| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.48% | -5.61% | -5.61% |
Ironvine's Q1 2026 letter addresses the massive market disruption caused by AI, particularly Anthropic's Claude tools that are threatening traditional software and white-collar workflows. The VIX surged 69% during the quarter as markets bifurcated between AI winners and losers, creating the widest price dispersion since early 2020. The manager capitalized on this volatility to improve portfolio positioning, believing reality will fall between current extremes. They maintain conviction in semiconductor enablers like TSMC and Applied Materials as AI infrastructure providers, though they've trimmed exposure after recent strength. The team views their largest holding Amazon as well-positioned through AWS's model-agnostic cloud infrastructure, despite concerns about the advertising business in an agentic commerce world. They're avoiding clear AI threats like Adobe (sold in December 2024) while accumulating shares of businesses with durable physical networks like Watsco. Many quality franchises now trade at decade-low valuations as terminal values are questioned, creating compelling long-term opportunities for patient capital.
AI disruption is creating unprecedented market bifurcation and volatility, but reality will likely fall between current extremes, creating attractive opportunities in quality businesses trading at decade-low valuations.
The manager expects reality to fall between current market extremes, viewing AI disruption as evolutionary rather than revolutionary for most businesses. They remain optimistic about semiconductor enablers long-term while being cautious about software companies facing clear AI threats. The team believes incumbency advantages like domain expertise and customer relationships will prove more durable than current pricing suggests.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 22 2026 | 2026 Q1 | ADBE, ADI, AMAT, AMZN, AON, APH, ASML, CSU.TO, HEI, MA, MCO, MSFT, SPGI, TSM, UNP, V, WMT, WSO | AI, Concentration, disruption, semiconductors, software, technology, value, volatility | - | AI disruption drove extreme market volatility in Q1 2026, creating the widest price dispersion since 2020. Ironvine capitalized on the bifurcation, maintaining conviction in semiconductor enablers while avoiding clear AI threats. Their largest holding Amazon is well-positioned through AWS despite advertising business concerns. Quality franchises now trade at decade-low valuations, creating compelling opportunities. |
| Jan 29 2026 | 2025 Q4 | ADI, AMAT, AMZN, AON, APH, ASML, BRK-A, HEI, MA, MCO, MSFT, SPGI, TSM, V | aerospace, AI, Capital markets, infrastructure, payments, Quality, semiconductors, technology |
AMZN HEI MCO V MSFT AON BRK.B |
Ironvine owns quality businesses with durable competitive advantages that grew earnings 12-16% in 2025. The portfolio spans technology infrastructure leaders like Amazon and Microsoft, aerospace aftermarket champion HEICO, AI-beneficiary Amphenol, payment networks Visa and Mastercard, and semiconductor suppliers. Management expects continued mid-teens earnings growth and double-digit returns despite potential multiple compression, driven by strong business fundamentals and reinvestment opportunities. |
| Oct 20 2025 | 2025 Q3 | AMD, AMZN, ASML, GOOGL, INTC, META, MSFT, NSC, NVDA, ORCL, TSM, UNP | AI, Capital Deployment, infrastructure, Monopolies, Railroads, semiconductors | - | Ironvine capitalized on valuation dislocations to add meaningfully to ASML's lithography monopoly and Union Pacific's transcontinental railroad merger during Q3 2025. While maintaining constructive views on AI infrastructure enablers like semiconductors, the firm identifies growing systemic risks as the buildout moves beyond early stages with increasing reliance on creative financing arrangements. |
| Jul 25 2025 | 2025 Q2 | AAPL, APH, CAR, CSX, DE, GOOGL, HON, META, NSC, UNH, UNP, WSO | aerospace, AI, Distribution, HVAC, infrastructure, Railroads, technology, value |
DE UNP HON WSO |
Ironvine delivered 7.7% YTD returns by capitalizing on market volatility to invest in quality businesses. Key themes include railroads (Union Pacific operational turnaround), aerospace (Honeywell spin-off catalyst), and HVAC distribution (Watsco replacement cycle). Exited Google on AI disruption concerns while adding Meta as AI beneficiary. Focus remains on durable franchises with pricing power. |
| Apr 22 2025 | 2025 Q1 | ADI, AHT.L, AMAT, APH, ENTG, GOOGL, HEI, HON, ODFL, TSM, UNP, URI | activism, aerospace, AI, Onshoring, semiconductors, tariffs, technology, Trade Policy |
APH HON AHT.L |
Ironvine positioned defensively amid historic trade policy uncertainty while identifying opportunities in quality companies with adaptive capabilities. New investments in Amphenol and Honeywell reflect the strategy of finding value during volatility. Reduced Google exposure due to AI search disruption risks. Semiconductor positions rebalanced despite tariff headwinds. Transportation holdings face near-term pressure but offer reshoring upside optionality. |
| Jan 16 2025 | 2024 Q4 | ADBE, ADI, AMAT, AMZN, CSGP, DG, DLTR, ENTG, GOOGL, MSFT, TSM, UNH | AI, growth, inflation, Quality, semiconductors, technology, value |
TSM AMAT ENTG |
Ironvine delivered 10.46% returns in 2024, underperforming the S&P 500's 25% gain. The fund pivoted into semiconductors with new positions in TSMC, Applied Materials, and Entegris while exiting dollar stores and Adobe due to structural challenges. Management expects improved performance ahead as underperforming portfolio companies are positioned for recovery despite elevated market valuations and macro risks. |
| Nov 1 2024 | 2024 Q3 | HEI | aerospace, Concentration, Election, inflation, rates, value | - | Ironvine runs a concentrated strategy targeting dominant businesses with exceptional management. They maintain extensive research across diverse sectors, ready to act when volatility creates opportunities like their successful HEICO investment during the 2020 pandemic selloff. Despite macro concerns including rising debt and inflation risks, they remain patient and prepared for future dislocations. |
| Jul 18 2024 | 2024 Q2 | AMZN, DE, GOOGL, HEI, MSFT | Agriculture, AI, Capex, Equipment, infrastructure, technology, value | DE | Ironvine trimmed AI infrastructure holdings due to valuation concerns while identifying opportunities in quality businesses like Deere trading at cyclical lows. Despite near-term earnings decline from $10B to $6-7B, Deere benefits from secular agricultural demand growth and trades at attractive 16x mid-cycle earnings with software upside optionality. |
| Apr 29 2024 | 2024 Q1 | AAPL, AMZN, COST, CSGP, DHR, DLTR, GOOGL, MSFT | AI, Cloud, Competitive Advantage, E-Commerce, large cap, Long Term, technology | - | Ironvine's concentrated portfolio of quality operators continues delivering steady progress with double-digit earnings growth expected in 2024. Amazon's retail network regionalization is paying dividends while Google faces critical decisions after AI missteps. The firm remains focused on long-term competitive advantages over short-term market sentiment, recently adding a new position in April. |
| Jan 23 2024 | 2023 Q4 | BOMN, MSFT | Competitive Advantage, infrastructure, long-term, Scale, technology |
AAPL|MSFT|NFLX|NVDA|UNH BOC |
Ironvine delivered 19% earnings growth in 2023 by focusing on competitively entrenched businesses. Microsoft exemplifies their approach with massive scale advantages across cloud, productivity software, and AI integration. Boston Omaha provides exposure to regulated billboard assets and rural broadband infrastructure. The portfolio increasingly concentrates in businesses with unmistakable competitive positioning that can compound returns over long periods. |
| Oct 30 2023 | 2023 Q3 | AMZN, COST, CPRT, CSGP, MA, MSFT, UNH, V | Governance, management, marketplaces, real estate, Stewardship, technology, value | - | Ironvine's Q3 letter emphasizes management stewardship as critical to investment success, contrasting Black Knight's value-destructive governance with CoStar and Copart's exceptional leadership. Despite challenging macro conditions including inflation and elevated rates, the firm maintains focus on businesses with competitive moats, reinvestment capabilities, and owner-oriented management teams through their proprietary durability ranking system. |
| Jul 25 2023 | 2023 Q2 | ADBE, AMZN, CTLT, DHR, DLTR, GOOGL, HEI, MA, MCO, ODFL, SPGI, TMO, UNH, V | aerospace, AI, healthcare, Logistics, M&A, Quality, retail, software | - | Ironvine maintains focus on quality businesses with strong management teams despite economic headwinds. New UnitedHealth investment capitalizes on healthcare infrastructure trends while Old Dominion represents value opportunity in freight downturn. HEICO's disciplined M&A and Adobe's AI-enhanced tools demonstrate competitive moat strengthening. Catalent sale shows disciplined risk management when thesis deteriorates. |
| Apr 28 2023 | 2023 Q1 | JPM, TMO | Banking, Capital Allocation, interest rates, Life Sciences, regulation, risk management | - | Ironvine exited JPMorgan after nine years due to banking sector regulatory uncertainty following Silicon Valley Bank's collapse. The manager identified systemic duration mismatch risks across banks and expects increased regulation. Proceeds were reinvested in higher-return, less cyclical businesses. Thermo Fisher remains a core holding based on strong capital allocation and dominant life sciences market positions. |
| Jan 27 2023 | 2022 Q4 | ADBE, CSGP, HEI | - | - | |
| Oct 26 2022 | 2022 Q3 | CSGP | - | - | |
| Jul 27 2022 | 2022 Q2 | AMZN | - | - | |
| Apr 22 2022 | 2022 Q1 | CHTR, CMCSA, DLTR | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI disruption is creating massive market volatility and bifurcation between winners and losers. Anthropic's Claude tools are threatening traditional software and white-collar workflows, causing sharp selloffs in information services stocks. The manager sees AI as both opportunity and threat across their portfolio. |
Artificial Intelligence Disruption Software Automation Enterprise |
SemiconductorsSemiconductor companies are positioned as key enablers of AI innovation with TSMC, ASML, and Applied Materials providing essential manufacturing capabilities. Industry sales approaching $1 trillion faster than expected, though the manager has pared back exposure after recent strength. |
Chips Manufacturing Equipment Foundries Memory | |
CloudAmazon Web Services positioned well as model-agnostic, low-cost inference capacity provider in most AI scenarios. The manager believes not every compute workflow is AI-driven, supporting AWS's defensive positioning in the cloud infrastructure space. |
Infrastructure Computing Data Centers Services Platform | |
LogisticsRailroad companies Union Pacific and Burlington Northern viewed as having endowed positions as most efficient heavy freight shippers that become more valuable as economy grows. Physical distribution networks seen as largely insulated from AI disruption. |
Transportation Freight Rail Distribution Infrastructure | |
VolatilityVIX surged 69% during the quarter, largest jump since early 2020, creating widest price dispersion across investment universe since that period. The manager capitalized on this volatility to improve forward return profiles of their strategies. |
VIX Dispersion Opportunity Risk Markets | |
| 2025 Q4 |
AIThe fund extensively analyzes whether current AI markets represent a bubble, comparing it to historical manias like the late 1990s internet bubble. They question AI infrastructure economics, equipment depreciation, and whether promised returns will materialize, while noting market cap shifts from AI laggard to leader status for companies like Google. |
Artificial Intelligence Bubble Valuations Infrastructure Technology |
BiotechnologyThe short book faced headwinds particularly within biotech during the quarter. The fund maintains a pattern recognition approach to biotech shorts, focusing on companies that go public via reverse mergers and spend capital on stock promotion rather than lab research. |
Biotech Short Selling Reverse Mergers Stock Promotion | |
| 2025 Q3 |
SemiconductorsASML represents a monopoly-like position in lithography systems essential for semiconductor manufacturing, with over 90% market share and massive barriers to entry through decades of R&D investment. The company's extreme ultraviolet systems are critical infrastructure for advanced chip production, positioning it as a toll that must be paid for semiconductor fabs driving global technological progress. |
Lithography EUV Foundries Semi Equipment Monopoly |
AIAI investments have been a key engine of economic growth over the past 12 months with reports suggesting over half of US GDP growth has come from AI buildout. However, the infrastructure build is no longer in the first inning, with early leaders operating at the edges of self-funding and newer participants increasingly relying on creative financing arrangements. |
Data Centers Infrastructure Hyperscalers Computing Power | |
RailroadsUnion Pacific's merger with Norfolk Southern creates America's first transcontinental railroad with expected synergies of nearly $3 billion by 2029. The combined network will span over 50,000 miles serving 43 states, eliminating interchange friction and improving shipment times by 24-48 hours for freight traveling over 2,000 miles. |
Transcontinental Synergies Network Freight Infrastructure | |
| 2025 Q2 |
RailroadsUnion Pacific represents a crown jewel of North American freight transportation with strong positions in heavy commodity and hazardous materials. Under CEO Jim Vena's leadership, the company has achieved record network efficiency with on-time service levels nearing 100%. The operational improvements have enabled strong pricing power and freight revenue growth despite industrial headwinds. |
Transportation Infrastructure Pricing Power Operational Efficiency Freight |
AerospaceHoneywell Aerospace benefits from the unique characteristics of the aerospace market including 10-20 year production ramps and 20-30 year aircraft useful lives. The company holds number 1 or 2 market positions across auxiliary power units, small engines, and avionics with approximately 90% of the global fleet containing Honeywell content. The planned separation into standalone companies should unlock value through improved focus. |
Aviation Defense Aftermarket Recurring Revenue Market Position | |
HVACWatsco operates as the largest distributor of HVAC equipment in North America with a network of roughly 700 stores serving 120,000+ contractor customers. The company benefits from a replacement-driven market with 120 million air conditioners in the US, 80% of which are over 10 years old. Strong employee ownership culture and industry-leading margins provide competitive advantages. |
Distribution Replacement Cycle Market Share Employee Ownership Margins | |
AIThe proliferation of digital assistants like ChatGPT are offering consumers potentially superior alternatives to traditional search, creating uncertainty around Google's future economics. Meta is well positioned to utilize AI technological prowess for the benefit of its ecosystem, with potential for businesses to outsource customer acquisition and product launches to Meta digital agents. |
Search Digital Assistants Ecosystem Monetization Technology | |
| 2025 Q1 |
Trade PolicyThe United States enacted tariffs on essentially all global trading partners, with the magnitude and scope surprising markets. The Liberation Day announcement on April 2nd suggests significant structural change to global trade is possible for the first time in decades. Trade negotiations remain volatile, creating uncertainty for businesses and consumers about manufacturing costs and pricing. |
Tariffs Trade War Manufacturing Uncertainty Negotiations |
OnshoringCompanies face difficult decisions about building new North American manufacturing capacity without knowing operational costs or final product pricing. The Trump administration aims to re-shore more manufacturing and assembly to North America, which could benefit rail and truck transportation networks between the US, Canada, and Mexico over time. |
Manufacturing North America Reshoring Supply Chain Transportation | |
AerospaceHoneywell's aerospace business is described as a jewel worth as much as the company's total market cap. The aerospace aftermarket sector features stringent FAA controls, long product lifecycles, and pricing power due to mission-critical components. Elliott Investment Management's activism led to Honeywell's decision to separate aerospace and automation businesses. |
Aftermarket FAA Pricing Power Activism Spin-off | |
AIGoogle's gatekeeper status on internet search faces unprecedented risk from digital assistants like ChatGPT. The company is doubling capital intensity to 20% of revenue and investing $75 billion in 2025, 43% more than 2024. Team members now use ChatGPT and Perplexity AI as search substitutes, finding them effective for commercial intent searches. |
Search Digital Assistants Capital Intensity Disruption Competition | |
SemiconductorsThe portfolio includes a semiconductor basket with positions in Taiwan Semiconductor, Applied Materials, and Entegris, viewed as offering attractive future return profiles despite near-term tariff uncertainty. Amphenol is directly involved in AI infrastructure buildout and sometimes mirrors semiconductor sentiment swings. |
Equipment Foundries AI Infrastructure Tariff Risk Cyclical | |
| 2024 Q4 |
SemiconductorsThe semiconductor industry has been an area of increasing interest over the past several years. Industry consolidation has created competitively advantaged businesses that will benefit from secular tailwinds despite significant cyclicality. The fund established new investments in three semiconductor businesses during the fourth quarter. |
Foundries Semi Equipment Chip Designers AI Manufacturing |
AIMuch of TSMC's current growth is being driven by artificial intelligence. While the fund doesn't claim to know who will win the AI race or how long it will continue, they believe the winners are likely to manufacture at TSMC. The advent of generative AI is described as game-changing in creative software. |
Artificial Intelligence Generative AI Technology Innovation | |
Discount RetailThe fund identified structural headwinds facing dollar store models due to persistently high inflation impacting both core customers and operating costs. Post-pandemic factors made recent years different, with customers curtailing spending due to necessity or finding better value elsewhere through Walmart+ and Amazon Prime delivery. |
Dollar Stores Trade Down Inflation Consumer Spending | |
| 2024 Q3 |
AerospaceHEICO represents their second largest investment, acquired during pandemic-driven market volatility in March 2020 following a 45% decline. The firm continues to research airplane engines and aerospace components as part of their investment focus. |
Aerospace Aviation Components Defense Manufacturing |
| 2024 Q2 |
AIInfrastructure buildout for low-cost centralized computing is underway, with AI emerging as the next game-changing platform. Hyperscalers are quadrupling capex spending from roughly $100 billion in 2023 to potentially $200 billion by 2026-2027 to provide capacity for training and running data-intensive AI models. |
Infrastructure Capex Data Centers Training Models |
AgricultureGlobal population growth and increasing protein consumption per capita drive demand for agricultural equipment. With relatively fixed arable land, increasing yield per acre becomes vital, making advanced agricultural equipment critical for unlocking efficiencies. |
Population Growth Protein Yield Equipment Efficiency | |
Infrastructure SpendingFederal, state, and municipal infrastructure funding are at all-time highs in the United States, driven largely by the Infrastructure Investment & Jobs Act passed in 2021. These commitments are expected to generate significant growth in capital investment over the next several years. |
Federal Municipal Investment Construction Growth | |
| 2024 Q1 |
AIGoogle's Gemini AI launch failed due to ideological biases infiltrating the product, creating inaccuracies and public outcry. Management is implementing structural changes to fix AI development processes. Amazon's AWS is positioned well for Gen AI opportunities with broad portfolio of customer-friendly products across the AI stack. |
Generative AI Large Language Models AI Infrastructure Machine Learning AI Ethics |
CloudAWS demonstrates economic sensitivity in compute demand but maintains strong position as hyperscale provider. Company proactively helped customers reduce costs during economic uncertainty, securing longer contract terms. AWS offers comprehensive solutions across Gen AI stack with best-in-class security. |
Hyperscale Computing Cloud Infrastructure Enterprise Software SaaS Data Centers | |
E-commerceAmazon's retail delivery network regionalization is delivering results with 70% increase in same-day/overnight packages and first cost reduction since 2018. Company built logistics capacity equivalent to UPS in 18 months, creating sustainable competitive advantages through faster delivery and lower costs. |
Logistics Last Mile Delivery Fulfillment Supply Chain Retail Technology | |
| 2023 Q4 |
CloudMicrosoft's Azure cloud services revenue will exceed $90 billion in 2024, up from $22 billion in 2017. The company is making massive capital investments in cloud infrastructure, with projected capex of $260 billion over the next five years. Cloud migration is still in early innings according to CEO Satya Nadella. |
Azure Infrastructure Migration Capex Enterprise |
AIMicrosoft has integrated AI capabilities across its product suite through partnerships with OpenAI. GitHub Copilot now generates 46% of code in programming projects with over one million paid users. Microsoft 365 Copilot launched at $30 per user per month, representing significant revenue potential. |
Copilot OpenAI Automation Productivity Revenue | |
BroadbandBoston Omaha's broadband business has over 40,000 subscribers across 17 states with a growing backlog of contracted fiber subscribers in planned housing developments. The company targets areas where cable overbuilders likely won't compete, expecting 20-35% unlevered returns on fiber investments. |
Fiber Subscribers Rural Infrastructure Returns | |
| 2023 Q3 |
StewardshipThe letter extensively analyzes management quality and corporate governance across portfolio companies, contrasting good stewardship (CoStar, Copart) with poor stewardship (Black Knight, IAA). The manager emphasizes stewardship as a critical component of their durability ranking system and long-term investment returns. |
Management Governance Culture Leadership Capital Allocation |
MarketplacesDetailed discussion of digital marketplace businesses including CoStar's expansion into residential real estate with Homes.com, and Copart's dominance in salvage vehicle auctions. The manager highlights the competitive advantages and network effects of well-executed marketplace models. |
Digital Platforms Network Effects Two-sided Markets Competitive Moats | |
Commercial Real EstateSignificant focus on CoStar Group's commercial real estate information platform and its strategic expansion into residential markets. The letter discusses the company's comprehensive data offerings and market leadership position in commercial real estate. |
Real Estate Data Information Services Property Markets Brokerage | |
| 2023 Q2 |
HealthcareNew investment in UnitedHealth Group as the largest managed care organization transitioning from health insurer to vertically integrated service provider. Optum drives over half of company-wide profit with decade-plus lead in comprehensive healthcare delivery. |
Managed Care Healthcare IT Value-based Care Medicare Advantage Optum |
LogisticsOld Dominion Freight Line operates in the less-than-truckload market with invisible moat from network effects and operational excellence. Company maintains pricing discipline through cycles while competitors cut prices for volume. |
LTL Freight Transportation Network Effects Pricing Power | |
AerospaceHEICO continues disciplined M&A strategy with $2 billion Wencor acquisition, combining the two largest PMA providers. Minimal portfolio overlap creates cross-selling opportunities and expanded customer base in aftermarket aircraft parts. |
Aftermarket Parts PMA Aircraft M&A Aerospace Components | |
Discount RetailDollar Tree leadership changes under Rick Dreiling driving multi-year improvement plan. Dollar Tree PLUS initiative enhances treasure hunt model while Family Dollar closes pricing gap with competitors to improve traffic and sales. |
Dollar Stores Multi-price Model Retail Turnaround Management Change Pricing Strategy | |
AIAdobe strengthening its Creative Cloud moat through Generative AI tools trained on Adobe Stock content with copyright access. Early demonstrations show meaningful efficiency gains completing tasks in seconds versus hours for professionals. |
Generative AI Creative Software Productivity Copyright Creative Cloud | |
| 2023 Q1 |
BankingExtensive analysis of banking industry risks, focusing on Silicon Valley Bank's collapse due to duration mismatch and poor asset-liability management. Discussion of systemic risks from unrealized losses in held-to-maturity portfolios across the banking sector. |
Duration Risk Asset Liability Management Deposit Flight Interest Rates Bank Failures |
Capital MarketsAnalysis of how banking sector stress creates collateral damage across capital markets. Discussion of regulatory responses including potential restrictions on share repurchases, higher capital requirements, and increased FDIC surcharges affecting systemically important banks. |
Regulation Systemic Risk Capital Requirements FDIC Share Repurchases | |
Life Science ToolsDetailed discussion of Thermo Fisher Scientific as a major holding, highlighting the company's leading positions in research instrumentation, equipment, and services. Focus on management's capital allocation prowess and the roll-off of Covid-related revenues creating opportunity. |
Research Instruments Recurring Revenue Capital Allocation Covid Impact Biopharma |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 29, 2026 | Fund Letters | Matt Barnes | AMZN | Amazon.com Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | advertising, AWS, cloud, ecommerce, infrastructure | Login |
| Jan 29, 2026 | Fund Letters | Matt Barnes | HEI | HEICO Corp. | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, Decentralization, Free Cash Flow, Pricing power | Login |
| Jan 29, 2026 | Fund Letters | Matt Barnes | MCO | Moody’s Corp. | Financials | Capital Markets | Bull | New York Stock Exchange | buybacks, cash flow, credit ratings, Debt Markets, Regulatory Moat | Login |
| Jan 29, 2026 | Fund Letters | Matt Barnes | V | Visa Inc. | Financials | Transaction & Payment Processing Services | Bull | New York Stock Exchange | digital payments, Fintech, Margins, network effects, transaction growth | Login |
| Jan 29, 2026 | Fund Letters | Matt Barnes | MSFT | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, Enterprise software, productivity, recurring revenue | Login |
| Jan 29, 2026 | Fund Letters | Matt Barnes | AON | Aon PLC | Financials | Insurance Brokers | Bull | New York Stock Exchange | buybacks, financial services, insurance brokerage, recurring revenue, risk management | Login |
| Jan 29, 2026 | Fund Letters | Matt Barnes | BRK.B | Berkshire Hathaway Inc. | Financials | Multi-Sector Holdings | Bull | New York Stock Exchange | capital allocation, cash flow, conglomerate, diversification, Insurance | Login |
| Jul 25, 2025 | Fund Letters | Ironvine Capital Partners | DE | John Deere | Capital Goods | Agricultural & Farm Machinery | Bull | NYSE | Agricultural Equipment, Cyclical Recovery, Equipment Manufacturing, farming, machinery, Precision Agriculture, technology | Login |
| Jul 25, 2025 | Fund Letters | Ironvine Capital Partners | UNP | Union Pacific | Transportation | Railroads | Bull | NYSE | Bulk Commodities, consolidation, freight transportation, infrastructure, Intermodal, Operational Turnaround, Precision Scheduled Railroading, railroad | Login |
| Jul 25, 2025 | Fund Letters | Ironvine Capital Partners | HON | Honeywell | Capital Goods | Aerospace & Defense | Bull | NASDAQ | Aerospace, aftermarket, Aviation, conglomerate discount, Defense, spin-off, Sum-of-parts, value unlock | Login |
| Jul 25, 2025 | Fund Letters | Ironvine Capital Partners | WSO | Watsco | Capital Goods | Trading Companies & Distributors | Bull | NYSE | employee ownership, HVAC Distribution, market consolidation, Non-discretionary Demand, Owner-operator Culture, Replacement Cycle, Scale Advantages | Login |
| Apr 22, 2025 | Fund Letters | Ironvine Capital Partners | HON | Honeywell International Inc. | Industrials | Industrial Conglomerates | Bull | NASDAQ | Activist Catalyst, Aerospace Aftermarket, conglomerate discount, Elliott Management, industrial conglomerate, Regulatory Moat, spin-off, value unlock | Login |
| Apr 22, 2025 | Fund Letters | Ironvine Capital Partners | APH | Amphenol Corporation | Information Technology | Electronic Components | Bull | NYSE | decentralized structure, Diversified Technology, Electronic Components, Electronics Adoption, Global Technology, interconnect solutions, manufacturing, Mission-Critical Components | Login |
| Apr 22, 2025 | Fund Letters | Ironvine Capital Partners | AHT.L | Ashtead Group plc | Industrials | Trading Companies & Distributors | Bull | LSE | asset-light model, cyclical business, Equipment Rental, Fragmented Industry, market consolidation, network effects, Scale Advantages, UK Listed | Login |
| Jan 16, 2025 | Fund Letters | Ironvine Capital Partners | TSM | Taiwan Semiconductor Manufacturing Company | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | AI, Capital equipment, Foundry, high-ROIC, manufacturing, market leader, Pure-Play, semiconductors, Taiwan, technology | Login |
| Jan 16, 2025 | Fund Letters | Ironvine Capital Partners | AMAT | Applied Materials | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Complexity, Deposition, Etch, Installed base, manufacturing, Materials Science, process control, semiconductor equipment, WFE | Login |
| Jan 16, 2025 | Fund Letters | Ironvine Capital Partners | ENTG | Entegris | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Chemicals, Consumables, Cyclical Recovery, Filters, Lock-in, POR, Purity, semiconductor materials, Volume-driven | Login |
| Jul 18, 2024 | Fund Letters | Ironvine Capital Partners | DE | Deere & Co. | Capital Goods | Agricultural & Farm Machinery | Bull | NYSE | Agricultural Equipment, Brazil, Construction Equipment, Cyclical, Dealer Network, Global Population Growth, infrastructure spending, Precision Agriculture, Protein Consumption, Software Revenue | Login |
| Jan 23, 2024 | Fund Letters | Ironvine Capital Partners | AAPL|MSFT|NFLX|NVDA|UNH | Microsoft Corporation | Software & Services | Systems Software | Bull | NASDAQ | Artificial Intelligence, Cloud computing, Enterprise software, high-ROIC, network effects, SaaS, Scale Advantages, subscription model | Login |
| Jan 23, 2024 | Fund Letters | Ironvine Capital Partners | BOC | Boston Omaha Corporation | Media & Entertainment | Advertising | Bull | NASDAQ | Aviation Infrastructure, Fiber broadband, high-ROIC, holding company, Outdoor Advertising, regulatory barriers, Subprime Auto Lending, supply constraints | Login |
| TICKER | COMMENTARY |
|---|---|
| AMZN | Our largest investment, Amazon, is a good example of this phenomenon. Amazon Web Services (AWS), the company's $130 billion cloud computing platform, has been perceived as both AI winner and AI loser at different points over the three-plus years since ChatGPT arrived. We believe model-agnostic, strategically located, low-cost inference capacity positions AWS well in most versions of a brave new world. Amazon retail, with its increasingly dominant physical distribution network, would seem impervious—or at least indifferent—to AI disruption on the surface. In a world where agents shop and transact on an individual's behalf, however, the trajectory of Amazon's $85 billion advertising business (a key profit engine) becomes less clear. Amazon retail is still a juggernaut in this scenario, but perhaps a less profitable one. Last week a new data point entered the conversation with CEO Andy Jassy revealing the growing scale of Amazon's custom semiconductor business which is now approaching $50B in annual revenue. |
| UNP | For example, it's almost certain that Union Pacific and Burlington Northern's endowed positions as the most efficient shippers of heavy freight become more valuable as the economy grows over time. |
| HEI | HEICO's ability to design, certify, manufacture, and sell thousands of aircraft parts at discounted prices is unlikely to be disrupted (although we recently spent some time creatively challenging that position). |
| WSO | Over the last several quarters we've been accumulating shares of the largest HVAC distributor in the country, Watsco. Its network would be very difficult to displace. The footprint reaches roughly 700 locations across various dealer territories, serving more than 120,000 contractors who in turn reach millions of homeowners. Watsco also benefits from a unique culture of employee ownership that has consistently produced above market growth for several decades. |
| TSM | We wrote about the essential nature of Taiwan Semiconductor (TSMC), Applied Materials, and Analog Devices in our Fourth Quarter 2024 letter. All three hold key positions in the semiconductor value chain alongside ASML whose monopoly we covered in detail in our Third Quarter 2025 letter. TSMC, ASML, and Applied Materials provide unparalleled process knowledge and high precision equipment at a time where manufacturing complexity is rising and customers are clamoring for capacity. |
| AMAT | We wrote about the essential nature of Taiwan Semiconductor (TSMC), Applied Materials, and Analog Devices in our Fourth Quarter 2024 letter. All three hold key positions in the semiconductor value chain alongside ASML whose monopoly we covered in detail in our Third Quarter 2025 letter. TSMC, ASML, and Applied Materials provide unparalleled process knowledge and high precision equipment at a time where manufacturing complexity is rising and customers are clamoring for capacity. |
| ADI | We wrote about the essential nature of Taiwan Semiconductor (TSMC), Applied Materials, and Analog Devices in our Fourth Quarter 2024 letter. Amphenol (which we highlighted in our First Quarter 2025 Letter) and Analog Devices both sell tens / hundreds of thousands of SKUs that enable the detection, movement, connection, and protection of power and data, i.e. the brains and nervous system necessary to utilize technology in the physical world. |
| ASML | All three hold key positions in the semiconductor value chain alongside ASML whose monopoly we covered in detail in our Third Quarter 2025 letter. TSMC, ASML, and Applied Materials provide unparalleled process knowledge and high precision equipment at a time where manufacturing complexity is rising and customers are clamoring for capacity. |
| APH | Amphenol (which we highlighted in our First Quarter 2025 Letter) and Analog Devices both sell tens / hundreds of thousands of SKUs that enable the detection, movement, connection, and protection of power and data, i.e. the brains and nervous system necessary to utilize technology in the physical world. |
| ADBE | For example, we sold our investment in Adobe in December 2024 as questions surfaced about the future of content generation and advertising placement. |
| WMT | The chart below depicts the growing divergence between the world's two largest retail operators. Over the course of the last two years, Amazon has gone from trading roughly at parity with Walmart to now trading at a 50% discount. |
| MCO | Following the February selloff, the rating agencies, which also straddle the risks and opportunities presented by AI, trade near their lowest multiple of expected earnings since 2022. We believe Moody's and S&P Global will remain largely unscathed by the commercialization of AI automation tools. These are benchmarks, standards, and stamps-of-approval type businesses that generate the bulk of their revenue and operating income from the widely recognized opinions they give. |
| SPGI | Following the February selloff, the rating agencies, which also straddle the risks and opportunities presented by AI, trade near their lowest multiple of expected earnings since 2022. We believe Moody's and S&P Global will remain largely unscathed by the commercialization of AI automation tools. These are benchmarks, standards, and stamps-of-approval type businesses that generate the bulk of their revenue and operating income from the widely recognized opinions they give. |
| CSU.TO | Before AI, Constellation Software (CSU) was broadly viewed as possessing a strong moat and seemingly limitless runway to redeploy cash flows into vertical market software acquisitions at high returns. The market reflected that confidence: just last year, the shares approached $4,000 and traded at roughly 45x trailing free cash flow. That narrative has since unraveled. In the months that followed, the stock fell sharply as two developments converged—the sudden resignation of founder Mark Leonard for health reasons, and a growing belief that AI could erode traditional software economics. Together, these forces catalyzed a rapid and decisive shift in investor sentiment that led to a 50% drawdown in the value of CSU's equity. And although we agree that barriers to developing software have come down, we believe this business is stickier than the price suggests. |
| MSFT | Microsoft's software business, long heralded as one of the most durable subscription models in enterprise services, faces scrutiny as it has yet to find product market fit with its CoPilot AI tools. |
| V | Market sentiment on Visa and Mastercard has soured as questions around agentic commerce potentially disrupting global payment flows have surfaced. |
| MA | Market sentiment on Visa and Mastercard has soured as questions around agentic commerce potentially disrupting global payment flows have surfaced. |
| AON | Aon, Brown & Brown, and the rest of the insurance brokerage industry fell out of favor last year due to a softening insurance market and now face disintermediation-related questions that rhyme with the dawn of the internet era. |
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