayPal, Adobe, and Salesforce seem to be doing Rne. The market, however, is reading subdued revenue growth as a sign of increased competition on their core oSerings. These companies' outlooks look more di'cult than their past. |
| AXP | American Express Company represents 22.1% of company owned with cost basis of $1,287 million and market value of $56,088 million, providing $479 million in 2025 dividends. |
| BRK-B | Our annual pilgrimage to Omaha was running according to plan until, as we headed to the airport while listening to the final moments of the annual shareholder's meeting, Buffett dropped the bombshell: he would step down as CEO at year-end. We believe the most important aspect of Berkshire—its culture—is likely to endure. Abel inherits Berkshire's massive $382 billion cash position and will likely allocate more capital than Warren and Charlie did over much of their investing careers. |
| CBOE | The in line performance came from: Chicago Board of Options Exchange. The top contributors to this outperformance came from Chicago Board of Options Exchange |
| CFRUY | Compagnie Financière Richemont (CFRUY) was our third-largest contributor in 2025, gaining 41.8%. True to our original thesis, Richemont's Jewelry Maisons (Cartier, Van Cleef & Arpels, and Buccellati) continued to outperform the broader luxury market. A key development was the stabilization of the Chinese consumer. Sales in China turned positive in Q2 and Q3, ending a streak of quarterly declines dating back to 2023. With Asia accounting for a third of sales, and all other regions growing at double-digit rates, the revenue outlook is strengthening. On the cost side, the surge in precious metal prices (gold +64%, silver +150%) presents a margin headwind. While Richemont possesses immense pricing power, management remains fiercely protective of brand stewardship. They have historically avoided aggressive price hikes that might later require reversals. While this discipline may sacrifice some short-term margin, it preserves long-term brand equity with customers. This approach proved superior in 2025: while luxury peers eroded their brand value through discounting to clear inventory, Richemont maintained its prestige and pricing integrity. This long-term thinking is all too rare, and one of the things we like about the company's management. |
| CHKP | Shares of cybersecurity software firm Check Point Software Technologies and food manufacturer Marzetti were sold as prices approached our estimate of intrinsic value. |
| ELV | The holdings in Applied Materials, Elevance Health, LVMH and Anheuser-Busch InBev were exited |
| FISV | Fiserv is a financial technology company that provides payments and other solutions to merchants and financial institutions. The company's scale, diversification, and ability to compound earnings at a double-digit rate make current valuation attractive. There was a sharp reset in Q3, with the FY25 outlook cut materially after a large miss versus expectations concentrated in the Financial Solutions segment, where both topline growth and profitability disappointed. While 2026 guidance has not been formally introduced, the new CEO framed FY26 as a transition year that resets the long-term growth algorithm to a lower baseline. Once earnings stabilize, we believe Fiserv offers a combination of strong topline growth, margin expansion, and cash generation. |
| GOOG | From the moment OpenAI hit the scene with ChatGPT 3.5 in the Fall of 2022, Google was a perceived loser and thousands of pontificators warned about the end of search. Fast forward three years and this was Google Search's fastest quarter of revenue growth since Q1 2022, when the reopening and pandemic were still considerable drivers of results. In parallel with the Search re-acceleration, Google has also emerged as a leader in AI itself. This combination has been potent for Google's stock and could not have opened on Search alone, given the terminal value fears. |
| ICE | Intercontinental Exchange (ICE) is a long-term holding and remains a top 10 position in the Fund. ICE's share price has been under pressure, largely due to AI-related concerns. The share price has already recovered 15% from recent lows. |
| ICLR | We also decided to exit our relatively small position in ICON plc. We remain optimistic about Icon's long-term prospects but growth for the company in the short to intermediate term still appears challenged to us. Without the conviction to add to our existing weight we feel it is better to reallocate to other opportunities where the business momentum is stronger. |
| LULU | This downward pressure was partially mitigated by the 28% increase in Lululemon's stock from our purchase price of $162 per share. |
| MRK | Top gainers in the Fund this quarter included Merck (+26%) |
| NVO | added a new holding in Novo Nordisk, which had seen its share price decline by two thirds since mid-2024 |
| SPGI | Leading rating agency and data provider S&P Global Inc. contributed to performance. Shares rebounded from a pullback in September that stemmed from a competitor's cautious commentary around market demand and margins. S&P Global alleviated these concerns by delivering strong third quarter results and raising its full-year financial guidance. |
| V | There were companies there such as Visa, which we own, as well as many we do not, and which would not likely be appropriate for this mandate. |
| VRTX | Top gainers in the Fund this quarter included Vertex Pharmaceuticals (+16%) |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
