Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 30th June 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 13% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 13% |
Mar Vista's Global Quality strategy delivered strong performance in Q2 2025, returning 12.98% net as global equities reached record highs despite earlier volatility. The portfolio benefited from concentrated exposure to AI and cloud infrastructure leaders, with Microsoft, Oracle, and NVIDIA driving outperformance through accelerating demand for AI services and next-generation computing platforms. Microsoft's Azure AI services showed robust growth with bookings exceeding $300 billion, while Oracle's cloud transition gained momentum with new contracts worth over $30 billion annually. NVIDIA rebounded strongly on continued Blackwell platform demand. Portfolio activity included initiating GE Aerospace for its dominant aerospace market position and recurring aftermarket revenue, while divesting Broadcom to concentrate further in NVIDIA. Looking ahead, persistent trade policy uncertainty and rising tariffs present significant headwinds, with businesses becoming more cautious as the reciprocal tariff pause expires. Despite elevated valuations, the strategy maintains focus on quality companies with pricing power and competitive moats, emphasizing earnings growth over multiple expansion in an increasingly volatile environment.
Mar Vista maintains a disciplined, valuation-aware approach focused on high-quality companies with durable competitive advantages, emphasizing technology leaders in AI and cloud infrastructure while navigating trade policy uncertainty through strategic positioning.
The second half of 2025 is shaping up to be more volatile for equity markets despite strong first-half performance. Policy uncertainty around U.S. trade remains a significant headwind, with rising tariffs pressuring margins and potentially increasing recession risks. However, record highs are supported by resilient earnings and economic data. The market trajectory will likely depend more on earnings growth than multiple expansion given elevated valuations.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jun 30 2025 | 2025 Q2 | AAPL, AVGO, BRK-A, COLOB.CO, GE, MSFT, NVDA, ORCL, TDG | aerospace, AI, Cloud, global, large cap, Quality, technology, Trade Policy |
MSFT ORCL NVDA AAPL BRK.B GE MSFT ORCL NVDA AAPL BRK-A GE |
Mar Vista's Global Quality strategy returned 12.98% in Q2 2025, outperforming benchmarks through concentrated exposure to AI and cloud leaders Microsoft, Oracle, and NVIDIA. Strong corporate earnings drove global equities to records despite trade policy uncertainty. The portfolio added GE Aerospace while trimming positions, maintaining focus on quality companies with durable advantages amid rising tariff pressures and policy volatility. |
| Mar 31 2025 | 2025 Q1 | AAPL, AVGO, BRK-A, CRM, GOOGL, MSFT, NESN.SW, NVDA, SAF.PA, TSLA | AI, Cloud, global, Quality, semiconductors, Stagflation, technology, Trade Policy |
NVDA AVGO CRM MSFT |
Mar Vista's Global Quality strategy declined 2.98% in Q1 amid trade policy uncertainty and technology sector weakness. Strong performers included defensive names like Nestlé and Berkshire Hathaway, while AI-related holdings faced pressure. The team initiated NVIDIA following a pullback and maintains valuation discipline amid stagflation risks and weakening global growth outlook. |
| Feb 24 2025 | 2024 Q4 | AAPL, AMT, AMZN, ASML, AVGO, BN, CRM, DHR, DIS, GOOGL, INTU, META, MSFT, NESN.SW, NOVO-B.CO, NVDA, ROP, TSLA | AI, Cloud, global, growth, large cap, Quality, semiconductors, technology |
AVGO CRM AMZN ASML |
Mar Vista's Global Quality strategy underperformed in Q4 despite strong technology holdings performance. The manager added ASML Holdings for its AI semiconductor exposure while exiting Disney and Roper at fair value. They expect AI transformation and deregulation to drive 2025 earnings growth but remain cautious of stretched U.S. valuations and global economic headwinds. |
| Sep 30 2024 | 2024 Q3 | AAPL, ADI, AMT, AMZN, GOOGL, MCHP, META, MSFT, NVDA, ORCL, SAP, TSLA, UL | AI, Cloud, global, Quality, semiconductors, technology, value |
UL AMT ORCL GOOGL MSFT MCHP |
Mar Vista outperformed in Q3 with 7.23% returns as markets rotated from tech to value sectors. Strong performers included Unilever's consumer resilience, American Tower's rate sensitivity, and Oracle's cloud acceleration. The firm liquidated Microchip amid inventory corrections while maintaining optimism on the easing cycle supporting continued gains through quality businesses with competitive moats. |
| Jun 30 2024 | 2024 Q2 | AAPL, ADBE, AMZN, AVGO, CRM, DIS, GOOGL, LIN, META, MSFT, NVDA, NVS, ORCL, SRT3.DE | AI, Cloud, global, growth, large cap, semiconductors, technology |
AAPL GOOGL ORCL AVGO LIN META |
Mar Vista's global strategy lagged benchmarks in Q2 despite strong AI rally benefiting megacap holdings. New positions in Broadcom, Meta, and Linde target AI infrastructure and secular growth themes. Apple and Oracle drove performance through AI integration and cloud acceleration. Portfolio focuses on moat-protected businesses compounding intrinsic value long-term despite near-term AI concentration risks. |
| Apr 15 2024 | 2024 Q1 | AAPL, ADBE, AMZN, DIS, GOOGL, GXO, HON, NESN.SW, NFLX, NVDA, RKT.L, TDG, UL | AI, consumer, global, growth, Quality, Streaming, technology |
DIS TDG AMZN ADBE GXO AAPL NVZMY |
Mar Vista returned 6.52% in Q1, lagging benchmarks in a tech-driven rally. Disney's streaming turnaround and TransDigm's aerospace recovery drove gains, while Apple and Adobe faced headwinds. The firm added Novonesis and trimmed lower-conviction names. Despite elevated valuations, strong fundamentals and secular positioning support optimism for continued outperformance. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q2 |
AIAI-focused stocks rebounded strongly in Q2 2025, with NVIDIA benefiting from demand for next-generation Blackwell platform and reasoning-based applications requiring 10x more compute power. Microsoft's Azure AI services accelerated, while Oracle gained market share in hyperscale cloud for generative AI workloads. The AI market remains in early stages of multi-year infrastructure build-out. |
Artificial Intelligence Cloud Computing Data Centers Semiconductors Enterprise Software |
CloudCloud infrastructure showed robust growth with Microsoft's Azure services driving strong bookings and Oracle's OCI Gen 2 platform gaining traction in hyperscale markets. Oracle reported 41% year-over-year increase in remaining performance obligations reaching $138 billion, with new contracts expected to generate over $30 billion annually beginning FY2028. |
Cloud Infrastructure SaaS Enterprise Software Data Centers Digital Transformation | |
Trade PolicyRising tariffs and trade tensions created significant market volatility and policy uncertainty throughout the period. Companies are localizing supply chains and securing alternate component sources to navigate new tariff regimes. The expiration of reciprocal tariff pause looming in Q3 is making businesses more cautious in investment decisions. |
Tariffs Supply Chain Geopolitical Risk Policy Uncertainty International Trade | |
AerospaceGE Aerospace was initiated as a new position based on its dominant market share powering over 60% of global narrowbody fleet and strong aftermarket business providing recurring revenue. The company benefits from airlines prioritizing engine reliability and fuel efficiency, while competitor durability challenges create market share opportunities. |
Commercial Aviation Defense Aftermarket Services Engine Technology Aircraft Manufacturing | |
| 2025 Q1 |
AIThe AI market remains in preliminary stages with fast-paced innovation. DeepSeek's efficiency breakthrough sparked debate around capital efficiency, but hyperscalers increased 2025 capex guidance despite awareness of these developments. Integration of reasoning capabilities into leading LLMs is significantly increasing computing intensity, with some experts estimating up to 100x more computing demand for inferencing models with reasoning. |
NVIDIA Computing Infrastructure Hyperscalers LLMs |
Trade PolicyThe U.S.'s aggressive trade policies could lead to stagflation in the world's largest economy. The volatile rollout of tariffs against major U.S. trading partners has led analysts to cut economic growth forecasts while raising inflation expectations. Prolonged uncertainty could hinder corporate decision-making, resulting in delays in capital expenditures, hiring, and major projects. |
Tariffs Stagflation Uncertainty Growth | |
CloudMicrosoft reported strong cloud revenue growth of 21% year-over-year, though Azure revenue growth at 31% came in at the low end of expectations. The company maintains a strong presence in enterprise with comprehensive portfolio spanning infrastructure-as-a-service, platform-as-a-service, and software-as-a-service, positioning it well as organizations pivot toward digital-first future. |
Azure Microsoft Enterprise Digital | |
| 2024 Q4 |
AIArtificial intelligence stands out as a particularly exciting prospect, drawing parallels to the revolutionary impact of automobiles in the 1920s. Industry experts believe artificial intelligence will meaningfully enhance worker productivity and generate efficiencies across various sectors, potentially justifying the current elevated market valuations. The manager focuses on companies positioned to capitalize on opportunities presented by artificial intelligence and technological advancements. |
Productivity Semiconductors Cloud Technology Innovation |
SemiconductorsASML Holdings was initiated due to its unmatched leadership in semiconductor lithography equipment and pivotal role in enabling next generation chip production. The manager expects ASML to benefit from growing demand for advanced semiconductors critical to power artificial intelligence, cloud computing, and mobile devices. Broadcom's custom AI accelerator solutions and semiconductor-related revenues showed strong performance. |
Lithography EUV Foundries Manufacturing Equipment | |
CloudAmazon's AWS achieved record operating margins and accelerated growth, highlighting the strength in cloud computing. The manager believes AWS growth has further potential as companies continue investing in cloud infrastructure. Cloud computing represents a key driver for semiconductor demand and technological advancement. |
Infrastructure Computing Margins Growth Services | |
| 2024 Q3 |
AIThe tech sector showed mixed performance with growing investor skepticism about heavy AI spending by big tech companies. The market entered what analysts describe as a zone of disillusionment reminiscent of the internet boom in 2000. Oracle is benefiting from cloud-based solutions and gaining traction with its OCI Gen 2 platform-as-a-service offering, which is winning mindshare from leading cloud customers including OpenAI. |
Cloud Technology OpenAI Platform |
SemiconductorsMicrochip Technology experienced demand pressures due to a cyclical inventory correction in microcontrollers and analog components. The pandemic led to double ordering and excess inventory buildup. The company has shipped below end-demand for almost a year and is working through this inventory correction, which should likely clear exiting 2024 or in early 2025. |
Inventory Cyclical Microcontrollers Analog | |
CloudOracle is seeing revenue acceleration from several years of investing in cloud-based solutions. The company has broad-based demand for multiple cloud offerings including Fusion ERP Suite, NetSuite, and Oracle Database. Oracle's partnerships with Microsoft Azure, Google Compute Platform, and Amazon AWS position it well for database migration to cloud subscriptions. |
Database Migration Partnerships Revenue | |
| 2024 Q2 |
AIAI enthusiasm has driven approximately 49% of global market gains year-to-date, with six megacap firms leading the rally. The manager believes AI will have transformative long-term effects but notes the market is pricing in immediacy while benefits will accrue gradually. AI advancements are already showing promising results in enhancing consumer engagement and improving advertiser performance. |
Artificial Intelligence Machine Learning Generative AI AI Infrastructure AI Accelerators |
CloudOracle is benefiting from several years of investing in cloud-based solutions that are now driving demand acceleration. Oracle's OCI offering is recognized as a viable hyper scaler and is winning mindshare from leading cloud customers including OpenAI. The company's partnerships with Microsoft Azure and Google Compute Platform could facilitate Oracle Database migration to the cloud. |
Cloud Computing Hyperscale Cloud Infrastructure Database Migration Cloud Services | |
SemiconductorsBroadcom is well-positioned to benefit from rapidly expanding demand for custom AI accelerator chips supporting the generative AI market evolution. The company is the second-largest producer of AI accelerator chips behind Nvidia and leads the market in custom AI ASIC chips. Broadcom is a direct beneficiary of a multi-year capital cycle driven by hyper scalers building out next-generation AI factories. |
AI Chips Custom Silicon ASIC AI Accelerators Semiconductor Manufacturing | |
Industrial GasesLinde is the world's largest global industrial gas producer with the highest profit margins and returns on capital in the industry. Industrial gases have benefited from secular growth trends in decarbonization and carbon sequestration. The opportunity in blue and green ammonia and hydrogen are substantial, with projects quickly being added to the backlog for future growth. |
Industrial Gases Decarbonization Hydrogen Ammonia Carbon Sequestration | |
StreamingDisney+ and Hulu reached a milestone by turning their first quarterly profit, though the company cautioned about theme park attendance returning to pre-pandemic norms. The manager expects the gap between Disney's market price and intrinsic value to shrink as its streaming division evolves and increases profitability over time. |
Streaming Services Digital Entertainment Content Monetization Subscription Revenue Media Platforms | |
| 2024 Q1 |
AIThe AI boom has fueled market gains, with chip designer Nvidia adding more than $1 trillion in market value after rising 82% during the first quarter. Adobe stands out as an early leader in generative AI, offering both standalone solutions like Firefly and integrated features within established products like Photoshop. This puts them ahead of the curve, attracting both creative professionals and marketing teams within corporations. |
Nvidia Generative AI Semiconductors Creative Software Firefly |
StreamingWalt Disney's streaming service is on track to become profitable by its fiscal fourth quarter. This aligns with our original investment thesis, which expected the direct-to-consumer business to move from a loss of $2 billion to a profit of $1 billion. Even after the recent stock price increase, Walt Disney remains undervalued relative to Netflix. |
Disney Netflix Direct-to-Consumer Profitability Media | |
E-commerceAmazon is experiencing a surge in profitability, reflected in significantly higher retail profit margins. Strategic cost reductions in headcount and fulfillment have materialized into financial gains. Current unit sales growth has effectively reached equilibrium with fulfillment capacity, leading to positive adjustments to both earnings and intrinsic value estimates. |
Amazon Fulfillment Retail Margins Cost Reduction Capacity |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jun 30, 2025 | Fund Letters | Mar Vista Global Equity Fund | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI-enabled devices, consumer electronics, Ecosystem, Edge computing, services revenue, Smartphones, subscription services | Login |
| Jun 30, 2025 | Fund Letters | Mar Vista Global Equity Fund | BRK-A | Berkshire Hathaway Inc. | Financials | Multi-Sector Holdings | Bull | NYSE | capital allocation, Cash management, conglomerate, dividend policy, Insurance, Opportunistic Investing, value investing | Login |
| Jun 30, 2025 | Fund Letters | Mar Vista Global Equity Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | Accelerated Computing, AI infrastructure, Artificial Intelligence, Blackwell Platform, GPUs, large language models, semiconductors | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, Azure, backlog, cloud, Enterprise software, generative AI | Login |
| Jun 30, 2025 | Fund Letters | Mar Vista Global Equity Fund | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | Artificial Intelligence, Azure, Cloud computing, Digital transformation, Enterprise software, productivity tools, SaaS | Login |
| Jun 30, 2025 | Fund Letters | Mar Vista Global Equity Fund | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | NYSE | Artificial Intelligence, Cloud computing, Database, Enterprise software, ERP, hyperscale, large language models | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | New York Stock Exchange | AI, backlog, Bookings, cloud, hyperscaler, Oci | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Blackwell, Compute Power, infrastructure, semiconductors | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | cash flow, Ecosystem, Edge AI, Installed base, services | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | BRK.B | Berkshire Hathaway Inc. | Financials | Multi-Sector Holdings | Bull | New York Stock Exchange | Buffett, capital allocation, Cash Pile, conglomerate, dividend, Succession | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | GE | GE Aerospace | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, Engines, market share, recurring revenue | Login |
| Jun 30, 2025 | Fund Letters | Mar Vista Global Equity Fund | GE | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket services, Aircraft engines, Commercial Aviation, Defense, recurring revenue, Turbofan Technology | Login |
| Mar 31, 2025 | Fund Letters | Mar Vista Global Equity Fund | CRM | Salesforce, Inc. | Information Technology | Software | Bull | NYSE | Agentforce, AI Chatbot, Automation, Cloud computing, CRM, Customer service, Data Analytics, Enterprise software, SaaS, Software | Login |
| Mar 31, 2025 | Fund Letters | Mar Vista Global Equity Fund | MSFT | Microsoft Corporation | Information Technology | Software | Bull | NASDAQ | AI, Azure, ChatGPT, Cloud computing, Digital transformation, Enterprise software, IaaS, PAAS, productivity software, SaaS | Login |
| Mar 31, 2025 | Fund Letters | Mar Vista Global Equity Fund | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI ASICs, cloud infrastructure, custom chips, data centers, hyperscalers, M&A, semiconductors, Software, technology, Vmware | Login |
| Mar 31, 2025 | Fund Letters | Mar Vista Global Equity Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI, Artificial Intelligence, data centers, GPUs, growth, hyperscalers, infrastructure, semiconductors, technology | Login |
| Dec 31, 2024 | Fund Letters | Mar Vista Global Equity Fund | ASML | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Advanced Semiconductors, AI chips, EUV lithography, Samsung, semiconductor equipment, Technology Monopoly, TSMC | Login |
| Dec 31, 2024 | Fund Letters | Mar Vista Global Equity Fund | CRM | Salesforce, Inc. | Information Technology | Software | Bull | NYSE | Agentforce, Cloud computing, CRM, Enterprise software, generative AI, SaaS, subscription revenue | Login |
| Dec 31, 2024 | Fund Letters | Mar Vista Global Equity Fund | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI accelerators, custom silicon, data center, semiconductors, Software, technology, Vmware | Login |
| Dec 31, 2024 | Fund Letters | Mar Vista Global Equity Fund | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AI implementation, AWS, Cloud computing, digital advertising, e-commerce, Logistics, Prime Video | Login |
| Sep 30, 2024 | Fund Letters | Mar Vista Global Equity Fund | MSFT | Microsoft | Information Technology | Systems Software | Bull | NASDAQ | Artificial Intelligence, Cloud computing, Digital transformation, Enterprise software, platform, productivity tools, SaaS | Login |
| Sep 30, 2024 | Fund Letters | Mar Vista Global Equity Fund | AMT | American Tower | Real Estate | Specialized REITs | Bull | NYSE | 5G, Cell Towers, datacenters, Edge computing, infrastructure, Interest Rate Sensitive, REIT | Login |
| Sep 30, 2024 | Fund Letters | Mar Vista Global Equity Fund | MCHP | Microchip Technology | Information Technology | Semiconductors | Bull | NASDAQ | Analog Components, automotive, Cyclical, Industrial, Inventory Correction, Microcontrollers, semiconductors | Login |
| Sep 30, 2024 | Fund Letters | Mar Vista Global Equity Fund | ORCL | Oracle | Information Technology | Systems Software | Bull | NYSE | Cloud computing, Database Software, Digital transformation, hyperscaler, platform as a service, SaaS, subscription model | Login |
| Sep 30, 2024 | Fund Letters | Mar Vista Global Equity Fund | GOOGL | Alphabet | Communication Services | Interactive Media & Services | Bull | NASDAQ | antitrust, Artificial Intelligence, Cloud computing, Regulatory risk, search engine, technology, Video Platform | Login |
| Sep 30, 2024 | Fund Letters | Mar Vista Global Equity Fund | UL | Unilever | Consumer Staples | Personal Products | Bull | NYSE | brand portfolio, consumer staples, defensive, Emerging markets, margin expansion, Quality, volume growth | Login |
| Jun 30, 2024 | Fund Letters | Mar Vista Global Equity Fund | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | NYSE | Cloud computing, Database, Enterprise software, hyperscaler, migration, Oci, Partnerships, SaaS | Login |
| Jun 30, 2024 | Fund Letters | Mar Vista Global Equity Fund | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, cloud, Consumer Engagement, Cost control, digital advertising, restructuring, Revenue Growth, Search | Login |
| Jun 30, 2024 | Fund Letters | Mar Vista Global Equity Fund | META | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, digital advertising, global reach, monetization, operational efficiency, Reels, social media, user engagement | Login |
| Jun 30, 2024 | Fund Letters | Mar Vista Global Equity Fund | AVGO | Broadcom Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI accelerators, Asic, custom silicon, hyperscalers, infrastructure software, semiconductors, subscription model, Virtualization, Vmware | Login |
| Jun 30, 2024 | Fund Letters | Mar Vista Global Equity Fund | LIN | Linde plc | Materials | Industrial Gases | Bull | NYSE | Ammonia, Carbon Sequestration, clean energy, Decarbonization, Emerging markets, Hydrogen, Industrial Gases, On-site Plants | Login |
| Jun 30, 2024 | Fund Letters | Mar Vista Global Equity Fund | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | App Store, consumer electronics, Ecosystem, generative AI, iOS, iPhone, monetization, upgrade cycle | Login |
| Mar 31, 2024 | Fund Letters | Mar Vista Global Equity Fund | TDG | TransDigm | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket, Aircraft Components, Commercial Aviation, Cyclical Recovery, Defense, high margins | Login |
| Mar 31, 2024 | Fund Letters | Mar Vista Global Equity Fund | ADBE | Adobe | Information Technology | Software | Bull | NASDAQ | Artificial Intelligence, Creative Professional, Creative Tools, digital commerce, generative AI, SaaS, Software | Login |
| Mar 31, 2024 | Fund Letters | Mar Vista Global Equity Fund | DIS | Walt Disney | Communication Services | Entertainment | Bull | NYSE | Content, direct-to-consumer, entertainment, media, Streaming, theme parks, turnaround | Login |
| Mar 31, 2024 | Fund Letters | Mar Vista Global Equity Fund | GXO | GXO Logistics | Industrials | Air Freight & Logistics | Bull | NYSE | Cyclical Recovery, Distribution, E-commerce Fulfillment, Logistics, omnichannel retail, supply chain, Warehousing | Login |
| Mar 31, 2024 | Fund Letters | Mar Vista Global Equity Fund | NVZMY | Novonesis | Materials | Specialty Chemicals | Bull | OTC | Biosolutions, biotechnology, environmental solutions, Enzymes, innovation, specialty chemicals, Sustainability | Login |
| Mar 31, 2024 | Fund Letters | Mar Vista Global Equity Fund | AMZN | Amazon | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Cost Reduction, e-commerce, Fulfillment, infrastructure, operating leverage, profitability, Retail Margins | Login |
| Mar 31, 2024 | Fund Letters | Mar Vista Global Equity Fund | AAPL | Apple | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | cash flow, Ecosystem, Installed base, services, Smartphones, Subscribers, technology hardware | Login |
| TICKER | COMMENTARY |
|---|---|
| MSFT | Microsoft shares rebounded in calendar Q2 following a strong fiscal Q3 2025 (March quarter), driven by accelerating demand for AI-related Azure services. Robust second-half momentum, coupled with strong bookings as reflected in the Remaining Performance Obligation exceeding $300 billion (+33% year over year), helped ease investor concerns around enterprise IT spending and the long-term return potential of Microsoft's substantial AI infrastructure investments. |
| ORCL | Oracle shares rebounded from the pressure experienced in calendar Q1 2025, as concerns about tariffs impacting IT budgets proved to be overstated. The company reported a strong fiscal Q4 2025 (May quarter), driven by robust demand for its hyperscale cloud offering, OCI Gen 2, which supports large language models. Oracle issued a confident outlook, projecting accelerating revenue and operating income growth over the intermediate term as it continues its strategic transition to cloud-based solutions. |
| NVDA | NVIDIA shares rebounded from their calendar Q1 lows as investor concerns over DeepSeek's efficiency gains and U.S. government restrictions on advanced AI semiconductors, such as NVIDIA's H20 family of GPUs, proved overstated. Demand for NVIDIA's next-generation Blackwell platform remains strong, fueled by the growing complexity of large language models and the emergence of reasoning-based applications. |
| AAPL | Apple shares came under pressure in the first half of calendar 2025 amid concerns over softening iPhone demand, rising competition from Huawei in China, challenges related to the rollout of Apple Intelligence, its new on-device AI offering, and potential tariff-related headwinds. Despite these near-term pressures, we continue to view Apple as a competitively advantaged business, anchored by the strength of its ecosystem. |
| BRK-A | Despite hitting all-time highs early in the second quarter, Berkshire Hathaway's stock declined 9% for the three-month period. Warren Buffett's surprise announcement at the company's shareholder meeting that he would retire at year-end marked the beginning of the stock sell-off. Berkshire was built intentionally to outlast Mr. Buffett so the formal announcement of his retirement doesn't change our perspective on the business. |
| COLOB.CO | Coloplast's stock suffered during the quarter as financial results in ostomy, urology and voice fell short of expectations and the Board announced the immediate departure of CEO Kristian Villumsen. We believe the market has appropriately repriced the stock for near-term uncertainty and business should return to high single-digit revenue and double-digit intrinsic value growth over the medium term. |
| GE | We initiated a position in GE Aerospace based on its durable competitive advantages, anchored by its dominant market share in commercial and military aircraft engines—powering over 60% of the global narrowbody fleet through its joint ventures and proprietary platforms. Its strong aftermarket business, with long-term maintenance contracts and a growing installed base, provides a recurring revenue stream that buffers against cyclicality. |
| AVGO | We recently divested our Broadcom holdings, capitalizing on the stock's strong performance, and strategically redeployed the proceeds to substantially increase our stake in NVIDIA. |
| TDG | We trimmed TransDigm during the quarter. |
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