Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 4.3% | -10.17% | -10.17% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 4.3% | -10.17% | -10.17% |
Mar Vista's U.S. Quality Premier strategy returned -10.17% net in Q1 2026, underperforming the S&P 500's -4.33% decline as geopolitical tensions dominated markets. The escalation of Middle East conflict drove oil prices up over 50%, pushing inflation expectations higher and repricing interest rate expectations from multiple cuts to prolonged restrictive policy. Top contributors included Johnson & Johnson (+18.74%) on strong pharma growth, Taiwan Semiconductor (+11.45%) on AI chip demand, and Analog Devices (+17.69%) on industrial recovery. Microsoft (-23.28%), SAP (-30.74%), and Meta (-13.25%) were key detractors amid AI investment concerns and legal pressures. The team initiated positions in Ecolab, GE Vernova, and QXO while exiting Salesforce and SAP due to AI disruption risks. The AI investment cycle is entering a more disciplined phase, with focus shifting from investment scale to capital returns. The manager believes markets are transitioning to a fundamentally-driven environment favoring high-quality businesses with durable competitive advantages, earnings durability, and strong free cash flow generation.
Focus on owning a concentrated portfolio of high-quality businesses capable of compounding intrinsic value over time, supported by strong balance sheets, high returns on invested capital, and resilient free cash flow generation in a fundamentally-driven market environment.
We believe the market is transitioning into a more fundamentally-driven environment where returns could be more closely tied to earnings durability, free cash flow generation, and capital discipline. While near term volatility is likely to persist, particularly given geopolitical risks and policy uncertainty, we believe this environment should ultimately favor high-quality businesses with durable competitive advantages.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 6 2026 | 2026 Q1 | ADI, CRM, DHR, ECL, GEV, INTU, JNJ, LIN, META, MSFT, NFLX, QXO, SAP, TSM | AI, energy, fundamentals, Geopolitical, large cap, Quality | - | Mar Vista's Quality Premier strategy declined 10.17% in Q1 2026 as Middle East conflict drove oil prices up 50% and repriced rate expectations. Strong performance from healthcare and semiconductors was offset by AI-related pressure on Microsoft and software exits. The team sees markets transitioning to fundamentally-driven environment favoring quality businesses with durable competitive advantages. |
| Jan 13 2026 | 2025 Q4 | AAPL, AMT, AMZN, APH, AVGO, BRK-B, EFX, GOOG, META, MSFT, MTD, NFLX, NVDA, ORCL, ROP, TSM, VLTO | AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology |
GOOG JNJ DHR ORCL MSFT LIN TSM NFLX EFX ROP GOOG MTD AAPL ORCL META MSFT TSM NFLX EFX ROP |
Mar Vista's Quality Premier strategy underperformed in Q4 despite strong AI-related holdings like Alphabet and Apple. The manager sees AI transitioning from infrastructure build-out to monetization in 2026, but warns of vulnerability from narrow market leadership and elevated mega-cap valuations. Strategy focuses on high-quality businesses with competitive advantages while maintaining valuation discipline in an increasingly late-cycle environment. |
| Oct 7 2025 | 2025 Q3 | AAPL, ADBE, AMZN, GOOGL, INTU, MCO, META, MSFT, NVDA, SAP, TSLA | AI, Concentration, Fed policy, growth, large cap, technology, Valuations | - | Mar Vista's quality strategy lagged the AI-driven market rally in Q3 2025, returning 6.41% versus the S&P 500's 8.12%. With the Magnificent Seven reaching record 37% market concentration and valuations stretched, the firm prioritizes diversification and disciplined rebalancing. They view current market conditions as approaching overheating territory while maintaining focus on quality companies with durable competitive advantages. |
| Jun 30 2025 | 2025 Q2 | AAPL, AMZN, AVGO, GE, GOOGL, JNJ, META, MSFT, MTD | AI, growth, large cap, Quality, semiconductors, technology, Trade Policy |
AVGO MSFT META AAPL MTD JNJ GE AVGO MSFT META GE |
Mar Vista's quality-focused large-cap strategy outperformed in Q2 2025 driven by AI technology leaders like Broadcom and Microsoft, while initiating GE Aerospace for its aerospace dominance. Trade policy uncertainty and tariff pressures create volatility ahead, but strong earnings forecasts and AI momentum support selective opportunities for disciplined investors emphasizing valuation awareness. |
| Mar 31 2025 | 2025 Q1 | AAPL, APH, AVGO, GOOGL, JNJ, MSFT, NVDA, ORCL, PEP, TDG, TSLA, V | AI, Defensive, large cap, Quality, semiconductors, tariffs, technology |
V TDG JNJ AVGO GOOGL AAPL NVDA |
Mar Vista's quality-focused strategy returned -4.51% in Q1 as tariff concerns and tech sector weakness pressured markets. The team added NVIDIA on weakness while exiting PepsiCo, maintaining focus on competitively advantaged companies with defensive characteristics. With economic growth weakening and inflation expectations rising, the strategy emphasizes valuation discipline while balancing growth opportunities against mounting macro uncertainties. |
| Feb 24 2025 | 2024 Q4 | AAPL, AMT, AMZN, AVGO, CRM, DHR, DIS, EFX, GOOGL, META, MSFT, MTD, NFLX, NVDA, TSLA | AI, Cloud, Concentration, large cap, Quality, semiconductors, technology |
AVGO CRM AMZN EFX |
Mar Vista's quality-focused strategy underperformed in Q4 despite strong contributions from AI-beneficiary Broadcom and margin-expanding Amazon. The manager sees artificial intelligence as transformative for productivity and earnings growth, driving a mid-teens S&P 500 outlook for 2025. However, elevated 22x valuations require careful stock selection and valuation discipline amid potential policy and economic risks. |
| Sep 30 2024 | 2024 Q3 | AAPL, AMT, AMZN, GOOGL, GXO, LIN, MCHP, META, MSFT, NKE, NVDA, ORCL, TSLA, V | AI, Buybacks, Cloud, growth, large cap, rates, technology | - | Mar Vista returned 3.39% in Q3 as market leadership broadened beyond tech. American Tower and Oracle led gains while Microsoft and Alphabet lagged on AI spending concerns and antitrust issues. The firm added Linde and Visa while exiting underperformers. With Fed easing beginning and rates not historically high, the outlook remains constructive for quality businesses with strong competitive moats. |
| Jun 30 2024 | 2024 Q2 | AAPL, ADBE, AMZN, AVGO, CRM, DIS, GOOGL, MCHP, META, MSFT, NKE, NVDA, VMW | AI, Concentration, growth, large cap, semiconductors, software, technology |
AAPL GOOGL MSFT NKE DIS CRM AVGO META |
Mar Vista's concentrated large-cap growth strategy returned 3.74% in Q2, underperforming amid AI-driven market concentration. The fund added Broadcom and Meta while trimming Disney and Adobe, positioning for AI infrastructure buildout. Despite elevated valuations in megacap tech, the manager maintains positive outlook supported by enterprise spending, lower inflation, and strong earnings fundamentals. |
| Mar 31 2024 | 2024 Q1 | AAPL, ADBE, DHR, DIS, HON, MSFT, NFLX, NKE, NVDA, TDG | aerospace, AI, Biotechnology, growth, large cap, Quality, Streaming, technology |
DIS TDG MSFT ADBE NKE AAPL DHR |
Mar Vista's Focus strategy returned 5.53% in Q1 2024, underperforming broader markets despite strong contributions from Disney's streaming turnaround and TransDigm's aerospace recovery. The manager added Danaher in biotechnology while trimming Apple and exiting Honeywell. Portfolio remains positioned in secular growth themes including AI adoption, streaming profitability, and life sciences innovation with optimistic outlook despite elevated valuations. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIThe AI investment cycle is entering a more disciplined phase with investor focus shifting from scale of investment toward return on capital. Clear separation emerging between companies translating AI investment into tangible revenue and cash flow growth versus those where returns remain further out. This reinforces emphasis on businesses with proven monetization models and strong competitive positioning. |
AI Infrastructure Monetization Capital Returns Revenue Growth Competitive Positioning |
Energy TransitionGE Vernova positioned to benefit from significant energy demand growth driven by AI and data centers. International Energy Agency expects global data center electricity consumption to double by 2030 and triple by 2035. This dynamic driving significant investment in reliable power generation and grid modernization where GEV is well positioned. |
Power Generation Grid Modernization Data Center Energy Electricity Demand Infrastructure Investment | |
QualityMarket transitioning into more fundamentally-driven environment where returns tied to earnings durability, free cash flow generation, and capital discipline. Focus on concentrated portfolio of businesses capable of compounding intrinsic value over time, supported by strong balance sheets, high returns on invested capital, and resilient free cash flow generation. |
Earnings Durability Free Cash Flow Capital Discipline Intrinsic Value Returns on Capital | |
| 2025 Q4 |
FinancialsThe Fund is currently substantially invested in the Financials sector, with performance closely tied to developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment and interest rate changes. |
Banks Insurance Interest Rates Regulation |
| 2025 Q3 |
AIThe AI boom continues to drive market performance with the Magnificent Seven reaching record concentration levels. NVIDIA benefits from AI infrastructure build-out as companies race toward artificial general intelligence, with demand for Blackwell platform remaining strong. However, concerns emerge about AI disruption to traditional software providers like Intuit and SAP. |
Artificial Intelligence Infrastructure Computing Software Disruption |
SemiconductorsNVIDIA continues to capture value from the AI infrastructure cycle as the industry standard in accelerated computing. The company benefits from increasing complexity of large language models and rise of reasoning-based applications that require up to ten times more compute power than conventional training. |
NVIDIA Computing Infrastructure Hardware | |
CloudGoogle Cloud remains a powerful growth engine for Alphabet, supporting the company's leadership position alongside search, AI, and YouTube. SAP is successfully migrating its large on-premises ERP customer base to its modern S4/Hana cloud platform, driving significant revenue increases per customer. |
Google SAP Migration Revenue | |
| 2025 Q2 |
AIAI-focused stocks rebounded strongly in Q2, with companies like Broadcom benefiting from accelerating AI semiconductor revenue growth and custom ASIC demand from hyperscalers. Microsoft's Azure AI services showed robust momentum, while the broader AI rally regained strength after earlier volatility. |
Semiconductors Cloud Custom ASICs Hyperscalers Azure |
Trade PolicyRising tariffs and trade tensions created significant market volatility and policy uncertainty throughout the period. Companies are navigating new tariff regimes by localizing supply chains and securing alternate component sources, while tariff-related headwinds pressure margins and increase recession risks. |
Tariffs Supply Chain Policy Uncertainty Margins Localization | |
SemiconductorsSemiconductor companies like Broadcom delivered strong performance as concerns over AI capex returns proved overstated. Custom ASIC demand remains high among hyperscalers seeking cost and performance advantages over general-purpose GPUs, with multiple new design wins transitioning to volume production. |
Custom ASICs AI Chips Hyperscalers Design Wins Volume Production | |
| 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 being aware 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. |
Artificial Intelligence Computing Infrastructure Efficiency Hyperscalers |
Trade PolicyConcerns over tariffs and economic stagnation weighed heavily on investor sentiment during Q1. The volatile rollout of tariffs against major U.S. trading partners 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 Economic Policy Uncertainty Stagflation | |
SemiconductorsNVIDIA declined nearly 20% in Q1 as concerns emerged that AI investment boom may have been overhyped, particularly after DeepSeek's breakthrough. However, NVIDIA maintains dominant position in custom AI ASIC market and is steadily diversifying its customer base beyond Alphabet. The company offers attractive way to participate in generative AI buildout with scale, technological leadership, and healthy growth outlook. |
NVIDIA AI Infrastructure Custom ASICs Computing | |
QualityThe strategy focuses on companies with defensive characteristics and strong competitive positions. Johnson & Johnson appreciated 16% as the market favored businesses with more defensive characteristics. Visa's 'toll taker' status allows the business to thrive even in inflationary environments, while TransDigm continues posting robust fundamental performance with industry-prominent EBITDA margins. |
Defensive Competitive Advantage Resilience Margins | |
| 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 transformative potential of artificial intelligence is one of two key catalysts driving expected mid-teens growth in S&P 500 earnings for 2025. |
Productivity Automation Technology Innovation Semiconductors |
SemiconductorsBroadcom reported strong fiscal year Q4 2024, exceeding expectations and reinforcing its leadership in custom AI accelerator solutions. The outlook for continued demand for Broadcom's custom AI accelerator products surprised many who expected a slowdown ahead of its new product, which is set to ramp in the second half of fiscal year 2025. The announcement of a long-term service addressable market of $60-to-$90 billion further highlighted Broadcom's significant growth runway and market opportunity in the custom AI accelerator market. |
AI Accelerators Custom Chips Growth Technology Hardware | |
CloudAmazon's AWS achieved record operating margins in the third quarter, with accelerated AWS growth contributing to exceptional performance. AWS growth has further potential as Amazon continues to innovate and invest in technologies like AI and cloud computing. Salesforce's strength in subscription revenues and current remaining performance obligations was driven by strong adoption of multi-cloud solutions. |
Infrastructure Computing Margins Growth Technology | |
| 2024 Q3 |
AIThe market entered a zone of disillusionment regarding heavy AI spending by big tech companies, reminiscent of the internet boom in 2000. Microsoft faces investor concerns about rising capital intensity from generative AI investments, though the company is well-positioned to capture market share with AI-driven productivity tools like ChatGPT and Copilot applications. |
Generative AI Productivity Tools Capital Intensity Digital Transformation Enterprise Solutions |
CloudOracle is experiencing revenue acceleration from years of cloud investment, with broad-based demand for multiple cloud offerings including Fusion ERP Suite, NetSuite, and Oracle Database. The OCI Gen 2 platform-as-a-service offering is gaining traction with leading customers like OpenAI and through partnerships with Microsoft Azure, Google Compute Platform, and Amazon AWS. |
Platform-as-a-Service Database Migration Hyper-scaler Cloud Partnerships Subscription Model | |
RatesThe market appears to be at the beginning of an easing cycle, with interest rates not exceptionally high by historical standards, which could support further gains. Lower rates benefited American Tower as a levered REIT through lower cost of debt and higher value for long-duration cash flows. |
Interest Rate Easing Federal Reserve Cost of Debt Duration Monetary Policy | |
BuybacksVisa is one of the more aggressive purchasers of its own stock, with shares outstanding declining by one-third over the last fifteen years. The company is expected to continue repurchasing 2-3% of shares outstanding annually, supported by its pristine financials and excess capital generation. |
Share Repurchases Capital Allocation Excess Capital Shares Outstanding Capital Returns | |
| 2024 Q2 |
AIAI enthusiasm has driven approximately 60% of market gains year-to-date, with six megacap firms benefiting significantly. 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 |
CloudMicrosoft continues to occupy a strong position in the enterprise arena with its comprehensive product portfolio encompassing Infrastructure-as-a-Service, Platform-as-a-Service, and Software-as-a-Service. The company is effectively executing its strategy by offering a roadmap for digital transformation and adoption of innovative AI-driven solutions. |
Cloud Computing SaaS Digital Transformation Enterprise Software | |
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, serving leading hyperscalers. |
AI Chips Custom Silicon ASIC Semiconductor Equipment | |
| 2024 Q1 |
AIArtificial intelligence drove significant market gains with AI-related firms leading the surge. Nvidia exemplified this trend with stock price soaring over 82%, adding more than $1 trillion in market value. Microsoft is well-positioned to capture market share as businesses embrace generative AI-driven solutions like ChatGPT. |
Artificial Intelligence Generative AI AI Chips Digital Transformation Enterprise AI |
StreamingDisney's streaming business showed considerable progress and is on track to become profitable by fiscal fourth quarter. This aligns with the original investment thesis expecting the direct-to-consumer business to move from a $2 billion loss to $1 billion profit. Disney remains undervalued relative to Netflix as its streaming business matures. |
Direct-to-Consumer Streaming Profitability Media Transformation Content Distribution Subscription Services | |
AerospaceTransDigm delivered impressive results driven by strong commercial aerospace and defense performance. Revenue growth in commercial aftermarket parts increased 27% with continued growth expected from recovering passenger traffic, higher aircraft utilization, and strong bookings backlog. Domestic travel exceeds pre-pandemic levels with international travel nearing full recovery. |
Commercial Aerospace Aftermarket Parts Defense Aircraft Utilization Travel Recovery | |
BiotechnologyDanaher represents a global leader in biotechnology, life sciences, and diagnostics with strong barriers to entry. The company benefits from secular growth trends including the shift towards biologics and genomics in medicine, molecular diagnostics innovation, and growing installed customer base. Bioprocessing industry is undergoing temporary adjustment following COVID-era boom. |
Life Sciences Diagnostics Bioprocessing Biologics Molecular Diagnostics |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 13, 2026 | Fund Letters | Silas Myers | MSFT | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | AI, Azure, CapEx, Copilot, enterprise | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | MSFT | Microsoft Corp. | Systems Software | Systems Software | Bull | NASDAQ | AI, Azure, CapEx, cloud, Copilot, enterprise | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, backlog, cloud, leverage | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | ROP | Roper Technologies Inc. | Application Software | Application Software | Bear | New York Stock Exchange | Acquisitions, Moat, Organic, Saturation, Software, valuation | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | LIN | Linde plc | Materials | Industrial Gases | Bull | New York Stock Exchange | backlog, Cycle, electronics, Hydrogen, Industrialgases | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | MTD | Mettler-Toledo International Inc. | Life Sciences Tools & Services | Life Sciences Tools & Services | Bull | New York Stock Exchange | Automation, Instrumentation, Labs, Nearshoring, Pricing, tariffs | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, CapEx, Foundry, Moat, semiconductors | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | AAPL | Apple Inc. | Technology Hardware, Storage & Peripherals | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | China, Devices, Ecosystem, iPhone, Margins, services | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | JNJ | Johnson & Johnson | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Defensiveness, Generics, Medtech, pharma, pipeline | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | TSM | Taiwan Semiconductor Manufacturing Co., Ltd. | Semiconductors | Semiconductors | Bull | New York Stock Exchange | AI, CapEx, Foundry, Nodes, ROIC, semiconductors | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | NFLX | Netflix Inc. | Movies & Entertainment | Movies & Entertainment | Bull | NASDAQ | advertising, Ip, scale, sports, Streaming, Subscriptions | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | NFLX | Netflix, Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | advertising, Content, scale, sports, Streaming | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | GOOG | Alphabet Inc. | Interactive Media & Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, cloud, leverage, Margins, Search | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | EFX | Equifax Inc. | Professional Services | Research & Consulting Services | Bear | New York Stock Exchange | Bureaus, Credit, Distribution, Housing, Mortgage, uncertainty | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | DHR | Danaher Corp. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | Acquisitions, Bioprocessing, Cyclicality, diagnostics, leverage | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | EFX | Equifax Inc. | Industrials | Research & Consulting Services | Neutral | New York Stock Exchange | Creditscores, disruption, Distribution, Housing, Mortgage | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | ORCL | Oracle Corp. | Systems Software | Systems Software | Bull | New York Stock Exchange | AI, cloud, Contracts, Databases, hyperscale, infrastructure | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | ORCL | Oracle Corp. | Information Technology | Application Software | Bear | New York Stock Exchange | AI, CapEx, Concentration, infrastructure, ROIC | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | META | Meta Platforms Inc. | Interactive Media & Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, CapEx, Engagement, Pricing, Recommendations | Login |
| Jan 13, 2026 | Fund Letters | Silas Myers | ROP | Roper Technologies, Inc. | Information Technology | Application Software | Neutral | NASDAQ | Organicgrowth, Reinvestment, SaaS, Saturation, valuation | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | MSFT | Microsoft Corporation | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, enterprise, Freecashflow, Moat, Subscription | Login |
| Jun 30, 2025 | Fund Letters | Mar Vista US Quality Select | GE | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket services, Aircraft engines, Aviation Growth, Defense, recurring revenue, Turbofan Technology | Login |
| Jun 30, 2025 | Fund Letters | Mar Vista US Quality Select | META | Meta Platforms | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI technology, digital advertising, growth, monetization, network effects, social media, user engagement | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | META | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, Digital, Engagement, monetization, Platforms | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI, China, Ecosystem, services, Smartphones, Subscriptions | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | MTD | Mettler-Toledo International Inc. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | cashflow, China, instruments, Laboratory, Pricing, Regulation | Login |
| Jun 30, 2025 | Fund Letters | Mar Vista US Quality Select | AVGO | Broadcom | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI ASICs, AI infrastructure, custom chips, growth, hyperscalers, semiconductors, technology | Login |
| Jun 30, 2025 | Fund Letters | Silas Myers | JNJ | Johnson & Johnson | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | healthcare, litigation, pharmaceuticals, Regulatory risk, Talc | Login |
| Jun 30, 2025 | Fund Letters | Mar Vista US Quality Select | MSFT | Microsoft | Information Technology | Software | Bull | NASDAQ | AI services, Azure, Cloud computing, Digital transformation, Enterprise software, generative AI, SaaS, technology | 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 | Silas Myers | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, ASICs, cashflow, hyperscalers, Margins, semiconductors | Login |
| Mar 31, 2025 | Fund Letters | Mar Vistas U.S. Quality Select | JNJ | Johnson & Johnson | Health Care | Pharmaceuticals | Bull | NYSE | defensive, Electrophysiology, healthcare, Immunology, Medtech, Neurology, Oncology, Orthopedics, pharmaceuticals, pipeline, robotics | Login |
| Mar 31, 2025 | Fund Letters | Mar Vistas U.S. Quality Select | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI ASICs, capital allocation, custom silicon, Customer Diversification, hyperscalers, margin expansion, semiconductors, Software, Vmware | Login |
| Mar 31, 2025 | Fund Letters | Mar Vistas U.S. Quality Select | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI integration, Android, autonomous driving, Cloud computing, digital advertising, operating leverage, search engine, valuation discount, Waymo, YouTube | Login |
| Mar 31, 2025 | Fund Letters | Mar Vistas U.S. Quality Select | TDG | TransDigm Group Incorporated | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket, capital deployment, Commercial Aviation, Defense, EBITDA margins, Niche Components, Special dividend | Login |
| Mar 31, 2025 | Fund Letters | Mar Vistas U.S. Quality Select | AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI Edge Devices, Apple Intelligence, China competition, Device Ecosystem, Ecosystem, iPhone, Premium Brand, recurring revenue, services revenue | Login |
| Mar 31, 2025 | Fund Letters | Mar Vistas U.S. Quality Select | NVDA | NVIDIA Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI infrastructure, Computing Intensity, DeepSeek, generative AI, GPUs, hyperscalers, Jevons Paradox, large language models, Reasoning Capabilities | Login |
| Mar 31, 2025 | Fund Letters | Mar Vistas U.S. Quality Select | V | Visa Inc. | Financials | Data Processing & Outsourced Services | Bull | NYSE | Cross-Border, defensive, Electronic Payments, Fintech, inflation hedge, network effects, payment processing, secular growth | Login |
| Dec 31, 2024 | Fund Letters | Mar Vistas U.S. Quality Select | CRM | Salesforce, Inc. | Information Technology | Software | Bull | NYSE | Agentforce, CRM Software, generative AI, Multi-cloud Solutions, SaaS, subscription revenue | Login |
| Dec 31, 2024 | Fund Letters | Mar Vistas U.S. Quality Select | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AI implementation, AWS, Cloud computing, e-commerce, Logistics, operating leverage, Prime Video | Login |
| Dec 31, 2024 | Fund Letters | Mar Vistas U.S. Quality Select | EFX | Equifax Inc. | Industrials | Research & Consulting Services | Bull | NYSE | asset-light business, Credit Bureau, Data Services, Employment Verification, operating leverage, Workforce Solutions | Login |
| Dec 31, 2024 | Fund Letters | Mar Vistas U.S. Quality Select | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI accelerators, Custom AI Solutions, semiconductors, software business, technology hardware, VMware Acquisition | Login |
| Jun 30, 2024 | Fund Letters | Mar Vista Focus Fund | NKE | Nike, Inc. | Textiles, Apparel & Luxury Goods | Footwear | Bear | NYSE | Athletic Footwear, China market, Lifestyle Products, product innovation, revenue decline, Sportswear, Wholesale Channels | Login |
| Jun 30, 2024 | Fund Letters | Mar Vista Focus Fund | GOOGL | Alphabet Inc. | Interactive Media & Services | Interactive Media & Services | Bull | NASDAQ | AI integration, Consumer Engagement, Cost Restructuring, digital advertising, Interactive Media, Revenue Growth, search engine | Login |
| Jun 30, 2024 | Fund Letters | Mar Vista Focus Fund | AVGO | Broadcom Inc. | Semiconductors & Semiconductor Equipment | Semiconductors | Bull | NASDAQ | AI accelerators, ASIC chips, custom silicon, hyperscalers, infrastructure software, semiconductors, Virtualization Software, Vmware | Login |
| Jun 30, 2024 | Fund Letters | Mar Vista Focus Fund | META | Meta Platforms, Inc. | Interactive Media & Services | Interactive Media & Services | Bull | NASDAQ | AI development, digital advertising, global reach, Interactive Media, operational efficiency, Reels Monetization, social media, user engagement | Login |
| Jun 30, 2024 | Fund Letters | Mar Vista Focus Fund | DIS | The Walt Disney Company | Entertainment | Movies & Entertainment | Bull | NYSE | Consumer Discretionary, Disney, Entertainment Content, Hulu, streaming services, theme parks, valuation discount | Login |
| Jun 30, 2024 | Fund Letters | Mar Vista Focus Fund | CRM | Salesforce, Inc. | Software | Application Software | Bull | NYSE | CRM Software, Customer Data, Enterprise software, Front Office Software, generative AI, SaaS, Sales Automation | Login |
| Jun 30, 2024 | Fund Letters | Mar Vista Focus Fund | AAPL | Apple Inc. | Technology Hardware, Storage & Peripherals | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | App Store, Ecosystem, generative AI, iOS, iPhone, monetization, technology hardware, upgrade cycle | Login |
| Jun 30, 2024 | Fund Letters | Mar Vista Focus Fund | MSFT | Microsoft Corporation | Software | Systems Software | Bull | NASDAQ | ChatGPT, Cloud computing, Digital transformation, Enterprise software, generative AI, IaaS, PAAS, productivity software, SaaS | Login |
| Mar 31, 2024 | Fund Letters | Mar Vista Focus Fund | DHR | Danaher | Health Care | Life Sciences Tools & Services | Bull | NYSE | biopharmaceuticals, Bioprocessing, biotechnology, diagnostics, Healthcare Tools, life sciences, Molecular Diagnostics | Login |
| Mar 31, 2024 | Fund Letters | Mar Vista Focus Fund | ADBE | Adobe | Information Technology | Application Software | Bull | NASDAQ | Creative Professionals, creative software, digital commerce, digital media, generative AI, Marketing Technology, SaaS | Login |
| Mar 31, 2024 | Fund Letters | Mar Vista Focus Fund | DIS | Walt Disney | Communication Services | Entertainment | Bull | NYSE | Content, direct-to-consumer, entertainment, media, Streaming, Subscription, theme parks | Login |
| Mar 31, 2024 | Fund Letters | Mar Vista Focus Fund | MSFT | Microsoft | Information Technology | Systems Software | Bull | NASDAQ | Artificial Intelligence, Cloud computing, Digital transformation, Enterprise software, generative AI, productivity software, SaaS | Login |
| Mar 31, 2024 | Fund Letters | Mar Vista Focus Fund | AAPL | Apple | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | consumer electronics, Ecosystem, Hardware, Mobile Technology, services, Smartphones, Subscription | Login |
| Mar 31, 2024 | Fund Letters | Mar Vista Focus Fund | TDG | TransDigm Group | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket, Aircraft Components, Commercial Aviation, Cyclical Recovery, Defense, Travel Recovery | Login |
| Mar 31, 2024 | Fund Letters | Mar Vista Focus Fund | NKE | Nike | Consumer Discretionary | Footwear | Bull | NYSE | Apparel, Athletic Footwear, Brand, Consumer Discretionary, Global Retail, restructuring, Sportswear | Login |
| TICKER | COMMENTARY |
|---|---|
| JNJ | Johnson & Johnson appreciated 18.74% during the first quarter driven by strong Innovative Medicine growth, improved outlook for the medical device segment, and management's comment that there is a 'line of sight' to double-digit revenue growth by the end of the decade. JNJ's Innovative Medicine segment continues to provide results that exceed expectations. Rapidly growing products in oncology and immunology, combined with a solid pipeline of new candidates, has changed investors' narrative on JNJ's pharma business from one of patent risk to pipeline durability. |
| TSM | Taiwan Semiconductor Manufacturing reported a strong quarter and raised its outlook, as it continues to benefit from robust demand for leading-edge semiconductors. TSM's technological leadership, which is underpinned by its scale advantages, proprietary process expertise, and decades of manufacturing experience, was evident in its strong revenue growth and expanding gross margins during the quarter. The company also increased its long-term revenue outlook, which is supported by its dominant position as a leading manufacturer of cutting-edge chips that are powering the AI revolution. |
| ADI | Analog Devices reported a strong quarter, with an improving outlook driven by a cyclical recovery in its core industrial and automotive markets, as well as solid demand for its AI-enabled solutions. The industrial and automotive segments, which together account for approximately 70% of revenue, are rebounding following an inventory correction stemming from the pandemic-induced supply crunch. Management believes excess inventory has largely been worked down, with the industrial customers now ordering in line with end demand. |
| MSFT | Microsoft's stock came under pressure in Q1 as investors grew concerned about the rising costs required to fund its accelerating AI infrastructure build-out in 2026. This, combined with heightened expectations for Azure growth, led to a sell-off following the December quarter earnings report, when Azure revenue grew 'only' 39% year over year. Investors have increasingly questioned the return on investment associated with Microsoft's large and rapidly expanding capital expenditures tied to AI infrastructure. |
| SAP | SAP ADV experienced share price pressure during the quarter, and we decided to exit our position in the stock as the range of outcomes expanded amid growing perceived risk of disruption to traditional software from AI. Solutions enabled by large language models, such as Anthropic's Claude Code, are introducing new economic models that challenge the durability of software-as-a-service (SaaS) incumbents like SAP. |
| META | Meta Platforms underperformed during the first quarter of 2026 as a combination of legal, fundamental, and sentiment-driven factors weighed on the stock. The primary catalyst was a landmark Los Angeles jury verdict against Meta and Alphabet, which established a new legal pathway targeting product design features such as algorithmic feeds, autoplay, and infinite scroll. This introduced a meaningful litigation overhang and, more importantly, raised concerns that potential algorithmic changes could reduce engagement. |
| ECL | Ecolab provides water, hygiene, and infection prevention solutions across industrial, healthcare, and institutional end markets. Its offerings are embedded in customer operations and often linked to regulatory requirements, safety standards, and efficiency objectives. Delivered through a global service network, these solutions contribute to high customer retention and a recurring revenue profile. We believe the company's scale, technical capabilities, and long-standing customer relationships support a durable competitive position. |
| GEV | GE Vernova is a global leader in the electric power industry, providing products and services across the electricity value chain. Following its April 2024 spin-off from General Electric, GE Vernova operates as an independent company focused on power, wind and electrification. GEV's installed base helps generate approximately 25% of the world's electricity. The company maintains one of the largest installed fleets of heavy-duty gas turbines globally. |
| QXO | QXO Incorporated is a building products distribution platform pursuing a consolidation strategy within a highly fragmented, ~$200 billion addressable market. The industry remains predominantly local and operationally fragmented, with many subscale distributors lacking purchasing power, logistics scale, and technological capabilities. QXO's strategy is to aggregate these assets into a national platform through acquisitions and operational standardization. |
| CRM | We sold our remaining stub position in Salesforce.com, as the range of potential outcomes has widened due to the growing risk that AI will disrupt the traditional seat-based software revenue model, despite Salesforce's efforts to aggressively build an agentic enterprise platform. We believe the shift from a seat-based to a consumption-based model may limit long-term revenue growth, as seat-based attrition is likely to partially cannibalize the incremental revenue opportunity from consumption-based pricing. |
| DHR | During the quarter-end rebalance of the Quality Premier strategy, we added to our holdings in Danaher. |
| NFLX | During the quarter-end rebalance of the Quality Premier strategy, we added to our holdings in Netflix. |
| LIN | During the quarter-end rebalance of the Quality Premier strategy, we added to our holdings in Linde plc. |
| INTU | During the quarter-end rebalance of the Quality Premier strategy, we trimmed Intuit. |
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